Liberty Energy Inc.
LBRT Energy Oil & Gas Equipment & Services
Liberty Energy Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.0 billion, down 7.16% from fiscal 2024. In the quarter to June 2026, revenue grew 14.0%, EPS fell 40.9%, free cash flow fell 342.0% and total debt rose 301.8%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.
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Liberty Energy Inc. (LBRT) Altman Z-score
Liberty Energy Inc.'s Altman Z-score for fiscal 2025 is 2.90, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.90 | (0.80) |
| FY2024 | 3.69 | (0.74) |
| FY2023 | 4.43 | 0.28 |
| FY2022 | 4.16 | 2.06 |
| FY2021 | 2.10 | 0.83 |
| FY2020 | 1.26 | (1.88) |
| FY2019 | 3.14 | (1.53) |
| FY2018 | 4.67 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.05 | |
| Retained earnings / total assets | 0.31 | — | 0.44 | |
| EBIT / total assets | 0.02 | — | 0.07 | |
| Market value of equity / total liabilities | 2.02 | — | 1.21 | |
| Sales / total assets | 1.13 | — | 1.13 | |
| Altman Z-score | Grey zone | 2.90 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 2.92 | ||
Z and Z″ put Liberty Energy Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| INVX Innovex International, Inc. compare | 6.3× |
| LBRT Liberty Energy Inc. | 2.9× |
| TDW Tidewater Inc. compare | 2.6× |
| EFXT Enerflex Ltd. compare | 2.2× |
| XPRO Expro Group Holdings N.V. compare | 2.1× |
| NESR National Energy Services Reunited compare | 2.0× |
| WTTR Select Water Solutions, Inc. compare | 2.0× |
| WBI WaterBridge Infrastructure LLC compare | 0.5× |
| USAC USA Compression Partners, LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets