At a glance
Liberty Oilfield Services Inc is worth $2.87B, about 20 times its fiscal 2025 earnings. Revenue fell 7.2% to $4.01B in fiscal 2025, with 3.7% kept as profit; over 5 years it has grown 32.9% a year. It pays a 2.04% dividend yield, raised every year for at least 4 years, and returned $632.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +4.9% over the past year with dividends reinvested and +6.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 71.1% in the 2020 crash (S&P 500: 33.7%) and 40.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 15 months after the lows.
The business in plain English
Liberty Energy is one of the largest providers of well completion services, the work that readies a newly drilled well to produce. Its customers are exploration and production (E&P) companies drilling onshore for oil, natural gas and geothermal energy. The core service is hydraulic fracturing, or fracking: pumping water, chemicals and sand into a well at high pressure to crack the rock so oil or gas can flow. Liberty had about 40 active frac fleets (truck-mounted pumps, gear and crews) as of December 31, 2025.
Alongside fracking, it sells wireline work (lowering tools into wells between fracking stages), sand from two company-owned Permian Basin mines, last-mile sand delivery and logistics software, and natural gas fueling. It works across the major North American shale basins, including the Permian, Haynesville, Eagle Ford and Appalachian, plus Australia's Beetaloo Basin. Liberty reports one business segment and one region, North America, so the 10-K gives no revenue split. Revenue was $4.0 billion in fiscal 2025.
A newer unit, Liberty Power Innovations, offers distributed power, meaning generators and energy storage on or near a customer's site, to data centers, industrial users, mining and energy companies. Liberty bought power-system developer IMG Energy Solutions for about $19.6 million in March 2025. During 2025 the unit mostly planned projects and ordered equipment.
Price history
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LBRT +4.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.20B, up 26.3% from a year earlier, and net income was $-39.1M (-190.7%).
- For fiscal 2025, revenue was $4.01B (-7.2% year over year; +32.9% a year from FY2020 to FY2025) with a 3.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +32.9% good |
|---|---|
| Operating margin | 1.8% weak |
| Free cash flow margin | 0.4% watch |
| Return on equity (FY2025) | 7.1% weak |
| Return on assets (FY2025) | 4.2% watch |
| Net cash (cash minus debt) | $-1.04B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $965.8M | $-115.6M | $-18.2M |
| FY2021 | $2.47B | $-179.2M | $-63.3M |
| FY2022 | $4.15B | $399.6M | $78.5M |
| FY2023 | $4.75B | $556.3M | $411.3M |
| FY2024 | $4.32B | $316.0M | $178.3M |
| FY2025 | $4.01B | $147.9M | $14.1M |
Valuation snapshot
| Market value | $2.87B |
|---|---|
| P/E ratio | 19.8 |
| Dividend yield | 2.04% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| LBRT price data to Oct 28, 2026 | -3.6% | +4.9% | -1.8% | +6.5% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -3.6% |
| 2025 | -5.0% |
| 2024 | +11.3% |
| 2023 | +14.8% |
| 2022 | +65.6% |
| 2021 | -5.9% |
| 2020 | -6.4% |
| 2019 | -12.6% |
| 2018 | -23.4% |
| 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 | Lost 70.8% over that stretch · deepest drop along the way 71.1%, back to its old high 5.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 32% over that stretch · deepest drop along the way 40.1%, back to its old high 14.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 3 open-market purchases ($723K) and 13 sales ($3.4M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 20, 2026 | Michael Stock Chief Financial Officer | sell (plan) | $670K |
| Feb 6, 2026 | R Sean Elliott Chief Legal Officer | sell | $635K |
| Feb 6, 2026 | Michael Stock Chief Financial Officer | sell | $635K |
| Jun 1, 2026 | Michael Stock Chief Financial Officer | sell (plan) | $393K |
| Jul 1, 2026 | Michael Stock Chief Financial Officer | sell (plan) | $259K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.8% | Mar 31, 2025 |
| Vanguard Portfolio Management | 6.53% | Mar 31, 2026 |
| Vanguard Capital Management | 5.06% | Mar 31, 2026 |
| FMR LLC | 4% | Jun 30, 2025 |
ETFs with the most weight in LBRT
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 4.2% |
| PSCE Invesco S&P SmallCap Energy ETF | 4.01% |
| OIH VanEck Oil Services ETF | 2.12% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 1.85% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 1.08% |
| ECML Euclidean Fundamental Value ETF | 0.88% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.75% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.61% |
What could go wrong
- New power business carries new risks. Liberty is expanding into on-site power for data centers and industry. The 10-K warns of long, uncertain sales cycles, fierce competition, big equipment commitments, and power sites that may underperform.
- A few big customers matter a lot. Liberty relies on a small number of large customers. If one cuts spending, switches providers or runs into financial trouble, revenue and operating results could drop.
- Debt far exceeds cash on hand. As of September 30, 2026, Liberty had about $1.29 billion of debt and $246 million of cash and investments. Heavy debt leaves less room to absorb a downturn.
- Expensive fleets and few equipment suppliers. Frac fleets need significant spending on maintenance, upgrades and new equipment. Liberty relies on a limited number of suppliers to build and upgrade fleets, so price rises or delivery delays can hurt results.
- Oil prices drive customer spending. Demand for fracking depends on how much oil and gas producers spend. When prices fall, or OPEC+ pumps more oil, customers cut budgets and fewer frac fleets are needed.
- Rules on fracking, permits and water. New federal, state or local limits on fracking, drilling on federal land, permits, water supply or wastewater disposal could reduce customers' drilling and their demand for Liberty's services.
Recent events
- Quarterly results released
- Major agreement signed
- Quarterly results released
- Major agreement signed
- Major agreement signed
- Quarterly results released
- Shareholder vote results
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
For income and retirement investors
Liberty pays a small but rising dividend: $0.33 per share in fiscal 2025, the fourth straight increase, for a 2.04% yield as of October 28, 2026. The record is short. The payout fell to almost nothing in fiscal 2021, when the company was losing money. In fiscal 2025 dividends equaled 36.8% of earnings but nearly four times free cash flow (cash left after equipment spending), which was just $14.1 million. Buybacks shrank to $24.9 million that year, from $203.1 million in fiscal 2023.
The shares swing hard. In the 2020 COVID crash they fell 71.1% in under a month, then recovered by September 2020. In mid-2022 they dropped 40.1% in a month and needed 14.7 months to recover, even though they gained 32% across the market's wider 2022 slide. At one point in their 8.8-year history the shares sat 90% below an earlier peak. Single stocks like Liberty carry more risk than diversified funds.
Questions investors ask
How does Liberty Energy make money?
Liberty makes money mainly by fracking wells for oil and gas producers. Its crews pump water, chemicals and sand into shale wells across North America to crack the rock so oil and gas can flow. It also charges for wireline work, sells sand from two Permian Basin mines, delivers sand to well sites and supplies natural gas fuel. Revenue was $4.0 billion in fiscal 2025. A newer unit, Liberty Power Innovations, offers on-site power to data centers and industrial users.
Does Liberty Energy pay a dividend?
Yes. Liberty paid $0.33 per share in fiscal 2025, its fourth straight yearly increase, and the yield was 2.04% as of October 28, 2026. The record is short, though: the dividend fell to almost nothing in fiscal 2021. In fiscal 2025 the company paid $54.5 million in dividends but generated only $14.1 million of free cash flow, the cash left after equipment spending. That year's cash flow did not cover the payout.
Is Liberty Energy profitable?
It made a profit in fiscal 2025, but earnings have fallen sharply. Net income was $147.9 million, down 53.2% from fiscal 2024, on revenue of $4.0 billion, down 7.2%. That is a net margin of 3.7%. In the quarter ended September 30, 2026, revenue rose 26.3% from a year earlier to $1.2 billion, yet Liberty reported a net loss of $39.1 million. It also lost money in fiscal 2020 and 2021.
Who runs Liberty Energy after Chris Wright left?
Ron Gusek. He became chief executive officer on February 3, 2025, the day Chris Wright resigned as CEO and chairman after being confirmed as U.S. Secretary of Energy. Under its succession plan, the board also named William Kimble non-executive chairman. The 10-K filed February 2, 2026, says management averages more than 20 years in energy services, and several senior leaders earlier built Pinnacle Technologies, a fracturing technology company.
Why is Liberty Energy getting into power for data centers?
To tap the power demand created by new data centers and other commercial and industrial users. Its Liberty Power Innovations unit began by supplying power and natural gas fuel to Liberty's own frac fleets. In January 2025 it expanded into distributed power, meaning generation and storage on or near a customer's site. Liberty bought IMG Energy Solutions for about $19.6 million in March 2025. During 2025 the unit mainly planned projects and ordered equipment, and the 10-K warns that sales cycles are long and uncertain.