The business behind the dividend
| Measure | LBRT | Median | Formula |
|---|---|---|---|
| Return on equity | 7.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $52.71m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $14.11m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 1.8% | 15.0% | Operating income ÷ revenue |
| Net margin | 3.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.12x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.80x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.22x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 1.53x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 4.12x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 7.1% | 16.0% | 30.2% | 26.7% | -14.8% | -10.0% | 7.0% | 29.2% | 42.9% | -26.4% | 7.1% |
| Return on capital employed | 3.1% | 18.0% | 38.4% | 28.9% | -13.6% | -14.1% | 15.7% | 56.8% | 30.7% | — | 18.0% |
| Operating margin | 1.8% | 9.0% | 16.0% | 12.4% | -7.4% | -18.3% | 5.3% | 14.4% | 12.4% | -15.3% | 5.3% |
| Net margin | 3.7% | 7.3% | 11.7% | 10.0% | -7.3% | -12.0% | 2.0% | 5.9% | 11.5% | -17.0% | 3.7% |
| Debt to equity | 0.12x | 0.10x | 0.08x | 0.15x | 0.10x | 0.09x | 0.19x | 0.25x | 0.50x | — | 0.12x |
| Current ratio | 1.22x | 1.27x | 1.49x | 1.47x | 1.11x | 1.59x | 1.83x | 2.10x | 1.60x | — | 1.49x |
| Cash conversion | 4.12x | 2.62x | 1.82x | 1.33x | — | — | 6.69x | 2.78x | 1.16x | — | 2.62x |
How it compares in energy
Among the 31 energy companies here measured on free cash flow, Liberty Energy pays out less than 0 of them. The median for that group is 35.7%, against this company’s 386.2%.
Closest on free cash flow
- Murphy Oil (MUR) 82.0%
- Helmerich & Payne (HP) 86.4%
- Core Natural Resources (CNR) 124.1%
- CKX Lands (CKX) 125.2%
Same sector and same denominator, so the figures are comparable. All 40 in energy →