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AESIAtlas Energy Solutions Inc.
$17.00$2.1B
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  4. Financial Ratios

Atlas Energy Solutions Inc. (AESI) Financial Ratios

Latest Ratios: P/E Ratio -41.5x · EV/EBITDA 15.4x · ROE -4.5%. (2020–2025 historical series)

Income StatementBalance SheetCash FlowRatios
AnnualQuarterly

AESI Valuation Multiples

Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 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—40.3316.40———
P/S Ratio1.941.052.292.81———
P/B Ratio1.720.952.341.98———
P/FCF———————
P/OCF18.099.839.445.76———

P/E links to full P/E history page with 30-year chart

AESI EV Ratios

Enterprise-value multiples — capital-structure-neutral measures of total business value

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
EV / Revenue—1.542.732.75———
EV / EBITDA15.429.8112.615.51———
EV / EBIT——25.176.36———
EV / FCF———————

AESI Profitability

Margins and return-on-capital ratios measuring operating efficiency

Margins

Full margin charts and quarterly trend are on the Earnings History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Gross Margin13.8%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%

Return on Capital

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 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%

AESI Leverage & Debt

Solvency and debt-coverage ratios — lower is generally safer

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Debt / Equity0.480.480.510.210.290.520.53
Debt / EBITDA3.363.362.320.580.562.458.59
Net Debt / Equity—0.450.44-0.040.130.400.42
Net Debt / EBITDA3.123.122.01-0.100.251.896.82
Debt / FCF————0.5668.1046.99
Interest Coverage-0.18-0.182.9634.5414.891.12-0.04

AESI Liquidity & Efficiency

Short-term solvency ratios and asset-utilisation metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Current Ratio1.461.461.193.442.022.071.27
Quick Ratio1.051.051.023.211.831.821.07
Cash Ratio0.190.190.292.270.920.990.78
Asset Turnover—0.490.540.490.640.320.21
Inventory Turnover10.9710.9720.3213.7313.8010.419.98
Days Sales Outstanding—60.2457.3742.3156.2562.2837.89

AESI Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Dividends

Full dividend history and growth charts are on the Dividend History page

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Dividend Yield4.4%8.0%4.0%4.5%———
Payout Ratio——161.6%48.2%20.7%234.9%—

Total Shareholder Return Metrics

MetricTTMFY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Earnings Yield——2.5%6.1%———
FCF Yield———————
Buyback Yield0.0%0.0%0.1%0.0%———
Total Shareholder Yield4.4%8.0%4.1%4.5%———
Shares Outstanding—$122M$109M$100M$100M$100M$444M

Key Metrics

Growth RegimeContracting
ProfitabilityNegative
Balance SheetStrained
Cash FlowBurning
Top Statement Risk

Permian Basin volume concentration

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Capital Returns Facing Structural Decay

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.

Working Capital Efficiency Under Pressure

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.

Liquidity Buffer Nearing Critical Thresholds

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.

Misapplication of Traditional P/E Multiples

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.

Download Financial Ratios Data

Includes 30+ ratios · 6 years · Updated daily

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AESI — Frequently Asked Questions

Quick answers to the most common questions about buying AESI stock.

What is Atlas Energy Solutions Inc.'s P/E ratio?

Atlas Energy Solutions Inc.'s current P/E ratio is -41.5x. The historical average is 28.4x.

What is Atlas Energy Solutions Inc.'s EV/EBITDA?

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.

What is Atlas Energy Solutions Inc.'s ROE?

Atlas Energy Solutions Inc.'s return on equity (ROE) is -4.5%. The historical average is 11.2%.

Is AESI stock overvalued?

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.

What is Atlas Energy Solutions Inc.'s dividend yield?

Atlas Energy Solutions Inc.'s current dividend yield is 4.43%.

What are Atlas Energy Solutions Inc.'s profit margins?

Atlas Energy Solutions Inc. has 13.8% gross margin and -1.5% operating margin.

How much debt does Atlas Energy Solutions Inc. have?

Atlas Energy Solutions Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.