AESIAtlas Energy Solutions Inc.
Is the business good?
The checks split: nothing decisive, though 3 of 9 health tests passed.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Margins have held roughly steady, a stable cost structure.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is AESI?
Atlas Energy Solutions Inc. earns −3.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 12 points below what the capital costs: growth destroys value
- Operating margin
- −8.3%
Operating margin · Oil & Gas Equipment & Services median 10% · 12 months to Q2 2026
- Share count, year on year
- +1.0%
Share count, year on year · shareholders own a smaller slice than a year ago
- Gross margin
- 7.1%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | 27% |
| FY2022 | 48% |
| FY2023 | 43% |
| FY2024 | 11% |
| FY2025 | −1.0% |
Details›
- Gross margin12 months to Q2 2026
- 7.1%
- Operating margin12 months to Q2 2026
- −8.3%
- Net margin12 months to Q2 2026
- −11%
- Free cash flow margin
- −17%
- Revenue, trailing twelve months
- $1.07B
- Free cash flow, trailing twelve months
- −$184M
- Net income, trailing twelve months
- −$118M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −3.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from AESI and who it buys from, as the companies report it.
- One customer16%
Share of revenue · FY2025 10-K
- 10 largest customers82%
Combined share of revenue · FY2025 10-K
- Two customers16%
Combined share of revenue · FY2025 10-K
- Three customers12%
Combined share of revenue · FY2025 10-K
- Four customers11%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; AESI’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Oil & Gas Equipment & Services
Ranks #25 of 28 by RyuScore