olivLaw · US equity research
ProFrac Holding Corp. ACDC
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
ProFrac Holding Corp. is a vertically integrated energy services company providing hydraulic fracturing, proppant production and chemical and data products to oil and gas producers in the United States. The company enters the second half of 2026 with higher expected pricing for high-specification equipment, but with revenue still below the prior year and a high debt load of about 1.10 billion USD.
At the close of 04 Nov 2026, ProFrac Holding Corp. (ACDC) stock was 3.97 USD (−4.80% on the day), with market capitalisation 723.0 m USD, beta 1.70, 52-week range 3.19–8.06 USD. Latest reported quarter (Q2 2026): revenue of 498.1 m USD (−0.8% YoY), net income of -79.7 m USD, diluted EPS -0.45 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.2
- weak (30–45)
- Bollinger (20, 2)
- 3.70 – 5.01
- in the lower half of the band · %B 0.21 · band width 30.2%
- SMA 50 / 200
- 4.67 / 5.55
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.4% | −1.1% | −15.3 pp | — |
| 3 months | −11.9% | −0.5% | −11.4 pp | — |
| 6 months | −44.3% | +4.4% | −48.7 pp | — |
| Year to date | +2.1% | +12.3% | −10.3 pp | — |
| 1 year | −22.5% | +13.5% | −36.0 pp | +0.4% |
| 3 years | −58.8% | +76.4% | −135.2 pp | −29.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 575.3 m | 454.7 m | 600.3 m | 501.9 m | 403.1 m | 436.5 m | 449.6 m | 498.1 m |
| Cost of revenue | 390.7 m | 337.6 m | 419.4 m | 374.7 m | 324.1 m | 336.4 m | 354.4 m | 388.1 m |
| SG&A | 51.9 m | 48.0 m | 53.6 m | 51.4 m | 43.0 m | 42.5 m | 43.6 m | 43.7 m |
| Operating income | -4.3 m | -46.8 m | 16.0 m | -58.0 m | -78.8 m | -105.0 m | -46.4 m | -37.9 m |
| Depreciation & amortisation | 112.7 m | 113.3 m | 106.0 m | 104.7 m ≈ | 103.0 m ≈ | 102.6 m | 97.1 m | 97.0 m ≈ |
| Interest expense | 40.6 m | 38.8 m | 35.9 m | 35.1 m | 34.5 m | 33.3 m | 32.8 m | 33.2 m |
| Pre-tax income | -45.0 m | -83.8 m | -15.1 m | -102.8 m | -112.6 m | -137.9 m | -79.2 m | -71.1 m |
| Income tax | -1.5 m | 17.9 m | 300.0 k | 4.4 m | -20.2 m | 2.6 m | 1.6 m | 3.6 m |
| Net income | -45.2 m | -105.0 m | -17.5 m | -108.0 m | -100.9 m | -142.6 m | -83.5 m | -79.7 m |
| Diluted EPS | -0.29 | -0.66 ≈ | -0.12 | -0.68 | -0.60 | -0.79 ≈ | -0.47 | -0.45 |
| Operating cash flow | 98.2 m ≈ | 76.5 m | 38.7 m | 96.7 m ≈ | 4.6 m ≈ | 49.5 m | 9.3 m | 22.9 m ≈ |
| Capex | 70.0 m ≈ | 63.2 m | 52.5 m | 42.8 m ≈ | 38.0 m ≈ | 36.6 m | 40.7 m | 31.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 547.7 m | 768.4 m | 2.4 bn | 2.6 bn | 2.2 bn | 1.9 bn |
| Revenue YoY | unavailable | +40.3% | +215.7% | +8.4% | −16.7% | −11.4% |
| Net income | -118.5 m | -42.4 m | 91.5 m | -97.7 m | -215.1 m | -369.0 m |
| Net income YoY | unavailable | unavailable | unavailable | −206.8% | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | 2.06 | -0.82 | -1.38 | -2.22 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −139.8% | unavailable | unavailable |
| net % | -21.6% | -5.5% | 3.8% | -3.7% | -9.8% | -19.0% |
| Free cash flow | -2.9 m | -43.5 m | 59.0 m | 286.5 m | 112.3 m | 19.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.9 m USD
- Financial debt
- 1.0 bn USD
- Net debt
- 997.4 m USD
- Equity
- 811.9 m USD
- Total assets
- 2.6 bn USD
- Debt / equity
- 1.26x
- Current ratio
- 0.81x
- ROE
- -39.1%
- ROA
- -13.3%
- FCF margin
- 1.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 547.7 m | 768.4 m | 2.4 bn | 2.6 bn | 2.2 bn | 1.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 547.7 m | 768.4 m | 2.4 bn | 1.7 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 0 ≈ | 0 ≈ | 0 ≈ | 889.9 m ≈ | 695.8 m ≈ | 487.2 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| SG&A | 48.2 m | 64.2 m | 225.0 m | 233.6 m | 204.6 m | 190.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | -95.0 m | -18.0 m | 412.4 m | 166.6 m | -60.4 m | -225.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 150.7 m | 140.7 m | 267.3 m | 438.4 m | 442.2 m | 416.3 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | 55.7 m ≈ | 122.7 m ≈ | 679.7 m ≈ | 605.0 m ≈ | 381.8 m ≈ | 190.5 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Interest expense | 23.3 m | 25.8 m | 59.5 m | 154.9 m | 156.6 m | 138.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | -118.0 m | -43.7 m | 351.8 m | -58.0 m | -214.8 m | -368.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 500.0 k | -200.0 k | 9.1 m | 1.2 m | -7.0 m | -12.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | -118.5 m | -42.4 m | 91.5 m | -97.7 m | -215.1 m | -369.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | — | — | 2.06 | -0.82 | -1.38 | -2.22 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | — | — | 44.5 m | 130.9 m | 159.9 m | 168.3 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.0 m | 5.4 m | 35.1 m | 25.3 m | 14.8 m | 22.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | — | 161.6 m | 535.5 m | 346.1 m | 312.7 m | 266.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | — | 74.0 m | 249.5 m | 236.6 m | 201.1 m | 151.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | — | 251.7 m | 3.0 m | 638.1 m | 574.1 m | 483.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | — | 363.7 m | 1.4 bn | 1.8 bn | 1.8 bn | 1.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Goodwill | — | — | 240.5 m | 325.9 m | 302.0 m | 290.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 27.8 m | 203.1 m | 173.5 m | 148.9 m | 111.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | — | 664.6 m | 1.3 bn | 3.1 bn | 3.0 bn | 2.6 bn | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | — | 136.7 m | 339.4 m | 319.0 m | 324.3 m | 257.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | — | 31.8 m | 127.6 m | 126.4 m | 159.6 m | 144.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Long-term debt | — | 269.8 m | 797.8 m | 942.1 m | 944.4 m | 875.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | — | 246.7 m | 3.4 m | 648.9 m | 660.0 m | 597.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | — | 516.5 m | 3.4 m | 1.7 bn | 1.8 bn | 1.7 bn | SEC (XBRL)· 13 Mar 2026verified |
| Equity | — | 148.1 m | -1.1 bn | 1.3 bn | 1.1 bn | 811.9 m | SEC (XBRL)· 13 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 45.1 m | 43.9 m | 415.2 m | 553.5 m | 367.3 m | 189.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 48.0 m | 87.4 m | 356.2 m | 267.0 m | 255.0 m | 169.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | -2.9 m ≈ | -43.5 m ≈ | 59.0 m ≈ | 286.5 m ≈ | 112.3 m ≈ | 19.6 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | -44.6 m | -78.4 m | -1.0 bn | -715.8 m | -372.3 m | -163.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -15.3 m | 36.9 m | 645.9 m | 149.7 m | -5.5 m | -17.7 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 723.0 m USD
Key indicators
Coverage and freshness
Score by group
65% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
- Peers: EV/EBITDAunavailable · insufficient data
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -12.2% | 0 (vs peers) | 16% |
| Net margin · Quality | -22.8% | 6 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -7.1% | 0 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 8.0x | 0 (vs peers) | 16% |
| Interest coverage · Balance sheet | -2.0x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.8x | 4 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 13.5x | 13 (vs peers) | 16% |
| FCF yield · Valuation | -8.4% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet1/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality2/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation7/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ProFrac Holding Corp. (ACDC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth -11.4%; net margin -22.8%; ROE -57.4%; net debt/EBITDA 8.0x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -12.2%
- Net margin: -22.8%
- Revenue CAGR 3Y: -7.1%
- Net debt / EBITDA: 8.0x
- Interest coverage: -2.0x
- Current ratio: 0.8x
- EV/EBITDA: 13.5x
- FCF yield: -8.4%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Oil & Gas Field Services, NEC (SIC 1389) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SLBSlb Limited | 76.1 bn | 25.1 | 12.0% | 8.4% | −1.6% | +42% / −1% |
| HALHalliburton Company | 27.3 bn | 13.8 | 18.8% | 8.9% | −3.3% | +26% / −11% |
| OIIOceaneering International Inc | 3.6 bn | 11.0 | 31.1% | 11.4% | +4.6% | +49% / +76% |
| NESRNational Energy Services Reunited Corp. | 2.2 bn | 23.2 | 9.4% | 5.8% | +1.7% | +54% / unavailable |
| RESRpc, Inc. | 1.3 bn | — | -3.0% | -1.8% | +15.0% | +11% / −19% |
| HOSHornbeck Offshore Services, Inc. | 904.9 m | 23.0 | 2.5% | 3.0% | −4.9% | −8% / −34% |
| PUMPProPetro Holding Corp. | 788.8 m | — | 0.2% | 0.2% | −12.1% | −33% / −30% |
| ACDCProFrac Holding Corp. | 723.0 m | — | -57.4% | -22.8% | −11.4% | −22% / −59% |
| WTTRSelect Water Solutions, Inc. | 681.6 m | 21.3 | 3.5% | 2.2% | −3.1% | +67% / +127% |
| CLBCore Laboratories Inc. | 442.2 m | 28.6 | 5.7% | 3.0% | +0.5% | −36% / −46% |
| NGSNatural Gas Services Group, Inc. | 373.4 m | 18.0 | 7.3% | 10.8% | +9.9% | −7% / +89% |
| TUSKMammoth Energy Services, Inc. | 145.3 m | 10.3 | 5.3% | 17.1% | −2.9% | +64% / −32% |
| NINENine Energy Service, Inc. | 101.3 m | — | -214.6% | -9.1% | +1.4% | unavailable / unavailable |
| KLXEKLX Energy Services Holdings, Inc. | 21.5 m | — | — | -9.7% | −10.2% | −39% / −89% |
| RCONRecon Technology, Ltd | 8.9 m | — | -5.9% | -27.0% | +75.0% | −100% / −100% |
| WBIWaterBridge Infrastructure LLC | — | 434.0 | 0.5% | 0.5% | +66.2% | +14% / unavailable |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −20% / −45% |
| LBRTLiberty Energy Inc. | — | 54.2 | 2.0% | 0.9% | −7.2% | −26% / −34% |
| RNGRRanger Energy Services, Inc. | — | 21.6 | 5.1% | 2.6% | −4.2% | +0% / +39% |
1- and 3-year price returns: for ACDC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ProFrac Holding Corp. is a vertically integrated energy services company providing hydraulic fracturing, proppant production and chemical and data products to oil and gas producers in the United States. The company enters the second half of 2026 with higher expected pricing for high-specification equipment, but with revenue still below the prior year and a high debt load of about 1.10 billion USD 3.
SWOT
Strengths
- Vertical integration covering equipment manufacturing, maintenance and sand production lowers costs and reliance on external suppliers.
- A relatively new fleet with a high share of Tier IV and electric equipment gives an edge with customers who require environmental compliance.
- Presence in the main US basins and an owned sand segment provide geographic diversification.
Weaknesses
- The company depends on a small number of large customers, and losing one could seriously affect revenue.
- Total debt remains high, and available liquidity fell to a modest level in 2026.
- Recent years have included net losses, which limits flexibility during periods of weak demand.
Opportunities
- Demand for high-specification and alternative-fuel equipment could lift pricing and fleet utilization.
- The Livewire onsite power business could open a new revenue stream outside traditional oilfield work.
- The Haynesville and South Texas markets, which the company sees as stronger, could support higher sand volumes.
Threats
- Lower oil and gas prices could reduce client budgets and demand for fracturing.
- Strong competition from large energy service providers could pressure prices across all segments.
- Environmental rules on water, sand and emissions could raise costs or delay operations.
Risks
- Dependence on client capital budgetshigh
Demand depends on capital spending by oil and gas producers, which can fall quickly if prices drop, affecting company revenue 1.
- Customer concentrationhigh
A significant share of revenue comes from a small group of customers, and losing a large one could lead to lower equipment utilization 1.
- Debt and liquidityhigh
Principal debt exceeds one billion dollars, and the availability of the credit facility depends on the borrowing base, which could limit investment in difficult periods 23.
- Related-party transactionsmedium
The company has sold assets and entered leases with entities controlled by its founding family, and these transactions could raise questions about market terms 1.
- Regulation and environmentmedium
Permits for mines, water use and disposal of flowback water can be delayed or revoked, which could affect operations 1.
Investment thesis
What would need to be true (bull case)
- If demand for high-specification fleets keeps rising, the company could benefit from better pricing and higher utilization of its modern equipment.
- Vertical integration could keep costs under control even when supplier prices rise.
- Diversification into power generation and chemistry could reduce dependence on traditional fracturing activity.
What would break the thesis
- Repeated net losses and high debt could limit the company's ability to invest if the market worsens.
- Pricing pressure in West Texas sand could weigh on margins in the Proppant Production segment.
- Leadership changes and reliance on a few large customers could create uncertainty for investors.
What to watch
- Stimulation pricing trend against the company's expected third-quarter increaseQ3 2026
- Actual results of the Proppant Production segment and the West Texas pricing pressureQ3 2026
- Liquidity level and use of the refinanced ABL facilityQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ProFrac Holding Corp. presents itself as a technology-focused, vertically integrated, innovation-driven energy services holding company providing well stimulation services to upstream producers in North American unconventional resources 1. Its activity is organized in four segments: Stimulation Services, Proppant Production, Manufacturing and Flotek Industries, Inc., with the Livewire onsite power generation business added on top 1. Vertical integration, from manufacturing its own pumps and equipment to producing sand, is described as the main cost advantage of the business model 1. For the first half of 2026, total revenue was 947.7 million USD, down from the same period of 2025 2.
Market context
Demand for fracturing services depends on the capital budgets of oil and gas producers, which are mainly influenced by current and expected hydrocarbon prices 1. After volatility in 2025, the company observed in the second quarter of 2026 oil prices higher than in the first quarter and growing demand for equipment that can run on fuel other than diesel, while supply of such equipment has tightened due to industry attrition 2. If this trend holds, it could support service pricing through the rest of 2026 23.
Trends
- Higher fracturing pricingtailwind
The company expects higher pricing for stimulation services in the third quarter of 2026 and notes that RFP season conversations are starting earlier than usual 23. If this dynamic persists, it could improve the frac calendar in the second half of the year 3.
- Shortage of high-specification equipmenttailwind
industry attrition has reduced supply of high-specification fleets, which could give an edge to operators that already own them 23.
- Pricing pressure in West Texas sandheadwind
The company mentions additional competitive pressure in the proppant market, particularly in West Texas, which could limit revenue in the sand segment 3.
- Energy price volatilitymixed
The company stresses that volatility and client investment levels remain hard to predict, and any price declines could reduce fracturing activity, a mixed factor for the company 12.
Competitive position
In stimulation, the main competitors named by the company are Halliburton, Liberty Energy, ProPetro and Patterson-UTI 1. In sand, competition includes Atlas Energy Solutions, U.S. Silica and other regional producers 1. In equipment, Caterpillar and Gardner Denver are named as rivals of the manufacturing segment 1.
- HalliburtonHAL
Direct competitor in stimulation services, named by the company in its annual report.
- Liberty EnergyLBRT
Competitor in stimulation and, for onsite power, named as a rival of the Livewire business.
- Atlas Energy SolutionsAESI
Competitor in the frac sand market in oil producing basins.
- U.S. Silica
Sand producer named as a rival of the Proppant Production segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report16 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report06 Jul 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jun 2026Shareholder vote
- Quarterly report08 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Apr 2026
- Current report13 Apr 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report13 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ProFrac Holding Corp. · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ProFrac Holding Corp. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ProFrac Holding Corp. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.