At a glance
Atlas Energy Solutions Inc. is worth $1.18B. Revenue grew 3.7% to $1.10B in fiscal 2025, at a loss; over 4 years it has grown 58.8% a year. It pays a dividend, and returned $200K to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −8.9% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Atlas Energy Solutions has two segments. The first, Sand and Logistics, produces frac sand and delivers it to oil and gas wells, mainly in the Permian Basin of West Texas and New Mexico. Frac sand, also called proppant, is pumped into wells during hydraulic fracturing (fracking) to hold the cracks open so oil and gas can flow. Atlas runs 14 sand facilities. They range from large plants at Kermit and Monahans to nine mobile OnCore units. As of December 31, 2025, it reported 571.3 million tons of proven and probable reserves.
Its customers are oil and gas producers. Atlas sells sand at the mine or delivers it to the wellhead. It uses its own trucks and the 42-mile Dune Express conveyor, which can carry 13 million tons a year. The second segment, Power, runs more than 1,000 natural gas-powered generators. They supply electricity for oil production and artificial lift (pumps that help lift oil to the surface) across major US basins.
For the fiscal year ended December 31, 2025, revenue across the whole company was $1.1 billion. Services such as transportation and storage made up 51%, sand product sales 43.6% and rentals 5.3%. In November 2025, Atlas reserved about 240 megawatts of new generating equipment costing about $278.3 million, to be paid for through leases.
Price history
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AESI -8.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Service | $558.8M | 51% |
| Product | $478.0M | 43.6% |
| Rental Revenue | $58.6M | 5.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $293.2M, up 1.6% from a year earlier, and net income was $-25.1M.
- For fiscal 2025, revenue was $1.10B (+3.7% year over year; +58.8% a year from FY2021 to FY2025) with a -4.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +58.8% good |
|---|---|
| Operating margin | -1% weak |
| Free cash flow margin | -2.8% weak |
| Return on equity (FY2025) | -4.2% weak |
| Return on assets (FY2025) | -2.3% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $172.4M | $4.3M | $2.0M |
| FY2022 | $482.7M | $217.0M | $116.4M |
| FY2023 | $614.0M | $105.4M | $-66.5M |
| FY2024 | $1.06B | $59.9M | $-117.5M |
| FY2025 | $1.10B | $-50.3M | $-30.9M |
Valuation snapshot
| Market value | $1.18B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Atlas Energy Solutions’s market value went from $1.72B at the end of 2023 to $1.18B on Oct 28, 2026, down 31%; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.18B | +1.0% |
| 2025 | $1.17B | -52.2% |
| 2024 | $2.44B | +41.9% |
| 2023 | $1.72B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AESI price data to Oct 28, 2026 | +0.2% | -8.9% | -17.7% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.2% |
| 2025 | -55.2% |
| 2024 | +34.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 3 sales ($2.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 18, 2026 | Gregory M Shepard See Remarks | sell | $1.6M |
| Feb 17, 2026 | Gregory M Shepard See Remarks | sell | $1.2M |
| Mar 6, 2026 | Chris Scholla 10% owner | sell | $105K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10% | Sep 30, 2025 |
| Encompass Capital Advisors LLC | 5.24% | Jun 30, 2026 |
ETFs with the most weight in AESI
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 2.97% |
| PSCE Invesco S&P SmallCap Energy ETF | 2.24% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 1.06% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.56% |
| IFRA iShares U.S. Infrastructure ETF | 0.45% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 0.35% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.32% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.25% |
What could go wrong
- All sand revenue comes from West Texas. Atlas says all of its product revenue comes from facilities in West Texas, and most of its operations are in the Permian Basin. Trouble there, from accidents to new rules, could hit the whole business.
- Dune Express may fall short. The 42-mile conveyor is a one-of-a-kind asset. Atlas warns that it may not reach its expected capacity or other benefits, and that some factors affecting it are outside the company's control.
- Power business leans on few customers. A few customers bring in a significant share of Power revenue, and the segment depends on key suppliers for equipment. Expected growth in electricity demand from the technology sector may not happen or last.
- Heavy debt and need for more capital. Total debt was about $967 million as of June 30, 2026. Atlas says it will need substantial additional capital, and the terms of its loans and leases could limit how it raises money.
- Sand demand swings with oil drilling. Demand depends on how many oil and gas wells are completed. When oil prices fall, producers cut back, and frac sand prices have swung sharply in the past. Other proppants or alternatives to fracking could cut demand.
- Dividend may not return; dilution possible. Atlas warns it may not resume its dividend program and that buybacks are not guaranteed. If it sells new shares or convertible securities to raise money, existing owners' stakes would be diluted.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Investor presentation or announcement; Other company announcement
- Major agreement signed; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Major agreement signed; Investor presentation or announcement
For income and retirement investors
Atlas does not offer dependable income. It paid dividends of $0.90 per share in 2024 and $0.75 in 2025. But its latest 10-K warns it may not resume its dividend program, and the dividend yield was 0% as of October 28, 2026. Those payouts were larger than earnings, which were $0.55 per share in 2024 and a loss of $0.41 per share in 2025. Free cash flow (cash left after operating costs and capital spending) was negative in 2023, 2024 and 2025. Buybacks were tiny, about $200,000 in 2025, while the share count rose 25% between October 2023 and July 2026.
The stock had traded for only about 3.6 years as of October 28, 2026, so it has no record in the 2008, 2020 or 2022 downturns. Its price swings have been large. The share price fell about 55% in 2025, and its deepest peak-to-trough drop over three years was about 66%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Atlas Energy Solutions make money?
Mostly by producing frac sand and delivering it to oil and gas wells in the Permian Basin. In the fiscal year ended December 31, 2025, services such as transportation and storage brought in 51% of its $1.1 billion revenue. Sand product sales brought in 43.6% and rentals 5.3%. A second segment, Power, supplies electricity to oilfield equipment from more than 1,000 natural gas generators. Its customers are oil and gas producers, and its top 10 customers account for a large portion of revenue.
Does Atlas Energy Solutions (AESI) still pay a dividend?
Not as of October 28, 2026, when its dividend yield was 0%. Atlas paid $0.90 per share in 2024 and $0.75 in 2025. But its 10-K, filed February 24, 2026, warns that it may not resume its dividend program and that future share buybacks are not guaranteed. Those payouts were larger than earnings per share in both years, and free cash flow was negative in 2023, 2024 and 2025.
Is Atlas Energy Solutions profitable?
No, not in its latest fiscal year. For the year ended December 31, 2025, Atlas had about $1.1 billion of revenue but a net loss of about $50.3 million. Its free cash flow was negative by about $30.9 million. The losses continued in the quarter ended June 30, 2026, with a net loss of about $25.1 million on $293.2 million of revenue. In 2022, by contrast, it earned about $217 million on $482.7 million of revenue.
What is the Atlas Energy Solutions Dune Express?
It is a 42-mile conveyor that carries frac sand from Atlas's Kermit facilities in West Texas into the Northern Delaware Basin, ending in New Mexico. Atlas says it is the only proppant conveyor system in the world and the longest conveyor in the United States. It can move 13 million tons a year. It also takes sand trucks off public roads, which the company says reduces traffic and accidents. The 10-K warns that its expected benefits may not be achieved.
How much debt does Atlas Energy Solutions have?
Total debt was about $967 million as of June 30, 2026. That compares with shareholders' equity of about $1.11 billion and total assets of about $2.56 billion. The company's stock market value was about $1.18 billion as of October 28, 2026. Atlas says it will need substantial additional capital, and the terms of its credit facilities and leases could limit its options. The share count also rose 25% between October 2023 and July 2026, so each share owns a smaller slice of the company.