ProPetro (PUMP)
Market Price (11/3/2026): $7.185 | Market Cap: $882.8 MilSector: Energy | Industry: Oil & Gas Equipment & Services
ProPetro (PUMP)
Market Price (11/3/2026): $7.185Market Cap: $882.8 MilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54% Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. | Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -115% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 49x, P/EPrice/Earnings or Price/(Net Income) is 428x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.2% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.9% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.2% Key risksPUMP key risks include [1] its significant operational concentration in the Permian Basin, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54% |
| Megatrend and thematic driversMegatrends include US Energy Independence. Themes include US Oilfield Technologies. |
| Weak multi-year price returns2Y Excs Rtn is -37%, 3Y Excs Rtn is -115% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 49x, P/EPrice/Earnings or Price/(Net Income) is 428x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.2% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -7.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.2% |
| Key risksPUMP key risks include [1] its significant operational concentration in the Permian Basin, Show more. |
Qualitative Assessment
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Updated on 11/2/2026
ProPetro (PUMP) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Elevated Capital Expenditures and Negative Free Cash Flow Amidst Growth Initiatives. ProPetro reported incurred capital expenditures of $171 million in fiscal Q3 2026, a significant increase from $70.6 million in the prior quarter, largely driven by approximately $128 million in investments for its PROPWR power generation division. While the PROPWR division is scaling, these accelerated investments led to a negative free cash flow of $75.7 million for fiscal Q3 2026, despite improved operating income. The company anticipates full-year 2026 capital expenditures to be between $525 million and $575 million, with $400 million to $430 million allocated to PROPWR, which weighed on investor sentiment regarding immediate cash generation.
2. Deteriorating Operating Cash Flow from Working Capital Headwinds. Net cash provided by operating activities for ProPetro decreased to $46.3 million in fiscal Q3 2026, down from $66 million in fiscal Q2 2026. This decline was primarily attributed to working capital headwinds, which consumed approximately $15 million of cash during the quarter. This reduction in operational cash flow, combined with the substantial capital expenditures, further contributed to the negative free cash flow position.
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ProPetro (PUMP) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Elevated Capital Expenditures and Negative Free Cash Flow Amidst Growth Initiatives. ProPetro reported incurred capital expenditures of $171 million in fiscal Q3 2026, a significant increase from $70.6 million in the prior quarter, largely driven by approximately $128 million in investments for its PROPWR power generation division. While the PROPWR division is scaling, these accelerated investments led to a negative free cash flow of $75.7 million for fiscal Q3 2026, despite improved operating income. The company anticipates full-year 2026 capital expenditures to be between $525 million and $575 million, with $400 million to $430 million allocated to PROPWR, which weighed on investor sentiment regarding immediate cash generation.
2. Deteriorating Operating Cash Flow from Working Capital Headwinds. Net cash provided by operating activities for ProPetro decreased to $46.3 million in fiscal Q3 2026, down from $66 million in fiscal Q2 2026. This decline was primarily attributed to working capital headwinds, which consumed approximately $15 million of cash during the quarter. This reduction in operational cash flow, combined with the substantial capital expenditures, further contributed to the negative free cash flow position.
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Updated on 11/2/2026
ProPetro (PUMP) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Elevated Capital Expenditures and Negative Free Cash Flow Amidst Growth Initiatives. ProPetro reported incurred capital expenditures of $171 million in fiscal Q3 2026, a significant increase from $70.6 million in the prior quarter, largely driven by approximately $128 million in investments for its PROPWR power generation division. While the PROPWR division is scaling, these accelerated investments led to a negative free cash flow of $75.7 million for fiscal Q3 2026, despite improved operating income. The company anticipates full-year 2026 capital expenditures to be between $525 million and $575 million, with $400 million to $430 million allocated to PROPWR, which weighed on investor sentiment regarding immediate cash generation.
2. Deteriorating Operating Cash Flow from Working Capital Headwinds. Net cash provided by operating activities for ProPetro decreased to $46.3 million in fiscal Q3 2026, down from $66 million in fiscal Q2 2026. This decline was primarily attributed to working capital headwinds, which consumed approximately $15 million of cash during the quarter. This reduction in operational cash flow, combined with the substantial capital expenditures, further contributed to the negative free cash flow position.
3. Negative Shifts in Analyst Sentiment and Price Targets. Several analysts revised their ratings and price targets for ProPetro during the period. Piper Sandler, for instance, reduced its price target from $18.00 to $15.00 in August, and Morgan Stanley decreased its target from $13.00 to $12.00 in October. Citigroup also lowered its price objective from $16.00 to $14.50 in October, and Barclays cut its target from $17.00 to $15.00 before November. Additionally, Wall Street Zen downgraded the stock from "hold" to "sell" in August. These adjustments contributed to a less favorable outlook for the stock, despite an overall "Moderate Buy" consensus rating and a $15.25 average price target.
4. Broader Macroeconomic Concerns and Oil Price Uncertainty. The oilfield services sector faced continued cost pressures and a "far more neutral" outlook for services firms compared to exploration and production companies in fiscal Q3 2026, despite an overall expansion in oil and gas activity. Independent forecasts from late 2025 projected 2026 West Texas Intermediate (WTI) oil prices in the low- to mid-$50s per barrel, which are below the average breakeven costs of $61 to $70 per barrel for new wells in the U.S. This forecast of a potential global oil surplus in 2026, coupled with volatility and uncertainty in oil prices due to geopolitical events such as the Iran war, created a challenging macroeconomic backdrop for the oilfield services industry.
Show less
ProPetro (PUMP) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Elevated Capital Expenditures and Negative Free Cash Flow Amidst Growth Initiatives. ProPetro reported incurred capital expenditures of $171 million in fiscal Q3 2026, a significant increase from $70.6 million in the prior quarter, largely driven by approximately $128 million in investments for its PROPWR power generation division. While the PROPWR division is scaling, these accelerated investments led to a negative free cash flow of $75.7 million for fiscal Q3 2026, despite improved operating income. The company anticipates full-year 2026 capital expenditures to be between $525 million and $575 million, with $400 million to $430 million allocated to PROPWR, which weighed on investor sentiment regarding immediate cash generation.
2. Deteriorating Operating Cash Flow from Working Capital Headwinds. Net cash provided by operating activities for ProPetro decreased to $46.3 million in fiscal Q3 2026, down from $66 million in fiscal Q2 2026. This decline was primarily attributed to working capital headwinds, which consumed approximately $15 million of cash during the quarter. This reduction in operational cash flow, combined with the substantial capital expenditures, further contributed to the negative free cash flow position.
3. Negative Shifts in Analyst Sentiment and Price Targets. Several analysts revised their ratings and price targets for ProPetro during the period. Piper Sandler, for instance, reduced its price target from $18.00 to $15.00 in August, and Morgan Stanley decreased its target from $13.00 to $12.00 in October. Citigroup also lowered its price objective from $16.00 to $14.50 in October, and Barclays cut its target from $17.00 to $15.00 before November. Additionally, Wall Street Zen downgraded the stock from "hold" to "sell" in August. These adjustments contributed to a less favorable outlook for the stock, despite an overall "Moderate Buy" consensus rating and a $15.25 average price target.
4. Broader Macroeconomic Concerns and Oil Price Uncertainty. The oilfield services sector faced continued cost pressures and a "far more neutral" outlook for services firms compared to exploration and production companies in fiscal Q3 2026, despite an overall expansion in oil and gas activity. Independent forecasts from late 2025 projected 2026 West Texas Intermediate (WTI) oil prices in the low- to mid-$50s per barrel, which are below the average breakeven costs of $61 to $70 per barrel for new wells in the U.S. This forecast of a potential global oil surplus in 2026, coupled with volatility and uncertainty in oil prices due to geopolitical events such as the Iran war, created a challenging macroeconomic backdrop for the oilfield services industry.
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Stock Movement Drivers
Fundamental Drivers
The -37.0% change in PUMP stock from 7/31/2026 to 11/2/2026 was primarily driven by a -40.1% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.10 | 6.99 | -37.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,160 | 1,222 | 5.3% |
| P/S Multiple | 1.2 | 0.7 | -40.1% |
| Shares Outstanding (Mil) | 123 | 123 | -0.1% |
| Cumulative Contribution | -37.0% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| PUMP | -37.0% | |
| Market (SPY) | 0.7% | 35.7% |
| Sector (XLE) | 12.9% | 38.7% |
Fundamental Drivers
The -59.2% change in PUMP stock from 4/30/2026 to 11/2/2026 was primarily driven by a -58.6% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.13 | 6.99 | -59.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,180 | 1,222 | 3.5% |
| P/S Multiple | 1.7 | 0.7 | -58.6% |
| Shares Outstanding (Mil) | 117 | 123 | -4.8% |
| Cumulative Contribution | -59.2% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| PUMP | -59.2% | |
| Market (SPY) | 4.9% | 26.8% |
| Sector (XLE) | 13.6% | 43.4% |
Fundamental Drivers
The -32.7% change in PUMP stock from 10/31/2025 to 11/2/2026 was primarily driven by a -15.4% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.38 | 6.99 | -32.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,300 | 1,222 | -6.0% |
| P/S Multiple | 0.8 | 0.7 | -15.3% |
| Shares Outstanding (Mil) | 104 | 123 | -15.4% |
| Cumulative Contribution | -32.7% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| PUMP | -32.7% | |
| Market (SPY) | 11.2% | 16.7% |
| Sector (XLE) | 56.0% | 44.2% |
Fundamental Drivers
The -33.3% change in PUMP stock from 10/31/2023 to 11/2/2026 was primarily driven by a -97.2% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.48 | 6.99 | -33.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,541 | 1,222 | -20.7% |
| Net Income Margin (%) | 5.9% | 0.2% | -97.2% |
| P/E Multiple | 13.2 | 428.5 | 3145.1% |
| Shares Outstanding (Mil) | 115 | 123 | -6.6% |
| Cumulative Contribution | -33.3% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| PUMP | -33.3% | |
| Market (SPY) | 86.0% | 34.2% |
| Sector (XLE) | 72.5% | 53.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PUMP Return | 10% | 28% | -19% | 11% | 2% | -26% | -5% |
| Peers Return | 31% | 76% | -22% | -12% | -15% | 25% | 69% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| PUMP Win Rate | 50% | 50% | 25% | 58% | 33% | 45% | |
| Peers Win Rate | 54% | 66% | 33% | 47% | 43% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| PUMP Max Drawdown | -52% | -55% | -41% | -34% | -59% | -62% | |
| Peers Max Drawdown | -42% | -46% | -42% | -37% | -49% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LBRT, HAL, PTEN, RES, ACDC.
[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 11/2/2026 (YTD)
How Low Can It Go
| Event | PUMP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.2% | -18.8% |
| % Gain to Breakeven | 82.6% | 23.1% |
| Time to Breakeven | 204 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.3% | -9.5% |
| % Gain to Breakeven | 23.9% | 10.5% |
| Time to Breakeven | 399 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.0% | -6.7% |
| % Gain to Breakeven | 56.3% | 7.1% |
| Time to Breakeven | 77 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -15.4% | -24.5% |
| % Gain to Breakeven | 18.2% | 32.4% |
| Time to Breakeven | 8 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -86.0% | -33.7% |
| % Gain to Breakeven | 611.9% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.7% | -19.2% |
| % Gain to Breakeven | 50.9% | 23.8% |
| Time to Breakeven | 52 days | 105 days |
In The Past
ProPetro's stock fell -45.2% during the 2025 US Tariff Shock. Such a loss loss requires a 82.6% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | PUMP | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.2% | -18.8% |
| % Gain to Breakeven | 82.6% | 23.1% |
| Time to Breakeven | 204 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -36.0% | -6.7% |
| % Gain to Breakeven | 56.3% | 7.1% |
| Time to Breakeven | 77 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -86.0% | -33.7% |
| % Gain to Breakeven | 611.9% | 50.9% |
| Time to Breakeven | 343 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.7% | -19.2% |
| % Gain to Breakeven | 50.9% | 23.8% |
| Time to Breakeven | 52 days | 105 days |
In The Past
ProPetro's stock fell -45.2% during the 2025 US Tariff Shock. Such a loss loss requires a 82.6% 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 ProPetro (PUMP)
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ProPetro Holding Corp. (PUMP) is an oilfield services company based in Midland, Texas, specializing in providing crucial support to oil and gas companies. The company's core business involves delivering essential services required for the exploration and production of North American oil and natural gas resources. Its primary contribution to the energy sector is facilitating the extraction of hydrocarbons from both conventional and unconventional reservoirs.
The main service offered by ProPetro is hydraulic fracturing, often referred to as fracking, which is a vital process used to stimulate oil and gas wells. In addition to fracking, the company provides a comprehensive suite of related services, including cementing, which secures well casings; acidizing, used to enhance well productivity by dissolving rock formations; and coiled tubing services, which are versatile for various downhole operations. As of late 2021, ProPetro operated a substantial fleet of hydraulic fracturing units.
ProPetro's primary customers are oil and gas exploration and production (E&P) companies operating across North America. The company's services are integral to the upstream segment of the oil and gas industry, enabling its clients to efficiently complete wells and optimize the recovery of petroleum and natural gas resources.
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It's like Caterpillar for oil wells, providing the specialized heavy equipment and services to extract oil and gas.
It's like Foxconn for the oil patch, providing the essential extraction services for oil and gas companies.
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- Hydraulic Fracturing: This service involves pumping fluids at high pressure into a wellbore to create fractures in rock formations, facilitating the extraction of oil and natural gas.
- Cementing Services: ProPetro provides cementing operations to seal and support well casings, prevent fluid migration, and isolate different zones within a well.
- Acidizing Services: This involves injecting acid solutions into a well to dissolve rock and improve the flow of hydrocarbons by enhancing reservoir permeability.
- Coiled Tubing Services: The company offers coiled tubing interventions for various well operations, including cleaning, logging, and stimulating, without requiring a full drilling rig.
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ProPetro Holding Corp. primarily sells its services to other companies.
The specific names of ProPetro's major customers (those accounting for 10% or more of its total revenues) are not publicly disclosed in the company's SEC filings. However, ProPetro serves oil and gas exploration and production companies engaged in the exploration and production of North American oil and natural gas resources, particularly those operating in the Permian Basin.
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Sam Sledge, Chief Executive Officer
Sam Sledge joined ProPetro in 2011 and has served in various capacities, including Frac Technical Specialist, Technical Operations Manager, Vice President of Finance, Corporate Development, Investor Relations, Chief Strategy and Administrative Officer, and President. He assumed the role of Chief Executive Officer in August 2021.
Caleb Weatherl, Chief Financial Officer
Caleb Weatherl joined ProPetro in 2025. Prior to his current role, he was the CEO of Garrison Energy. He also served as President and CFO of Stronghold Energy II before its assets were sold in 2022. Earlier in his career, he held positions at Desert Royalty Company, Stronghold Energy Partners, Weatherl Energy Investments, Bain Capital, and McKinsey & Company, indicating experience with private equity-backed companies.
Adam Muñoz, President and Chief Operating Officer
Adam Muñoz joined ProPetro in 2010 to establish its Permian pressure pumping operations. Before joining ProPetro, he held sales and operations roles at other service companies in the Permian Basin. His prior roles at ProPetro include Director of Business Development and Technical Services, and Vice President of Frac Services.
Celina Davila, Chief Accounting Officer
Celina Davila joined ProPetro in 2019 as the Hydraulic Fracturing Controller. She subsequently served as Director of Accounting and Corporate Controller, leading the accounting and financial reporting teams. Before ProPetro, she worked as an Accounting Manager at Pioneer Natural Resources Company and a Senior Auditor at Johnson, Miller & Co.
Shelby Fietz, Chief Commercial Officer
Shelby Fietz became part of ProPetro's Operations team in 2012. He has been instrumental in leading the company's commercial execution and maintaining key customer relationships as Vice President of Commercial. His responsibilities have also included leading the Business Development, Sales, Supply Chain, and Marketing teams.
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The key risks to ProPetro (PUMP) are:
- Market Risks and Cyclicality of the Oil and Natural Gas Industry: ProPetro's business and financial performance are highly dependent on the historically cyclical nature of the oil and natural gas industry, particularly the volatile prices of oil and natural gas. Fluctuations in these commodity prices directly impact the capital spending of exploration and production (E&P) companies, thereby affecting demand for ProPetro's hydraulic fracturing and other services, as well as its revenue and cash flows. Furthermore, the company's concentration of operations in the Permian Basin exposes it to regional supply and demand fluctuations and specific regulatory risks.
- Regulatory and Environmental Pressures / Energy Transition: ProPetro faces significant regulatory and environmental risks. There is increasing scrutiny and pressure related to environmental concerns, including potential climate-related regulations and initiatives aimed at reducing fossil fuel use. Changes in environmental regulations, potential restrictions on essential resources like water for hydraulic fracturing, and broader shifts towards a low-carbon economy (potentially accelerated by legislation like the Inflation Reduction Act of 2022) could decrease demand for the company's services, increase operational costs, and impact its long-term financial condition.
- Capital Requirements, Financial Health, and Competition: ProPetro requires substantial capital for maintaining and growing its operations, including investing in new technologies to remain competitive. Challenges in obtaining financing on favorable terms or increased interest rates could significantly strain the company's financial resources and ability to fund growth initiatives. The company operates in a highly competitive market, and a failure to keep pace with technological advancements or adapt to evolving customer demands for lower emissions equipment could lead to a loss of market share. Additionally, the company has exhibited negative profitability ratios and challenges in converting revenue into net profit and positive free cash flow, indicating operational inefficiencies and potential financial health concerns.
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The addressable markets for ProPetro's main products and services in North America are as follows:
- Hydraulic Fracturing: The North American hydraulic fracturing market was approximately USD 48.60 billion in 2025.
- Coiled Tubing Services: The North American coiled tubing services market was valued at approximately USD 4.2 billion in 2025.
- Cementing Services: The North American well cementing services market was valued at approximately USD 4.67 billion in 2025.
- Acidizing Services: Null
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ProPetro Holding Corp. (PUMP) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and its strong market positioning. The key drivers are centered on fleet modernization, diversification into new energy services, strategic acquisitions, and leveraging its established customer base in a crucial production region.
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Expansion of Next-Generation Electric and Gas-Burning Fleets: ProPetro is significantly investing in and transitioning to its FORCE electric and Tier 4 dual-fuel hydraulic fracturing fleets. This modernization aims to meet evolving industry demands for more efficient and environmentally friendly equipment, securing long-term contracts and driving revenue through advanced service offerings. The company has invested approximately $1 billion over two years to upgrade over two-thirds of its fleet to these next-generation assets, with multiple FORCE electric fleets already under contract.
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Growth of the PROPWR Division: The PROPWR division represents a "transformational new market" for ProPetro, focusing on power generation equipment. The company anticipates PROPWR will contribute meaningful earnings in the second half of 2026 and has set targets to deliver at least 750 megawatts by the end of 2028 and one gigawatt or more by 2030. This expansion into distributed microgrid contracts and data center opportunities provides a significant new revenue stream beyond traditional hydraulic fracturing services.
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Strategic Mergers and Acquisitions (M&A): ProPetro actively pursues value-accretive M&A initiatives to expand its operations and enhance free cash flow generation. Recent acquisitions, such as Par Five Energy Services and Silvertip, have broadened its service capabilities and geographic footprint within the Permian Basin, contributing to overall revenue growth through expanded market share and integrated offerings.
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Leveraging Blue-Chip Customer Relationships and Permian Basin Focus: ProPetro maintains a strategic focus on its blue-chip customer base and operating density within the Permian Basin, a leading North American hydrocarbon production region. The company's ability to consistently execute and provide differentiated services to these key clients supports sustained demand for its hydraulic fracturing, wireline, and cementing services, forming a foundational driver for ongoing revenue.
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Share Repurchases
- ProPetro expanded its share repurchase program to $200 million, extending the authorization until May 31, 2025, and further extended it to December 2026 in May 2025.
- As of April 2024, the company had repurchased approximately $74 million worth of common stock since the program's inception in May 2023.
- In the third quarter of 2025, ProPetro did not repurchase any shares, prioritizing the launch and scaling of its PROPWR business.
Share Issuance
- In January 2026, ProPetro completed a public offering of 15,000,000 shares of common stock at $10.00 per share.
- This offering raised approximately $163 million in net proceeds, intended for general corporate purposes, including growth capital for additional power generation equipment for the PROPWR segment.
- The underwriters fully exercised their option to purchase an additional 2,250,000 shares, contributing to the total net proceeds.
Inbound Investments
- ProPetro secured a financing arrangement with Caterpillar Financial Services Corporation for up to $157.3 million to support the purchase of natural gas-fueled power generation equipment.
- The company entered into a lease facility with Stonebriar Commercial Finance LLC for up to $350 million to fund power generator equipment purchases.
Capital Expenditures
- For the full year 2025, capital expenditures paid were $186 million, and capital expenditures incurred were $281 million.
- Anticipated capital expenditures for the full year 2026 are projected to be between $390 million and $435 million.
- The primary focus of capital expenditures for 2026 includes $140 million to $160 million for the completions business (including lease buyouts for electric fleet) and $250 million to $275 million for the PROPWR power generation business.
Peer Outperformance in Oil & Gas Equipment & Services
PUMP has trailed 91% of its 32 Oil & Gas Equipment & Services peers over 5Y. Oil & Gas Equipment & Services ranks 5th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Equipment & Services constituents that PUMP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
13%
of 38 industry peers · -32.7% return
3Y
19%
of 36 industry peers · -31.6% return
5Y
9%
of 32 industry peers · -27.0% return
No Oil & Gas Equipment & Services peer with a comparable growth profile has beaten PUMP by more than 20pp over 5Y.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Equipment & Services is PUMP's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 90.0% | 122.1% | 348.1% | MPC 644% · VLO 487% · PBF 478% |
| Integrated Oil & Gas | 7 | 52.3% | 76.2% | 191.1% | IMO 333% · SU 263% · XOM 230% |
| Oil & Gas Storage & Transportation | 18 | 43.8% | 110.2% | 190.4% | INSW 884% · LPG 796% · TRGP 490% |
| Oil & Gas Drilling | 7 | 62.4% | 6.0% | 68.8% | VAL 166% · NE 114% · RIG 69% |
| Oil & Gas Equipment & Services ← | 33 | 21.2% | 19.9% | 52.8% | SEI 863% · FTI 802% · TDW 566% |
| Oil & Gas Exploration & Production | 51 | 34.0% | 4.6% | 46.7% | BTE 884% · PR 280% · CNQ 221% |
| Coal & Consumable Fuels | 14 | -33.1% | 0.3% | 30.6% | CNR 319% · CCJ 197% · BTU 92% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| ProPetro Earnings Notes | 12/16/2025 | |
| Is ProPetro Stock Built to Withstand More Downside? | 10/17/2025 | |
| ProPetro (PUMP) Debt Comparison | 08/08/2025 | |
| ProPetro (PUMP) Net Income Comparison | 08/08/2025 | |
| ProPetro (PUMP) Operating Cash Flow Comparison | 08/08/2025 | |
| ProPetro (PUMP) Tax Expense Comparison | 08/08/2025 | |
| ProPetro (PUMP) EBITDA Comparison | 08/08/2025 | |
| ProPetro (PUMP) Revenue Comparison | 08/08/2025 | |
| ProPetro (PUMP) Operating Income Comparison | 08/08/2025 | |
| Why ProPetro Stock Moved: PUMP Stock Has Lost 13% Since 2022 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S) | 08/08/2025 | |
| ARTICLES | ||
| Market Movers | Winners: CMBM, PUMP, ERNA | Losers: ADN, LRN, VRNS | 10/30/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.42 |
| Mkt Cap | 1.8 |
| Rev LTM | 3,127 |
| Op Inc LTM | 29 |
| FCF LTM | -12 |
| FCF 3Y Avg | 71 |
| CFO LTM | 378 |
| CFO 3Y Avg | 477 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.3% |
| Rev Chg 3Y Avg | -1.5% |
| Rev Chg Q | 3.2% |
| QoQ Delta Rev Chg LTM | 0.8% |
| Op Inc Chg LTM | -10.2% |
| Op Inc Chg 3Y Avg | -35.0% |
| Op Mgn LTM | 0.9% |
| Op Mgn 3Y Avg | 2.9% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 12.1% |
| CFO/Rev 3Y Avg | 16.3% |
| FCF/Rev LTM | -0.7% |
| FCF/Rev 3Y Avg | 3.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Hydraulic Fracturing | 929 | 1,092 | 1,281 | 1,143 | 801 |
| Wireline | 209 | 203 | 230 | 31 | 0 |
| Cementing | 130 | 149 | 120 | 92 | |
| Power Generation | 2 | 0 | 0 | ||
| Reconciling Items | -1 | -0 | 0 | 0 | 0 |
| All Other | 13 | 74 | |||
| Total | 1,269 | 1,444 | 1,630 | 1,280 | 875 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Hydraulic Fracturing | 209 | 271 | 367 | 339 | 175 |
| Wireline | 42 | 44 | 62 | 8 | 0 |
| Cementing | 22 | 27 | 25 | 15 | |
| Business acquisition contingent consideration adjustments | 5 | 3 | 0 | 0 | |
| Goodwill impairment expense | 0 | -24 | 0 | 0 | 0 |
| Property and equipment impairment expense | 0 | -189 | 0 | -57 | |
| Reconciling Items | 0 | 0 | 0 | 0 | |
| Other general and administrative expense,net | -0 | -2 | -3 | -8 | 6 |
| Retention bonus and severance expense | -3 | -2 | -2 | -1 | -1 |
| Power Generation | -12 | -0 | 0 | ||
| Gain (loss) on disposal of assets | -12 | 5 | -73 | -102 | -65 |
| Stock-based compensation | -17 | -17 | -14 | -22 | -12 |
| Unallocated corporate administrative expenses | -52 | -57 | -49 | -44 | -47 |
| Depreciation and amortization | -175 | -224 | -181 | -128 | -133 |
| All Other | -1 | 8 | |||
| Total | 6 | -167 | 130 | -3 | -69 |
| $ Mil | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|
| Completion Services | 20 | -13 | -68 | 281 | 253 |
| All Other | -18 | -41 | -39 | -118 | -79 |
| Total | 2 | -54 | -107 | 163 | 174 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Hydraulic Fracturing | 841 | 961 | 1,190 | 1,093 | 983 |
| Power Generation | 201 | 0 | 0 | ||
| Wireline | 162 | 156 | 199 | 173 | 0 |
| Cementing | 69 | 74 | 78 | 47 | |
| Reconciling Items | 17 | 32 | 13 | 7 | |
| All Other | 0 | 72 | |||
| Unallocated corporate assets | 23 | ||||
| Total | 1,291 | 1,224 | 1,480 | 1,336 | 1,061 |
Price Behavior
Price Behavior
| Market Price | $6.99 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 03/17/2017 | |
| Distance from 52W High | -61.6% | |
| 50 Days | 200 Days | |
| DMA Price | $9.51 | $12.58 |
| DMA Trend | down | down |
| Distance from DMA | -26.5% | -44.4% |
| 3M | 1YR | |
| Volatility | 51.5% | 57.3% |
| Downside Capture | 319.78 | 97.19 |
| Upside Capture | 46.59 | 32.61 |
| Correlation (S&P 500) | 34.7% | 16.5% |
PUMP Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.50 | 1.66 | 1.56 | 1.19 | 0.71 | 1.45 |
| Up Beta | 4.92 | -0.62 | 0.84 | -0.28 | -0.76 | 1.09 |
| Down Beta | 1.84 | 1.63 | 2.77 | 1.79 | 1.78 | 2.37 |
| Up Capture | 169% | 72% | 51% | 37% | 49% | 91% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 19 | 29 | 58 | 122 | 365 |
| Down Capture | 314% | 308% | 239% | 203% | 110% | 108% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 24 | 34 | 66 | 124 | 372 |
[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 PUMP | |
|---|---|---|---|---|
| PUMP | -35.6% | 57.3% | -0.56 | - |
| Sector ETF (XLE) | 57.5% | 22.6% | 1.92 | 43.9% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 16.5% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 1.2% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | 35.6% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | -12.2% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 12.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with PUMP | |
|---|---|---|---|---|
| PUMP | -7.4% | 61.8% | 0.11 | - |
| Sector ETF (XLE) | 22.1% | 25.6% | 0.76 | 62.7% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 33.6% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 5.3% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 45.4% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 16.6% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 12.5% |
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 PUMP | |
|---|---|---|---|---|
| PUMP | -7.0% | 70.5% | 0.20 | - |
| Sector ETF (XLE) | 11.1% | 29.6% | 0.41 | 67.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 37.7% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | 1.9% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 45.3% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 27.4% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | 1.4% | ||
| 7/29/2026 | 6.0% | 7.7% | 9.5% |
| 4/30/2026 | -3.0% | -9.2% | -10.4% |
| 2/18/2026 | 2.1% | 3.5% | 30.6% |
| 10/29/2025 | -2.3% | -2.3% | -12.2% |
| 7/30/2025 | -4.5% | -14.8% | -10.3% |
| 4/29/2025 | -11.1% | -6.1% | -0.9% |
| 2/19/2025 | 2.4% | -4.0% | -17.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 14 |
| # Negative | 14 | 10 | 10 |
| Median Positive | 3.3% | 5.2% | 11.6% |
| Median Negative | -3.9% | -8.1% | -12.5% |
| Max Positive | 6.0% | 16.9% | 49.8% |
| Max Negative | -11.1% | -15.6% | -23.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2026 | 1.4% | ||
| 7/29/2026 | 6.0% | 7.7% | 9.5% |
| 4/30/2026 | -3.0% | -9.2% | -10.4% |
| 2/18/2026 | 2.1% | 3.5% | 30.6% |
| 10/29/2025 | -2.3% | -2.3% | -12.2% |
| 7/30/2025 | -4.5% | -14.8% | -10.3% |
| 4/29/2025 | -11.1% | -6.1% | -0.9% |
| 2/19/2025 | 2.4% | -4.0% | -17.3% |
| 10/30/2024 | -4.2% | 16.9% | 16.5% |
| 7/31/2024 | -4.0% | -14.8% | -15.1% |
| 5/1/2024 | 2.6% | 6.0% | 7.3% |
| 2/21/2024 | -5.6% | -6.9% | 0.5% |
| 11/1/2023 | -3.4% | -12.9% | -13.1% |
| 8/2/2023 | 3.3% | 8.8% | 1.9% |
| 5/3/2023 | 3.4% | 4.4% | 17.2% |
| 2/22/2023 | -3.8% | 1.9% | -23.8% |
| 11/2/2022 | 4.5% | 2.0% | 0.6% |
| 8/3/2022 | -5.7% | -2.2% | 0.5% |
| 5/3/2022 | -2.3% | -15.6% | -6.4% |
| 2/22/2022 | -9.6% | 3.9% | 15.1% |
| 11/2/2021 | 0.2% | 4.3% | -12.8% |
| 8/4/2021 | 5.5% | 11.8% | 13.8% |
| 5/4/2021 | -1.8% | 4.1% | 9.0% |
| 1/21/2021 | 5.7% | 8.8% | 30.5% |
| 11/2/2020 | -1.4% | 15.3% | 49.8% |
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 14 |
| # Negative | 14 | 10 | 10 |
| Median Positive | 3.3% | 5.2% | 11.6% |
| Median Negative | -3.9% | -8.1% | -12.5% |
| Max Positive | 6.0% | 16.9% | 49.8% |
| Max Negative | -11.1% | -15.6% | -23.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/13/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 07/02/2020 | 10-Q |
| 12/31/2019 | 06/22/2020 | 10-K |
Recent Forward Guidance
Updated 11/2/2026Latest: Q3 2026 Earnings Reported 10/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Active Frac Fleets | Reported | 13 | ||||||
| 2026 FORCE Electric Fleet Buyout Costs | Reported | 15.00 Mil | 17.50 Mil | 20.00 Mil | 0.0% | Affirmed | Guidance: 17.50 Mil for 2026 | |
| 2026 PROPWR Capital Cost Per Megawatt | Reported | 1.40 Mil | 1.45 Mil | 1.50 Mil | ||||
| 2026 PROPWR Deployed Capacity (Megawatts) | Reported | 250 | 262.5 | 275 | ||||
| 2026 Capital Expenditures Incurred | Reported | 525.00 Mil | 550.00 Mil | 575.00 Mil | -1.8% | Lowered | Guidance: 560.00 Mil for 2026 | |
| 2026 Completions Capital Expenditures Incurred | Reported | 125.00 Mil | 135.00 Mil | 145.00 Mil | 0.0% | Affirmed | Guidance: 135.00 Mil for 2026 | |
| 2026 PROPWR Capital Expenditures Incurred | Reported | 400.00 Mil | 415.00 Mil | 430.00 Mil | -2.4% | Lowered | Guidance: 425.00 Mil for 2026 | |
Prior: Q2 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Fleet Buyout Cost | Reported | 15.00 Mil | 17.50 Mil | 20.00 Mil | ||||
| 2026 Capital Expenditures | Reported | 525.00 Mil | 560.00 Mil | 595.00 Mil | -2.6% | Lowered | Guidance: 575.00 Mil for 2026 | |
| 2026 Completions Business Capital Expenditures | Reported | 125.00 Mil | 135.00 Mil | 145.00 Mil | -10.0% | Lowered | Guidance: 150.00 Mil for 2026 | |
| 2026 PROPWR Business Capital Expenditures | Reported | 400.00 Mil | 425.00 Mil | 450.00 Mil | 0 | Affirmed | Guidance: 425.00 Mil for 2026 | |
Insider Activity
Updated 11/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Weatherl, Caleb Lyle | Chief Financial Officer | Direct | Buy | 11022026 | 7.78 | 2,000 | 15,560 | 228,250 | Form |
| 2 | Munoz, Adam | President and COO | Direct | Sell | 8052026 | 11.17 | 70,696 | 789,674 | 1,660,878 | Form |
| 3 | Lawrence, G Larry | Direct | Sell | 8052026 | 11.16 | 35,831 | 399,874 | 314,500 | Form | |
| 4 | Exxon, Mobil Corp | See Explanation of Responses | Sell | 5222026 | 16.66 | 16,600,000 | Form | |||
| 5 | Munoz, Adam | President and COO | Direct | Sell | 11142025 | 10.14 | 17,230 | 174,712 | 721,420 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Weatherl, Caleb Lyle | Chief Financial Officer | Direct | Buy | 11022026 | 7.78 | 2,000 | 15,560 | 228,250 | Form |
| 2 | Munoz, Adam | President and COO | Direct | Sell | 8052026 | 11.17 | 70,696 | 789,674 | 1,660,878 | Form |
| 3 | Lawrence, G Larry | Direct | Sell | 8052026 | 11.16 | 35,831 | 399,874 | 314,500 | Form | |
| 4 | Exxon, Mobil Corp | See Explanation of Responses | Sell | 5222026 | 16.66 | 16,600,000 | Form | |||
| 5 | Munoz, Adam | President and COO | Direct | Sell | 11142025 | 10.14 | 17,230 | 174,712 | 721,420 | Form |
| 6 | Lawrence, G Larry | Direct | Sell | 11032025 | 10.84 | 27,000 | 292,680 | 388,408 | Form | |
| 7 | Vion, Michele | Direct | Sell | 11032025 | 10.64 | 6,916 | 73,586 | 479,109 | Form |
Investor Activity (13F)
Updated Nov 3, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Alta Fundamental Advisers LLC | $25.6 Mil | 10.1% | 21 | Hold | 13F |
| Valiant Capital Management, L.P. | $58.3 Mil | 4.6% | 28 | ADD +10.2% | 13F |
| Sourcerock Group LLC | $104.4 Mil | 4.4% | 39 | ADD +5.8% | 13F |
| VR Advisory Services Ltd | $35.5 Mil | 4.2% | 40 | ADD +184.3% | 13F |
| Philosophy Capital Management LLC | $32.9 Mil | 3.8% | 36 | TRIM -41.5% | 13F |
| Ratan Capital Management LP | $6.1 Mil | 2.2% | 37 | TRIM -36.2% | 13F |
| BWCP, LP | $11.5 Mil | 1.8% | 27 | New | 13F |
| Situational Awareness Partners LP | $13.1 Mil | 0.3% | 26 | New | 13F |
| Situational Awareness LP | $13.1 Mil | 0.3% | 26 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Situational Awareness Partners LP | $13.1 Mil | 0.3% | 26 | New | 13F |
| BWCP, LP | $11.5 Mil | 1.8% | 27 | New | 13F |
| VR Advisory Services Ltd | $35.5 Mil | 4.2% | 40 | ADD +184.3% | 13F |
| Valiant Capital Management, L.P. | $58.3 Mil | 4.6% | 28 | ADD +10.2% | 13F |
| Sourcerock Group LLC | $104.4 Mil | 4.4% | 39 | ADD +5.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Sourcerock Group LLC | $104.4 Mil | 4.4% | 39 | ADD +5.8% | 13F |
| Valiant Capital Management, L.P. | $58.3 Mil | 4.6% | 28 | ADD +10.2% | 13F |
| VR Advisory Services Ltd | $35.5 Mil | 4.2% | 40 | ADD +184.3% | 13F |
| Philosophy Capital Management LLC | $32.9 Mil | 3.8% | 36 | TRIM -41.5% | 13F |
| Alta Fundamental Advisers LLC | $25.6 Mil | 10.1% | 21 | Hold | 13F |
| Situational Awareness Partners LP | $13.1 Mil | 0.3% | 26 | New | 13F |
| Situational Awareness LP | $13.1 Mil | 0.3% | 26 | Hold | 13F |
| BWCP, LP | $11.5 Mil | 1.8% | 27 | New | 13F |
| Ratan Capital Management LP | $6.1 Mil | 2.2% | 37 | TRIM -36.2% | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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