Cowboy OFS Owners Dashboard
Numbers with a dotted underline — and the bars on most charts — open the invoices, bills or transactions behind them. Each list can be searched and downloaded as a CSV.
Cash & liquidity
Month-end balances from the balance sheet. The credit line moved from City Bank to FFB in July 2026.
Cash vs. credit line balance
Owed to Cowboy vs. owed by Cowboy
Payables rose from $3.4M at Dec 2025 to $5.7M. Customers take about 75 days to pay.
Cash and credit line by week
Where the cash went, Jan 2024 – Sep 15, 2026
Cash rose only $0.47M (from $0.16M at Dec 2023 to $0.63M). Operating cash was about +$1.6M, and all of it came from paying vendors more slowly (+$5.5M) while customers came to owe $5.9M more and inventory and work in progress grew $1.5M. Cowboy bought $8.1M of equipment, funded mainly by the City Bank/FFB equipment loan (+$5.1M, net of other debt), the credit line ($2.25M) and $0.9M of owner contributions (mostly Fily, 2024). Related-party loans were a +$0.9M source in 2024 and a −$1.9M use in 2025–26. Depreciation is added back. "Other" is small unexplained balance-sheet movement.
Revenue & profit
Accrual basis, Jan 2024 – Sep 15, 2026. August and September 2026 are still missing a large fuel bill and chemical costs, which run up to a month late.
Monthly revenue vs. cash breakeven
EBITDA by month
EBITDA = operating profit before interest and depreciation. August's $2.0M is overstated: it's closer to $1.35M once the missing chemical cost (about $600K) and fuel bill (about $45K) are booked.
Divisions
From P&L by Class, Jan 2024 – Sep 2026, before depreciation. Overhead is already spread across the divisions in QBO. PumpDown and Kill Truck weren't tracked as divisions in 2024.
Revenue by division
Operating margin
2026 covers Jan–Jul only, the months considered closed. PumpDown is still ramping. Cowboy bought 2 frac pumps from RLB ($194K on the books), and 6 pumps leased from Canis Majoris (a G.F. Elite company) will replace the $79K a month Cowboy pays Fluid Power in rent. Roustabout moved to Cowboy Elite as a subcontractor in August 2026.
Revenue vs. costs: Sandbuster and Mixing / Chemical
What each division billed and what it spent, month by month over the last 12 months, with the result as a line. Sandbuster sells shaker screens and Mixing / Chemical sells chemicals and filter elements; the switch takes those sales and their cost out of both sides so you can see what the service and rental work earns on its own. Every cost that isn't the product itself — labor, trucks, rentals, fuel, overhead — sits on the service side, so the product-off view is a worst case for services.
Chemical costs run about a month behind. August and September revenue is close to final, but their costs are not: the chemical invoices for that work land later, so the last two bars understate costs and overstate the result — August's result will come down materially once they're booked. September is also a partial month (through the 15th). Those months are shown in grey.
Sandbuster
Mixing / Chemical
Customers
Diamondback's share is falling as other customers grow.
Share of revenue
What customers owe Cowboy, by age
About 91% is not yet past due. Standard terms run 30–75 days.
Revenue by account owner, last 12 months
Account owners from Cowboy's sales list (updated Sept 16, 2026). The same person covers every division in both regions for each customer, except BPX (Ricky Sanchez in West Texas, Teresa Franklin in South Texas) and Permian Resources' West Texas PumpDown work (Bradley Carr). Shared accounts are shown on their own row rather than split. Contribution uses division-average margins; Bayswater's PumpDown work makes the unassigned group's margin low. Known CAC (Jan 2024 – Sep 2026) is the acquisition payments identified so far, plus meals, events, gifts, sponsorships and promotions whose memos name the customer or one of its job numbers.
Collections
From accounting's A/R submitted-dates tracker, as of Sep 16, 2026, using each customer's payment terms. Expected dates use the terms or the customer's actual 2026 pay speed, whichever is slower.
Expected collections by week, next 13 weeks
Needs follow-up
"Oldest" is days since the oldest invoice date for approvals, or days past the due date for past-due invoices.
By customer: terms vs. how fast they actually pay
"Actual days" is the dollar-weighted average from invoice date to payment, for invoices paid in 2026. Diamondback's 60 days start at ticket approval, so its invoice-to-cash time is longer.
Payables
From the A/P Aging Detail as of Sep 15, 2026: 918 open bills totaling $5.72M.
Bills by age
Bills coming due, by week
Payroll comes on top of these bills, about $440K every two weeks at August's level.
Largest vendor balances
Labor & overtime
From Payroll Details, Jan 2024 through the Sep 4, 2026 pay date. Totals jump in months with three paydays.
Overtime share of gross pay
By year: 39% in 2024, 40% in 2025 and 44% in 2026 (Jan–Aug), with 44–47% since July 2026. Paychecks covering more than 160 hours in two weeks: 15% in 2024, 13% in 2025, 24% in 2026.
Employees paid each month
Labor is about 36% of revenue. Counting lodging, per diem and travel, people costs are about 41%.
Overtime by division, month by month
Each employee's paycheck is assigned to the division it was coded to in QuickBooks. Mechanics and logistics staff are tracked together as "Maintenance / Logistics," and office and management staff as "Admin." "Unclassified" covers paychecks coded to Admin/Overhead or left without a division; the bookkeeper spreads those to divisions later.
Share of hours paid at overtime, 2024 → 2025 → 2026 (Jan–Aug): Mixing / Chemical 41% → 45% → 48%, Sandbuster 41% → 41% → 44%, Maintenance / Logistics 36% → 40% → 47%, Roustabout 25% → 21% → 24%, Kill Truck 34% → 33% (tracked from mid-2025), PumpDown 52% (2026 only). Company-wide: 33% → 36% → 41%. In 2026, Mixing / Chemical employees averaged about 118 overtime hours a month each, and PumpDown employees about 131.
Revenue credited to each employee
Company card spending by cardholder
Safety gear issued to employees
Loaded Dice Safety bills FR clothing and PPE with the recipient's name in the line memo. These are the lines that name someone, matched to the employee roster; lines for bulk stock, closet restocks and consumables carry no name and are not traced here. A line naming several people is split evenly between them.
| Employee | Issued |
|---|
| Division | Issued |
|---|
Look up an employee
Pay, hours, overtime, company card, accounts and contact details for anyone on the payroll or in the employee directory.
CEO metrics
First-pass figures. Each metric notes what's still needed to finish it.
Breakeven
Contribution margin ≈ 21.6%: revenue minus costs that rise and fall with activity (materials, field labor, fuel, rentals, supplies). Depreciation is an estimate. Needed: depreciation schedule, list of truly fixed costs, loan schedule.
ROI: return on equipment (before depreciation)
Mixing / Chemical assets include $0.80M of transfer pumps; its income excludes the preliminary August figures. PumpDown's loss is cumulative since April 2026 while it ramps up. Needed: fixed-asset register and asset list by division.
Customer lifetime value (LTV) & acquisition cost (CAC)
Estimated profit each customer contributes: its revenue in each division × that division's contribution margin (revenue minus costs that rise and fall with activity). Division margins: Sandbuster 41.5%, Roustabout 33.1%, Mixing / Chemical 29.2%, Kill Truck 23.5%, PumpDown −40.6%. Revenue and contribution run Jan 2024 – Sep 2026; per-year figures cover each customer's months since first billed. LTV assumes a 3-year customer life. 2024 history supports that for large accounts: of 31 customers billed in 2024, only 8 still bill in 2026, but those 8 were 84% of 2024 revenue. Small one-off customers rarely last past a year.
CAC: 14 new customers since Jan 2026 (Grady Rentals, a 2024 customer, came back) brought in $2.21M of revenue and about $290K of estimated contribution (median about $12K a year each). Marketing costs about $30K a month, roughly $20K+ per new customer before commissions and relationship payments. For a typical new customer, that's close to two years of contribution before the acquisition cost is recovered.
Customers lost: 24 of 47 customers billed nothing in the last 6 months, but together they were only $1.06M of revenue. Most were small, one-time jobs. Needed to firm this up: any 2023 sales history and costs by job.
ROI: Lapxo operating software
| Item | Amount | Notes |
|---|---|---|
| Development paid to date | $186K | Since Jul 2025; $10.6K a month since May 2026 |
| Remaining (Oct–Dec 2026, est.) | $32K | Aimsio replacement done by end of Oct; ClockShark replacement by end of Dec |
| Total project (est.) | ≈ $218K | One-time; development payments stop at completion |
| Annual subscription savings | ≈ $47K | Aimsio $34.6K (renews each Nov) + ClockShark ≈ $12K |
| Payback on subscriptions alone | ≈ 4.6 yrs | Faster invoicing, overtime control and job costing would shorten it. Hosting and support costs after launch would lengthen it. |
What this payback leaves out. The 4.6 years counts cancelled subscriptions only. It ignores the time savings in reducing timekeeping and job management into a single application. It also ignores 3 things that are not cost savings: the maintenance and asset management that major operators require of their vendors, the marketing opportunities of a technology different than competitors, and a platform that a potential buyer could assign value to at an exit.
Blackgold: what has actually been built
The open issue list behind those goals
Closed out, by the month the item was raised
Open items that bear on the two cutovers
Rented equipment, 2026 annual run-rate
Rented equipment and trucks cost $7.2M over the period, about 15% of revenue. Worth a rent-versus-buy review.