Liberty Oilfield Services Inc (LBRT)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	760,488	835,198	812,954	717,080	495,994	234,095	11,546	-135,062	-176,856	-156,588	-157,901	-175,375	-131,935	-100,835	-41,228	44,962	67,736	106,399	137,641	173,994
Long-term debt	US$ in thousands	140,000	223,000	288,000	210,000	217,426	252,682	252,937	211,192	121,445	121,125	105,221	105,317	105,411	105,504	105,596	105,625	105,731	105,837	106,375	106,041
Total stockholders’ equity	US$ in thousands	1,841,410	1,788,560	1,673,940	1,590,120	1,495,020	1,404,740	1,327,570	1,231,260	1,213,240	1,179,700	1,216,810	1,204,550	1,150,640	507,602	531,831	555,371	554,827	529,076	471,547	449,967
Return on total capital		38.38%	41.52%	41.44%	39.84%	28.96%	14.12%	0.73%	-9.36%	-13.25%	-12.04%	-11.94%	-13.39%	-10.50%	-16.45%	-6.47%	6.80%	10.25%	16.76%	23.82%	31.29%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $760,488K ÷ ($140,000K + $1,841,410K)
= 38.38%

Liberty Energy Inc's return on total capital has demonstrated a strong upward trend over the past few quarters. The company's return on total capital has significantly improved from negative values in the first two quarters of 2022 to positive figures in subsequent quarters. This indicates that the company has been able to generate higher returns relative to its total capital employed, reflecting improved operational efficiency and profitability. The most recent data point of 34.97% in Q4 2023 suggests that Liberty Energy Inc continues to deliver solid returns on its total capital, reflecting positively on the company's financial performance and management of capital resources.