Liberty Energy Inc. Financial Ratios — LBRT Stock

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	49.24	29.48	-136.53	- -	- -	112.35	35.6	13.85
Return on Assets (%)	- -	- -	- -	12.84	3.25	-7.28	-9.12	17.31	19.83	9.98	4.31
Return on Capital (%)	- -	- -	2.75	4.89	3.21	- -	- -	- -	66.24	25.17	10.85
Return on Invested Capital (%)	- -	- -	39.34	36.28	9.75	- -	- -	- -	27.84	12.48	2.6
Gross Margin (%)	5.63	-5.69	17.54	18.62	10.24	-7.48	-1.7	16.32	20.58	14.13	8.43
EBITDA Margin (%)	7.31	-4.2	17.64	19.86	13.64	2.45	3.94	19.77	24.79	20.61	14.74
Operating Margin (%)	-0.69	-15.24	12.17	14.05	5.34	-16.19	-6.69	11.98	15.92	8.9	2.25
Incremental Operating Margin (%)	- -	- -	21.38	18.27	119.34	- -	- -	39.47	43.18	85.84	95.1
Pretax Margin (%)	-1.99	-16.16	11.31	13.43	4.47	-19.83	-7.2	9.63	15.48	9.35	4.87
Profit Margin (%)	-1.99	- -	- -	5.86	1.96	-11.97	-7.25	9.63	11.72	7.32	3.69
Net Income to Common Margin (%)	-1.99	- -	- -	5.86	1.96	-11.97	-7.25	9.63	11.72	7.32	3.69
Effective Tax Rate (%)	- -	- -	- -	13.95	15.8	- -	- -	- -	24.29	21.64	24.24
Dvd Payout Ratio (%)	- -	- -	- -	1.9	13.34	-2.15	-0.09	2.29	6.77	15.29	36.84
Sustainable Growth Rate (%)	- -	- -	- -	48.31	25.54	-139.47	- -	- -	104.74	30.16	8.75

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	110	104	196	107	207	212	244	349	405	534	618
ST Debt	23	13	- -	- -	40	44	41	40	67	95	122
LT Debt	87	91	196	106	167	167	203	309	338	438	497
Total Debt/EBITDA	3.31	-6.6	0.75	0.25	0.76	8.92	2.5	0.43	0.34	0.6	1.05
Net Debt/EBITDA	3.14	-5.86	0.69	0.01	-0.02	1.55	1.05	0.21	0.09	0.19	0.37
Total Debt/EBIT	-35.14	-1.82	1.08	0.35	1.95	-1.35	-1.47	0.7	0.54	1.39	6.85
Net Debt/EBIT	-33.34	-1.62	0.99	0.01	-0.06	-0.24	-0.62	0.35	0.14	0.44	2.43
EBITDA to Interest Expense	6.05	-2.57	20.71	24.42	15.53	1.61	6.25	36.11	39.91	27.2	14.65
EBITDA-CapEx/Interest Expense	-0.94	-2.57	20.71	24.42	4.37	-5.41	-7.34	15.89	19.46	7.28	-0.12
EBIT to Interest Expense	-0.57	-9.32	14.29	17.28	6.07	-10.59	-10.59	21.89	25.62	11.75	2.24
Interest Expense	6	6	13	18	17	15	16	23	29	33	40
Common Equity/Total Assets	45.14	50.67	46.09	10.78	11.24	1.33	-7.55	9.17	24.86	30.98	31.32
Long-Term Debt/Equity (%)	65.23	39.78	49.99	14.33	21.41	12.76	16.49	20.65	18.35	22.15	23.89
Long-Term Debt/Capital (%)	35.79	27.36	33.33	19.85	28.94	42.2	190.05	52.63	29.15	28.2	28.66
Long-Term Debt/Total Assets (%)	29.44	20.16	23.04	9.51	13.04	8.84	9.94	12	11.14	13.3	13.96
Total Debt/Equity (%)	82.23	45.39	49.99	14.38	26.52	16.15	19.8	23.3	22.01	26.97	29.74
Total Debt/Capital (%)	45.12	31.22	33.33	19.92	35.85	53.42	228.26	59.39	34.96	34.32	35.68
Total Debt/Total Assets (%)	37.12	23	23.04	9.54	16.15	11.2	11.94	13.55	13.36	16.19	17.38
Net Debt to Equity	78.02	40.32	45.84	0.43	-0.84	2.81	8.33	11.67	5.61	8.62	10.54
Net Debt/Capital (%)	42.81	28.72	31.43	0.74	-1.41	11.25	118.12	32.14	9.2	11.11	12.85
EBITDA	33	-16	263	428	272	24	97	820	1,177	889	591
EBITDA-CapEx	-5	-16	263	428	76	-80	-114	361	574	238	-5
Operating Income (Loss)	-3	-57	181	303	106	-156	-165	497	756	384	90

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.09	0.07	0.47	0.42	0.19	0.04	0.07	0.06	0.03	0.04
Current Ratio	1.42	1.32	1.6	2.1	1.83	1.59	1.11	1.47	1.49	1.27	1.22
Quick Ratio	1.16	1.06	1.25	1.6	1.37	1.14	0.75	0.97	0.98	0.84	0.88
CFO/Avg Current Liab	- -	-0.39	1.11	1.6	1.07	0.27	0.29	0.87	1.57	1.27	0.88
Common Equity/Total Assets	45.14	50.67	46.09	10.78	11.24	1.33	-7.55	9.17	24.86	30.98	31.32
Long-Term Debt/Equity (%)	65.23	39.78	49.99	14.33	21.41	12.76	16.49	20.65	18.35	22.15	23.89
Long-Term Debt/Capital (%)	35.79	27.36	33.33	19.85	28.94	42.2	190.05	52.63	29.15	28.2	28.66
Long-Term Debt/Total Assets (%)	29.44	20.16	23.04	9.51	13.04	8.84	9.94	12	11.14	13.3	13.96
Total Debt/Equity (%)	82.23	45.39	49.99	14.38	26.52	16.15	19.8	23.3	22.01	26.97	29.74
Total Debt/Capital (%)	45.12	31.22	33.33	19.92	35.85	53.42	228.26	59.39	34.96	34.32	35.68
Total Debt/Total Assets (%)	37.12	23	23.04	9.54	16.15	11.2	11.94	13.55	13.36	16.19	17.38
CFO/Total Liabilities	3.76	-18.27	42.48	93.5	52.02	14.73	16.72	49.17	85.11	62.95	41.21
CFO/CapEx	0.16	- -	- -	- -	1.34	0.82	0.64	1.15	1.68	1.27	1.02
Altman's Z-Score	1.63	0.52	2.64	4.66	3.15	1.3	2.12	4.16	4.43	3.69	2.91

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	4.29	10.25	12.33	11.12	4.3	9.1	11.71	12	11.8	11.41
Days Sales Outstanding	- -	85.11	35.61	29.6	32.83	84.82	40.11	31.18	30.42	30.94	31.99
Inventory Turnover	- -	17.76	29.37	30.36	24.05	10.02	19.85	19.89	17.94	18.11	18.74
Days Inventory Outstanding	- -	20.55	12.43	12.02	15.18	36.41	18.39	18.35	20.34	20.16	19.48
Accounts Payable Turnover	- -	11.41	22.89	23.87	18.32	6.87	10.49	11.54	12.13	12.18	10.86
Accounts Payable Turnover Days	- -	31.98	15.94	15.29	19.92	53.13	34.8	31.63	30.1	29.96	33.61
Cash Conversion Cycle	- -	73.68	32.1	26.33	28.08	68.1	23.7	17.89	20.66	21.14	17.86
Inventory to Cash Days	- -	64.56	23.18	17.58	17.65	48.4	21.72	12.83	10.08	10.78	12.5
Inventories	16	28	56	60	89	119	135	214	206	203	188
Raw Materials	13	18	41	33	24	30	41	64	34	28	28
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	4	10	14	27	64	88	93	151	172	175	160

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	891	804	879	1,688	2,951	3,117	3,282	2,990
- Cash & Cash Equivalents	- -	11	16	103	113	69	20	44	37	20	28
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	308	227	159	17	2	- -	- -	- -
+ Total Debt	110	104	196	107	207	212	244	349	405	534	618
Enterprise Value	110	92	180	1,202	1,126	1,181	1,929	3,259	3,486	3,796	3,581
Total Capital	244	333	589	535	578	396	107	588	1,159	1,555	1,733
Total Debt/Capital (%)	45.12	31.22	33.33	19.92	35.85	53.42	228.26	59.39	34.96	34.32	35.68
Total Debt / EV	1	1.12	1.09	0.09	0.18	0.18	0.13	0.11	0.12	0.14	0.17
EV/Sales	0.24	0.25	0.12	0.56	0.57	1.22	0.78	0.79	0.73	0.88	0.89
EV/EBITDA	3.31	- -	0.69	2.81	4.14	49.81	19.79	3.97	2.96	4.27	6.06
EV/EBIT	- -	- -	0.99	3.97	10.6	- -	- -	6.56	4.61	9.88	39.68
EV/Cash Flow to Firm	9.49	- -	0.87	3.28	4.08	12.07	12.7	5.89	3.36	4.44	5.59
EV/Free Cash Flow to Firm	2.2	- -	0.87	3.28	2.39	5.86	5.3	3.22	2.13	2.52	2.9
Diluted Market Cap	- -	- -	- -	1,526	1,170	879	1,688	3,031	3,199	3,369	2,990
Diluted Enterprise Value	110	92	180	1,837	1,492	1,181	1,929	3,339	3,568	3,883	3,581
EV per Share	1.63	1.36	2.61	17.47	15.56	13.85	11.08	17.68	20.28	23	22.11
TTM Sales	455	375	1,490	2,155	1,990	966	2,471	4,149	4,748	4,315	4,006
TTM EBITDA	33	-16	263	428	272	24	97	820	1,177	889	591
TTM Operating Income	-3	-57	181	303	106	-156	-165	497	756	384	90
TTM Cash Flow to Firm	12	-35	208	366	276	98	152	553	1,037	855	640
TTM Free Cash Flow to Firm	50	-35	208	366	471	201	364	1,012	1,640	1,506	1,236

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	4.34	2.57	4.65	4.86	3.06	1.98	2.28	2.48
EV/EBIT	- -	- -	0.99	3.97	10.6	- -	- -	6.56	4.61	9.88	39.68
Enterprise Value	110	92	180	1,202	1,126	1,181	1,929	3,259	3,486	3,796	3,581
Low Price	- -	- -	- -	12.32	7.89	2.17	8.5	9.74	11.18	16.57	9.5
EV/Sales	0.24	0.25	0.12	0.56	0.57	1.22	0.78	0.79	0.73	0.88	0.89
EV/EBITDA	3.31	- -	0.69	2.81	4.14	49.81	19.79	3.97	2.96	4.27	6.06
Price/Earnings	- -	- -	- -	7.06	20.62	- -	- -	7.39	5.6	10.39	20.22
Price/Earnings Average	- -	- -	- -	10.45	24.23	-5.12	-11.69	6.68	4.89	10.6	15.94
Price/Earnings High	- -	- -	- -	13.02	32.83	-8.48	-17.26	9.25	6.56	12.92	25.83
Price/Earnings Low	- -	- -	- -	6.71	14.63	-1.6	-8.25	4.49	3.45	8.65	10.41
Price/Book Value	- -	- -	- -	7.4	5.58	35.04	-10.95	12.49	4.13	3.21	2.68
Price/Book Value Average	- -	- -	- -	10.96	6.55	23.6	-13.6	11.29	3.61	3.28	2.11
Price/Book Value High	- -	- -	- -	13.66	8.88	39.08	-20.08	15.64	4.84	4	3.43
Price/Book Value Low	- -	- -	- -	7.04	3.96	7.37	-9.6	7.6	2.55	2.68	1.38
Price/Tangible Book Value	- -	- -	- -	1.2	1.03	0.67	1.37	1.97	1.69	1.66	1.44
Price/Tangible Book Value Average	- -	- -	- -	1.78	1.21	0.45	1.7	1.78	1.48	1.69	1.13
Price/Tangible Book Value High	- -	- -	- -	2.22	1.64	0.75	2.51	2.47	1.98	2.06	1.84
Price/Tangible Book Value Low	- -	- -	- -	1.14	0.73	0.14	1.2	1.2	1.04	1.38	0.74
Price/Sales	- -	- -	- -	0.41	0.4	0.91	0.68	0.71	0.66	0.76	0.75
Price/Sales Average	- -	- -	- -	0.61	0.47	0.61	0.85	0.64	0.57	0.78	0.59
Price/Sales High	- -	- -	- -	0.76	0.64	1.02	1.25	0.89	0.77	0.95	0.95
Price/Sales Low	- -	- -	- -	0.39	0.29	0.19	0.6	0.43	0.4	0.63	0.38
Price/Cash Flow	- -	- -	- -	2.54	3.08	10.29	12.46	5.56	3.07	3.96	4.91
Price/Cash Flow Average	- -	- -	- -	3.76	3.62	6.93	15.47	5.03	2.68	4.04	3.87
Price/Cash Flow High	- -	- -	- -	4.68	4.9	11.48	22.84	6.97	3.6	4.92	6.27
Price/Cash Flow Low	- -	- -	- -	2.41	2.19	2.17	10.92	3.39	1.89	3.3	2.52
Price/Free Cash Flow Average	- -	- -	- -	6.43	3.01	3.13	6.03	2.77	1.72	2.32	1.96
Price/Free Cash Flow High	- -	- -	- -	8.02	4.08	5.18	8.91	3.84	2.32	2.83	3.17
Price/Free Cash Flow Low	- -	- -	- -	4.13	1.82	0.98	4.26	1.86	1.22	1.9	1.28
EV/Sales Average	0.24	0.25	0.12	0.76	0.64	0.93	0.95	0.72	0.65	0.9	0.74
EV/Sales High	0.24	0.25	0.12	0.91	0.8	1.33	1.35	0.96	0.85	1.07	1.1
EV/Sales Low	0.24	0.25	0.12	0.54	0.45	0.5	0.7	0.51	0.48	0.75	0.53
EV/EBITDA Average	3.31	-5.87	0.69	3.81	4.66	37.71	23.98	3.63	2.62	4.35	4.99
EV/EBITDA High	3.31	-5.87	0.69	4.57	5.9	54.09	34.22	4.88	3.42	5.17	7.47
EV/EBITDA Low	3.31	-5.87	0.69	2.71	3.28	20.54	17.65	2.56	1.95	3.65	3.61
EV/EBIT Average	-35.14	-1.62	0.99	5.38	11.92	-5.72	-14.14	5.98	4.09	10.06	32.66
EV/EBIT High	-35.14	-1.62	0.99	6.46	15.08	-8.2	-20.17	8.05	5.32	11.97	48.87
EV/EBIT Low	-35.14	-1.62	0.99	3.83	8.4	-3.11	-10.4	4.23	3.03	8.46	23.6
Last Price	- -	- -	- -	12.95	11.12	10.31	9.7	16.01	18.14	19.89	18.46
High Price	- -	- -	- -	23.9	17.7	11.5	17.78	20.05	21.25	24.75	23.58
Enterprise Value Average	110	92	180	1,631	1,266	894	2,337	2,975	3,088	3,864	2,947
Enterprise Value High	110	92	180	1,956	1,602	1,282	3,335	4,003	4,020	4,598	4,410
Enterprise Value Low	110	92	180	1,159	892	487	1,720	2,103	2,290	3,248	2,130

Shares Outstanding	56	56	69	68	82	158	183	179	167	162	162
Diluted Weighted Avg Shares	118	118	69	118	105	85	174	189	176	169	162
Basic Weighted Avg Shares	68	68	69	69	72	85	174	184	172	165	162
Revenue per Share	6.72	5.53	21.6	31.31	27.52	11.33	14.2	22.51	27.63	26.15	24.73
EBITDA per Share	0.49	-0.23	3.81	6.22	3.75	0.28	0.56	4.45	6.85	5.39	3.65
Operating Income per Share	-0.05	-0.84	2.63	4.4	1.47	-1.83	-0.95	2.7	4.4	2.33	0.56
Basic EPS, GAAP	-0.13	- -	- -	1.84	0.54	-1.36	-1.03	2.17	3.24	1.91	0.91
Basic EPS from Cont Ops	-0.13	-0.89	2.44	3.62	1.03	-1.88	-1.07	2.17	3.24	1.91	0.91
Diluted EPS, GAAP	-0.08	- -	- -	1.07	0.37	-1.36	-1.03	2.11	3.15	1.87	0.91
Diluted EPS from Cont Ops	-0.08	-0.51	2.44	2.11	0.71	-1.88	-1.07	2.11	3.15	1.87	0.91
Dividend per Share	- -	- -	- -	0.1	0.2	0.05	- -	0.05	0.22	0.29	0.34
Cash Flow per Share	0.09	-0.6	2.83	5.1	3.61	1	0.78	2.88	5.9	5.03	3.76
Free Cash Flow per Basic Share	-0.48	-0.6	2.83	5.1	0.91	-0.21	-0.44	0.39	2.39	1.08	0.09
Cash & Equivalents per Share	- -	0.17	0.24	1.5	1.56	0.81	0.11	0.24	0.21	0.12	0.17
Book Value per Share	1.98	3.38	5.69	1.75	1.99	0.29	-0.89	1.28	4.39	6.19	6.88
Tangible Book Value per Share	1.98	3.38	5.69	10.76	10.8	15.37	7.07	8.12	10.72	11.99	12.83

Liberty Energy Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)