Atlas Energy Solutions
AESI NYSE Oil & Gas Equipment & Services Financials FY2021–FY2025
Atlas Energy Solutions' revenue rose 3.7% to $1.1 billion in fiscal 2025. Its operating margin was −1.0%, down from 10.8% a year earlier. Free cash flow was −$31 million. It paid out $0 million in dividends and buybacks. The diluted share count rose 12.1%.
Revenue
Total sales reported in the income statement.
$1.1B
3.7%
vs prior year
Operating margin
Operating income as a share of revenue.
−1.0%
11.8 pts
Net income
Profit after all expenses, interest and tax.
−$50.3M
184.0%
Free cash flow
Cash from operations minus capital spending.
−$30.9M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.1B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Atlas Energy Solutions does
No business description yet.
- Legal name
- Atlas Energy Solutions Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001193125-26-067145
0001984060
Revenue and margins
Atlas Energy Solutions had $1.1B of revenue in fiscal 2025, up 3.7% on the year before.
FY21
Revenue $172M
FY22
Revenue $483M
FY23
Revenue $614M
FY24
Revenue $1.1B
FY25
Revenue $1.1B
Q1 '24
Revenue $193M
Q2 '24
Revenue $288M
Q3 '24
Revenue $304M
Q4 '24
Revenue $271M
Q1 '25
Revenue $298M
Q2 '25
Revenue $289M
Q3 '25
Revenue $260M
Q4 '25
Revenue $249M
Q1 '26
Revenue $266M
Q2 '26
Revenue $293M
FY21
Gross 37.2%
Operating 27.3%
Net 2.5%
FCF 1.2%
FY22
Gross 53.1%
Operating 48.1%
Net 45.0%
FCF 24.1%
FY23
Gross 51.1%
Operating 43.2%
Net 17.2%
FCF −10.8%
FY24
Gross 22.0%
Operating 10.8%
Net 5.7%
FCF −11.1%
FY25
Gross 13.8%
Operating −1.0%
Net −4.6%
FCF −2.8%
Gross
Operating
Net
FCF
Q1 '24
Gross 35.7%
Operating 20.6%
Net 13.9%
FCF −29.0%
Q2 '24
Gross 21.0%
Operating 9.8%
Net 5.2%
FCF −19.1%
Q3 '24
Gross 17.4%
Operating 5.0%
Net 1.3%
FCF −0.4%
Q4 '24
Gross 18.4%
Operating 11.3%
Net 5.3%
FCF −2.1%
Q1 '25
Gross 18.3%
Operating 5.2%
Net 0.4%
FCF −20.1%
Q2 '25
Gross 18.1%
Operating 2.5%
Net −1.9%
FCF 16.8%
Q3 '25
Gross 9.2%
Operating −7.1%
Net −9.1%
FCF −0.5%
Q4 '25
Gross 8.1%
Operating −6.0%
Net −8.9%
FCF −7.3%
Q1 '26
Gross 2.4%
Operating −12.2%
Net −17.8%
FCF −3.9%
Q2 '26
Gross 8.8%
Operating −7.7%
Net −8.6%
FCF −52.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income $4.3M
FY22
Net income $217M
FY23
Net income $105M
FY24
Net income $59.9M
FY25
Net income −$50.3M
Q1 '24
Net income $26.8M
Q2 '24
Net income $14.8M
Q3 '24
Net income $3.9M
Q4 '24
Net income $14.4M
Q1 '25
Net income $1.2M
Q2 '25
Net income −$5.6M
Q3 '25
Net income −$23.7M
Q4 '25
Net income −$22.2M
Q1 '26
Net income −$47.3M
Q2 '26
Net income −$25.1M
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS $1.48
FY24
Diluted EPS $0.55
FY25
Diluted EPS −$0.41
Q1 '24
Diluted EPS $0.26
Q2 '24
Diluted EPS $0.13
Q3 '24
Diluted EPS $0.04
Q4 '24
Diluted EPS $0.13
Q1 '25
Diluted EPS $0.01
Q2 '25
Diluted EPS −$0.05
Q3 '25
Diluted EPS −$0.19
Q4 '25
Diluted EPS −$0.18
Q1 '26
Diluted EPS −$0.38
Q2 '26
Diluted EPS −$0.20
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity —
Return on assets —
FY22
Return on capital —
Return on equity —
Return on assets —
FY23
Return on capital —
Return on equity 15.3%
Return on assets 10.5%
FY24
Return on capital —
Return on equity 6.3%
Return on assets 3.7%
FY25
Return on capital —
Return on equity −4.5%
Return on assets −2.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$30.9M in fiscal 2025, −2.8% of revenue. Cash from operations minus capital spending.
FY21
Free cash flow $2.0M
FY22
Free cash flow $116M
FY23
Free cash flow −$66.5M
FY24
Free cash flow −$118M
FY25
Free cash flow −$30.9M
Q1 '24
Free cash flow −$55.9M
Q2 '24
Free cash flow −$54.9M
Q3 '24
Free cash flow −$1.1M
Q4 '24
Free cash flow −$5.6M
Q1 '25
Free cash flow −$59.8M
Q2 '25
Free cash flow $48.4M
Q3 '25
Free cash flow −$1.4M
Q4 '25
Free cash flow −$18.1M
Q1 '26
Free cash flow −$10.3M
Q2 '26
Free cash flow −$154M
FY21
Cash from operations $21.4M
Capital spending $19.4M
FY22
Cash from operations $206M
Capital spending $89.6M
FY23
Cash from operations $299M
Capital spending $366M
FY24
Cash from operations $257M
Capital spending $374M
FY25
Cash from operations $117M
Capital spending $148M
Cash from operations
Capital spending
Q1 '24
Cash from operations $39.6M
Capital spending $95.5M
Q2 '24
Cash from operations $60.9M
Capital spending $116M
Q3 '24
Cash from operations $85.2M
Capital spending $86.3M
Q4 '24
Cash from operations $70.9M
Capital spending $76.4M
Q1 '25
Cash from operations −$7.4M
Capital spending $52.4M
Q2 '25
Cash from operations $88.6M
Capital spending $40.3M
Q3 '25
Cash from operations $32.4M
Capital spending $33.8M
Q4 '25
Cash from operations $3.7M
Capital spending $21.8M
Q1 '26
Cash from operations $19.0M
Capital spending $29.3M
Q2 '26
Cash from operations −$0.6M
Capital spending $154M
Cash from operations
Capital spending
Dividends, buybacks and share count
Atlas Energy Solutions returned $0.2M to shareholders in fiscal 2025. The diluted share count rose 12.1%.
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $0.2M
Dividends
Buybacks
Q1 '24
Dividends $21.0M
Buybacks $0.0M
Q2 '24
Dividends $24.2M
Buybacks $0.0M
Q3 '24
Dividends $25.3M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $30.4M
Buybacks $0.0M
Q2 '25
Dividends $30.9M
Buybacks $0.0M
Q3 '25
Dividends $30.9M
Buybacks $0.0M
Q4 '25
Dividends $0.0M
Buybacks $0.0M
Q1 '26
Dividends $0.0M
Buybacks $0.0M
Q2 '26
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares 0.07B
FY24
Diluted shares 0.11B
FY25
Diluted shares 0.12B
Value Atlas Energy Solutions yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 122.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Atlas Energy Solutions can carry it.
FY21
Cash —
Debt —
FY22
Cash —
Debt $169M
FY23
Cash —
Debt $180M
FY24
Cash —
Debt $526M
FY25
Cash —
Debt $636M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Debt incl. finance leases | — | $169M | $180M | $526M | $636M |
| Debt / equity | — | 0.3x | 0.2x | 0.5x | 0.5x |
| Interest coverage | 1.1x | 14.7x | 34.5x | 3.0x | −0.2x |
| Current ratio | — | 2.0x | 3.4x | 1.2x | 1.5x |
| Quick ratio | — | 2.0x | 3.4x | 1.1x | 1.4x |
| Total assets | — | $751M | $1.3B | $2.0B | $2.2B |
| Total liabilities | — | $240M | $394M | $936M | $1.0B |
| Shareholders' equity | $339M | $511M | $868M | $1.0B | $1.2B |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$3.3M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 6, 2026 | Chris Scholla10% owner | Sold | 8,912 | $11.79 | $0.1M | Form 4 |
| Feb 18, 2026 | Gregory M ShepardSee Remarks | Sold | 130,000 | $11.98 | $1.6M | Form 4 |
| Feb 17, 2026 | Gregory M ShepardSee Remarks | Sold | 100,000 | $11.75 | $1.2M | Form 4 |
| Nov 18, 2025 | Chris Scholla10% owner | Sold | 52,150 | $8.82 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✕ |
| F-score | — / 9 | 4 / 9 | 4 / 9 |
| Accruals ratio | −19.2% | −12.2% | −8.0% |
| Altman Z'' | 4.79 | 1.70 | 1.42 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Atlas Energy Solutions AESI | $1.1B | 3.7% | −1.0% | −2.8% | — | — | 4 | |
| Cactus WHD | — | −4.5% | 23.2% | — | 17.1% | — | — | Compare → |
| Innovex International INVX | $2.1B | 48.0% | 13.6% | — | — | 33.6x | 5 | Compare → |
| Kodiak Gas Services KGS | $4.3B | 12.8% | 26.0% | 21.7% | 6.3% | 52.8x | 5 | Compare → |
| Tidewater TDW | $4.3B | 0.5% | 20.9% | 26.1% | 19.4% | 17.6x | 7 | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $172M | $483M | $614M | $1.1B | $1.1B |
| Gross profit | $64.1M | $256M | $314M | $232M | $151M |
| Operating income | $47.0M | $232M | $265M | $114M | −$10.9M |
| Interest expense | $42.2M | $15.8M | $7.7M | $38.5M | $48.8M |
| Pretax income | $5.1M | $219M | $258M | $75.8M | −$68.2M |
| Income tax | $0.8M | $1.9M | $31.4M | $15.8M | −$17.9M |
| Net income | $4.3M | $217M | $105M | $59.9M | −$50.3M |
| Diluted EPS | — | — | $1.48 | $0.55 | −$0.41 |
| Diluted shares | — | — | 0.07B | 0.11B | 0.12B |
| Cash flow | |||||
| Cash from operations | $21.4M | $206M | $299M | $257M | $117M |
| Capital expenditure | $19.4M | $89.6M | $366M | $374M | $148M |
| Free cash flow | $2.0M | $116M | −$66.5M | −$118M | −$30.9M |
| Depreciation and amortization | $23.7M | $27.5M | $39.8M | $98.7M | $160M |
| Stock-based compensation | $0.1M | $0.7M | $7.4M | $22.4M | $33.2M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $153M | $204M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.2M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.2M |
| Balance sheet | |||||
| Total debt | — | $149M | $180M | $521M | $604M |
| Finance lease liabilities | $0.0M | $20.2M | $0.4M | $5.3M | $31.4M |
| Current assets | — | $179M | $319M | $289M | $308M |
| Current liabilities | — | $88.7M | $92.6M | $243M | $211M |
| Inventory | $0.0M | $5.6M | $6.4M | $17.3M | $13.6M |
| Property and equipment, net | — | $542M | $935M | $1.5B | $1.5B |
| Total assets | — | $751M | $1.3B | $2.0B | $2.2B |
| Total liabilities | — | $240M | $394M | $936M | $1.0B |
| Shareholders' equity | $339M | $511M | $868M | $1.0B | $1.2B |
| Margins | |||||
| Gross margin | 37.2% | 53.1% | 51.1% | 22.0% | 13.8% |
| Operating margin | 27.3% | 48.1% | 43.2% | 10.8% | −1.0% |
| EBITDA margin | 41.0% | 53.8% | 49.7% | 20.1% | 13.6% |
| Net margin | 2.5% | 45.0% | 17.2% | 5.7% | −4.6% |
| FCF margin | 1.2% | 24.1% | −10.8% | −11.1% | −2.8% |
| Returns | |||||
| Return on capital employed | — | — | 29.0% | 7.9% | −0.6% |
| Return on equity | — | — | 15.3% | 6.3% | −4.5% |
| Return on assets | — | — | 10.5% | 3.7% | −2.4% |
| Growth | |||||
| Revenue growth | — | 180.0% | 27.2% | 72.0% | 3.7% |
| Net income growth | — | 4,996.4% | −51.4% | −43.1% | −183.9% |
| EPS growth | — | — | — | −62.8% | −174.6% |
| FCF growth | — | 5,765.0% | −157.1% | — | — |
| Share count change | — | — | — | 53.7% | 12.1% |
| Financial health | |||||
| Debt / equity | — | 0.3x | 0.2x | 0.5x | 0.5x |
| Interest coverage | 1.1x | 14.7x | 34.5x | 3.0x | −0.2x |
| Current ratio | — | 2.0x | 3.4x | 1.2x | 1.5x |
| Quick ratio | — | 2.0x | 3.4x | 1.1x | 1.4x |
| Capital allocation | |||||
| Capex / revenue | 11.2% | 18.6% | 59.5% | 35.4% | 13.5% |
| Stock comp / revenue | 0.1% | 0.1% | 1.2% | 2.1% | 3.0% |
| Payouts / FCF | 0.0% | 0.0% | — | — | — |
| Quality scores | |||||
| Piotroski F-score | — | — | — | 4.0 | 4.0 |
| Altman Z'' | — | 5.1 | 4.8 | 1.7 | 1.4 |
| Accruals ratio | — | — | −19.2% | −12.2% | −8.0% |
Source: SEC EDGAR XBRL filings (CIK 0001984060). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.