Liberty Energy (LBRT)
Market Price (10/2/2026): $18.92 | Market Cap: $3.1 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Liberty Energy (LBRT)
Market Price (10/2/2026): $18.92Market Cap: $3.1 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies, and US LNG. | Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -70% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.7% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.5% Key risksLBRT key risks include [1] execution challenges and significant capital expenditures from its aggressive diversification into the power generation market, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.0% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies, and US LNG. |
| Weak multi-year price returns2Y Excs Rtn is -31%, 3Y Excs Rtn is -70% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.7% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.5% |
| Key risksLBRT key risks include [1] execution challenges and significant capital expenditures from its aggressive diversification into the power generation market, Show more. |
Qualitative Assessment
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Liberty Energy (LBRT) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Analyst downgrades and lowered fiscal Q3 2026 expectations for the frac business. UBS lowered its price target for Liberty Energy from $35 to $31 on September 30, 2026, citing reduced fiscal Q3 2026 EBITDA estimates of $143 million, below the Street's consensus of $156 million. This revision was attributed to decreased frac utilization from its fiscal Q2 2026 high and the delayed realization of recent pricing improvements.
2. Investor concerns over increased capital spending and the delayed impact of the power business. Despite beating analyst estimates for fiscal Q2 2026 earnings per share ($0.09 actual vs. $0.08 consensus) and revenue ($1.19 billion actual vs. $1.09 billion consensus), Liberty Energy faced investor apprehension due to its elevated capital expenditures. Specifically, the company committed $1.3 billion in fiscal 2026 for power equipment to bolster its distributed power business, which has not yet materially contributed to earnings.
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Liberty Energy (LBRT) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Analyst downgrades and lowered fiscal Q3 2026 expectations for the frac business. UBS lowered its price target for Liberty Energy from $35 to $31 on September 30, 2026, citing reduced fiscal Q3 2026 EBITDA estimates of $143 million, below the Street's consensus of $156 million. This revision was attributed to decreased frac utilization from its fiscal Q2 2026 high and the delayed realization of recent pricing improvements.
2. Investor concerns over increased capital spending and the delayed impact of the power business. Despite beating analyst estimates for fiscal Q2 2026 earnings per share ($0.09 actual vs. $0.08 consensus) and revenue ($1.19 billion actual vs. $1.09 billion consensus), Liberty Energy faced investor apprehension due to its elevated capital expenditures. Specifically, the company committed $1.3 billion in fiscal 2026 for power equipment to bolster its distributed power business, which has not yet materially contributed to earnings.
3. Broad slowdown and margin pressure within the oilfield services sector during fiscal Q3 2026. The Dallas Fed Energy Survey for fiscal Q3 2026 revealed a slower pace of expansion across the oil and gas sector. Oilfield services firms reported a significantly more neutral outlook, with an outlook index of 4.6, starkly lower than the 50.0 reported by exploration and production (E&P) firms. Furthermore, the operating margin index for services firms declined from 52.2 in fiscal Q2 2026 to 37.2 in fiscal Q3 2026, indicating a deceleration in margin expansion.
4. Heightened geopolitical uncertainty contributing to a volatile crude oil price outlook. The ongoing Iran conflict created significant market volatility and planning challenges for oil and gas executives throughout fiscal Q3 2026. Survey respondents projected West Texas Intermediate (WTI) crude oil to average $88 a barrel by year-end 2026, which was notably below the $98.70 average spot price observed during the survey period, reflecting increased price uncertainty.
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Stock Movement Drivers
Fundamental Drivers
The -29.2% change in LBRT stock from 6/30/2026 to 10/1/2026 was primarily driven by a -21.4% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.07 | 18.47 | -29.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,050 | 4,196 | 3.6% |
| Net Income Margin (%) | 3.7% | 2.9% | -21.4% |
| P/E Multiple | 28.1 | 24.6 | -12.5% |
| Shares Outstanding (Mil) | 162 | 163 | -0.6% |
| Cumulative Contribution | -29.2% |
Market Drivers
6/30/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| LBRT | -29.2% | |
| Market (SPY) | 2.3% | 31.4% |
| Sector (XLE) | 18.1% | 26.2% |
Fundamental Drivers
The -35.4% change in LBRT stock from 3/31/2026 to 10/1/2026 was primarily driven by a -21.5% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.59 | 18.47 | -35.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,006 | 4,196 | 4.7% |
| Net Income Margin (%) | 3.7% | 2.9% | -21.0% |
| P/E Multiple | 31.3 | 24.6 | -21.5% |
| Shares Outstanding (Mil) | 162 | 163 | -0.6% |
| Cumulative Contribution | -35.4% |
Market Drivers
3/31/2026 to 10/1/2026| Return | Correlation | |
|---|---|---|
| LBRT | -35.4% | |
| Market (SPY) | 17.8% | 17.8% |
| Sector (XLE) | 3.1% | 35.2% |
Fundamental Drivers
The 52.0% change in LBRT stock from 9/30/2025 to 10/1/2026 was primarily driven by a 171.1% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.15 | 18.47 | 52.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,102 | 4,196 | 2.3% |
| Net Income Margin (%) | 5.3% | 2.9% | -44.8% |
| P/E Multiple | 9.1 | 24.6 | 171.1% |
| Shares Outstanding (Mil) | 162 | 163 | -0.7% |
| Cumulative Contribution | 52.0% |
Market Drivers
9/30/2025 to 10/1/2026| Return | Correlation | |
|---|---|---|
| LBRT | 52.0% | |
| Market (SPY) | 15.6% | 23.7% |
| Sector (XLE) | 43.5% | 28.3% |
Fundamental Drivers
The 5.1% change in LBRT stock from 9/30/2023 to 10/1/2026 was primarily driven by a 397.4% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10012026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.57 | 18.47 | 5.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,871 | 4,196 | -13.9% |
| Net Income Margin (%) | 12.6% | 2.9% | -76.9% |
| P/E Multiple | 4.9 | 24.6 | 397.4% |
| Shares Outstanding (Mil) | 173 | 163 | 6.2% |
| Cumulative Contribution | 5.1% |
Market Drivers
9/30/2023 to 10/1/2026| Return | Correlation | |
|---|---|---|
| LBRT | 5.1% | |
| Market (SPY) | 84.9% | 37.9% |
| Sector (XLE) | 51.6% | 54.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LBRT Return | -6% | 66% | 15% | 11% | -5% | -0% | 89% |
| Peers Return | 34% | 65% | -25% | -13% | -12% | 26% | 58% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| LBRT Win Rate | 58% | 67% | 42% | 58% | 42% | 56% | |
| Peers Win Rate | 52% | 68% | 32% | 43% | 45% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| LBRT Max Drawdown | -50% | -40% | -31% | -32% | -57% | -50% | |
| Peers Max Drawdown | -37% | -45% | -43% | -37% | -47% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HAL, SLB, PTEN, ACDC, PUMP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/1/2026 (YTD)
How Low Can It Go
| Event | LBRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -43.4% | -18.8% |
| % Gain to Breakeven | 76.8% | 23.1% |
| Time to Breakeven | 204 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.5% | -6.7% |
| % Gain to Breakeven | 36.0% | 7.1% |
| Time to Breakeven | 118 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -72.5% | -33.7% |
| % Gain to Breakeven | 263.4% | 50.9% |
| Time to Breakeven | 153 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -43.6% | -19.2% |
| % Gain to Breakeven | 77.4% | 23.8% |
| Time to Breakeven | 1923 days | 105 days |
In The Past
Liberty Energy's stock fell -43.4% during the 2025 US Tariff Shock. Such a loss loss requires a 76.8% gain to breakeven.
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Asset Allocation
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| Event | LBRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -43.4% | -18.8% |
| % Gain to Breakeven | 76.8% | 23.1% |
| Time to Breakeven | 204 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -26.5% | -6.7% |
| % Gain to Breakeven | 36.0% | 7.1% |
| Time to Breakeven | 118 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -72.5% | -33.7% |
| % Gain to Breakeven | 263.4% | 50.9% |
| Time to Breakeven | 153 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -43.6% | -19.2% |
| % Gain to Breakeven | 77.4% | 23.8% |
| Time to Breakeven | 1923 days | 105 days |
In The Past
Liberty Energy's stock fell -43.4% during the 2025 US Tariff Shock. Such a loss loss requires a 76.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Liberty Energy (LBRT)
Liberty Energy Inc. (LBRT) is a leading provider of essential services and related goods to onshore oil and natural gas exploration and production companies across North America. The company's core business revolves around supporting the extraction of hydrocarbons through specialized techniques. Its primary offerings include hydraulic fracturing (fracking) and wireline services, which are critical processes in completing and stimulating oil and gas wells.
The company's service portfolio is comprehensive, featuring hydraulic fracturing pressure pumping services, which encompass both pressure pumping and pumpdown perforating. Additionally, Liberty Energy provides wireline services, proppant delivery solutions, and data analytics to optimize well performance. A significant aspect of its operations includes owning and operating two sand mines located in the Permian Basin, ensuring a proprietary supply of proppant, a key material used in the fracking process. As of late 2021, Liberty Energy managed approximately 30 active frac fleets, demonstrating its operational scale.
Liberty Energy primarily serves onshore oil and natural gas exploration and production companies. Its operations are strategically concentrated in several major North American oil and gas producing regions. These key markets include the Permian Basin, the Eagle Ford Shale, the Denver-Julesburg Basin, the Williston Basin, and the Powder River Basin, all vital areas for hydrocarbon extraction.
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Liberty Energy is like a specialized **Halliburton** or **Schlumberger**, focusing primarily on hydraulic fracturing services and the supply of crucial frac sand to North American oil and gas companies.
Think of Liberty Energy as a major **industrial services contractor**, providing specialized heavy equipment and expert crews for the complex task of stimulating oil and gas wells, similar to how **Fluor** or **Jacobs Engineering** manage large-scale industrial projects, but for well completions.
Liberty Energy is like a highly specialized **United Rentals** for the oil and gas industry, providing both the advanced fracturing equipment and the expert crews to operate it for oil and gas extraction.
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Liberty Energy (LBRT) provides the following major services:
- Hydraulic Fracturing Services: Provides specialized services for stimulating oil and natural gas wells by injecting fluid at high pressure to create fractures, including pressure pumping.
- Wireline Services: Offers services utilizing a wireline to deploy equipment into wells for various operations such as logging, perforating, and setting tools.
- Proppant Delivery Solutions: Manages the supply, logistics, and delivery of proppants, like sand from its owned mines, essential for hydraulic fracturing operations.
- Pumpdown Perforating Services: Delivers precise perforating services for well completion and stimulation through pumpdown technologies.
- Data Analytics: Provides analytical services to optimize well performance, operational efficiency, and decision-making for exploration and production clients.
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Liberty Energy (LBRT) sells its services and related goods primarily to other companies. Based on its public filings, no single customer accounts for more than 10% of its total revenues, meaning no individual major customers are disclosed by name.
However, Liberty Energy serves the following categories of companies:
- Major integrated oil and gas companies
- Large independent oil and gas companies
- Smaller independent oil and gas companies
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Ron Gusek - CEO, President & Director
Ron Gusek has served as Liberty's Chief Executive Officer and board member since February 2025, and President since November 2016. He previously held the role of Vice President of Technology and Development. With over 25 years of extensive oil and gas experience garnered in North America, Asia, Russia, and the Middle East, his focus at Liberty includes new technology, innovation, service quality, efficiency, and optimization. Ron holds a B.Sc. in Mechanical Engineering from the University of Alberta.
Michael Stock - Chief Financial Officer & Treasurer
Michael Stock joined Liberty in April 2012 and assumed the Treasurer title in March 2018. He brings over 25 years of financial and systems implementation experience, having been involved in global financial management, mergers and acquisitions, strategic planning, and risk management throughout his career. Prior to Liberty, Michael was the CFO for TAS Energy Inc., an innovative Cleantech Energy company, from 2009 to 2012. At TAS, he was a key part of raising equity from leading investment groups including Kleiner Perkins, Element Partners, NGP, and Credit Suisse, indicating a pattern of managing companies backed by private equity firms. From 1997 to 2009, Michael served as the CFO for Pinnacle Technologies Inc., a prominent oil field service company.
Sean Elliott - Chief Legal Officer & Corporate Secretary
Sean Elliott has been Liberty's Chief Legal Officer since January 2023, having served as Vice President and General Counsel since March 2017, and Corporate Secretary since 2018. He possesses over 20 years of legal experience, with much of his career spent in leadership roles within publicly traded companies. Before joining Liberty, Sean worked as Assistant General Counsel at USAA Real Estate Company. He earned a bachelor's degree (magna cum laude) in Economics and Business Administration from Austin College and a Juris Doctorate degree (with honors) from The University of Texas at Austin.
Ryan Gosney - Chief Accounting Officer & Vice President of Finance
Ryan Gosney serves as Liberty's Chief Accounting Officer and took on the Vice President of Finance role in January 2025, overseeing accounting and finance operations.
Jim Brady - Senior Vice President of Operations
Jim Brady has been the Senior Vice President of Operations at Liberty Energy since the company's inception. With over two decades of experience in the oil and gas industry, his expertise covers personnel management, equipment, vendor relations, and customer dynamics. He has been instrumental in cultivating a corporate culture that emphasizes service excellence, safety, and a commitment to achieving the highest industry standards.
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The key risks to Liberty Energy Inc. (LBRT) primarily stem from its deep ties to the volatile oil and natural gas industry, the evolving regulatory landscape surrounding hydraulic fracturing, and the significant capital requirements and execution challenges associated with its diversification strategy into distributed power.
- Commodity Price Volatility: Liberty Energy's demand for services, including hydraulic fracturing and wireline, is directly influenced by the capital expenditures and activity levels of its exploration and production (E&P) customers. These customer activities are highly sensitive to fluctuations in oil and natural gas prices. A sustained downturn in commodity prices can lead to reduced drilling and completion activity, decreased demand for Liberty Energy's services, lower asset utilization, and subsequent adverse impacts on revenue and profitability. The company operates in a highly cyclical industry, making it vulnerable to the boom-bust cycles of North American shale activity.
- Regulatory and Environmental Risks: The hydraulic fracturing industry faces significant scrutiny and potential challenges from environmental regulations and public opposition. Concerns over water contamination, air emissions, seismic activity, and the overall environmental impact of fracking could lead to stricter federal, state, and local legislation. Such regulations could impose additional restrictions, increase operational costs, or even limit future oil and natural gas exploration and production activities, directly affecting Liberty Energy's core business. Increased societal and governmental focus on ESG (Environmental, Social, and Governance) factors and climate change issues may also impact business operations, access to financing, and the long-term demand for fossil fuel-related services.
- High Capital Expenditures and Execution Risk in Diversification: Liberty Energy is undertaking a strategic diversification into distributed power generation, which requires substantial capital investment. This strategy introduces execution risks, including potential project delays, intense competition in the power market, and the uncertainty of securing long-term contracts for the new capacity. The elevated capital expenditures could strain the company's free cash flow and balance sheet, particularly if market demand for these new services weakens or if the projected returns on these investments take longer to materialize. Additionally, there is a customer concentration risk within the emerging power segment, as success depends heavily on securing contracts with a limited number of large hyperscale data center operators.
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Addressable Markets for Liberty Energy (LBRT)
Liberty Energy Inc. operates in several key addressable markets within North America, primarily focusing on hydraulic fracturing services, wireline services, proppant delivery solutions (including frac sand), and data analytics for the oil and natural gas industry.
- Hydraulic Fracturing Services: The North America hydraulic fracturing market is a significant addressable market for Liberty Energy. In 2025, North America held the largest revenue share of the global hydraulic fracturing market, accounting for 33.5% of an estimated global market size of approximately USD 58.49 billion. This market is projected to reach USD 95.92 billion by 2033. Another estimate places the North America hydraulic fracturing market share at 67.60% in 2025. The North America Hydraulic Fracturing Fluids Market, a component of these services, was valued at USD 24.26 billion in 2024 and is expected to reach USD 32.24 billion by 2030.
- Wireline Services: For wireline services, the North American market was valued at USD 3.91 billion in 2025 and is estimated to be USD 4.12 billion in 2026. North America holds the largest market share for wireline services, driven by the significant presence of oil and gas reserves, particularly from shale formations, and increasing drilling and completion activities in the U.S. and Canada. The global wireline services market was valued at USD 10.83 billion in 2025 and is projected to reach USD 16.62 billion by 2034.
- Proppant Delivery Solutions (including Frac Sand): Liberty Energy's involvement in proppant delivery and sand mining addresses a substantial North American market. The North America proppants market generated a revenue of USD 4,156.6 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2030, reaching an estimated USD 6,899.9 million by 2030. More specifically for frac sand, the North America frac sand market was valued at USD 1,698.1 million in 2024 and is projected to reach USD 3,094.9 million by 2033. North America dominated the frac sand industry with over 55.0% revenue share in 2024.
- Data Analytics: The oil and gas analytics market, where Liberty Energy offers data analytics, is also a growing segment. The global oil and gas analytics market size was estimated at USD 8.15 billion in 2023 and is projected to reach USD 31.68 billion by 2030. North America accounted for the largest market share, at 40.85%, in 2023. Another report valued the global oil and gas analytics market at USD 12.28 billion in 2025, with a projection to reach USD 71.93 billion by 2034. North America consistently leads this market due to strong adoption in shale operations, offshore drilling, and integrated refining systems.
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Expected Drivers of Future Revenue Growth for Liberty Energy (LBRT)
- Expansion of Distributed Power Solutions Business (LPI): Liberty Energy is strategically expanding its presence in the power market with its LPI distributed power solutions. The company has ambitious plans to grow its power generation capacity to over 1 gigawatt (GW) by 2027 and 3 GW by 2029, securing significant agreements with entities like Vantage Data Centers. This initiative is anticipated to be a substantial long-term revenue growth driver, capitalizing on the increasing demand for reliable, on-site power generation, particularly from data centers and industrial reshoring.
- Increased Frac Fleet Utilization and Potential for Price Improvement: Despite some industry-wide activity reductions and pricing headwinds, Liberty Energy expects that frac fleet supply attrition will lead to tighter markets over time. This tightening is projected to create opportunities for price improvements and higher utilization rates for its active frac fleets in the coming years. The company has also demonstrated its ability to outperform the market and gain market share even during industry slowdowns due to superior operational performance.
- Growth in Natural Gas Demand: Liberty Energy is well-positioned to benefit from the growing demand for natural gas. This demand is supported by the significant expansion of Liquefied Natural Gas (LNG) export capacity and increasing power consumption. The company's strategic presence in gas-prone basins and its efficient fleet technology align with this structural demand trend, offering a natural hedge and a clear growth pathway beyond the immediate oil market cycles.
- Technological Innovation and Operational Execution: Liberty Energy's continuous focus on technological innovation and strong operational execution is a key driver. The company leverages AI-driven asset optimization software and its proprietary digiTechnologies (such as digiPrime fleets and StimCommander software) to enhance efficiency, reliability, and safety while reducing maintenance costs. This technological edge and operational excellence are expected to contribute to sustained market share gains and revenue growth.
- Strategic Expansion of Simulfrac Offering and Customer Relationships: Liberty Energy has been strengthening its customer relationships by expanding its simulfrac offering with strategic dedicated customers. This expansion of advanced services has led to meaningful operational efficiencies for its clients, indicating potential for continued revenue growth through deeper customer engagement and broader adoption of its specialized fracturing services.
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Share Repurchases
- Liberty Energy repurchased approximately $24 million of Class A common stock in 2025.
- The company executed $127 million in share buybacks during 2024.
- Liberty Energy increased and extended its share repurchase authorization to $750 million through July 2026, with approximately $270 million remaining as of the first quarter of 2025.
Share Issuance
- In February 2026, Liberty Energy proposed an offering of $500 million aggregate principal amount of convertible senior notes due 2031.
- During the second quarter of 2025, the company reported approximately $51 million in proceeds from the sale of equity securities.
Outbound Investments
- In the first quarter of 2025, Liberty Energy expanded its Liberty Power Innovations (LPI) distributed power systems offering through the acquisition of IMG Energy Solutions.
- During 2024, Liberty Energy announced a partnership with Tamboran to develop the Beetaloo shale gas basin in Australia, and a Liberty fleet arrived in the country.
- Liberty Energy invested $15 million in acquisitions in 2025.
Capital Expenditures
- Total capital expenditures for 2025 are expected to be approximately $575 million, which includes investments in digiFleets, capitalized maintenance, and LTI infrastructure.
- For the full year 2024, capital expenditures amounted to $627 million, focusing on digiFleet, LPI gas compression and delivery infrastructure, wet sand technology, and capitalized maintenance.
- Liberty Energy projects 2025 capital expenditures at approximately $650 million, primarily focused on completions and power generation, with plans to deploy an additional 400 megawatts of power generation by the end of 2026.
Peer Outperformance in Oil & Gas Equipment & Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 9 | 122.1% | 125.5% | 411.1% | MPC 639% · PBF 575% · VLO 548% |
| Coal & Consumable Fuels | 3 | -11.6% | 1.6% | 236.6% | CNR 242% · LEU 237% · BTU 66% |
| Oil & Gas Storage & Transportation | 9 | 19.1% | 135.2% | 212.9% | INSW 916% · LPG 862% · TRGP 511% |
| Oil & Gas Equipment & Services ← | 16 | 44.1% | 15.5% | 113.4% | SEI 917% · FTI 799% · TDW 561% |
| Oil & Gas Exploration & Production | 24 | 23.6% | 22.8% | 82.2% | PR 263% · TPL 174% · EQT 161% |
| Oil & Gas Drilling | 4 | 62.7% | 2.4% | 70.2% | VAL 123% · NE 78% · HP 63% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Liberty Energy Stock On Fire: Up 29% With 8-Day Winning Streak | 04/30/2026 | |
| 7-Day Rally Sends Liberty Energy Stock Up 26% | 04/29/2026 | |
| Liberty Energy Stock On Fire: Up 25% With 6-Day Winning Streak | 04/28/2026 | |
| Liberty Energy Earnings Notes | 12/27/2025 | |
| Can Liberty Energy Stock Recover If Markets Fall? | 10/17/2025 | |
| Liberty Energy (LBRT) Net Income Comparison | 08/08/2025 | |
| Liberty Energy (LBRT) Debt Comparison | 08/08/2025 | |
| Liberty Energy (LBRT) Operating Income Comparison | 08/08/2025 | |
| Liberty Energy (LBRT) EBITDA Comparison | 08/08/2025 | |
| ARTICLES | ||
| Liberty Energy Stock Rockets 26% With 7-Day Winning Streak | 04/29/2026 | |
| Liberty Energy Stock 6-Day Winning Spree: Stock Climbs 25% | 04/28/2026 | |
| Small Cap Stocks Trading At 52-Week High | 03/13/2026 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 25.31 |
| Mkt Cap | 15.4 |
| Rev LTM | 13,523 |
| Op Inc LTM | 1,497 |
| FCF LTM | 951 |
| FCF 3Y Avg | 1,200 |
| CFO LTM | 1,742 |
| CFO 3Y Avg | 2,173 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.5% |
| Rev Chg 3Y Avg | 2.7% |
| Rev Chg Q | 4.3% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | -15.8% |
| Op Inc Chg 3Y Avg | -18.6% |
| Op Mgn LTM | 7.2% |
| Op Mgn 3Y Avg | 10.9% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 14.0% |
| CFO/Rev 3Y Avg | 17.5% |
| FCF/Rev LTM | 5.8% |
| FCF/Rev 3Y Avg | 7.7% |
Price Behavior
| Market Price | $18.47 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 01/12/2018 | |
| Distance from 52W High | -45.2% | |
| 50 Days | 200 Days | |
| DMA Price | $19.46 | $24.68 |
| DMA Trend | up | down |
| Distance from DMA | -5.1% | -25.2% |
| 3M | 1YR | |
| Volatility | 69.2% | 64.3% |
| Downside Capture | 196.48 | 115.46 |
| Upside Capture | 35.77 | 143.39 |
| Correlation (SPY) | 31.1% | 23.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.02 | 0.89 | 2.00 | 0.86 | 1.17 | 1.37 |
| Up Beta | -3.75 | 1.24 | 2.62 | -0.22 | -0.17 | 1.26 |
| Down Beta | -2.55 | 2.92 | 5.30 | 3.19 | 2.16 | 2.03 |
| Up Capture | 50% | 45% | 27% | 3% | 170% | 92% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 12 | 23 | 35 | 67 | 138 | 378 |
| Down Capture | 104% | 80% | 225% | 143% | 110% | 105% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 10 | 19 | 29 | 59 | 114 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LBRT | |
|---|---|---|---|---|
| LBRT | 52.2% | 64.2% | 0.90 | - |
| Sector ETF (XLE) | 43.7% | 22.0% | 1.56 | 28.3% |
| Equity (SPY) | 15.7% | 13.0% | 0.85 | 23.7% |
| Gold (GLD) | 7.7% | 29.6% | 0.25 | 0.2% |
| Commodities (DBC) | 43.7% | 20.8% | 1.64 | 21.2% |
| Real Estate (VNQ) | 1.2% | 13.6% | -0.16 | -6.9% |
| Bitcoin (BTCUSD) | -27.0% | 44.5% | -0.58 | 5.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LBRT | |
|---|---|---|---|---|
| LBRT | 11.7% | 55.2% | 0.41 | - |
| Sector ETF (XLE) | 24.1% | 25.5% | 0.83 | 64.5% |
| Equity (SPY) | 13.0% | 17.2% | 0.57 | 36.9% |
| Gold (GLD) | 18.6% | 18.9% | 0.80 | 6.4% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 46.4% |
| Real Estate (VNQ) | 0.4% | 18.9% | -0.08 | 23.1% |
| Bitcoin (BTCUSD) | 13.2% | 52.3% | 0.43 | 12.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LBRT | |
|---|---|---|---|---|
| LBRT | -0.7% | 64.8% | 0.26 | - |
| Sector ETF (XLE) | 10.6% | 29.6% | 0.39 | 65.3% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 40.6% |
| Gold (GLD) | 11.6% | 16.4% | 0.58 | 4.9% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 44.6% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.17 | 29.3% |
| Bitcoin (BTCUSD) | 63.9% | 66.2% | 1.04 | 12.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | -11.5% | -8.5% | -1.3% |
| 4/23/2026 | 1.3% | 4.5% | -1.5% |
| 1/29/2026 | -2.7% | -6.4% | 12.4% |
| 10/17/2025 | 3.5% | 7.0% | 5.1% |
| 7/25/2025 | -0.6% | -11.6% | -14.2% |
| 4/17/2025 | -4.5% | 0.7% | -0.9% |
| 1/29/2025 | -7.1% | -14.1% | -16.4% |
| 10/16/2024 | -8.9% | -14.5% | -13.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 12 |
| # Negative | 13 | 11 | 12 |
| Median Positive | 1.6% | 2.2% | 9.8% |
| Median Negative | -4.2% | -8.5% | -7.0% |
| Max Positive | 13.2% | 16.4% | 54.9% |
| Max Negative | -11.5% | -17.4% | -31.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/23/2026 | -11.5% | -8.5% | -1.3% |
| 4/23/2026 | 1.3% | 4.5% | -1.5% |
| 1/29/2026 | -2.7% | -6.4% | 12.4% |
| 10/17/2025 | 3.5% | 7.0% | 5.1% |
| 7/25/2025 | -0.6% | -11.6% | -14.2% |
| 4/17/2025 | -4.5% | 0.7% | -0.9% |
| 1/29/2025 | -7.1% | -14.1% | -16.4% |
| 10/16/2024 | -8.9% | -14.5% | -13.7% |
| 7/17/2024 | 1.6% | -3.9% | -6.7% |
| 4/18/2024 | 1.3% | 4.1% | 7.1% |
| 1/24/2024 | 6.4% | 13.1% | 13.5% |
| 10/19/2023 | -1.0% | -6.2% | -5.9% |
| 7/19/2023 | -2.7% | 1.1% | 0.3% |
| 4/19/2023 | 0.9% | -4.6% | -3.7% |
| 1/26/2023 | 1.7% | 1.2% | 3.0% |
| 10/19/2022 | -4.2% | 1.4% | 4.2% |
| 7/26/2022 | 4.7% | 2.2% | 14.6% |
| 4/21/2022 | -4.2% | 0.5% | -15.2% |
| 2/9/2022 | -1.1% | 5.4% | 35.7% |
| 10/27/2021 | 1.0% | -7.8% | -31.8% |
| 7/28/2021 | -2.3% | -14.4% | -7.2% |
| 4/28/2021 | 13.2% | 16.4% | 34.5% |
| 2/4/2021 | -5.1% | -17.4% | 4.8% |
| 10/28/2020 | 0.3% | 1.7% | 54.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 12 |
| # Negative | 13 | 11 | 12 |
| Median Positive | 1.6% | 2.2% | 9.8% |
| Median Negative | -4.2% | -8.5% | -7.0% |
| Max Positive | 13.2% | 16.4% | 54.9% |
| Max Negative | -11.5% | -17.4% | -31.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/02/2026 | 10-K |
| 09/30/2025 | 10/17/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/17/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-K |
| 09/30/2024 | 10/17/2024 | 10-Q |
| 06/30/2024 | 07/18/2024 | 10-Q |
| 03/31/2024 | 04/18/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/19/2023 | 10-Q |
| 06/30/2023 | 07/21/2023 | 10-Q |
| 03/31/2023 | 04/21/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/21/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/23/2026 | 10-Q |
| 03/31/2026 | 04/23/2026 | 10-Q |
| 12/31/2025 | 02/02/2026 | 10-K |
| 09/30/2025 | 10/17/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/17/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-K |
| 09/30/2024 | 10/17/2024 | 10-Q |
| 06/30/2024 | 07/18/2024 | 10-Q |
| 03/31/2024 | 04/18/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 10/19/2023 | 10-Q |
| 06/30/2023 | 07/21/2023 | 10-Q |
| 03/31/2023 | 04/21/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/21/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/25/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 9/28/2026Latest: Q2 2026 Earnings Reported 7/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 PowerBridge Initial Deployment | Reported | 300.00 Mil | ||||||
Prior: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue Growth | Reported | |||||||
Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2029 Power Projects Deployment | Reported | 3.00 Bil | ||||||
Insider Activity
Updated 9/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stock, Michael | Chief Financial Officer | Direct | Sell | 9012026 | 19.84 | 6,666 | 132,253 | 15,085,919 | Form |
| 2 | Stock, Michael | Chief Financial Officer | Direct | Sell | 8042026 | 20.00 | 3,333 | 66,660 | 15,340,900 | Form |
| 3 | Stock, Michael | Chief Financial Officer | Direct | Sell | 8042026 | 17.95 | 3,333 | 59,827 | 13,828,285 | Form |
| 4 | Murti, Arjun N | Direct | Buy | 7302026 | 17.79 | 14,053 | 250,009 | 740,435 | Form | |
| 5 | Stock, Michael | Chief Financial Officer | Direct | Sell | 7012026 | 25.89 | 9,999 | 258,874 | 20,031,378 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stock, Michael | Chief Financial Officer | Direct | Sell | 9012026 | 19.84 | 6,666 | 132,253 | 15,085,919 | Form |
| 2 | Stock, Michael | Chief Financial Officer | Direct | Sell | 8042026 | 20.00 | 3,333 | 66,660 | 15,340,900 | Form |
| 3 | Stock, Michael | Chief Financial Officer | Direct | Sell | 8042026 | 17.95 | 3,333 | 59,827 | 13,828,285 | Form |
| 4 | Murti, Arjun N | Direct | Buy | 7302026 | 17.79 | 14,053 | 250,009 | 740,435 | Form | |
| 5 | Stock, Michael | Chief Financial Officer | Direct | Sell | 7012026 | 25.89 | 9,999 | 258,874 | 20,031,378 | Form |
| 6 | Stock, Michael | Chief Financial Officer | Direct | Sell | 6022026 | 31.00 | 3,333 | 103,323 | 24,295,010 | Form |
| 7 | Stock, Michael | Chief Financial Officer | Direct | Sell | 6022026 | 29.46 | 13,332 | 392,761 | 23,186,287 | Form |
| 8 | Stock, Michael | Chief Financial Officer | Direct | Sell | 5202026 | 33.48 | 19,998 | 669,533 | 26,796,555 | Form |
| 9 | Kimble, William F | Chairman of the Board | Direct | Sell | 5052026 | 33.92 | 7,350 | 249,312 | 3,046,186 | Form |
| 10 | Murti, Arjun N | Direct | Buy | 2192026 | 25.79 | 9,696 | 250,000 | 710,830 | Form | |
| 11 | Elliott, R Sean | Chief Legal Officer | Direct | Sell | 2092026 | 25.40 | 25,000 | 635,000 | 8,716,010 | Form |
| 12 | Stock, Michael | Chief Financial Officer | Direct | Sell | 2092026 | 25.38 | 25,000 | 634,500 | 19,918,706 | Form |
Investor Activity (13F)
Updated Oct 2, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Goodlander Investment Management, LLC | $36.0 Mil | 13.7% | 11 | Exited | Dec 31, 2025 | 13F |
| Webs Creek Capital Management LP | $28.0 Mil | 5.0% | 21 | Exited | Dec 31, 2025 | 13F |
| Forest Avenue Capital Management LP | $25.6 Mil | 1.7% | 22 | Exited | Dec 31, 2025 | 13F |
| Sourcerock Group LLC | $18.5 Mil | 1.1% | 36 | Exited | Dec 31, 2025 | 13F |
| Situational Awareness LP | $10.5 Mil | 0.3% | 24 | Exited | Dec 31, 2025 | 13F |
| Nishkama Capital, LLC | $9.1 Mil | 1.2% | 49 | Exited | Dec 31, 2025 | 13F |
| Hawk Ridge Capital Management LP | $22.1 Mil | 0.8% | 48 | TRIM -14.2% | Mar 31, 2026 | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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