Liberty Energy
LBRT on NYSE. Liberty Energy sells hydraulic fracturing and completions services to oil and gas producers. Market value $1.8bn.
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?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Energy stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-9.52 of spare cash in the past 12 months. A savings account pays about $4.
You pay 82.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 13 cents a year. Above 10 is good.
Quality score: 84 of 100. Price score: 20 of 100. Our list needs 70 on quality and 60 on price.
$20.12 a share, 75% above its 1-year low
Over the past year the price has ranged from $11.52 to $34.48.
Dividend: 1.6% a year
Paid every year for at least 5 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $317 million in the past 12 months, $14 million in the year to December 2025.
| Revenue | |||||
| Revenue | $2.5bn | $4.1bn | $4.7bn | $4.3bn | $4.0bn |
| Operating margin | |||||
| Operating margin | -7.3% | 12.0% | 16.0% | 9.0% | 1.8% |
| Debt to equity | |||||
| Debt to equity | 0.11 | 0.17 | 0.17 | 0.23 | 0.27 |
| Shares outstanding | |||||
| Shares outstanding | 0.17bn | 0.19bn | 0.18bn | 0.17bn | 0.17bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.27× equity
- Revenue growth, five yearsStrong, 32.9% a year
- Buying back its own sharesYes, 5% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.2 billion last quarter, up 14% on a year ago.
- Profit: $43 million, down 39% on a year ago.
- It keeps 1 cents of each $1 of sales as operating profit, down from 5 cents a year earlier.
- Over the past 12 months it spent $317 million more cash than it brought in. A year earlier it had $143 million spare.
- 2% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1 billion more than cash, up from $427 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.1bn |
| December 2024 | $944m |
| March 2025 | $977m |
| June 2025 | $1.0bn |
| September 2025 | $947m |
| December 2025 | $1.0bn |
| March 2026 | $1.0bn |
| June 2026 | $1.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $74m |
| December 2024 | $52m |
| March 2025 | $20m |
| June 2025 | $71m |
| September 2025 | $43m |
| December 2025 | $14m |
| March 2026 | $23m |
| June 2026 | $43m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 2 February 2026
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
4 long-term investors we follow own it, down from 7 last quarter. 405 funds in all.
- Century ManagementArnold Van Den Berg
- Value
- $995,639
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $47m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $13m | 0.1% | Cut |
| Horizon KineticsMurray Stahl | $6m | <0.1% | Cut |
| Century ManagementArnold Van Den Berg | $995,639 | 0.2% |
Sold out this quarter
- Barrow HanleyBarrow Hanley teamSold out
- GMOJeremy GranthamSold out
- Gotham Asset ManagementJoel GreenblattSold out
Largest holders overall
- BlackRock$722mAdded
- Vanguard Portfolio Management$292mAdded
- Dimensional Fund Advisors LP$247mAdded
- State Street$185mAdded
- Vanguard Capital Management$185m
- American Century Companies$181mCut
- Geode Capital Management$120mAdded
- Franklin Resources$111mAdded
- Frontier Capital Management$97mAdded
- Nomura Asset Management International$96mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor14.8%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor6.5%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- FMR LLCPassive investorat least 4.0%−5.3 pts(filed with 1 related holder)Since 30 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.8% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 6.5% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
FMR LLC Passive investor | at least 4.0%−5.3 pts (filed with 1 related holder) | 30 June 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
In the last 12 months, 1 insider bought $500,057 of shares on the open market. 3 sold $3m, $2m of it under preset trading plans.
- Stock MichaelChief Financial OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 3,333
- Price
- $18.17
- Value
- $60,561
- Stock MichaelChief Financial OfficerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 6,666
- Price
- $19.84
- Value
- $132,253
- Stock MichaelChief Financial OfficerSoldunder a preset trading plan
- Date
- 4 August 2026
- Shares
- 3,333
- Price
- $20.00
- Value
- $66,660
- Stock MichaelChief Financial OfficerSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 3,333
- Price
- $17.95
- Value
- $59,827
- Murti Arjun NDirectorBought
- Date
- 28 July 2026
- Shares
- 14,053
- Price
- $17.79
- Value
- $250,009
- Stock MichaelChief Financial OfficerSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 9,999
- Price
- $25.89
- Value
- $258,874
- Stock MichaelChief Financial OfficerSoldunder a preset trading plan
- Date
- 2 June 2026
- Shares
- 3,333
- Price
- $31.00
- Value
- $103,323
- Stock MichaelChief Financial OfficerSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 13,332
- Price
- $29.46
- Value
- $392,761
- Stock MichaelChief Financial OfficerSoldunder a preset trading plan
- Date
- 20 May 2026
- Shares
- 19,998
- Price
- $33.48
- Value
- $669,533
- Kimble William FChairman of the Board, DirectorSold
- Date
- 5 May 2026
- Shares
- 7,350
- Price
- $33.92
- Value
- $249,312
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Stock Michael Chief Financial Officer | Sold under a preset trading plan | 3,333 | $18.17 | $60,561 |
| 1 September 2026 | Stock Michael Chief Financial Officer | Sold under a preset trading plan | 6,666 | $19.84 | $132,253 |
| 4 August 2026 | Stock Michael Chief Financial Officer | Sold under a preset trading plan | 3,333 | $20.00 | $66,660 |
| 3 August 2026 | Stock Michael Chief Financial Officer | Sold under a preset trading plan | 3,333 | $17.95 | $59,827 |
| 28 July 2026 | Murti Arjun N Director | Bought | 14,053 | $17.79 | $250,009 |
| 1 July 2026 | Stock Michael Chief Financial Officer | Sold under a preset trading plan | 9,999 | $25.89 | $258,874 |
| 2 June 2026 | Stock Michael Chief Financial Officer | Sold under a preset trading plan | 3,333 | $31.00 | $103,323 |
| 1 June 2026 | Stock Michael Chief Financial Officer | Sold under a preset trading plan | 13,332 | $29.46 | $392,761 |
| 20 May 2026 | Stock Michael Chief Financial Officer | Sold under a preset trading plan | 19,998 | $33.48 | $669,533 |
| 5 May 2026 | Kimble William F Chairman of the Board, Director | Sold | 7,350 | $33.92 | $249,312 |
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 2 Feb 2026, plus the 10-Q filed 23 Jul 2026 and 10 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
- It isn't cheap on profits: 82.5× operating profit.
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.