Latest Ratios: P/E Ratio -41.5x · EV/EBITDA 15.4x · ROE -4.5%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $2.1B | $1.2B | $2.4B | $1.7B | — | — | — |
| Enterprise Value | $2.7B | $1.7B | $2.9B | $1.7B | — | — | — |
| P/E Ratio → | -41.46 | — | 40.33 | 16.40 | — | — | — |
| P/S Ratio | 1.94 | 1.05 | 2.29 | 2.81 | — | — | — |
| P/B Ratio | 1.72 | 0.95 | 2.34 | 1.98 | — | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | 18.09 | 9.83 | 9.44 | 5.76 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.54 | 2.73 | 2.75 | — | — | — |
| EV / EBITDA | 15.42 | 9.81 | 12.61 | 5.51 | — | — | — |
| EV / EBIT | — | — | 25.17 | 6.36 | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 13.8% | 13.8% | 22.0% | 51.1% | 53.1% | 37.2% | 15.9% |
| Operating Margin | -1.5% | -1.5% | 10.8% | 43.2% | 48.1% | 27.3% | -1.1% |
| Net Profit Margin | -4.6% | -4.6% | 5.7% | 26.1% | 45.0% | 2.5% | -30.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -4.5% | -4.5% | 6.3% | 23.2% | 51.1% | 1.3% | -10.4% |
| ROA | -2.4% | -2.4% | 3.7% | 15.9% | 33.5% | 0.8% | -6.6% |
| ROIC | -0.8% | -0.8% | 7.3% | 28.2% | 33.1% | 7.5% | -0.2% |
| ROCE | -0.9% | -0.9% | 7.9% | 29.0% | 39.8% | 9.6% | -0.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.48 | 0.48 | 0.51 | 0.21 | 0.29 | 0.52 | 0.53 |
| Debt / EBITDA | 3.36 | 3.36 | 2.32 | 0.58 | 0.56 | 2.45 | 8.59 |
| Net Debt / Equity | — | 0.45 | 0.44 | -0.04 | 0.13 | 0.40 | 0.42 |
| Net Debt / EBITDA | 3.12 | 3.12 | 2.01 | -0.10 | 0.25 | 1.89 | 6.82 |
| Debt / FCF | — | — | — | — | 0.56 | 68.10 | 46.99 |
| Interest Coverage | -0.18 | -0.18 | 2.96 | 34.54 | 14.89 | 1.12 | -0.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.46 | 1.46 | 1.19 | 3.44 | 2.02 | 2.07 | 1.27 |
| Quick Ratio | 1.05 | 1.05 | 1.02 | 3.21 | 1.83 | 1.82 | 1.07 |
| Cash Ratio | 0.19 | 0.19 | 0.29 | 2.27 | 0.92 | 0.99 | 0.78 |
| Asset Turnover | — | 0.49 | 0.54 | 0.49 | 0.64 | 0.32 | 0.21 |
| Inventory Turnover | 10.97 | 10.97 | 20.32 | 13.73 | 13.80 | 10.41 | 9.98 |
| Days Sales Outstanding | — | 60.24 | 57.37 | 42.31 | 56.25 | 62.28 | 37.89 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.4% | 8.0% | 4.0% | 4.5% | — | — | — |
| Payout Ratio | — | — | 161.6% | 48.2% | 20.7% | 234.9% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 2.5% | 6.1% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | — | — | — |
| Total Shareholder Yield | 4.4% | 8.0% | 4.1% | 4.5% | — | — | — |
| Shares Outstanding | — | $122M | $109M | $100M | $100M | $100M | $444M |
Permian Basin volume concentration
As reported in financial statements, AESI's ROIC has deteriorated from a peak of 4.5% in 2023Q4 to -1.8% in 2026Q1, reflecting a fundamental inability to generate positive returns on the significant capital deployed into its Permian Basin logistics infrastructure and mining assets during the recent expansion phase.
The transition from positive to negative ROIC suggests that the company's heavy investment in the Dune Express and related facilities has yet to reach the utilization threshold required to cover its cost of capital. Investors should monitor whether this decay is a temporary byproduct of integration costs or a permanent impairment of the company's ability to compound value in a capital-intensive environment.
According to recent SEC filings, the company's cash conversion cycle has expanded from 11 days in 2023Q4 to 67 days in 2026Q1, indicating a significant decline in the efficiency with which AESI manages its inventory and collects payments from its Permian-based customer base during this period of contraction.
The sharp increase in the CCC, driven by rising DSO and DIO, suggests that the company is losing leverage over its supply chain and customer payment terms. This deterioration implies that the company may be forced to offer more lenient credit terms to maintain volume, further straining liquidity during a period of negative operating margins.
Based on the company's reported figures, the current ratio has declined from 3.44 in 2023Q4 to 1.17 in 2026Q1, signaling that the firm's ability to meet short-term obligations is increasingly reliant on its remaining cash reserves rather than operational cash inflows from its core logistics and proppant business.
With the quick ratio falling to 0.87, the company's liquidity position appears vulnerable to any further volatility in Permian drilling activity or unexpected operational disruptions. This trend warrants close investigation, as the firm's reliance on fixed-cost infrastructure leaves little room for error if cash generation does not improve rapidly.
As noted in industry research, the P/E ratio is a fundamentally flawed metric for AESI, as the company's current negative net margins and heavy non-cash depreciation charges render earnings-based valuation meaningless in the context of its capital-intensive, infrastructure-heavy business model and ongoing transition to a logistics-focused utility.
Investors should instead focus on EV/EBITDA or replacement cost metrics to gauge the value of the company's physical assets and right-of-way access. Relying on P/E multiples obscures the potential for future cash flow stability that the Dune Express system may provide once the current scaling phase concludes.
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Quick answers to the most common questions about buying AESI stock.
Atlas Energy Solutions Inc.'s current P/E ratio is -41.5x. The historical average is 28.4x.
Atlas Energy Solutions Inc.'s current EV/EBITDA is 15.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
Atlas Energy Solutions Inc.'s return on equity (ROE) is -4.5%. The historical average is 11.2%.
Based on historical data, Atlas Energy Solutions Inc. is trading at a P/E of -41.5x. Compare with industry peers and growth rates for a complete picture.
Atlas Energy Solutions Inc.'s current dividend yield is 4.43%.
Atlas Energy Solutions Inc. has 13.8% gross margin and -1.5% operating margin.
Atlas Energy Solutions Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.