# ProFrac Holding (ACDC.US)

Canonical: https://gigainvestors.com/s/ACDC

Analysis as of: 2026-10-16T07:26:09.232Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.12 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 3

- Years with a net loss: 6

- Operating margin variation: 9.33×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.01×

- FY2020: -0.17×

- FY2021: -0.02×

- FY2022: 0.17×

- FY2023: 0.06×

- FY2024: -0.03×

- FY2025: -0.07×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 7.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: -2.4%

- ROIC, second-lowest year: -6.6%

- Typical minus recent gross margin: 7.9 pp

- Typical gross margin (annual median): 11.6%

- Recent gross margin (lower of latest and 3-year median): 3.7%

- Years with nonpositive capital: 1

- Capital spending / revenue: 11.4%

- ROIC including acquisitions, ten-year median: -4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -1.7%

- FY2020: -16.7%

- FY2021: -3.2%

- FY2022: >100%

- FY2023: 6.5%

- FY2024: -2.4%

- FY2025: -6.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$115M

- Net income, five-year total: -$739M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.2 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$95M

- FY2022: $92M

- FY2023: $58M

- FY2024: -$47M

- FY2025: -$123M

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -3.2% vs -2.4%

- Per-share earnings: -0.99 to -1.35 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 34.0%

- Diluted shares, 5-year annual growth: 34.0%

- Per-share value change: -$0.36

- Per-share value, starting three-year median: -$0.99

- Per-share value, ending three-year median: -$1.35

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 2.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -3.2%

- ROIC, last three-year median: -2.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.99

- FY2020: -$0.06

- FY2021: -$3.80

- FY2022: $2.06

- FY2023: -$0.75

- FY2024: -$1.35

- FY2025: -$2.19

### accounting: pass

- Sloan accruals: -21.7%

- Receivables to sales index (DSRI): 0.98×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.9%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.56×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -25.2%

- FY2020: -8.2%

- FY2021: -28.9%

- FY2022: -11.0%

- FY2023: -21.2%

- FY2024: -19.5%

- FY2025: -21.7%

## Holders

## Price story

Down 84% since Dec 2022 · "Moody's downgrades ProFrac to Caa1 amid pressure pumping slump" (investing.com, Jul 2025) · sales -11.4%

Story as of 2026-10-16T09:58:13.257Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -11.4%; source https://www.sec.gov/Archives/edgar/data/1881487/000119312526106120/acdc-20251231.htm; observed 2026-03-13.

- FY2019: $848M 

- FY2020: $548M 

- FY2021: $768M 

- FY2022: $2.4B 

- FY2023: $2.6B 

- FY2024: $2.2B 

- FY2025: $1.9B 

### Gross margin · FY2025

gross margin 3.7%; source https://www.sec.gov/Archives/edgar/data/1881487/000119312526106120/acdc-20251231.htm; observed 2026-03-13.

- FY2019: 20.5% 

- FY2021: 7.5% 

- FY2022: 28.9% 

- FY2023: 17.2% 

- FY2024: 11.6% 

- FY2025: 3.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas equipment & services; annual sales are USD 1.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1881487/000119312526106120/acdc-20251231.htm (filed 2026-03-13); FY2025: revenue 1941800000; grossProfit 70900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ACDC.US: ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through four segments: Stimulation Services, Proppant Production, Manufacturing, and Flotek Industries, Inc. The company offers hydraulic fracturing, proppant production, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources. It also manufactures and sells high horsepower pumps, valves, piping, swivels, large-bore manifold systems, and fluid ends, as well as other auxiliary equipment. ProFrac Holding Corp. was founded in 2016 and is headquartered in Willow Park, Texas.

### Why customers stay

Margins ranged from 3.7% to 17.2% during 2023–25; it lost 2.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2023: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2024: grossProfit / revenue = 11.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1881487/000119312526106120/acdc-20251231.htm (filed 2026-03-13); FY2025: grossProfit / revenue = 3.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); 7-year return on capital observations [[2019,-0.017111560647686014],[2020,-0.16693618166571392],[2021,-0.032077599819535306],[2022,1.000001],[2023,0.06512965162311955],[2024,-0.024317602690857202],[2025,-0.06623081761006289]]; median -0.024317602690857202. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2020: growth capex 0; upkeep 48000000; owner earnings 100500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2022: growth capex 88900000; upkeep 267300000; owner earnings 91500000. Growth capex / owner earnings = 0.9715846994535519.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); FY2023: growth capex 0; upkeep 267000000; owner earnings 57600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,72900000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 84.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ACDC.US SharesStats.PercentInsiders = 84.22699999999999 percentage points; cache date 2026-10-15.

### What could break it

In 2025, substantially all of these costs represent litigation costs incurred in connection with certain patent infringement lawsuits.

- Source: https://www.sec.gov/Archives/edgar/data/1881487/000119312526106120/acdc-20251231.htm (filed 2026-03-13); 55 Table of Contents Other Operating Expenses, Net The following table summarizes our other operating expenses, net: Year Ended December 31, 2025 2024 Litigation expenses and accruals for legal contingencies $ 11.0 $ 15.7 Provision for credit losses, net of recoveries 13.7 — Loss (gain) on insurance recoveries 0.3 (4.9 ) Transaction costs 8.0 3.9 Lease termination 1.1 — Severance charges 0.4 2.5 Loss on disposal of assets 18.1 0.3 Inventory write-down 0.8 — Supply commitment charge — 9.6 Total $ 53.4 $ 27.1 Litigation expenses and accruals for legal contingencies generally represent legal and professional fees incurred in significant litigation as well as estimates for loss contingencies with regards to certain vendor disputes and litigation matters. In 2025, substantially all of these costs represent litigation costs incurred in connection with certain patent infringement lawsuits. In 2024, substantially all of these costs represent litigation costs incurred in connection with certain patent infringement lawsuits with Halliburton Company, which were settled in September 2024.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-13); Closing price 4.12 USD; reporting-to-trading FX 1; FY2025 annual sales per share 11.537730243612597; price multiple 0.3570892985889381. FY2025 cash earnings/share -0.7284610814022578. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2022-05: $18.25 per share

- 2022-06: $18.31 per share

- 2022-07: $18.38 per share

- 2022-08: $19.69 per share

- 2022-09: $15.21 per share

- 2022-10: $21.91 per share

- 2022-11: $23.58 per share

- 2022-12: $25.20 per share

- 2023-01: $22.50 per share

- 2023-02: $19.13 per share

- 2023-03: $12.67 per share

- 2023-04: $11.20 per share

- 2023-05: $11.22 per share

- 2023-06: $11.16 per share

- 2023-07: $12.87 per share

- 2023-08: $11.00 per share

- 2023-09: $10.88 per share

- 2023-10: $9.42 per share

- 2023-11: $8.06 per share

- 2023-12: $8.48 per share

- 2024-01: $7.91 per share

- 2024-02: $8.18 per share

- 2024-03: $8.36 per share

- 2024-04: $7.27 per share

- 2024-05: $9.62 per share

- 2024-06: $7.41 per share

- 2024-07: $9.29 per share

- 2024-08: $6.85 per share

- 2024-09: $6.79 per share

- 2024-10: $5.96 per share

- 2024-11: $9.07 per share

- 2024-12: $7.76 per share

- 2025-01: $7.27 per share

- 2025-02: $7.19 per share

- 2025-03: $7.59 per share

- 2025-04: $4.15 per share

- 2025-05: $8.34 per share

- 2025-06: $7.76 per share

- 2025-07: $7.02 per share

- 2025-08: $4.00 per share

- 2025-09: $3.70 per share

- 2025-10: $5.47 per share

- 2025-11: $3.54 per share

- 2025-12: $3.89 per share

- 2026-01: $5.21 per share

- 2026-02: $4.95 per share

- 2026-03: $6.20 per share

- 2026-04: $7.54 per share

- 2026-05: $6.11 per share

- 2026-06: $5.81 per share

- 2026-07: $4.04 per share

- 2026-08: $5.10 per share

- 2026-09: $4.34 per share

- 2026-10: $4.12 per share

## Annual estimated value (USD per share)

- FY2023: low $4.81 per share, central $5.47 per share, high $6.36 per share

- FY2024: low $3.28 per share, central $3.73 per share, high $4.33 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1881487/000119312526106120/acdc-20251231.htm); period 2025-12-31, filed 2026-03-13.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.