Detailed financial statements for Patterson-UTI Energy, Inc. (PTEN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.

Patterson-UTI Energy, Inc. (PTEN) is a key provider of onshore contract drilling services for oil and natural gas exploration and production companies. Its operations span across the United States and international markets. The company's diverse business model is structured around three primary segments: 1. Contract Drilling Services: This division delivers drilling solutions predominantly in prominent U.S.

Analysis Summary

Patterson-UTI Energy, Inc. reported revenue of $4.83B in the most recent fiscal year, growing at a 5-year CAGR of 33.8%.

Trailing-twelve-month margins: gross margin 14.2%, operating margin -1.1%, net margin -1.9%. Free cash flow grew at 22.8% CAGR over 5 years.

At $12.69 (closing price, October 29, 2026), PTEN has negative trailing earnings (P/E not meaningful) and an ROE of -2.82%. Market capitalisation stands at $4.8B.

Balance sheet quality for PTEN: current ratio of 1.6, net debt of $859.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.

Income Statement (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$915.9M	$2.36B	$3.33B	$2.47B	$1.12B	$1.36B	$2.65B	$4.15B	$5.38B	$4.83B
Cost of Revenue	$1.32B	$2.50B	$3.32B	$2.78B	$1.47B	$1.93B	$2.33B	$3.54B	$5.09B	$4.60B
Gross Profit	-$401.3M	-$144.2M	$8.2M	-$306.9M	-$348.6M	-$574.0M	$317.1M	$603.7M	$286.2M	$229.9M
Research & Development	0	0	$3.4M	$3.8M	0	0	0	0	0	0
Selling, General & Admin	$69.2M	$105.8M	$134.1M	$133.5M	$97.6M	$92.4M	$116.6M	$170.0M	$268.3M	$255.1M
Operating Expenses	$54.9M	$73.9M	$116.5M	$154.7M	$543.7M	$103.7M	$106.1M	$251.8M	$1.18B	$255.1M
Operating Income	-$456.2M	-$292.5M	-$322.2M	-$461.6M	-$892.3M	-$677.8M	$211.0M	$352.0M	-$889.7M	-$25.2M
EBITDA	$212.6M	$493.0M	$535.6M	$548.7M	-$219.3M	$171.4M	$692.1M	$1.09B	$286.9M	$907.8M
Interest Expense	$40.4M	$37.5M	$51.6M	$75.2M	$40.8M	$42.0M	$40.3M	$52.9M	$72.0M	$70.5M
Pre-tax Income	-$496.2M	-$327.8M	-$367.4M	-$530.4M	-$931.0M	-$719.8M	$167.9M	$307.1M	-$956.9M	-$103.0M
Income Tax	-$177.6M	-$333.7M	-$46.0M	-$104.7M	-$127.3M	-$62.7M	$13.2M	$61.2M	$9.5M	-$9.9M
Net Income	-$318.6M	$5.9M	-$321.4M	-$425.7M	-$803.7M	-$654.5M	$154.7M	$246.3M	-$968.0M	-$93.6M
EPS	$-2.18	$0.03	$-1.47	$-2.10	$-4.27	$-3.37	$0.72	$0.88	$-2.44	$-0.24
EPS (Diluted)	$-2.18	$0.03	$-1.47	$-2.10	$-4.27	$-3.37	$0.70	$0.88	$-2.44	$-0.24
Shares Outstanding (Diluted)	146.2 M	199.9 M	218.6 M	203.0 M	188.0 M	195.0 M	219.5 M	280.1 M	397.2 M	383.5 M

Income Statement (Quarterly)

Year	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Revenue	$1.18B	$1.15B	$1.12B	$1.23B
Gross Profit	$56.5M	$58.0M	$268.2M	$280.6M
Operating Income	-$28.1M	-$4.1M	-$14.3M	-$7.0M
EBITDA	$200.0M	$217.7M	$207.8M	$210.3M
Net Income	-$36.4M	-$9.1M	-$24.6M	-$19.6M
EPS	$-0.10	$-0.02	$-0.06	$-0.05
EPS (Diluted)	$-0.10	$-0.02	$-0.06	$-0.05

Balance Sheet (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash & Equivalents	$35.2M	$42.8M	$245.0M	$174.2M	$224.9M	$117.5M	$137.6M	$192.7M	$239.2M	$420.6M
Short-term Investments	0	0	0	0	0	0	0	0	0	0
Receivables	$150.2M	$581.5M	$562.9M	$346.1M	$164.6M	$356.1M	$611.5M	$1.03B	$821.8M	$776.0M
Inventory	$20.2M	$69.2M	$65.6M	$36.4M	$33.1M	$42.4M	$65.4M	$180.8M	$167.0M	$160.3M
Total Current Assets	$283.3M	$746.9M	$950.2M	$631.8M	$478.0M	$583.7M	$829.4M	$1.49B	$1.30B	$1.42B
Property, Plant & Equipment	$3.43B	$4.27B	$4.01B	$3.35B	$2.78B	$2.35B	$2.29B	$3.48B	$3.08B	$2.71B
Goodwill	$86.2M	$611.5M	$410.8M	$395.1M	0	0	0	$1.38B	$487.4M	$487.4M
Intangible Assets	$2.7M	$75.6M	$66.9M	$48.9M	$30.1M	$7.5M	$5.8M	$1.05B	$929.6M	$814.8M
Total Assets	$3.80B	$5.76B	$5.47B	$4.44B	$3.71B	$2.96B	$3.14B	$7.42B	$5.83B	$5.57B
Accounts Payable	$125.7M	$319.6M	$289.0M	$170.5M	$91.6M	$190.2M	$237.1M	$534.4M	$421.3M	$470.8M
Short-term Debt	0	0	0	$9.9M	$7.1M	0	0	$12.2M	$6.4M	0
Total Current Liabilities	$264.8M	$546.2M	$526.3M	$400.6M	$273.7M	$435.9M	$551.0M	$1.05B	$842.0M	$863.6M
Long-term Debt	$598.4M	$866.8M	$1.12B	$966.5M	$901.5M	$852.3M	$830.9M	$1.22B	$1.22B	$1.22B
Total Liabilities	$1.56B	$1.78B	$1.96B	$1.61B	$1.69B	$1.35B	$1.48B	$2.60B	$2.36B	$2.35B
Retained Earnings	$2.12B	$2.11B	$1.75B	$1.29B	$472.0M	-$198.3M	-$87.4M	$57.0M	-$1.04B	-$1.26B
Total Equity	$2.25B	$3.98B	$3.51B	$2.83B	$2.02B	$1.61B	$1.67B	$4.81B	$3.47B	$3.22B
Total Debt	$598.4M	$866.8M	$1.12B	$1.00B	$927.7M	$877.3M	$855.7M	$1.35B	$1.30B	$1.28B
Net Debt	$563.3M	$824.0M	$874.2M	$828.9M	$702.8M	$759.8M	$718.1M	$1.15B	$1.06B	$859.8M
Working Capital	$18.5M	$200.6M	$423.9M	$231.2M	$204.2M	$147.8M	$278.5M	$435.3M	$453.3M	$554.4M

Balance Sheet (Quarterly)

Year	2025-Q4	2026-Q1	2026-Q2	2026-Q3
Cash & Equivalents	$420.6M	$337.2M	$203.2M	$339.3M
Total Assets	$5.57B	$5.36B	$5.37B	$5.45B
Total Liabilities	$2.35B	$2.19B	$2.27B	$2.38B
Total Equity	$3.22B	$3.17B	$3.10B	$3.07B
Total Debt	$1.28B	$1.27B	$1.26B	$1.23B

Cash Flow (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net Income	-$318.6M	$5.9M	-$321.4M	-$425.7M	-$803.7M	-$654.5M	$154.7M	$246.3M	-$966.4M	-$93.1M
Depreciation & Amortization	$668.4M	$783.3M	$851.4M	$1.00B	$670.9M	$849.2M	$483.9M	$731.4M	$1.17B	$940.3M
Stock-based Compensation	$28.3M	$44.5M	$37.9M	$39.3M	$26.6M	$21.6M	$21.1M	$46.8M	$46.4M	$39.3M
Change in Working Capital	$96.4M	-$171.4M	-$44.9M	$134.6M	$84.1M	-$55.3M	-$86.9M	-$67.2M	$36.0M	$96.4M
Operating Cash Flow	$305.0M	$300.7M	$730.7M	$696.2M	$278.9M	$95.5M	$566.2M	$1.01B	$1.18B	$961.2M
Capital Expenditure	-$119.8M	-$567.1M	-$641.5M	-$347.5M	-$145.5M	-$166.3M	-$436.8M	-$615.7M	-$678.4M	-$589.0M
Acquisitions	$155,000	-$502.0M	-$14.2M	-$13,000	$20.9M	-$29.4M	$26.1M	-$396.0M	$3.0M	0
Stock Repurchased	-$3.6M	-$6.8M	-$161.7M	-$255.5M	-$21.2M	-$6.3M	-$70.1M	-$200.7M	-$290.4M	-$69.6M
Dividends Paid	-$23.6M	-$16.3M	-$30.6M	-$32.4M	-$18.9M	-$15.6M	-$43.1M	-$100.0M	-$126.8M	-$122.5M
Free Cash Flow	$185.2M	-$266.4M	$89.2M	$348.7M	$133.4M	-$70.8M	$129.4M	$390.2M	$497.1M	$372.2M

Cash Flow (Quarterly)

Year	2025-Q4	2026-Q1	2026-Q2	2026-Q3
Operating Cash Flow	$397.5M	$63.9M	$56.1M	$300.9M
Capital Expenditure	-$138.5M	-$116.6M	-$155.9M	-$141.4M
Free Cash Flow	$259.0M	-$52.8M	-$99.8M	$159.6M
Dividends Paid	-$30.3M	-$38.0M	-$38.1M	-$38.1M
Stock-based Compensation	$8.8M	$4.4M	$8.5M	$5.8M

Growth & Margins (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue Growth (YoY)		+157.3%	+41.2%	-25.7%	-54.5%	+20.7%	+95.1%	+56.6%	+29.7%	-10.3%
Net Income Growth (YoY)		+101.9%	-5,538.6%	-32.4%	-88.8%	+18.6%	+123.6%	+59.2%	-493.0%	+90.3%
EPS Growth (YoY)		+101.4%	-5,000.0%	-42.9%	-103.3%	+21.1%	+121.4%	+22.2%	-377.3%	+90.2%
Shares Change (YoY)		+36.7%	+9.4%	-7.1%	-7.4%	+3.7%	+12.5%	+27.6%	+41.8%	-3.5%
FCF Growth (YoY)		-243.8%	+133.5%	+290.9%	-61.7%	-153.1%	+282.7%	+201.6%	+27.4%	-25.1%
Gross Margin	-43.8%	-6.1%	0.2%	-12.4%	-31.0%	-42.3%	12.0%	14.6%	5.3%	4.8%
Operating Margin	-49.8%	-12.4%	-9.7%	-18.7%	-79.4%	-49.9%	8.0%	8.5%	-16.5%	-0.5%
EBITDA Margin	23.2%	20.9%	16.1%	22.2%	-19.5%	12.6%	26.1%	26.3%	5.3%	18.8%
Net Margin	-34.8%	0.3%	-9.7%	-17.2%	-71.5%	-48.2%	5.8%	5.9%	-18.0%	-1.9%
FCF Margin	20.2%	-11.3%	2.7%	14.1%	11.9%	-5.2%	4.9%	9.4%	9.2%	7.7%
Effective Tax Rate	35.8%	101.8%	12.5%	19.7%	13.7%	8.7%	7.9%	19.9%	-1.0%	9.6%

Per-Share Data (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FCF Per Share	$1.27	$-1.33	$0.41	$1.72	$0.71	$-0.36	$0.59	$1.39	$1.25	$0.97
Dividends Per Share	$0.16	$0.08	$0.14	$0.16	$0.10	$0.08	$0.20	$0.36	$0.32	$0.32
Shares Outstanding (Basic)	146.2 M	198.4 M	218.6 M	203.0 M	188.0 M	195.0 M	215.9 M	279.5 M	397.2 M	383.5 M

What to look at in Energy companies

FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.

Profitability

Return on Equity	-2.82%
Return on Invested Capital	-1.16%
Return on Assets	-1.67%
Gross Margin	14.20%
Operating Margin	-1.14%
Net Margin	-1.92%

Financial Health

Debt / Equity	0.41
Current Ratio	1.75
Piotroski F-Score	5
Altman Z-Score	1.25

Key Ratios (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
P/E	-12.35	767.00	-7.04	-5.00	-1.23	-2.51	23.39	12.27	-3.39	-25.46
P/B	1.75	1.15	0.65	0.75	0.49	1.02	2.18	0.63	0.95	0.73
P/S	4.30	1.94	0.68	0.86	0.88	1.21	1.37	0.73	0.61	0.49
Gross Margin	-43.8%	-6.1%	0.2%	-12.4%	-31.0%	-42.3%	12.0%	14.6%	5.3%	4.8%
Operating Margin	-49.8%	-12.4%	-9.7%	-18.7%	-79.4%	-49.9%	8.0%	8.5%	-16.5%	-0.5%
Net Margin	-34.8%	0.3%	-9.7%	-17.2%	-71.5%	-48.2%	5.8%	5.9%	-18.0%	-1.9%

Related companies: NE · VAL · HP · RIG · 0QOW.L · 0J4G.L · SDRL

Explore sector: Energy · Oil & Gas Drilling

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