MAMMOTH ENERGY SERVICES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MAMMOTH ENERGY SERVICES, 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	231	691	1,690	625	313	229	362	309	45.6	44.3
Cost of revenue	173	483	1,094	544	232	198	279	248
Gross profit	57.6	209	596	81.2	81.1	30.6	83.5	61.7
Selling, general and administrative	17.3	48.4	71.2	49.7	66.4	77.9	39.6	37.5	114	19.6
Operating income	-34.6	62.8	394	-128	-149	-123	-16.4	-16.7	-120	-57.4
Interest expense	4.1	4.31	3.19	4.96	5.4	6.41	11.5	16.2	25.2
Other non-operating income	-3.94	-0.98	-5.22	37.3	28.9	-1.25	29.4	25.8	-74.1	-2.24
Pre-tax income	-38.6	61.8	389	-91.1	-120	-124	13	9.13	-194	-59.7
Income tax	53.9	2.83	153	-12.1	-12.2	-22.9	13.6	12.3	-11.3	4.09
Income from continuing operations									-183	-63.8
Net income	-92.5	59	236	-79	-108	-101	-0.62	-3.16	-207	4.6
EBITDA	37.7	155	502	-15.9	-55.3	-46.9	44.1	24.2	-110	-48.8
EPS, basic	-2.94	1.42	5.27	-1.76	-2.36	-2.18	-0.01	-0.07	-4.31	0.10
EPS, diluted	-2.94	1.42	5.24	-1.76	-2.36	-2.18	-0.01	-0.07	-4.31	0.10
Shares, basic (weighted)	31.5	41.5	44.8	45	45.6	46.4	47.2	47.8	48.1	48.3
Shares, diluted (weighted)	31.5	41.6	45	45	45.6	46.4	47.2	47.8	48.1	48.3
Dividend per share			0.25	0.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	29.2	5.64	67.6	5.87	14.8	9.9	17.3	16.6	60.8	102
Short-term investments				0	1.75	1.76	0		0	19.6
Receivables	21.2	244	337	363	393	408	456	447	40.7	28.9
Inventory	6.12	17.8	21.3	17.5	12	8.37	8.88	12.7	6.85	4.08
Other current assets	0.39	0.89	0.69	0.7	0.76	0.74	0.62	10.8	10.9	4.62
Total current assets	88.9	314	450	407	465	441	497	497	189	177
Property, plant and equipment	242	351	437	353	251	177	138	114	66.7	106
Lease right-of-use assets			0	43.4	20.2	12.2	10.7	9.55	3.95	2.59
Goodwill	88.7	99.8	101	67.6	12.6	11.7	11.7	9.21	9.21	0
Intangible assets	21.6	16.1	7.76	5.79	4.77	2.56	1.78	0.91	0.21
Other non-current assets	5.64	4.35	6.13	7.47	5.12	4.34	3.94	8.51	7.38	5.77
Total assets	502	867	1,073	952	825	721	725	698	384	335
Accounts payable	20.5	141	68.8	39.2	40.3	37.6	47.4	27.5	12.1	9.33
Accrued liabilities	2.43	11.6	20.9	5.94	3.71	5.13	6.74	5.56	0.47	0.82
Deferred revenue	0	15.2	4.3	7.24	8.28	3.25	7.55	0.66	1.6	1.36
Short-term debt				0	1.17	1.47	83.5	0	0
Total current liabilities	29.2	220	234	130	129	150	237	183	115	70
Long-term debt	0	99.9	0	80	81.3	85.2	0	42.8	0
Lease liabilities			0	27.1	11.4	5.92	4.91	3.53	1.32	1.38
Other non-current liabilities	2.4	3.29	2.74	5.03	10.4	11.7	15.5	4.72	0.21	0.03
Total liabilities	79.6	359	319	284	261	258	262	238	131	76.6
Total debt	0	99.9	0	80	82.5	86.7	83.5	42.8	0
Paid-in capital	400	508	531	535	537	538	539	540	540	541
Retained earnings	-56.3	2	227	137	28.9	-72.5	-73.2	-76.3	-284	-279
Other comprehensive income	-3.22	-2.66	-4.08	-3.31	-3.07	-2.93	-3.84	-3.62	-4.45	-3.99
Shareholders' equity		508	754	669	563	463	463	460	253	258
Total equity	423	508	754	669	563	463	463	460	253	258
Total liabilities and equity	502	867	1,073	952	825	721	725	698	384	335
Shares outstanding	37.5	44.6	44.9	45.1	45.8	46.7	47.3	47.9	48.1	48.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-92.5	59	236	-79	-108	-101	-0.62	-3.16	-207	4.6
Depreciation and amortization	72.3	92.1	108	112	93.3	76.1	60.5	40.9	10.2	8.67
Stock-based compensation	0.5	3.74	5.43	4.18	1.95	1.19	0.92	1.35	0.88	0.41
Deferred income tax	47.9	-34.4	52.2	-42.6	-12.2	-32	7.7	-1.69	4.24	-0.59
Change in receivables	-4.64	-232	-78.8	-27	-32.6	-55.9	-52.5	11.3	206	11.8
Change in inventory	-0.62	-14.2	-5.5	0.83	5.1	3.65	-0.52	-3.77	0.04	0.12
Change in payables	1.41	102	-65	-25.8	2	-2.98	6.68
Cash from operations	29.7	57.6	387	-95.3	6.97	-18.9	15.3	31.4	181	-18.6
Capital expenditures						-5.84	-12.7	-19.4	-1.21	-70.6
Acquisitions	0	-42	-20.8	0	0
Purchases of investments			0	0	-1.75	0	0		0	-19.5
Cash from investing	-7.72	-172	-212	-33.2	-2.3	5.51	-2.12	-8.79	-10.4	54.5
Debt issued					35.4	73.1	198
Debt repaid	0	-8.85	0		-32.8	-68.9	-199	-285
Dividends paid	0	0	-11.2	-11.2	0	0
Cash from financing	3.08	91	-113	66.7	4.27	8.43	-5.6	-15.6	-112	-4.29
Exchange rate effect	0.15	0.02	-0.13	0.09	0.01	0.01	-0.16	0	-0.14
Net change in cash	25.2	-23.6	62	-61.8	8.95	-4.92	7.38	7.02	58	31.8
Free cash flow						-24.7	2.53	12	180	-89.1
Interest paid	3.71	3.66	3.21	4.74	4.73	4.83	10.2	12	6.41	0.62
Income taxes paid	3.59	0.84	32.8	111	-0.62	0.83	0.11	0.9	1.1	0.82

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 $2.98 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-25.4%	Operating income / revenue.
EBITDA margin	-7.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-22.7%	Pre-tax income / revenue.
Net margin	1.0%	Net income / revenue.
FCF margin	-172.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-27.5%	Cash from operations / revenue.
Return on equity (ROE)	0.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.2%	Net income / average total assets.
Return on invested capital (ROIC)	-6.5%	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	25.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	144.6%	Capital expenditures / revenue.
D&A / revenue	17.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-50.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-32.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-110.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-149.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	2.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-17.7%	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	-14.4%	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	-12.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-22.7%	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	-16.5%	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	0.4%	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	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.93x	Current assets / current liabilities.
Quick ratio	1.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.02x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	24.2%	Total liabilities / total assets.
Working capital	$70.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$260.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.20x	Revenue / average total assets.
Fixed asset turnover	0.46x	Revenue / average property, plant and equipment.
Receivables turnover	1.74x	Revenue / average receivables.
Days sales outstanding	210 days	365 x average receivables / revenue.
FCF conversion	-16,503.0%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.01	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	$1.42	Revenue / diluted weighted shares.
FCF per share	-$2.44	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.39	Cash from operations / diluted weighted shares.
Book value per share	$5.45	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.42	Tangible book value / shares outstanding.
Cash per share	$1.60	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$143.4M	Share price x shares outstanding.
Enterprise value	$66.4M	Market cap + total debt - cash - short-term investments.
P/E	201x	Market cap / net income. Only when net income is positive.
P/S	2.10x	Market cap / revenue.
P/B	0.55x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.55x	Market cap / tangible book value, when positive.
EV/Sales	0.97x	Enterprise value / revenue.
FCF yield	-82.0%	Free cash flow / market cap.
Earnings yield	0.5%	Net income / market cap (the inverse of P/E).

What was MAMMOTH ENERGY SERVICES, INC.'s revenue in fiscal 2025?

MAMMOTH ENERGY SERVICES, INC. reported revenue of $44.3M for fiscal 2025, 2.9% lower than the year before.

Was MAMMOTH ENERGY SERVICES, INC. profitable in fiscal 2025?

Yes. Net income was $4.6M, a net margin of 10.4%.

How much free cash flow did MAMMOTH ENERGY SERVICES, INC. generate in fiscal 2025?

Cash from operations of $18.6M minus capital expenditures of $70.6M left free cash flow of -$89.1M.

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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