One-glance verdict
Undervalued
$75.35 our estimate vs market $3.17
96% below our estimate, below the bear case
Fundamentals snapshot
Mammoth Energy Services, Inc.
TUSK · NMS · Industrials · Conglomerates
Current price
$3.17
52-week range
$1.72 - $3.92
Market cap
$152.32M
Balance sheet
Healthy
-2.96x Concerning
Net cash $72.01M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Free cash flow was positive in 3/10 years.
- Risk Return on equity was -8.2% last year — the company lost money on shareholders' equity.
- Risk Operating margin compressed from -5.6% to -7.7% over 3 years.
What this company does
Mammoth Energy Services, Inc.
Mammoth Energy Services provides the essential crews and equipment for two major parts of the energy sector: helping oil and gas companies complete new wells and helping utility companies build and repair the electrical grid. A large part of its revenue (the total money a company makes from sales) comes from these well completion services, which includes fracking, and from infrastructure projects like rebuilding power lines after storms. This means the company's health is closely tied to both the demand for new oil production and the ongoing need for reliable electricity.
How the company got here
Mammoth Energy Services was formed in 2014 by combining several energy service companies. It initially focused on providing a wide range of services to oil and gas companies. A key turning point was its large-scale work to rebuild Puerto Rico's power grid after Hurricane Maria, a project that ended in a bribery scandal involving a subsidiary. In 2025, the company underwent a major restructuring, selling off several of its infrastructure and engineering businesses to strengthen its financial position and shift its focus.
What it actually does
Mammoth Energy Services is a company that provides a variety of support services to both the energy and electric utility industries in North America. Think of them as a specialized contractor that other companies hire for specific, heavy-duty jobs. They help oil and gas companies get resources out of the ground and also help build and repair the electrical grids that power our homes and businesses. The company also rents out specialized equipment, including aircraft, and provides temporary housing for work crews in remote areas.
Well Completion Services
This part of the business helps oil and gas producers finish building new wells so they can start pumping oil or gas. A key service here is hydraulic fracturing, or 'fracking,' which involves pumping a mix of water, sand, and chemicals into the ground to release energy resources. Mammoth handles this process and also transports the large amounts of sand and water needed for the job. This segment's customers are the oil and natural gas production companies.
Infrastructure Services
This division focuses on the electricity grid, which is the network of power lines and equipment that brings electricity to consumers. They build, maintain, and repair the high-voltage transmission lines and local distribution systems that power communities. A significant part of this work involves storm restoration, where crews are sent to fix power grids damaged by severe weather. The customers for these services are typically large utility companies.
Natural Sand Proppant Services
This segment is essentially in the sand business, but for a very specific purpose. It mines and processes a special kind of sand, called proppant, which is a crucial ingredient for hydraulic fracturing. This sand 'props' open the tiny cracks made during the fracking process, allowing oil and gas to flow out. Mammoth sells this sand to oil and gas exploration companies and other service providers.
Other Services
This category includes a mix of different businesses that support the energy industry. A growing part of this is aviation rentals, where the company leases helicopters and small airplanes to other businesses. It also offers equipment rentals (like cranes and generators), remote housing for workers, and specialized drilling support. This collection of services provides multiple ways for the company to earn money from its energy and construction customers.
What management is betting on now
Following a major restructuring in 2025, Mammoth's management is focusing on strengthening the company's finances and investing in areas with higher potential returns. A key part of this strategy is expanding its aviation rental business, which they see as a scalable, high-growth opportunity. The company is also focused on reducing costs and improving operational execution to become more efficient and profitable. By selling off some business units, they have built up a significant cash position to invest in these new priorities.
Price history
How the share price has moved
—
Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-3.12M
FY2024 Q4
$130.52M
FY2025 Q1
$-4.52M
FY2025 Q2
$-32.62M
FY2025 Q3
$-16.57M
FY2025 Q4
$-35.41M
FY2026 Q1
$-14.74M
FY2026 Q2
$-50.95M
Revenue
$26.05M
Net income
$-760.00K
Diluted EPS
-0.01
Operating cash flow
$-6.99M
Free cash flow
$-50.95M
Fetching…
Sources
Revenue
$22.03M
Net income
$5.19M
Diluted EPS
0.11
Operating cash flow
$-3.03M
Free cash flow
$-14.74M
Fetching…
Sources
Revenue
$-49.38M
Net income
$8.90M
Diluted EPS
0.19
Operating cash flow
$-9.49M
Free cash flow
$-35.41M
Fetching…
Sources
Revenue
$14.80M
Net income
$-12.62M
Diluted EPS
-0.26
Operating cash flow
$730.00K
Free cash flow
$-16.57M
Fetching…
Sources
Revenue
$16.41M
Net income
$8.85M
Diluted EPS
0.18
Operating cash flow
$-12.52M
Free cash flow
$-32.62M
Fetching…
Sources
Revenue
$62.47M
Net income
$-537.00K
Diluted EPS
-0.01
Operating cash flow
$2.71M
Free cash flow
$-4.52M
Fetching…
Sources
Revenue
$53.20M
Net income
$-15.48M
Diluted EPS
-0.31
Operating cash flow
$141.42M
Free cash flow
$130.52M
Fetching…
Sources
Revenue
$40.02M
Net income
$-24.04M
Diluted EPS
-0.50
Operating cash flow
$-1.23M
Free cash flow
$-3.12M
Fetching…
Sources
Is it cheap or expensive?
Fair value $75.35 vs current price $3.17
Our most-likely fair value is $75.35 a share — about 2,280.9% above today's price of $3.17, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $72.0M - more cash than debt. Interest coverage -3.0x.
Net debt
$-72.01M
Interest coverage
-2.96x
Mammoth Energy Services, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
TUSK
BASELINE
Mammoth Energy Services, Inc.
Total debt $5.01M Interest coverage -2.96x This is the baseline the peer rows are being compared against.
Total debt $343.00M Interest coverage -0.67x Neither company has much profit cushion over interest right now.
Total debt $128.87M Interest coverage 0.01x This peer still has a real interest-payment cushion, while TUSK does not.
Total debt $49.10M Interest coverage 12.00x This peer still has a real interest-payment cushion, while TUSK does not.
Total debt $329.28M Interest coverage 3.26x This peer still has a real interest-payment cushion, while TUSK does not.
What you should know
The case for and against TUSK
1 Reward
2 Risks
Rewards
-
Free cash flow was positive in 3/10 years.
Risks
-
Return on equity was -8.2% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from -5.6% to -7.7% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-15.07x
P/B
0.58x
P/S
2.23x
EV/EBITDA
-10.43x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
16.5%
Operating margin
-7.7%
Net margin
1.0%
ROE
-8.2%
ROA
-3.6%
Health
Liquidity and balance-sheet strength
Debt / equity
0.02x
Current ratio
1.93x
Quick ratio
1.54x
Total debt
$5.01M
Total cash
$77.02M
Growth
How the business has been compounding
Revenue TTM
$13.50M
Revenue 5Y CAGR
-33.7%
EPS TTM
-0.45
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-18.78M
Free CF TTM
$-89.12M
FCF margin
-660.1%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
2019-05-09