ProFrac (ACDC) | Trefis

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies.

Weak multi-year price returns
2Y Excs Rtn is -75%, 3Y Excs Rtn is -131%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -200 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 135%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -19%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -25%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -54%

Key risks
ACDC key risks include [1] a high debt burden with substantial near-term payments, Show more.

0 Megatrend and thematic drivers
Megatrends include US Energy Independence. Themes include US Oilfield Technologies.
1 Weak multi-year price returns
2Y Excs Rtn is -75%, 3Y Excs Rtn is -131%
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -200 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11%
3 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 135%
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -19%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -25%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -54%
6 Key risks
ACDC key risks include [1] a high debt burden with substantial near-term payments, Show more.

ACDC in ETFs

Weight = ACDC's share of each fund

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DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/8/2026

ProFrac (ACDC) stock has lost about 25% since 3/31/2026 because of the following key factors:

1. Disappointing Fiscal Q1 2026 Earnings and Continued Losses.

ProFrac reported a net loss of $81 million for fiscal Q1 2026, with an Adjusted EBITDA of $54 million, which represents a 12% margin. The company's earnings per share (EPS) of -$0.47 for fiscal Q1 2026 missed the Zacks Consensus Estimate of -$0.37 by 27.03%. This followed a wider-than-expected loss in fiscal Q4 2025. Furthermore, ProFrac recorded negative free cash flow of $25 million in fiscal Q1 2026, a decrease from positive free cash flow of $14 million in fiscal Q4 2025. On a trailing twelve-month basis ending March 2026, the company reported a net loss of US$369 million, and forecasts suggest profitability is not expected within the next three years.

2. Weakening Analyst Sentiment and Lowered Price Targets.

Analyst ratings for ProFrac have shown a negative trend during the period, with a consensus "Sell" or "Reduce" rating. In May 2026, Piper Sandler lowered its price target for ProFrac to $6, and Bank of America Securities maintained a "Sell" rating with a $4.75 price target on May 19, 2026. As of May 19, 2026, the average price target from analysts polled by S&P Global was $4.87, indicating limited upside from the stock's price in early July 2026.

Show more
Updated on 7/8/2026

ProFrac (ACDC) stock has lost about 25% since 3/31/2026 because of the following key factors:

1. Disappointing Fiscal Q1 2026 Earnings and Continued Losses.

ProFrac reported a net loss of $81 million for fiscal Q1 2026, with an Adjusted EBITDA of $54 million, which represents a 12% margin. The company's earnings per share (EPS) of -$0.47 for fiscal Q1 2026 missed the Zacks Consensus Estimate of -$0.37 by 27.03%. This followed a wider-than-expected loss in fiscal Q4 2025. Furthermore, ProFrac recorded negative free cash flow of $25 million in fiscal Q1 2026, a decrease from positive free cash flow of $14 million in fiscal Q4 2025. On a trailing twelve-month basis ending March 2026, the company reported a net loss of US$369 million, and forecasts suggest profitability is not expected within the next three years.

2. Weakening Analyst Sentiment and Lowered Price Targets.

Analyst ratings for ProFrac have shown a negative trend during the period, with a consensus "Sell" or "Reduce" rating. In May 2026, Piper Sandler lowered its price target for ProFrac to $6, and Bank of America Securities maintained a "Sell" rating with a $4.75 price target on May 19, 2026. As of May 19, 2026, the average price target from analysts polled by S&P Global was $4.87, indicating limited upside from the stock's price in early July 2026.

3. Decline in Oil Prices and Sector-Specific Headwinds.

A significant factor contributing to the stock's decline was the drop in oil prices in June 2026. Brent crude fell below $80 per barrel, and WTI crude decreased to approximately $75, largely due to an interim U.S.-Iran peace deal that removed a supply disruption risk premium. This reduction in oil prices typically leads exploration and production (E&P) companies to cut capital expenditure, which directly reduces demand for oilfield services provided by ProFrac. Additionally, oilfield services firms experienced increased input cost pressures in fiscal Q2 2026, with the overall U.S. Oil & Gas Field Services industry projected to decline over the next five years.

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Stock Movement Drivers

Fundamental Drivers

The -22.6% change in ACDC stock from 3/31/2026 to 7/16/2026 was primarily driven by a -16.0% change in the company's P/S Multiple.
(LTM values as of)33120267162026Change
Stock Price ($)6.204.80-22.6%
Change Contribution By: 
Total Revenues ($ Mil)1,9421,791-7.8%
P/S Multiple0.60.5-16.0%
Shares Outstanding (Mil)182182-0.1%
Cumulative Contribution-22.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/16/2026
ReturnCorrelation
ACDC-22.6% 
Market (SPY)15.4%-5.3%
Sector (XLE)-6.9%60.1%

Fundamental Drivers

The 23.4% change in ACDC stock from 12/31/2025 to 7/16/2026 was primarily driven by a 43.9% change in the company's P/S Multiple.
(LTM values as of)123120257162026Change
Stock Price ($)3.894.8023.4%
Change Contribution By: 
Total Revenues ($ Mil)1,9601,791-8.6%
P/S Multiple0.30.543.9%
Shares Outstanding (Mil)171182-6.2%
Cumulative Contribution23.4%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/16/2026
ReturnCorrelation
ACDC23.4% 
Market (SPY)10.4%-3.1%
Sector (XLE)28.4%47.8%

Fundamental Drivers

The -38.1% change in ACDC stock from 6/30/2025 to 7/16/2026 was primarily driven by a -18.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257162026Change
Stock Price ($)7.764.80-38.1%
Change Contribution By: 
Total Revenues ($ Mil)2,2101,791-18.9%
P/S Multiple0.60.5-13.3%
Shares Outstanding (Mil)160182-12.0%
Cumulative Contribution-38.1%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/16/2026
ReturnCorrelation
ACDC-38.1% 
Market (SPY)22.5%6.0%
Sector (XLE)37.7%39.7%

Fundamental Drivers

The -57.0% change in ACDC stock from 6/30/2023 to 7/16/2026 was primarily driven by a -70.1% change in the company's Shares Outstanding (Mil).
(LTM values as of)63020237162026Change
Stock Price ($)11.164.80-57.0%
Change Contribution By: 
Total Revenues ($ Mil)2,9381,791-39.0%
P/S Multiple0.20.5135.6%
Shares Outstanding (Mil)54182-70.1%
Cumulative Contribution-57.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/16/2026
ReturnCorrelation
ACDC-57.0% 
Market (SPY)75.3%27.9%
Sector (XLE)53.6%52.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ACDC Return-39%-66%-8%-50%29%-72%
Peers Return26%73%-12%-8%-5%36%130%
S&P 500 Return27%-19%24%23%16%11%102%

Monthly Win Rates [3]
ACDC Win Rate-88%25%42%33%43% 
Peers Win Rate53%58%33%50%43%63% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
ACDC Max Drawdown---70%-45%-70%-42% 
Peers Max Drawdown-44%-48%-37%-34%-46%-30% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: HAL, LBRT, PTEN, PUMP, RES.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/16/2026 (YTD)

How Low Can It Go

EventACDCS&P 500
2025 US Tariff Shock
  % Loss-48.2%-18.8%
  % Gain to Breakeven93.2%23.1%
  Time to Breakeven21 days79 days
2024 Yen Carry Trade Unwind
  % Loss-24.6%-7.8%
  % Gain to Breakeven32.6%8.5%
  Time to Breakeven105 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-21.3%-24.5%
  % Gain to Breakeven27.1%32.4%
  Time to Breakeven13 days427 days

Compare to HAL, LBRT, PTEN, PUMP, RES

In The Past

ProFrac's stock fell -48.2% during the 2025 US Tariff Shock. Such a loss loss requires a 93.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventACDCS&P 500
2025 US Tariff Shock
  % Loss-48.2%-18.8%
  % Gain to Breakeven93.2%23.1%
  Time to Breakeven21 days79 days
2024 Yen Carry Trade Unwind
  % Loss-24.6%-7.8%
  % Gain to Breakeven32.6%8.5%
  Time to Breakeven105 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-21.3%-24.5%
  % Gain to Breakeven27.1%32.4%
  Time to Breakeven13 days427 days

Compare to HAL, LBRT, PTEN, PUMP, RES

In The Past

ProFrac's stock fell -48.2% during the 2025 US Tariff Shock. Such a loss loss requires a 93.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About ProFrac (ACDC)

ProFrac (ACDC) is a growth-oriented, vertically integrated energy services company that provides hydraulic fracturing, completion services, and other complementary products to leading upstream oil and gas exploration and production (E&P) companies. The company primarily serves the North American unconventional oil and natural gas resource markets, with operations concentrated in key regions like West Texas, East Texas/Louisiana, and the Appalachian Basin. ProFrac positions itself as a partner for E&P companies seeking to improve their environmental, social, and governance (ESG) profiles by focusing on innovation to reduce greenhouse gas emissions and enhance efficiency in hydraulic fracturing operations.

The company's main offerings include stimulation services, leveraging a large fleet of hydraulic horsepower. ProFrac differentiates its fracturing services through advanced technologies, including low-emission conventional fleets equipped with Tier IV diesel engines, dual-fuel capabilities, and proprietary Engine Stop-Start Controllers (ESCs) that significantly reduce idle time, fuel consumption, and emissions. Additionally, ProFrac is actively deploying new electric-powered hydraulic fracturing fleets utilizing Clean Fleet® technology, which offers customers further options for lower-cost, lower-emission power solutions and reduced reliance on diesel fuel.

ProFrac's business model is bolstered by its vertical integration, encompassing in-house manufacturing, assembly, repair, and maintenance of its equipment. This strategy enables cost-advantaged fleet construction and maintenance, rapid technology implementation, and greater control over the supply chain. Beyond fracturing services, ProFrac also operates sand mines in Texas, providing crucial proppant, and offers a suite of ancillary services such as completion chemicals, frac design, logistics coordination, and real-time data reporting, creating a comprehensive and efficient integrated service platform for its customers.

AI Analysis | Feedback

1. ProFrac is like Tesla for industrial well completion services, focusing on advanced, lower-emission, and electric hydraulic fracturing fleets, and vertically integrating manufacturing for superior efficiency.

2. ProFrac is like Amazon for hydraulic fracturing, vertically integrated to manufacture its own advanced, low-emission equipment and provide a full suite of well completion products and services, from sand to chemicals.

AI Analysis | Feedback

ProFrac (ACDC) provides the following major services and products:

  • Stimulation Services: Offers hydraulic fracturing and related well completion services, utilizing a range of fleets from lower-emission conventional to electric-powered systems.
  • Frac Sand (Proppant): Produces and sells frac sand from company-owned mines to customers for use in hydraulic fracturing operations.
  • Completion Chemicals: Supplies a full suite of completion chemicals, including proprietary biodegradable technologies, necessary for the well completion process.
  • Ancillary Well Completion Services: Provides complementary services such as frac design, logistics coordination, and real-time data reporting for operational and environmental insights.

AI Analysis | Feedback

ProFrac (ACDC) sells its services and products primarily to other companies. Based on the provided description, the company's major customers are:

  • Leading upstream oil and gas companies engaged in the exploration and production ("E&P") of North American unconventional oil and natural gas resources.

The company description does not list the names of specific customer companies or their stock symbols.

AI Analysis | Feedback

  • U.S. Well Services (USWS)
  • Flotek Industries (FTK)

AI Analysis | Feedback

Ladd Wilks - Chief Executive Officer

Ladd Wilks co-founded ProFrac Services in 2016 and has served as CEO since its inception. Prior to ProFrac, he was the Vice President of Logistics for Frac Tech Services before the business was sold in 2011. He also served as President of Breckenridge Geophysical in 2012 and has held various leadership roles in other oilfield service companies. Mr. Wilks also founded and holds a controlling interest in his own privately owned E&P company.

Austin Harbour - Chief Financial Officer

Austin Harbour joined ProFrac as Chief Financial Officer after working in the energy and power investment banking group at Piper Sandler Companies from 2021 to 2024, and previously from 2012 to 2015. During his career in investment banking, he focused on energy services and equipment, advising on significant M&A and restructuring transactions. Before joining Piper Sandler, Mr. Harbour served as the CFO of Superior Energy Services' North American business from 2020 to 2021. His experience also includes roles at Lazard Freres from 2015 to 2020 and Bank of America Merrill Lynch from 2011 to 2012.

Matthew D. Wilks - Executive Chairman & President

Matthew D. Wilks has served as Executive Chairman of ProFrac's board of directors since August 2021 and as President since October 2018. He previously held the position of Chief Financial Officer for ProFrac from May 2017 to August 2021. Mr. Wilks has also served as Vice President of Investments for Wilks Brothers since January 2012 and was the Vice President of Logistics for FTS International, Inc. (FTSI) from 2010 to 2012. He was also a member of the board of directors of Approach Resources, Inc., an E&P company.

Matthew Greenwood - Chief Commercial Officer

Matthew Greenwood joined ProFrac Services in 2017 and is responsible for directing sales, marketing, and commercial operations, in addition to serving on the ProFrac ESG board. He has 17 years of experience in oilfield services, beginning in 2004 with a Barnett Shale completions-based service company where he was promoted to General Manager in 2006. This company was subsequently purchased by SCF Partners in 2010, leading to the formation of Rockwater Energy Solutions.

Steven Scrogham - Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary

Steven Scrogham joined ProFrac in 2023. He is responsible for the company's legal strategy, including transactional, litigation, governance, and compliance priorities. Before joining ProFrac, he spent 15 years at AbbVie Inc. and Abbott Laboratories, where he advised on securities, finance, and transactional matters.

AI Analysis | Feedback

The key risks to ProFrac's business include:

  1. Dependence on the Cyclical Nature of the North American Unconventional Oil and Gas Industry: ProFrac's financial performance is directly tied to the capital spending of exploration and production (E&P) companies in the North American unconventional oil and natural gas sector. The energy industry is highly volatile and cyclical, influenced by fluctuations in commodity prices, production levels, and global economic conditions. A downturn in oil and gas prices or decreased E&P activity would significantly reduce demand for ProFrac's hydraulic fracturing and completion services, adversely impacting its revenue and profitability.
  2. High Leverage and Debt Management: ProFrac's growth objectives, including its vertical integration strategy and acquisitions, are capital-intensive. The company carries significant indebtedness, which could limit its financial flexibility and competitive position, making it more vulnerable to adverse economic conditions. Managing this debt and maintaining sufficient liquidity are critical for its operational stability and ability to navigate market fluctuations.
  3. Environmental and Regulatory Risks Coupled with High Capital Expenditure for Technology Upgrades: ProFrac operates in an industry subject to extensive and evolving federal, state, and local environmental regulations, particularly concerning hydraulic fracturing. While the company emphasizes its lower-emission and technologically advanced fleets, maintaining this competitive edge requires continuous, significant capital investment for upgrading existing fleets, deploying new electric-powered fleets, and integrating technologies like Engine Smart Controls (ESCs). The background explicitly mentions that fleets acquired in the FTSI Acquisition are older and less technologically advanced, potentially requiring additional maintenance and capital expenditures, or necessitating retirement and replacement to meet ESG objectives, which further adds to capital intensity and execution risk.

AI Analysis | Feedback

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AI Analysis | Feedback

ProFrac (ACDC) operates in the significant North American hydraulic fracturing and proppant (frac sand) markets.

Hydraulic Fracturing Services

The global hydraulic fracturing market size was valued at approximately USD 58.49 billion in 2025 and is projected to reach USD 95.92 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 6.2% from 2026 to 2033. Another estimate places the global market at USD 54 billion in 2023, expected to grow to USD 99.27 billion by 2032, with a CAGR of 7.0% from 2024 to 2032.

North America is a dominant region in this market. In 2025, North America held the largest share of the global hydraulic fracturing market, accounting for approximately 83.1% of the total revenue. The U.S. hydraulic fracturing services market alone was valued at USD 40.5 billion in 2024 and USD 40.3 billion in 2025. This regional dominance is attributed to extensive shale resources, advanced drilling technologies, and a favorable regulatory environment, particularly in prolific basins such as the Permian, Eagle Ford, Bakken, and Marcellus.

Proppant Production (Frac Sand)

The global frac sand market size was estimated at USD 7.82 billion in 2024 and is projected to reach USD 11.14 billion by 2033, growing at a CAGR of 4.1% from 2025 to 2033. Another report estimated the global frac sand market at USD 9.30 billion in 2024, with a projection to reach USD 28.35 billion by 2032, at a CAGR of 14.95%.

North America significantly leads the frac sand market. In 2024, the North America frac sand market was valued at USD 1.699 billion and is anticipated to reach USD 1.811 billion in 2025. The broader North America proppants market, which includes frac sand as its largest component, generated a revenue of USD 4.1566 billion in 2023 and was estimated at USD 4.96 billion in 2024. It is projected to reach USD 6.8999 billion by 2030. North America dominated the frac sand industry with over 55.0% revenue share in 2024. The United States specifically contributed 85.4% of the North America frac sand market share in 2024, driven by its vast shale reserves in regions like the Permian Basin, Eagle Ford, and Marcellus Shale. The development of in-basin frac sand supply, particularly in the Permian Basin, is a key trend, reducing transportation costs and improving operational efficiency.

AI Analysis | Feedback

ProFrac (ACDC) anticipates several key drivers for its future revenue growth over the next two to three years, stemming from its strategic focus on technology, operational efficiency, and market expansion.

  1. Expansion and Enhanced Utilization of Environmentally Advantaged Fleets: ProFrac is committed to deploying and optimizing its lower-emission conventional and electric-powered hydraulic fracturing fleets. These fleets, which include those equipped with Clean Fleet® technology, are designed to appeal to customers focused on reducing greenhouse gas emissions and improving ESG profiles. The company expects these technologically advanced and more efficient fleets to capture increased market demand and maintain high utilization rates.

  2. Growth in Proppant Production and Third-Party Sales: The company's proppant production segment demonstrated strong performance in the fourth quarter of 2025, with revenues materially increasing and a higher percentage of volumes sold to third-party customers. Ongoing development of in-basin Permian Basin frac sand resources, such as the West Munger facility, is expected to further boost production capacity and sales, especially given its strategic location near active drilling sites.

  3. Strategic Market Expansion and Customer Wins in Key Basins: ProFrac is actively pursuing growth in specific regions, notably the Haynesville basin. Management has highlighted significant customer wins for both fracturing and sand services in this area, anticipating continued activity increases throughout 2026. This focused regional expansion is expected to diversify the company’s revenue base.

  4. Leveraging Advanced Technological Innovations for Service Optimization: ProFrac recently introduced Machina, a new well optimization suite that integrates real-time measurement, analytics, and AI engineering agents. This technology is designed to enhance operational efficiency, optimize well completions, and potentially reduce perforation efficiency degradation, thereby offering a differentiated and higher-value service to customers and reinforcing customer loyalty.

AI Analysis | Feedback

Share Issuance

  • In August 2025, ProFrac conducted a public offering of 18,750,000 shares of Class A common stock at $4.00 per share, generating approximately $75.0 million in gross proceeds and $72.1 million in net proceeds.
  • As part of the USWS Acquisition completed in November 2022, ProFrac issued 12.9 million shares of its Class A Common Stock, valued at $282.1 million.
  • In December 2022, ProFrac's acquisition of REV Energy Holdings, LLC for $140 million included $70 million in ProFrac Class B common shares as part of the consideration.

Inbound Investments

  • In April 2025, Flotek Industries, Inc. acquired power generation assets and intellectual property from ProFrac GDM, LLC, a subsidiary of ProFrac, for $105 million.

Outbound Investments

  • In March 2022, ProFrac acquired FTS International, Inc. (FTSI) for a purchase price of $405.7 million, which included $332.8 million in cash consideration.
  • In November 2022, ProFrac acquired USWS for a total consideration including 12.9 million shares of Class A Common Stock (valued at $282.1 million) and $195.9 million in cash.
  • ProFrac made significant investments in its proppant production capabilities, acquiring Performance Proppants for $475 million in cash in late 2022/early 2023 and SP Silica of Monahans for approximately $90 million in June 2022.

Capital Expenditures

  • ProFrac projected capital expenditures for fiscal year 2026 to be between $155 million and $185 million.
  • In the first quarter of 2025, cash capital expenditures were $53 million, a decrease from $63 million in the fourth quarter of 2024, with expenditures in Q4 2024 focused on reactivating fleets.
  • In Q3 2025, ProFrac invested $34.3 million in capital expenditures, focusing on funding long-term assets and infrastructure, and reported cash capital expenditures of $37 million in Q4 2025.

Better Bets vs. ProFrac (ACDC)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ACDCHALLBRTPTENPUMPRESMedian
NameProFrac Hallibur.Liberty .Patterso.ProPetro RPC  
Mkt Price4.8035.0423.469.6412.745.8411.19
Mkt Cap0.929.33.83.71.51.22.6
Rev LTM1,79122,1694,0504,6631,1801,7482,920
Op Inc LTM-2002,98372-72-95422
FCF LTM21,678-193273-94423
FCF 3Y Avg792,13412836354109119
CFO LTM1602,822426817180193309
CFO 3Y Avg2953,467753991263281524

Growth & Margins

ACDCHALLBRTPTENPUMPRESMedian
NameProFrac Hallibur.Liberty .Patterso.ProPetro RPC  
Rev Chg LTM-18.9%-1.7%-4.0%-9.4%-15.6%27.6%-6.7%
Rev Chg 3Y Avg-15.0%0.8%-4.3%20.8%-5.1%0.8%-1.7%
Rev Chg Q-25.1%-0.3%4.5%-12.7%-24.7%36.6%-6.5%
QoQ Delta Rev Chg LTM-7.8%-0.1%1.1%-3.4%-7.0%7.5%-1.7%
Op Inc Chg LTM-1,312.7%-20.2%-75.5%-33.0%-132.4%-21.7%-54.3%
Op Inc Chg 3Y Avg-491.7%-4.2%-46.6%-42.3%-84.4%-44.8%-45.7%
Op Mgn LTM-11.2%13.5%1.8%-1.5%-0.8%3.1%0.5%
Op Mgn 3Y Avg-1.5%15.9%7.6%2.0%2.9%6.7%4.8%
QoQ Delta Op Mgn LTM-4.3%-0.5%-0.5%-0.7%-2.3%-0.4%-0.6%
CFO/Rev LTM8.9%12.7%10.5%17.5%15.2%11.0%11.9%
CFO/Rev 3Y Avg13.6%15.3%17.4%20.2%18.4%18.8%17.9%
FCF/Rev LTM0.1%7.6%-4.8%5.9%-0.8%2.5%1.3%
FCF/Rev 3Y Avg3.4%9.4%2.8%7.4%3.6%7.4%5.5%

Valuation

ACDCHALLBRTPTENPUMPRESMedian
NameProFrac Hallibur.Liberty .Patterso.ProPetro RPC  
Mkt Cap0.929.33.83.71.51.22.6
P/S0.51.30.90.81.30.70.9
P/Op Inc-4.49.853.0-51.2-156.923.12.7
P/EBIT-3.012.316.0-57.7-490.626.04.7
P/E-2.019.025.3-30.7-119.959.78.5
P/CFO5.510.48.94.58.36.57.4
Total Yield-49.6%7.2%5.4%-1.6%-0.8%3.1%1.1%
Dividend Yield0.0%2.0%1.5%1.7%0.0%1.4%1.4%
FCF Yield 3Y Avg6.1%7.5%4.9%9.3%6.8%7.8%7.2%
D/E1.40.30.40.30.10.10.3
Net D/E1.30.20.20.30.0-0.10.2

Returns

ACDCHALLBRTPTENPUMPRESMedian
NameProFrac Hallibur.Liberty .Patterso.ProPetro RPC  
1M Rtn-26.8%-5.8%-14.2%-6.9%-14.2%-12.8%-13.5%
3M Rtn-22.7%-7.8%-15.9%-6.6%-13.7%-18.4%-14.8%
6M Rtn9.6%7.9%15.4%38.4%22.3%-4.4%12.5%
12M Rtn-38.9%68.8%114.3%70.9%122.3%29.3%69.9%
3Y Rtn-62.5%0.4%63.2%-23.9%37.4%-24.9%-11.8%
1M Excs Rtn-31.2%-8.0%-16.2%-9.3%-15.9%-15.0%-15.4%
3M Excs Rtn-30.0%-13.5%-22.6%-9.2%-19.4%-23.2%-21.0%
6M Excs Rtn-1.3%0.2%8.1%29.5%17.8%-9.9%4.2%
12M Excs Rtn-59.0%47.0%92.3%50.0%100.9%6.7%48.5%
3Y Excs Rtn-131.0%-69.8%-5.6%-90.8%-33.0%-91.4%-80.3%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Stimulation services1,6831,9142,2912,342745
Proppant Production3362463833427
Flotek244    
Manufacturing2122231761376
Other1719619337 
Eliminations-550-388-414 -81
Total1,9422,1912,6302,426768


Assets by Segment
$ Mil20252024202320222021
Stimulation services2,7962,9112,4842,648511
Proppant Production1,1169301,160477100
Manufacturing45644324414078
Flotek266    
Other37250189194 
Eliminations-2,097-1,546-1,006-526-24
Total2,5732,9883,0712,934665


Price Behavior

Price Behavior
Market Price$4.80 
Market Cap ($ Bil)0.9 
First Trading Date05/13/2022 
Distance from 52W High-41.4% 
   50 Days200 Days
DMA Price$6.49$5.35
DMA Trendupdown
Distance from DMA-26.0%-10.4%
 3M1YR
Volatility87.8%91.4%
Downside Capture104.3486.22
Upside Capture-36.468.75
Correlation (SPY)-5.5%5.5%
ACDC Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.870.30-0.15-0.030.521.49
Up Beta-8.21-5.57-2.51-1.59-1.271.28
Down Beta0.871.232.060.781.982.41
Up Capture364%52%17%74%16%63%
Bmk +ve Days11244067140429
Stock +ve Days11223468126374
Down Capture303%252%97%-25%86%107%
Bmk -ve Days10172358112321
Stock -ve Days10182754115360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ACDC
ACDC-38.5%91.3%-0.08-
Sector ETF (XLE)34.5%20.9%1.3238.8%
Equity (SPY)21.8%12.6%1.295.8%
Gold (GLD)19.1%28.0%0.61-5.4%
Commodities (DBC)27.9%18.9%1.1632.5%
Real Estate (VNQ)16.9%14.0%0.88-6.2%
Bitcoin (BTCUSD)-45.3%42.8%-1.297.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ACDC
ACDC-21.7%76.5%-0.04-
Sector ETF (XLE)21.3%25.9%0.7354.6%
Equity (SPY)13.2%17.1%0.6030.2%
Gold (GLD)16.7%18.4%0.735.5%
Commodities (DBC)8.5%19.5%0.3342.4%
Real Estate (VNQ)3.2%18.9%0.0720.9%
Bitcoin (BTCUSD)14.5%53.5%0.456.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ACDC
ACDC-11.5%76.5%-0.04-
Sector ETF (XLE)9.7%29.5%0.3754.6%
Equity (SPY)15.4%17.9%0.7330.2%
Gold (GLD)10.9%16.1%0.555.5%
Commodities (DBC)6.5%18.0%0.2842.4%
Real Estate (VNQ)5.2%20.7%0.2220.9%
Bitcoin (BTCUSD)57.8%66.2%0.986.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity5.1 Mil
Short Interest: % Change Since 615202638.5%
Average Daily Volume1.6 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity182.0 Mil
Short % of Basic Shares2.8%

Earnings Returns History

Updated 6/9/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-7.7%-0.3%-2.8%
3/12/202618.8%12.6%0.3%
11/10/2025-20.2%-24.1%-9.9%
8/7/2025-2.4%-42.1%-38.8%
5/7/2025-7.5%24.8%89.3%
3/6/20250.6%14.8%2.1%
11/5/20247.7%19.1%34.0%
8/8/2024-15.2%-14.2%-10.6%
...
SUMMARY STATS   
# Positive688
# Negative1199
Median Positive9.3%13.7%16.9%
Median Negative-7.1%-16.9%-11.3%
Max Positive18.8%26.2%89.3%
Max Negative-20.2%-42.1%-38.8%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/7/2026-7.7%-0.3%-2.8%
3/12/202618.8%12.6%0.3%
11/10/2025-20.2%-24.1%-9.9%
8/7/2025-2.4%-42.1%-38.8%
5/7/2025-7.5%24.8%89.3%
3/6/20250.6%14.8%2.1%
11/5/20247.7%19.1%34.0%
8/8/2024-15.2%-14.2%-10.6%
5/9/202416.4%26.2%23.1%
3/13/2024-7.1%3.7%4.5%
11/9/2023-5.2%4.1%-5.0%
8/10/2023-5.5%-17.6%-12.3%
5/10/20234.3%-1.1%21.0%
3/21/2023-18.7%-19.2%-19.5%
11/14/2022-0.4%-0.1%-11.3%
8/12/202210.8%8.9%12.9%
6/17/2022-4.9%-16.9%-27.8%
SUMMARY STATS   
# Positive688
# Negative1199
Median Positive9.3%13.7%16.9%
Median Negative-7.1%-16.9%-11.3%
Max Positive18.8%26.2%89.3%
Max Negative-20.2%-42.1%-38.8%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202503/13/202610-K
09/30/202511/10/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202403/10/202510-K
09/30/202411/06/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/15/202410-K
09/30/202311/09/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/30/202310-K
09/30/202211/14/202210-Q
06/30/202208/15/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/08/202610-Q
12/31/202503/13/202610-K
09/30/202511/10/202510-Q
06/30/202508/07/202510-Q
03/31/202505/07/202510-Q
12/31/202403/10/202510-K
09/30/202411/06/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/15/202410-K
09/30/202311/09/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/30/202310-K
09/30/202211/14/202210-Q
06/30/202208/15/202210-Q
03/31/202206/24/202210-Q
12/31/202105/16/2022424B4

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Capital Expenditures155.00 Mil170.00 Mil185.00 Mil0 AffirmedGuidance: 170.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 3/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Adjusted EBITDA Impact8.00 Mil10.00 Mil12.00 Mil   
Q2 2026 Annualized Savings 100.00 Mil 0 Same NewGuidance: 100.00 Mil for 2026
2026 Capital Expenditures155.00 Mil170.00 Mil185.00 Mil-2.9% Lower NewGuidance: 175.00 Mil for 2025

Q3 2025 Earnings Reported 11/10/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Annualized Cash Savings85.00 Mil100.00 Mil115.00 Mil   
2025 Capital Expenditures160.00 Mil175.00 Mil190.00 Mil-12.5% LoweredGuidance: 200.00 Mil for 2025

Insider Activity

Updated 6/29/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wilks, MatthewExecutive ChairmanHeld by JCMWZ, LLCBuy90920253.8043,297164,5781,604,445Form
2Thrc, Holdings, LPDirectBuy81820254.002,500,00010,000,000329,558,628Form
3Wilks, FarrisDirectBuy81820254.002,500,00010,000,00014,660,528Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wilks, MatthewExecutive ChairmanHeld by JCMWZ, LLCBuy90920253.8043,297164,5781,604,445Form
2Thrc, Holdings, LPDirectBuy81820254.002,500,00010,000,000329,558,628Form
3Wilks, FarrisDirectBuy81820254.002,500,00010,000,00014,660,528Form
Core Cache Last Updated: 7/16/2026