Montauk Renewables, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Montauk Renewables, 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

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	106	100	148	213	175	176	176
Gross profit	30.8	25.1	25.4	65.7	45.3
General and administrative	13.6	16.6	42.6	34.1	34.4	36.3	31.7
Operating expenses	94.7	96.8	145	161	151	160	176
Operating income	11	3.58	3.34	44.6	23.6	16.1	0.85
Interest expense	5.58	4.34	2.93	1.79	5.75	5.28	4.82
Other non-operating income	0.05	-0.64	-3.7	-1.32	-5.27	-3.95	-3.34
Pre-tax income	5.47	-1.39	-0.37	43.2	18.4	12.2	-2.49
Income tax	-0.35	-6	4.16	8.05	3.42	2.44	-4.24
Net income	5.82	4.6	-4.53	35.2	14.9	9.73	1.75
EBITDA	30.8	25.7	26.2	65.3	44.8	39.6	30.8
EPS, basic			-0.03	0.25	0.11	0.07	0.01
EPS, diluted			-0.03	0.25	0.11	0.07	0.01
Shares, basic (weighted)			141	141	142	142	143
Shares, diluted (weighted)			141	143	142	142	143

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.79	21	53.3	105	73.8	45.6	23.8
Receivables		5.26	9.28	7.15	12.6	7.87	6.58
Other current assets		6.04	2.85	2.57	2.82	2.91	3.31
Total current assets		32.5	75.2	125	90.2	57.2	37.2
Property, plant and equipment		186	181	176	214	252	341
Lease right-of-use assets		0.59	0.31	4.74	4.31	7.06	9.08
Goodwill		0.06	0.06	0.06	0.06	0.06	0.06
Intangible assets		13.5	13.7	15.4	18	17.8	19.3
Other non-current assets		3.82	5.1	5.61	9.9	12.3	18.4
Total assets	244	253	286	332	350	349	435
Accounts payable		5.96	4.97	4.56	7.92	8.86	15.6
Accrued liabilities		11.5	10.8	15.1	12.8	10.1	11.7
Short-term debt		10	8	8	8	12	3
Total current liabilities		28.5	24.6	28.4	29.4	33.5	33.4
Long-term debt		56.3	71.4	63.5	55.6	43.8	126
Lease liabilities		0.32	0.03	4.34	4.13	5.14	5.88
Other non-current liabilities		1.92	2.72	3.46	4.99	2.8	0.04
Total liabilities		93.7	104	105	100	91.6	172
Total debt		56.3	71.4	63.5	55.6	43.8	126
Paid-in capital			196	206	214	222	226
Retained earnings			-4.53	30.7	45.6	55.3	57.1
Treasury stock			-10.8	-11.1	-11.2	-21.3	-21.7
Shareholders' equity	154	160	182	227	250	257	263
Total equity	154	160	182	227	250	257	263
Total liabilities and equity		253	286	332	350	349	435
Shares outstanding		141	141	142	142	143	143

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.82	4.6	-4.53	35.2	14.9	9.73	1.75
Depreciation and amortization	19.8	22.1	22.9	20.7	21.2	23.5	30
Stock-based compensation	0.57	0.76	22.4	9.84	8.32	9.96	4.44
Deferred income tax			4.25	6.62	1.88	0.8	-4.28
Change in receivables				2.12	-5.53	4.58
Change in inventory				-0.75	-1.01	0.47	-1.69
Change in payables	0.05	3.66	-2.15	3.47	1.33	-2.3	0.74
Cash from operations	27.8	28.7	42.9	81.1	41.1	43.8	30.3
Capital expenditures	-45.6	-17.6	-9.99	-22.3	-63.1	-62.3	-117
Cash from investing	-44.9	-16	-19.5	-20.8	-63.1	-62.2	-120
Debt issued	28.2	8.5	80	0	0	0	105
Debt repaid	-55	-10	-66.7	-8	-8	-8	-12
Stock issued			15.6	0.01	0	0.01	0.01
Share buybacks	-0.07		-10.8	-0.24	-0.12	-1.78	-0.42
Cash from financing	-27.5	-1.5	8.65	-8.28	-9.33	-9.84	68.3
Net change in cash	-44.6	11.2	32.1	52	-31.4	-28.2	-21.8
Free cash flow	-17.8	11	32.9	58.8	-22	-18.5	-86.2
Interest paid			3.79	3.46	5	4.3	4.06
Income taxes paid	2.68	-0.45	0.28	0.7	1.92	1.99	0.78

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 $2.93 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	0.6%	Operating income / revenue.
EBITDA margin	18.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.0%	Pre-tax income / revenue.
Net margin	4.2%	Net income / revenue.
FCF margin	-44.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.0%	Cash from operations / revenue.
Effective tax rate	-107.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.7%	Net income / average total assets.
Return on invested capital (ROIC)	0.2%	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%.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	67.1%	Capital expenditures / revenue.
D&A / revenue	17.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-94.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-73.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-25.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-22.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-22.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	3.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-82.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-63.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-17.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-85.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-65.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-30.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-27.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	2.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	24.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.62x	Current assets / current liabilities.
Quick ratio	0.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	31.8%	Total debt / total assets.
Liabilities / assets	43.8%	Total liabilities / total assets.
Net debt	$133.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.93x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.21x	Operating income / interest expense.
Working capital	-$17.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$245.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	0.49x	Revenue / average property, plant and equipment.
Receivables turnover	38.5x	Revenue / average receivables.
Days sales outstanding	9 days	365 x average receivables / revenue.
FCF conversion	-1,051.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	292.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.06	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	$1.31	Revenue / diluted weighted shares.
FCF per share	-$0.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.30	Cash from operations / diluted weighted shares.
Book value per share	$1.85	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.72	Tangible book value / shares outstanding.
Cash per share	$0.11	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$417.1M	Share price x shares outstanding.
Enterprise value	$550.9M	Market cap + total debt - cash - short-term investments.
P/E	52.6x	Market cap / net income. Only when net income is positive.
P/S	2.21x	Market cap / revenue.
P/B	1.58x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.70x	Market cap / tangible book value, when positive.
P/OCF	9.60x	Market cap / cash from operations, when positive.
EV/Sales	2.91x	Enterprise value / revenue.
EV/EBIT	491x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.2x	Enterprise value / EBITDA, when both are positive.
FCF yield	-20.0%	Free cash flow / market cap.
Earnings yield	1.9%	Net income / market cap (the inverse of P/E).

What was Montauk Renewables, Inc.'s revenue in fiscal 2025?

Montauk Renewables, Inc. reported revenue of $176.4M for fiscal 2025, 0.4% higher than the year before.

Was Montauk Renewables, Inc. profitable in fiscal 2025?

Yes. Net income was $1.7M, a net margin of 1%.

How much free cash flow did Montauk Renewables, Inc. generate in fiscal 2025?

Cash from operations of $30.3M minus capital expenditures of $116.5M left free cash flow of -$86.2M.

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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