LBRTNYSEOil & Gas Field Services, NECFiscal year ends December 31
Liberty Energy Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$17.09+0.49 (+2.95%)
Close on Oct 19, 2026
- Market cap
- $2.87B
- P/E (TTM)
- 23.1
- Dividend yield
- 1.93%
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
20.9%+9.8 pts over 5 years
Operating margin
1.8%+20.1 pts over 5 years
Net margin
3.7%+15.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -7.2% | -1.2% | +32.9% | – | |
| Gross profit | -24.8% | -5.7% | +50.7% | – | |
| Operating income | -81.3% | -47.3% | – | – | |
| Net income | -53.2% | -28.2% | – | – | |
| EPS, diluted | -52.4% | -25.0% | – | – | |
| Free cash flow | -92.1% | -43.6% | – | – | |
| Dividend per share | +13.8% | +87.6% | +45.9% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -13.6% | 7.3% | |
| Return on assets | – | -7.3% | 4.3% | |
| Current ratio | – | 1.59 | 1.22 | |
| Debt to equity | – | 0.09 | 0.12 | |
| Net debt to EBITDA | – | 12.03× | 0.38× | |
| Interest coverage | -8.9× | -12.2× | 1.8× | |
| Inventory turnover | – | 8.3× | 16.2× | |
| Capex to revenue | 27.3% | 10.7% | 14.9% | |
| Diluted shares | – | 85M | 165M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Liberty Energy generated $3.12B from operations and spent $3.13B on capital expenditure, dividends and share buybacks. 80% of that went back into the business.
Generated
$3.12B
Used
$3.13B
Capital expenditure$2.50B80%Dividends$149.80M5%Share buybacks$482.55M15%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin3.7%
×Asset turnover1.17×
×Equity multiplier1.69×
=Return on equity, FY20257.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.7% | 1.17× | 1.69× | 7.3% |
| FY2024 | 7.3% | 1.36× | 1.66× | 16.5% |
| FY2023 | 11.7% | 1.69× | 1.68× | 33.3% |
| FY2022 | 9.6% | 1.80× | 1.70× | 29.5% |
| FY2021 | -7.3% | 1.26× | 1.66× | -15.2% |
| FY2020 | -12.0% | 0.61× | 1.86× | -13.6% |
| FY2019 | 2.0% | 1.66× | 2.43× | 7.9% |
| FY2018 | 5.9% | 2.19× | 4.55× | 58.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$147.87M
- Cash generatingOperating cash flow above zero$609.60M
- Return on assets improvedROA up on the prior year10.4% → 4.5%
- Earnings backed by cashOperating cash flow above net income$609.60M vs $147.87M
- Less leverageLong-term debt to assets fell5.8% → 6.8%
- Better liquidityCurrent ratio rose1.27 → 1.22
- No dilutionShare count did not rise169M → 165M
- Gross margin improvedGross margin up on the prior year25.83% → 20.92%
- More efficientAsset turnover rose1.42 → 1.22