# Mammoth Energy Services, Inc. (TUSK)

> Source: Nexqual · https://nexqual.com/TUSK · data as of 2026-10-23 16:36 UTC · cite as "Nexqual, Mammoth Energy Services, Inc. (TUSK), nexqual.com/TUSK" · informational, not investment advice.

**Price:** USD 2.72 (+0.00% today) · US market open, as of October 23, 2026 at 16:36 UTC; quotes may be delayed. Prev close 2.72 · day 2.66–2.73 · 52w 1.72–3.92 · market cap $131M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $60.4M, net income $713K (1.2% margin), free cash flow -$118M (SEC filings).
- Valuation: P/E 183.6x (avg 19.4x at the last 1 fiscal year-ends).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $10.5M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: None.
- Total return with dividends: 1Y +25.4% vs S&P 500 +14.6%; 5Y -20.7% vs S&P 500 +77.3%.
- Next earnings: 2026-10-30, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $229M | $362M | $309M | $45.6M | $44.3M | $60.4M |
| Gross profit | $30.6M | $83.5M | $61.7M | — | — | — |
| Operating income | -$123M | -$16.4M | -$16.7M | -$120M | -$57.4M | -$18.8M |
| Net income | -$101M | -$619K | -$3.2M | -$207M | $4.6M | $713K |
| EPS (diluted) | -$2.18 | -$0.01 | -$0.07 | -$4.31 | $0.10 | — |
| Free cash flow | -$24.7M | $2.5M | $12.0M | $180M | -$89.1M | -$118M |
| Gross margin | 13.4% | 23.1% | 19.9% | — | — | — |
| Operating margin | -53.7% | -4.5% | -5.4% | -263.9% | -129.7% | -31.1% |
| Net margin | -44.3% | -0.2% | -1.0% | -454.7% | 10.4% | 1.2% |
| Revenue growth | -26.9% | +58.1% | -14.5% | -85.3% | -2.9% | — |
| Cash + short-term investments | $11.7M | $17.3M | — | $60.8M | $122M | — |
| Total debt | $86.7M | $83.5M | $42.8M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 183.6x · P/S 2.2x · P/B 0.5x · FCF yield -89.89% · Earnings yield 0.54%
P/E at fiscal year-ends: Dec 2025 19.4x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $10.5M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-16 | Plaumann Mark Lawrence | Director | 5,000 | $15K | 3 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-17 | Wexford Capital Lp | Chief Business Officer | 4,019,574 | $10.5M | 2.6 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-11…2026-06-12 | Amron Arthur H | Director | 4,500 | $15K | 3.25 | Too little history (no open-market trades in 2023) |
| 2026-05-26…2026-05-28 | Amron Arthur H | Director | 5,500 | $18K | 3.25 | Too little history (no open-market trades in 2023) |
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.

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +25.4% | -20.7% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | +25.4% | -4.5% |
| Volatility (annualized) | 70.2% | 69.4% |
| Max drawdown | -34.0% (Jun 2026→Jul 2026) | -79.5% (Dec 2022→Dec 2025) |

## Peers (Conglomerates)
VMI (Valmont Industries, Inc.) USD 437.61 +0.40% · HON (Honeywell International Inc.) USD 219.65 +0.61% · MMM (3M Company) USD 173.75 -1.03% · NSC (Norfolk Southern Corporation) USD 332.21 -1.78% · HWM (Howmet Aerospace Inc.) USD 186.58 -3.47% · NOC (Northrop Grumman Corporation) USD 551.42 -0.17%

## More
Full page: https://nexqual.com/TUSK · 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)

Named in TUSK's own 10-K filed 2026-03-06 (https://www.sec.gov/Archives/edgar/data/1679268/000162828026015693/tusk-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Oklahoma | "We serve these markets through our facilities and service centers that are strategically located to serve our customers in Ohio, Texas, Oklahoma, Wisconsin and Alberta, Canada." |
| Partner | Source Energy Services | "For the years ended December 31, 2025 and 2024, we had approximately 142 and 151 customers, respectively, including Source Energy Services Proppants, Hangingstone Demo Limited Partnership, Ascent Resources, Vero Fiber Ne…" |
| Partner | Hangingstone Demo | "For the years ended December 31, 2025 and 2024, we had approximately 142 and 151 customers, respectively, including Source Energy Services Proppants, Hangingstone Demo Limited Partnership, Ascent Resources, Vero Fiber Ne…" |
| Partner | Sands | "For the years ended December 31, 2025 and 2024, we had approximately 142 and 151 customers, respectively, including Source Energy Services Proppants, Hangingstone Demo Limited Partnership, Ascent Resources, Vero Fiber Ne…" |
| Partner | Cobra Acquisitions | "Our primary sources of liquidity have been cash on hand, borrowings under our revolving credit facility and cash flows from operations, as well as the net proceeds received by Cobra under the assignment agreement with SP…" |
| Partner | SPCP Group | "Our primary sources of liquidity have been cash on hand, borrowings under our revolving credit facility and cash flows from operations, as well as the net proceeds received by Cobra under the assignment agreement with SP…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Rentals | $10.1M | 38.8% | +228.6% |
| Sand | $8.0M | 30.6% | +48.3% |
| Drilling | $3.8M | 14.7% | +414.4% |
| Accommodations | $3.2M | 12.3% | +81.2% |
| Infrastructure | $940,000 | 3.6% | -32.3% |
| Total revenue | $26.1M | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $27.5M | 62.1% | +16.8% |
| Canada | $16.7M | 37.7% | -24.2% |
| Other Geographic | $76,000 | 0.2% | +375.0% |
| Total revenue | $44.3M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 18%, 11%, 8%, 6%, 3%, 0%, 0% of revenue from unnamed direct customers (10-Q, filed 2026-08-07).

## Company outlook (8-K filed 2026-08-07)

- "Outlook: • Revenue growth expected to exceed 90% • Adjusted EBITDA margin expected to exceed 10% Financial Overview for the Second Quarter 2026: Total revenue from continuing operations was $26.1 million for the second quarter of 2026 compared to $12.4 million for the second quarter of 2025 and $22.0 million for the first quarter of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter | — | — | — | $0 | — |
| Current fiscal year | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-30): ±18.0%; last 8 reports averaged ±12.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 171.8% | ±18.0% |
| 2027-02-19 | 119 | 128.6% | ±48.0% |