Source Energy ServicesTSX:SHLE -0.63%69 3-Year ROIIC % is 11.51 as of Dec. 2025, which is 44% above its 10-year median of 7.99. GuruFocus rates TSX:SHLE with a GF Score™ of 69/100 and a GF Value™ of C$12.66 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 925 Oil & Gas companies, Source Energy Services ranks better than 69.41% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Source Energy Services's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 11.51%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Source Energy Services's 3-Year ROIIC % or its related term are showing as below:
TSX:SHLE's 3-Year ROIIC % is ranked better than 69.41% of 925
companies
in the Oil & Gas industry
Industry Median: -0.02
vs TSX:SHLE: 11.51
Source Energy Services (TSX:SHLE) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Source Energy Services 3-Year ROIIC % Related Terms
Source Energy Services 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Source Energy Services's 3-Year ROIIC % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSX:SHLE vs SLB, BKR, HAL: 3-Year ROIIC % Comparison
For the Oil & Gas Equipment & Services subindustry, Source Energy Services's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Source Energy Services 3-Year ROIIC % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Source Energy Services's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Source Energy Services's 3-Year ROIIC % falls into.
Source Energy Services's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 42.5910826 (Dec. 2025) - 16.534 (Dec. 2022) )
/
( 484.805 (Dec. 2025) - 258.472 (Dec. 2022) )
=
26.0570826
/
226.333
=
11.51%***
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Source Energy Services (TSX:SHLE) has a 3-Year ROIIC % of 11.51 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Source Energy Services and its competitors. This is 44% above median its historical median of 7.99. According to the industry distribution chart, Source Energy Services ranks #283 out of 925 companies in the Oil & Gas industry, placing it in the top 30.6%.
Is Source Energy Services' 3-Year ROIIC % too high?
Source Energy Services' current 3-Year ROIIC % of 11.51 is 44% above median its 10-year median of 7.99. Based on the distribution chart, Source Energy Services ranks #283 out of 925 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Source Energy Services has a GF Score™ of 69/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Source Energy Services' 3-Year ROIIC % compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, Source Energy Services ranks #283 out of 925 companies for 3-Year ROIIC %. This puts Source Energy Services in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for an Oil & Gas company?
A good 3-Year ROIIC % depends on the Oil & Gas industry context. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Source Energy Services and its competitors. Source Energy Services's current 3-Year ROIIC % is 11.51, which is 44% above median its own 10-year median of 7.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Source Energy Services stock overvalued right now?
Based on GuruFocus' analysis, Source Energy Services (TSX:SHLE) is currently considered Modestly Overvalued. The stock's GF Value™ is C$12.66, compared to a current price of C$14.22 — trading 12.3% above its estimated fair value. The current 3-Year ROIIC % is 11.51, which is 44% above median its 10-year median of 7.99. Source Energy Services' overall GF Score™ is 69/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Source Energy Services (TSX:SHLE), the current 3-Year ROIIC % is 11.51 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Source Energy Services (TSX:SHLE) Overvalued in 2026?
Based on GuruFocus' analysis, Source Energy Services stock appears to be overvalued.
The current stock price of C$14.22 is trading 12.3% above its estimated GF Value™ of C$12.66.
GuruFocus considers Source Energy Services to be Modestly Overvalued.
Key valuation signals for TSX:SHLE:
3-Year ROIIC %: 11.51 (44% above median its 10-year median of 7.99)
GF Value™: C$12.66 vs. price of C$14.22 (12.3% above fair value)
No single metric tells the full story. See the TSX:SHLE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Source Energy Services Ltd is a Canada-based company engaged in the integrated production and distribution of frac sand as well as the distribution of other bulk oil and gas well completion materials that aren't produced by Source. It provides customers with an end-to-end solution for frac sand supported by its Wisconsin, United States, and Peace River, Alberta, Canada mines and processing facilities, its Western Canadian terminal network, and its last-mile logistics capabilities, including its trucking operations, and Sahara, a proprietary well site mobile sand storage and handling system. The geographical segments of the group are the USA Operations and Canadian Operations.
69GF Score
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