Solaris Energy Infrastructure (SEI)


Market Price (7/28/2026): $52.15 | Market Cap: $2.7 BilSector: Energy | Industry: Oil & Gas Equipment & Services

Solaris Energy Infrastructure (SEI)


Market Price (7/28/2026): $52.15
Market Cap: $2.7 Bil
Sector: Energy
Industry: Oil & Gas Equipment & Services

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

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 86%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more.

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 59x

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -84%

Significant short interest
Short 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 29%

Key risks
SEI key risks include [1] multiple class-action lawsuits alleging misrepresentation in its MER acquisition, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 86%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%
2 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Battery Storage & Grid Modernization, Show more.
3 Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 59x
4 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -84%
5 Significant short interest
Short 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 29%
6 Key risks
SEI key risks include [1] multiple class-action lawsuits alleging misrepresentation in its MER acquisition, Show more.

SEI in ETFs

Weight = SEI's share of each fund

VTI0.01%
ITOT0.00%
IWM0.11%
IJR0.18%
IJT0.38%
SLYG0.38%
IWO0.20%
VTWO0.13%
+6 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/24/2026

Solaris Energy Infrastructure (SEI) stock has lost about 5% since 3/31/2026 because of the following key factors:

1. Significant Insider Selling Activity.

Solaris Energy Infrastructure (SEI) experienced substantial insider selling during the period, with insiders offloading approximately $297.8 million worth of shares in the last quarter. This heavy selling, compared to only $0.5 million in insider purchases over the past three months, suggests a potential lack of confidence among those closest to the company.

2. Persistent Overvaluation Concerns.

The stock has been flagged as significantly overvalued by multiple analyses. As of July 22, 2026, SEI was trading at $63.04, which is 215.5% above its GF Value™ of $19.98, indicating a lack of margin of safety for investors. Furthermore, the company's current trailing price-to-earnings (P/E) ratio of 70.8x is 122% higher than its 5-year median P/E of 31.9x.

Show more
Updated on 7/24/2026

Solaris Energy Infrastructure (SEI) stock has lost about 5% since 3/31/2026 because of the following key factors:

1. Significant Insider Selling Activity.

Solaris Energy Infrastructure (SEI) experienced substantial insider selling during the period, with insiders offloading approximately $297.8 million worth of shares in the last quarter. This heavy selling, compared to only $0.5 million in insider purchases over the past three months, suggests a potential lack of confidence among those closest to the company.

2. Persistent Overvaluation Concerns.

The stock has been flagged as significantly overvalued by multiple analyses. As of July 22, 2026, SEI was trading at $63.04, which is 215.5% above its GF Value™ of $19.98, indicating a lack of margin of safety for investors. Furthermore, the company's current trailing price-to-earnings (P/E) ratio of 70.8x is 122% higher than its 5-year median P/E of 31.9x.

3. Analyst Downgrade Amidst Otherwise Positive Sentiment.

Despite generally positive analyst ratings, a notable downgrade occurred with Weiss Ratings reducing SEI's shares to a "Hold." While the consensus remains a "Moderate Buy" with an average price target of $86.25, such a downgrade can contribute to investor caution and downward pressure on the stock.

4. Investor Concerns Regarding Sustainability of Growth and Potential Customer Churn.

Although Solaris Energy Infrastructure reported strong fiscal Q1 2026 results and raised its Adjusted EBITDA guidance for fiscal Q2 2026 to $83-93 million (from $76-84 million) and established fiscal Q3 2026 guidance at $80-95 million, management's forecast still suggested a relatively flat sequential Adjusted EBITDA for fiscal Q2 and Q3 2026. This, coupled with long-term risks such as a lack of a technological moat, small-operator status, and potential customer contract non-renewals if power supply constraints ease, may have fueled investor skepticism regarding the sustained high growth trajectory.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The -6.8% change in SEI stock from 3/31/2026 to 7/27/2026 was primarily driven by a -36.1% change in the company's P/E Multiple.
(LTM values as of)33120267272026Change
Stock Price ($)56.4152.59-6.8%
Change Contribution By: 
Total Revenues ($ Mil)62269211.2%
Net Income Margin (%)4.8%6.7%37.9%
P/E Multiple92.759.3-36.1%
Shares Outstanding (Mil)5052-5.0%
Cumulative Contribution-6.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/27/2026
ReturnCorrelation
SEI-6.8% 
Market (SPY)13.6%46.8%
Sector (XLE)-4.7%-11.9%

Fundamental Drivers

The 14.9% change in SEI stock from 12/31/2025 to 7/27/2026 was primarily driven by a 28.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)123120257272026Change
Stock Price ($)45.7852.5914.9%
Change Contribution By: 
Total Revenues ($ Mil)53969228.5%
Net Income Margin (%)7.1%6.7%-5.4%
P/E Multiple52.659.312.6%
Shares Outstanding (Mil)4452-16.1%
Cumulative Contribution14.9%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/27/2026
ReturnCorrelation
SEI14.9% 
Market (SPY)8.7%45.6%
Sector (XLE)31.4%-3.6%

Fundamental Drivers

The 87.8% change in SEI stock from 6/30/2025 to 7/27/2026 was primarily driven by a 86.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257272026Change
Stock Price ($)28.0152.5987.8%
Change Contribution By: 
Total Revenues ($ Mil)37269286.3%
Net Income Margin (%)4.5%6.7%47.8%
P/E Multiple60.359.3-1.6%
Shares Outstanding (Mil)3652-30.7%
Cumulative Contribution87.8%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/27/2026
ReturnCorrelation
SEI87.8% 
Market (SPY)20.6%43.9%
Sector (XLE)40.9%5.4%

Fundamental Drivers

The 589.5% change in SEI stock from 6/30/2023 to 7/27/2026 was primarily driven by a 528.0% change in the company's P/E Multiple.
(LTM values as of)63020237272026Change
Stock Price ($)7.6352.59589.5%
Change Contribution By: 
Total Revenues ($ Mil)346692100.1%
Net Income Margin (%)7.3%6.7%-8.3%
P/E Multiple9.459.3528.0%
Shares Outstanding (Mil)3152-40.2%
Cumulative Contribution589.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/27/2026
ReturnCorrelation
SEI589.5% 
Market (SPY)72.6%40.4%
Sector (XLE)57.2%29.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SEI Return-16%57%-16%278%62%18%710%
Peers Return36%9%35%15%2%4%144%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
SEI Win Rate33%50%33%75%50%57% 
Peers Win Rate52%52%51%57%48%49% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
SEI Max Drawdown-55%-38%-32%-17%-55%-35% 
Peers Max Drawdown-49%-57%-41%-30%-50%-40% 
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 7/27/2026 (YTD)

How Low Can It Go

EventSEIS&P 500
2025 US Tariff Shock
  % Loss-46.5%-18.8%
  % Gain to Breakeven87.0%23.1%
  Time to Breakeven63 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-14.9%-9.5%
  % Gain to Breakeven17.5%10.5%
  Time to Breakeven136 days24 days
2023 SVB Regional Banking Crisis
  % Loss-32.1%-6.7%
  % Gain to Breakeven47.4%7.1%
  Time to Breakeven90 days31 days
2020 COVID-19 Crash
  % Loss-65.6%-33.7%
  % Gain to Breakeven190.6%50.9%
  Time to Breakeven347 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-41.5%-19.2%
  % Gain to Breakeven70.8%23.8%
  Time to Breakeven113 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-13.7%-3.7%
  % Gain to Breakeven15.8%3.9%
  Time to Breakeven20 days6 days

Compare to LBRT, AESI, WHD, SND, PPSI

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.

EventSEIS&P 500
2025 US Tariff Shock
  % Loss-46.5%-18.8%
  % Gain to Breakeven87.0%23.1%
  Time to Breakeven63 days79 days
2023 SVB Regional Banking Crisis
  % Loss-32.1%-6.7%
  % Gain to Breakeven47.4%7.1%
  Time to Breakeven90 days31 days
2020 COVID-19 Crash
  % Loss-65.6%-33.7%
  % Gain to Breakeven190.6%50.9%
  Time to Breakeven347 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-41.5%-19.2%
  % Gain to Breakeven70.8%23.8%
  Time to Breakeven113 days105 days

Compare to LBRT, AESI, WHD, SND, PPSI

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)

```html

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

null

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.

  1. 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.

  2. 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.

  3. 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

null

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Better Bets vs. Solaris Energy Infrastructure (SEI)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SEILBRTAESIWHDSNDPPSIMedian
NameSolaris .Liberty .Atlas En.Cactus Smart Sa.Pioneer . 
Mkt Price52.5916.8611.4453.894.722.9814.15
Mkt Cap2.72.71.43.70.20.02.1
Rev LTM6924,1961,0631,18735825878
Op Inc LTM16456-68231-3-626
FCF LTM-583-3171930728-114
FCF 3Y Avg-26871-7328917-94
CFO LTM26238814434538-8203
CFO 3Y Avg14071721332830-6176

Growth & Margins

SEILBRTAESIWHDSNDPPSIMedian
NameSolaris .Liberty .Atlas En.Cactus Smart Sa.Pioneer . 
Rev Chg LTM86.3%2.3%-8.4%4.5%21.7%-4.4%3.4%
Rev Chg 3Y Avg33.4%-4.7%27.6%17.4%6.9%117.3%22.5%
Rev Chg Q55.3%14.0%-10.8%38.5%42.0%-36.7%26.3%
QoQ Delta Rev Chg LTM11.2%3.6%-2.9%10.0%8.3%-9.0%6.0%
Op Inc Chg LTM185.3%-70.8%-175.9%-22.5%18.5%-6.8%-14.7%
Op Inc Chg 3Y Avg67.7%-55.3%-85.1%11.0%-214.6%-29.3%-42.3%
Op Mgn LTM23.7%1.3%-6.4%19.5%-0.9%-24.9%0.2%
Op Mgn 3Y Avg18.6%6.3%12.2%24.2%-0.6%-80.3%9.3%
QoQ Delta Op Mgn LTM1.9%-0.4%-4.9%-3.7%0.7%-1.1%-0.7%
CFO/Rev LTM37.9%9.3%13.5%29.1%10.7%-32.6%12.1%
CFO/Rev 3Y Avg29.5%16.7%25.0%28.3%9.5%-64.8%20.8%
FCF/Rev LTM-84.3%-7.5%1.8%25.8%7.9%-41.8%-2.9%
FCF/Rev 3Y Avg-46.7%1.5%-8.8%25.0%5.2%-90.3%-3.7%

Valuation

SEILBRTAESIWHDSNDPPSIMedian
NameSolaris .Liberty .Atlas En.Cactus Smart Sa.Pioneer . 
Mkt Cap2.72.71.43.70.20.02.1
P/S4.00.71.33.10.51.31.3
P/Op Inc16.749.1-21.116.1-59.5-5.35.4
P/EBIT21.014.6-24.715.2-93.7-5.34.7
P/E59.322.5-14.424.08.5-4.415.5
P/CFO10.57.19.910.84.8-4.08.5
Total Yield2.6%6.6%-2.6%5.2%15.0%-22.9%3.9%
Dividend Yield0.9%2.1%4.3%1.0%3.2%0.0%1.6%
FCF Yield 3Y Avg-7.6%3.8%-4.1%8.7%14.4%-23.8%-0.2%
D/E0.60.60.50.00.20.00.3
Net D/E0.50.40.5-0.10.1-0.40.2

Returns

SEILBRTAESIWHDSNDPPSIMedian
NameSolaris .Liberty .Atlas En.Cactus Smart Sa.Pioneer . 
1M Rtn-31.5%-37.2%-32.7%3.6%-6.0%-23.3%-27.4%
3M Rtn-25.4%-48.5%-31.5%-5.1%-12.8%-10.1%-19.1%
6M Rtn1.6%-19.6%-0.5%-1.0%4.0%-35.7%-0.8%
12M Rtn63.5%30.7%-16.9%18.0%134.8%-15.0%24.4%
3Y Rtn456.5%11.9%-34.2%12.3%163.7%-48.0%12.1%
1M Excs Rtn-34.5%-38.9%-32.0%-0.1%-0.3%-22.4%-27.2%
3M Excs Rtn-30.7%-51.8%-33.3%-8.3%-13.4%-9.9%-22.0%
6M Excs Rtn-8.9%-25.8%-11.2%-5.9%-5.7%-43.4%-10.0%
12M Excs Rtn40.5%16.0%-33.4%1.2%109.3%-33.4%8.6%
3Y Excs Rtn439.8%-49.2%-94.2%-47.6%97.3%-114.7%-48.4%

Comparison Analyses

null

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  NITROGLYCERINnitroglycerinointment1218202553.4%93.3%22.6%22.6%22.6%
ANDA214560  TAZAROTENEtazarotenecream1124202510.7%62.6%15.4%15.4%15.4%
ANDA217863  ESTRADIOLestradiolgel712202417.2%141.5%165.8%515.8%352.5%
ANDA216160  ESTRADIOLestradiolgel, metered422202447.2%60.8%129.2%723.6%555.7%
ANDA213644  TAZAROTENEtazarotenegel32020233.4%33.6%14.4%226.6%617.0%
ANDA212845  CLINDAMYCIN PHOSPHATE AND TRETINOINclindamycin phosphategel210202250.5%44.4%41.1%5.2%684.4%
ANDA213648  METRONIDAZOLEmetronidazolegel10142021-1.1%43.0%39.6%37.1%660.4%
ANDA212842  CLINDAMYCIN PHOSPHATEclindamycin phosphategel81320210.1%8.1%50.3%55.5%716.4%
ANDA211872  CLINDAMYCIN PHOSPHATEclindamycin phosphategel7292020-23.4%21.6%18.6%59.1%761.9%
ANDA065220  NEOMYCIN SULFATEneomycin sulfatetablet7282006     
Collapse to Preview
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  NITROGLYCERINnitroglycerinointment1218202553.4%93.3%22.6%22.6%22.6%
ANDA214560  TAZAROTENEtazarotenecream1124202510.7%62.6%15.4%15.4%15.4%
ANDA217863  ESTRADIOLestradiolgel712202417.2%141.5%165.8%515.8%352.5%
ANDA216160  ESTRADIOLestradiolgel, metered422202447.2%60.8%129.2%723.6%555.7%
ANDA213644  TAZAROTENEtazarotenegel32020233.4%33.6%14.4%226.6%617.0%
ANDA212845  CLINDAMYCIN PHOSPHATE AND TRETINOINclindamycin phosphategel210202250.5%44.4%41.1%5.2%684.4%
ANDA213648  METRONIDAZOLEmetronidazolegel10142021-1.1%43.0%39.6%37.1%660.4%
ANDA212842  CLINDAMYCIN PHOSPHATEclindamycin phosphategel81320210.1%8.1%50.3%55.5%716.4%
ANDA211872  CLINDAMYCIN PHOSPHATEclindamycin phosphategel7292020-23.4%21.6%18.6%59.1%761.9%
ANDA065220  NEOMYCIN SULFATEneomycin sulfatetablet7282006     

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Solaris Power Solutions33439   
Solaris Logistics Solutions289274   
Transloading and Other  111
Wellsite services  292319158
Total622313293320159


Assets by Segment
$ Mil202520242023
Solaris Power Solutions1,3425350
Corporate and other assets45221667
Solaris Logistics Solutions350372401
Total2,1431,123468


Price Behavior

Price Behavior
Market Price$52.59 
Market Cap ($ Bil)2.7 
First Trading Date05/12/2017 
Distance from 52W High-36.5% 
   50 Days200 Days
DMA Price$71.10$58.66
DMA Trendupup
Distance from DMA-26.0%-10.3%
 3M1YR
Volatility71.8%74.7%
Downside Capture429.84293.97
Upside Capture228.25300.78
Correlation (SPY)45.2%45.4%
SEI Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta2.672.102.032.302.541.93
Up Beta2.702.332.682.772.331.71
Down Beta1.650.500.841.432.162.32
Up Capture481%302%271%481%933%2495%
Bmk +ve Days11244067140429
Stock +ve Days11243866133388
Down Capture199%247%174%167%166%110%
Bmk -ve Days10172358112321
Stock -ve Days10172559119354

[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
SEI57.3%74.6%0.92-
Sector ETF (XLE)36.8%21.0%1.392.6%
Equity (SPY)17.6%12.7%1.0045.3%
Gold (GLD)20.8%28.1%0.6618.4%
Commodities (DBC)29.6%19.5%1.219.4%
Real Estate (VNQ)13.9%14.1%0.69-1.1%
Bitcoin (BTCUSD)-46.0%43.0%-1.3131.6%

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
SEI49.3%67.3%0.88-
Sector ETF (XLE)24.3%25.8%0.8342.4%
Equity (SPY)13.2%17.1%0.5935.8%
Gold (GLD)17.2%18.4%0.7510.8%
Commodities (DBC)9.7%19.5%0.3828.0%
Real Estate (VNQ)3.3%18.9%0.0717.2%
Bitcoin (BTCUSD)15.8%53.5%0.4716.4%

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
SEI20.1%62.5%0.59-
Sector ETF (XLE)9.7%29.5%0.3751.5%
Equity (SPY)14.9%17.9%0.7140.0%
Gold (GLD)11.4%16.1%0.589.1%
Commodities (DBC)6.9%18.0%0.3034.1%
Real Estate (VNQ)5.2%20.7%0.2125.8%
Bitcoin (BTCUSD)58.0%66.2%0.9812.7%

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

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity15.2 Mil
Short Interest: % Change Since 630202613.3%
Average Daily Volume3.6 Mil
Days-to-Cover Short Interest4.2 days
Basic Shares Quantity52.2 Mil
Short % of Basic Shares29.2%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/27/20265.4%5.5%1.2%
2/24/20263.3%-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%
11/4/20242.9%31.7%77.3%
8/8/20240.1%-0.2%-2.4%
4/25/202413.9%6.1%5.4%
...
SUMMARY STATS   
# Positive141112
# Negative91211
Median Positive3.1%6.1%13.3%
Median Negative-7.5%-5.4%-8.0%
Max Positive13.9%31.7%77.3%
Max Negative-19.8%-11.3%-19.5%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/27/20265.4%5.5%1.2%
2/24/20263.3%-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%
11/4/20242.9%31.7%77.3%
8/8/20240.1%-0.2%-2.4%
4/25/202413.9%6.1%5.4%
2/26/20248.6%5.7%11.6%
10/27/20231.1%4.0%-4.7%
7/27/202312.3%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%
8/1/20226.2%-1.0%-1.3%
4/28/20225.4%15.2%32.0%
2/22/2022-2.1%23.5%37.8%
11/1/20211.5%6.4%-18.3%
7/29/20210.2%-7.7%-13.2%
5/3/2021-8.8%-11.3%-5.4%
2/22/20212.1%1.5%8.7%
10/29/20202.2%0.9%17.5%
7/30/2020-1.8%-0.4%-0.1%
SUMMARY STATS   
# Positive141112
# Negative91211
Median Positive3.1%6.1%13.3%
Median Negative-7.5%-5.4%-8.0%
Max Positive13.9%31.7%77.3%
Max Negative-19.8%-11.3%-19.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/01/202610-Q
12/31/202502/27/202610-K
09/30/202511/06/202510-Q
06/30/202508/01/202510-Q
03/31/202505/07/202510-Q
12/31/202403/05/202510-K
09/30/202411/07/202410-Q
06/30/202408/09/202410-Q
03/31/202404/26/202410-Q
12/31/202302/27/202410-K
09/30/202310/31/202310-Q
06/30/202307/28/202310-Q
03/31/202305/04/202310-Q
12/31/202203/09/202310-K
09/30/202211/02/202210-Q
06/30/202208/02/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/01/202610-Q
12/31/202502/27/202610-K
09/30/202511/06/202510-Q
06/30/202508/01/202510-Q
03/31/202505/07/202510-Q
12/31/202403/05/202510-K
09/30/202411/07/202410-Q
06/30/202408/09/202410-Q
03/31/202404/26/202410-Q
12/31/202302/27/202410-K
09/30/202310/31/202310-Q
06/30/202307/28/202310-Q
03/31/202305/04/202310-Q
12/31/202203/09/202310-K
09/30/202211/02/202210-Q
06/30/202208/02/202210-Q
03/31/202204/29/202210-Q
12/31/202102/24/202210-K
09/30/202111/01/202110-Q
06/30/202108/05/202110-Q
03/31/202105/03/202110-Q
12/31/202002/23/202110-K
09/30/202010/29/202010-Q
06/30/202007/31/202010-Q
03/31/202005/01/202010-Q
12/31/201902/19/202010-K
09/30/201910/30/201910-Q
06/30/201907/31/201910-Q

Insider Activity

Updated 6/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wirtz, Christopher PChief Accounting OfficerDirectSell513202677.2270054,0542,786,484Form
2Argo, Laurie H DirectSell513202672.885,200378,9763,267,866Form
3Teague, Aj DirectBuy511202672.983,425249,9568,019,772Form
4Teague, Aj SpouseBuy511202672.982,750200,695807,159Form
5Walker, Ray N JR DirectSell511202672.1156,8414,098,805415,354Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wirtz, Christopher PChief Accounting OfficerDirectSell513202677.2270054,0542,786,484Form
2Argo, Laurie H DirectSell513202672.885,200378,9763,267,866Form
3Teague, Aj DirectBuy511202672.983,425249,9568,019,772Form
4Teague, Aj SpouseBuy511202672.982,750200,695807,159Form
5Walker, Ray N JR DirectSell511202672.1156,8414,098,805415,354Form
6Keenan, W Howard JR See footnoteSell507202674.502,000,000  Form
7Ktr, Management Company, Llc DirectSell504202670.752,000,000  Form
8Teague, AjDirectBuy1218202543.132,31099,6304,591,835Form
9Teague, AjSpouseBuy1218202543.112,31099,584358,244Form
10Durrett, Cynthia MCHIEF ADMINISTRATIVE OFFICERDirectSell1218202544.6247,0112,097,6315,852,002Form
11Brock, Amanda MCo-Chief Executive OfficerDirectBuy1218202540.893,669150,0255,768,761Form
12Argo, Laurie HDirectSell1218202544.252,300101,7752,214,226Form
13Burke, James RDirectSell1212202553.0311,277598,019302,059Form
14Ktr, Management Company, LlcDirectSell1106202550.152,114,783  Form
15Burke, James RDirectSell912202529.225,000146,100495,951Form
16Zartler, William ACHAIRMAN AND CEODirectBuy909202524.8310,000248,30026,052,306Form
17Ramachandran, Kyle SPRESIDENT AND CFODirectBuy909202525.002,00050,0009,258,450Form
18Powell, Christopher MCHIEF LEGAL OFFICERDirectSell828202530.0012,750382,5003,918,450Form
19Giesinger, Edgar R JRDirectSell826202528.8610,000288,6002,624,990Form
20Ktr, Management Company, LlcDirectSell808202529.504,000,000  Form
21J, Turbines, IncDirectSell729202530.304,000,000  Form
22J, Turbines, IncDirectSell605202528.1075,000  Form
23J, Turbines, IncDirectSell605202527.5675,0002,067,0002,067,000Form

Investor Activity (13F)

Updated Jul 28, 2026
13F 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 ManagerValue% of PortfolioTotal PositionsQoQFiling
Valiant Capital Management, L.P.$63.3 Mil5.0%28ADD +52.4%13F
Ratan Capital Management LP$6.2 Mil2.3%37TRIM -56.0%13F
Situational Awareness Partners LP$62.5 Mil1.6%26New13F
Situational Awareness LP$62.5 Mil1.6%26TRIM -40.8%13F
No Street GP LP$12.7 Mil0.8%31TRIM -40.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Situational Awareness Partners LP$62.5 Mil1.6%26New13F
Valiant Capital Management, L.P.$63.3 Mil5.0%28ADD +52.4%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Goodlander Investment Management, LLC$44.1 Mil16.9%11ExitedDec 31, 202513F
Progeny 3, Inc.$14.8 Mil0.8%37ExitedDec 31, 202513F
Wealth High Governance Capital Ltda$9.8 Mil1.8%46ExitedDec 31, 202513F
Ratan Capital Management LP$6.2 Mil2.3%37TRIM -56.0%Mar 31, 202613F
Situational Awareness LP$62.5 Mil1.6%26TRIM -40.8%Mar 31, 202613F
No Street GP LP$12.7 Mil0.8%31TRIM -40.0%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Valiant Capital Management, L.P.$63.3 Mil5.0%28ADD +52.4%13F
Situational Awareness Partners LP$62.5 Mil1.6%26New13F
Situational Awareness LP$62.5 Mil1.6%26TRIM -40.8%13F
No Street GP LP$12.7 Mil0.8%31TRIM -40.0%13F
Ratan Capital Management LP$6.2 Mil2.3%37TRIM -56.0%13F
Core Cache Last Updated: 7/27/2026