Liberty Energy Inc. (LBRT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+31.5%

$20.49

vs $15.58 price

Levered DCF

$18.73

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.04

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.29×	10.41×	5.6×	7.38×	-9.42×	-7.58×	10.8×	7×
P/B	1.44×	1.66×	1.69×	1.97×	1.39×	0.76×	1.45×	2.04×
P/S	0.75×	0.76×	0.66×	0.71×	0.68×	0.91×	0.4×	0.41×
EV / EBITDA	5.21×	4.03×	2.94×	4.37×	19.01×	307.57×	3.31×	2.05×
Gross margin	11.4%	14.1%	20.6%	16.3%	-1.7%	-7.5%	10.2%	18.6%
Operating margin	2.0%	8.9%	16.0%	12.4%	-6.6%	-14.9%	5.6%	14.5%
Net margin	3.7%	7.3%	11.7%	9.6%	-7.3%	-12.0%	2.0%	5.9%
Current ratio	1.22×	1.27×	1.49×	1.47×	1.11×	1.59×	1.83×	2.1×
Debt / equity	0.42×	0.27×	0.22×	0.23×	0.2×	0.18×	0.37×	0.25×
Interest coverage	2.02×	11.75×	25.69×	22.63×	-10.42×	-9.76×	6.33×	18.22×
Dividend yield	1.8%	1.5%	1.2%	0.3%	0.0%	0.5%	1.8%	0.8%
Payout ratio	36.8%	15.3%	6.8%	2.3%	-0.1%	-3.8%	37.9%	5.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	16.0%	30.2%	26.7%	-14.8%	-10.0%	7.0%	29.2%
Return on invested capital	2.1%	11.0%	23.3%	26.1%	-10.7%	-7.7%	8.8%	30.0%
Return on assets	4.2%	9.6%	18.3%	15.5%	-8.8%	-6.1%	3.0%	11.3%
Free cash flow yield	0.5%	5.4%	13.2%	2.4%	-3.8%	-2.1%	8.2%	10.5%
Earnings yield	4.9%	9.6%	17.8%	13.5%	-10.6%	-13.2%	4.8%	14.3%
Enterprise value	$3.8B	$3.8B	$3.5B	$3.3B	$1.9B	$1B	$898.9M	$885.8M
Net debt / EBITDA	1.15×	0.55×	0.31×	0.41×	2.22×	42.94×	0.35×	0.01×
Cash conversion cycle (days)	13	35	37	40	38	102	40	38