Download PDF

1. Company Snapshot

1.a. Company Description

Mammoth Energy Services, Inc.operates as an energy service company.The company operates in four segments: Infrastructure Services, Well Completion Services, Natural Sand Proppant Services, and Drilling Services.


The Infrastructure Services segment offers a range of services on electric transmission and distribution, and networks and substation facilities, including engineering, design, construction, upgrade, maintenance, and repair of high voltage transmission lines, substations, and lower voltage overhead and underground distribution systems; storm repair and restoration services; and commercial services comprising installation, maintenance, and repair of commercial wiring.The Well Completion Services segment provides high-pressure hydraulic fracturing services to enhance the production of oil and natural gas from formations having low permeability, and sand hauling and water transfer services.The Natural Sand Proppant Services segment is involved in mining, processing, and selling natural sand proppant used for hydraulic fracturing; buying processed sand from suppliers on the spot market and reselling that sand; and providing logistics solutions to facilitate delivery of frac sand products.


The Drilling Services segment offers contract land and directional drilling services, as well as rig moving services.The company also offers other services, including aviation, coil tubing, pressure control, flowback, cementing, acidizing, equipment rental, crude oil hauling, full-service transportation, and remote accommodation services, as well as equipment manufacturing, and infrastructure engineering and design.It serves government-funded utilities, private and public investor owned utilities, co-operative utilities, independent oil and natural gas producers and land-based drilling contractors in the United States and Canada.


Mammoth Energy Services, Inc.was incorporated in 2016 and is headquartered in Oklahoma City, Oklahoma.

Show Full description

1.b. Last Insights on TUSK

Mammoth Energy Services' recent performance was negatively impacted by its transformation process, as the company continued to divest its former businesses. Although it made progress in strengthening its foundation, the sale of main businesses likely reduced revenue streams. Additionally, the company's aviation portfolio investments, although increased, may not provide immediate returns. The uncertain outcome of PREPA's bankruptcy proceedings, which owes Mammoth $20 million, also poses a risk. The company's cash position, projected to be $89 million by the end of 2025, may be affected by these developments.

1.c. Company Highlights

2. Mammoth Energy's Q3 2025 Earnings: A Mixed Bag

The company's financial performance in Q3 2025 was marked by a net loss from continuing operations of $12.1 million or $0.25 per diluted share, missing estimates of $-0.07. Adjusted EBITDA from continuing operations was a loss of $4.4 million, compared to a loss of $2.9 million in the prior year period. Revenue was $2.8 million in the Rentals segment, down 11% sequentially but up 24% year-over-year. The company's EPS came in at $-0.25, a significant miss from estimates. The current valuation metrics indicate a P/E Ratio of -4.35, a P/S Ratio of 0.58, and an EV/EBITDA of 0.69, suggesting that the market is pricing in significant growth.

Publication Date: Nov -24

📋 Highlights
  • Rentals Revenue Growth: Segment revenue reached $2.8M, up 24% YoY despite 11% sequential decline.
  • Aviation Demand: >80% rental activity tied to gas-weighted basins, aligned with AI-driven energy demand growth.
  • Accommodations Margin Expansion: Strong EBITDA growth driven by higher occupancy and cost efficiency.
  • Drilling Performance: Record gross margins and market share gains in key drilling sectors.
  • Balance Sheet Strength: $110.9M unrestricted cash and $153.4M liquidity to fund transformation and strategic investments.

Segment Performance

The Aviation segment performed well, with a full quarter of revenue and solid customer demand, driven by the potential in gas-weighted basins. The Accommodations segment also had a good quarter, with higher occupancy and improved cost efficiency leading to margin expansion and solid EBITDA growth. In contrast, the Sand operations faced another difficult quarter due to the divestiture of Piranha assets and non-recurring costs associated with railcar returns. As Mark Layton explained, the company has taken steps to reduce its railcar fleet by 30% and is seeing demand and pricing in the $20 range for 40-70 ton loads, which should help improve the segment's performance.

Balance Sheet and Cash Flow

The company's balance sheet remains strong, with $110.9 million of unrestricted cash, cash equivalents, and marketable securities, and total liquidity of approximately $153.4 million. The company is well-positioned to fund its ongoing transformation and pursue strategic opportunities. The cash inflows from escrow and land rigs are expected to provide additional liquidity, with $10 million remaining in escrow from the T&D transaction and $5 million to $10 million from land rigs held for sale.

Outlook and Valuation

Looking ahead, the company expects improved cash generation and margin recovery in 2026 as its transformation initiatives take hold. Analysts estimate revenue growth of 28.2% next year, which is a positive indicator. However, the current valuation metrics, including a P/E Ratio of -4.35 and an EV/EBITDA of 0.69, suggest that the market is pricing in significant growth. The company's ROE is -7.78%, and the Net Debt / EBITDA is 8.45, indicating a high level of debt. The Free Cash Flow Yield is 92.95%, which is a positive sign.

3. NewsRoom

Card image cap

Mammoth Energy Services: Aquawolf Sale Adds To Cash Position

Dec -06

Source: seekingalpha.com

Card image cap

Qualus Acquires Transmission and Distribution Engineering Subsidiary of Mammoth Energy

Dec -03

Source: businesswire.com

Card image cap

Head to Head Review: Mammoth Energy Services (NASDAQ:TUSK) versus Glori Energy (OTCMKTS:GLRI)

Dec -03

Source: defenseworld.net

Card image cap

Mammoth Energy Services, Inc. Announces Sale of Engineering Business

Dec -02

Source: prnewswire.com

Card image cap

Mammoth Energy Services, Inc. (TUSK) Q3 2025 Earnings Call Transcript

Oct -31

Source: seekingalpha.com

Card image cap

Mammoth Energy Services, Inc. Announces Third Quarter 2025 Operational and Financial Results

Oct -31

Source: prnewswire.com

Card image cap

Mammoth Energy Services: Increases Investments In Its Aviation Portfolio

Oct -18

Source: seekingalpha.com

Card image cap

Mammoth Announces Third-Quarter 2025 Conference Call

Oct -16

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.46%)

6. Segments

Well Completion

Expected Growth: 7.4%

The well completion market is driven by increasing demand for oil and gas, advancements in drilling technologies, and growing investments in exploration and production activities. The segment is expected to grow at a CAGR of 7.4% from 2023 to 2028, driven by the need for efficient well completion services to optimize hydrocarbon production.

Infrastructure

Expected Growth: 4.5%

Growing demand for well intervention and completion services, increasing oil and gas production, and expansion of shale plays drive growth in Mammoth Energy's infrastructure segment.

Sand

Expected Growth: 10.3%

Growing demand for frac sand in hydraulic fracturing, increasing oil and gas production, and rising adoption of horizontal drilling techniques drive the market growth.

All Other

Expected Growth: 4.5%

The All Other segment of Mammoth Energy Services, Inc. is expected to grow driven by increasing demand for equipment rentals and drilling and completion services, as well as expansion into new markets and geographic regions.

Drilling

Expected Growth: 4.8%

Increasing demand for oil and gas, coupled with advancements in drilling technologies, is expected to drive the growth of land-based contract drilling services in the United States.

7. Detailed Products

Well Completion Services

Mammoth Energy Services provides well completion services, including hydraulic fracturing, wireline services, and coiled tubing operations, to help oil and gas operators optimize well production.

Drilling Services

Mammoth Energy Services offers drilling services, including directional drilling, horizontal drilling, and wellbore placement, to help operators reach their drilling objectives.

Fracturing and Stimulation Services

Mammoth Energy Services provides fracturing and stimulation services, including hydraulic fracturing, acidizing, and cementing, to enhance oil and gas production.

Cementing Services

Mammoth Energy Services offers cementing services, including primary cementing, remedial cementing, and squeeze cementing, to ensure wellbore integrity and zonal isolation.

Coiled Tubing Services

Mammoth Energy Services provides coiled tubing services, including well intervention, well cleanup, and fishing operations, to optimize well production and reduce costs.

Wireline Services

Mammoth Energy Services offers wireline services, including logging, perforating, and pipe recovery, to provide critical well data and optimize well production.

Fishing and Rental Services

Mammoth Energy Services provides fishing and rental services, including fishing tools, drill pipe, and tubing, to support oil and gas operators.

8. Mammoth Energy Services, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Mammoth Energy Services, Inc. operates in the oil and gas industry, which has limited substitutes. However, the increasing focus on renewable energy sources and energy efficiency may pose a moderate threat to the company's operations.

Bargaining Power Of Customers

Mammoth Energy Services, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's services are often critical to its customers' operations, giving it an upper hand in negotiations.

Bargaining Power Of Suppliers

Mammoth Energy Services, Inc. relies on a range of suppliers for equipment, materials, and services. While the company has some bargaining power due to its size, suppliers may still have some leverage, particularly if they provide specialized or critical components.

Threat Of New Entrants

The oil and gas industry has significant barriers to entry, including high capital costs, regulatory hurdles, and the need for specialized expertise. These barriers limit the threat of new entrants to Mammoth Energy Services, Inc.'s business.

Intensity Of Rivalry

The oil and gas industry is highly competitive, with many established players competing for market share. Mammoth Energy Services, Inc. faces intense rivalry from other companies providing similar services, which can lead to pricing pressure and reduced margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.85%
Debt Cost 3.95%
Equity Weight 90.15%
Equity Cost 12.41%
WACC 11.58%
Leverage 10.93%

11. Quality Control: Mammoth Energy Services, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
RCM Technologies

A-Score: 5.5/10

Value: 5.1

Growth: 8.4

Quality: 5.3

Yield: 0.0

Momentum: 9.0

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Tejon Ranch

A-Score: 4.5/10

Value: 7.8

Growth: 2.9

Quality: 3.6

Yield: 0.0

Momentum: 4.0

Volatility: 8.7

1-Year Total Return ->

View Full Report
Stock-Card
India Globalization Capital

A-Score: 4.1/10

Value: 6.2

Growth: 5.1

Quality: 4.2

Yield: 0.0

Momentum: 6.5

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
FTAI Infrastructure

A-Score: 3.5/10

Value: 7.2

Growth: 4.2

Quality: 2.4

Yield: 4.0

Momentum: 1.0

Volatility: 2.3

1-Year Total Return ->

View Full Report
Stock-Card
Mammoth Energy Services

A-Score: 3.3/10

Value: 9.4

Growth: 3.7

Quality: 3.2

Yield: 0.0

Momentum: 0.5

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
NN

A-Score: 2.4/10

Value: 7.7

Growth: 1.6

Quality: 2.1

Yield: 0.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.02$

Current Price

2.02$

Potential

-0.00%

Expected Cash-Flows