AESIAtlas Energy Solutions Inc.
Crude Petroleum & Natural Gas
- Revenue
- $1.1B
- 3.7% YoY
- Operating margin
- -1.0%
- 109% YoY
- EBITDA
- $149M
- 30% YoY
- Market cap
- $1.2B
- Employees
- 1,511
- $725K revenue each
- Net debt / EBITDA
- 4.0×
- $604M net debt
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo6% of assetsOver 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$725K · 32nd pctBottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 36th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo4.0× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.2B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $172M | $483M | $614M | $1.1B | $1.1B | 3.7% |
| Operating income | $47M | $232M | $265M | $114M | −$11M | 110% |
| Net income | $4M | $217M | $105M | $60M | −$50M | 184% |
| Operating cash flow | $21M | $206M | $299M | $256M | $117M | 54% |
| Capex | $19M | $90M | $365M | $374M | $148M | 60% |
| Stock-based comp | $129K | $678K | $7M | $22M | $33M | 48% |
| Buybacks | — | — | $0 | $0 | $200K |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 6, 2026 | BRIGHAM BEN M | SCHEDULE 13D/A | 35.8% | Passive |
| Jan 2, 2026 | SHEPARD GREGORY M | SCHEDULE 13D/A | 6.2% | Passive |
| Dec 29, 2025 | BRIGHAM BEN M | SCHEDULE 13D/A | 35.8% | Passive |
| Dec 29, 2025 | SHEPARD GREGORY M | SCHEDULE 13D/A | 6.2% | Passive |
| Dec 23, 2025 | SHEPARD GREGORY M | SCHEDULE 13D/A | 6.2% | Passive |
| Dec 17, 2025 | SHEPARD GREGORY M | SCHEDULE 13D/A | 6.2% | Passive |
| Feb 5, 2025 | BRIGHAM BEN M | SCHEDULE 13D/A | 36.2% | Passive |
| Nov 1, 2023 | BRIGHAM BEN M | SC 13D/A | 3.8% | Active |
| Oct 26, 2023 | BRIGHAM BEN M | SC 13D/A | 45.1% | Active |
| Oct 12, 2023 | BRIGHAM BEN M | SC 13D | 9.9% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $3M · 4
- Net
- −$3M
Pay vs performance
No pay-versus-performance disclosure yet.