Pason Systems Inc
TSX:PSI
Pason Systems Inc
Pason Systems, Inc. engages in the design and production of instrumentation and data management systems for drilling rigs. The company is headquartered in Calgary, Alberta. The firm's three strategic business units include The North American (Canada and the United States) and International (Latin America, including Mexico, Offshore, the Eastern Hemisphere, and the Middle East) business units, all of which offer technology services to the oil and gas industry, and the Solar and Energy Storage business unit, which provides technology services to solar and energy storage developers. The firm's solutions include data acquisition, wellsite reporting, automation, remote communications, Web-based information management, and data analytics enable collaboration between the drilling rig and the office. The company offers end-to-end data management solutions enabling secure access to critical drilling operations information and decision making in real time.
Pason Systems, Inc. engages in the design and production of instrumentation and data management systems for drilling rigs. The company is headquartered in Calgary, Alberta. The firm's three strategic business units include The North American (Canada and the United States) and International (Latin America, including Mexico, Offshore, the Eastern Hemisphere, and the Middle East) business units, all of which offer technology services to the oil and gas industry, and the Solar and Energy Storage business unit, which provides technology services to solar and energy storage developers. The firm's solutions include data acquisition, wellsite reporting, automation, remote communications, Web-based information management, and data analytics enable collaboration between the drilling rig and the office. The company offers end-to-end data management solutions enabling secure access to critical drilling operations information and decision making in real time.
Revenue Growth: Pason's consolidated revenue grew 1% to $419 million in 2025 despite a 6% decline in North American drilling activity.
Segment Strength: Solar and Energy Storage revenue soared 87% year-over-year, while Completions revenue grew 12% despite a challenging market.
Margins: Adjusted EBITDA margin softened to 37% from 39% year-over-year, as earlier-stage segments contributed more revenue at lower margins.
Cash Generation: Free cash flow increased 17% to $63.3 million, with nearly all of it returned to shareholders via dividends and buybacks.
Capital Discipline: 2025 capital expenditures came in below guidance and 2026 capex is expected to be flat, between $55 million and $60 million.
Outlook: Management expects industry conditions to remain flat near-term but sees long-term tailwinds from technology and data demand.
