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Liberty Energy Inc. key statistics and ratios

In fiscal 2025, Liberty Energy Inc. had return on equity of 7.3%, an operating margin of 1.8%, debt equal to 11.9% of equity and a current ratio of 1.22. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin5.3%23.0%24.4%18.5%11.2%8.9%24.1%29.5%25.8%20.9%18.0%
Operating margin−14.5%12.2%14.2%5.2%−18.3%−7.3%12.0%16.0%9.0%1.8%1.7%
Net margin0.0%0.0%5.9%2.0%−12.0%−7.3%9.6%11.7%7.3%3.7%0.9%
Free-cash-flow margin−38.2%−7.8%4.3%3.3%−1.9%−2.6%1.9%8.7%4.1%0.4%−14.7%
Return on equity0.0%0.0%58.4%7.9%−13.6%−15.2%29.5%33.3%16.5%7.3%2.0%
Return on assets—0.0%12.8%3.3%−7.3%−9.1%17.3%19.8%10.0%4.3%1.0%
Asset turnover—1.752.191.660.611.261.801.691.361.171.10
Current ratio—1.602.101.831.591.111.471.491.271.221.30
Debt to equity0.0%—25.8%19.8%9.4%10.3%14.7%7.6%9.6%11.9%68.9%
Interest cover (operating income ÷ interest)n/m14.3x17.9x7.1xn/m—21.8x25.8x11.9x1.8x2.8x
Effective tax rate———15.8%——−0.2%24.3%21.6%24.2%—
Capital spending as % of revenue27.3%20.9%12.0%9.8%10.7%8.0%10.9%12.7%15.1%14.9%27.3%
Free cash flow ÷ net income——73.1%169.0%——19.6%73.9%56.4%9.5%<−999%
Dividends ÷ net income——5.5%37.9%——2.3%6.8%15.3%36.8%147.8%
Dividends and buybacks ÷ free cash flow——97.2%50.3%——171.4%58.5%99.6%562.6%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 7 checks passed · September 30, 2026
What it owns · $4.5bn
Short-term assets $1.1bnLonger-term assets $3.4bn
What it owes, and who funded it · $4.5bn
Short-term liabilities $857mLonger-term liabilities $1.7bnShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $857m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.1bn short-term assets against $1.7bn of longer-dated liabilities.
  • More cash than debt $119m of cash against $1.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 67% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 17% to 67% over five years.
  • A year's operating cash flow covers at least 20% of debt $560m of operating cash flow against $1.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $74m against $27m of interest.

From Liberty Energy Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

26 /100

Weak moat

How hard Liberty Energy's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.4% of total assets over 9 years.

  • Pricing power 4 / 20

    Gross margin has been a median 19.9%, moving by 6.1 percentage points (standard deviation) across 9 years.

  • Durability 1 / 20

    Operating margin has been a median 6.5%; its worst year was -12.7%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 9 years, at a median -0.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 83.0% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Liberty Energy Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Liberty Energy Inc.