Atlas Energy Solutions Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Atlas Energy Solutions Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	172	483	614	1,056	1,095
Cost of revenue	84.7	199	260	725	784
Gross profit	64.1	256	314	232	151
Selling, general and administrative	17.1	24.3	48.6	106	139
Operating income	47	232	265	114	-10.9
Interest expense	42.2	15.8	7.69
Other non-operating income	0.29	2.63	0.43	0.55	0.73
Pre-tax income	5.09	219	258	75.8	-68.2
Income tax	0.83	1.86	31.4	15.8	-17.9
Net income to minority interests			66.5
Net income	4.26	217	105	59.9	-50.3
EBITDA	70.7	259	305	213	149
EPS, basic			1.50	0.55	-0.41
EPS, diluted			1.48	0.55	-0.41
Shares, basic (weighted)			70.5	108	122
Shares, diluted (weighted)			71	109	122
Dividend per share				0.90	0.75

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Receivables		73.3	71.2	166	181
Inventory		5.61	6.45	17.3	13.6
Other current assets		0.7	15.5	0.4	0.4
Total current assets		179	319	289	308
Property, plant and equipment		542	935	1,486	1,541
Lease right-of-use assets		4.05	3.73	13.6	10.7
Goodwill			0	69	153
Intangible assets			1.77	106	182
Other non-current assets		7.52	2.42	3.46	1.18
Total assets		751	1,262	1,973	2,228
Accounts payable		31.6	60.9	119	69.2
Accrued liabilities		30.6	28.5	60.3	84.6
Deferred revenue			0	7.76	1.4
Short-term debt		20.6	0	43.7	40.7
Total current liabilities		88.7	92.6	243	211
Long-term debt		127	173	467	538
Lease liabilities		4.29	3.5	7.45	11.1
Other non-current liabilities		22.5	0.45	2.19	5.54
Total liabilities		240	394	936	1,020
Total debt		149	180	0	604
Paid-in capital		0	908	1,035	1,258
Retained earnings		0	-41.3	0	-50.3
Shareholders' equity		511	868	1,037	1,209
Total equity	339	511	868	1,037	1,209
Total liabilities and equity		751	1,262	1,973	2,228
Shares outstanding		0	100	110	124

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	4.26	217	226	59.9	-50.3
Depreciation and amortization	23.7	27.5	39.8	98.7	160
Stock-based compensation	0.13	0.68	7.41	22.4	33.2
Deferred income tax	0.36	-0	29.2	15	-17.5
Change in receivables	-17.6	-44.2	2.17	-13.1	-10.8
Change in inventory	-0.36	-2.42	-0.84	-6.62	3.69
Cash from operations	21.4	206	299	256	117
Capital expenditures	-19.4	-89.6	-365	-374	-148
Acquisitions		0	0	-153	-204
Cash from investing	-19.4	-89.6	-365	-513	-345
Debt repaid	-173	-28.5	-16.6
Share buybacks			0	0	-0.2
Cash from financing	2.34	-74.8	195	118	196
Net change in cash	4.33	41.6	128	-138	-31.1
Free cash flow	1.99	116	-66.5	-118	-30.9
Interest paid	19.2	14.9	15.2	38.5	48.8
Income taxes paid	0.01	0.47	11.4	2.28	0.91

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	7.1%	Gross profit / revenue.
Operating margin	-8.3%	Operating income / revenue.
EBITDA margin	8.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-14.8%	Pre-tax income / revenue.
Net margin	-11.1%	Net income / revenue.
FCF margin	-17.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.1%	Cash from operations / revenue.
Return on equity (ROE)	-10.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-4.6%	Net income / average total assets.
Return on invested capital (ROIC)	-3.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	22.4%	Capital expenditures / revenue.
D&A / revenue	16.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	31.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-35.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-16.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-109.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-29.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-16.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-183.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-174.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-54.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-17.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	-16.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	16.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	33.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	13.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	43.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	12.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.82x	Current assets / current liabilities.
Debt / equity	0.87x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	37.8%	Total debt / total assets.
Liabilities / assets	56.4%	Total liabilities / total assets.
Working capital	$216.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	12.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$790.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	0.69x	Revenue / average property, plant and equipment.
Inventory turnover	65.4x	Cost of revenue / average inventory.
Days inventory	6 days	365 x average inventory / cost of revenue.
Receivables turnover	4.91x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
Days payables	38 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	42 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	437.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.95	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.55	Revenue / diluted weighted shares.
FCF per share	-$1.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.44	Cash from operations / diluted weighted shares.
Book value per share	$8.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.32	Tangible book value / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.56B	Share price x shares outstanding.
Enterprise value	$2.53B	Market cap + total debt - cash - short-term investments.
P/S	1.46x	Market cap / revenue.
P/B	1.40x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.97x	Market cap / tangible book value, when positive.
P/OCF	28.6x	Market cap / cash from operations, when positive.
EV/Sales	2.37x	Enterprise value / revenue.
EV/EBITDA	29.6x	Enterprise value / EBITDA, when both are positive.
FCF yield	-11.8%	Free cash flow / market cap.
Earnings yield	-7.6%	Net income / market cap (the inverse of P/E).

What was Atlas Energy Solutions Inc.'s revenue in fiscal 2025?

Atlas Energy Solutions Inc. reported revenue of $1.10B for fiscal 2025, 3.7% higher than the year before.

Was Atlas Energy Solutions Inc. profitable in fiscal 2025?

No. It reported a net loss of $50.3M.

How much free cash flow did Atlas Energy Solutions Inc. generate in fiscal 2025?

Cash from operations of $117.3M minus capital expenditures of $148.3M left free cash flow of -$30.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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