Revenue growth of 21.5% in 2026Q2 fails to translate into meaningful profitability, as evidenced by a precarious 0.2% net margin that leaves little buffer for operational volatility.
Energy Services of America Corporation (ESOA) annual income statement — 20-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 |
|---|
| Sales/Revenue | 467.37M | 411M | 351.88M | 304.1M | 197.59M | 122.47M | 119.19M | 174.54M | 135.48M | 140.5M | 155.48M | 116.8M | 93.27M | 108.82M | 109.02M | 143.43M | 218.29M | 106.77M | 28.52M | 0 | 0 |
| Revenue Growth % | 21.21% | 16.8% | 15.71% | 53.91% | 61.34% | 2.74% | -31.71% | 28.83% | -3.57% | -9.64% | 33.12% | 25.22% | -14.29% | -0.18% | -23.99% | -34.29% | 104.45% | 274.39% | - | - | - |
| Cost of Goods Sold | 412.37M | 372.23M | 301.92M | 267.29M | 175.22M | 109.54M | 105.69M | 161.86M | 123.83M | 132.71M | 141.28M | 105.94M | 84.76M | 98.8M | 104.38M | 136.58M | 193.92M | 102.68M | 23.83M | 0 | 0 |
| COGS % of Revenue | - | 90.57% | 85.8% | 87.89% | 88.68% | 89.45% | 88.67% | 92.74% | 91.4% | 94.46% | 90.87% | 90.7% | 90.88% | 90.8% | 95.74% | 95.23% | 88.84% | 96.18% | 83.56% | - | - |
| Gross Profit | 55M | 38.78M | 49.95M | 36.81M | 22.37M | 12.92M | 13.5M | 12.68M | 11.65M | 7.78M | 14.2M | 10.86M | 8.51M | 10.02M | 4.64M | 6.84M | 24.37M | 4.08M | 4.69M | 0 | 0 |
| Gross Margin % | 11.77% | 9.43% | 14.2% | 12.11% | 11.32% | 10.55% | 11.33% | 7.26% | 8.6% | 5.54% | 9.13% | 9.3% | 9.13% | 9.2% | 4.26% | 4.77% | 11.16% | 3.82% | 16.44% | - | - |
| Gross Profit Growth % | - | -22.38% | 35.7% | 64.56% | 73.13% | -4.3% | 6.48% | 8.85% | 49.66% | -45.18% | 30.69% | 27.65% | -15.02% | 115.65% | -32.11% | -71.93% | 496.84% | -12.88% | - | - | - |
| Operating Expenses | 36.9M | 34.56M | 30.12M | 23.78M | 15.88M | 14.04M | 9.83M | 8.86M | 7.73M | 7.4M | 7.29M | 6.58M | 6.36M | 8.05M | 9.86M | 13.27M | 12.73M | 11.26M | 1.35M | 385.77K | 48.75K |
| OpEx % of Revenue | - | 8.41% | 8.56% | 7.82% | 8.04% | 11.47% | 8.25% | 5.07% | 5.7% | 5.27% | 4.69% | 5.64% | 6.81% | 7.4% | 9.04% | 9.25% | 5.83% | 10.55% | 4.73% | - | - |
| Selling, General & Admin | 27.21M | 34.56M | 30.12M | 23.78M | 15.88M | 14.04M | 9.83M | 8.86M | 7.73M | 7.4M | 7.29M | 6.58M | 6.36M | 8.05M | 9.86M | 13.27M | 12.73M | 11.26M | 1.35M | 337.22K | 18.75K |
| SG&A % of Revenue | - | 8.41% | 8.56% | 7.82% | 8.04% | 11.47% | 8.25% | 5.07% | 5.7% | 5.27% | 4.69% | 5.64% | 6.81% | 7.4% | 9.04% | 9.25% | 5.83% | 10.55% | 4.73% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 18.1M | 4.22M | 19.84M | 13.04M | 6.49M | -1.12M | 3.67M | 3.82M | 3.92M | 382.15K | 6.9M | 4.28M | 2.16M | 1.97M | -37.95M | -6.43M | 11.64M | -7.18M | 3.34M | -385.77K | -48.75K |
| Operating Margin % | 3.87% | 1.03% | 5.64% | 4.29% | 3.29% | -0.92% | 3.08% | 2.19% | 2.89% | 0.27% | 4.44% | 3.66% | 2.31% | 1.81% | -34.81% | -4.48% | 5.33% | -6.72% | 11.7% | - | - |
| Operating Income Growth % | - | -78.75% | 52.15% | 100.79% | 678.04% | -130.61% | -4% | -2.52% | 926.06% | -94.47% | 61.33% | 98.55% | 9.53% | 105.19% | -490.37% | -155.23% | 262.19% | -315.02% | 965.03% | -691.26% | - |
| EBITDA | 29.25M | 17.24M | 28.81M | 20.84M | 12.51M | 3.77M | 8.07M | 7.98M | 8.13M | 3.62M | 9.41M | 7.57M | 5.54M | 6.21M | -32.1M | -533.96K | 17.76M | -1.27M | 3.89M | -3M | -225.93K |
| EBITDA Margin % | 6.26% | 4.2% | 8.19% | 6.85% | 6.33% | 3.08% | 6.77% | 4.57% | 6% | 2.57% | 6.05% | 6.48% | 5.94% | 5.7% | -29.44% | -0.37% | 8.13% | -1.19% | 13.62% | - | - |
| EBITDA Growth % | 72.14% | -40.16% | 38.24% | 66.67% | 231.8% | -53.27% | 1.06% | -1.84% | 124.74% | -61.55% | 24.26% | 36.66% | -10.75% | 119.34% | -5911.72% | -103.01% | 1499.96% | -132.64% | 229.56% | -1227.24% | - |
| D&A (Non-Cash Add-back) | 11.27M | 13.03M | 8.98M | 7.81M | 6.01M | 4.89M | 4.4M | 4.16M | 4.21M | 3.24M | 2.5M | 3.29M | 3.38M | 4.24M | 5.85M | 5.89M | 6.12M | 5.91M | 548.09K | -2.61M | -177.17K |
| EBIT | 17.79M | 4.07M | 35.71M | 12.78M | 7M | -213.65K | 4.06M | 4.03M | 4.34M | 365.3K | 7.01M | 4.47M | 2.2M | 2.49M | -37.92M | -6.4M | 11.99M | -7.17M | 3.34M | 2.23M | 128.42K |
| Net Interest Income | -3.17M | -3.21M | -2.19M | -2.41M | -987.11K | -416.35K | -432.91K | -1.01M | -784.33K | -833.42K | -875.25K | -759.8K | -840.78K | -1.74M | -1.92M | -1.82M | -1.79M | -1.57M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 196 | 576 | 286.64K | 53.33K | 58.02K | 132.34K | 0 | 0 | 1.28K | 1.19K | 1.37K | 2.53K | 2.57K | 56.44K | 57.67K | 0 | 0 | 0 |
| Interest Expense | 3.17M | 3.21M | 2.19M | 2.41M | 987.69K | 702.99K | 486.25K | 1.06M | 916.67K | 833.42K | 875.25K | 761.08K | 841.98K | 1.74M | 1.93M | 1.82M | 1.84M | 1.62M | 0 | 0 | 0 |
| Other Income/Expense | -3.47M | -3.35M | 13.69M | -2.66M | -479.65K | 206.56K | -93.45K | -860.93K | -502.01K | -850.27K | -765.05K | -568.35K | -794.89K | -1.22M | -1.9M | -1.79M | -1.49M | -1.62M | 1.48M | 2.61M | 177.17K |
| Pretax Income | 14.62M | 864.88K | 33.52M | 10.38M | 6.01M | -916.65K | 3.58M | 2.96M | 3.42M | -468.12K | 6.14M | 3.71M | 1.36M | 748.16K | -39.84M | -8.22M | 10.14M | -8.79M | 4.81M | 2.23M | 128.42K |
| Pretax Margin % | 3.13% | 0.21% | 9.53% | 3.41% | 3.04% | -0.75% | 3% | 1.7% | 2.52% | -0.33% | 3.95% | 3.18% | 1.46% | 0.69% | -36.55% | -5.73% | 4.65% | -8.23% | 16.88% | - | - |
| Income Tax | 4.17M | 485.17K | 8.42M | 2.98M | 2.26M | -29.13K | 1.14M | 968.57K | 910.03K | -80.37K | 2.9M | 1.6M | -2.34M | -1.32M | 1.55M | -2.95M | 4.37M | -2.87M | 2M | 846K | 41K |
| Effective Tax Rate % | 28.54% | 56.1% | 25.11% | 28.67% | 37.63% | 3.18% | 31.97% | 32.71% | 26.62% | 17.17% | 47.2% | 43.04% | -172.13% | -176.28% | -3.89% | 35.83% | 43.1% | 32.65% | 41.59% | 37.99% | 31.93% |
| Net Income | 10.45M | 379.71K | 25.11M | 7.4M | 3.75M | -887.52K | 2.43M | 1.99M | 2.51M | -387.76K | 3.24M | 2.14M | 3.65M | 3.57M | -48.52M | -5.28M | 5.77M | -5.92M | 2.81M | 1.38M | 87.42K |
| Net Margin % | 2.24% | 0.09% | 7.13% | 2.43% | 1.9% | -0.72% | 2.04% | 1.14% | 1.85% | -0.28% | 2.08% | 1.83% | 3.91% | 3.28% | -44.51% | -3.68% | 2.64% | -5.55% | 9.86% | - | - |
| Net Income Growth % | 273.9% | -98.49% | 239.19% | 97.35% | 522.56% | -136.48% | 22.08% | -20.57% | 747.06% | -111.96% | 51.43% | -41.33% | 2.18% | 107.36% | -819.72% | -191.4% | 197.48% | -310.65% | 103.55% | 1479.8% | - |
| Net Income (Continuing) | 10.45M | 379.71K | 25.11M | 7.4M | 3.75M | -887.52K | 2.43M | 1.99M | 2.51M | -387.76K | 3.24M | 2.11M | 3.7M | 2.07M | -41.4M | -5.28M | 5.77M | -5.92M | 2.81M | 1.38M | 87.42K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.56 | 0.02 | 1.51 | 0.44 | 0.23 | -0.09 | 0.12 | 0.10 | 0.14 | -0.03 | 0.17 | 0.10 | 0.18 | 0.24 | -3.36 | -0.44 | 0.48 | -0.49 | 0.21 | 0.11 | 0.01 |
| EPS Growth % | 273.4% | -98.49% | 243.18% | 91.3% | 355.56% | -175% | 24.74% | -31.29% | 614.71% | -116% | 70% | -44.44% | -25% | 107.14% | -663.64% | -191.67% | 197.96% | -333.33% | 90.91% | - | - |
| EPS (Basic) | - | 0.02 | 1.52 | 0.44 | 0.23 | -0.09 | 0.15 | 0.12 | 0.14 | -0.03 | 0.21 | 0.13 | 0.23 | 0.25 | -3.36 | -0.44 | 0.48 | -0.49 | 0.26 | 0.13 | 0.01 |
| Diluted Shares Outstanding | 18.66M | 16.69M | 16.6M | 16.67M | 16.32M | 13.62M | 17.24M | 17.5M | 17.67M | 14.24M | 17.67M | 17.67M | 17.8M | 14.92M | 14.45M | 12.11M | 12.1M | 12.09M | 13.37M | 12.69M | 11.97M |
| Basic Shares Outstanding | 18.62M | 16.64M | 16.57M | 16.65M | 16.32M | 13.62M | 13.8M | 14.06M | 17.6M | 14.22M | 14.24M | 14.24M | 14.39M | 14.46M | 14.45M | 12.11M | 12.09M | 12.09M | 10.92M | 10.75M | 10.75M |
| Dividend Payout Ratio | - | 396.15% | 3.96% | 11.26% | - | - | 28.61% | - | - | - | 21.45% | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ESOA stock.
For fiscal year 2025, Energy Services of America Corporation (ESOA) reported total revenue of $411.0M.
Energy Services of America Corporation (ESOA) is profitable, generating $0.4M in net income for the fiscal year ending 2025 with a net profit margin of 0.1%.
Energy Services of America Corporation (ESOA) reported an operating income of $4.2M, resulting in an operating profit margin of 1.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Energy Services of America Corporation (ESOA) generated $38.8M in gross profit for the year, representing a gross profit margin of 9.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Extreme margin sensitivity
Metrics are mathematically derived from official filings.
Revenue Growth Lacks Margin Conversion
According to reported financial statements, ESOA achieved a 16.8% year-over-year revenue growth trend, yet this top-line expansion appears disconnected from operational profitability, suggesting that the company is prioritizing market share acquisition over the realization of sustainable, high-margin project outcomes within the competitive Appalachian energy infrastructure sector.
While the double-digit revenue growth indicates successful bidding and strong regional demand, the inability to scale net income alongside this volume suggests that the company may be absorbing higher execution costs. Investors should monitor whether this growth is driven by lower-margin, fixed-price contracts that offer little protection against inflationary pressures in labor and equipment.
Structural Margin Compression Risks Sustainability
As indicated by the most recent quarterly data, gross margins have compressed to 11.0%, reflecting a precarious operational environment where the company's thin 0.2% net margin leaves virtually no buffer for project delays, cost overruns, or the inherent volatility of the Appalachian Basin's energy construction market.
The structural reliance on low-margin, project-based work appears to limit the company's ability to generate consistent bottom-line returns. This profile suggests that even minor fluctuations in input costs or regional regulatory hurdles could rapidly shift the company into a net loss position, as evidenced by the negative margins observed in previous periods.
Operating Leverage Remains Elusive Performance
Based on the provided income statement data, ESOA's operating income has failed to scale proportionally with revenue, as SG&A expenses remain a persistent drag on the bottom line, indicating that the company has yet to achieve the necessary economies of scale to improve its operating leverage.
The lack of meaningful operating margin expansion during periods of revenue growth suggests that the company's cost structure is highly variable and potentially inefficient. Without a shift toward higher-value service offerings, the company may continue to struggle with high overhead relative to its thin gross profit generation.
Margin Volatility Challenges Growth Narrative
A critical review of the income statement reveals that ESOA's profitability is highly inconsistent, with net margins swinging from 20.4% in 2024Q3 to -8.9% in 2025Q2, which suggests that the company's earnings quality is heavily dependent on project-specific timing rather than stable, recurring operational performance.
Short-sellers would likely focus on the extreme volatility in quarterly earnings as evidence of poor project management or aggressive revenue recognition practices. The reliance on percentage-of-completion accounting warrants further investigation, as management's estimates of total project costs appear to be the primary driver of these significant, unpredictable swings in reported net income.