Detailed financial statements for Energy Services of America Corporation (ESOA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Energy Services of America Corporation (ESOA) delivers specialized contracting solutions to utility providers and energy-focused businesses throughout the United States. Its primary activities include the construction, replacement, and repair of both interstate and intrastate natural gas pipelines and their associated storage facilities, serving both public utility companies and private gas enterprises.
Analysis Summary
Energy Services of America Corporation reported revenue of $411.0M in the most recent fiscal year, growing at a 5-year CAGR of 28.1%. Net income reached $379708, with a -31.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 11.8%, operating margin 3.9%, net margin 2.2%.
At the current price of $11.09, ESOA trades at a P/E of 18.08 and an ROE of 14.64%. Market capitalisation stands at $207M.
Balance sheet quality for ESOA: current ratio of 1.5, net debt of $62.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$2.2M represents -584% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $155.5M | $140.5M | $135.5M | $174.5M | $119.2M | $122.5M | $197.6M | $304.1M | $351.9M | $411.0M |
| Cost of Revenue | $141.3M | $132.7M | $123.8M | $161.9M | $105.7M | $109.5M | $175.2M | $267.3M | $301.9M | $372.2M |
| Gross Profit | $14.2M | $7.8M | $11.6M | $12.7M | $13.5M | $12.9M | $22.4M | $36.8M | $50.0M | $38.8M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $7.3M | $7.4M | $7.7M | $8.9M | $9.8M | $14.0M | $15.9M | $23.8M | $30.1M | $34.6M |
| Operating Expenses | $7.3M | $7.4M | $7.7M | $8.9M | $9.8M | $14.0M | $15.9M | $23.8M | $30.1M | $34.6M |
| Operating Income | $6.9M | $382147 | $3.9M | $3.8M | $3.7M | -$1.1M | $6.5M | $13.0M | $19.8M | $4.2M |
| EBITDA | $9.5M | $3.6M | $8.5M | $8.2M | $8.5M | $4.7M | $13.0M | $20.6M | $44.7M | $17.1M |
| Interest Expense | $875254 | $833424 | $916675 | $1.1M | $486246 | $702993 | $987689 | $2.4M | $2.2M | $3.2M |
| Pre-tax Income | $6.1M | -$468124 | $3.4M | $3.0M | $3.6M | -$916647 | $6.0M | $10.4M | $33.5M | $864882 |
| Income Tax | $2.9M | -$80368 | $910034 | $968571 | $1.1M | -$29129 | $2.3M | $3.0M | $8.4M | $485174 |
| Net Income | $3.2M | -$387756 | $2.5M | $2.0M | $2.4M | -$887518 | $3.8M | $7.4M | $25.1M | $379708 |
| EPS | $0.21 | $-0.03 | $0.14 | $0.12 | $0.15 | $-0.09 | $0.23 | $0.44 | $1.52 | $0.02 |
| EPS (Diluted) | $0.17 | $-0.03 | $0.14 | $0.10 | $0.12 | $-0.09 | $0.23 | $0.44 | $1.51 | $0.02 |
| Shares Outstanding (Diluted) | $17.7M | $14.2M | $17.7M | $17.5M | $17.2M | $13.6M | $16.3M | $16.7M | $16.6M | $16.7M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.8M | $1.7M | $1.1M | $4.6M | $11.2M | $8.2M | $7.4M | $16.4M | $12.9M | $12.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $35.8M | $32.3M | $32.7M | $31.8M | $27.2M | $31.2M | $59.0M | $75.2M | $93.4M | $127.7M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $42.1M | $38.0M | $37.9M | $39.1M | $41.8M | $43.0M | $70.4M | $95.2M | $110.4M | $144.9M |
| Property, Plant & Equipment | $12.7M | $19.2M | $16.8M | $33.6M | $16.4M | $23.0M | $34.3M | $39.9M | $40.7M | $55.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $1.8M | $4.1M | $4.1M | $4.1M | $9.9M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $2.4M | $3.9M | $3.4M | $3.1M | $4.9M |
| Total Assets | $56.4M | $57.3M | $54.7M | $55.9M | $58.2M | $70.2M | $112.6M | $142.5M | $158.2M | $215.2M |
| Accounts Payable | $5.0M | $5.5M | $6.2M | $2.9M | $5.2M | $7.3M | $20.3M | $22.0M | $23.7M | $30.7M |
| Short-term Debt | $9.1M | $14.0M | $9.3M | $8.4M | $4.5M | $18.4M | $27.2M | $26.0M | $16.7M | $21.9M |
| Total Current Liabilities | $24.6M | $26.0M | $23.6M | $18.3M | $18.9M | $34.5M | $65.4M | $79.9M | $74.2M | $98.0M |
| Long-term Debt | $7.4M | $9.7M | $6.5M | $11.0M | $11.2M | $9.0M | $13.5M | $18.9M | $17.2M | $50.3M |
| Total Liabilities | $33.9M | $36.2M | $31.4M | $31.3M | $32.3M | $45.5M | $84.4M | $107.9M | $99.6M | $156.0M |
| Retained Earnings | -$38.8M | -$40.2M | -$38.0M | -$36.3M | -$34.8M | -$36.0M | -$32.3M | -$25.7M | -$1.6M | -$3.2M |
| Total Equity | $22.5M | $21.1M | $23.3M | $24.7M | $25.8M | $24.7M | $28.2M | $34.6M | $58.7M | $59.2M |
| Total Debt | $16.5M | $23.7M | $15.8M | $19.5M | $15.8M | $27.4M | $42.3M | $48.2M | $36.4M | $74.2M |
| Net Debt | $12.7M | $22.0M | $14.7M | $14.9M | $4.6M | $19.2M | $34.9M | $31.7M | $23.5M | $62.0M |
| Working Capital | $17.6M | $12.0M | $14.3M | $20.8M | $22.9M | $8.5M | $5.0M | $15.3M | $36.2M | $46.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.9M | -$387756 | $2.5M | $2.0M | $2.4M | -$887518 | $3.8M | $7.4M | $25.1M | $379708 |
| Depreciation & Amortization | $2.5M | $3.2M | $4.2M | $4.2M | $4.4M | $4.9M | $6.0M | $7.8M | $9.0M | $13.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $35556 | $105119 |
| Change in Working Capital | $143292 | -$1.4M | $2.9M | -$2.2M | $8.4M | -$2.9M | -$3.5M | $3.3M | -$15.7M | -$10.1M |
| Operating Cash Flow | $6.8M | $1.2M | $9.1M | $4.3M | $15.0M | $798939 | $8.3M | $21.1M | $18.7M | $4.1M |
| Capital Expenditure | -$3.4M | -$2.8M | -$1.9M | -$3.4M | -$3.5M | -$6.0M | -$5.3M | -$10.8M | -$8.8M | -$6.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$3.4M | -$4.0M | 0 | -$300000 | -$24.3M |
| Stock Repurchased | 0 | 0 | -$49795 | -$300600 | -$268228 | 0 | -$1.2M | -$219615 | -$41380 | -$844230 |
| Dividends Paid | -$695367 | -$1.0M | -$309000 | -$309000 | -$1.0M | -$309000 | 0 | -$833360 | -$994031 | -$1.5M |
| Free Cash Flow | $3.4M | -$1.6M | $7.2M | $961885 | $11.5M | -$5.2M | $3.0M | $10.2M | $9.9M | -$2.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -9.6% | -3.6% | +28.8% | -31.7% | +2.7% | +61.3% | +53.9% | +15.7% | +16.8% | |
| Net Income Growth (YoY) | -112.0% | +747.1% | -20.6% | +22.1% | -136.5% | +522.6% | +97.4% | +239.2% | -98.5% | |
| EPS Growth (YoY) | -113.0% | +612.8% | -14.3% | +25.0% | -160.0% | +355.6% | +91.3% | +245.5% | -98.5% | |
| Shares Change (YoY) | -19.4% | +24.1% | -1.0% | -1.5% | -21.0% | +19.8% | +2.1% | -0.4% | +0.5% | |
| FCF Growth (YoY) | -147.7% | +545.8% | -86.6% | +1090.4% | -145.8% | +156.7% | +244.2% | -3.2% | -122.3% | |
| Gross Margin | 9.1% | 5.5% | 8.6% | 7.3% | 11.3% | 10.6% | 11.3% | 12.1% | 14.2% | 9.4% |
| Operating Margin | 4.4% | 0.3% | 2.9% | 2.2% | 3.1% | -0.9% | 3.3% | 4.3% | 5.6% | 1.0% |
| EBITDA Margin | 6.1% | 2.6% | 6.3% | 4.7% | 7.1% | 3.8% | 6.6% | 6.8% | 12.7% | 4.2% |
| Net Margin | 2.1% | -0.3% | 1.9% | 1.1% | 2.0% | -0.7% | 1.9% | 2.4% | 7.1% | 0.1% |
| FCF Margin | 2.2% | -1.1% | 5.3% | 0.6% | 9.6% | -4.3% | 1.5% | 3.4% | 2.8% | -0.5% |
| Effective Tax Rate | 47.2% | 17.2% | 26.6% | 32.7% | 32.0% | 3.2% | 37.6% | 28.7% | 25.1% | 56.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.19 | $-0.11 | $0.41 | $0.05 | $0.66 | $-0.39 | $0.18 | $0.61 | $0.60 | $-0.13 |
| Dividends Per Share | $0.04 | $0.07 | $0.02 | $0.02 | $0.06 | $0.02 | $0.00 | $0.05 | $0.06 | $0.09 |
| Shares Outstanding (Basic) | $14.2M | $14.2M | $17.6M | $14.1M | $13.8M | $13.6M | $16.3M | $16.6M | $16.6M | $16.6M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 14.64% |
| Return on Invested Capital | 9.17% |
| Return on Assets | 4.76% |
| Gross Margin | 11.77% |
| Operating Margin | 3.87% |
| Net Margin | 2.24% |
Financial Health
| Debt / Equity | 0.58 |
| Current Ratio | 1.50 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 2.88 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 6.67 | -38.46 | 8.14 | 6.25 | 5.47 | -18.44 | 12.43 | 9.20 | 6.25 | 453.95 |
| P/B | 0.89 | 0.71 | 0.86 | 0.43 | 0.44 | 0.92 | 1.65 | 1.95 | 2.68 | 2.91 |
| P/S | 0.13 | 0.11 | 0.15 | 0.06 | 0.09 | 0.18 | 0.24 | 0.22 | 0.45 | 0.42 |
| Gross Margin | 9.1% | 5.5% | 8.6% | 7.3% | 11.3% | 10.6% | 11.3% | 12.1% | 14.2% | 9.4% |
| Operating Margin | 4.4% | 0.3% | 2.9% | 2.2% | 3.1% | -0.9% | 3.3% | 4.3% | 5.6% | 1.0% |
| Net Margin | 2.1% | -0.3% | 1.9% | 1.1% | 2.0% | -0.7% | 1.9% | 2.4% | 7.1% | 0.1% |
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Explore sector: Industrials · Engineering & Construction
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