TakeoverPE & activists

LBRTLiberty Energy Inc.

Oil & Gas Field Services, NEC · $2.8B market cap · 5,800 employees

0.3×

Less likely than average to be taken private

Top 42% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

1of 15 firedHow well they predict deals →
14 other checks
  • 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
    412% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    13% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    —
    Over 40% of assets
  • Shareholder dissentNo
    91% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $691K · 30th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    0.9 per 10K words · 32nd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    2.0× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    4 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    1 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$3M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Oct 29, 2020DEFM14ASchlumberger Technology Corporation$10.0030%

Key numbers

Revenue
$4.0BFY2021: $2.4BFY2022: $4.0BFY2023: $4.7BFY2024: $4.3BFY2025: $4.0B
7.2% YoY
Operating margin
1.8%FY2021: -7.4%FY2022: 12.4%FY2023: 16.0%FY2024: 9.0%FY2025: 1.8%
80% YoY
EBITDA
$573MFY2021: $82MFY2022: $819MFY2023: $1.2BFY2024: $895MFY2025: $573M
36% YoY
Net debt / EBITDA
2.0×
$1.2B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$2.4B$4.0B$4.7B$4.3B$4.0B 7.2% FY2021: $2.4BFY2022: $4.0BFY2023: $4.7BFY2024: $4.3BFY2025: $4.0B
Operating income−$181M$496M$761M$389M$73M 81% FY2021: −$181MFY2022: $496MFY2023: $761MFY2024: $389MFY2025: $73M
Net income−$179M$400M$556M$316M$148M 53% FY2021: −$179MFY2022: $400MFY2023: $556MFY2024: $316MFY2025: $148M
Operating cash flow$135M$530M$1.0B$829M$610M 26% FY2021: $135MFY2022: $530MFY2023: $1.0BFY2024: $829MFY2025: $610M
Capex$199M$452M$603M$651M$595M 8.5% FY2021: $199MFY2022: $452MFY2023: $603MFY2024: $651MFY2025: $595M
Stock-based comp$20M$23M$33M$32M$42M 29% FY2021: $20MFY2022: $23MFY2023: $33MFY2024: $32MFY2025: $42M
Buybacks$0$125M$203M$129M$25M 81% FY2021: $0FY2022: $125MFY2023: $203MFY2024: $129MFY2025: $25M
Dividends$168K$9M$38M$48M$54M 13% FY2021: $168KFY2022: $9MFY2023: $38MFY2024: $48MFY2025: $54M

13D filers

FiledFilerFormStakeIntent
Nov 21, 2022SCHLUMBERGER LIMITED/NVSC 13D/A4.9%Passive
Oct 26, 2022SCHLUMBERGER LIMITED/NVSC 13D/A5.9%Passive
Jun 10, 2022SCHLUMBERGER LIMITED/NVSC 13D/A12.3%Passive
May 5, 2022SCHLUMBERGER LIMITED/NVSC 13D/A18.8%Passive
Mar 3, 2022SCHLUMBERGER LIMITED/NVSC 13D/A26.7%Passive
Nov 9, 2021SCHLUMBERGER LIMITED/NVSC 13D/A31.5%Passive
Sep 29, 2021SCHLUMBERGER LIMITED/NVSC 13D/A36.8%Passive
Jun 10, 2021Riverstone/Carlyle Energy Partners IV, L.P.SC 13D/A0.0%Passive
Mar 15, 2021Riverstone/Carlyle Energy Partners IV, L.P.SC 13D/A6.9%Passive
Feb 11, 2021Riverstone/Carlyle Energy Partners IV, L.P.SC 13D/A10.9%Passive

Insider trading

−$3Mnet selling by insiders, open market, last 12 months
Bought $723K · 3 tradesSold $3M · 12 trades

Pay vs performance

No pay-versus-performance disclosure yet.