Liberty Energy vs RPC
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The short version
- Liberty Energy is the larger business, with $4.0B of revenue in fiscal 2025 against $1.6B for RPC, about 2.5 times as much.
- RPC grew revenue faster (15.0%, against −7.2%).
- RPC kept more of each dollar of sales as operating profit (2.8% operating margin, against 1.8%).
- RPC turned more of its sales into free cash flow (3.3% FCF margin, against 0.4%).
- Investors pay more for each dollar of Liberty Energy’s earnings: a P/E of 65.0x against 62.5x for RPC.
| Latest fiscal year | LBRT · FY25 | RES · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.5B | $1.3B |
| Revenue | $4.0B | $1.6B |
| Free cash flow | $14.1M | $52.9M |
| Net income | $148M | $32.1M |
| Growth | ||
| Revenue growth | −7.2% | 15.0% |
| 5-year growth | 32.9% | 22.1% |
| Share count change | −2.4% | 0.4% |
| Profitability | ||
| Gross margin | 20.9% | 24.2% |
| Operating margin | 1.8% | 2.8% |
| Net margin | 3.7% | 2.0% |
| FCF margin | 0.4% | 3.3% |
| Return on capital | 2.2% | — |
| Return on equity | 7.3% | 3.0% |
| Balance sheet | ||
| Net debt | $527M | −$158M |
| Net debt / EBITDA | 0.9x | −0.8x |
| Dividends and buybacks | $79.4M | $38.0M |
| Valuation & quality | ||
| P/E | 65.0x | 62.5x |
| Piotroski F-score | 4 | — |
Revenue
FY16
LBRT $375M
RES $729M
FY17
LBRT $1.5B
RES $1.6B
FY18
LBRT $2.2B
RES $1.7B
FY19
LBRT $2.0B
RES $1.2B
FY20
LBRT $966M
RES $598M
FY21
LBRT $2.5B
RES $865M
FY22
LBRT $4.1B
RES $1.6B
FY23
LBRT $4.7B
RES $1.6B
FY24
LBRT $4.3B
RES $1.4B
FY25
LBRT $4.0B
RES $1.6B
LBRT
RES
Operating margin
FY16
LBRT −14.5%
RES −32.8%
FY17
LBRT 12.2%
RES 14.2%
FY18
LBRT 14.2%
RES 12.2%
FY19
LBRT 5.2%
RES −9.4%
FY20
LBRT −18.3%
RES −51.8%
FY21
LBRT −7.3%
RES 1.9%
FY22
LBRT 12.0%
RES 18.0%
FY23
LBRT 16.0%
RES 15.1%
FY24
LBRT 9.0%
RES 6.9%
FY25
LBRT 1.8%
RES 2.8%
LBRT
RES
Free cash flow
FY16
LBRT −$143M
RES $67.8M
FY17
LBRT −$117M
RES $16.2M
FY18
LBRT $92.4M
RES $146M
FY19
LBRT $65.9M
RES −$41.5M
FY20
LBRT −$18.2M
RES $12.9M
FY21
LBRT −$63.3M
RES −$19.9M
FY22
LBRT $78.5M
RES $61.7M
FY23
LBRT $411M
RES $214M
FY24
LBRT $178M
RES $129M
FY25
LBRT $14.1M
RES $52.9M
LBRT
RES
Return on capital
FY16
LBRT —
RES —
FY17
LBRT —
RES —
FY18
LBRT 35.3%
RES —
FY19
LBRT 11.1%
RES —
FY20
LBRT −12.7%
RES —
FY21
LBRT −10.5%
RES —
FY22
LBRT 32.5%
RES —
FY23
LBRT 30.1%
RES —
FY24
LBRT 13.5%
RES —
FY25
LBRT 2.2%
RES —
LBRT
RES
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.