MAMMOTH ENERGY SERVICES, INC. TUSK
We are an integrated, growth-oriented services company focused on providing products and services to our customers primarily in the oil and natural gas, aviation and utility infrastructure industries. Our primary business objective is to drive returns through improved execution by prioritizing asset utilization, margin expansion, and capital efficiency across the portfolio. Our suite of services includes rental services, infrastructure services, natural sand proppant services, accommodation services and drilling services. Our rental services segment provides a wide range of equipment used in oilfield, construction and aviation activities. Our infrastructure services division provides engineering, design, construction, upgrade, maintenance and repair services to the fiber industry. Our natural sand proppant services division mines, processes and sells natural sand proppant used for hydraulic fracturing. Our drilling services segment provides directional drilling to oilfield operators. We believe that the services we offer play a critical role in increasing the ultimate recovery and present value of production streams from unconventional resources as well as in constructing and improving fiber network. Our complementary suite of services provides us with the opportunity to cross-sell our services and expand our customer base and geographic positioning.
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 | $44.3M | $45.6M | $309.5M | $362.1M | $229.0M | $313.1M | $625.0M | $1.69B | $691.5M | $230.6M |
| Cost of revenue | — | — | $247.8M | $278.6M | $198.3M | $232.0M | $543.8M | $1.09B | $482.6M | $173.0M |
| Gross profit | — | — | $61.7M | $83.5M | $30.6M | $81.1M | $81.2M | $596.3M | $208.9M | $57.6M |
| SG&A | $19.6M | $114.5M | $37.5M | $39.6M | $77.9M | $66.4M | $49.7M | $71.2M | $48.4M | $17.3M |
| Total operating expenses | $101.7M | $166.0M | $326.2M | $378.5M | — | $462.4M | $753.4M | $1.30B | $628.7M | $265.3M |
| Operating income | -$57.4M | -$120.4M | -$16.7M | -$16.4M | -$123.0M | -$148.7M | -$128.4M | $394.5M | $62.8M | -$34.6M |
| Interest expense | — | — | — | $11.5M | $6.4M | $5.4M | $5.0M | $3.2M | $4.3M | $4.1M |
| Pre-tax income | -$59.7M | -$194.4M | $9.1M | $13.0M | -$124.3M | -$119.8M | -$91.1M | $389.2M | $61.8M | -$38.6M |
| Income tax | $4.1M | $11.3M | $12.3M | $13.6M | $22.9M | $12.2M | $12.1M | $153.3M | $2.8M | $53.9M |
| Net income | $4.6M | -$207.3M | -$3.2M | -$619.0K | -$101.4M | -$107.6M | -$79.0M | $236.0M | $59.0M | -$92.5M |
| EPS, basic | 0.10 | -4.31 | -0.07 | -0.01 | -2.18 | -2.36 | -1.76 | 5.27 | 1.42 | -2.94 |
| EPS, diluted | 0.10 | -4.31 | -0.07 | -0.01 | -2.18 | -2.36 | -1.76 | 5.24 | 1.42 | -2.94 |
| Shares, diluted (wtd. avg.) | $48.3M | $48.1M | $47.8M | $47.2M | $46.4M | $45.6M | $45.0M | $45.0M | $41.6M | $31.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $102.0M | $60.8M | $16.6M | $17.3M | $9.9M | $14.8M | $5.9M | $67.6M | $5.6M | $29.2M |
| Short-term investments | $19.6M | $0 | — | $0 | $1.8M | $1.8M | $0 | — | — | — |
| Receivables | $28.9M | $40.7M | $447.2M | $456.5M | $407.6M | $393.1M | $363.1M | $337.5M | $243.7M | $21.2M |
| Inventory | $4.1M | $6.8M | $12.7M | $8.9M | $8.4M | $12.0M | $17.5M | $21.3M | $17.8M | $6.1M |
| Total current assets | $177.1M | $188.6M | $496.9M | $496.7M | $440.8M | $464.7M | $407.0M | $449.6M | $314.4M | $88.9M |
| Property, plant and equipment | — | — | — | — | — | $251.3M | $352.8M | $436.7M | $351.0M | $242.1M |
| Goodwill | — | $9.2M | $9.2M | $11.7M | $11.7M | $12.6M | $67.6M | $101.2M | $10.2M | $88.7M |
| Other intangibles | — | $209.0K | $913.0K | $1.8M | $2.6M | $4.8M | $5.8M | $7.8M | $16.1M | $21.6M |
| Total assets | $334.9M | $384.0M | $698.5M | $724.7M | $720.9M | $824.6M | $952.4M | $1.07B | $867.2M | $502.4M |
| Accounts payable | — | — | — | — | $37.6M | $40.3M | $39.2M | $68.8M | $141.3M | $20.5M |
| Short-term debt | — | $0 | $0 | $83.5M | $1.5M | $1.2M | $0 | — | — | — |
| Total current liabilities | $70.0M | $114.5M | $182.6M | $237.2M | $150.2M | $128.6M | $130.4M | $233.8M | $220.0M | $29.2M |
| Long-term debt | — | $0 | $42.8M | $0 | $85.2M | $81.3M | $80.0M | $0 | $99.9M | $0 |
| Total liabilities | $76.6M | $131.2M | $238.4M | $262.1M | $257.7M | $261.2M | $283.6M | $319.0M | $359.4M | $79.6M |
| Retained earnings | -$279.0M | -$283.6M | -$76.3M | -$73.2M | -$72.5M | $28.9M | $136.5M | $226.8M | $2.0M | -$56.3M |
| Total equity | $258.3M | $252.8M | $460.1M | $462.6M | $463.2M | $563.3M | $668.7M | $754.1M | $507.8M | $422.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.6M | $180.7M | $31.4M | $15.3M | -$18.9M | $7.0M | -$95.3M | $386.7M | $57.6M | $29.7M |
| Depreciation and amortisation | $8.7M | $10.2M | $40.9M | $60.5M | $76.1M | $93.3M | $112.4M | $107.6M | $81.2M | $62.2M |
| Stock-based compensation | $412.0K | $875.0K | $1.3M | $923.0K | $1.2M | $2.0M | $4.2M | $5.4M | $3.7M | $501.0K |
| Capital expenditure | $70.6M | $1.2M | $19.4M | $12.7M | $5.8M | — | — | — | — | — |
| Investing cash flow | $54.5M | -$10.4M | -$8.8M | -$2.1M | $5.5M | -$2.3M | -$33.2M | -$212.0M | -$172.3M | -$7.7M |
| Financing cash flow | -$4.3M | -$112.1M | -$15.6M | -$5.6M | $8.4M | $4.3M | $66.7M | -$112.6M | $91.0M | $3.1M |
| Dividends paid | — | — | — | — | $0 | $0 | $11.2M | $11.2M | $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 0001628280-26-015693.
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