Solaris Energy Infrastructure (SEI)
Market Price (9/8/2026): $59.86 | Market Cap: $3.5 BilSector: Energy | Industry: Oil & Gas Equipment & Services
Solaris Energy Infrastructure (SEI)
Market Price (9/8/2026): $59.86Market Cap: $3.5 BilSector: EnergyIndustry: Oil & Gas Equipment & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 71% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 56% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/EPrice/Earnings or Price/(Net Income) is 59x Stock price has recently run up significantly12M Rtn12 month market price return is 110% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -95% Significant 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 25% Key risksSEI key risks include [1] multiple class-action lawsuits alleging misrepresentation in its MER acquisition, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 71% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 56% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more. |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 52% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 24x, P/EPrice/Earnings or Price/(Net Income) is 59x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 110% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -95% |
| Significant 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 25% |
| Key risksSEI key risks include [1] multiple class-action lawsuits alleging misrepresentation in its MER acquisition, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Solaris Energy Infrastructure (SEI) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. A significant insider selling transaction of $149 million by Director W. Howard Keenan Jr. on May 6, 2026, just prior to the specified period, potentially signaled a lack of confidence or an anticipated downturn, contributing to negative investor sentiment.
2. Despite reporting Q2 2026 earnings per share of $0.39, beating consensus estimates by $0.08, Solaris Energy Infrastructure experienced a decline in diluted Class A EPS to $0.26 from $0.30 year-over-year, partly due to a $14.8 million debt-extinguishment loss and higher net interest expense. This was coupled with a substantial increase in Q2 2026 capital expenditures to $491.8 million, up from $185.1 million in Q2 2025, primarily for Power Solutions expansion, which may have raised concerns about near-term cash flow despite long-term growth objectives.
Show more
Solaris Energy Infrastructure (SEI) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. A significant insider selling transaction of $149 million by Director W. Howard Keenan Jr. on May 6, 2026, just prior to the specified period, potentially signaled a lack of confidence or an anticipated downturn, contributing to negative investor sentiment.
2. Despite reporting Q2 2026 earnings per share of $0.39, beating consensus estimates by $0.08, Solaris Energy Infrastructure experienced a decline in diluted Class A EPS to $0.26 from $0.30 year-over-year, partly due to a $14.8 million debt-extinguishment loss and higher net interest expense. This was coupled with a substantial increase in Q2 2026 capital expenditures to $491.8 million, up from $185.1 million in Q2 2025, primarily for Power Solutions expansion, which may have raised concerns about near-term cash flow despite long-term growth objectives.
3. The company provided Q3 2026 adjusted EBITDA guidance of $90 million-$105 million, which was lower than the actual Q2 2026 adjusted EBITDA of $108.3 million, indicating a potential near-term dip in operational profitability.
4. Persistent and widespread grid interconnection delays, including one instance of a customer being informed of a seven-to-eight-year wait, highlighted during the Q2 2026 earnings call, presented a significant operational bottleneck and risk to the timely deployment of projects and revenue realization. Furthermore, by early September 2026, the stock was noted to be trading at a high valuation, with a P/E ratio of 65.5x compared to an industry average of 27.3x, suggesting it was potentially overvalued and due for a correction.
Show less
Stock Movement Drivers
Fundamental Drivers
The -20.8% change in SEI stock from 5/31/2026 to 9/7/2026 was primarily driven by a -24.1% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 69.42 | 55.00 | -20.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 692 | 762 | 10.1% |
| Net Income Margin (%) | 6.7% | 7.2% | 7.5% |
| P/E Multiple | 78.2 | 59.4 | -24.1% |
| Shares Outstanding (Mil) | 52 | 59 | -11.9% |
| Cumulative Contribution | -20.8% |
Market Drivers
5/31/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| SEI | -20.8% | |
| Market (SPY) | 1.8% | 55.4% |
| Sector (XLE) | 13.8% | -6.3% |
Fundamental Drivers
The 11.3% change in SEI stock from 2/28/2026 to 9/7/2026 was primarily driven by a 48.3% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.42 | 55.00 | 11.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 622 | 762 | 22.5% |
| Net Income Margin (%) | 4.8% | 7.2% | 48.3% |
| P/E Multiple | 81.2 | 59.4 | -26.9% |
| Shares Outstanding (Mil) | 50 | 59 | -16.2% |
| Cumulative Contribution | 11.3% |
Market Drivers
2/28/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| SEI | 11.3% | |
| Market (SPY) | 12.6% | 47.2% |
| Sector (XLE) | 15.3% | -7.6% |
Fundamental Drivers
The 75.9% change in SEI stock from 8/31/2025 to 9/7/2026 was primarily driven by a 70.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 31.27 | 55.00 | 75.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 447 | 762 | 70.5% |
| Net Income Margin (%) | 5.0% | 7.2% | 42.5% |
| P/E Multiple | 52.4 | 59.4 | 13.3% |
| Shares Outstanding (Mil) | 38 | 59 | -36.1% |
| Cumulative Contribution | 75.9% |
Market Drivers
8/31/2025 to 9/7/2026| Return | Correlation | |
|---|---|---|
| SEI | 75.9% | |
| Market (SPY) | 20.4% | 47.0% |
| Sector (XLE) | 45.1% | 1.4% |
Fundamental Drivers
The 471.0% change in SEI stock from 8/31/2023 to 9/7/2026 was primarily driven by a 470.0% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.63 | 55.00 | 471.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 336 | 762 | 126.6% |
| Net Income Margin (%) | 8.1% | 7.2% | -11.4% |
| P/E Multiple | 10.4 | 59.4 | 470.0% |
| Shares Outstanding (Mil) | 30 | 59 | -50.1% |
| Cumulative Contribution | 471.0% |
Market Drivers
8/31/2023 to 9/7/2026| Return | Correlation | |
|---|---|---|
| SEI | 471.0% | |
| Market (SPY) | 77.1% | 41.1% |
| Sector (XLE) | 57.5% | 28.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SEI Return | -16% | 57% | -16% | 278% | 62% | 16% | 698% |
| Peers Return | 36% | 9% | 35% | 16% | 5% | 22% | 195% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| SEI Win Rate | 33% | 50% | 33% | 75% | 50% | 56% | |
| Peers Win Rate | 52% | 52% | 51% | 57% | 48% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| SEI Max Drawdown | -55% | -38% | -32% | -17% | -55% | -48% | |
| Peers Max Drawdown | -49% | -57% | -41% | -30% | -50% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LBRT, AESI, WHD, SND, PPSI.
[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 9/4/2026 (YTD)
How Low Can It Go
| Event | SEI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.5% | -18.8% |
| % Gain to Breakeven | 87.0% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.9% | -9.5% |
| % Gain to Breakeven | 17.5% | 10.5% |
| Time to Breakeven | 136 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.1% | -6.7% |
| % Gain to Breakeven | 47.4% | 7.1% |
| Time to Breakeven | 90 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.6% | -33.7% |
| % Gain to Breakeven | 190.6% | 50.9% |
| Time to Breakeven | 347 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.5% | -19.2% |
| % Gain to Breakeven | 70.8% | 23.8% |
| Time to Breakeven | 113 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.7% | -3.7% |
| % Gain to Breakeven | 15.8% | 3.9% |
| Time to Breakeven | 20 days | 6 days |
In The Past
Solaris Energy Infrastructure's stock fell -46.5% during the 2025 US Tariff Shock. Such a loss loss requires a 87.0% 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.
| Event | SEI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -46.5% | -18.8% |
| % Gain to Breakeven | 87.0% | 23.1% |
| Time to Breakeven | 63 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -32.1% | -6.7% |
| % Gain to Breakeven | 47.4% | 7.1% |
| Time to Breakeven | 90 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.6% | -33.7% |
| % Gain to Breakeven | 190.6% | 50.9% |
| Time to Breakeven | 347 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -41.5% | -19.2% |
| % Gain to Breakeven | 70.8% | 23.8% |
| Time to Breakeven | 113 days | 105 days |
In The Past
Solaris Energy Infrastructure's stock fell -46.5% during the 2025 US Tariff Shock. Such a loss loss requires a 87.0% 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 Solaris Energy Infrastructure (SEI)
Solaris Energy Infrastructure (SEI) is a specialized company providing critical equipment and services for the United States' oil and natural gas industry. Its primary business involves designing, manufacturing, and selling mobile equipment essential for efficiently unloading, storing, and delivering proppant (such as sand), water, and chemicals directly at well sites. This core offering streamlines material handling and logistics for oil and gas operations.
Beyond its well-site mobile equipment, SEI offers a comprehensive suite of related products and services. This includes transloading and storage solutions for proppant arriving via railcars, alongside crucial last-mile logistics management services. The company also develops proprietary software like Railtronix for inventory management and Solaris Lens, and provides specialized equipment such as AutoBlend (an integrated electric blender), top-fill equipment for quick truck unloading, and advanced fluid management systems.
Solaris Energy Infrastructure primarily serves the exploration and production (E&P) companies and the broader oilfield services industries within the United States. By providing innovative equipment, software, and logistics support, SEI helps these customers enhance operational efficiency, manage critical supplies, and optimize their well site activities.
```AI Analysis | Feedback
Here are 1-3 brief analogies for Solaris Energy Infrastructure (SEI):
- Deere for the oilfield: Solaris Energy Infrastructure provides specialized equipment, technology, and logistics services to streamline operations for the oil and gas industry, much like Deere does for agriculture.
- Carvana for oilfield materials delivery: SEI focuses on making the complex "last-mile" delivery and management of proppant, water, and chemicals to well sites efficient and integrated, similar to how Carvana simplifies vehicle delivery.
AI Analysis | Feedback
- Mobile Proppant, Water, and Chemical Handling Equipment: Designs, manufactures, and sells mobile equipment to unload, store, and deliver proppant, water, and chemicals at oil and natural gas well sites.
- Proppant Transloading and Storage: Provides services for the transloading and storage of proppant from railcars at its transloading facility.
- Railtronix Software: An inventory management software developed for optimizing material flow and tracking.
- Last-Mile Logistics Management Services: Offers management services to optimize the final stage of material delivery to well sites.
- AutoBlend: An integrated electric blender designed for efficient mixing of materials at well sites.
- Top-Fill Equipment: Equipment that enables quick unloading of materials from bottom-drop trucks.
- Fluid Management Systems: Systems designed for the comprehensive management and optimization of fluids at well sites.
- Solaris Lens Software: Proprietary software offering advanced insights and management capabilities for operational processes.
AI Analysis | Feedback
Solaris Energy Infrastructure (SEI) primarily sells its mobile equipment, software, and services to other companies within the oil and natural gas industry. Based on the company description, its major customer categories are:
- Exploration and Production (E&P) companies: These are companies involved in finding, extracting, and producing crude oil and natural gas.
- Oilfield Services (OFS) companies: These companies provide specialized services, equipment, and technology to E&P companies for the drilling, completion, and production phases of oil and gas wells.
The provided background information does not list specific names or symbols of individual customer companies within these industries.
AI Analysis | Feedback
AI Analysis | Feedback
William A. Zartler Co-Chief Executive Officer, Founder, and Chairman
William A. Zartler is the Founder, Chairman, and Co-Chief Executive Officer of Solaris Oilfield Infrastructure, Inc., which was founded in 2014. He also serves as the Executive Chairman of Aris Water Solutions. Prior to founding Solaris, Mr. Zartler was a Founder and Managing Partner of Denham Capital Management, a global energy and commodities private equity firm, where he led global investing activity in the midstream and oilfield services sectors and served on the investment and executive committees. While at Denham, he served on the boards of numerous portfolio companies. Earlier in his career, he was a Senior Vice President and General Manager at Dynegy Inc., and a Feedstock Trading Manager and Business Analyst at Dow Hydrocarbons and Resources.
Amanda M. Brock Co-Chief Executive Officer and Director
Amanda M. Brock was appointed Co-Chief Executive Officer of Solaris Energy Infrastructure, Inc. effective October 16, 2025. She previously served as the Chief Executive Officer and President of Aris Water Solutions, Inc., a produced water infrastructure and recycling company that went public in October 2021 and was subsequently acquired by Western Midstream in October 2025. Ms. Brock joined Aris' predecessor, Solaris Water Midstream, in 2017. Her career also includes serving as CEO of Water Standard, managing global projects for Enron in power and water, and working as a lawyer for Vinson & Elkins LLP.
Stephan E. Tompsett Chief Financial Officer
Stephan E. Tompsett was appointed Chief Financial Officer of Solaris Energy Infrastructure, Inc. effective February 12, 2026, bringing over 20 years of finance experience. He most recently served as the Chief Financial Officer for Aris Water Solutions, where he led the company through strategic and operational growth before its merger with Western Midstream. Prior to Aris, Mr. Tompsett was the Chief Financial Officer for Limetree Bay Energy and, before that, for EagleClaw Midstream Ventures, a Blackstone portfolio company. He began his career as an investment banker at JPMorgan and also served as Vice President and Treasurer of Andeavor (formerly Tesoro Corporation).
Kyle S. Ramachandran President and Head of Power Solutions
Kyle S. Ramachandran serves as President and Head of Power Solutions for Solaris Energy Infrastructure, Inc. He previously held the role of President and Chief Financial Officer.
Cynthia M. Durrett Chief Administrative Officer and Director
Cynthia M. Durrett is the Chief Administrative Officer and a Director at Solaris Energy Infrastructure, Inc., and was one of the company's founding leaders in 2014. She is responsible for overseeing the company's information technology, human resources, risk management, and administrative functions. Ms. Durrett has over 30 years of experience in the midstream and oilfield services industries, having previously served as the Director of Business Planning and Capital Projects for Cadre Proppants and as Managing Director of Dynegy Midstream Services.
AI Analysis | Feedback
The key risks to Solaris Energy Infrastructure (symbol: SEI) primarily stem from its reliance on specific customer segments and the inherent volatility within the energy sectors it serves, alongside competitive pressures.
-
Customer Concentration and Dependence on the Data Center Sector: Solaris Energy Infrastructure's Power Solutions segment, a significant and growing part of its business, exhibits substantial customer concentration. For the years ended December 31, 2025, and 2024, a single data center customer accounted for 88% and 96%, respectively, of the total revenue for this segment. This high reliance on one customer for a large portion of a key business segment introduces considerable risk, as the loss of this customer or a reduction in their demand could severely impact the company's financial performance. The growth of this segment is also closely tied to the demand within the data center sector.
-
Volatility of Oil and Natural Gas Prices and Demand: The company's Logistics Solutions segment, which encompasses the design, manufacturing, and sale of mobile equipment for proppant, water, and chemicals at oil and natural gas well sites, as well as associated logistics and software, remains highly exposed to the inherent volatility of oil and natural gas prices. Fluctuations in these commodity prices directly influence the capital spending and activity levels of exploration and production companies. A sustained downturn in oil and natural gas prices or reduced drilling and completion activity could materially impact the revenue and profitability of this segment.
-
Intense Competition and Market Conditions: Solaris Energy Infrastructure operates in highly competitive environments across both its logistics and power solutions segments. The oilfield services industry, particularly concerning proppant and fluid management, involves numerous competitors. Similarly, the distributed power generation market, serving data centers and various commercial and industrial clients, is also marked by intense competition. This competitive landscape can lead to pricing pressures, challenges in maintaining or gaining market share, and increased costs associated with customer acquisition and retention, all of which could adversely affect the company's margins and overall financial performance.
AI Analysis | Feedback
AI Analysis | Feedback
Solaris Energy Infrastructure (SEI) operates in two primary segments: Logistics Solutions, which caters to the oil and gas industry, and the rapidly growing Power Solutions segment, focused on distributed power generation. The addressable markets for their main products and services in the U.S. and globally are as follows:
Logistics Solutions (Oilfield Services)
- Proppant Handling and Logistics (Mobile equipment, transloading, storage, delivery, top-fill equipment): The global proppant market size was valued at USD 10.76 billion in 2025 and is projected to grow to USD 22.13 billion by 2034. North America accounts for approximately 48% of the global proppant market. More specifically, the U.S. proppants market size was evaluated at USD 3.47 billion in 2024 and is projected to reach approximately USD 7.80 billion by 2034. The North and Central America proppant market is projected to grow from USD 1.6 billion in 2025 to USD 5.7 billion by 2035.
- Fluid Management Systems (Water and chemicals delivery, fluid management systems, AutoBlend): The global fracking chemicals and fluids market size was valued at USD 35.81 billion in 2023 and is projected to reach USD 56.31 billion by 2030. North America held the dominant share in this market, with 58.3% of the revenue in 2023. The North America fracking chemicals and fluids market is expected to be valued at approximately USD 29.4 billion in 2025, within a global market projected to reach USD 46.9 billion in 2025. Additionally, the global fracking water treatment market size was valued at USD 454.06 million in 2024 and is expected to reach USD 680.33 million by 2032. North America held the largest share in the fracking water treatment market in 2024, around 42.48%. The U.S. fracking water treatment market size was USD 143.15 million in 2024 and is expected to reach USD 216.48 million by 2032.
- Oil and Gas Software (Railtronix, Solaris Lens): The global market for Oil & Gas Software was estimated to be worth USD 11.6 billion in 2025 and is projected to reach USD 16.9 billion by 2032. In the broader context of digital oilfield solutions, the global market size was valued at USD 31.37 billion in 2025 and is projected to grow to USD 54.44 billion by 2034, with software accounting for approximately 58% of this market. In the U.S., the demand for digital oilfield solutions is projected to grow from USD 15.6 billion in 2025 to USD 24.9 billion by 2035. The U.S. digital oilfield market is projected to exceed USD 17 billion by 2034.
Power Solutions
- Distributed Power Generation for Commercial and Industrial Sectors (including data centers): While a specific overall market size for "mobile distributed power generation for data centers and microgrids" is not readily available in the provided information, Solaris Energy Infrastructure's Power Solutions segment, formed through the acquisition of Mobile Energy Rentals, has a contracted pipeline of 2.2 gigawatts (GW) by 2028. This segment now drives over 75% of SEI's adjusted EBITDA as of Q3 2025. The company's power fleet capacity is projected to expand significantly, aiming for 1,700 megawatts (MW) by the first half of 2027.
AI Analysis | Feedback
Solaris Energy Infrastructure (SEI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
- Expansion into Distributed Power Solutions, particularly for Data Centers: Solaris Energy Infrastructure's strategic pivot into distributed power solutions, significantly bolstered by the acquisition of Mobile Energy Rentals (MER) in 2024, is the primary driver of future revenue growth. The company is actively targeting the rapidly expanding hyperscale data center market, driven by the increasing demand for AI and cloud computing. This segment is expected to diversify revenue streams beyond traditional oilfield services.
- Growth of Mobile Power Generation Fleet and Capacity Expansion: A substantial increase in the company's mobile power generation fleet is anticipated to contribute significantly to revenue growth. Solaris Energy Infrastructure projects expanding its fleet capacity from an initial 153 MW to 478 MW by Q3 2025, with a long-term goal of reaching 1.7 GW by H1 2027 and potentially 2.2 GW by 2028. This increased capacity directly translates to higher revenue from leasing its power generation equipment.
- Securing Long-Term Contracts and Strategic Partnerships: Solaris Energy Infrastructure has focused on securing long-term contracts and entering into strategic partnerships to ensure stable and predictable revenue streams. Notable examples include a seven-year joint venture for 900 MW with a major data center client and a 15-year joint venture and power agreement for approximately 500 to 900 megawatts with another significant data center customer, with one customer (xAI) representing roughly 67% of its 1,700 MW contracted backlog. These agreements provide strong revenue visibility.
- Operational Efficiency and Free Cash Flow Generation from Logistics: While the Power Solutions segment is the main growth engine, the legacy Logistics Solutions business is expected to continue generating strong free cash flow. Improvements in operational efficiency, such as the high utilization rate of its top-fill system, are anticipated to help maintain stable margins and contribute cash flow that can be reinvested into the higher-growth Power Solutions segment.
- Expansion to New Customer Segments: The company's strategic shift allows it to broaden its customer base beyond the traditional oil and gas sector. By offering distributed power solutions, Solaris Energy Infrastructure is now able to target new, high-growth segments such as data centers, manufacturing, and other commercial and industrial clients, thereby diversifying its market reach and revenue sources.
AI Analysis | Feedback
Share Repurchases
- Solaris Energy Infrastructure repurchased approximately $10.12 million in shares during the first quarter of 2025.
- The company executed share repurchases totaling around $9.63 million in the first quarter of 2024.
Share Issuance
- In September 2024, shareholders approved increasing the available shares for issuance by 1.6 million for the Long Term Incentive Plan (LTIP).
- Approximately 16.5 million shares of Solaris Class B common stock were issued to the founders and management of Mobile Energy Rentals (MER) as part of the acquisition consideration in September 2024.
- In October 2025, Solaris issued $650 million of 0.25% convertible senior notes due 2031, with net proceeds estimated at $634.4 million or up to $729.7 million if an over-allotment option is fully exercised.
Outbound Investments
- In September 2024, Solaris acquired Mobile Energy Rentals (MER), a provider of distributed power solutions, for $200 million, consisting of $60 million in cash and the issuance of approximately 16.5 million shares of Solaris Class B common stock.
- Solaris provided a $29.75 million loan to Mobile Energy Rentals (MER) to facilitate the purchase of power generation equipment prior to the acquisition.
- In August 2025, Solaris acquired HVMVLV, a specialty provider of complex electrical control and distribution equipment and associated engineering and technical design services, to expand its Power Solutions offering.
Capital Expenditures
- Consolidated capital expenditures are projected to be $798 million in 2025, $595 million in 2026, and $295 million in 2027.
- Capital expenditures in 2025 were heavily focused on the Solaris Power Solutions segment to grow capacity and deploy more power assets, increasing deployed capacity to approximately 630 MW in 2025 from 230 MW in 2024.
- The company's joint venture, Stateline Power LLC, had deployed approximately $112 million in capital expenditures by Q2 2025, with plans to scale to about 900 MW of dedicated off-grid capacity by 2027.
Peer Outperformance in Oil & Gas Equipment & Services
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Oil & Gas Refining & Marketing | 11 | 113.0% | 109.9% | 424.4% | PBF 779% · MPC 661% · VLO 579% |
| Integrated Oil & Gas | 7 | 50.3% | 52.2% | 251.6% | IMO 446% · SU 358% · CVE 338% |
| Oil & Gas Storage & Transportation | 18 | 33.9% | 125.9% | 227.1% | INSW 870% · LPG 839% · TRGP 628% |
| Oil & Gas Equipment & Services ← | 34 | 63.3% | 22.8% | 125.4% | FTI 1196% · SEI 808% · TDW 759% |
| Oil & Gas Exploration & Production | 51 | 31.1% | 5.4% | 118.0% | KGEI 8100% · OBE 7152% · EP 3033% |
| Coal & Consumable Fuels | 14 | 28.8% | 61.6% | 107.4% | EU 1144% · LEU 450% · CCJ 347% |
| Oil & Gas Drilling | 7 | 69.7% | 4.4% | 95.6% | VAL 178% · PDS 175% · HP 101% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 17.02 |
| Mkt Cap | 2.5 |
| Rev LTM | 915 |
| Op Inc LTM | 32 |
| FCF LTM | -96 |
| FCF 3Y Avg | 2 |
| CFO LTM | 211 |
| CFO 3Y Avg | 185 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.0% |
| Rev Chg 3Y Avg | 19.1% |
| Rev Chg Q | 24.1% |
| QoQ Delta Rev Chg LTM | 5.9% |
| Op Inc Chg LTM | -10.3% |
| Op Inc Chg 3Y Avg | -82.5% |
| Op Mgn LTM | 1.6% |
| Op Mgn 3Y Avg | 7.0% |
| QoQ Delta Op Mgn LTM | -0.6% |
| CFO/Rev LTM | 10.7% |
| CFO/Rev 3Y Avg | 18.8% |
| FCF/Rev LTM | -12.4% |
| FCF/Rev 3Y Avg | 1.5% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA218756 | NITROGLYCERIN | nitroglycerin | ointment | 12182025 | 53.4% | 93.3% | 28.3% | 28.3% | 28.3% |
| ANDA214560 | TAZAROTENE | tazarotene | cream | 11242025 | 10.7% | 62.6% | 20.6% | 20.6% | 20.6% |
| ANDA217863 | ESTRADIOL | estradiol | gel | 7122024 | 17.2% | 141.5% | 165.8% | 515.8% | 373.2% |
| ANDA216160 | ESTRADIOL | estradiol | gel, metered | 4222024 | 47.2% | 60.8% | 129.2% | 723.6% | 585.8% |
| ANDA213644 | TAZAROTENE | tazarotene | gel | 3202023 | 3.4% | 33.6% | 14.4% | 226.6% | 649.9% |
| ANDA212845 | CLINDAMYCIN PHOSPHATE AND TRETINOIN | clindamycin phosphate | gel | 2102022 | 50.5% | 44.4% | 41.1% | 5.2% | 720.3% |
| ANDA213648 | METRONIDAZOLE | metronidazole | gel | 10142021 | -1.1% | 43.0% | 39.6% | 37.1% | 695.2% |
| ANDA212842 | CLINDAMYCIN PHOSPHATE | clindamycin phosphate | gel | 8132021 | 0.1% | 8.1% | 50.3% | 55.5% | 753.8% |
| ANDA211872 | CLINDAMYCIN PHOSPHATE | clindamycin phosphate | gel | 7292020 | -23.4% | 21.6% | 18.6% | 59.1% | 801.4% |
| ANDA065220 | NEOMYCIN SULFATE | neomycin sulfate | tablet | 7282006 | |||||
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA218756 | NITROGLYCERIN | nitroglycerin | ointment | 12182025 | 53.4% | 93.3% | 28.3% | 28.3% | 28.3% |
| ANDA214560 | TAZAROTENE | tazarotene | cream | 11242025 | 10.7% | 62.6% | 20.6% | 20.6% | 20.6% |
| ANDA217863 | ESTRADIOL | estradiol | gel | 7122024 | 17.2% | 141.5% | 165.8% | 515.8% | 373.2% |
| ANDA216160 | ESTRADIOL | estradiol | gel, metered | 4222024 | 47.2% | 60.8% | 129.2% | 723.6% | 585.8% |
| ANDA213644 | TAZAROTENE | tazarotene | gel | 3202023 | 3.4% | 33.6% | 14.4% | 226.6% | 649.9% |
| ANDA212845 | CLINDAMYCIN PHOSPHATE AND TRETINOIN | clindamycin phosphate | gel | 2102022 | 50.5% | 44.4% | 41.1% | 5.2% | 720.3% |
| ANDA213648 | METRONIDAZOLE | metronidazole | gel | 10142021 | -1.1% | 43.0% | 39.6% | 37.1% | 695.2% |
| ANDA212842 | CLINDAMYCIN PHOSPHATE | clindamycin phosphate | gel | 8132021 | 0.1% | 8.1% | 50.3% | 55.5% | 753.8% |
| ANDA211872 | CLINDAMYCIN PHOSPHATE | clindamycin phosphate | gel | 7292020 | -23.4% | 21.6% | 18.6% | 59.1% | 801.4% |
| ANDA065220 | NEOMYCIN SULFATE | neomycin sulfate | tablet | 7282006 | |||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Solaris Power Solutions | 334 | 39 | 0 | ||
| Solaris Logistics Solutions | 289 | 274 | 0 | ||
| Transloading and Other | 1 | 1 | |||
| Wellsite services | 319 | 158 | |||
| Total | 622 | 313 | 0 | 320 | 159 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Solaris Power Solutions | 1,342 | 543 |
| Corporate and other assets | 452 | 216 |
| Solaris Logistics Solutions | 350 | 372 |
| Total | 2,143 | 1,130 |
Price Behavior
| Market Price | $55.00 | |
| Market Cap ($ Bil) | 3.3 | |
| First Trading Date | 05/12/2017 | |
| Distance from 52W High | -33.6% | |
| 50 Days | 200 Days | |
| DMA Price | $59.87 | $59.40 |
| DMA Trend | up | down |
| Distance from DMA | -8.1% | -7.4% |
| 3M | 1YR | |
| Volatility | 85.7% | 77.9% |
| Downside Capture | 416.93 | 298.09 |
| Upside Capture | 215.74 | 324.84 |
| Correlation (SPY) | 55.0% | 48.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.18 | 4.76 | 3.57 | 2.62 | 2.90 | 2.04 |
| Up Beta | 4.69 | 8.88 | 6.26 | 3.96 | 3.48 | 1.90 |
| Down Beta | 10.43 | 5.11 | 1.99 | 1.34 | 1.94 | 2.31 |
| Up Capture | 113% | 119% | 275% | 311% | 902% | 2170% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 32 | 69 | 133 | 387 |
| Down Capture | 221% | 425% | 310% | 211% | 178% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 21 | 32 | 58 | 118 | 356 |
[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 SEI | |
|---|---|---|---|---|
| SEI | 110.3% | 77.6% | 1.28 | - |
| Sector ETF (XLE) | 47.5% | 21.7% | 1.70 | 0.1% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 48.2% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 20.9% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | 4.6% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | -5.4% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 27.7% |
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 SEI | |
|---|---|---|---|---|
| SEI | 54.4% | 68.2% | 0.92 | - |
| Sector ETF (XLE) | 25.4% | 25.7% | 0.86 | 40.8% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 36.1% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 11.4% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 26.3% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 16.3% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 16.1% |
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 SEI | |
|---|---|---|---|---|
| SEI | 20.6% | 62.9% | 0.59 | - |
| Sector ETF (XLE) | 10.6% | 29.6% | 0.39 | 50.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 40.1% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 9.5% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 33.2% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 25.2% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 12.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.6% | 11.2% | -4.3% |
| 4/27/2026 | 5.4% | 5.5% | 1.2% |
| 2/24/2026 | 3.3% | -11.0% | 15.0% |
| 11/3/2025 | -0.5% | -6.7% | 2.2% |
| 7/24/2025 | -4.0% | -3.5% | -15.3% |
| 4/3/2025 | -13.2% | -6.9% | 21.9% |
| 11/4/2024 | 2.9% | 31.7% | 77.3% |
| 8/8/2024 | 0.1% | -0.2% | -2.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 12 | 12 |
| # Negative | 8 | 11 | 11 |
| Median Positive | 2.9% | 6.3% | 13.3% |
| Median Negative | -8.1% | -6.7% | -8.0% |
| Max Positive | 13.9% | 31.7% | 77.3% |
| Max Negative | -19.8% | -11.3% | -19.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.6% | 11.2% | -4.3% |
| 4/27/2026 | 5.4% | 5.5% | 1.2% |
| 2/24/2026 | 3.3% | -11.0% | 15.0% |
| 11/3/2025 | -0.5% | -6.7% | 2.2% |
| 7/24/2025 | -4.0% | -3.5% | -15.3% |
| 4/3/2025 | -13.2% | -6.9% | 21.9% |
| 11/4/2024 | 2.9% | 31.7% | 77.3% |
| 8/8/2024 | 0.1% | -0.2% | -2.4% |
| 4/25/2024 | 13.9% | 6.1% | 5.4% |
| 2/26/2024 | 8.6% | 5.7% | 11.6% |
| 10/27/2023 | 1.1% | 4.0% | -4.7% |
| 7/27/2023 | 12.3% | 18.6% | 11.6% |
| 5/1/2023 | -9.3% | -4.1% | -8.0% |
| 2/22/2023 | -7.5% | -3.6% | -12.8% |
| 10/31/2022 | -19.8% | -8.6% | -19.5% |
| 8/1/2022 | 6.2% | -1.0% | -1.3% |
| 4/28/2022 | 5.4% | 15.2% | 32.0% |
| 2/22/2022 | -2.1% | 23.5% | 37.8% |
| 11/1/2021 | 1.5% | 6.4% | -18.3% |
| 7/29/2021 | 0.2% | -7.7% | -13.2% |
| 5/3/2021 | -8.8% | -11.3% | -5.4% |
| 2/22/2021 | 2.1% | 1.5% | 8.7% |
| 10/29/2020 | 2.2% | 0.9% | 17.5% |
| SUMMARY STATS | |||
| # Positive | 15 | 12 | 12 |
| # Negative | 8 | 11 | 11 |
| Median Positive | 2.9% | 6.3% | 13.3% |
| Median Negative | -8.1% | -6.7% | -8.0% |
| Max Positive | 13.9% | 31.7% | 77.3% |
| Max Negative | -19.8% | -11.3% | -19.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 03/05/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/09/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 10/29/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Adjusted EBITDA | Reported | 90.00 Mil | 97.50 Mil | 105.00 Mil | 11.4% | Raised | Guidance: 87.50 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | Reported | 100.00 Mil | 110.00 Mil | 120.00 Mil | 25.7% | Higher New | Guidance: 87.50 Mil for Q3 2026 | |
Insider Activity
Updated 8/25/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wirtz, Christopher P | Chief Accounting Officer | Direct | Sell | 5132026 | 77.22 | 700 | 54,054 | 2,786,484 | Form |
| 2 | Argo, Laurie H | Direct | Sell | 5132026 | 72.88 | 5,200 | 378,976 | 3,267,866 | Form | |
| 3 | Teague, Aj | Direct | Buy | 5112026 | 72.98 | 3,425 | 249,956 | 8,019,772 | Form | |
| 4 | Teague, Aj | Spouse | Buy | 5112026 | 72.98 | 2,750 | 200,695 | 807,159 | Form | |
| 5 | Walker, Ray N JR | Direct | Sell | 5112026 | 72.11 | 56,841 | 4,098,805 | 415,354 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wirtz, Christopher P | Chief Accounting Officer | Direct | Sell | 5132026 | 77.22 | 700 | 54,054 | 2,786,484 | Form |
| 2 | Argo, Laurie H | Direct | Sell | 5132026 | 72.88 | 5,200 | 378,976 | 3,267,866 | Form | |
| 3 | Teague, Aj | Direct | Buy | 5112026 | 72.98 | 3,425 | 249,956 | 8,019,772 | Form | |
| 4 | Teague, Aj | Spouse | Buy | 5112026 | 72.98 | 2,750 | 200,695 | 807,159 | Form | |
| 5 | Walker, Ray N JR | Direct | Sell | 5112026 | 72.11 | 56,841 | 4,098,805 | 415,354 | Form | |
| 6 | Keenan, W Howard JR | See footnote | Sell | 5072026 | 74.50 | 2,000,000 | Form | |||
| 7 | Ktr, Management Company, Llc | Direct | Sell | 5042026 | 70.75 | 2,000,000 | Form | |||
| 8 | Teague, Aj | Direct | Buy | 12182025 | 43.13 | 2,310 | 99,630 | 4,591,835 | Form | |
| 9 | Teague, Aj | Spouse | Buy | 12182025 | 43.11 | 2,310 | 99,584 | 358,244 | Form | |
| 10 | Durrett, Cynthia M | CHIEF ADMINISTRATIVE OFFICER | Direct | Sell | 12182025 | 44.62 | 47,011 | 2,097,631 | 5,852,002 | Form |
| 11 | Brock, Amanda M | Co-Chief Executive Officer | Direct | Buy | 12182025 | 40.89 | 3,669 | 150,025 | 5,768,761 | Form |
| 12 | Argo, Laurie H | Direct | Sell | 12182025 | 44.25 | 2,300 | 101,775 | 2,214,226 | Form | |
| 13 | Burke, James R | Direct | Sell | 12122025 | 53.03 | 11,277 | 598,019 | 302,059 | Form | |
| 14 | Ktr, Management Company, Llc | Direct | Sell | 11062025 | 50.15 | 2,114,783 | Form | |||
| 15 | Burke, James R | Direct | Sell | 9122025 | 29.22 | 5,000 | 146,100 | 495,951 | Form | |
| 16 | Zartler, William A | CHAIRMAN AND CEO | Direct | Buy | 9092025 | 24.83 | 10,000 | 248,300 | 26,052,306 | Form |
| 17 | Ramachandran, Kyle S | PRESIDENT AND CFO | Direct | Buy | 9092025 | 25.00 | 2,000 | 50,000 | 9,258,450 | Form |
| 18 | Powell, Christopher M | CHIEF LEGAL OFFICER | Direct | Sell | 8282025 | 30.00 | 12,750 | 382,500 | 3,918,450 | Form |
| 19 | Giesinger, Edgar R JR | Direct | Sell | 8262025 | 28.86 | 10,000 | 288,600 | 2,624,990 | Form | |
| 20 | Ktr, Management Company, Llc | Direct | Sell | 8082025 | 29.50 | 4,000,000 | Form |
Investor Activity (13F)
Updated Sep 8, 2026Active 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 |
|---|---|---|---|---|---|
| Valiant Capital Management, L.P. | $63.3 Mil | 5.0% | 28 | ADD +52.4% | 13F |
| Ratan Capital Management LP | $6.2 Mil | 2.3% | 37 | TRIM -56.0% | 13F |
| Situational Awareness Partners LP | $62.5 Mil | 1.6% | 26 | New | 13F |
| Situational Awareness LP | $62.5 Mil | 1.6% | 26 | TRIM -40.8% | 13F |
| No Street GP LP | $12.7 Mil | 0.8% | 31 | TRIM -40.0% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Goodlander Investment Management, LLC | $44.1 Mil | 16.9% | 11 | Exited | Dec 31, 2025 | 13F |
| Progeny 3, Inc. | $14.8 Mil | 0.8% | 37 | Exited | Dec 31, 2025 | 13F |
| Wealth High Governance Capital Ltda | $9.8 Mil | 1.8% | 46 | Exited | Dec 31, 2025 | 13F |
| Ratan Capital Management LP | $6.2 Mil | 2.3% | 37 | TRIM -56.0% | Mar 31, 2026 | 13F |
| Situational Awareness LP | $62.5 Mil | 1.6% | 26 | TRIM -40.8% | Mar 31, 2026 | 13F |
| No Street GP LP | $12.7 Mil | 0.8% | 31 | TRIM -40.0% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Valiant Capital Management, L.P. | $63.3 Mil | 5.0% | 28 | ADD +52.4% | 13F |
| Situational Awareness Partners LP | $62.5 Mil | 1.6% | 26 | New | 13F |
| Situational Awareness LP | $62.5 Mil | 1.6% | 26 | TRIM -40.8% | 13F |
| No Street GP LP | $12.7 Mil | 0.8% | 31 | TRIM -40.0% | 13F |
| Ratan Capital Management LP | $6.2 Mil | 2.3% | 37 | TRIM -56.0% | 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 |
Prefer one of these to Trefis? Tell us why.