Patterson-UTI Energy (PTEN) just closed out FY 2025 with Q4 revenue of US$1.2b, a basic EPS loss of US$0.02, and net income excluding extra items at a loss of US$9.1m, while trailing twelve month figures show revenue of US$4.8b and a full year basic EPS loss of US$0.24. Over recent quarters the company has seen quarterly revenue move from US$1.4b in Q3 2024 to US$1.2b in Q4 2025, with basic EPS shifting from a loss of US$2.50 in Q3 2024 to a much smaller loss of US$0.02 in Q4 2025. This puts the latest release squarely in focus for assessing how sustainably Patterson-UTI is managing its margins.

With the headline numbers on the table, the next step is to see how this earnings profile lines up with the widely followed bullish and bearish narratives around Patterson-UTI and where those stories might need updating.

Losses Narrow On Trailing US$4.8b Revenue

• On a trailing twelve month basis, Patterson-UTI generated US$4.8b of revenue with a loss of US$93.6 million and basic EPS of US$0.24 loss, which is smaller than the US$968.0 million loss and US$2.44 loss per share shown for the twelve months to Q4 2024.
• What stands out for a more bullish read is that management has brought trailing losses down over several periods. However, the company is still unprofitable and forecasts cited in the risk summary point to no return to profit, which means any bullish focus on improving loss levels has to sit alongside the fact that full year FY 2025 EPS is still a US$0.24 loss and net income remains negative.

Quarterly Revenue Slips While Losses Shrink

• Looking just at FY 2025 quarters, revenue moved from US$1,280.5 million in Q1 to US$1,150.8 million in Q4, while net income excluding extra items moved from a US$1.0 million profit in Q1 to a US$9.1 million loss in Q4, with the largest quarterly loss in FY 2025 at US$49.1 million in Q2.
• Bears argue that persisting losses are the key issue and the risk summary supports that view by flagging ongoing unprofitability. At the same time, the step down in quarterly losses during FY 2025, from US$49.1 million in Q2 to US$9.1 million in Q4, means the bearish focus on loss size is partially challenged by the fact that the most recent quarterly loss is much smaller than the trailing twelve month loss of US$93.6 million.

Cheap P/S And DCF Gap Versus US$8.66 Price

• Patterson-UTI is cited as trading on a P/S of 0.7x compared with 1.6x for peers and 1.1x for the industry, and the current share price of US$8.66 is described as around 64.6% below a DCF fair value of US$24.44, even though the company is unprofitable on US$4.8b of trailing revenue and pays a 4.62% dividend that is not well covered by earnings.
• Supporters of the more bullish angle highlight the lower P/S and the gap to the DCF fair value. However, the same data set also notes that Patterson-UTI has been unprofitable over the last twelve months and is expected to remain unprofitable with revenue forecast to decline by about 1.3% per year, so the bullish emphasis on valuation is counterbalanced by earnings that do not currently cover the 4.62% dividend and by the lack of a forecasted shift back to profit.

For a fuller picture of how these valuation signals and loss trends fit into the bigger story, you can read the balanced narrative on Patterson-UTI through 📊 Read the full Patterson-UTI Energy Consensus Narrative.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Patterson-UTI Energy's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Patterson-UTI is still reporting losses on US$4.8b of trailing revenue, with unprofitable earnings not covering its 4.62% dividend or reversing forecast weakness.

If you are uneasy about ongoing losses and an uncovered dividend, shift your attention to 87 resilient stocks with low risk scores that prioritize financial resilience and potentially steadier earnings profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.