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

$2.91 +0.04 (+1.39%)

Closing price 10/5/2026 04:00 PM Eastern

Extended Trading

$2.96 +0.04 (+1.55%)

As of 04:46 AM 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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01	0.23
Consolidated Net Income / (Loss)	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01	0.23
Net Income / (Loss) Continuing Operations	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01	0.23
Total Pre-Tax Income	16	5.54	2.26	-0.37	21	-11	-0.78	-3.61	3.36	-0.29	2.22
Total Operating Income	17	7.47	2.37	0.87	23	-9.82	0.41	-2.36	4.45	-1.60	-0.08
Total Gross Profit	44	38	32	34	55	23	35	36	37	38	45
Total Revenue	56	47	39	43	66	28	43	45	45	46	54
Operating Revenue	56	47	39	43	66	28	43	45	45	46	54
Total Cost of Revenue	11	9.27	6.52	9.08	11	4.80	7.57	9.17	8.43	8.04	8.81
Operating Cost of Revenue	11	9.27	6.52	9.08	11	4.80	7.57	9.17	8.43	8.04	8.81
Total Operating Expenses	27	30	30	33	32	33	35	38	32	40	45
Selling, General & Admin Expense	22	24	24	27	26	26	26	31	24	31	37
Depreciation Expense	5.35	5.37	5.43	5.82	6.05	6.21	6.26	7.03	8.34	8.37	7.90
Impairment Charge	0.05	0.13	0.53	0.17	0.53	0.35	2.05	0.38	0.05	0.44	0.65
Total Other Income / (Expense), net	-1.04	-1.93	-0.11	-1.24	-1.70	-0.91	-1.19	-1.26	-1.09	1.31	2.29
Interest Expense	1.30	2.07	1.17	1.29	1.84	0.99	1.24	1.22	1.07	2.28	1.53
Interest & Investment Income	-	-	-	-	-	-	0.00	0.00	-	3.32	3.77
Other Income / (Expense), net	0.26	0.14	1.06	0.05	0.14	0.08	0.05	-0.04	-0.01	0.27	0.05
Income Tax Expense	2.81	0.74	0.41	0.34	3.97	-2.28	-0.32	1.88	-1.85	-0.30	1.99
Basic Earnings per Share	$0.09	$0.04	$0.01	($0.01)	$0.12	($0.05)	$0.00	($0.04)	$0.04	$0.00	$0.00
Weighted Average Basic Shares Outstanding	141.72M	141.73M	141.99M	142.07M	142.41M	142.28M	142.71M	143.04M	143.13M	143.24M	143.24M
Diluted Earnings per Share	$0.09	$0.04	$0.01	($0.01)	$0.12	($0.05)	$0.00	($0.04)	$0.04	$0.00	$0.00
Weighted Average Diluted Shares Outstanding	142.30M	142.15M	142.37M	142.07M	142.62M	142.40M	142.71M	143.04M	143.20M	143.26M	143.93M
Weighted Average Basic & Diluted Shares Outstanding	143.66M	143.70M	143.70M	143.61M	143.37M	142.43M	142.43M	142.26M	142.26M	142.34M	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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	-4.33	0.51	-11	-21	13	-9.43	-5.51	-11	-22	4.49	-10
Net Cash From Operating Activities	14	21	14	0.19	29	0.72	9.14	8.21	13	16	15
Net Cash From Continuing Operating Activities	14	21	14	0.19	29	0.72	9.14	8.21	13	16	15
Net Income / (Loss) Continuing Operations	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01	0.23
Consolidated Net Income / (Loss)	13	4.80	1.85	-0.71	17	-8.45	-0.46	-5.49	5.21	0.01	0.23
Depreciation Expense	5.35	5.37	5.43	5.82	6.05	6.21	6.26	7.03	8.34	8.37	7.90
Amortization Expense	0.09	0.09	0.09	0.09	0.09	0.09	0.10	0.10	0.10	0.14	0.34
Non-Cash Adjustments To Reconcile Net Income	2.65	2.61	2.67	2.43	4.92	1.74	3.45	0.88	2.99	2.19	-0.02
Changes in Operating Assets and Liabilities, net	-7.51	8.60	4.24	-7.44	0.48	1.14	-0.21	5.69	-3.98	5.14	6.14
Net Cash From Investing Activities	-16	-18	-23	-19	-13	-8.06	-12	-36	-32	-31	-25
Net Cash From Continuing Investing Activities	-16	-18	-23	-19	-13	-8.06	-12	-36	-32	-31	-25
Purchase of Property, Plant & Equipment	-16	-18	-22	-19	-13	-8.99	-12	-34	-30	-31	-25
Net Cash From Financing Activities	-2.02	-3.28	-2.02	-2.41	-3.33	-2.09	-3.02	17	-3.19	19	-0.10
Net Cash From Continuing Financing Activities	-2.02	-3.28	-2.02	-2.41	-3.33	-2.09	-3.02	17	-3.19	19	-0.10
Repayment of Debt	-2.00	-2.00	-2.00	-2.00	-2.00	-2.00	-3.00	-3.00	-23	-156	-0.08
Other Financing Activities, net	-0.02	-1.16	-0.02	-0.01	-0.02	-0.02	-0.02	-0.02	-0.19	-0.02	-0.01
Cash Interest Paid	1.25	1.29	1.24	1.13	1.53	0.41	1.06	1.45	0.91	1.85	1.33
Cash Income Taxes Paid	0.17	0.88	0.57	0.83	-	0.59	0.32	0.25	0.13	0.00	0.20

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	324	336	346	355	362	374	354	382	383	468	471
Total Current Assets	97	108	107	77	71	79	52	43	18	36	27
Cash & Equivalents	78	78	73	63	42	55	40	29	6.77	26	16
Restricted Cash	-	-	0.02	0.01	0.01	0.08	0.01	0.01	0.01	0.01	0.01
Accounts Receivable	6.31	13	18	9.67	22	19	8.49	7.54	6.02	5.23	5.55
Prepaid Expenses	2.44	5.83	4.84	2.80	5.60	4.58	2.82	4.91	4.17	3.89	4.68
Current Deferred & Refundable Income Taxes	-	0.48	-	0.10	0.51	-	0.34	0.65	0.72	0.62	1.31
Other Current Assets	9.84	1.00	0.99	0.77	0.77	0.43	0.40	0.36	0.29	0.00	0.00
Plant, Property, & Equipment, net	184	195	206	231	244	250	260	295	316	371	386
Total Noncurrent Assets	44	33	33	47	46	45	42	45	50	61	58
Long-Term Investments	-	-	-	-	-	-	-	-	-	3.77	3.72
Noncurrent Note & Lease Receivables	-	-	0.04	10	10	10	0.00	0.07	0.06	0.02	0.01
Goodwill	16	15	15	18	18	18	18	20	20	19	19
Noncurrent Deferred & Refundable Income Taxes	17	3.87	2.17	1.83	1.91	0.03	1.61	0.00	1.54	5.93	3.46
Other Noncurrent Operating Assets	11	14	15	17	16	16	23	25	28	32	32
Total Liabilities & Shareholders' Equity	324	336	346	355	362	374	354	382	383	468	471
Total Liabilities	99	109	102	100	107	99	96	128	123	204	206
Total Current Liabilities	24	35	30	34	43	39	41	55	54	42	44
Short-Term Debt	7.88	7.88	7.88	8.88	9.87	11	12	12	12	0.00	0.00
Accounts Payable	3.23	5.03	6.12	12	12	10	16	27	25	27	26
Accrued Expenses	11	22	15	12	21	16	10	14	14	12	16
Other Current Liabilities	0.49	0.48	0.46	0.45	0.52	0.53	2.45	2.53	2.55	2.91	2.53
Total Noncurrent Liabilities	75	74	72	67	64	60	55	72	69	162	162
Long-Term Debt	62	60	58	53	50	47	41	58	55	149	150
Asset Retirement Reserve & Litigation Obligation	5.59	5.70	5.80	6.00	6.11	6.23	6.46	6.71	6.84	7.09	7.22
Other Noncurrent Operating Liabilities	8.29	8.30	8.76	7.93	7.93	6.94	7.83	7.43	6.98	5.45	4.99
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	225	228	243	254	255	275	258	255	261	264	265
Total Preferred & Common Equity	225	228	243	254	255	275	258	255	261	264	265
Total Common Equity	225	228	243	254	255	275	258	255	261	264	265
Common Stock	209	211	213	218	220	224	225	227	228	228	229
Retained Earnings	27	28	41	47	47	64	55	49	55	57	57
Treasury Stock	-11	-11	-11	-11	-12	-13	-21	-22	-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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	142,434,501.00	142,434,501.00	142,256,617.00	142,256,617.00	142,341,139.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	142,434,501.00	142,434,501.00	142,256,617.00	142,256,617.00	142,341,139.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.00	-0.04	0.04	0.00	0.00
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.31%	-5.72%	102.50%	-18.62%	18.37%	-40.83%	9.84%	4.13%	-31.34%	8.98%	19.71%
EBITDA Growth	18.09%	-6.47%	200.77%	-64.03%	28.98%	-126.33%	-23.78%	-30.73%	-55.59%	5.26%	73.69%
EBIT Growth	23.79%	-11.78%	124.19%	-93.27%	34.11%	-228.02%	-86.52%	-360.89%	-80.59%	-388.53%	98.96%
NOPAT Growth	24.11%	-9.81%	119.52%	-42.20%	33.62%	-206.19%	-85.17%	-371.31%	-62.60%	-490.00%	99.54%
Net Income Growth	15.62%	-19.61%	148.84%	-170.99%	31.81%	-276.12%	-125.08%	-670.65%	-69.47%	101.08%	104.12%
EPS Growth	12.50%	-20.00%	133.33%	-200.00%	33.33%	-225.00%	-100.00%	-300.00%	-66.67%	0.00%	100.00%
Operating Cash Flow Growth	-59.11%	0.98%	220.73%	-98.92%	111.59%	-96.63%	-36.05%	4,151.81%	-55.74%	73.37%	77.91%
Free Cash Flow Firm Growth	-195.55%	-281.44%	-32.34%	-478.46%	10.95%	14.49%	47.78%	55.27%	-49.26%	-537.94%	-308.85%
Invested Capital Growth	20.98%	24.14%	16.70%	25.26%	18.05%	11.46%	7.18%	8.32%	15.41%	41.67%	33.67%
Revenue Q/Q Growth	4.57%	-15.95%	-17.13%	11.73%	52.10%	-57.99%	53.83%	5.92%	0.29%	0.00%	16.35%
EBITDA Q/Q Growth	18.35%	-41.87%	-31.48%	-23.69%	324.33%	-111.87%	298.34%	-30.65%	172.06%	0.00%	14.44%
EBIT Q/Q Growth	24.84%	-55.34%	-54.94%	-73.22%	2,388.89%	-142.63%	104.74%	-618.40%	285.14%	0.00%	98.12%
NOPAT Q/Q Growth	1,211.68%	-53.05%	-70.10%	-68.61%	2,932.12%	-137.32%	104.17%	-674.39%	517.98%	0.00%	99.32%
Net Income Q/Q Growth	1,189.53%	-62.90%	-61.45%	-138.49%	2,494.38%	-149.58%	94.51%	-1,082.54%	194.86%	0.00%	4,420.00%
EPS Q/Q Growth	800.00%	-55.56%	-75.00%	-200.00%	1,300.00%	-141.67%	100.00%	0.00%	200.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-24.59%	58.89%	-33.42%	-98.65%	14,711.40%	-97.47%	1,162.43%	-10.22%	54.17%	0.00%	-7.87%
Free Cash Flow Firm Q/Q Growth	-187.54%	-48.67%	14.88%	-58.98%	55.73%	-42.76%	48.02%	-36.17%	-47.70%	0.00%	12.73%
Invested Capital Q/Q Growth	8.17%	1.93%	5.27%	7.92%	1.94%	-3.77%	1.24%	9.06%	8.61%	0.00%	2.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.44%	80.19%	83.20%	79.06%	83.15%	82.67%	82.23%	79.68%	81.37%	82.69%	83.68%
EBITDA Margin	40.36%	27.91%	23.08%	15.76%	43.97%	-12.42%	16.02%	10.49%	28.45%	15.47%	15.21%
Operating Margin	30.13%	15.96%	6.11%	2.00%	34.45%	-35.46%	0.96%	-5.22%	9.83%	-3.44%	-0.14%
EBIT Margin	30.59%	16.25%	8.84%	2.12%	34.66%	-35.17%	1.08%	-5.31%	9.80%	-2.87%	-0.05%
Profit (Net Income) Margin	23.23%	10.25%	4.77%	-1.64%	25.86%	-30.52%	-1.09%	-12.16%	11.50%	0.01%	0.42%
Tax Burden Percent	82.16%	86.69%	81.75%	193.48%	81.13%	78.76%	59.41%	151.95%	154.91%	-1.71%	10.20%
Interest Burden Percent	92.40%	72.77%	66.02%	-40.09%	91.97%	110.17%	-169.05%	150.77%	75.78%	21.98%	-8,864.00%
Effective Tax Rate	17.84%	13.31%	18.25%	0.00%	18.87%	0.00%	0.00%	0.00%	-54.91%	0.00%	89.80%
Return on Invested Capital (ROIC)	20.47%	11.17%	4.14%	1.06%	21.22%	-17.20%	0.46%	-2.33%	8.17%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	25.79%	18.76%	5.79%	-36.24%	72.88%	932.98%	-13.47%	-15.61%	2.78%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-1.79%	-1.73%	-0.13%	-0.53%	-0.75%	-0.61%	-0.28%	-1.77%	0.32%	0.00%	0.00%
Return on Equity (ROE)	18.68%	9.43%	4.01%	0.53%	20.47%	-17.81%	0.18%	-4.10%	8.50%	0.00%	0.00%
Cash Return on Invested Capital (CROIC)	-9.69%	-12.66%	-5.74%	-13.30%	-6.04%	-5.75%	-2.54%	-6.25%	-16.02%	-34.49%	-28.82%
Operating Return on Assets (OROA)	16.24%	8.33%	5.06%	1.12%	18.77%	-17.68%	0.55%	-2.59%	4.16%	0.00%	0.00%
Return on Assets (ROA)	12.33%	5.25%	2.73%	-0.87%	14.00%	-15.34%	-0.55%	-5.92%	4.88%	0.00%	0.00%
Return on Common Equity (ROCE)	18.68%	9.43%	4.01%	0.53%	20.47%	-17.81%	0.18%	-4.10%	8.50%	0.00%	0.00%
Return on Equity Simple (ROE_SIMPLE)	6.63%	0.00%	8.09%	7.39%	8.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	14	6.47	1.94	0.61	18	-6.87	0.29	-1.65	6.89	-1.12	-0.01
NOPAT Margin	24.76%	13.83%	4.99%	1.40%	27.95%	-24.82%	0.67%	-3.65%	15.22%	-2.41%	-0.01%
Net Nonoperating Expense Percent (NNEP)	-5.32%	-7.59%	-1.65%	37.30%	-51.66%	-950.18%	13.94%	13.28%	5.39%	-1.70%	-0.27%
Return On Investment Capital (ROIC_SIMPLE)	-	2.06%	-	-	-	-2.20%	0.09%	-0.51%	2.10%	-0.27%	0.00%
Cost of Revenue to Revenue	20.56%	19.81%	16.80%	20.94%	16.85%	17.33%	17.77%	20.32%	18.63%	17.31%	16.32%
SG&A Expenses to Revenue	39.61%	52.31%	61.56%	63.22%	38.72%	94.43%	61.76%	68.49%	53.00%	67.14%	67.99%
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	49.31%	64.23%	77.09%	77.05%	48.70%	118.13%	81.27%	84.90%	71.54%	86.13%	83.82%
Earnings before Interest and Taxes (EBIT)	17	7.61	3.43	0.92	23	-9.74	0.46	-2.40	4.43	-1.33	-0.03
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	13	8.95	6.83	29	-3.44	6.82	4.73	13	7.18	8.22
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.38	5.12	2.35	3.21	2.72	2.22	1.15	1.24	1.10	0.62	0.84
Price to Tangible Book Value (P/TBV)	5.73	5.52	2.53	3.45	2.91	2.38	1.24	1.35	1.19	0.67	0.90
Price to Revenue (P/Rev)	7.36	7.32	3.07	4.44	3.84	3.25	1.66	1.74	1.78	0.00	0.00
Price to Earnings (P/E)	81.19	85.63	29.04	43.40	32.55	58.62	40.12	119.55	0.00	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	1.23%	1.17%	3.44%	2.30%	3.07%	1.71%	2.49%	0.84%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	5.53	5.29	2.36	3.07	2.70	2.17	1.15	1.21	1.08	0.74	0.89
Enterprise Value to Revenue (EV/Rev)	7.32	7.26	3.06	4.53	3.85	3.30	1.73	1.97	2.15	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	27.95	27.82	9.39	16.30	12.98	14.05	7.91	9.62	16.48	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	51.76	52.64	14.29	28.85	21.57	33.26	21.41	31.92	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	65.10	65.99	26.29	37.37	27.81	45.05	26.96	72.60	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	31.85	30.93	8.87	16.91	11.63	13.26	8.03	7.65	11.26	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	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	0.27	0.25	0.24	0.23	0.21	0.22	0.20	0.27	0.26	0.57	0.57
Long-Term Debt to Equity	0.24	0.22	0.21	0.19	0.17	0.17	0.16	0.23	0.21	0.57	0.57
Financial Leverage	-0.07	-0.09	-0.02	0.01	-0.01	0.00	0.02	0.11	0.12	0.25	0.33
Leverage Ratio	1.45	1.43	1.42	1.45	1.39	1.38	1.38	1.46	1.41	1.57	1.64
Compound Leverage Factor	1.34	1.04	0.94	-0.58	1.28	1.52	-2.34	2.20	1.07	0.35	-145.65
Debt to Total Capital	21.21%	20.24%	19.48%	18.91%	17.30%	17.77%	16.94%	21.48%	20.38%	36.17%	36.13%
Short-Term Debt to Total Capital	2.55%	2.51%	2.81%	3.14%	3.26%	3.79%	3.81%	3.66%	3.62%	0.00%	0.00%
Long-Term Debt to Total Capital	18.65%	17.73%	16.67%	15.78%	14.03%	13.98%	13.12%	17.83%	16.76%	36.17%	36.13%
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	78.79%	79.76%	80.52%	81.09%	82.70%	82.23%	83.06%	78.52%	79.62%	63.83%	63.87%
Debt to EBITDA	1.41	1.39	0.97	1.16	1.00	1.35	1.34	1.88	3.18	0.00	0.00
Net Debt to EBITDA	-0.17	-0.23	-0.03	0.34	0.04	0.24	0.32	1.09	2.86	0.00	0.00
Long-Term Debt to EBITDA	1.24	1.22	0.83	0.97	0.81	1.06	1.04	1.56	2.61	0.00	0.00
Debt to NOPAT	3.28	3.30	2.71	2.66	2.13	4.32	4.58	14.18	-13.03	0.00	0.00
Net Debt to NOPAT	-0.39	-0.54	-0.08	0.77	0.09	0.77	1.09	8.25	-11.70	0.00	0.00
Long-Term Debt to NOPAT	2.88	2.89	2.32	2.22	1.73	3.40	3.55	11.77	-10.71	0.00	0.00
Altman Z-Score	8.78	8.64	4.49	5.40	5.64	4.45	2.63	2.08	1.94	0.63	0.77
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	3.55	3.07	2.27	1.66	2.04	1.71	1.27	0.77	0.33	0.85	0.62
Quick Ratio	3.36	2.95	2.16	1.50	1.91	1.60	1.19	0.66	0.24	0.74	0.48
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-27	-40	-34	-54	-24	-34	-18	-24	-36	-114	-99
Operating Cash Flow to CapEx	85.41%	121.38%	65.01%	1.03%	227.41%	8.05%	78.58%	24.37%	42.44%	51.39%	59.12%
Free Cash Flow to Firm to Interest Expense	-20.87	-19.39	-29.36	-42.28	-13.12	-34.67	-14.37	-20.00	-33.45	-49.97	-64.95
Operating Cash Flow to Interest Expense	10.43	10.36	12.27	0.15	15.58	0.73	7.35	6.75	11.78	6.95	9.54
Operating Cash Flow Less CapEx to Interest Expense	-1.78	1.82	-6.60	-14.45	8.73	-8.34	-2.00	-20.94	-15.97	-6.57	-6.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.53	0.51	0.57	0.53	0.54	0.50	0.51	0.49	0.42	0.00	0.00
Accounts Receivable Turnover	11.71	17.51	24.36	10.49	10.44	16.80	19.77	12.28	12.73	0.00	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	0.94	0.90	0.94	0.84	0.86	0.75	0.73	0.67	0.57	0.00	0.00
Accounts Payable Turnover	7.44	5.59	4.81	4.30	4.42	3.76	2.27	1.67	1.69	0.00	0.00
Days Sales Outstanding (DSO)	31.18	20.84	14.99	34.80	34.95	21.73	18.46	29.72	28.66	0.00	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)	49.08	65.31	75.81	84.88	82.53	97.16	161.08	218.46	216.59	0.00	0.00
Cash Conversion Cycle (CCC)	-17.90	-44.47	-60.82	-50.08	-47.58	-75.44	-142.62	-188.74	-187.93	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	235	240	253	273	278	267	271	295	321	384	395
Invested Capital Turnover	0.83	0.81	0.83	0.75	0.76	0.69	0.69	0.64	0.54	0.00	0.00
Increase / (Decrease) in Invested Capital	41	47	36	55	42	27	18	23	43	113	99
Enterprise Value (EV)	1,301	1,270	596	836	751	581	310	357	346	283	352
Market Capitalization	1,309	1,280	598	819	748	571	298	316	286	164	222
Book Value per Share	$1.69	$1.74	$1.77	$1.78	$1.92	$1.80	$1.81	$1.79	$1.83	$1.84	$1.86
Tangible Book Value per Share	$1.59	$1.61	$1.64	$1.65	$1.79	$1.67	$1.69	$1.65	$1.69	$1.71	$1.72
Total Capital	309	314	316	315	333	313	311	324	327	413	414
Total Debt	65	64	62	60	58	56	53	70	67	149	150
Total Long-Term Debt	58	56	53	50	47	44	41	58	55	149	150
Net Debt	-7.86	-10	-1.76	17	2.53	9.99	13	41	60	120	130
Capital Expenditures (CapEx)	16	18	22	19	13	8.99	12	34	30	31	25
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	-5.11	-12	-4.20	-3.81	-10	-17	-30	-31	-32	-33
Debt-free Net Working Capital (DFNWC)	85	69	52	38	51	36	23	-1.02	-24	-6.29	-17
Net Working Capital (NWC)	77	61	43	28	40	24	11	-13	-36	-6.29	-17
Net Nonoperating Expense (NNE)	0.85	1.67	0.09	1.32	1.38	1.58	0.75	3.84	1.69	-1.12	-0.23
Net Nonoperating Obligations (NNO)	-7.86	-10	-1.76	17	2.53	9.99	13	41	60	120	130
Total Depreciation and Amortization (D&A)	5.44	5.46	5.52	5.91	6.14	6.30	6.36	7.13	8.44	8.52	8.24
Debt-free, Cash-free Net Working Capital to Revenue	6.59%	-2.92%	-5.95%	-2.28%	-1.95%	-5.74%	-9.49%	-16.63%	-19.19%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	47.84%	39.29%	26.58%	20.63%	26.30%	20.23%	12.86%	-0.56%	-14.98%	0.00%	0.00%
Net Working Capital to Revenue	43.41%	34.78%	22.02%	15.29%	20.72%	13.48%	6.25%	-7.10%	-22.36%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$0.04	$0.01	($0.01)	$0.12	($0.05)	$0.00	($0.04)	$0.04	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	141.72M	141.73M	141.99M	142.07M	142.41M	142.28M	142.71M	143.04M	143.13M	143.24M	143.24M
Adjusted Diluted Earnings per Share	$0.09	$0.04	$0.01	($0.01)	$0.12	($0.05)	$0.00	($0.04)	$0.04	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	142.30M	142.15M	142.37M	142.07M	142.62M	142.40M	142.71M	143.04M	143.20M	143.26M	143.93M
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	143.70M	143.70M	143.61M	143.37M	142.43M	142.43M	142.26M	142.26M	142.34M	142.34M
Normalized Net Operating Profit after Tax (NOPAT)	14	6.58	2.37	0.73	19	-6.63	1.72	-1.38	3.15	-0.81	0.40
Normalized NOPAT Margin	24.83%	14.06%	6.10%	1.68%	28.61%	-23.93%	4.04%	-3.07%	6.95%	-1.74%	0.75%
Pre Tax Income Margin	28.27%	11.83%	5.83%	-0.85%	31.88%	-38.75%	-1.83%	-8.00%	7.42%	-0.63%	4.10%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	13.16	3.67	2.94	0.71	12.45	-9.83	0.37	-1.97	4.13	-0.58	-0.02
NOPAT to Interest Expense	10.65	3.12	1.66	0.47	10.04	-6.94	0.23	-1.36	6.42	-0.49	-0.01
EBIT Less CapEx to Interest Expense	0.94	-4.86	-15.93	-13.89	5.60	-18.90	-8.99	-29.66	-23.63	-14.11	-16.15
NOPAT Less CapEx to Interest Expense	-1.57	-5.41	-17.21	-14.13	3.19	-16.01	-9.13	-29.04	-21.34	-14.01	-16.13
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	0.91%	0.82%	0.00%	2.75%	7.97%	18.29%	0.00%	65.67%	-4.62%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Montauk Renewables’ Q2 2026 results show improving operating momentum compared with the same quarter in 2025, although the company remains capital-intensive and reliant on substantial debt financing. Revenue rose to $54.0 million from $45.1 million, while gross profit increased to $45.2 million from $36.0 million. Gross margin also improved to approximately 83.7%, up from 79.7%.

Profitability improved sharply year over year. Montauk reported $226,000 of net income in Q2 2026, compared with a $5.5 million net loss in Q2 2025. Operating results approached breakeven, with a $75,000 operating loss versus a $2.4 million operating loss a year earlier. However, the company’s recent earnings remain inconsistent: net income was only $5,000 in Q1 2026, while earlier quarters included significantly larger profits and losses.

Cash generation remains a major strength, but it is not currently sufficient to fund the company’s investment program. Operating cash flow was $14.6 million in Q2 2026, compared with $8.2 million in Q2 2025. At the same time, capital expenditures totaled $24.7 million, producing negative quarterly free cash flow of roughly $9.7 million. Cash and equivalents declined from $25.9 million at the end of Q1 2026 to $15.8 million at the end of Q2.

Revenue growth accelerated: Q2 2026 revenue increased approximately 20% year over year, following growth from $42.6 million in Q1 2025 to $46.4 million in Q1 2026 and $54.0 million in Q2 2026.
Gross margins improved: Gross profit rose 25.6% year over year, outpacing revenue growth as cost of revenue increased more slowly than sales.
Operating cash flow remains consistently positive: Quarterly operating cash flow was $14.6 million in Q2 2026 and $15.8 million in Q1 2026, compared with $8.2 million in Q2 2025 and $9.1 million in Q1 2025.
Net PP&E has expanded: Net property, plant and equipment increased to $385.6 million from $244.4 million in Q2 2024, indicating continued investment in operating capacity and infrastructure.
Near-term debt repayment pressure appears limited: Short-term debt was reported at zero in Q1 and Q2 2026, while Q2 financing cash outflows were limited to $96,000.
Balance-sheet equity remains stable: Total common equity was $264.5 million at the end of Q2 2026, up modestly from $254.7 million in Q2 2025, but retained earnings growth has been limited by uneven profitability.
Interest income materially supported earnings: Q2 2026 included $3.8 million of interest and investment income, more than offsetting $1.5 million of interest expense. Investors should determine whether this income is recurring before assigning it a full valuation benefit.
Free cash flow remains negative: Q2 capital expenditures exceeded operating cash flow by approximately $9.7 million, and the company has repeatedly reported sizable investment outflows over the past several years.
Cash reserves are shrinking: Cash declined to $15.8 million in Q2 2026 from $29.1 million in Q2 2025 and $25.9 million in Q1 2026, leaving less liquidity to absorb operating volatility or fund expansion.
Leverage has increased substantially: Long-term debt reached $149.6 million in Q2 2026, compared with $57.8 million in Q2 2024 and $61.5 million in Q1 2023. Total liabilities were approximately $206.2 million, and interest costs remain significant.

Liquidity is another concern. Q2 2026 current assets were $27.3 million versus current liabilities of $44.3 million, implying a current ratio below 1. Accounts payable and accrued expenses together totaled approximately $41.8 million. This does not necessarily indicate an immediate solvency issue, but it highlights the company’s dependence on operating cash flow, working-capital management and access to financing.

Overall, Montauk Renewables is showing better revenue, margins, operating cash flow and earnings than it did a year ago. The main question for investors is whether this improvement can persist while the company funds substantial capital expenditures without continuing to weaken its cash position or increase leverage. Historical figures in the supplied data include restated periods, so investors should also review the company’s latest filings when comparing longer-term trends.

10/06/26 04:17 AM 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. See Montauk Renewables' forecast for analyst expectations on what's next for the company.

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%.

In the past 13 quarters, Montauk Renewables' cash and equivalents has ranged from $6.77 million in Q3 2025 to $78.04 million in Q1 2023, and is currently $15.76 million as of their latest financial filing in Q2 2026.

Montauk Renewables had total debt of $55.62 million at the end of 2024, a 12.4% decrease from 2023, and none in 2019.

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 8/5/2026 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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