# ProPetro Holding (PUMP.US)

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

Analysis as of: 2026-10-16T07:31:23.798Z. Financial observations: FY2015–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: $7.94 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 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: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 6.72×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.15×

- FY2017: 0.02×

- FY2018: 0.14×

- FY2019: 0.11×

- FY2020: -0.17×

- FY2021: -0.08×

- FY2022: -0.00×

- FY2023: 0.08×

- FY2024: -0.12×

- FY2025: 0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 0.5%

- ROIC, second-lowest year: -14.1%

- Typical minus recent gross margin: 1.6 pp

- Typical gross margin (annual median): 11.5%

- Recent gross margin (lower of latest and 3-year median): 9.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.5%

- ROIC including acquisitions, ten-year median: -1.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -20.9%

- FY2017: 4.3%

- FY2018: 24.8%

- FY2019: 17.9%

- FY2020: -12.9%

- FY2021: -7.6%

- FY2022: -0.2%

- FY2023: 8.9%

- FY2024: -14.1%

- FY2025: 1.2%

### 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: -$31M

- Net income, five-year total: -$104M

- Return on incremental invested capital: 4.5%

- Working capital / revenue, annual change: 1.0 pp

- Working capital / revenue, change between three-year averages: 8.2 pp

- Working capital / revenue, final three-year average: 7.3%

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

- FY2021: -$54M

- FY2022: $2.0M

- FY2023: $86M

- FY2024: -$54M

- FY2025: -$11M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 4.3% vs 1.2%

- Per-share earnings: -1.19 to 0.01 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.7%

- Ordinary dilution, 5-year annual growth: 0.9%

- Market cap gain: -$682M

- Cumulative retained earnings: $126M

- Diluted shares, 10-year annual growth: 11.7%

- Diluted shares, 5-year annual growth: 0.9%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.19

- Per-share value, starting three-year median: -$1.19

- Per-share value, ending three-year median: $0.01

- Buybacks concentrated in cheaper years (correlation): 0.30

- Average buyback yield: 2.6%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $82M

- Cumulative net income, 10 years: $86M

- ROIC, first three-year median: 4.3%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.19

- FY2017: $0.16

- FY2018: $2.00

- FY2019: $1.57

- FY2020: -$1.06

- FY2021: -$0.53

- FY2022: $0.02

- FY2023: $0.76

- FY2024: -$1.31

- FY2025: $0.01

### accounting: pass

- Sloan accruals: -17.7%

- Receivables to sales index (DSRI): 1.17×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 277.67×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.8%

- FY2017: -13.4%

- FY2018: -17.2%

- FY2019: -20.4%

- FY2020: -23.4%

- FY2021: -19.7%

- FY2022: -22.3%

- FY2023: -19.5%

- FY2024: -31.9%

- FY2025: -17.7%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 54% since Apr 2026 · sales -12.1%

Story as of 2026-10-16T09:59:27.465Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -12.1%; source https://www.sec.gov/Archives/edgar/data/1680247/000168024726000028/pump-20251231.htm; observed 2026-02-19.

- FY2016: $437M 

- FY2017: $982M 

- FY2018: $1.7B 

- FY2019: $2.1B 

- FY2020: $789M 

- FY2021: $875M 

- FY2022: $1.3B 

- FY2023: $1.6B 

- FY2024: $1.4B 

- FY2025: $1.3B 

### Gross margin · FY2025

gross margin 9.9%; source https://www.sec.gov/Archives/edgar/data/1680247/000168024726000028/pump-20251231.htm; observed 2026-02-19.

- FY2017: 11.4% 

- FY2018: 20.3% 

- FY2019: 21.3% 

- FY2020: 6.5% 

- FY2021: 9.0% 

- FY2022: 21.0% 

- FY2023: 19.5% 

- FY2024: 11.6% 

- FY2025: 9.9% 

## 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 1.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1680247/000168024726000028/pump-20251231.htm (filed 2026-02-19); FY2025: revenue 1269158000; grossProfit 126087000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PUMP.US: ProPetro Holding Corp. operates as an integrated energy services company. It offers hydraulic fracturing, wireline and cementing, other complementary energy completion services, and power generation services to oil and gas producers and non-oil and gas applications, such as general industrial projects and data centers located primarily in Texas and New Mexico. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas.

### Why customers stay

Margins ranged from 9.9% to 19.5% during 2023–25; it earns 0.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 19.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 11.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1680247/000168024726000028/pump-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 9.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 10-year return on capital observations [[2016,-0.20932637000798243],[2017,0.042668927082284716],[2018,0.24777594489303026],[2019,0.17888851093941943],[2020,-0.12915075772485732],[2021,-0.07591780093725957],[2022,-0.001948287071420804],[2023,0.08929313031412908],[2024,-0.1414494941966397],[2025,0.012209236315124678]]; median 0.0051304746218519375. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2017: growth capex 230263000; upkeep 55628000; owner earnings 12613000. Growth capex / owner earnings = 18.2560057083961.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 196059000; upkeep 88138000; owner earnings 173862000. Growth capex / owner earnings = 1.1276702212099252.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 191575000; upkeep 128108000; cash acquisitions 38639000; owner earnings 2030000. Growth capex plus acquisitions / owner earnings = 113.40591133004926.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: growth capex 189983000; upkeep 180886000; cash acquisitions 22215000; owner earnings 85634000. Growth capex plus acquisitions / owner earnings = 2.477964359950487.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,7276000],[2022,2916000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); PUMP.US SharesStats.PercentInsiders = 2.041 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.7 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Closing price 7.94 USD; reporting-to-trading FX 1; FY2025 annual sales per share 12.041575741475171; price multiple 0.6593821415458122. FY2025 cash earnings/share -0.10053321694908822. Closing-price date 2026-10-15.

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

- 2017-03: $12.89 per share

- 2017-04: $13.55 per share

- 2017-05: $13.25 per share

- 2017-06: $13.96 per share

- 2017-07: $13.00 per share

- 2017-08: $11.51 per share

- 2017-09: $14.35 per share

- 2017-10: $15.23 per share

- 2017-11: $18.77 per share

- 2017-12: $20.16 per share

- 2018-01: $18.68 per share

- 2018-02: $16.13 per share

- 2018-03: $15.89 per share

- 2018-04: $18.30 per share

- 2018-05: $16.27 per share

- 2018-06: $15.68 per share

- 2018-07: $16.44 per share

- 2018-08: $15.22 per share

- 2018-09: $16.49 per share

- 2018-10: $17.65 per share

- 2018-11: $16.22 per share

- 2018-12: $12.32 per share

- 2019-01: $16.34 per share

- 2019-02: $19.86 per share

- 2019-03: $22.54 per share

- 2019-04: $22.13 per share

- 2019-05: $19.42 per share

- 2019-06: $20.70 per share

- 2019-07: $18.13 per share

- 2019-08: $10.65 per share

- 2019-09: $9.09 per share

- 2019-10: $7.75 per share

- 2019-11: $8.62 per share

- 2019-12: $11.25 per share

- 2020-01: $9.74 per share

- 2020-02: $8.76 per share

- 2020-03: $2.50 per share

- 2020-04: $4.24 per share

- 2020-05: $4.95 per share

- 2020-06: $5.14 per share

- 2020-07: $5.37 per share

- 2020-08: $6.28 per share

- 2020-09: $4.06 per share

- 2020-10: $3.95 per share

- 2020-11: $5.77 per share

- 2020-12: $7.39 per share

- 2021-01: $7.99 per share

- 2021-02: $11.47 per share

- 2021-03: $10.66 per share

- 2021-04: $9.63 per share

- 2021-05: $9.94 per share

- 2021-06: $9.16 per share

- 2021-07: $7.55 per share

- 2021-08: $7.74 per share

- 2021-09: $8.65 per share

- 2021-10: $9.59 per share

- 2021-11: $8.22 per share

- 2021-12: $8.10 per share

- 2022-01: $10.51 per share

- 2022-02: $12.77 per share

- 2022-03: $13.93 per share

- 2022-04: $14.14 per share

- 2022-05: $13.05 per share

- 2022-06: $10.00 per share

- 2022-07: $10.52 per share

- 2022-08: $9.16 per share

- 2022-09: $8.05 per share

- 2022-10: $11.84 per share

- 2022-11: $10.98 per share

- 2022-12: $10.37 per share

- 2023-01: $9.95 per share

- 2023-02: $8.81 per share

- 2023-03: $7.19 per share

- 2023-04: $6.94 per share

- 2023-05: $6.67 per share

- 2023-06: $8.24 per share

- 2023-07: $10.44 per share

- 2023-08: $9.64 per share

- 2023-09: $10.63 per share

- 2023-10: $10.48 per share

- 2023-11: $9.11 per share

- 2023-12: $8.38 per share

- 2024-01: $8.46 per share

- 2024-02: $7.40 per share

- 2024-03: $8.08 per share

- 2024-04: $8.72 per share

- 2024-05: $9.58 per share

- 2024-06: $8.67 per share

- 2024-07: $9.59 per share

- 2024-08: $7.94 per share

- 2024-09: $7.66 per share

- 2024-10: $6.91 per share

- 2024-11: $8.40 per share

- 2024-12: $9.33 per share

- 2025-01: $8.88 per share

- 2025-02: $8.44 per share

- 2025-03: $7.35 per share

- 2025-04: $4.98 per share

- 2025-05: $5.40 per share

- 2025-06: $5.97 per share

- 2025-07: $5.36 per share

- 2025-08: $5.10 per share

- 2025-09: $5.24 per share

- 2025-10: $10.38 per share

- 2025-11: $9.57 per share

- 2025-12: $9.51 per share

- 2026-01: $11.49 per share

- 2026-02: $12.13 per share

- 2026-03: $14.41 per share

- 2026-04: $17.13 per share

- 2026-05: $15.26 per share

- 2026-06: $14.34 per share

- 2026-07: $11.10 per share

- 2026-08: $11.36 per share

- 2026-09: $8.84 per share

- 2026-10: $7.94 per share

## Annual estimated value (USD 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/1680247/000168024726000028/pump-20251231.htm); period 2025-12-31, filed 2026-02-19.

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.