Does Liberty Energy Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores Liberty Energy Inc. (LBRT) 41.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 9, returns on capital 65, balance-sheet safety 50, capital discipline 44.

Is LBRT stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $21.23 per share versus a recent price of $23.84 — 12% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has LBRT's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 41.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

Liberty Energy Inc.

LBRT · Materials · $3.9B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power9

Median gross margin 21.1% over 10y, variable.

Returns on capital65

Median ROIC 15.1%, above the 9% hurdle in 60% of years.

Balance-sheet safety50

Net debt/EBITDA 0.4x, interest coverage 2x.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

12% above value

Owner earnings (normalized): $316.0M
Est. intrinsic value / share: $21.23
Recent price: $23.84
Discount to value: 12% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

11 years of fundamentals

The business, in plain English

Liberty Energy Inc. booked $4.0B of revenue in FY2025 in the Materials sector and kept 20.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, 3.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $356.9M (FY2016) to $4.0B (FY2025) — about 30.8% a year compounded over 9 years.

It earned 2.4% on invested capital in FY2025, with a median of 15.1% across 10 filed years. The Returns on Capital filter above scores it 65/100.

The balance sheet carried $246.6M of total debt in FY2025 against $147.9M of owner earnings — roughly 1.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 50/100.

The share count rose 40.3% between FY2018 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 44/100.

Put together: Returns on Capital is the strongest of the four filters (65/100) and Pricing Power the weakest (9/100), which is how LBRT lands at 41/100 — a Shallow 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.

RevenueSales, as filed$4.0B FY2025

Gross marginRevenue kept after cost of goods20.9% FY2025

Return on invested capitalOperating profit on the capital employed2.4% FY2025

Owner earningsCash an owner could take out$147.9M FY2025

Gaps in a line mean that item isn’t in LBRT’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.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale41.0 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

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

None yet — LBRT has read Shallow moat for every logged capture since Jul 17, 2026.

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

Materials context

#96 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#94CE CELANESE CORPORATION42.1 out of 100, Shallow moatShallow moat
#95OLPX OLAPLEX HOLDINGS, INC.42.1 out of 100, Shallow moatShallow moat
#97KOP KOPPERS HOLDINGS INC.40.9 out of 100, Shallow moatShallow moat
#98LODE COMSTOCK INC.40.8 out of 100, Shallow moatShallow moat

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

Common questions about LBRT

Does Liberty Energy Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores Liberty Energy Inc. (LBRT) 41.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 9, returns on capital 65, balance-sheet safety 50, capital discipline 44.
Is LBRT stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $21.23 per share versus a recent price of $23.84 — 12% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has LBRT's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 41.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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