Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Atlas Energy Solutions Inc. (AESI)
A forensic read on Atlas Energy Solutions Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.4
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-8.1%
ROE
$2.1B
Market cap
2.60%
Dividend yield
Atlas Energy Solutions Inc. earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 1.4, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-0%Return on invested capital.Return on invested capital is -0% and slipping from 34% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+36.2%/yrShare-count dilution.Diluted share count changed +72% over the last 2 years to FY2025 (+36.2%/yr). The count is GROWING — existing holders are being diluted. That's ~36.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~72%.
+14.4%Accruals ratio.Net operating assets grew +14.4% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -10% of net operating assets.
Key fundamentals
Net Margin-4.6%
Debt / Equity0.48x
Free Cash Flow$-30.9M
Latest Revenue$1.10B
Return on Equity-4.2%
Revenue Growth YoY+3.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Atlas Energy Solutions Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AESI's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown