Liberty Energy Inc.

Scaled frac/completions leader weathering a cyclical downturn with mid-pack profitability and emerging power upside.

Strengths

• Top-quartile ROA 4.2% (78.9th) and solid OCF margin 15.2% with ~40 active fleets and vertical integration
• Optionality from LPI distributed-power/data-center expansion on top of a leading completions franchise

Risks

• Cyclical trough — revenue down 7.2% and net income down 53% (8th pct); operating margin only 1.8% (41st)
• Tight liquidity (current 1.22, quick 0.96, both 20th pct)

Notable findings

• Chronic dilutionShare count +14%/yr over 4y (dilution)