Montauk Renewables, Inc. (MNTK) 10-Year Financial Performance & Capital Metrics

MNTK • • Utilities

UtilitiesDiversified UtilitiesRenewable Energy SpecialistsBiogas & Renewable Natural Gas Producers

AboutMontauk Renewables, Inc., a renewable energy company, engages in recovery and processing of biogas from landfills and other non-fossil fuel sources. It operates in two segments, Renewable Natural Gas and Renewable Electricity Generation. The company develops, owns, and operates renewable natural gas (RNG) projects that capture methane and prevents it from being released into the atmosphere by converting it into either RNG or electrical power for the electrical grid. Its customers for RNG and renewable identification numbers (RIN) include long-term owner-operators of landfills and livestock farms, local utilities, and refiners in the natural gas and refining sectors. The company was founded in 1980 and is headquartered in Pittsburgh, Pennsylvania.Show more

Revenue $176M +0.5%
EBITDA $40M -12.3%
Net Income $10M -34.9%
Free Cash Flow -$19M +15.9%
EBITDA Margin 22.56% -12.7%
Net Margin 5.54% -35.2%
ROE 3.83% -38.8%
Interest Coverage 3.06 -25.6%
Debt/Equity 0.24 -10.2%
Net Debt/EBITDA 0.44 +444.7%
CapEx / Revenue 35.46% -1.7%
CapEx Coverage 0.70 +8.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong interest coverage of 3.1x
✓Trading at only 0.8x book value

✗Weaknesses

✗Weak momentum: RS Rating 12 (bottom 12%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y10.7%

3Y5.86%

TTM-17.54%

Profit (Net Income) CAGR

10Y-

5Y10.83%

3Y-

TTM-140.02%

EPS CAGR

10Y-

5Y10.83%

3Y-

TTM-137.76%

ROCE

10Y Avg7.4%

5Y Avg6.27%

3Y Avg9.46%

Latest5.07%

Peer Comparison

Biogas & Renewable Natural Gas Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MNTKMontauk Renewables, Inc.	206.27M	1.45	21.20	0.48%	-5.72%	-3.53%		0.24

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	115.09M	105.71M	100.38M	148.13M	205.56M	174.9M	175.74M
Revenue Growth %	-	-0.08%	-0.05%	0.48%	0.39%	-0.15%	0%
Cost of Revenue	50.09M	58.67M	61.75M	78.16M	101.43M	94.62M	98.17M
Gross Profit+	65M	47.04M	38.64M	69.97M	104.13M	80.28M	77.57M
Gross Margin %	-	-	-	-	-	-	-
Gross Profit Growth %	-	-0.28%	-0.18%	0.81%	0.49%	-0.23%	-0.03%
Operating Expenses+	28.15M	36.04M	35.05M	66.63M	59.56M	56.64M	61.45M
Other Operating Expenses	-	-	-	-	-	-	-
EBITDA+	52.02M	30.77M	25.7M	26.2M	65.27M	45.2M	39.64M
EBITDA Margin %	-	-	-	-	-	-	-
EBITDA Growth %	-	-0.41%	-0.16%	0.02%	1.49%	-0.31%	-0.12%
Depreciation & Amortization+	16.2M	19.76M	22.12M	22.87M	20.7M	21.57M	23.52M
D&A / Revenue %	-	-	-	-	-	-	-
Operating Income (EBIT)+	35.82M	11.01M	3.58M	3.33M	44.57M	23.64M	16.12M
Operating Margin %	-	-	-	-	-	-	-
Operating Income Growth %	-	-0.69%	-0.67%	-0.07%	12.36%	-0.47%	-0.32%
Interest Expense+	3.08M	5.58M	4.34M	2.93M	1.79M	5.75M	5.28M
Interest Coverage	11.62x	1.97x	0.83x	1.14x	24.87x	4.11x	3.06x
Interest / Revenue %	-	-	-	-	-	-	-
Non-Operating Income	740K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	36.56M	5.47M	-1.39M	-367K	43.24M	18.37M	12.18M
Pretax Margin %	-	-	-	-	-	-	-
Income Tax+	7.8M	-354K	-6M	4.16M	8.05M	3.42M	2.44M
Effective Tax Rate %	-	-	-	-	-	-	-
Net Income+	28.77M	5.82M	4.6M	-4.53M	35.19M	14.95M	9.73M
Net Margin %	-	-	-	-	-	-	-
Net Income Growth %	-	-0.8%	-0.21%	-1.98%	8.77%	-0.58%	-0.35%
EPS (Diluted)+	0.20	0.04	0.03	-0.03	0.25	0.11	0.07
EPS Growth %	-	-0.8%	-0.21%	-1.99%	8.79%	-0.56%	-0.38%
EPS (Basic)	0.20	0.04	0.03	-0.03	0.25	0.11	0.07
Diluted Shares Outstanding	141.06M	142.16M	142.16M	141.02M	142.58M	142.15M	142.4M

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	261.73M	243.61M	253.36M	286.48M	332.32M	350.24M	349.01M
Asset Growth %	-	-0.07%	0.04%	0.13%	0.16%	0.05%	-0%
PP&E (Net)+	168.42M	194.27M	186.99M	181.2M	180.78M	218.64M	259.46M
PP&E / Total Assets %	-	-	-	-	-	-	-
Total Current Assets+	66.49M	22.54M	32.48M	75.17M	124.87M	90.17M	57.22M
Cash & Equivalents	54.03M	9.79M	20.99M	53.27M	105.18M	73.81M	45.62M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	0	0	0	0	0	0	0
Other Current Assets	0	0	0	777K	3.47M	3.61M	3.39M
Long-Term Investments	1.1M	0	0	0	0	0	0
Goodwill	60K	60K	60K	60K	60K	60K	60K
Intangible Assets	13.08M	12.34M	14.62M	14.05M	15.7M	18.36M	18.05M
Other Assets	4.74M	5.66M	4.38M	5.43M	6.96M	20.93M	12.94M
Total Liabilities	113.79M	89.36M	93.73M	104.19M	105.22M	100M	91.6M
Total Debt+	92.96M	67.35M	66.36M	79.53M	76.22M	68.09M	62.91M
Net Debt	38.93M	57.56M	45.37M	26.26M	-28.95M	-5.72M	17.29M
Long-Term Debt	74.65M	57.26M	56.27M	71.39M	63.51M	55.61M	43.76M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	780K	602K	323K	4.85M	4.59M	7.3M
Total Current Liabilities+	31.7M	22.7M	28.46M	24.56M	28.4M	29.35M	33.53M
Accounts Payable	4.54M	3.84M	5.96M	4.97M	4.56M	7.92M	8.86M
Accrued Expenses	610K	8.69M	11.54M	10.82M	15.09M	12.79M	10.07M
Deferred Revenue	8.49M	0	0	0	0	0	0
Other Current Liabilities	8.23M	588K	1.19M	650K	0	0	0
Deferred Taxes	0	0	0	0	0	0	0
Other Liabilities	7.45M	8.89M	8.68M	8.21M	8.95M	10.89M	9.13M
Total Equity+	147.94M	154.26M	159.62M	182.29M	227.09M	250.24M	257.42M
Equity Growth %	-	0.04%	0.03%	0.14%	0.25%	0.1%	0.03%
Shareholders Equity	147.94M	154.26M	159.62M	182.29M	227.09M	250.24M	257.42M
Minority Interest	0	0	0	0	0	0	0
Common Stock	147.94M	0	0	1.41M	1.42M	1.42M	1.43M
Additional Paid-in Capital	0	0	0	196.22M	206.06M	214.38M	221.91M
Retained Earnings	0	0	0	-4.53M	30.67M	45.61M	55.35M
Accumulated OCI	-102.81M	0	0	0	0	0	0
Return on Assets (ROA)	0.11%	0.02%	0.02%	-0.02%	0.11%	0.04%	0.03%
Return on Equity (ROE)	0.19%	0.04%	0.03%	-0.03%	0.17%	0.06%	0.04%
Debt / Equity	0.63x	0.44x	0.42x	0.44x	0.34x	0.27x	0.24x
Debt / Assets	0.36%	0.28%	0.26%	0.28%	0.23%	0.19%	0.18%
Net Debt / EBITDA	0.75x	1.87x	1.77x	1.00x	-0.44x	-0.13x	0.44x
Book Value per Share	1.05	1.09	1.12	1.29	1.59	1.76	1.81

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	49.65M	27.46M	28.68M	42.88M	81.07M	41.05M	43.8M
Operating CF Growth %	-	-0.45%	0.04%	0.49%	0.89%	-0.49%	0.07%
Operating CF / Revenue %	-	-	-	-	-	-	-
Net Income	28.77M	5.82M	4.6M	-4.53M	35.19M	14.95M	9.73M
Depreciation & Amortization	16.2M	23.06M	23.73M	22.87M	20.7M	21.57M	23.52M
Deferred Taxes	6.3M	-898K	-6.08M	4.25M	6.62M	1.88M	804K
Other Non-Cash Items	3.58M	1.15M	-480K	1.54M	3.48M	3.19M	949K
Working Capital Changes	-5.83M	-2.24M	6.14M	-3.67M	5.23M	-8.84M	-1.17M
Capital Expenditures+	-40.16M	-45.25M	-17.65M	-19.47M	-22.28M	-63.09M	-62.32M
CapEx / Revenue %	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-
Cash from Investing+	-52.86M	-44.57M	-15.99M	-19.47M	-20.79M	-63.09M	-62.19M
Acquisitions	-14.3M	300K	0	-9.67M	1.09M	0	0
Purchase of Investments	0	-300K	0	0	0	0	0
Sale of Investments	0	300K	0	0	0	0	0
Other Investing	1.6M	383K	1.66M	185K	395K	4K	132K
Cash from Financing+	34.23M	-27.52M	-1.5M	8.65M	-8.28M	-9.33M	-9.84M
Dividends Paid	-11.76M	0	0	0	0	0	0
Dividend Payout Ratio %	0.41%	-	-	-	-	-	-
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K
Stock Issued	0	0	0	15.59M	6K	4K	6K
Share Repurchases	0	-74K	0	-10.81M	-238K	-122K	-1.78M
Other Financing	-2.35M	-638K	0	-9.43M	0	-1.14M	0
Net Change in Cash+	31.03M	-44.62M	11.2M	32.05M	51.99M	-31.36M	-28.24M
Exchange Rate Effect	0	0	0	0	0	0	0
Cash at Beginning	23.95M	54.98M	10.36M	21.56M	53.61M	105.61M	74.24M
Cash at End	54.98M	10.36M	21.56M	53.61M	105.61M	74.24M	46M
Free Cash Flow+	9.49M	-17.79M	11.04M	23.41M	58.79M	-22.04M	-18.53M
FCF Growth %	-	-2.87%	1.62%	1.12%	1.51%	-1.37%	0.16%
FCF Margin %	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	19.44%	3.85%	2.93%	-2.65%	17.19%	6.26%	3.83%
EBITDA Margin	45.2%	29.1%	25.6%	17.69%	31.75%	25.85%	22.56%
Net Debt / EBITDA	0.75x	1.87x	1.77x	1.00x	-0.44x	-0.13x	0.44x
Interest Coverage	11.62x	1.97x	0.83x	1.14x	24.87x	4.11x	3.06x
CapEx / Revenue	34.9%	42.8%	17.58%	13.15%	10.84%	36.07%	35.46%
Dividend Payout Ratio	40.87%	-	-	-	-	-	-
Debt / Equity	0.63x	0.44x	0.42x	0.44x	0.34x	0.27x	0.24x
EPS Growth	-	-79.55%	-20.78%	-199.07%	878.82%	-56%	-37.82%

Revenue by Segment

	2021	2022	2023
Renewable Natural Gas	131.8M	196.22M	156.46M
Renewable Natural Gas Growth	-	48.87%	-20.26%
Renewable Electricity Generation	15.45M	17.17M	18.82M
Renewable Electricity Generation Growth	-	11.14%	9.63%
Corporate	875K	-7.83M	-
Corporate Growth	-	-994.74%	-

Frequently Asked Questions

Valuation & Price

Montauk Renewables, Inc. (MNTK) has a price-to-earnings (P/E) ratio of 21.2x. This is roughly in line with market averages.

Growth & Financials

Montauk Renewables, Inc. (MNTK) reported $160.7M in revenue for fiscal year 2024. This represents a 40% increase from $115.1M in 2018.

Montauk Renewables, Inc. (MNTK) grew revenue by 0.5% over the past year. Growth has been modest.

Montauk Renewables, Inc. (MNTK) reported a net loss of $9.2M for fiscal year 2024.

Dividend & Returns

Montauk Renewables, Inc. (MNTK) has a return on equity (ROE) of 3.8%. This is below average, suggesting room for improvement.

Montauk Renewables, Inc. (MNTK) had negative free cash flow of $53.4M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Montauk Renewables, Inc. (MNTK) has a dividend payout ratio of 0%. This suggests the dividend is well-covered and sustainable.

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