Liberty Energy Inc. (LBRT) Stock

Liberty Energy Inc. (LBRT) is a Energy stock trading at $20.11 (as of 2026-09-01), with a market capitalization of $3.37B and a trailing P/E of 27.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Liberty Energy Inc. provides hydraulic fracturing and wireline services, and related goods to onshore oil and natural gas exploration and production companies in North America. It also offers hydraulic fracturing pressure pumping services, including pressure pumping and pumpdown perforating services, as well wireline services, proppant delivery solutions, data analytics, related goods and technologies. In addition, the company owns operates two sand mines in the Permian Basin. As of December 31, 2021, it had a total of approximately 30 active frac fleets. The company offers its services primarily in the Permian Basin, the Eagle Ford Shale, the Denver-Julesburg Basin, the Williston Basin, and the Powder River Basin. The company was formerly known as Liberty Oilfield Services Inc. and changed its name to Liberty Energy Inc. in April 2022. Liberty Energy Inc. was founded in 2011 and is headquartered in Denver, Colorado.

Understand Liberty Energy Inc.: how it makes money

Liberty Energy operates frac fleets, wireline rigs, and Permian sand mines for North American drillers while contracting natural-gas power generation for data-center and industrial customers. Revenue blends cyclical per-day service fees with multi-year megawatt power agreements, and 90% of its fleet now runs on gas.

The structural shift is from selling frac-days at utilization-dependent rates to selling contracted megawatt-hours under multi-year power agreements, which de-risks revenue but front-loads capital expenditure before project finance kicks in.

Business quality (Weak): At 1% operating margin, 18% gross margin, and 6% ROE, the income statement has not yet reflected the power-pivot thesis; the 25.3x multiple is paying for a future the P&L has not delivered.

Valuation: At 25× earnings, LBRT trades 58% above the Petroleum & Natural Gas average (16×).

Bull case

  • Contracted Power Anchors 2027: A 400-megawatt long-term development partnership locks in contracted capacity starting in 2027, converting a historically lumpy, day-rate revenue model into multi-year recurring megawatt revenue with budget certainty for customers.
  • Gigawatt Pipeline Opens New TAM: Gigawatt-scale data-center campuses have entered Liberty's pipeline as AI-driven power demand accelerates, expanding the addressable market far beyond the cyclical frac-day base that drove the 2022-23 downturn.
  • Top-Line Momentum Building: Quarterly revenue reached $1.2 billion, up 14% year over year, reflecting both frac utilization recovery and early power revenue as the business mix shifts toward contracted capacity.

Bear case

  • Hyperscaler Delay Tests Execution: A hyperscaler campus expansion was delayed and its 330 megawatts reassigned, showing that even contracted-adjacent power projects carry site-specific execution risk and that not every pipeline opportunity will close on schedule.
  • Premium Valuation on Thin Margins: At P/E 25.3x versus the Petroleum & Natural Gas industry average of 16.1x (58% above), the stock prices in the power-growth story while operating margin sits at just 1%, leaving limited cushion if execution or pricing slips again.
  • Capital Must Come First: Power deployments require substantial near-term milestone funding before project-finance reimbursement kicks in, creating a cash-flow timing gap that strains the balance sheet during the multi-year build-out phase.
Valuation — source: SEC EDGAR (first-party)
Price$20.11
Market Cap$3.37B
P/E Ratio27.5
EV / EBITDA7.4
Price / Book1.72
Price / Sales0.80
FCF Yield0.4%
DCF Value (model)$22.37
DCF Upside vs Price11.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$4.01B
Net Margin3.7%
Revenue Growth (YoY)14.0%
EPS Growth (YoY)-40.9%
FCF Growth (YoY)-374.6%
Financial Health — source: SEC EDGAR
Altman Z-Score3.03 (safe)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Stock P/E27.5
Sector P/E (Energy)16.1
Industry P/E (Petroleum & Natural Gas)15.4
vs Sector71.3%
vs Industry78.9%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderContext Capital Management, LLC ($5.45B)
Institutional Holders Tracked10
Company
SectorEnergy
IndustryPetroleum & Natural Gas
CEORon Gusek
Employees5,700
CountryUS
IPO Date2018-01-11

Liberty Energy Inc. earnings call transcripts

  • LBRT Q2 FY26 earnings call transcript (reported 2026-07-22) · analysis
  • LBRT Q1 FY26 earnings call transcript (reported 2026-04-22) · analysis
  • LBRT Q4 FY25 earnings call transcript (reported 2026-01-28) · analysis
  • LBRT Q3 FY25 earnings call transcript (reported 2025-10-16) · analysis
  • LBRT Q2 FY25 earnings call transcript (reported 2025-07-24) · analysis

All LBRT earnings calls

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LBRT earnings history · LBRT institutional & insider holders · LBRT KPIs & operating metrics · LBRT financials · LBRT investor presentations & press releases · LBRT SEC filings · LBRT peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-01.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.