Atlas Energy Solutions
AESI on NYSE. Atlas Energy Solutions sells sand and delivery services to oil and gas producers. Market value $1.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-11.59 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 54 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$12.71 a share, 66% above its 1-year low
Over the past year the price has ranged from $7.64 to $20.13.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $184 million in the past 12 months, a shortfall of $31 million in the year to December 2025.
| Revenue | |||
| Revenue | $614m | $1.1bn | $1.1bn |
| Operating margin | |||
| Operating margin | 43.2% | 10.8% | -1.0% |
| Debt to equity | |||
| Debt to equity | 0.21 | 0.51 | 0.53 |
| Shares outstanding | |||
| Shares outstanding | 0.11bn | 0.12bn | 0.13bn |
Health checks
- Free cash flow positive0 of 3 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)3 of 9
- Profit backed by cash (accruals)Yes
- Debt0.53× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 13% more shares since 2023
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $293 million last quarter, up 2% on a year ago.
- A loss of $25 million, compared with a loss of $6 million a year ago.
- It loses 8 cents on each $1 of sales, after keeping 6 cents a year earlier.
- Over the past 12 months it spent $184 million more cash than it brought in, compared with $18 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $304m |
| December 2024 | $271m |
| March 2025 | $298m |
| June 2025 | $289m |
| September 2025 | $260m |
| December 2025 | $249m |
| March 2026 | $266m |
| June 2026 | $293m |
| Quarter to | Amount |
|---|---|
| September 2024 | $4m |
| December 2024 | $14m |
| March 2025 | $1m |
| June 2025 | -$6m |
| September 2025 | -$24m |
| December 2025 | -$22m |
| March 2026 | -$47m |
| June 2026 | -$25m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, down from 4 last quarter. 284 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Barrow HanleyBarrow Hanley team | $44m | 0.1% | Cut |
| Boston PartnersBoston Partners team | $1m | <0.1% | Cut |
| Cooke & BielerCooke & Bieler partners | $347,647 | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$219mAdded
- Encompass Capital Advisors$109mCut
- Vanguard Portfolio Management$84mAdded
- UBS Group AG$64mAdded
- State Street$63mAdded
- Vanguard Capital Management$59m
- TWO Sigma Investments, LP$53mNew
- Barrow Hanley$44mCut
- Ensign Peak Advisors$42mNew
- Voya Investment Management$36mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Ben M. BrighamInsider or founderat least 35.8%0.0 pts(filed with 4 related holders)Since 31 December 2025
- BlackRock, Inc.Passive investor10.0%+0.1 ptsSince 30 September 2025
- Gregory M. Shepard6.2%0.0 ptsSince 31 December 2025
- Encompass Capital Advisors LLCPassive investorat least 5.2%−2.1 pts(filed with 2 related holders)Since 30 June 2026
- Anne and Bud Oil & Gas Unvested LLCInsider or founderSold down below 5%Since 3 February 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Ben M. Brigham Insider or founder | at least 35.8%0.0 pts (filed with 4 related holders) | 31 December 2025 | |
BlackRock, Inc. Passive investor | 10.0%+0.1 pts | 30 September 2025 | |
Gregory M. Shepard | 6.2%0.0 pts | 31 December 2025 | |
Encompass Capital Advisors LLC Passive investor | at least 5.2%−2.1 pts (filed with 2 related holders) | 30 June 2026 | |
Anne and Bud Oil & Gas Unvested LLC Insider or founder | Sold down below 5% | 3 February 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 24 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.