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Side-by-side financial comparison of Liberty Energy Inc. (LBRT) and Primoris Services Corp (PRIM). Click either name above to swap in a different company.
Primoris Services Corp is the larger business by last-quarter revenue ($1.9B vs $1.0B, roughly 1.8× Liberty Energy Inc.). Primoris Services Corp runs the higher net margin — 2.8% vs 2.2%, a 0.6% gap on every dollar of revenue. On growth, Primoris Services Corp posted the faster year-over-year revenue change (6.7% vs 4.5%). Over the past eight quarters, Primoris Services Corp's revenue compounded faster (14.7% 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.
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. As of 2014 it was a Fortune 1000 company.
LBRT vs PRIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.9B |
| Net Profit | $22.6M | $51.7M |
| Gross Margin | — | 9.4% |
| Operating Margin | 2.2% | 4.2% |
| Net Margin | 2.2% | 2.8% |
| Revenue YoY | 4.5% | 6.7% |
| Net Profit YoY | 64.8% | -4.2% |
| EPS (diluted) | $0.14 | $0.94 |
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 | $1.9B | ||
| Q3 25 | $947.4M | $2.2B | ||
| Q2 25 | $1.0B | $1.9B | ||
| Q1 25 | $977.5M | $1.6B | ||
| Q4 24 | $943.6M | $1.7B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.2B | $1.6B |
| Q1 26 | $22.6M | — | ||
| Q4 25 | $13.7M | $51.7M | ||
| Q3 25 | $43.1M | $94.6M | ||
| Q2 25 | $71.0M | $84.3M | ||
| Q1 25 | $20.1M | $44.2M | ||
| Q4 24 | $51.9M | $54.0M | ||
| Q3 24 | $73.8M | $58.4M | ||
| Q2 24 | $108.4M | $49.5M |
| Q1 26 | — | — | ||
| Q4 25 | 20.6% | 9.4% | ||
| Q3 25 | 18.7% | 10.8% | ||
| Q2 25 | 22.1% | 12.3% | ||
| Q1 25 | 22.1% | 10.4% | ||
| Q4 24 | 21.4% | 10.6% | ||
| Q3 24 | 26.2% | 12.0% | ||
| Q2 24 | 27.9% | 11.9% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.9% | 4.2% | ||
| Q3 25 | -0.3% | 6.3% | ||
| Q2 25 | 3.6% | 6.7% | ||
| Q1 25 | 1.9% | 4.3% | ||
| Q4 24 | 2.6% | 5.0% | ||
| Q3 24 | 9.4% | 6.0% | ||
| Q2 24 | 12.2% | 5.5% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.3% | 2.8% | ||
| Q3 25 | 4.5% | 4.3% | ||
| Q2 25 | 6.8% | 4.5% | ||
| Q1 25 | 2.1% | 2.7% | ||
| Q4 24 | 5.5% | 3.1% | ||
| Q3 24 | 6.5% | 3.5% | ||
| Q2 24 | 9.3% | 3.2% |
| Q1 26 | $0.14 | — | ||
| Q4 25 | $0.08 | $0.94 | ||
| Q3 25 | $0.26 | $1.73 | ||
| Q2 25 | $0.43 | $1.54 | ||
| Q1 25 | $0.12 | $0.81 | ||
| Q4 24 | $0.31 | $0.98 | ||
| Q3 24 | $0.44 | $1.07 | ||
| Q2 24 | $0.64 | $0.91 |
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 | $535.5M |
| Total DebtLower is stronger | $7.1M | $469.9M |
| Stockholders' EquityBook value | $1.9B | $1.7B |
| Total Assets | $4.4B | $4.4B |
| Debt / EquityLower = less leverage | 0.00× | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $699.1M | — | ||
| Q4 25 | $27.6M | $535.5M | ||
| Q3 25 | $13.5M | $431.4M | ||
| Q2 25 | $19.6M | $390.3M | ||
| Q1 25 | $24.1M | $351.6M | ||
| Q4 24 | $20.0M | $455.8M | ||
| Q3 24 | $23.0M | $352.7M | ||
| Q2 24 | $30.0M | $207.4M |
| Q1 26 | $7.1M | — | ||
| Q4 25 | $246.6M | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | $190.5M | $734.8M | ||
| Q3 24 | — | $903.7M | ||
| Q2 24 | — | $933.0M |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.1B | $1.6B | ||
| Q2 25 | $2.0B | $1.5B | ||
| Q1 25 | $2.0B | $1.4B | ||
| Q4 24 | $2.0B | $1.4B | ||
| Q3 24 | $2.0B | $1.4B | ||
| Q2 24 | $1.9B | $1.3B |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $3.6B | $4.4B | ||
| Q3 25 | $3.5B | $4.6B | ||
| Q2 25 | $3.4B | $4.5B | ||
| Q1 25 | $3.4B | $4.2B | ||
| Q4 24 | $3.3B | $4.2B | ||
| Q3 24 | $3.3B | $4.2B | ||
| Q2 24 | $3.2B | $4.0B |
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.12× | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 0.10× | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× |
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 | — | $142.9M |
| Free Cash FlowOCF − Capex | — | $121.1M |
| FCF MarginFCF / Revenue | — | 6.5% |
| Capex IntensityCapex / Revenue | 13.1% | 1.2% |
| Cash ConversionOCF / Net Profit | — | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $340.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $195.4M | $142.9M | ||
| Q3 25 | $51.5M | $182.9M | ||
| Q2 25 | $170.6M | $78.5M | ||
| Q1 25 | $192.1M | $66.2M | ||
| Q4 24 | $177.3M | $298.3M | ||
| Q3 24 | $244.5M | $222.5M | ||
| Q2 24 | $248.2M | $16.1M |
| Q1 26 | — | — | ||
| Q4 25 | $-10.0M | $121.1M | ||
| Q3 25 | $-67.2M | $148.4M | ||
| Q2 25 | $33.1M | $45.3M | ||
| Q1 25 | $58.2M | $25.6M | ||
| Q4 24 | $-26.2M | $270.0M | ||
| Q3 24 | $77.9M | $158.8M | ||
| Q2 24 | $112.2M | $-8.1M |
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | 6.5% | ||
| Q3 25 | -7.1% | 6.8% | ||
| Q2 25 | 3.2% | 2.4% | ||
| Q1 25 | 6.0% | 1.6% | ||
| Q4 24 | -2.8% | 15.5% | ||
| Q3 24 | 6.8% | 9.6% | ||
| Q2 24 | 9.7% | -0.5% |
| Q1 26 | 13.1% | — | ||
| Q4 25 | 19.8% | 1.2% | ||
| Q3 25 | 12.5% | 1.6% | ||
| Q2 25 | 13.2% | 1.8% | ||
| Q1 25 | 13.7% | 2.5% | ||
| Q4 24 | 21.6% | 1.6% | ||
| Q3 24 | 14.6% | 3.9% | ||
| Q2 24 | 11.7% | 1.5% |
| Q1 26 | — | — | ||
| Q4 25 | 14.28× | 2.76× | ||
| Q3 25 | 1.20× | 1.93× | ||
| Q2 25 | 2.40× | 0.93× | ||
| Q1 25 | 9.55× | 1.50× | ||
| Q4 24 | 3.42× | 5.53× | ||
| Q3 24 | 3.31× | 3.81× | ||
| Q2 24 | 2.29× | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LBRT
Segment breakdown not available.
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
