At a glance
Core Laboratories NV is worth $480.7M, about 17 times its fiscal 2025 earnings. Revenue grew 0.5% to $526.5M in fiscal 2025, with 5.6% kept as profit; over 4 years it has grown 2.9% a year. It pays a 0.38% dividend yield, and returned $41.4M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −36.1% over the past year with dividends reinvested and −15.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 75.6% in the 2020 crash (S&P 500: 33.7%) and 61.9% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Core Laboratories, often called Core Lab, tests rock and fluid samples for the oil and gas industry. Its clients include many of the world's major, national (government-owned) and independent oil companies. Core Lab measures reservoir rock (the porous underground rock that holds oil and gas) and the crude oil, gas and water inside it. The results help clients judge how much a field holds and how to recover more. Founded in 1936, it has over 70 offices in more than 50 countries.
Reservoir Description, the larger of its two segments, brought in 66% of the $526.5 million in revenue for the year ended December 31, 2025. Testing fluids, from crude oil to fuels such as gasoline and diesel, makes up about two-thirds of that segment's revenue. It also sells lab equipment to universities and research labs and runs multi-company studies it can resell later. Some work supports carbon capture and storage (burying carbon dioxide underground), geothermal energy and lithium mining. Production Enhancement, the other 34%, sells services and manufactured products used to ready new wells for production, boost their flow and eventually plug them.
Services made up 76% of 2025 revenue. Products, built mainly at four facilities, supplied 24%. About two-thirds of revenue came from outside the United States.
Price history
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CLB -36.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Service | $399.4M | 75.9% |
| Product | $127.1M | 24.1% |
By business segment
| Operating Segment Reservoir Description | $347.7M | 66% |
| Operating Segment Production Enhancement | $178.8M | 34% |
By geography
| Non Us | $351.2M | 66.7% |
| US | $175.3M | 33.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $132.1M, down 1.8% from a year earlier, and net income was $5.4M (-61.8%).
- For fiscal 2025, revenue was $526.5M (+0.5% year over year; +2.9% a year from FY2021 to FY2025) with a 5.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +2.9% watch |
|---|---|
| Operating margin | 10.7% watch |
| Free cash flow margin | 4.9% watch |
| Return on equity (FY2025) | 11.2% watch |
| Return on assets (FY2025) | 5.1% watch |
| Net cash (cash minus debt) | $-93.4M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $470.3M | $19.7M | $23.0M |
| FY2022 | $489.7M | $19.5M | $14.7M |
| FY2023 | $509.8M | $36.7M | $14.2M |
| FY2024 | $523.8M | $31.4M | $44.5M |
| FY2025 | $526.5M | $29.7M | $25.8M |
Valuation snapshot
| Market value | $480.7M |
|---|---|
| P/E ratio | 16.7 |
| Dividend yield | 0.38% |
Rank among 1514 US companies
Market value at each year end
Core Laboratories NV’s market value went from $825.1M at the end of 2023 to $480.7M on Oct 28, 2026, down 42%; since the end of 2025 it is down 36%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $480.7M | -35.6% |
| 2025 | $746.4M | -8.2% |
| 2024 | $812.7M | -1.5% |
| 2023 | $825.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CLB price data to Oct 28, 2026 | -34.4% | -36.1% | -21.5% | -15.8% | -19.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -34.4% |
| 2025 | -7.1% |
| 2024 | -1.8% |
| 2023 | -12.7% |
| 2022 | -9.0% |
| 2021 | -15.7% |
| 2020 | -29.1% |
| 2019 | -34.3% |
| 2018 | -44.5% |
| 2017 | -6.3% |
| 2016 | +13.5% |
| 2015 | -7.4% |
| 2014 | -36.2% |
| 2013 | +76.3% |
| 2012 | -3.1% |
| 2011 | +29.3% |
| 2010 | +52.9% |
| 2009 | +103.6% |
| 2008 | -50.6% |
| 2007 | +54.0% |
| 2006 | +116.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 43.9% over that stretch · deepest drop along the way 64.8%, back to its old high 16.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 70.1% over that stretch · deepest drop along the way 75.6%, back to its old high 9.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.6% over that stretch · deepest drop along the way 61.9%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (22 read): 1 open-market purchases ($54K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 31, 2026 | Lawrence Bruno Chairman and CEO, Director | buy | $54K |
Who owns it
Large shareholders (13G filings)
| Ariel Investments, LLC | 30.5% | Jun 30, 2026 |
| BlackRock, Inc. | 8.3% | Jul 31, 2026 |
| EARNEST PARTNERS LLC | 6.9% | Dec 31, 2025 |
| DISCIPLINED GROWTH INVESTORS INC /MN | 6.6% | Jun 30, 2026 |
ETFs with the most weight in CLB
| CVAR Cultivar ETF | 1.96% |
| OIH VanEck Oil Services ETF | 0.39% |
| CCNR ALPS | CoreCommodity Natural Resources ETF | 0.19% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.08% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.08% |
| VDE Vanguard Energy ETF | 0.06% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.06% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.06% |
What could go wrong
- Labs in a volatile Middle East. Core Lab runs labs in Abu Dhabi, Doha, Dammam, Kuwait City and elsewhere in the region. Hostilities that followed US and Israeli strikes on Iran on February 28, 2026 could harm operations and staff.
- Most revenue earned outside the US. About two-thirds of 2025 revenue came from outside the US. That exposes Core Lab to currency swings, tariffs, sanctions tied to Russia's war in Ukraine, and anti-bribery laws that some rivals don't face.
- Oil and gas downturns cut demand. Most demand depends on how much producers spend finding and producing oil and gas, which rises and falls with energy prices. Past downturns reduced demand and pushed down Core Lab's prices.
- Debt and other demands on cash. Core Lab needs significant cash for debt payments, investment and dividends. As of June 30, 2026, debt was about $116 million against $23 million of cash and investments. Possible cost cuts include the dividend.
- Its technology could fall behind. Core Lab relies on patents, trade secrets and its own rock and fluid databases. If it cannot develop or acquire new services, or its methods become outdated, results may suffer.
- Climate rules could reduce oil activity. Rules on climate change and energy conservation, or incentives for alternative energy, could limit where clients produce oil and gas and reduce demand for Core Lab's services.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Bylaws or fiscal year changed
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Core Lab pays a small dividend: $0.04 per share each year from 2021 through 2025, with no increases. That used just 6.3% of 2025 earnings and 7.2% of free cash flow (cash left after running and investing in the business). The yield, or dividend as a share of the stock price, was 0.38% as of October 28, 2026. An income investor would get little cash; returns depend mostly on the share price. Share buybacks have been larger: $32.1 million over 2021–2025, versus $9.3 million in dividends. Its annual report lists cutting the dividend as a possible cost-saving step.
In past downturns the shares fell sharply: 64.8% in the 2008 financial crisis and 75.6% in the 2020 COVID crash, recovering about 16 and 10 months after the lows, respectively. They fell 61.9% in the 2022 bear market and had not regained that peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Core Lab make money?
Core Lab makes money by testing rock and fluid samples for oil and gas companies and by selling lab equipment and products used in wells. Services made up 76% of revenue for the year ended December 31, 2025, and products 24%. The Reservoir Description segment, which analyzes rock, crude oil and fuels, brought in 66% of the $526.5 million total. Production Enhancement, which helps ready wells for production and boost their flow, brought in 34%. About two-thirds of revenue came from outside the US.
Does Core Laboratories pay a dividend?
Yes, but it is small and has not grown. Core Lab paid $0.04 per share in each year from 2021 through 2025, with no increases. The yield was 0.38% as of October 28, 2026, and the dividend took just 6.3% of 2025 earnings. Over 2021–2025, the company spent $32.1 million on buybacks (repurchases of its own shares), far more than the $9.3 million it paid in dividends. Its annual report lists the quarterly dividend among costs it could cut if business conditions change.
How has Core Lab stock performed?
Poorly. The share price has fallen over every period from one to 10 years. As of October 28, 2026, it was down 34.4% for the year to date and 36.1% over one year. Over 10 years it lost 88% in total, about 19.3% a year. The price fell in every calendar year from 2017 through 2025. In the quarter ended June 30, 2026, revenue fell 4.3% and net income fell 44% from a year earlier.
How much debt does Core Lab have?
About $116.4 million as of June 30, 2026, against $22.7 million of cash and investments, leaving net debt (debt minus cash) of about $93.6 million. Shareholders' equity, the accounting value of assets minus all liabilities, was $272.7 million. Free cash flow, the cash left after running and investing in the business, was $25.8 million for 2025. The annual report says Core Lab needs significant cash for debt payments, investment and its dividend, and that its ability to generate cash may depend on factors beyond its control.
Is Core Laboratories a Dutch company?
No. Core Laboratories Inc. is a Delaware corporation. Its predecessor, Core Laboratories N.V., was a Netherlands holding company. On May 1, 2023, it completed a series of steps that merged the Dutch company into a Luxembourg company, which then moved to Delaware. The annual report warns that if the move does not qualify as a tax-free reorganization under US tax law, shareholders may owe US federal income tax. It also says the expected benefits may not be realized. The shares trade on the NYSE as CLB.