# Liberty Energy Inc. (LBRT)

> Source: Nexqual · https://nexqual.com/LBRT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Liberty Energy Inc. (LBRT), nexqual.com/LBRT" · informational, not investment advice.

**Price:** USD 15.38 (-7.85% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 16.69 · day 15.17–17.97 · 52w 14.76–34.48 · market cap $2.51B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.20B, net income $122M (2.9% margin), free cash flow -$317M (SEC filings).
- Valuation: P/E 20.5x (avg 12.4x at the last 3 fiscal year-ends), EV/EBITDA 6.2x, net debt $736M.
- 1 of 80 tracked superinvestors hold LBRT (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $2.1M; 1 not under a Rule 10b5-1 plan ($249K); 7 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $250K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -3.7% vs S&P 500 +14.9%; 5Y +9.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD -0.02, revenue estimate $1.17B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.47B | $4.15B | $4.75B | $4.32B | $4.01B | $4.20B |
| Gross profit | $221M | $1.00B | $1.40B | $1.11B | $838M | — |
| Operating income | -$181M | $496M | $761M | $389M | $72.7M | $52.5M |
| Net income | -$179M | $400M | $556M | $316M | $148M | $122M |
| EPS (diluted) | -$1.03 | $2.11 | $3.15 | $1.87 | $0.89 | — |
| Free cash flow | -$63.3M | $78.5M | $411M | $178M | $14.1M | -$317M |
| Gross margin | 8.9% | 24.1% | 29.5% | 25.8% | 20.9% | — |
| Operating margin | -7.3% | 12.0% | 16.0% | 9.0% | 1.8% | 1.3% |
| Net margin | -7.3% | 9.6% | 11.7% | 7.3% | 3.7% | 2.9% |
| Revenue growth | +155.8% | +67.9% | +14.4% | -9.1% | -7.2% | — |
| Cash + short-term investments | $20.0M | $43.7M | $36.8M | $20.0M | $27.6M | — |
| Total debt | $122M | $218M | $140M | $191M | $247M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.5x · P/S 0.6x · EV/EBITDA 6.2x · EV/Sales 0.8x · P/B 1.3x · FCF yield -12.61% · Earnings yield 4.88% · Dividend yield (paid, TTM) 2.31% · Buyback yield (TTM) 0.00% · Net debt $736M · EV $3.25B
P/E at fiscal year-ends: Dec 2025 20.6x, Dec 2024 10.7x, Dec 2023 5.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold LBRT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 0.21% | $996K | Reduced -0.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06 | Stock Michael | Chief Financial Officer | 3,333 | $67K | 0.4% | Yes (adopted February 17, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-01 | Stock Michael | Chief Financial Officer | 3,333 | $61K | 0.4% | Yes (adopted February 17, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | Stock Michael | Chief Financial Officer | 6,666 | $132K | 0.9% | Yes (adopted February 17, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-03…2026-08-04 | Stock Michael | Chief Financial Officer | 6,666 | $126K | 0.9% | Yes (adopted February 17, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Stock Michael | Chief Financial Officer | 9,999 | $259K | 1.3% | Yes (adopted February 17, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-01…2026-06-02 | Stock Michael | Chief Financial Officer | 16,665 | $496K | 2.1% | Yes (adopted February 17, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-20 | Stock Michael | Chief Financial Officer | 19,998 | $670K | 2.4% | Yes (adopted February 17, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-05 | Kimble William F | Chairman of the Board | 7,350 | $249K | 7.6% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $250K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-28 | Murti Arjun N | Director | 14,053 | $250K | 17.79 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Piper Sandler | Target lowered | Overweight | $30 → $29 |
| 2026-10-14 | Morgan Stanley | Target lowered | Overweight | $30 → $28 |
| 2026-09-30 | Citigroup | Target lowered | Buy | $28.5 → $27.5 |
| 2026-09-30 | UBS | Target lowered | Buy | $35 → $31 |
| 2026-09-29 | Scotiabank | Initiated | Sector Perform | $19 |
| 2026-09-28 | Barclays | Upgrade | Equal-Weight → Overweight | $23 → $27 |
| 2026-09-14 | UBS | Target raised | Buy | $34 → $35 |
| 2026-08-27 | Piper Sandler | Target lowered | Overweight | $34 → $30 |
| 2026-07-27 | Stifel | Target lowered | Buy | $37 → $36 |
| 2026-07-24 | Piper Sandler | Target lowered | Overweight | $38 → $34 |
| 2026-07-24 | RBC Capital | Target lowered | Sector Perform | $34 → $29 |
| 2026-07-24 | Stifel | Target lowered | Buy | $37 → $36 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -3.7% | +9.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -3.7% | +1.8% |
| Volatility (annualized) | 59.8% | 57.5% |
| Max drawdown | -54.3% (May 2026→Oct 2026) | -56.2% (May 2024→Sep 2025) |

## Peers (Oil & Gas Equipment & Services)
WTTR (Select Water Solutions, Inc.) USD 17.54 -6.60% · EFXT (Enerflex Ltd) USD 22.89 -7.29% · NESR (National Energy Services Reunit) USD 19.61 -9.59% · INVX (Innovex International, Inc.) USD 27.93 -5.16% · WBI (WaterBridge Infrastructure LLC) USD 28.33 -5.50% · XPRO (Expro Ltd) USD 15.66 -6.62%

## More
Full page: https://nexqual.com/LBRT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name LBRT in their own reports (relationship from LBRT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Tamboran Resources Corp (TBN) | 10-K 2026-09-25 | "Tamboran has also entered into a two-year preferred arrangement with Liberty Energy Inc. (NYSE: LBRT) ("Liberty Energy") to provide us dedicated frac fleets and personnel on market terms (as reasonabl…" |

## Customer concentration

Period ended 2026-09-30: 13%, 8%, 3% of revenue from unnamed direct customers (10-Q, filed 2026-10-22).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $-0.02 | $0.04 | -145.6% | $1.17B | 4 |
| Next quarter (ends 2027-03-31) | $-0.03 | $0.03 | -202.3% | $1.20B | 3 |
| Current fiscal year (ends 2026-12-31) | $0.20 | $0.30 | -33.4% | $4.54B | 6 |
| Next fiscal year (ends 2027-12-31) | $0.24 | $0.69 | -65.3% | $4.85B | 4 |