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Atlas Energy Solutions Inc.

AESI · Materials · $1.5B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat
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The five investor questions

50

2023–2025 (latest 3 aligned FYs; v3 window cap 5): revenue $614M to $1.1B, increasing; diluted EPS 1.48 to -0.41, decreasing.

34

Median gross margin 37.2% over 5y, variable.

43

Median ROIC 11.6%, above the 12% hurdle in 40% of years.

2

Net debt/EBITDA 3.9x, interest coverage 0x.

44

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
123% above value if growth stopped today
$59.9M
$5.37
$5.37
$11.96
123% above value if growth stopped today

What today’s price assumes: owner earnings growing ~17%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

6 years of fundamentals

The business, in plain English

Atlas Energy Solutions Inc. booked $1.1B of revenue in FY2025 in the Materials sector and kept 13.8% of it as gross profit — a thin-margin business by that measure. After every other cost, −4.6% of each revenue dollar reached the bottom line.

It earned −0.5% on invested capital in the latest filed year, FY2025. Across the full 5-year measurable filed record, median ROIC was 11.6%. Over the v3 recent window (5 measurable filed years), median ROIC was 11.6%. The Returns on Capital filter above scores it 43/100.

The balance sheet carried $579M of total debt in FY2025. Balance-Sheet Safety scores it 2/100.

Put together: Business Trend is the strongest of the five filters (50/100) and Balance-Sheet Safety the weakest (2/100), which is how AESI lands at 35/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2020–FY2025 · 6 fiscal years, normalized from AESI’s SEC filings

Sales, as filed$1.1B FY2025
$0$500M$1B2020202220242025
Revenue kept after cost of goods13.8% FY2025
0%20%40%2020202220242025
Standard ROIC or separately labeled Operating ROICROIC −0.5% FY2025
0%20%2020202220242025
Cash an owner could take out−$38.4M FY2025
$0$100M$200M2020202220242025

Gaps in a line mean that item isn’t in AESI’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Atlas Energy Solutions Inc. makes its money

Atlas Energy Solutions Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$1.1B100%
$151M14%
−$10.9M−1%
Income before tax−$68.2M−6%
Income tax−$17.9M−2%
−$50.3M−5%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What Atlas Energy Solutions Inc. owns — and owes

Atlas Energy Solutions Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$2.2B100%
$579M26%
Stockholders’ equity$1.2B54%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Atlas Energy Solutions Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−4%Tax burden74%net income ÷ pretax incomeInterest burden625%pretax ÷ operating incomeOperating margin−1%operating income ÷ revenueAsset turnover0.52×revenue ÷ average assetsEquity multiplier1.87×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$50.3MFY2025
Income before tax−$68.2MFY2025
Operating income−$10.9MFY2025
$1.1BFY2025
Ending assets$2.2BFY2025
Beginning assets$2.0BFY2024
$1.2BFY2025
$1.0BFY2024
Source:
  • SEC filingFiling detailsAccession 0001193125-26-067145
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where Atlas Energy Solutions Inc.'s cash went

Atlas Energy Solutions Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$117M100%
Depreciation and amortization$160M136%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Atlas Energy Solutions Inc.

Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalUnavailableComparison unavailableFiling unavailable
Akre CapitalUnavailableComparison unavailableFiling unavailable
Baupost GroupUnavailableComparison unavailableFiling unavailable
Berkshire HathawayUnavailableComparison unavailableFiling unavailable
Brave Warrior AdvisorsUnavailableComparison unavailableFiling unavailable
Dodge & CoxUnavailableComparison unavailableFiling unavailable
First EagleUnavailableComparison unavailableFiling unavailable
FundsmithUnavailableComparison unavailableFiling unavailable
Gardner Russo & QuinnUnavailableComparison unavailableFiling unavailable
Gates Foundation TrustUnavailableComparison unavailableFiling unavailable
Mairs & PowerUnavailableComparison unavailableFiling unavailable
Markel / Markel-GaynerUnavailableComparison unavailableFiling unavailable
Oakmark / Harris AssociatesUnavailableComparison unavailableFiling unavailable
Pershing SquareUnavailableComparison unavailableFiling unavailable
Polen CapitalUnavailableComparison unavailableFiling unavailable
Sequoia / Ruane CunniffUnavailableComparison unavailableFiling unavailable
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable
Yacktman Asset ManagementUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source unavailable · event Mar 31, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Atlas Energy Solutions Inc. insiders reported

Records still being gathered — partial as of retrieval Aug 11, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

12 logged readings since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale34.6 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 11, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for AESI; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved .

Track record

How Atlas Energy Solutions Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2023–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored AESI on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score61152Indexed price · log scale (2024 = 100)2023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 1 year AESI rated Wide-moat (2024), the median forward total return that followed — measured only after each year’s filings were public — was:

  • 1 year −55% vs the S&P 500’s 17% (price basis) · median over 1 year
  • 3 years None of the 1 year it rated Wide has a fully elapsed 3-year window with a benchmark to compare against yet.
  • 5 years None of the 1 year it rated Wide has a fully elapsed 5-year window with a benchmark to compare against yet.

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Materials context

#193 of 309 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #191MUX McEWEN INC.34.6No moat
  2. #192CBUS Cibus, Inc.34.6No moat
  3. #194LXFR LUXFER HOLDINGS PLC34.3No moat
  4. #195COPR IDAHO COPPER CORPORATION34.3No moat

Compare AESI with its nearest peers →All Materials companies on the Index →

Common questions about AESI

Does Atlas Energy Solutions Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Atlas Energy Solutions Inc. (AESI) 34.6 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 50, pricing power 34, returns on capital 43, balance-sheet safety 2, capital allocation 44.
Is AESI trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $5.37 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $11.96, that is 123% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has AESI's Moat Score changed over time?
The record logs 12 readings since Jul 18, 2026; the latest reads 34.6 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AESI. See the disclaimer.