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Side-by-side financial comparison of Liberty Energy Inc. (LBRT) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $665.5M, roughly 1.5× Natera, Inc.). Natera, Inc. runs the higher net margin — 7.1% vs 2.2%, a 4.9% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 4.5%). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs -6.2%).
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
LBRT vs NTRA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $665.5M |
| Net Profit | $22.6M | $47.3M |
| Gross Margin | — | — |
| Operating Margin | 2.2% | -3.4% |
| Net Margin | 2.2% | 7.1% |
| Revenue YoY | 4.5% | 39.8% |
| Net Profit YoY | — | 187.9% |
| EPS (diluted) | $0.14 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.0B | $665.5M | ||
| Q3 25 | $947.4M | $592.2M | ||
| Q2 25 | $1.0B | $546.6M | ||
| Q1 25 | $977.5M | $501.8M | ||
| Q4 24 | $943.6M | $476.1M | ||
| Q3 24 | $1.1B | $439.8M | ||
| Q2 24 | $1.2B | $413.4M |
| Q1 26 | $22.6M | — | ||
| Q4 25 | $13.7M | $47.3M | ||
| Q3 25 | $43.1M | $-87.5M | ||
| Q2 25 | $71.0M | $-100.9M | ||
| Q1 25 | $20.1M | $-66.9M | ||
| Q4 24 | $51.9M | $-53.8M | ||
| Q3 24 | $73.8M | $-31.6M | ||
| Q2 24 | $108.4M | $-37.5M |
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | — | ||
| Q3 25 | 18.7% | — | ||
| Q2 25 | 22.1% | — | ||
| Q1 25 | 22.1% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 26.2% | — | ||
| Q2 24 | 27.9% | — |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.9% | -3.4% | ||
| Q3 25 | -0.3% | -16.5% | ||
| Q2 25 | 3.6% | -20.2% | ||
| Q1 25 | 1.9% | -15.8% | ||
| Q4 24 | 2.6% | -13.6% | ||
| Q3 24 | 9.4% | -8.9% | ||
| Q2 24 | 12.2% | -10.6% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.3% | 7.1% | ||
| Q3 25 | 4.5% | -14.8% | ||
| Q2 25 | 6.8% | -18.5% | ||
| Q1 25 | 2.1% | -13.3% | ||
| Q4 24 | 5.5% | -11.3% | ||
| Q3 24 | 6.5% | -7.2% | ||
| Q2 24 | 9.3% | -9.1% |
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.08 | $0.36 | ||
| Q3 25 | $0.26 | $-0.64 | ||
| Q2 25 | $0.43 | $-0.74 | ||
| Q1 25 | $0.12 | $-0.50 | ||
| Q4 24 | $0.31 | $-0.41 | ||
| Q3 24 | $0.44 | $-0.26 | ||
| Q2 24 | $0.64 | $-0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $699.1M | — |
| Total DebtLower is stronger | $7.1M | — |
| Stockholders' EquityBook value | $1.9B | $1.7B |
| Total Assets | $4.4B | $2.4B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $699.1M | — | ||
| Q4 25 | $27.6M | — | ||
| Q3 25 | $13.5M | $1.0M | ||
| Q2 25 | $19.6M | $16.0M | ||
| Q1 25 | $24.1M | $17.8M | ||
| Q4 24 | $20.0M | $22.7M | ||
| Q3 24 | $23.0M | $29.5M | ||
| Q2 24 | $30.0M | $90.3M |
| Q1 26 | $7.1M | — | ||
| Q4 25 | $246.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $190.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $2.0B | $1.2B | ||
| Q1 25 | $2.0B | $1.2B | ||
| Q4 24 | $2.0B | $1.2B | ||
| Q3 24 | $2.0B | $878.5M | ||
| Q2 24 | $1.9B | $836.5M |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $3.6B | $2.4B | ||
| Q3 25 | $3.5B | $1.8B | ||
| Q2 25 | $3.4B | $1.8B | ||
| Q1 25 | $3.4B | $1.7B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.3B | $1.6B | ||
| Q2 24 | $3.2B | $1.5B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.12× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $73.9M |
| Free Cash FlowOCF − Capex | — | $37.8M |
| FCF MarginFCF / Revenue | — | 5.7% |
| Capex IntensityCapex / Revenue | 13.1% | 5.4% |
| Cash ConversionOCF / Net Profit | — | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | — | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $195.4M | $73.9M | ||
| Q3 25 | $51.5M | $59.4M | ||
| Q2 25 | $170.6M | $37.6M | ||
| Q1 25 | $192.1M | $44.5M | ||
| Q4 24 | $177.3M | $52.9M | ||
| Q3 24 | $244.5M | $51.8M | ||
| Q2 24 | $248.2M | $4.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.0M | $37.8M | ||
| Q3 25 | $-67.2M | $37.0M | ||
| Q2 25 | $33.1M | $11.7M | ||
| Q1 25 | $58.2M | $22.6M | ||
| Q4 24 | $-26.2M | $34.8M | ||
| Q3 24 | $77.9M | $35.5M | ||
| Q2 24 | $112.2M | $-7.7M |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | 5.7% | ||
| Q3 25 | -7.1% | 6.2% | ||
| Q2 25 | 3.2% | 2.1% | ||
| Q1 25 | 6.0% | 4.5% | ||
| Q4 24 | -2.8% | 7.3% | ||
| Q3 24 | 6.8% | 8.1% | ||
| Q2 24 | 9.7% | -1.9% |
| Q1 26 | 13.1% | — | ||
| Q4 25 | 19.8% | 5.4% | ||
| Q3 25 | 12.5% | 3.8% | ||
| Q2 25 | 13.2% | 4.7% | ||
| Q1 25 | 13.7% | 4.3% | ||
| Q4 24 | 21.6% | 3.8% | ||
| Q3 24 | 14.6% | 3.7% | ||
| Q2 24 | 11.7% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 14.28× | 1.56× | ||
| Q3 25 | 1.20× | — | ||
| Q2 25 | 2.40× | — | ||
| Q1 25 | 9.55× | — | ||
| Q4 24 | 3.42× | — | ||
| Q3 24 | 3.31× | — | ||
| Q2 24 | 2.29× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
