What is Montauk Renewables' operating income?

Montauk Renewables' total operating income in 2024 was $16.12 million, based on the following breakdown: Total Gross Profit: $144.23 million Total Operating Expenses: $128.11 million

Montauk Renewables (MNTK) Financials

$1.70 +0.01 (+0.29%)

As of 02:44 PM Eastern

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Annual Income Statements for Montauk Renewables

This table shows Montauk Renewables' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	5.82	4.60	-4.53	35	15	9.73
Consolidated Net Income / (Loss)	5.82	4.60	-4.53	35	15	9.73
Net Income / (Loss) Continuing Operations	5.82	4.60	-4.53	35	15	9.73
Total Pre-Tax Income	5.47	-1.39	-0.37	43	18	12
Total Operating Income	11	3.58	3.34	45	24	16
Total Gross Profit	87	82	119	161	140	144
Total Revenue	106	100	148	206	175	176
Operating Revenue	106	100	148	206	175	176
Total Cost of Revenue	19	18	29	44	35	32
Operating Cost of Revenue	19	18	29	44	35	32
Total Operating Expenses	76	79	116	117	116	128
Selling, General & Admin Expense	14	17	92	91	94	103
Depreciation Expense	20	22	23	21	21	24
Other Operating Expenses / (Income)	40	40	0.02	-0.13	0.18	0.06
Impairment Charge	2.44	0.28	1.19	4.85	0.90	1.59
Total Other Income / (Expense), net	-5.53	-4.97	-3.70	-1.32	-5.27	-3.95
Interest Expense	5.58	4.34	3.08	1.79	5.75	5.28
Other Income / (Expense), net	0.05	-0.64	-0.62	0.47	0.48	1.33
Income Tax Expense	-0.35	-6.00	4.16	8.05	3.42	2.44
Basic Earnings per Share	$0.00	$0.00	($0.03)	$0.25	$0.11	$0.07
Weighted Average Basic Shares Outstanding	0.00	0.00	141.02M	141.24M	141.73M	142.28M
Diluted Earnings per Share	$0.00	$0.00	($0.03)	$0.25	$0.11	$0.07
Weighted Average Diluted Shares Outstanding	0.00	0.00	141.02M	142.58M	142.15M	142.40M
Weighted Average Basic & Diluted Shares Outstanding	-	-	143.60M	143.66M	143.70M	142.43M

This table shows Montauk Renewables' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1.00	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01
Consolidated Net Income / (Loss)	1.00	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01
Net Income / (Loss) Continuing Operations	1.00	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01
Total Pre-Tax Income	13	16	5.54	2.26	-0.37	21	-11	-0.78	-3.61	3.36	-0.29
Total Operating Income	14	17	7.47	2.37	0.87	23	-9.82	0.41	-2.36	4.45	-1.60
Total Gross Profit	43	44	38	32	34	55	23	35	36	37	38
Total Revenue	53	56	47	39	43	66	28	43	45	45	46
Operating Revenue	53	56	47	39	43	66	28	43	45	45	46
Total Cost of Revenue	10	11	9.27	6.52	9.08	11	4.80	7.57	9.17	8.43	8.04
Operating Cost of Revenue	10	11	9.27	6.52	9.08	11	4.80	7.57	9.17	8.43	8.04
Total Operating Expenses	29	27	30	30	33	32	33	35	38	32	40
Selling, General & Admin Expense	24	22	24	24	27	26	26	26	31	24	31
Depreciation Expense	5.25	5.35	5.37	5.43	5.82	6.05	6.21	6.26	7.03	8.34	8.37
Impairment Charge	0.27	0.05	0.13	0.53	0.17	0.53	0.35	2.05	0.38	0.05	0.44
Total Other Income / (Expense), net	-0.62	-1.04	-1.93	-0.11	-1.24	-1.70	-0.91	-1.19	-1.26	-1.09	1.31
Interest Expense	0.71	1.30	2.07	1.17	1.29	1.84	0.99	1.24	1.22	1.07	2.28
Interest & Investment Income	-	-	-	-	-	-	-	0.00	-	-	3.32
Other Income / (Expense), net	0.09	0.26	0.14	1.06	0.05	0.14	0.08	0.05	-0.04	-0.01	0.27
Income Tax Expense	12	2.81	0.74	0.41	0.34	3.97	-2.28	-0.32	1.88	-1.85	-0.30
Basic Earnings per Share	$0.01	$0.09	$0.04	$0.01	($0.01)	$0.12	($0.05)	$0.00	($0.04)	$0.04	$0.00
Weighted Average Basic Shares Outstanding	141.63M	141.72M	141.73M	141.99M	142.07M	142.41M	142.28M	142.71M	143.04M	143.13M	143.24M
Diluted Earnings per Share	$0.01	$0.09	$0.04	$0.01	($0.01)	$0.12	($0.05)	$0.00	($0.04)	$0.04	$0.00
Weighted Average Diluted Shares Outstanding	142.05M	142.30M	142.15M	142.37M	142.07M	142.62M	142.40M	142.71M	143.04M	143.20M	143.26M
Weighted Average Basic & Diluted Shares Outstanding	143.66M	143.66M	143.70M	143.70M	143.61M	143.37M	142.43M	142.43M	142.26M	142.26M	142.34M

This table details how cash moves in and out of Montauk Renewables' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-45	11	32	52	-31	-28
Net Cash From Operating Activities	28	29	43	81	41	44
Net Cash From Continuing Operating Activities	28	29	43	81	41	44
Net Income / (Loss) Continuing Operations	5.82	4.60	-4.53	35	15	9.73
Consolidated Net Income / (Loss)	5.82	4.60	-4.53	35	15	9.73
Depreciation Expense	20	22	23	21	21	24
Amortization Expense	1.12	0.70	0.48	0.41	0.37	0.36
Non-Cash Adjustments To Reconcile Net Income	4.26	1.20	24	14	9.72	12
Changes in Operating Assets and Liabilities, net	-3.14	0.07	-0.04	10	-5.14	-1.58
Net Cash From Investing Activities	-45	-16	-19	-21	-63	-62
Net Cash From Continuing Investing Activities	-45	-16	-19	-21	-63	-62
Purchase of Property, Plant & Equipment	-46	-18	-9.99	-22	-63	-62
Acquisitions	0.00	0.00	-9.67	0.00	0.00	-0.82
Sale of Property, Plant & Equipment	0.00	0.00	0.07	1.09	0.00	1.00
Other Investing Activities, net	0.38	1.66	0.11	0.40	0.00	-0.05
Net Cash From Financing Activities	-28	-1.50	8.65	-8.28	-9.33	-9.84
Net Cash From Continuing Financing Activities	-28	-1.50	8.65	-8.28	-9.33	-9.84
Repayment of Debt	-56	-10	-67	-8.00	-8.00	-8.00
Repurchase of Common Equity	-0.07	0.00	-11	-0.24	-0.12	-1.78
Issuance of Common Equity	0.00	0.00	16	0.01	0.00	0.01
Other Financing Activities, net	0.00	0.00	-8.94	-0.05	-1.21	-0.07
Cash Interest Paid	-4.85	-4.18	3.79	3.46	5.00	4.30
Cash Income Taxes Paid	2.68	-0.45	0.28	0.70	1.92	1.99

This table details how cash moves in and out of Montauk Renewables' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Net Change in Cash & Equivalents	-0.41	-4.33	0.51	-11	-21	13	-9.43	-5.51	-11	-22	4.49
Net Cash From Operating Activities	18	14	21	14	0.19	29	0.72	9.14	8.21	13	16
Net Cash From Continuing Operating Activities	18	14	21	14	0.19	29	0.72	9.14	8.21	13	16
Net Income / (Loss) Continuing Operations	1.00	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01
Consolidated Net Income / (Loss)	1.00	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01
Depreciation Expense	5.25	5.35	5.37	5.43	5.82	6.05	6.21	6.26	7.03	8.34	8.37
Amortization Expense	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.10	0.10	0.10	0.14
Non-Cash Adjustments To Reconcile Net Income	2.10	2.65	2.61	2.67	2.43	4.92	1.74	3.45	0.88	2.99	2.19
Changes in Operating Assets and Liabilities, net	9.47	-7.51	8.60	4.24	-7.44	0.48	1.14	-0.21	5.69	-3.98	5.14
Net Cash From Investing Activities	-16	-16	-18	-23	-19	-13	-8.06	-12	-36	-32	-31
Net Cash From Continuing Investing Activities	-16	-16	-18	-23	-19	-13	-8.06	-12	-36	-32	-31
Purchase of Property, Plant & Equipment	-16	-16	-18	-22	-19	-13	-8.99	-12	-34	-30	-31
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	-	-	0.03
Net Cash From Financing Activities	-2.02	-2.02	-3.28	-2.02	-2.41	-3.33	-2.09	-3.02	17	-3.19	19
Net Cash From Continuing Financing Activities	-2.02	-2.02	-3.28	-2.02	-2.41	-3.33	-2.09	-3.02	17	-3.19	19
Repayment of Debt	-2.00	-2.00	-2.00	-2.00	-2.00	-2.00	-2.00	-3.00	-3.00	-23	-156
Issuance of Debt	-	-	-	-	-	-	-	0.00	-	20	175
Other Financing Activities, net	-0.02	-0.02	-1.16	-0.02	-0.01	-0.02	-0.02	-0.02	-0.02	-0.19	-0.02
Cash Interest Paid	1.25	1.25	1.29	1.24	1.13	1.53	0.41	1.06	1.45	0.91	1.85
Cash Income Taxes Paid	0.80	0.17	0.88	0.57	0.83	-	0.59	0.32	0.25	0.13	0.00

This table presents Montauk Renewables' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	253	286	332	350	349	435
Total Current Assets	32	75	125	90	57	37
Cash & Equivalents	21	53	105	74	46	24
Restricted Cash	-	-	0.02	0.01	0.01	0.01
Accounts Receivable	5.45	9.34	7.22	13	8.17	9.17
Prepaid Expenses	6.04	2.85	2.57	2.82	2.91	3.31
Current Deferred & Refundable Income Taxes	-	-	-	0.00	0.04	0.70
Other Current Assets	-	9.72	0.88	0.79	0.47	0.22
Plant, Property, & Equipment, net	186	181	176	214	252	341
Total Noncurrent Assets	34	30	32	46	40	57
Long-Term Investments	-	-	-	-	-	3.82
Noncurrent Note & Lease Receivables	-	0.00	0.00	10	0.11	0.04
Goodwill	15	14	16	18	18	20
Noncurrent Deferred & Refundable Income Taxes	15	11	3.95	2.08	1.27	5.55
Other Noncurrent Operating Assets	4.97	5.74	12	15	20	28
Total Liabilities & Shareholders' Equity	253	286	332	350	349	435
Total Liabilities	94	104	105	100	92	172
Total Current Liabilities	28	25	28	29	34	33
Short-Term Debt	9.49	7.82	7.87	7.89	12	2.73
Accounts Payable	5.96	4.97	4.56	7.92	8.86	16
Accrued Expenses	12	11	15	13	10	12
Other Current Liabilities	1.47	0.95	0.48	0.45	2.75	3.32
Total Noncurrent Liabilities	65	80	77	71	58	139
Long-Term Debt	56	71	64	56	44	126
Asset Retirement Reserve & Litigation Obligation	5.69	5.30	5.49	5.90	6.34	6.96
Other Noncurrent Operating Liabilities	3.32	2.94	7.83	9.14	7.97	5.93
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	160	182	227	250	257	263
Total Preferred & Common Equity	160	182	227	250	257	263
Total Common Equity	160	182	227	250	257	263
Common Stock	0.00	198	207	216	223	228
Retained Earnings	0.00	-4.53	31	46	55	57
Treasury Stock	0.00	-11	-11	-11	-21	-22

This table presents Montauk Renewables' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	324	324	336	346	355	362	374	354	382	383	468
Total Current Assets	122	97	108	107	77	71	79	52	43	18	36
Cash & Equivalents	96	78	78	73	63	42	55	40	29	6.77	26
Restricted Cash	-	-	-	0.02	0.01	0.01	0.08	0.01	0.01	0.01	0.01
Accounts Receivable	12	6.31	13	18	9.67	22	19	8.49	7.54	6.02	5.23
Prepaid Expenses	4.11	2.44	5.83	4.84	2.80	5.60	4.58	2.82	4.91	4.17	3.89
Current Deferred & Refundable Income Taxes	-	-	0.48	-	0.10	0.51	-	0.34	0.65	0.72	0.62
Other Current Assets	8.94	9.84	1.00	0.99	0.77	0.77	0.43	0.40	0.36	0.29	0.00
Plant, Property, & Equipment, net	174	184	195	206	231	244	250	260	295	316	371
Total Noncurrent Assets	27	44	33	33	47	46	45	42	45	50	61
Long-Term Investments	-	-	-	-	-	-	-	-	-	-	3.77
Noncurrent Note & Lease Receivables	0.11	-	-	0.04	10	10	10	0.00	0.07	0.06	0.02
Goodwill	16	16	15	15	18	18	18	18	20	20	19
Noncurrent Deferred & Refundable Income Taxes	4.57	17	3.87	2.17	1.83	1.91	0.03	1.61	0.00	1.54	5.93
Other Noncurrent Operating Assets	6.50	11	14	15	17	16	16	23	25	28	32
Total Liabilities & Shareholders' Equity	324	324	336	346	355	362	374	354	382	383	468
Total Liabilities	105	99	109	102	100	107	99	96	128	123	204
Total Current Liabilities	30	24	35	30	34	43	39	41	55	54	42
Short-Term Debt	7.85	7.88	7.88	7.88	8.88	9.87	11	12	12	12	0.00
Accounts Payable	3.37	3.23	5.03	6.12	12	12	10	16	27	25	27
Accrued Expenses	17	11	22	15	12	21	16	10	14	14	12
Other Current Liabilities	1.59	0.49	0.48	0.46	0.45	0.52	0.53	2.45	2.53	2.55	2.91
Total Noncurrent Liabilities	75	75	74	72	67	64	60	55	72	69	162
Long-Term Debt	65	62	60	58	53	50	47	41	58	55	149
Asset Retirement Reserve & Litigation Obligation	5.40	5.59	5.70	5.80	6.00	6.11	6.23	6.46	6.71	6.84	7.09
Other Noncurrent Operating Liabilities	3.91	8.29	8.30	8.76	7.93	7.93	6.94	7.83	7.43	6.98	5.45
Commitments & Contingencies	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	219	225	228	243	254	255	275	258	255	261	264
Total Preferred & Common Equity	219	225	228	243	254	255	275	258	255	261	264
Total Common Equity	219	225	228	243	254	255	275	258	255	261	264
Common Stock	205	209	211	213	218	220	224	225	227	228	228
Retained Earnings	25	27	28	41	47	47	64	55	49	55	57
Treasury Stock	-11	-11	-11	-11	-11	-12	-13	-21	-22	-22	-22

This table displays calculated financial ratios and metrics derived from Montauk Renewables' official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	-5.04%	47.56%	38.77%	-14.91%	0.48%
EBITDA Growth	0.00%	-19.33%	1.20%	153.75%	-31.00%	-9.45%
EBIT Growth	0.00%	-73.34%	-7.84%	1,558.71%	-46.44%	-27.63%
NOPAT Growth	0.00%	-78.61%	-6.87%	1,453.72%	-46.95%	-33.01%
Net Income Growth	0.00%	-20.91%	-198.37%	877.25%	-57.53%	-34.88%
EPS Growth	0.00%	0.00%	0.00%	933.33%	-56.00%	-36.36%
Operating Cash Flow Growth	0.00%	3.09%	49.49%	89.06%	-49.36%	6.68%
Free Cash Flow Firm Growth	0.00%	0.00%	99.25%	3,494.41%	-153.50%	46.76%
Invested Capital Growth	0.00%	0.00%	1.88%	-7.19%	24.14%	11.46%
Revenue Q/Q Growth	0.00%	0.00%	15.10%	2.18%	-1.60%	-9.81%
EBITDA Q/Q Growth	0.00%	0.00%	79.43%	-1.95%	-1.94%	-28.54%
EBIT Q/Q Growth	0.00%	0.00%	129.87%	-1.67%	-4.04%	-49.85%
NOPAT Q/Q Growth	0.00%	0.00%	141.46%	2.51%	-3.71%	-52.26%
Net Income Q/Q Growth	0.00%	0.00%	40.16%	1.37%	-7.26%	-57.65%
EPS Q/Q Growth	0.00%	0.00%	57.14%	4.17%	-8.33%	-56.25%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	56.80%	-0.40%	0.51%	-32.14%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-2.51%	-31.59%	5.78%
Invested Capital Q/Q Growth	0.00%	0.00%	-1.66%	-0.67%	1.93%	-3.77%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	82.13%	81.79%	80.64%	78.52%	80.07%	82.07%
EBITDA Margin	30.20%	25.66%	17.60%	32.18%	26.10%	23.52%
Operating Margin	10.41%	3.57%	2.25%	21.68%	13.52%	9.17%
EBIT Margin	10.45%	2.93%	1.83%	21.91%	13.79%	9.93%
Profit (Net Income) Margin	5.51%	4.59%	-3.06%	17.12%	8.55%	5.54%
Tax Burden Percent	106.48%	-330.44%	1,233.79%	81.39%	81.39%	79.94%
Interest Burden Percent	49.46%	-47.28%	-13.52%	96.02%	76.15%	69.77%
Effective Tax Rate	-6.48%	0.00%	0.00%	18.61%	18.61%	20.06%
Return on Invested Capital (ROIC)	0.00%	2.45%	1.13%	18.07%	8.88%	5.08%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	11.82%	-18.28%	45.41%	28.33%	1,905.28%
Return on Net Nonoperating Assets (RNNOA)	0.00%	3.31%	-3.78%	-0.87%	-2.62%	-1.25%
Return on Equity (ROE)	0.00%	5.77%	-2.65%	17.19%	6.26%	3.83%
Cash Return on Invested Capital (CROIC)	0.00%	-197.55%	-0.73%	25.52%	-12.66%	-5.75%
Operating Return on Assets (OROA)	0.00%	1.16%	1.01%	14.56%	7.07%	4.99%
Return on Assets (ROA)	0.00%	1.82%	-1.68%	11.38%	4.38%	2.78%
Return on Common Equity (ROCE)	0.00%	5.77%	-2.65%	17.19%	6.26%	3.83%
Return on Equity Simple (ROE_SIMPLE)	0.00%	2.88%	-2.48%	15.50%	5.97%	3.78%
Net Operating Profit after Tax (NOPAT)	12	2.51	2.33	36	19	13
NOPAT Margin	11.08%	2.50%	1.58%	17.65%	11.00%	7.33%
Net Nonoperating Expense Percent (NNEP)	0.00%	-9.37%	19.41%	-27.34%	-19.45%	-1,900.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	12.15%	6.13%	4.12%
Cost of Revenue to Revenue	17.87%	18.21%	19.36%	21.48%	19.93%	17.93%
SG&A Expenses to Revenue	12.90%	16.53%	62.13%	44.47%	53.84%	58.58%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	71.73%	78.22%	78.38%	56.84%	66.55%	72.90%
Earnings before Interest and Taxes (EBIT)	11	2.95	2.72	45	24	17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	32	26	26	66	46	41
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.21	8.07	6.98	5.12	2.22
Price to Tangible Book Value (P/TBV)	0.00	0.23	8.75	7.49	5.52	2.38
Price to Revenue (P/Rev)	0.31	0.33	9.94	7.71	7.32	3.25
Price to Earnings (P/E)	5.70	7.21	0.00	45.01	85.63	58.62
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	17.54%	13.87%	0.00%	2.22%	1.17%	1.71%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.38	7.19	8.02	5.29	2.17
Enterprise Value to Revenue (EV/Rev)	0.00	0.78	10.11	7.54	7.26	3.30
Enterprise Value to EBITDA (EV/EBITDA)	0.00	3.03	57.46	23.43	27.82	14.05
Enterprise Value to EBIT (EV/EBIT)	0.00	26.46	551.63	34.42	52.64	33.26
Enterprise Value to NOPAT (EV/NOPAT)	0.00	31.09	641.54	42.74	65.99	45.05
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	2.72	34.93	19.12	30.93	13.26
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	30.25	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.41	0.43	0.31	0.25	0.22
Long-Term Debt to Equity	0.00	0.35	0.39	0.28	0.22	0.17
Financial Leverage	0.00	0.28	0.21	-0.02	-0.09	0.00
Leverage Ratio	0.00	1.59	1.58	1.51	1.43	1.38
Compound Leverage Factor	0.00	-0.75	-0.21	1.45	1.09	0.96
Debt to Total Capital	0.00%	29.18%	30.29%	23.91%	20.24%	17.77%
Short-Term Debt to Total Capital	0.00%	4.21%	2.99%	2.64%	2.51%	3.79%
Long-Term Debt to Total Capital	0.00%	24.97%	27.30%	21.28%	17.73%	13.98%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	70.82%	69.71%	76.09%	79.76%	82.23%
Debt to EBITDA	0.00	2.55	3.04	1.08	1.39	1.35
Net Debt to EBITDA	0.00	1.74	1.00	-0.51	-0.23	0.24
Long-Term Debt to EBITDA	0.00	2.18	2.74	0.96	1.22	1.06
Debt to NOPAT	0.00	26.23	33.93	1.97	3.30	4.32
Net Debt to NOPAT	0.00	17.86	11.11	-0.93	-0.54	0.77
Long-Term Debt to NOPAT	0.00	22.45	30.58	1.75	2.89	3.40
Altman Z-Score	0.00	0.67	9.21	10.58	8.80	4.71
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	1.14	3.06	4.40	3.07	1.71
Quick Ratio	0.00	0.93	2.55	4.27	2.95	1.60
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-202	-1.51	51	-27	-15
Operating Cash Flow to CapEx	61.01%	162.55%	432.55%	382.59%	65.07%	71.42%
Free Cash Flow to Firm to Interest Expense	0.00	-46.53	-0.49	28.59	-4.76	-2.77
Operating Cash Flow to Interest Expense	4.99	6.61	13.91	45.24	7.14	8.30
Operating Cash Flow Less CapEx to Interest Expense	-3.19	2.54	10.70	33.41	-3.83	-3.32
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.40	0.55	0.66	0.51	0.50
Accounts Receivable Turnover	0.00	18.42	20.03	24.83	17.51	16.80
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.54	0.81	1.15	0.90	0.75
Accounts Payable Turnover	0.00	3.07	5.25	9.27	5.59	3.76
Days Sales Outstanding (DSO)	0.00	19.81	18.22	14.70	20.84	21.73
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	119.06	69.59	39.39	65.31	97.16
Cash Conversion Cycle (CCC)	0.00	-99.25	-51.37	-24.69	-44.47	-75.44
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	204	208	193	240	267
Invested Capital Turnover	0.00	0.98	0.72	1.02	0.81	0.69
Increase / (Decrease) in Invested Capital	0.00	204	3.84	-15	47	27
Enterprise Value (EV)	0.00	78	1,498	1,550	1,270	581
Market Capitalization	33	33	1,472	1,584	1,280	571
Book Value per Share	$0.00	$40.90	$1.27	$1.58	$1.74	$1.80
Tangible Book Value per Share	$0.00	$37.14	$1.17	$1.47	$1.61	$1.67
Total Capital	0.00	225	262	298	314	313
Total Debt	0.00	66	79	71	64	56
Total Long-Term Debt	0.00	56	71	64	56	44
Net Debt	0.00	45	26	-34	-10	9.99
Capital Expenditures (CapEx)	46	18	9.91	21	63	61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-7.48	5.16	-0.86	-5.11	-10
Debt-free Net Working Capital (DFNWC)	0.00	14	58	104	69	36
Net Working Capital (NWC)	0.00	4.02	51	96	61	24
Net Nonoperating Expense (NNE)	5.90	-2.10	6.86	1.08	4.29	3.15
Net Nonoperating Obligations (NNO)	0.00	45	26	-34	-10	9.99
Total Depreciation and Amortization (D&A)	21	23	23	21	22	24
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-7.45%	3.48%	-0.42%	-2.92%	-5.74%
Debt-free Net Working Capital to Revenue	0.00%	13.46%	39.44%	50.76%	39.29%	20.23%
Net Working Capital to Revenue	0.00%	4.01%	34.17%	46.93%	34.78%	13.48%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.03)	$0.25	$0.11	$0.07
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	141.02M	141.24M	141.73M	142.28M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.03)	$0.25	$0.11	$0.07
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	141.02M	142.58M	142.15M	142.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	143.60M	143.66M	143.70M	142.43M
Normalized Net Operating Profit after Tax (NOPAT)	9.42	2.70	3.17	40	20	14
Normalized NOPAT Margin	8.91%	2.69%	2.14%	19.57%	11.42%	8.06%
Pre Tax Income Margin	5.17%	-1.39%	-0.25%	21.04%	10.50%	6.93%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	1.98	0.68	0.88	25.13	4.19	3.31
NOPAT to Interest Expense	2.10	0.58	0.76	20.24	3.34	2.44
EBIT Less CapEx to Interest Expense	-6.20	-3.39	-2.34	13.31	-6.77	-8.31
NOPAT Less CapEx to Interest Expense	-6.08	-3.49	-2.46	8.42	-7.62	-9.18
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1.27%	0.00%	-238.80%	0.68%	0.82%	18.29%

This table displays calculated financial ratios and metrics derived from Montauk Renewables' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	142,434,501.00	142,434,501.00	142,256,617.00	142,256,617.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	142,434,501.00	142,434,501.00	142,256,617.00	142,256,617.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	0.00	-0.04	0.04	0.00
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-21.55%	-0.31%	-5.72%	102.50%	-18.62%	18.37%	-40.83%	9.84%	4.13%	-31.34%	8.98%
EBITDA Growth	-35.02%	18.09%	-6.47%	200.77%	-64.03%	28.98%	-126.33%	-23.78%	-30.73%	-55.59%	5.26%
EBIT Growth	-43.11%	23.79%	-11.78%	124.19%	-93.27%	34.11%	-228.02%	-86.52%	-360.89%	-80.59%	-388.53%
NOPAT Growth	-94.57%	24.11%	-9.81%	119.52%	-42.20%	33.62%	-206.19%	-85.17%	-371.31%	-62.60%	-490.00%
Net Income Growth	-94.76%	15.62%	-19.61%	148.84%	-170.99%	31.81%	-276.12%	-125.08%	-670.65%	-69.47%	101.08%
EPS Growth	-92.31%	12.50%	-20.00%	133.33%	-200.00%	33.33%	-225.00%	-100.00%	-300.00%	-66.67%	0.00%
Operating Cash Flow Growth	4.31%	-59.11%	0.98%	220.73%	-98.92%	111.59%	-96.63%	-36.05%	4,151.81%	-55.74%	73.37%
Free Cash Flow Firm Growth	-148.21%	-195.55%	-281.44%	-32.34%	-478.46%	10.95%	14.49%	47.78%	55.27%	-49.26%	-537.94%
Invested Capital Growth	5.04%	20.98%	24.14%	16.70%	25.26%	18.05%	11.46%	7.18%	8.32%	15.41%	41.67%
Revenue Q/Q Growth	178.04%	4.57%	-15.95%	-17.13%	11.73%	52.10%	-57.99%	53.83%	5.92%	0.29%	0.00%
EBITDA Q/Q Growth	313.74%	18.35%	-41.87%	-31.48%	-23.69%	324.33%	-111.87%	298.34%	-30.65%	172.06%	0.00%
EBIT Q/Q Growth	196.29%	24.84%	-55.34%	-54.94%	-73.22%	2,388.89%	-142.63%	104.74%	-618.40%	285.14%	0.00%
NOPAT Q/Q Growth	110.60%	1,211.68%	-53.05%	-70.10%	-68.61%	2,932.12%	-137.32%	104.17%	-674.39%	517.98%	0.00%
Net Income Q/Q Growth	126.48%	1,189.53%	-62.90%	-61.45%	-138.49%	2,494.38%	-149.58%	94.51%	-1,082.54%	194.86%	0.00%
EPS Q/Q Growth	133.33%	800.00%	-55.56%	-75.00%	-200.00%	1,300.00%	-141.67%	100.00%	0.00%	200.00%	0.00%
Operating Cash Flow Q/Q Growth	251.33%	-24.59%	58.89%	-33.42%	-98.65%	14,711.40%	-97.47%	1,162.43%	-10.22%	54.17%	0.00%
Free Cash Flow Firm Q/Q Growth	63.63%	-187.54%	-48.67%	14.88%	-58.98%	55.73%	-42.76%	48.02%	-36.17%	-47.70%	0.00%
Invested Capital Q/Q Growth	0.54%	8.17%	1.93%	5.27%	7.92%	1.94%	-3.77%	1.24%	9.06%	8.61%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.84%	79.44%	80.19%	83.20%	79.06%	83.15%	82.67%	82.23%	79.68%	81.37%	82.69%
EBITDA Margin	35.66%	40.36%	27.91%	23.08%	15.76%	43.97%	-12.42%	16.02%	10.49%	28.45%	15.47%
Operating Margin	25.46%	30.13%	15.96%	6.11%	2.00%	34.45%	-35.46%	0.96%	-5.22%	9.83%	-3.44%
EBIT Margin	25.63%	30.59%	16.25%	8.84%	2.12%	34.66%	-35.17%	1.08%	-5.31%	9.80%	-2.87%
Profit (Net Income) Margin	1.88%	23.23%	10.25%	4.77%	-1.64%	25.86%	-30.52%	-1.09%	-12.16%	11.50%	0.01%
Tax Burden Percent	7.75%	82.16%	86.69%	81.75%	193.48%	81.13%	78.76%	59.41%	151.95%	154.91%	-1.71%
Interest Burden Percent	94.79%	92.40%	72.77%	66.02%	-40.09%	91.97%	110.17%	-169.05%	150.77%	75.78%	21.98%
Effective Tax Rate	92.25%	17.84%	13.31%	18.25%	0.00%	18.87%	0.00%	0.00%	0.00%	-54.91%	0.00%
Return on Invested Capital (ROIC)	1.65%	20.47%	11.17%	4.14%	1.06%	21.22%	-17.20%	0.46%	-2.33%	8.17%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	2.87%	25.79%	18.76%	5.79%	-36.24%	72.88%	932.98%	-13.47%	-15.61%	2.78%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-0.05%	-1.79%	-1.73%	-0.13%	-0.53%	-0.75%	-0.61%	-0.28%	-1.77%	0.32%	0.00%
Return on Equity (ROE)	1.60%	18.68%	9.43%	4.01%	0.53%	20.47%	-17.81%	0.18%	-4.10%	8.50%	0.00%
Cash Return on Invested Capital (CROIC)	3.22%	-9.69%	-12.66%	-5.74%	-13.30%	-6.04%	-5.75%	-2.54%	-6.25%	-16.02%	-34.49%
Operating Return on Assets (OROA)	14.02%	16.24%	8.33%	5.06%	1.12%	18.77%	-17.68%	0.55%	-2.59%	4.16%	0.00%
Return on Assets (ROA)	1.03%	12.33%	5.25%	2.73%	-0.87%	14.00%	-15.34%	-0.55%	-5.92%	4.88%	0.00%
Return on Common Equity (ROCE)	1.60%	18.68%	9.43%	4.01%	0.53%	20.47%	-17.81%	0.18%	-4.10%	8.50%	0.00%
Return on Equity Simple (ROE_SIMPLE)	6.31%	6.63%	0.00%	8.09%	7.39%	8.35%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1.05	14	6.47	1.94	0.61	18	-6.87	0.29	-1.65	6.89	-1.12
NOPAT Margin	1.97%	24.76%	13.83%	4.99%	1.40%	27.95%	-24.82%	0.67%	-3.65%	15.22%	-2.41%
Net Nonoperating Expense Percent (NNEP)	-1.22%	-5.32%	-7.59%	-1.65%	37.30%	-51.66%	-950.18%	13.94%	13.28%	5.39%	-1.70%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.06%	-	-	-	-2.20%	0.09%	-0.51%	2.10%	-0.27%
Cost of Revenue to Revenue	19.16%	20.56%	19.81%	16.80%	20.94%	16.85%	17.33%	17.77%	20.32%	18.63%	17.31%
SG&A Expenses to Revenue	45.00%	39.61%	52.31%	61.56%	63.22%	38.72%	94.43%	61.76%	68.49%	53.00%	67.14%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	55.38%	49.31%	64.23%	77.09%	77.05%	48.70%	118.13%	81.27%	84.90%	71.54%	86.13%
Earnings before Interest and Taxes (EBIT)	14	17	7.61	3.43	0.92	23	-9.74	0.46	-2.40	4.43	-1.33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	19	22	13	8.95	6.83	29	-3.44	6.82	4.73	13	7.18
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.69	5.38	5.12	2.35	3.21	2.72	2.22	1.15	1.24	1.10	0.62
Price to Tangible Book Value (P/TBV)	5.03	5.73	5.52	2.53	3.45	2.91	2.38	1.24	1.35	1.19	0.67
Price to Revenue (P/Rev)	6.01	7.36	7.32	3.07	4.44	3.84	3.25	1.66	1.74	1.78	0.00
Price to Earnings (P/E)	74.37	81.19	85.63	29.04	43.40	32.55	58.62	40.12	119.55	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.34%	1.23%	1.17%	3.44%	2.30%	3.07%	1.71%	2.49%	0.84%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.86	5.53	5.29	2.36	3.07	2.70	2.17	1.15	1.21	1.08	0.74
Enterprise Value to Revenue (EV/Rev)	5.95	7.32	7.26	3.06	4.53	3.85	3.30	1.73	1.97	2.15	0.00
Enterprise Value to EBITDA (EV/EBITDA)	24.56	27.95	27.82	9.39	16.30	12.98	14.05	7.91	9.62	16.48	0.00
Enterprise Value to EBIT (EV/EBIT)	48.43	51.76	52.64	14.29	28.85	21.57	33.26	21.41	31.92	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	61.21	65.10	65.99	26.29	37.37	27.81	45.05	26.96	72.60	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	17.54	31.85	30.93	8.87	16.91	11.63	13.26	8.03	7.65	11.26	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	154.64	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.27	0.25	0.24	0.23	0.21	0.22	0.20	0.27	0.26	0.57
Long-Term Debt to Equity	0.26	0.24	0.22	0.21	0.19	0.17	0.17	0.16	0.23	0.21	0.57
Financial Leverage	-0.02	-0.07	-0.09	-0.02	0.01	-0.01	0.00	0.02	0.11	0.12	0.25
Leverage Ratio	1.50	1.45	1.43	1.42	1.45	1.39	1.38	1.38	1.46	1.41	1.57
Compound Leverage Factor	1.43	1.34	1.04	0.94	-0.58	1.28	1.52	-2.34	2.20	1.07	0.35
Debt to Total Capital	22.84%	21.21%	20.24%	19.48%	18.91%	17.30%	17.77%	16.94%	21.48%	20.38%	36.17%
Short-Term Debt to Total Capital	2.67%	2.55%	2.51%	2.81%	3.14%	3.26%	3.79%	3.81%	3.66%	3.62%	0.00%
Long-Term Debt to Total Capital	20.17%	18.65%	17.73%	16.67%	15.78%	14.03%	13.98%	13.12%	17.83%	16.76%	36.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	77.16%	78.79%	79.76%	80.52%	81.09%	82.70%	82.23%	83.06%	78.52%	79.62%	63.83%
Debt to EBITDA	1.56	1.41	1.39	0.97	1.16	1.00	1.35	1.34	1.88	3.18	0.00
Net Debt to EBITDA	-0.24	-0.17	-0.23	-0.03	0.34	0.04	0.24	0.32	1.09	2.86	0.00
Long-Term Debt to EBITDA	1.38	1.24	1.22	0.83	0.97	0.81	1.06	1.04	1.56	2.61	0.00
Debt to NOPAT	3.90	3.28	3.30	2.71	2.66	2.13	4.32	4.58	14.18	-13.03	0.00
Net Debt to NOPAT	-0.59	-0.39	-0.54	-0.08	0.77	0.09	0.77	1.09	8.25	-11.70	0.00
Long-Term Debt to NOPAT	3.44	2.88	2.89	2.32	2.22	1.73	3.40	3.55	11.77	-10.71	0.00
Altman Z-Score	6.95	8.78	8.64	4.49	5.40	5.64	4.45	2.63	2.08	1.94	0.63
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.09	3.55	3.07	2.27	1.66	2.04	1.71	1.27	0.77	0.33	0.85
Quick Ratio	2.89	3.36	2.95	2.16	1.50	1.91	1.60	1.19	0.66	0.24	0.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9.40	-27	-40	-34	-54	-24	-34	-18	-24	-36	-114
Operating Cash Flow to CapEx	109.84%	85.41%	121.38%	65.01%	1.03%	227.41%	8.05%	78.58%	24.37%	42.44%	51.39%
Free Cash Flow to Firm to Interest Expense	-13.22	-20.87	-19.39	-29.36	-42.28	-13.12	-34.67	-14.37	-20.00	-33.45	-49.97
Operating Cash Flow to Interest Expense	25.20	10.43	10.36	12.27	0.15	15.58	0.73	7.35	6.75	11.78	6.95
Operating Cash Flow Less CapEx to Interest Expense	2.26	-1.78	1.82	-6.60	-14.45	8.73	-8.34	-2.00	-20.94	-15.97	-6.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.53	0.51	0.57	0.53	0.54	0.50	0.51	0.49	0.42	0.00
Accounts Receivable Turnover	9.56	11.71	17.51	24.36	10.49	10.44	16.80	19.77	12.28	12.73	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.96	0.94	0.90	0.94	0.84	0.86	0.75	0.73	0.67	0.57	0.00
Accounts Payable Turnover	7.58	7.44	5.59	4.81	4.30	4.42	3.76	2.27	1.67	1.69	0.00
Days Sales Outstanding (DSO)	38.17	31.18	20.84	14.99	34.80	34.95	21.73	18.46	29.72	28.66	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	48.17	49.08	65.31	75.81	84.88	82.53	97.16	161.08	218.46	216.59	0.00
Cash Conversion Cycle (CCC)	-10.00	-17.90	-44.47	-60.82	-50.08	-47.58	-75.44	-142.62	-188.74	-187.93	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	218	235	240	253	273	278	267	271	295	321	384
Invested Capital Turnover	0.84	0.83	0.81	0.83	0.75	0.76	0.69	0.69	0.64	0.54	0.00
Increase / (Decrease) in Invested Capital	10	41	47	36	55	42	27	18	23	43	113
Enterprise Value (EV)	1,059	1,301	1,270	596	836	751	581	310	357	346	283
Market Capitalization	1,069	1,309	1,280	598	819	748	571	298	316	286	164
Book Value per Share	$1.59	$1.69	$1.74	$1.77	$1.78	$1.92	$1.80	$1.81	$1.79	$1.83	$1.84
Tangible Book Value per Share	$1.48	$1.59	$1.61	$1.64	$1.65	$1.79	$1.67	$1.69	$1.65	$1.69	$1.71
Total Capital	295	309	314	316	315	333	313	311	324	327	413
Total Debt	67	65	64	62	60	58	56	53	70	67	149
Total Long-Term Debt	60	58	56	53	50	47	44	41	58	55	149
Net Debt	-10	-7.86	-10	-1.76	17	2.53	9.99	13	41	60	120
Capital Expenditures (CapEx)	16	16	18	22	19	13	8.99	12	34	30	31
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3.54	12	-5.11	-12	-4.20	-3.81	-10	-17	-30	-31	-32
Debt-free Net Working Capital (DFNWC)	81	85	69	52	38	51	36	23	-1.02	-24	-6.29
Net Working Capital (NWC)	73	77	61	43	28	40	24	11	-13	-36	-6.29
Net Nonoperating Expense (NNE)	0.05	0.85	1.67	0.09	1.32	1.38	1.58	0.75	3.84	1.69	-1.12
Net Nonoperating Obligations (NNO)	-10	-7.86	-10	-1.76	17	2.53	9.99	13	41	60	120
Total Depreciation and Amortization (D&A)	5.34	5.44	5.46	5.52	5.91	6.14	6.30	6.36	7.13	8.44	8.52
Debt-free, Cash-free Net Working Capital to Revenue	1.99%	6.59%	-2.92%	-5.95%	-2.28%	-1.95%	-5.74%	-9.49%	-16.63%	-19.19%	0.00%
Debt-free Net Working Capital to Revenue	45.62%	47.84%	39.29%	26.58%	20.63%	26.30%	20.23%	12.86%	-0.56%	-14.98%	0.00%
Net Working Capital to Revenue	41.20%	43.41%	34.78%	22.02%	15.29%	20.72%	13.48%	6.25%	-7.10%	-22.36%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.01	$0.09	$0.04	$0.01	($0.01)	$0.12	($0.05)	$0.00	($0.04)	$0.04	$0.00
Adjusted Weighted Average Basic Shares Outstanding	141.63M	141.72M	141.73M	141.99M	142.07M	142.41M	142.28M	142.71M	143.04M	143.13M	143.24M
Adjusted Diluted Earnings per Share	$0.01	$0.09	$0.04	$0.01	($0.01)	$0.12	($0.05)	$0.00	($0.04)	$0.04	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	142.05M	142.30M	142.15M	142.37M	142.07M	142.62M	142.40M	142.71M	143.04M	143.20M	143.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	143.66M	143.66M	143.70M	143.70M	143.61M	143.37M	142.43M	142.43M	142.26M	142.26M	142.34M
Normalized Net Operating Profit after Tax (NOPAT)	9.68	14	6.58	2.37	0.73	19	-6.63	1.72	-1.38	3.15	-0.81
Normalized NOPAT Margin	18.18%	24.83%	14.06%	6.10%	1.68%	28.61%	-23.93%	4.04%	-3.07%	6.95%	-1.74%
Pre Tax Income Margin	24.29%	28.27%	11.83%	5.83%	-0.85%	31.88%	-38.75%	-1.83%	-8.00%	7.42%	-0.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	19.19	13.16	3.67	2.94	0.71	12.45	-9.83	0.37	-1.97	4.13	-0.58
NOPAT to Interest Expense	1.48	10.65	3.12	1.66	0.47	10.04	-6.94	0.23	-1.36	6.42	-0.49
EBIT Less CapEx to Interest Expense	-3.75	0.94	-4.86	-15.93	-13.89	5.60	-18.90	-8.99	-29.66	-23.63	-14.11
NOPAT Less CapEx to Interest Expense	-21.46	-1.57	-5.41	-17.21	-14.13	3.19	-16.01	-9.13	-29.04	-21.34	-14.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1.02%	0.91%	0.82%	0.00%	2.75%	7.97%	18.29%	0.00%	65.67%	-4.62%	0.00%

Financials Breakdown Chart

Key Financial Trends

Montauk Renewables (NASDAQ: MNTK) showed a mixed but improving operating picture in Q1 2026, with revenue growth, a return to slight profitability, and strong operating cash flow. However, the quarter also reflected continued pressure from elevated operating costs, large debt obligations, and heavy capital spending.

What stands out most: revenue rose modestly year over year, margins improved sharply versus the loss in Q1 2025, and the company ended the quarter with substantially more cash than a year ago. At the same time, leverage remains meaningful and profitability is still fragile.

Revenue increased to $46.4 million in Q1 2026, up from $42.6 million in Q1 2025, showing continued top-line growth.
Operating income turned negative only slightly at a loss of $1.6 million, a big improvement from the $14.2 million operating loss in Q1 2025.
Net income was essentially breakeven at $5,000 versus a $464,000 loss a year ago, indicating better earnings stability.
Operating cash flow remained strong at $15.8 million, compared with $9.1 million in Q1 2025.
Cash and equivalents increased to $25.9 million from $40.1 million at the end of Q1 2025, though it was lower than the prior quarter.
Current assets improved substantially versus late 2025, rising to $35.7 million from $17.0 million at Q3 2025, helped by higher cash and receivables.
Book equity remained solid at $263.8 million, providing a sizable equity cushion on the balance sheet.
Gross profit was healthy at $38.4 million, but operating costs still consumed most of that benefit.
Depreciation remained a major non-cash expense at $8.4 million, reflecting the company’s asset-heavy business model.
Shares outstanding were fairly stable, with basic weighted average shares at 143.2 million versus 143.0 million in Q1 2025.
SG&A expenses were elevated at $31.2 million, which kept the company near breakeven despite higher revenue.
Capital spending remained heavy with $30.9 million spent on property, plant and equipment, limiting free cash flow.
Debt remains significant, including $149.5 million of long-term debt and $41.0 million of current liabilities.
Interest expense is still material at $2.3 million for the quarter, which can pressure profitability if operating results soften.
Investing and financing cash outflows offset operating cash generation, leading to a $4.5 million net increase in cash for the quarter but after sizable capital deployment and debt activity.

Looking at the longer trend, Montauk Renewables has moved from the much stronger profitability seen in 2023 to a more volatile 2024 and 2025 backdrop, including several quarters of losses. The good news is that Q1 2026 suggests some stabilization: revenue improved, operating losses narrowed sharply, and cash generation from operations remained healthy. The concern is that the business still needs a combination of better cost control and less capital intensity before earnings can become consistently durable.

Bottom line: MNTK’s latest quarter was encouraging on growth and cash flow, but the company is not out of the woods yet. Investors should watch whether management can keep operating expenses under control while reducing reliance on heavy capex and debt.

07/16/26 12:38 PM ETAI Generated. May Contain Errors.

Montauk Renewables Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Montauk Renewables' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

Montauk Renewables' net income appears to be on an upward trend, with a most recent value of $9.73 million in 2024, rising from $5.82 million in 2019. The previous period was $14.95 million in 2023. Check out Montauk Renewables' forecast to explore projected trends and price targets.

Montauk Renewables' total operating income in 2024 was $16.12 million, based on the following breakdown:

Total Gross Profit: $144.23 million
Total Operating Expenses: $128.11 million

Over the last 5 years, Montauk Renewables' total revenue changed from $105.71 million in 2019 to $175.74 million in 2024, a change of 66.2%.

Montauk Renewables' total liabilities were at $172.31 million at the end of 2025, a 88.1% increase from 2024, and a 83.8% increase since 2020.

In the past 5 years, Montauk Renewables' cash and equivalents has ranged from $20.99 million in 2020 to $105.18 million in 2022, and is currently $23.75 million as of their latest financial filing in 2025.

Over the last 5 years, Montauk Renewables' book value per share changed from 0.00 in 2019 to 1.80 in 2024, a change of 179.6%.

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Financial statements for NASDAQ:MNTK last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Montauk Renewables (MNTK) Financials

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Montauk Renewables (MNTK) Financials

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