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ESOA

Energy Services of America Corporation

ESOA

Energy Services of America Corporation • NASDAQ
$8.95 ▲ 1.13% (+0.10)
Market Cap $149.02 M
52w High $19.83
52w Low $7.64
Dividend Yield 0.12%
P/E 52.65
Volume 38.69K
Outstanding Shares 16.65M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $103.602M ▲ $8.815M ▲ $2.082M ▲ 2.009% ▲ $0.13 ▲ $6.292M ▲
Q2-2025 $76.679M ▼ $8.17M ▼ $-6.798M ▼ -8.866% ▼ $-0.41 ▼ $-4.947M ▼
Q1-2025 $100.646M ▼ $8.618M ▼ $853.733K ▼ 0.848% ▼ $0.051 ▼ $4.492M ▼
Q4-2024 $104.662M ▲ $8.783M ▲ $6.658M ▼ 6.361% ▼ $0.4 ▼ $11.081M ▼
Q3-2024 $85.924M $6.815M $17.514M 20.383% $1.06 $26.365M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $15.338M ▲ $195.549M ▲ $141.007M ▲ $54.542M ▲
Q2-2025 $9.926M ▼ $170.226M ▼ $116.446M ▼ $53.78M ▼
Q1-2025 $20.348M ▲ $192.103M ▲ $131.056M ▲ $61.047M ▲
Q4-2024 $12.926M ▼ $158.247M ▲ $99.553M ▲ $58.694M ▲
Q3-2024 $14.538M $148.848M $96.812M $52.036M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.082M ▲ $3.433M ▲ $-3.886M ▼ $5.865M ▲ $5.412M ▲ $-581.972K ▼
Q2-2025 $-6.798M ▼ $1.111M ▼ $-2.087M ▲ $-9.446M ▼ $-10.422M ▼ $4.203M ▼
Q1-2025 $853.733K ▼ $8.878M ▲ $-23.187M ▼ $21.731M ▲ $7.422M ▲ $5.988M ▲
Q4-2024 $6.658M ▼ $-847.529K ▼ $-2.326M ▲ $1.562M ▲ $-1.612M ▼ $-2.937M ▼
Q3-2024 $17.514M $19.341M $-3.029M $-13.866M $2.446M $16.261M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Gas and Petroleum Transmission
Gas and Petroleum Transmission
 $40.00M ▲$20.00M ▼$0 ▼$20.00M ▲
Gas and Water Distribution
Gas and Water Distribution
 $50.00M ▲$30.00M ▼$30.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have been on a clear upward path over the last few years. The business has grown from a smaller, lower‑margin contractor into a more solidly profitable operation, with operating income and EBITDA both improving. Net income has moved from roughly breakeven to clearly positive, and earnings per share jumped most recently, helped by better margins and scale. This suggests better bidding discipline, project execution, or mix of work. However, earnings in construction can be lumpy and sensitive to project timing, so the recent strength may not repeat in a straight line.

Balance Sheet

Balance Sheet The balance sheet has gradually strengthened. Total assets and shareholder equity have both grown, which points to a larger and more established platform than just a few years ago. Debt has increased compared with earlier years but does not appear excessive relative to the size of the business, and equity has risen faster more recently, which helps support financial stability. Cash levels remain modest, which is common for contractors but means careful working‑capital management is important, especially during slowdowns or if project collections are delayed.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive in recent years and has trended upward. After previously hovering around breakeven, free cash flow has turned solidly positive, even after regular investment in equipment and other capital needs. Capital spending has been steady rather than aggressive, suggesting controlled growth and reinvestment. Overall, the cash‑flow profile looks healthier and more self‑funding than in the past, though it remains dependent on maintaining a good flow of projects and timely payments from customers.

Competitive Edge

Competitive Edge ESOA competes in a crowded, often low‑margin construction and industrial services market, but it has carved out a more defensible position through diversification and regional strength. The company serves multiple end markets—natural gas, petroleum, water, industrial, and now some renewables and building controls—reducing dependence on any single segment. Its long operating history and reputation in the mid‑Atlantic and Central U.S., plus a skilled workforce and emphasis on safety and reliability, act as practical barriers for new entrants. The backlog of work and ability to offer a “one‑stop shop” across several service lines support customer stickiness. Still, the business remains exposed to cyclical spending, intense bidding competition, and execution risks on complex projects.

Innovation and R&D

Innovation and R&D ESOA is not a traditional high‑R&D company; its innovation is more strategic and service‑based than technology‑driven. The main engine of innovation has been targeted acquisitions that expand capabilities into water and wastewater infrastructure, HVAC controls, and solar energy. This creates a broader, more modern offering—especially around water systems, energy efficiency, and renewables—without having to invent new technologies in‑house. Future opportunities may come from integrating “smart” infrastructure solutions, digital monitoring, and more sophisticated project technologies into its service mix. The key risk is integration: the value of these acquisitions depends on combining them smoothly, cross‑selling services, and maintaining quality and culture across acquired businesses.

Summary

ESOA has transitioned from a small, relatively marginal contractor into a more profitable, cash‑generative industrial services platform. Revenue, margins, and earnings have improved meaningfully, backed by a gradually stronger balance sheet and healthier free cash flow. Strategically, the company is leaning into diversification—by sector (energy, water, industrial), by technology (controls, solar), and by geography—using acquisitions to accelerate its reach. This creates growth opportunities in areas like water infrastructure and renewables, particularly as public infrastructure funding increases. At the same time, ESOA remains a smaller player in a cyclical, competitive industry, with execution and integration risks around its acquisition strategy and a business model still tied to project timing and customer budgets. The recent financial momentum is encouraging, but future results will depend heavily on maintaining bid discipline, integrating new businesses well, and capturing higher‑quality, higher‑margin work over time.

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