olivLaw · US equity research
ProPetro Holding Corp. PUMP
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
ProPetro Holding Corp. is an integrated energy services company based in Midland, Texas, offering hydraulic fracturing, wireline and, through its PROPWR subsidiary, mobile power generation. It operates almost entirely in the Permian Basin, and its move into power for data centers and industry has become the main growth story as its completions business recovers from a weak 2025.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ProPetro Holding Corp. (PUMP) stock was 6.42 USD (−10.58% on the day), with market capitalisation 788.8 m USD, beta 1.62, 52-week range 6.42–18.20 USD. Latest reported quarter (Q3 2026): revenue of 355.4 m USD (+20.9% YoY), net income of 13.0 m USD, diluted EPS 0.09 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)
- 25.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 6.44 – 9.16
- below the lower band · %B -0.01 · band width 34.8%
- SMA 50 / 200
- 9.35 / 12.54
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.67 / -0.66
- MACD below 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 | −33.1% | −1.1% | −32.0 pp | — |
| 3 months | −41.6% | −0.5% | −41.2 pp | — |
| 6 months | −59.3% | +4.4% | −63.7 pp | — |
| Year to date | −32.5% | +12.3% | −44.8 pp | — |
| 1 year | −36.9% | +13.5% | −50.4 pp | +10.9% |
| 3 years | −37.2% | +76.4% | −113.6 pp | −31.7% |
| 5 years | −33.1% | +63.7% | −96.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 320.6 m | 359.4 m | 326.2 m | 293.9 m | 289.7 m | 270.7 m | 305.8 m | 355.4 m |
| Cost of revenue | 243.5 m | 263.9 m | 253.2 m | 236.5 m | 214.6 m | 211.7 m | 234.0 m | 269.7 m |
| SG&A | — | — | 28.5 m | 22.5 m | — | — | 33.1 m | 30.8 m |
| Operating income | -18.4 m | 9.5 m | -3.2 m | -6.1 m | 6.1 m | -8.0 m | -3.2 m | 11.0 m |
| Depreciation & amortisation | 60.1 m | 48.7 m | 43.3 m | 41.7 m | 41.2 m | 40.6 m | 43.5 m | 44.4 m |
| Interest expense | 1.9 m | 1.7 m | 1.8 m | 2.1 m | 2.6 m | 2.7 m | 3.0 m | 4.3 m |
| Pre-tax income | -20.4 m | 10.7 m | -4.8 m | -3.1 m | 5.0 m | -9.3 m | -2.2 m | 11.6 m |
| Income tax | -3.3 m | 1.1 m | 2.4 m | -704.0 k | 4.2 m | -5.7 m | 5.9 m | -1.4 m |
| Net income | -17.1 m | 9.6 m | -7.2 m | -2.4 m | 742.0 k | -3.6 m | -8.1 m | 13.0 m |
| Diluted EPS | -0.17 ≈ | 0.09 | -0.07 | -0.02 | 0.01 ≈ | -0.03 | -0.07 | 0.09 |
| Operating cash flow | 37.9 m | 54.7 m | 54.2 m ≈ | 41.7 m ≈ | 81.0 m | 2.7 m | 66.0 m ≈ | 46.3 m ≈ |
| Capex | 27.8 m | 40.9 m | 37.1 m ≈ | 44.0 m ≈ | 64.2 m | 43.4 m | 61.4 m ≈ | 123.2 m ≈ |
| Share repurchases | 3.4 m | 0 | 0 ≈ | 0 ≈ | 0 | — | — | — |
≈ 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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 2.1 bn | 789.2 m | 874.5 m | 1.3 bn | 1.6 bn | 1.4 bn | 1.3 bn |
| Revenue YoY | +73.6% | +20.4% | −61.5% | +10.8% | +46.3% | +27.4% | −11.4% | −12.1% |
| Net income | 173.9 m | 163.0 m | -107.0 m | -54.2 m | 2.0 m | 85.6 m | -137.9 m | 824.0 k |
| Net income YoY | +1,278.4% | −6.2% | −165.7% | unavailable | unavailable | +4,118.4% | −261.0% | unavailable |
| Diluted EPS | 2.00 | 1.57 | -1.06 | -0.53 | 0.02 | 0.76 | -1.31 | 0.01 |
| Diluted EPS YoY | +1,150.0% | −21.5% | −167.5% | unavailable | unavailable | +3,700.0% | −272.4% | unavailable |
| net % | 10.2% | 7.9% | -13.6% | -6.2% | 0.2% | 5.3% | -9.5% | 0.1% |
| Free cash flow | 108.9 m | -47.6 m | 38.5 m | 11.2 m | -19.3 m | 3.9 m | 112.0 m | 45.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 91.3 m USD
- Financial debt
- 107.7 m USD
- Net debt
- 16.4 m USD
- Equity
- 829.8 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- 0.13x
- Current ratio
- 1.29x
- ROE
- 0.1%
- ROA
- 0.1%
- FCF margin
- 3.6%
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 | 789.2 m | 874.5 m | 1.3 bn | 1.6 bn | 1.4 bn | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Cost of revenue | 584.3 m | 662.3 m | 882.8 m | 1.1 bn | 1.1 bn | 968.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 205.0 m ≈ | 212.2 m ≈ | 396.9 m ≈ | 498.6 m ≈ | 378.8 m ≈ | 301.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Operating income | -131.2 m | -68.7 m | -2.6 m | 130.3 m | -167.0 m | 6.4 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 153.3 m | 133.4 m | 128.1 m | 219.6 m | 224.1 m | 174.9 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 22.0 m ≈ | 64.7 m ≈ | 125.5 m ≈ | 350.0 m ≈ | 57.1 m ≈ | 181.2 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 2.4 m | 614.0 k | 1.6 m | 5.3 m | 7.8 m | 8.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | -134.5 m | -68.4 m | 7.4 m | 115.5 m | -169.2 m | 7.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | -27.5 m | -14.3 m | 5.4 m | 29.9 m | -31.4 m | 7.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | -107.0 m | -54.2 m | 2.0 m | 85.6 m | -137.9 m | 824.0 k | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | -1.06 | -0.53 | 0.02 | 0.76 | -1.31 | 0.01 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 100.8 m | 102.7 m | 106.9 m | 113.4 m | 105.5 m | 105.4 m | SEC (XBRL)· 19 Feb 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 | 68.8 m | 111.9 m | 78.9 m | 33.4 m | 50.4 m | 91.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 84.2 m | 128.1 m | 215.9 m | 237.0 m | 196.0 m | 200.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Inventories | 2.7 m | 3.9 m | 5.0 m | 17.7 m | 16.2 m | 13.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 167.7 m | 251.1 m | 328.8 m | 310.8 m | 292.2 m | 326.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 880.5 m | 808.5 m | 922.7 m | 967.1 m | 688.2 m | 793.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 0 | 0 | 23.6 m | 23.6 m | 920.0 k | 900.0 k | SEC (XBRL)· 30 Jul 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 56.3 m | 50.6 m | 64.9 m | 55.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 1.1 bn | 1.1 bn | 1.3 bn | 1.5 bn | 1.2 bn | 1.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 79.2 m | 152.6 m | 234.3 m | 161.4 m | 93.0 m | 115.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 0 | — | — | — | 0 | 2.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 0 | 0 | 30.0 m | 45.0 m | 45.0 m | 105.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 104.2 m | 173.8 m | 284.2 m | 271.1 m | 222.3 m | 253.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 180.0 m | 234.9 m | 381.8 m | 481.9 m | 407.4 m | 461.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 870.8 m † | 826.3 m † | 954.0 m † | 998.4 m † | 816.3 m † | 829.8 m † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 139.1 m | 154.7 m | 300.4 m | 374.7 m | 252.3 m | 231.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 100.6 m | 143.5 m | 319.7 m | 370.9 m | 140.3 m | 186.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 38.5 m ≈ | 11.2 m ≈ | -19.3 m ≈ | 3.9 m ≈ | 112.0 m ≈ | 45.3 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -94.2 m | -104.3 m | -349.7 m | -384.1 m | -155.1 m | -149.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | -125.2 m | -7.3 m | 26.3 m | -46.1 m | -80.1 m | -40.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 51.7 m | 59.1 m | 0 | SEC (XBRL)· 19 Feb 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
Score: 25 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 788.8 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet52
- Valuation42
- Quality11
- Growth0
- Returns0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.96 – 14.79 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA8.96 – 14.79 (Mid 11.04)8 companies used · median multiple 8.2x · quartiles 6.7x – 10.8xACDC, CLB, HAL, HOS, KLXE, NESR, OII, WTTR
- 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
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
Unattractive profile · Score 25/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.5% | 8 (vs peers) | 12% |
| Net margin · Quality | 0.2% | 28 (vs peers) | 7% |
| FCF conversion · Quality | -4,790.9% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -0.3% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -20.6% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 0.5x | 64 (vs peers) | 12% |
| Interest coverage · Balance sheet | 0.5x | 0 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 4.9x | 75 (vs peers) | 12% |
| FCF yield · Valuation | -12.2% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet52/100 · 3/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality11/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation42/100 · 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
ProPetro Holding Corp. (PUMP). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.3 bn USD in 2025; YoY growth -12.1%; net margin 0.2%; ROE 0.2%; net debt/EBITDA 0.5x.
The estimated value range is 8.96–14.79 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 11.04 USD, the price of 6.42 USD leaves a potential of 71.9% (value / price − 1) and a margin of safety of 41.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 25/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.5x
- EV/EBITDA: 4.9x
- The price is below the estimated value range
What contradicts it
- ROIC: 0.5%
- Net margin: 0.2%
- FCF conversion: -4,790.9%
- Revenue CAGR 3Y: -0.3%
- EPS CAGR 3Y: -20.6%
- Interest coverage: 0.5x
- FCF yield: -12.2%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): P/E (TTM), 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% | −37% / −37% |
| ACDCProFrac Holding Corp. | 723.0 m | — | -57.4% | -22.8% | −11.4% | +12% / −51% |
| 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 |
| LBRTLiberty Energy Inc. | — | 54.2 | 2.0% | 0.9% | −7.2% | −26% / −34% |
| NOANorth American Construction Group Ltd. | — | — | 8.0% | 2.6% | +10.2% | −20% / −45% |
| RNGRRanger Energy Services, Inc. | — | 21.6 | 5.1% | 2.6% | −4.2% | +0% / +39% |
1- and 3-year price returns: for PUMP 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 | 0.20 Total return -97% · Per year -97% | 0.36 Total return -94% · Per year -94% | 0.55 Total return -91% · Per year -91% |
| 3 years | 0.18 Total return -97% · Per year -70% | 0.36 Total return -94% · Per year -62% | 0.60 Total return -91% · Per year -55% |
| 5 years | 0.16 Total return -98% · Per year -52% | 0.36 Total return -94% · Per year -44% | 0.66 Total return -90% · Per year -37% |
- Exit P/E± 0.09
- Net margin± 0.06
- Annual revenue growth± 0.05
- Annual dilution± 0.01
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.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
ProPetro Holding Corp. is an integrated energy services company based in Midland, Texas, offering hydraulic fracturing, wireline and, through its PROPWR subsidiary, mobile power generation. It operates almost entirely in the Permian Basin, and its move into power for data centers and industry has become the main growth story as its completions business recovers from a weak 2025.
SWOT
Strengths
- Strong market position in the Permian Basin, with long-standing customer relationships and well-maintained fleets.
- Free cash flow from the completions segment, even in periods of pressured revenue, supports investment in PROPWR.
- Solid balance sheet and liquidity at the end of June 2026, including proceeds from convertible senior notes.
Weaknesses
- Very high dependence on the Permian Basin and on a small number of large customers.
- Net losses in recent quarters and high startup costs for new fleets and PROPWR.
- Conventional Tier II equipment still requires large investment to transition to lower emissions.
Opportunities
- Long-term contracts for power used by data centers and industry, if advanced negotiations are completed.
- A recovery in Permian drilling activity could raise fleet utilization and rates.
- Expansion of PROPWR capacity through the Caterpillar framework agreement, if financing is secured.
Threats
- Lower oil prices and reduced customer budgets could weigh on completions revenue.
- If grid electricity becomes easily available, demand for mobile generation could decline.
- Non-renewal of the XTO agreement, a subsidiary of ExxonMobil, would force redeployment of equipment.
Risks
- Dependence on a single basinhigh
Almost all revenue comes from the Permian Basin, so local demand problems, weather or transport constraints can feed directly into results.
- Customer concentrationhigh
A small number of customers generate most revenue. Losing a major customer or failing to renew contracts could seriously affect activity.
- PROPWR project riskhigh
Building a new business line depends on equipment delivery, financing and winning contracts. Delays or higher costs than planned could reduce returns.
- Oil price volatilitymedium
Demand for completions depends on oil and gas prices. If prices stay volatile or fall, customer budgets may shrink.
- Weather and operational disruptionlow
Severe weather, such as in January 2026 and June 2026, can suspend operations for several days and affect quarterly results.
Investment thesis
What would need to be true (bull case)
- If the Permian recovery solidifies and PROPWR turns contracts into recurring revenue, the company could combine completions cash flow with long-term growth in data center power.
- A strong balance sheet and high liquidity give flexibility to finance expansion without relying solely on capital markets.
- A leading regional position and long relationships with large operators could help secure new contracts in power and completions.
What would break the thesis
- If oil prices fall again, customer budgets could shrink and the completions segment could generate less cash than it does now.
- PROPWR's success depends on executing new projects and accessing financing, and recent losses show that startup costs can be high.
- If grid power or competition in mobile generation expands, PROPWR pricing and volumes could fall short of expectations.
What to watch
- Progress of contracted PROPWR capacity and data center negotiationsQ3 2026
- Completions pricing and the number of fleets deployedQ3 2026
- Renewal or replacement of the XTO agreement, a subsidiary of ExxonMobil2026
- Completion of financing for PROPWR equipment and use of the Caterpillar agreement2027
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.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
The company provides hydraulic fracturing, wireline and cementing services to exploration and production companies concentrated in the Permian Basin. According to the 2025 annual report, hydraulic fracturing accounted for approximately 73.2% of total revenues, and the fleet had total available capacity of 1259500 HHP at the end of 2025. Since May 2026 the company has also operated the PROPWR business line, which supplies mobile power to oil and gas producers, industrial users and data centers.
The segment structure has changed in recent years: the power generation segment became reportable in the third quarter of 2025, and cementing was reported separately from the fourth quarter of 2024. The AquaProp acquisition, which adds wet sand services, and the Par Five acquisition, which adds cementing in the Delaware Basin, extended the completions service range.
Customers are mainly North American oil and gas producers, and concentration is high: ExxonMobil accounted for 24.9% of 2025 revenue, and the top five customers generated 68.2%. The XTO agreement, a subsidiary of ExxonMobil, expires around late 2026, and the company does not expect it to be renewed in its current form.
Segments
Hydraulic fracturing
This is the largest segment, with fleets of 50000 to 80000 HHP, and its share of revenue was approximately 67.0% as of June 30 2026. The fleet includes Tier IV DGB dual-fuel equipment, FORCE® electric fleets and conventional Tier II equipment, and the transition to lower emissions is a key competitive factor.
Power generation (PROPWR)
This is the newest segment and the company's main growth driver. Capacity committed under contract reached approximately 350 megawatts by July 2026, and delivered or on-order capacity is approximately 1.1 gigawatts. A framework agreement with Caterpillar could add capacity through 2031 if negotiations and financing are completed.
Wireline and cementing
Wireline runs perforating guns into newly completed wells with 28 units, while cementing isolates zones and secures casing with 30 units. Both are smaller segments and are described as ways to expand the offer to existing customers.
Market context
The completions services market depends on drilling activity in the Permian Basin, where the rig count fell from 304 at the end of 2024 to 247 at the end of 2025. The average WTI price was approximately 65 USD per barrel in 2025, compared with approximately 76 USD in 2024, which pressured pricing and demand for services.
The market for power for data centers and industry is new and competitive. The company argues that Permian natural gas could become a natural power source for users with large electricity needs, but results in this segment depend on contracts and equipment availability.
Trends
- Recovery of Permian activitytailwind
Reports from the second half of 2026 show the rig count up nearly 10% from its first-quarter low. If the trend continues, demand for completions could support higher revenue.
- Power demand from data centerstailwind
Rising electricity demand from data centers opens opportunities for mobile generation. PROPWR has already put assets into operation at a hyperscaler data center, which could attract new contracts if performance is confirmed.
- Pressure on oil pricesheadwind
A lower WTI price and macroeconomic uncertainty could reduce customers' completion budgets, affecting rates and the number of fleets deployed.
- Shift to lower emissionsmixed
Regulatory pressure and customer demand for low-emissions equipment raise capital costs. If the company cannot transition quickly, demand for its services could fall, but the transition may also open new contracts.
Competitive position
The company competes on price, reputation, operational efficiency, equipment quality and safety standards. Price remains a decisive factor for many customers, and the ability to supply lower-emissions equipment is becoming more important in choosing a provider.
In power for data centers and industry, competition comes from providers offering alternatives to the public grid and from equipment makers that also sell power services. The company's reports do not detail competitor positions in this segment.
- Regional Permian hydraulic fracturing providers
Private or smaller companies competing for the same fleets and customers in the Permian Basin, with no US ticker identified in the sources.
- Cementing and wireline service providers
Operators offering complementary services in the same area, especially in the cementing and wireline segments.
- Mobile power equipment manufacturers
Turbine and reciprocating engine suppliers are partners but also competitors on the sale of power to customers.
- Grid utilities and electricity networks
If grid power becomes widely available, it could replace the company's mobile generation, as the company itself describes in its risk factors.
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.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report19 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report22 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report21 Sept 2026Departure or appointment of officers
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jun 2026Departure or appointment of officers
- Current report22 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report07 May 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ProPetro Holding Corp. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ProPetro Holding Corp. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ProPetro Holding Corp. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.