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Mammoth Energy Services (TUSK)
NASDAQ:TUSK
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Mammoth Energy Services
(NASDAQ:TUSK)
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Rating:52Neutral
Price Target:
$2.00
▲(11.11% Upside)
Action:ReiteratedDate:03/07/26
The score is held back primarily by weak and volatile financial performance (persistent losses, sharp revenue contraction, and a 2025 cash flow reversal). Offsetting this is a constructive earnings outlook supported by a strong, debt-free liquidity position and specific growth/EBITDA targets, while technicals remain mixed and valuation lacks support due to negative earnings and no dividend.
Positive Factors
Debt-free balance sheet & liquidity
Quarter-end unrestricted cash of $121.6M and ~$158.3M total liquidity, plus a debt‑free position, provide durable financial flexibility. This capital buffer funds targeted CapEx, absorbs execution volatility, and supports management's >50% 2026 revenue growth target without adding leverage.
Material portfolio monetizations
Realizing ~$150M from four 2025 transactions shows the company can monetize non‑core assets and refocus the portfolio. Those proceeds materially expand strategic optionality, fund targeted investments in growth areas, and reduce legacy operational drag without relying on external financing.
Aviation platform expansion & rental growth
Significant investment into aviation (fleet to 26 assets, monthly revenue up to $1.0M) and strong rental revenue growth create recurring, utilization‑driven cash flows. This builds a more resilient rental segment that diversifies away from cyclical sand/drilling exposure and supports scalable margin improvement.
Negative Factors
Persistent losses & cash flow reversal
The company has posted persistent net losses and a sharp revenue contraction; operating cash flow flipped from positive in 2024 to negative in 2025 with deeply negative free cash flow. These structural earnings and cash‑generation weaknesses undermine return on capital and constrain reinvestment capacity.
Execution and cost-control failures (fiber)
Q4 execution and cost‑control shortfalls, including fiber‑related margin compression and top‑down management changes, reflect deeper operational risks. Persistent project overruns, higher equipment and insurance costs, and oversight gaps can delay margin recovery and impede conversion of revenue to sustainable EBITDA.
Concentrated CapEx & underinvestment in legacy segments
Heavy 2025 CapEx focus on aviation while drilling and sand saw underinvestment left operations idled and caused poor fixed‑cost absorption. That capital skew contributed to severe sand/drilling revenue declines and structural margin pressure; balanced reinvestment is required to normalize segment profitability.
Mammoth Energy Services (TUSK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$104.45M
Dividend YieldN/A
Average Volume (3M)288.94K
Price to Earnings (P/E)―
Beta (1Y)0.54
Revenue Growth-21.67%
EPS Growth60.44%
CountryUS
Employees639
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)-0.26
Shares Outstanding48,358,315
10 Day Avg. Volume502,892
30 Day Avg. Volume288,935
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.35
Price to Sales (P/S)2.02
P/FCF Ratio-0.99
Enterprise Value/Market Cap0.04
Enterprise Value/Revenue0.04
Enterprise Value/Gross Profit-1.48
Enterprise Value/Ebitda-0.26
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.05
Revenue Forecast (FY)$210.12M
Mammoth Energy Services Business Overview & Revenue Model
Company DescriptionMammoth Energy Services (TUSK) is a diversified energy services company that operates primarily in the oil and gas sector. The company provides a wide range of services including pressure pumping, logistics, and other ancillary services that support drilling and completion operations. Mammoth also engages in renewable energy projects, particularly in the area of infrastructure development, thereby expanding its footprint in the evolving energy landscape.
How the Company Makes MoneyMammoth Energy Services generates revenue through several key streams, primarily by offering specialized services to oil and gas producers. Its revenue model is driven by contract-based agreements for pressure pumping services, which involve hydraulic fracturing and cementing operations. Additionally, the company earns income from its logistics services, which facilitate the transportation and management of equipment and materials necessary for energy production. Significant partnerships with major energy companies enhance its service offerings and provide stable revenue opportunities. Furthermore, Mammoth's involvement in renewable energy projects contributes to its growth, tapping into the increasing demand for sustainable energy solutions, thereby diversifying its income sources.
Mammoth Energy Services Key Performance Indicators (KPIs)
Any
Adjusted EBITDA by Segment
Shows each segment’s operating profit after removing one-time items and accounting differences, highlighting which businesses generate the most cash profit and where margins are strongest or weakest. Helps evaluate operational efficiency, capital-allocation priorities and how vulnerable Mammoth is to downturns in drilling and production activity.
Shows each segment’s operating profit after removing one-time items and accounting differences, highlighting which businesses generate the most cash profit and where margins are strongest or weakest. Helps evaluate operational efficiency, capital-allocation priorities and how vulnerable Mammoth is to downturns in drilling and production activity.
Data provided by:
The Fly
The FlyMammoth Energy Services Earnings Call Summary
Earnings Call Date:Mar 06, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but constructive picture: strong balance sheet, meaningful proceeds from asset sales, and a deliberate, well-funded pivot into aviation that is already producing revenue momentum are notable positives. However, Q4 saw material execution and cost-control failures (notably in fiber, sand, and drilling) that produced significant adjusted EBITDA and net losses, and there is acknowledged underinvestment in certain segments that must be corrected. Management has outlined concrete corrective actions, additional targeted CapEx, and a public goal of returning to positive EBITDA in 2026 and mid-teens margins by 2027. Given substantial liquidity and a clear remediation plan but near-term performance and profitability risks, the overall tone is cautiously balanced between opportunity and execution risk.Q4-2025 Updates
Positive Updates
Portfolio Monetization and Significant Proceeds
Completed four major transactions in 2025 generating approximately $150,000,000 of proceeds (sales of transmission & distribution and engineering businesses; exits of pressure pumping equipment and a sand mine), demonstrating ability to realize value and refocus the portfolio.
Strong Liquidity and Debt-Free Balance Sheet
Quarter-end unrestricted cash, cash equivalents, and marketable securities of $121,600,000 and total liquidity of approximately $158,300,000 including an undrawn credit facility; company is debt free, providing flexibility to invest and absorb near-term volatility.
Material Aviation Platform Expansion and CapEx Investment
Deployed more than $65,000,000 into aviation in 2025; Q4 CapEx of $25,900,000 (nearly all aviation); full-year CapEx ~ $70,000,000 primarily directed to aviation. Aviation fleet grew to 26 assets (16 on lease at quarter-end) and monthly revenue nearly doubled from $600,000 in December to $1,000,000 in January with an estimated run-rate potential of ~$1,600,000/month when fully utilized.
Strong Rental Segment Growth
Rental revenue of $3,300,000 in Q4, up 19% sequentially and 179% year-over-year; aviation rentals increased ~23% sequentially; non-aviation rental revenue increased 18% sequentially and assets on rent rose ~15% sequentially to ~328 pieces, reflecting improving utilization.
Infrastructure and Accommodations Top-Line Momentum
Infrastructure revenue of $1,200,000 in Q4, up 44% sequentially and 231% year-over-year (driven by grid, broadband and data-center work); accommodations revenue of $2,800,000 in Q4, up 24% sequentially and 19% year-over-year, and occupancy rose ~25%.
SG&A Reduction and Ongoing Cost Rationalization
SG&A during the quarter was $5,700,000, down from $6,900,000 in 2024 (approximately 17% YoY decline; ~22% decline on a normalized basis excluding PREPA bad debt), reflecting progress on cost structure work.
Post-Quarter Asset Monetization
Subsequent to quarter-end closed sale of an Ohio property related to prior pressure pumping operations generating $4,600,000 net proceeds, consistent with continued value realization efforts.
Negative Updates
Consolidated Revenue Decline and Material Q4 Losses
Total Q4 revenue of $9,500,000 was down 13% sequentially and 6% year-over-year; full-year 2025 revenue $44,300,000 was down ~3% versus 2024. Q4 net loss from continuing operations was $12,300,000 (loss per diluted share $0.26 versus $0.20 prior-year Q4) and adjusted EBITDA loss from continuing operations was $(6,800,000) versus $(6,000,000) prior-year period.
Execution and Cost Control Shortfalls
Management conceded Q4 EBITDA was below expectations due to execution and cost control issues (not demand), citing higher equipment rental and insurance costs, and indicated targeted corrective actions are underway.
Fiber Operations Causing Margin Compression
Infrastructure profitability was materially impacted by execution challenges in the fiber business, prompting top-down management changes and tighter project oversight; company expects an 'EBITDA overhang' on this business through 2026.
Severe Sand and Drilling Revenue Declines
Sand revenue declined to $1,700,000 in Q4, down 37% sequentially and down 67% year-over-year. Drilling revenue declined to $500,000 in Q4, down 80% sequentially and down 38% year-over-year, reflecting sharp utilization and volume headwinds.
Fixed Cost Absorption and Idled Operations Dragging Margins
Cost of services decreased at a slower pace than activity in Sand and Drilling, causing margin compression due to reduced utilization and poor fixed-cost absorption; the 'Other' segment was fully idled producing no revenue but only partial cost reductions that created an unavoidable profitability drag.
High Concentration of CapEx in Aviation and Prior Underinvestment Elsewhere
Nearly all 2025 CapEx (~$70,000,000) was directed to aviation, while little capital was invested in drilling, sand, accommodations, or infrastructure—management acknowledges prior underinvestment contributed to operational and cost issues and plans ~ $11,000,000 non-aviation CapEx in 2026 to address inefficiencies.
Near-Term Profitability Uncertainty Despite Growth Targets
While management projects >50% revenue growth in 2026 (driven by aviation and utilization) and targets positive EBITDA and mid-teens margins by 2027, current run-rate includes significant losses and stated execution risks that create uncertainty whether growth will convert to near-term profitability.
Company Guidance
The company guided to greater than 50% revenue growth in 2026 versus 2025, driven primarily by a full year of aviation at higher utilization and improved asset utilization across oil & gas segments; aviation monthly revenue nearly doubled from $600k in December to $1.0M in January and the portfolio can generate roughly $1.6M per month when fully utilized, with 26 aviation assets (15 at the end of Q3 plus 11 added in Q4), 16 of which were on lease at quarter-end and the remainder expected to be leased in 2026. Management expects to return to positive EBITDA in 2026 and to achieve mid‑teens EBITDA margins and positive free cash flow in 2027, will target ~ $11.0M of non‑aviation CapEx in 2026 (after ~ $70.0M total CapEx in 2025 and $25.9M in Q4 2025, nearly all aviation), and plans targeted investments in drilling (add motor and MWD capacity, upgrade power sections in H1) and other segments to improve conversion of revenue to EBITDA; operational indicators include non‑aviation rental assets on rent up 15% sequentially to ~328 pieces and accommodations occupancy up 25%. The balance sheet headroom supporting this plan includes $121.6M of unrestricted cash, ~$158.3M total liquidity including an undrawn credit facility, a debt‑free position, and ongoing monetizations (e.g., $4.6M Ohio property sale).Mammoth Energy Services Financial Statement Overview
Summary
Overall fundamentals are mixed: the balance sheet is strong with low/decreasing leverage and sizable equity, but operating performance is weak with sharp revenue contraction and persistent net losses, and cash flow turned from strong in 2024 to negative operating and deeply negative free cash flow in 2025.Income Statement
Profitability is weak and volatile. Revenue has contracted sharply, including a steep decline in 2025 (annual) after multiple years of softness, and earnings remain deeply negative with net losses in every year shown. Margins briefly improved in 2022–2023 (positive gross profit and positive EBITDA), but the business deteriorated again in 2024–2025 with very large losses and negative EBITDA, indicating significant operating pressure and limited earnings stability.18
Very Negative
Balance Sheet
Leverage is low and improving, with total debt falling materially over time and debt-to-equity dropping to a very conservative level by 2025 (annual). Equity remains sizable relative to assets, providing balance sheet flexibility. The key weakness is returns: losses drive consistently negative returns on equity, so despite a strong capital structure, the company is not currently generating acceptable profitability on shareholder capital.72
Positive
Cash Flow
Cash generation is inconsistent. 2024 (annual) showed strong positive operating cash flow and solid free cash flow, but 2025 (annual) reversed to negative operating cash flow and deeply negative free cash flow, signaling a sharp deterioration in underlying cash earnings and/or working-capital dynamics. Overall, cash flow volatility increases financial risk even with low leverage.34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 44.29M | 187.93M | 309.49M | 362.09M | 228.96M |
| Gross Profit | -8.56M | -7.90M | 16.54M | 19.23M | -47.84M |
| EBITDA | -17.84M | -168.25M | 70.44M | 88.77M | -39.41M |
| Net Income | -63.76M | -207.33M | -3.16M | -619.00K | -101.43M |
Balance Sheet | |||||
| Total Assets | 334.89M | 384.03M | 698.48M | 724.68M | 720.89M |
| Cash, Cash Equivalents and Short-Term Investments | 121.62M | 60.97M | 16.56M | 17.28M | 11.66M |
| Total Debt | 3.45M | 18.03M | 63.26M | 120.20M | 115.44M |
| Total Liabilities | 76.61M | 131.21M | 238.38M | 262.06M | 257.67M |
| Stockholders Equity | 258.29M | 252.82M | 460.10M | 462.62M | 463.22M |
Cash Flow | |||||
| Free Cash Flow | -90.13M | 163.65M | 11.99M | 2.53M | -24.71M |
| Operating Cash Flow | -19.57M | 180.72M | 31.39M | 15.27M | -18.86M |
| Investing Cash Flow | 54.55M | -10.43M | -8.79M | -2.12M | 5.51M |
| Financing Cash Flow | -4.29M | -112.11M | -15.59M | -5.60M | 8.43M |
Mammoth Energy Services Technical Analysis
Negative
1.80
Price Trends
2.25
Negative
2.11
Positive
2.31
Negative
Market Momentum
-0.02
Positive
44.08
Neutral
30.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TUSK, the sentiment is Negative. The current price of 1.8 is below the 20-day moving average (MA) of 2.30, below the 50-day MA of 2.25, and below the 200-day MA of 2.31, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.08 is Neutral, neither overbought nor oversold. The STOCH value of 30.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TUSK.
Mammoth Energy Services Risk Analysis
Mammoth Energy Services disclosed 70 risk factors in its most recent earnings report. Mammoth Energy Services reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Mammoth Energy Services Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $141.32M | 22.76 | 35.58% | ― | 13.70% | -13.35% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | $505.61M | 64.24 | 0.63% | ― | 15.71% | ― | |
52 Neutral | $104.45M | -1.40 | -30.03% | ― | -21.67% | 60.44% | |
52 Neutral | $609.38M | -1.54 | -13.99% | 1.90% | 32.39% | -19.35% | |
50 Neutral | $455.18M | ― | -40.36% | 20.53% | -15.85% | -59.42% | |
47 Neutral | $63.24M | -1.26 | -25.53% | ― | -9.85% | -11.65% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.