Liberty Energy Inc. LBRT
The Company, together with its subsidiaries, is a leading integrated energy services and technology company, and one of the largest providers of innovative completions services and related technologies to onshore oil, natural gas, and enhanced geothermal exploration and production ("E&P") companies. We offer customers completions services, which include hydraulic fracturing together with complementary services including wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas ("CNG") delivery, data analytics, related goods (including our sand mine operations), and technologies to facilitate lower emission completions, thereby helping our customers reduce their emissions profile.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.01B | $4.32B | $4.75B | $4.15B | $2.47B | $965.8M | $1.97B | $2.13B | $1.47B | $356.9M |
| Cost of revenue | $3.17B | $3.20B | $3.35B | $3.15B | $2.25B | $858.0M | $1.62B | $1.63B | $1.15B | $354.7M |
| Gross profit | $838.0M | $1.11B | $1.40B | $1.00B | $220.9M | $107.8M | $350.9M | $503.3M | $318.1M | $2.2M |
| SG&A | $247.4M | $225.5M | $221.4M | $180.0M | $123.4M | $84.1M | $97.6M | $98.4M | $80.1M | $35.8M |
| Total operating expenses | $3.93B | $3.93B | $3.99B | $3.65B | $2.65B | $1.14B | $1.89B | $1.85B | $1.31B | $429.2M |
| Operating income | $72.7M | $389.5M | $760.6M | $495.9M | -$181.2M | -$177.0M | $103.6M | $306.6M | $181.1M | -$54.4M |
| Interest expense | $40.3M | $32.7M | $29.5M | $22.7M | — | $14.5M | $14.7M | $17.1M | $12.6M | $6.1M |
| Pre-tax income | $195.2M | $403.3M | $734.9M | $399.5M | -$177.8M | -$191.5M | $88.9M | $166.7M | $0 | $0 |
| Income tax | $47.3M | $87.3M | $178.5M | $793.0K | $9.2M | $30.9M | $14.1M | $40.4M | $0 | $0 |
| Net income | $147.9M | $316.0M | $556.3M | $399.6M | -$179.2M | -$115.6M | $39.0M | $126.3M | $0 | $0 |
| EPS, basic | 0.91 | 1.91 | 3.24 | 2.17 | -1.03 | -1.36 | 0.54 | 1.84 | — | — |
| EPS, diluted | 0.89 | 1.87 | 3.15 | 2.11 | -1.03 | -1.36 | 0.53 | 1.81 | — | — |
| Shares, diluted (wtd. avg.) | $165.4M | $169.4M | $176.4M | $189.3M | $174.0M | $85.2M | $105.3M | $117.8M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.6M | $20.0M | $36.8M | $43.7M | $20.0M | $69.0M | $112.7M | $103.3M | $16.3M | $11.5M |
| Receivables | — | — | — | $410.3M | $298.5M | $244.4M | $204.4M | $153.6M | $196.0M | — |
| Inventory | $188.1M | $203.5M | $205.9M | $214.5M | $134.6M | $118.6M | $88.5M | $60.0M | $55.5M | — |
| Total current assets | $878.0M | $848.5M | $954.3M | $956.7M | $630.4M | $567.1M | $489.0M | $461.2M | $352.0M | — |
| Property, plant and equipment | $2.05B | $1.89B | $1.65B | $1.36B | $1.20B | $1.12B | $651.7M | $627.1M | $494.8M | — |
| Total assets | $3.56B | $3.30B | $3.03B | $2.58B | $2.04B | $1.89B | $1.28B | $1.12B | $852.1M | — |
| Accounts payable | $358.6M | $314.1M | $293.7M | $326.8M | $288.8M | $193.3M | $117.6M | $80.5M | $66.8M | — |
| Short-term debt | $5.1M | $0 | $0 | $1.0M | $1.0M | $364.0K | $409.0K | $385.0K | $11.0K | — |
| Total current liabilities | $720.4M | $666.5M | $639.4M | $649.5M | $569.2M | $356.1M | $266.5M | $219.7M | $220.5M | — |
| Long-term debt | $241.5M | $190.5M | $140.0M | $217.4M | $121.4M | $105.4M | $105.7M | $106.1M | $196.3M | — |
| Total liabilities | $1.48B | $1.32B | $1.19B | $1.08B | $810.2M | $579.9M | $501.9M | $375.7M | $416.9M | — |
| Retained earnings | $1.11B | $1.02B | $752.3M | $234.5M | -$156.0M | $23.3M | $143.1M | $119.3M | $0 | — |
| Total equity | $2.08B | $1.98B | $1.84B | $1.50B | $1.21B | $1.15B | $554.8M | $740.8M | $392.8M | $229.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $609.6M | $829.4M | $1.01B | $530.4M | $135.5M | $85.4M | $261.1M | $351.3M | $195.1M | -$40.7M |
| Depreciation and amortisation | $500.3M | $505.1M | $421.5M | $323.0M | $262.8M | $180.1M | $165.4M | $125.1M | $81.5M | $41.4M |
| Stock-based compensation | $41.9M | $32.4M | $33.0M | $23.1M | $19.9M | $17.1M | $13.6M | $5.5M | $0 | — |
| Capital expenditure | $595.5M | $651.0M | $603.3M | $451.9M | $198.8M | $103.6M | $195.2M | $258.8M | $311.8M | $102.4M |
| Investing cash flow | -$435.0M | -$643.1M | -$672.3M | -$450.7M | -$186.5M | -$100.3M | -$194.3M | -$255.5M | -$310.0M | -$96.4M |
| Financing cash flow | -$167.5M | -$202.7M | -$349.3M | -$55.8M | $2.1M | -$28.9M | -$57.4M | -$8.8M | $119.8M | $148.5M |
| Dividends paid | $54.5M | $48.3M | $37.7M | $9.2M | $168.0K | $4.4M | $14.8M | $6.9M | $0 | $0 |
| Buybacks | $24.9M | $129.2M | $203.1M | $125.3M | $0 | $0 | $18.4M | $82.9M | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001694028-26-000006.
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