Forensic Analysis · Oilfield Services · as of Nov 8, 2026

Liberty Energy Inc. (LBRT)

A forensic read on Liberty Energy 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

Safe

Financial health

2.9

Distress distance

Clean

Earnings quality

Forensic signals

7.3%

ROE

-7.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Liberty Energy Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

2.0%

FY2025

Return on invested capital. Return on invested capital is 2.0% in the latest fiscal year and slipping across FY2023–FY2025 from 24.4%. After-tax operating profit was $576M in FY2023 and $55M in FY2025, with operating income at 16.0% of revenue in FY2023, 9.0% in FY2024 and 1.8% in FY2025. The capital base behind it grew +15% across FY2023–FY2025, from $2.4B to $2.7B, while the return fell 22.4 points, so the dollars added over that window earned less than the 24.4% the older base was already earning.

563% of FCF

FY2025

Shareholder returns. Returned $79M to shareholders (buybacks + dividends) in FY2025 — 563% of free cash flow, but 13% of operating cash flow. Returns run ahead of free cash flow, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash. Counting the $42M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 860%.

Key fundamentals

Latest Revenue$4.01B

Revenue Growth YoY-7.2%

Revenue CAGR (2yr)-8.1%

Net Margin3.7%

Free Cash Flow$14.1M

Return on Equity7.3%

Debt / Equity0.12x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.