olivLaw · US equity research
Liberty Energy Inc. LBRT
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
Liberty Energy Inc. is an integrated energy services company and one of the largest providers of completions services in North America, and it is developing a distributed power platform for data centers alongside. Third quarter 2026 revenue reached 1.2 billion dollars, and an agreement for 1.2 GW with a frontier AI lab could make energy a growing part of the business.
At the close of 04 Nov 2026, Liberty Energy Inc. (LBRT) stock was 13.15 USD (−11.21% on the day), with P/E 54.2 on diluted EPS of 0.24 USD over the last 12 months, dividend yield 2.74%, beta 1.60, 52-week range 13.15–33.93 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (+26.3% YoY), net income of -39.1 m USD (−190.7% YoY), diluted EPS -0.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 27.9
- oversold (≤ 30)
- Bollinger (20, 2)
- 13.72 – 19.89
- below the lower band · %B -0.09 · band width 36.7%
- SMA 50 / 200
- 18.41 / 24.65
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.06 / -0.81
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −32.9% | −1.1% | −31.8 pp | — |
| 3 months | −32.2% | −0.5% | −31.8 pp | — |
| 6 months | −59.5% | +4.4% | −63.9 pp | — |
| Year to date | −28.8% | +12.3% | −41.1 pp | — |
| 1 year | −22.7% | +13.5% | −36.2 pp | +10.9% |
| 3 years | −35.0% | +76.4% | −111.4 pp | −29.5% |
| 5 years | +10.8% | +63.7% | −52.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 943.6 m | 977.5 m | 1.0 bn | 947.4 m | 1.0 bn | 1.0 bn | 1.2 bn | 1.2 bn |
| Cost of revenue | 741.8 m | 761.6 m | 812.1 m | 769.8 m | 824.6 m | 843.8 m | 980.3 m | 995.0 m |
| Operating income | 24.9 m | 18.2 m | 37.1 m | -2.4 m | 19.9 m | 22.3 m | 12.7 m | 19.3 m |
| Depreciation & amortisation | 132.2 m | 127.7 m | 129.4 m | 123.0 m | 120.2 m | 114.1 m | 114.2 m | 113.7 m |
| Interest expense | 8.5 m | 9.5 m | 10.2 m | 10.9 m | 9.7 m | 7.7 m | 3.4 m | 5.9 m |
| Income tax | 6.1 m | 7.8 m | 24.1 m | 12.0 m | 3.4 m | 9.3 m | 9.2 m | -10.4 m |
| Net income | 51.9 m | 20.1 m | 71.0 m | 43.1 m | 13.7 m | 22.6 m | 43.1 m | -39.1 m |
| Diluted EPS | 0.31 ≈ | 0.12 | 0.43 | 0.26 | 0.08 ≈ | 0.14 | 0.26 | -0.24 |
| Operating cash flow | 177.3 m | 192.1 m | 170.6 m ≈ | 51.5 m ≈ | 195.4 m | 8.4 m | 133.0 m ≈ | 222.9 m ≈ |
| Capex | 203.5 m | 133.9 m | 137.5 m ≈ | 118.7 m ≈ | 205.4 m | 157.0 m | 223.9 m ≈ | 626.0 m ≈ |
| Dividends paid | 13.0 m | 13.2 m | 13.8 m ≈ | 13.0 m ≈ | 14.6 m | 14.6 m | 15.7 m ≈ | 14.7 m ≈ |
| Share repurchases | 30.2 m | 24.0 m | 924.0 k ≈ | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 96 percentile of its own 23-quarter history (min 4.0, median 9.1, max 75.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.0 bn | 965.8 m | 2.5 bn | 4.1 bn | 4.7 bn | 4.3 bn | 4.0 bn |
| Revenue YoY | +44.7% | −7.6% | −51.5% | +155.8% | +67.9% | +14.4% | −9.1% | −7.2% |
| Net income | 126.3 m | 39.0 m | -115.6 m | -179.2 m | 399.6 m | 556.3 m | 316.0 m | 147.9 m |
| Net income YoY | unavailable | −69.1% | −396.3% | unavailable | unavailable | +39.2% | −43.2% | −53.2% |
| Diluted EPS | 1.81 | 0.53 | -1.36 | -1.03 | 2.11 | 3.15 | 1.87 | 0.89 |
| Diluted EPS YoY | unavailable | −70.7% | −356.6% | unavailable | unavailable | +49.3% | −40.6% | −52.4% |
| net % | 5.9% | 2.0% | -12.0% | -7.3% | 9.6% | 11.7% | 7.3% | 3.7% |
| Free cash flow | 92.4 m | 65.9 m | -18.2 m | -63.3 m | 78.5 m | 411.3 m | 178.3 m | 14.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 27.6 m USD
- Financial debt
- 246.6 m USD
- Net debt
- 219.1 m USD
- Equity
- 2.1 bn USD
- Total assets
- 3.6 bn USD
- Debt / equity
- 0.12x
- Current ratio
- 1.22x
- ROE
- 7.3%
- ROA
- 4.3%
- FCF margin
- 0.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 965.8 m | 2.5 bn | 4.1 bn | 4.7 bn | 4.3 bn | 4.0 bn | SEC (XBRL)· 02 Feb 2026verified |
| Cost of revenue | 858.0 m | 2.2 bn | 3.1 bn | 3.3 bn | 3.2 bn | 3.2 bn | SEC (XBRL)· 02 Feb 2026verified |
| Gross profit | 107.8 m ≈ | 220.9 m ≈ | 1.0 bn ≈ | 1.4 bn ≈ | 1.1 bn ≈ | 838.0 m ≈ | SEC (XBRL)· 02 Feb 2026derived |
| Operating income | -177.0 m | -181.2 m | 495.9 m | 760.6 m | 389.5 m | 72.7 m | SEC (XBRL)· 02 Feb 2026verified |
| Depreciation & amortisation | 180.1 m | 262.8 m | 323.0 m | 421.5 m | 505.1 m | 500.3 m | SEC (XBRL)· 02 Feb 2026verified |
| EBITDA | 3.1 m ≈ | 81.5 m ≈ | 818.9 m ≈ | 1.2 bn ≈ | 894.5 m ≈ | 573.0 m ≈ | SEC (XBRL)· 02 Feb 2026derived |
| Interest expense | 14.5 m | — | 22.7 m | 29.5 m | 32.7 m | 40.3 m | SEC (XBRL)· 02 Feb 2026verified |
| Pre-tax income | -191.5 m | -177.8 m | 399.5 m | 734.9 m | 403.3 m | 195.2 m | SEC (XBRL)· 02 Feb 2026verified |
| Income tax | -30.9 m | 9.2 m | -793.0 k | 178.5 m | 87.3 m | 47.3 m | SEC (XBRL)· 02 Feb 2026verified |
| Net income | -115.6 m | -179.2 m | 399.6 m | 556.3 m | 316.0 m | 147.9 m | SEC (XBRL)· 02 Feb 2026verified |
| Diluted EPS | -1.36 | -1.03 | 2.11 | 3.15 | 1.87 | 0.89 | SEC (XBRL)· 02 Feb 2026verified |
| Weighted average diluted shares | 85.2 m | 174.0 m | 189.3 m | 176.4 m | 169.4 m | 165.4 m | SEC (XBRL)· 02 Feb 2026verified |
| Dividend per share | 0.05 | — | 0.05 | 0.22 | 0.29 | 0.33 | SEC (XBRL)· 02 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 69.0 m | 20.0 m | 43.7 m | 36.8 m | 20.0 m | 27.6 m | SEC (XBRL)· 02 Feb 2026verified |
| Receivables | 244.4 m | 298.5 m | 410.3 m | — | — | 351.7 m | SEC (XBRL)· 23 Apr 2026verified |
| Inventories | 118.6 m | 134.6 m | 214.5 m | 205.9 m | 203.5 m | 188.1 m | SEC (XBRL)· 02 Feb 2026verified |
| Current assets | 567.1 m | 630.4 m | 956.7 m | 954.3 m | 848.5 m | 878.0 m | SEC (XBRL)· 02 Feb 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.2 bn | 1.4 bn | 1.6 bn | 1.9 bn | 2.1 bn | SEC (XBRL)· 02 Feb 2026verified |
| Total assets | 1.9 bn | 2.0 bn | 2.6 bn | 3.0 bn | 3.3 bn | 3.6 bn | SEC (XBRL)· 02 Feb 2026verified |
| Accounts payable | 193.3 m | 288.8 m | 326.8 m | 293.7 m | 314.1 m | 358.6 m | SEC (XBRL)· 02 Feb 2026verified |
| Short-term debt | 364.0 k | 1.0 m | 1.0 m | 0 | 0 | 5.1 m | SEC (XBRL)· 02 Feb 2026verified |
| Long-term debt | 105.4 m | 121.4 m | 217.4 m | 140.0 m | 190.5 m | 241.5 m | SEC (XBRL)· 02 Feb 2026verified |
| Current liabilities | 356.1 m | 569.2 m | 649.5 m | 639.4 m | 666.5 m | 720.4 m | SEC (XBRL)· 02 Feb 2026verified |
| Total liabilities | 579.9 m | 810.2 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 02 Feb 2026verified |
| Equity | 1.3 bn | 1.2 bn | 1.5 bn | 1.8 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 02 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 85.4 m | 135.5 m | 530.4 m | 1.0 bn | 829.4 m | 609.6 m | SEC (XBRL)· 02 Feb 2026verified |
| Capex | 103.6 m | 198.8 m | 451.9 m | 603.3 m | 651.0 m | 595.5 m | SEC (XBRL)· 02 Feb 2026verified |
| Free cash flow | -18.2 m ≈ | -63.3 m ≈ | 78.5 m ≈ | 411.3 m ≈ | 178.3 m ≈ | 14.1 m ≈ | SEC (XBRL)· 02 Feb 2026derived |
| Investing cash flow | -100.3 m | -186.5 m | -450.7 m | -672.3 m | -643.1 m | -435.0 m | SEC (XBRL)· 02 Feb 2026verified |
| Financing cash flow | -28.9 m | 2.1 m | -55.8 m | -349.3 m | -202.7 m | -167.5 m | SEC (XBRL)· 02 Feb 2026verified |
| Dividends paid | 4.4 m | 168.0 k | 9.2 m | 37.7 m | 48.3 m | 54.5 m | SEC (XBRL)· 02 Feb 2026verified |
| Share repurchases | 0 | 0 | 125.3 m | 203.1 m | 129.3 m | 24.9 m | SEC (XBRL)· 02 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 18 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
- Balance sheet33
- Growth0
- Valuation9
- Quality22
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.60 – 5.83 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E3.60 – 5.61 (Mid 5.20)10 companies used · median multiple 21.5x · quartiles 14.8x – 23.2xCLB, HAL, HOS, NESR, NGS, OII, RNGR, SLB, TUSK, WTTR
- Dividend discount (DDM)4.34 – 5.83 (Mid 4.97)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 18/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.6% | 25 (vs peers) | 15% |
| Net margin · Quality | 0.9% | 39 (vs peers) | 9% |
| FCF conversion · Quality | -1,618.8% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -1.2% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | -25.0% | 0 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | 2.2x | 36 (vs peers) | 15% |
| Interest coverage · Balance sheet | 2.8x | 20 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.3x | 42 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 54.2x | 9 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet33/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality22/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial9/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Liberty Energy Inc. (LBRT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.0 bn USD in 2025; YoY growth -7.2%; net margin 0.9%; ROE 2.0%; net debt/EBITDA 2.2x.
The estimated value range is 3.97–5.72 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 5.09 USD, the price of 13.15 USD leaves a potential of -61.3% (value / price − 1) and a margin of safety of -158.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 18/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 2.6%
- FCF conversion: -1,618.8%
- Revenue CAGR 3Y: -1.2%
- EPS CAGR 3Y: -25.0%
- Interest coverage: 2.8x
- P/E (TTM): 54.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +42% / −1% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +26% / −11% |
| OIIOceaneering International Inc | 3.6 bn | 11.0 | 31.1% | 11.4% | +4.6% | +49% / +76% |
| NESRNational Energy Services Reunited Corp. | 2.2 bn | 23.2 | 9.4% | 5.8% | +1.7% | +54% / unavailable |
| RESRpc, Inc. | 1.3 bn | — | -3.0% | -1.8% | +15.0% | +11% / −19% |
| HOSHornbeck Offshore Services, Inc. | 904.9 m | 23.0 | 2.5% | 3.0% | −4.9% | −8% / −34% |
| PUMPProPetro Holding Corp. | 788.8 m | — | 0.2% | 0.2% | −12.1% | −33% / −30% |
| ACDCProFrac Holding Corp. | 723.0 m | — | -57.4% | -22.8% | −11.4% | +12% / −51% |
| WTTRSelect Water Solutions, Inc. | 681.6 m | 21.3 | 3.5% | 2.2% | −3.1% | +67% / +127% |
| CLBCore Laboratories Inc. | 442.2 m | 28.6 | 5.7% | 3.0% | +0.5% | −36% / −46% |
| NGSNatural Gas Services Group, Inc. | 373.4 m | 18.0 | 7.3% | 10.8% | +9.9% | −7% / +89% |
| TUSKMammoth Energy Services, Inc. | 145.3 m | 10.3 | 5.3% | 17.1% | −2.9% | +64% / −32% |
| NINENine Energy Service, Inc. | 101.3 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 21.5 m | — | — | -9.7% | −10.2% | −39% / −89% |
| RCONRecon Technology, Ltd | 8.9 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| WBIWaterBridge Infrastructure LLC | — | 434.0 | 0.5% | 0.5% | +66.2% | +14% / unavailable |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −20% / −45% |
| LBRTLiberty Energy Inc. | — | 54.2 | 2.0% | 0.9% | −7.2% | −23% / −35% |
| RNGRRanger Energy Services, Inc. | — | 21.6 | 5.1% | 2.6% | −4.2% | +0% / +39% |
1- and 3-year price returns: for LBRT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Liberty Energy Inc. is an integrated energy services company and one of the largest providers of completions services in North America, and it is developing a distributed power platform for data centers alongside. Third quarter 2026 revenue reached 1.2 billion dollars 3, and an agreement for 1.2 GW with a frontier AI lab could make energy a growing part of the business 3.
SWOT
Strengths
- The company has an extensive technology base, with intellectual property and proprietary databases on North American wells 1.
- Supply chain integration, including sand mines, reduces dependence on third parties and supply interruptions 1.
- The company has a broad presence in the main shale basins, allowing fleets to move with demand 1.
Weaknesses
- Revenue is cyclical and tied to producer activity, so results can vary from quarter to quarter 1.
- The company reported a net loss in the third quarter of 2026, with adjustments and costs having a visible impact 3.
- The distributed power business is in development, with capital commitments and reliance on key suppliers 1.
Opportunities
Risks
- Reliance on a few large customershigh
The company notes that dependence on a few large customers can affect revenue and operating results 1.
- Power project executionhigh
LPI projects carry execution risk, possible underperformance and dependence on equipment suppliers 1.
- Hydraulic fracturing regulationmedium
Federal and state restrictions on fracturing and emissions could limit customer activity 1.
- Indebtednessmedium
Current and future debt could affect the financial position if revenue declines 1.
- Safety and accident exposuremedium
Accidents, injury claims and trucking incidents can affect results and customer relationships 1.
Investment thesis
What would need to be true (bull case)
- If distributed power projects for data centers are completed, the LPI segment could become a new growth driver alongside completions 3.
- The completions market appears to be improving, with limited capacity and rising prices that could support margins 23.
- Proprietary technology and natural gas substitution may help the company keep its edge over competitors 13.
What would break the thesis
- Revenue could remain cyclical, and a fall in oil and gas prices could reduce customer activity 12.
- Distributed power projects are still in development, and if contracts are delayed, expected revenue could be postponed 13.
- Cost inflation and equipment delivery delays could compress margins, as the third quarter results suggest 3.
What to watch
- Signing of the first energy service agreement of about 500 MW, targeted by the companyDecember 2026
- Trend in completions service pricing and fleet activityQ4 2026
- Delivery schedule of LPI capacity for data centers2027
- Dividend level and debt position disclosed in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Liberty Energy provides completions services for wells, mainly hydraulic fracturing, complemented by wireline, proppant delivery, field gas processing, compressed natural gas delivery, data analytics and related goods, including two sand mines in the Permian Basin 1. Operations are in the main North American shale basins and, in part, in the Northern Territory of Australia 12. The company had approximately 40 active fleets as of December 31, 2025 1.
Through Liberty Power Innovations (LPI), the company develops distributed power and energy storage solutions for industrial, data center and mining customers 1. The March 2025 acquisition of IMG Energy Solutions, for approximately 19.6 million dollars 1, added engineering and utility interconnection capabilities. The company emphasizes proprietary technology, from digiFleets and electric pumps to software and databases on North American wells 1.
The business is cyclical because demand depends on the capital spending of oil and gas producers, which follows commodity prices 1. Results can fluctuate from quarter to quarter, and winter weather can limit equipment movement 1.
Segments
Completions and hydraulic fracturing
The core segment, covering hydraulic fracturing, wireline, proppant delivery and sand mines, is the only reportable segment, with North America as its geography 1. The company says the completions market recovered from early 2026 lows, with modestly higher service pricing 23.
Market context
Completions demand is influenced by oil and gas prices. The average WTI price was 87.12 dollars per barrel in the third quarter of 2026, compared with 65.78 dollars in the third quarter of 2025 2, and the onshore rig count in the United States and Canada rose to 782 2. Power demand from AI data centers is creating a new market for distributed power 23.
The distributed power market is still forming, with long sales cycles and rising competition 1. If data center demand holds, the LPI segment could become a material share of revenue, though it depends on final contracts and equipment 13.
Trends
- Power demand from AI data centerstailwind
AI data center development and industrial electrification have created structural power demand, while grid capacity is constrained 1. The agreement with a frontier AI lab could support LPI growth if projects are completed 3.
- Improving completions markettailwind
Fleet attrition, equipment cannibalization and underinvestment have limited available capacity, supporting service prices 23. This dynamic could continue if producer activity keeps rising 2.
- Oil and gas price volatilitymixed
Oil and gas prices have been volatile, with geopolitical tensions lifting WTI prices 23. A sharp price decline could reduce producer activity and demand for services 1.
- Cost pressure and regulationheadwind
Cost inflation, equipment delivery delays and regulation of fracturing, emissions and PFAS could raise costs or limit activity 13. The company reported cost inflation headwinds in the third quarter of 2026 3.
Competitive position
The completions market is competitive, and Liberty differentiates through technology innovation, digital fleets and supply chain integration 1. In distributed power, competition is growing quickly and the company describes the industry as highly competitive and rapidly evolving 1.
The source documents do not name specific competitors beyond general descriptions of the market, so the entries below reflect those descriptions and their identities have not been verified in the texts provided 1.
- North American completions and hydraulic fracturing providers
Companies offering similar completions services that compete for the same fleets and E&P customers, not named in the sources 1.
- Distributed power providers for data centers
Companies developing energy systems for data centers and industrial users, described in the source as a highly competitive market 1.
- Distributed power developers
Developers pursuing similar projects to LPI and competing for large customer contracts 1.
- Pump and fleet equipment manufacturers
Equipment makers that supply fleets and components to service providers and partly compete on technology 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Faber Report: Liberty Media acquires high-vote Series B shares of John C. Malone related-enterprisesCNBC — Top News · 05 Nov 2026 · EN
- Liberty Galaţi, în aşteptarea unei decizii privind restructurarea, după ce a fost la un pas de a rămâne în beznă. Între timp, contractul cu Electrica a fost prelungit până la 10 noiembrie, după ce combinatul siderurgic a fost aproape de deconectare de la reţeaua de energie electricăZiarul Financiar · 04 Nov 2026 · RO
- „Trump Liberty Line” sau Gutinaș–Strășeni? Bucureștiul contrazice Chișinăul în privința denumirii proiectului energeticMoldova 1 — Teleradio-Moldova (MD) · 04 Nov 2026 · RO
- „Trump Liberty Line”? România contrazice Chișinăul pe tema denumirii noii linii electrice de înaltă tensiune cu Republica Moldova. Detalii despre costul și finanțarea proiectuluiHotNews.ro · 04 Nov 2026 · RO
- Comitetul interministerial se reuneşte vineri pentru aprobarea planului de restructurare la Liberty GalaţiZiarul Financiar · 04 Nov 2026 · RO
- VIDEO România, la coada Europei, cu IMM-uri vulnerabile la atacuri cibernetice. Mihnea Rădulescu, CEO CloudXEdge și VicePresident Digital Infrastructure Liberty Global CEE: România trebuie să accelereze modernizarea infrastructurilor digitale, atât în secProfit.ro · 04 Nov 2026 · RO
- Liberty Galați: Două ipoteci de 2,86 miliarde de euro în favoarea Greensill Capital apar în registrele publice. Remus Borza: „Nu afectează vânzarea”Economedia · 02 Nov 2026 · RO
- Rinat Ahmetov închide fabrica de țevi și profile tubulare de la Iași, fosta Tepro, pe care a cumpărat-o în 2025. Ucraineanul este interesat și de Liberty GalațiCursDeGuvernare.ro · 02 Nov 2026 · RO
- Criza de la combinatul Liberty Galaţi se adânceşte: planul de vânzare de 200 mil. euro e în aer, directorii şi-au dat demisia, iar 2.200 de angajaţi intră în şomaj tehnic din noiembrie. Comitetul interministerial a amânat luarea unei decizii cu privire la planul de restructuare, în timp ce combinatul se apropie de colapsZiarul Financiar · 02 Nov 2026 · RO
- Rubio doubts Ukraine peace deal can be reached any time soon – Radio LibertyUkrainska Pravda (UA, EN) · 01 Nov 2026 · EN
- Liberty Galați evită deconectarea de la electricitate. Electrica a prelungit contractul pentru câteva săptămâniEconomedia · 01 Nov 2026 · RO
- Fostul Sidex scapă de colaps, cel puțin pe termen scurt. Electrica prelungește furnizarea energiei electrice pentru Liberty GalațiProfit.ro · 01 Nov 2026 · RO
- Liberty Galați evită în ultimul ceas deconectarea. Contractul pentru furnizarea energiei electrice, prelungit temporarLibertatea.ro · 01 Nov 2026 · RO
- Electrica a prelungit pe temen scurt furnizarea de electricitate pentru Liberty GalaţiFinancial Intelligence (RO) · 01 Nov 2026 · RO
- Liberty Galați a rămas fără contract de energie electrică și riscă să fie decuplat de la rețeaLibertatea.ro · 30 Oct 2026 · RO
- Prefectul județului Galați a cerut intervenţia Guvernului pentru a preveni întreruperea alimentării cu energie electrică a combinatului LibertyG4Media · 30 Oct 2026 · RO
- Ce spune ministrul Finanțelor despre situația Liberty Galați. 300 de angajați ai combinatului au protestat vineri în fața PrefecturiiDigi24 · 30 Oct 2026 · RO
- Ce spune ministrul Finanțelor despre situația Liberty Galați. 300 de angajați ai combinatului au protestat... - Digi24Digi24 · 30 Oct 2026 · RO
- Sute de angajați de la Liberty Galați, neplătiți de șase luni, au ieșit la protest. Oamenii cer salariile și vânzarea combinatuluiLibertatea.ro · 30 Oct 2026 · RO
- ULTIMA ORĂ Liberty Galați a rămas fără contract de furnizare a energiei electriceProfit.ro · 30 Oct 2026 · RO
SEC filings
- Quarterly report22 Oct 2026
- Current report21 Oct 2026Results of operations · Financial statements and exhibits
- Current report18 Sept 2026Material agreement · Financial statements and exhibits
- Quarterly report23 Jul 2026
- Current report23 Jul 2026Results of operations · Financial statements and exhibits
- Current report25 Jun 2026Material agreement
- Current report07 May 2026Material agreement
- Quarterly report23 Apr 2026
- Current report23 Apr 2026Results of operations · Financial statements and exhibits
- Current report17 Apr 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Liberty Energy Inc. · 02 Feb 2026
- [2] Form 10-Q, quarter ended 2026-09-30 · SEC / Liberty Energy Inc. · 22 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Liberty Energy Inc. · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.