Liberty Energy

LBRT

Oil & Gas Equipment & Services · Energy

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Good

Stability

Good

Valuation

Mixed

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Winston Score History

The full picture

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.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-40.9% YoY

YoY Growth Rate

Earnings declining

Insider Activity

2.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$747M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$747M cash & investments at current burn rate

Growth context

Liberty Energy is growing revenue at 14% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

17.5%

Thin — 17.5% gross margin

Profit after running costs

Operating Margin

1.1%

Thin — 1.1% operating margin

Return on the money invested

ROCE

1.4%

Weak — 1.4% 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 growth

Sales YoY

+2.3%

Nearly flat sales (+2.3% YoY)

Profit growth

EPS YoY

-43.3%

Earnings shrinking (-43.3% YoY)

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

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

317%

Turns 317% of profit into real cash

Spare cash per sale

FCF Margin

-7.5%

Burning cash (-7.5%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

1.03x

Dangerous — barely covers interest (1.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

25.7x

no trend

Growth-priced — P/E 25.7

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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