Liberty Energy

LBRT

Oil & Gas Equipment & Services · Energy

Price

$23.84

+0.38 (+1.62%)

Market Cap

$3.89B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−4.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 174.0M (2021) → 166.0M (2025)

Liberty Energy is a company that helps oil and gas producers pull oil and natural gas out of the ground. It provides hydraulic fracturing services — commonly called "fracking" — which involves pumping high-pressure fluid into rock formations to release trapped oil and gas. Its main customers are exploration and production companies drilling in major U.S. shale basins like the Permian Basin and the Rockies.

Liberty makes money by charging oil and gas producers for its fracking equipment, crews, and related services on a contract basis. It operates almost entirely in North America and is one of the larger independent pressure pumping companies in the United States. The company has invested in its own natural gas-powered fracking equipment, called digiFrac, which could lower costs and reduce emissions compared to diesel-powered alternatives. The biggest risk Liberty faces is that its revenue is closely tied to how much oil and gas companies choose to spend on drilling, which drops sharply when energy prices fall.

Winston Score History

Score breakdown

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Quality

Gross Margin

6.2%

Thin — 6.2% gross margin

Operating Margin

0.4%

Thin — 0.4% operating margin

ROCE

0.1%

Weak — 0.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-4.0%

Shrinking sales (-4.0% YoY)

EPS YoY

-39.3%

Earnings shrinking (-39.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

283%

Turns 283% of profit into real cash

FCF Margin

-4.8%

Burning cash (-4.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.71

Moderate — manageable debt (0.71)

Interest Cover

1.63x

Dangerous — barely covers interest (1.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

25.5x

Growth-priced — P/E 25.5

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+1.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.29%

Small dividend — 1.29% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+12.9%

Dividend growing fast (12.9% YoY)

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