Montauk Renewables, Inc. (MNTK) Stock

Montauk Renewables, Inc. (MNTK) is a Utilities stock trading at $1.89 (as of 2026-08-21), with a market capitalization of $268.31M and a trailing P/E of 33.8. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Montauk Renewables, Inc. develops, owns, and operates projects that capture biogas and process methane from landfills and other non-fossil sources into renewable natural gas or electricity. It reports two segments—renewable natural gas and renewable electricity generation—and serves landfill and livestock operators, utilities, and natural gas and refining customers such as RIN buyers.

Understand Montauk Renewables, Inc.: how it makes money

Montauk Renewables turns biogas from landfills and other non-fossil fuel sources into Renewable Natural Gas and renewable electricity for the grid, and it makes money by selling Renewable Identification Numbers (RINs) tied to that renewable production.

Earnings are structurally driven by how much RNG is produced and how many RINs are sold (including timing effects from RIN inventory and unsold RIN), because RNG production underpins both RNG revenue and RIN monetization, while renewable electricity generation is also a separate output stream.

Revenue by segment (latest quarter)
RNG	$0.0B
Renewable Power	$0.0B

Business quality (Weak): For the quarter ended 2026-03-31, the company reports negative operating margin (-3.4), and total revenue is shown as 0.0B, so operating metrics like RNG produced and RINs sold are especially important for understanding performance.

Valuation: At 159× earnings, MNTK trades 622% above the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

RIN monetization alongside physical output: In the latest quarter, the company reports Renewable Identification Numbers Sold (Self-Marketed) of 12,400,000, linking financial upside to its ability to monetize renewable production through RINs.
Operational scale from RNG projects: Latest quarter disclosed Renewable Natural Gas Produced of 1,400,000 and Renewable Electricity Generated of 43,000, supporting a model that converts captured methane into multiple earnable outputs.

Bear case

Negative profitability in the latest quarter: Operating margin for the period ended 2026-03-31 is -3.4, indicating the business did not translate operating activity into positive operating income in that period.
RIN inventory and unsold exposure: The company reports Unsold Renewable Identification Numbers of 4,700,000 and an ending RIN inventory of 1,600,000, which can indicate monetization timing risk if future RIN sales lag production or if holding costs and unit economics are unfavorable.
Renewable electricity revenue not evident in the latest quarter: Renewable Electricity Segment Revenue is shown as 0.0 for the latest quarter, suggesting the power stream may not be contributing revenue at that time.

Valuation — source: SEC EDGAR (first-party)
Price	$1.89
Market Cap	$268.31M
P/E Ratio	33.8
EV / EBITDA	11.7
Price / Book	1.01
Price / Sales	1.42
FCF Yield	-31.1%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$176.38M
Net Margin	1.0%
Revenue Growth (YoY)	19.7%
EPS Growth (YoY)	-100.0%
FCF Growth (YoY)	-60.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.54 (distress)

Valuation vs Sector & Industry
Stock P/E	33.8
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1
vs Sector	62.3%
vs Industry	68.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($5.89M)
Institutional Holders Tracked	10

Company
Sector	Utilities
Industry	Utilities
CEO	Sean F. McClain
Employees	166
Country	US
IPO Date	2021-01-22

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

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