Montauk Renewables, Inc. MNTK

Utilities SIC 4932 - Gas & Other Services Combined NAICS Utilities › Natural Gas Distribution derived Nasdaq

We are a renewable energy company specializing in the recovery and processing of biogas from landfills and other non-fossil fuel sources to beneficial use as a replacement to fossil fuels. We develop, own, and operate RNG projects, using proven technologies that supply renewable fuel into the transportation and electrical power sectors. We are one of the largest U.S. producers of RNG, having participated in the industry for over 30 years. We established our currently operating portfolio of eleven RNG and two Renewable Electricity projects and development projects through self-development, partnerships, and acquisitions that span seven states.

In January 2021, we closed the initial public offering of our common stock on the Nasdaq Capital Market with the shares traded under the symbol "MNTK." Our common stock is also secondarily listed on the Johannesburg Stock Exchange under the trading symbol "MKR."

Last close 2.13 2026-10-23
Market cap $303.2M 2026-06-30 share count
52-week range 1.07 - 3.28

Valuation FY2025 figures against the last close

P/S1.7x
P/E213.0x
P/FCF—
EV/EBITDA13.2x
Dividend yield—
Diluted EPS0.01

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • RNG
  • REG
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 RNG, FY2025: 155.7M (90.0%) 90% RNG REG, FY2025: 17.2M (10.0%) 10% REG FY2024 RNG, FY2024: 158M (89.9%) 90% REG, FY2024: 17.8M (10.1%) 10% FY2023 RNG, FY2023: 156.5M (89.5%) 89% REG, FY2023: 18.4M (10.5%) 11%
Segment FY2025FY2024FY2023
RNG $155.7M $158.0M $156.5M
REG $17.2M $17.8M $18.4M

As the company reported it, from the “Segment Information - Summary of Operating Revenue and Significant Expenses, by Segment (Detail)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $176.4M$175.7M$174.9M$213.4M$148.1M$100.2M$104.0M—
Gross profit ——$45.3M$65.7M$25.4M$25.1M$30.8M—
SG&A $31.7M$36.3M$34.4M$34.1M$42.6M$16.6M$13.6M—
Total operating expenses $175.5M$159.6M$151.3M$161.0M$144.8M$96.8M$94.7M—
Operating income $852.0K$16.1M$23.6M$44.6M$3.3M$3.6M$11.0M—
Interest expense $4.8M$5.3M$5.8M$1.8M$2.9M$4.3M$5.6M—
Pre-tax income -$2.5M$12.2M$18.4M$43.2M-$367.0K-$1.4M$5.5M—
Income tax $4.2M$2.4M$3.4M$8.0M$4.2M$6.0M$354.0K—
Net income $1.7M$9.7M$14.9M$35.2M-$4.5M$4.6M$5.8M—
EPS, basic 0.010.070.110.25-0.03———
EPS, diluted 0.010.070.110.25-0.03———
Shares, diluted (wtd. avg.) 143.1M142.4M142.2M142.6M141.0M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $23.8M$45.6M$73.8M$105.6M$53.6M$21.6M$10.4M$55.0M
Receivables $6.6M$7.9M$12.6M$7.1M$9.3M$5.3M——
Total current assets $37.2M$57.2M$90.2M$124.9M$75.2M$32.5M——
Property, plant and equipment $341.4M$252.3M$214.3M$175.9M$180.9M$186.4M——
Goodwill $60.0K$60.0K$60.0K$60.0K$60.0K$60.0K——
Other intangibles $19.3M$17.8M$18.0M$15.4M$13.7M$13.5M——
Total assets $435.5M$349.0M$350.2M$332.3M$286.5M$253.4M$243.6M—
Accounts payable $15.6M$8.9M$7.9M$4.6M$5.0M$6.0M——
Short-term debt $2.7M$11.9M$7.9M$7.9M$7.8M$9.5M——
Total current liabilities $33.4M$33.5M$29.4M$28.4M$24.6M$28.5M——
Long-term debt $126.0M$43.8M$55.6M$63.5M$71.4M$56.3M——
Total liabilities $172.3M$91.6M$100.0M$105.2M$104.2M$93.7M——
Retained earnings $57.1M$55.3M$45.6M$30.7M-$4.5M———
Total equity $263.1M$257.4M$250.2M$227.1M$182.3M$159.6M$154.3M—

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow $30.3M$43.8M$41.1M$81.1M$42.9M$28.7M$27.8M—
Depreciation and amortisation $30.0M$23.5M$21.2M$20.7M$22.9M$22.1M$19.8M—
Stock-based compensation $4.4M$10.0M$8.3M$9.8M$22.4M$762.0K$570.0K—
Capital expenditure $116.5M$62.3M$63.1M$22.3M$10.0M$4.1M$45.6M—
Investing cash flow -$120.5M-$62.2M-$63.1M-$20.8M-$19.5M-$16.0M-$44.9M—
Financing cash flow $68.3M-$9.8M-$9.3M-$8.3M$8.6M-$1.5M-$27.5M—
Buybacks $419.0K$10.1M$122.0K$238.0K——$74.0K—

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 0001193125-26-102364.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M 0 100M 200M 300M Revenue, FY2019: 104M Gross profit, FY2019: 30.8M Net income, FY2019: 5.8M Revenue, FY2020: 100.2M Gross profit, FY2020: 25.1M Net income, FY2020: 4.6M Revenue, FY2021: 148.1M Gross profit, FY2021: 25.4M Net income, FY2021: -4.5M Revenue, FY2022: 213.4M Gross profit, FY2022: 65.7M Net income, FY2022: 35.2M Revenue, FY2023: 174.9M Gross profit, FY2023: 45.3M Net income, FY2023: 14.9M Revenue, FY2024: 175.7M Net income, FY2024: 9.7M Revenue, FY2025: 176.4M Net income, FY2025: 1.7M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $104.0M $100.2M $148.1M $213.4M $174.9M $175.7M $176.4M
Gross profit — $30.8M $25.1M $25.4M $65.7M $45.3M — —
Net income — $5.8M $4.6M -$4.5M $35.2M $14.9M $9.7M $1.7M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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