olivLaw · US equity research
Select Water Solutions, Inc. WTTR
Oil & Gas Field Services, NEC · SIC 1389 · Vertical: Oil & Gas Field Services, NEC (SIC 1389)
Select Water Solutions is a major provider of water-management solutions to the US energy industry, focused on recycling infrastructure for produced water in the Permian Basin. The company is expanding its contracted infrastructure network, which could stabilize revenue in a weaker oil price environment, while the Permian still accounts for a majority of its activity.
At the close of 04 Nov 2026, Select Water Solutions, Inc. (WTTR) stock was 16.90 USD (−7.85% on the day), with market capitalisation 681.6 m USD, P/E 21.3, dividend yield 0.30%, beta 1.15, 52-week range 9.40–22.26 USD. Latest reported quarter (Q2 2026): revenue of 395.8 m USD (+8.7% YoY), net income of 21.0 m USD (+97.6% YoY).
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)
- 34.2
- weak (30–45)
- Bollinger (20, 2)
- 17.25 – 20.41
- below the lower band · %B -0.11 · band width 16.7%
- SMA 50 / 200
- 19.54 / 17.47
- mixed trend
- MACD (12, 26, 9)
- -0.35 / -0.25
- 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 | −15.8% | −1.1% | −14.7 pp | — |
| 3 months | −24.1% | −0.5% | −23.6 pp | — |
| 6 months | −3.2% | +4.4% | −7.5 pp | — |
| Year to date | +60.6% | +12.3% | +48.3 pp | — |
| 1 year | +44.7% | +13.5% | +31.1 pp | +0.4% |
| 3 years | +119.8% | +76.4% | +43.4 pp | −31.7% |
| 5 years | +134.4% | +63.7% | +70.7 pp | — |
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 | 371.3 m | 349.0 m | 374.4 m | 364.2 m | 322.2 m | 346.5 m | 366.0 m | 395.8 m |
| Cost of revenue | 308.9 m | 304.9 m | 318.6 m | 306.5 m | 278.7 m | 301.2 m | 300.7 m | 319.0 m |
| Gross profit | 62.4 m | 44.2 m | 55.8 m | 57.8 m | 43.6 m | 45.3 m | 65.3 m | 76.8 m |
| SG&A | 37.3 m | 39.7 m | 37.4 m | 38.9 m | 41.7 m | 43.3 m | 40.6 m | 41.2 m |
| Operating income | 24.5 m | 2.6 m | 15.5 m | 15.4 m | -1.8 m | -388.0 k | 18.0 m | 34.3 m |
| Depreciation & amortisation | 661.0 k | 737.0 k | 925.0 k | 1.9 m | 1.3 m | 1.2 m | 1.1 m | 1.2 m |
| Interest expense | 1.9 m | 1.8 m | 4.9 m | 5.6 m | 6.0 m | 6.7 m | 5.9 m | 5.0 m |
| Pre-tax income | 24.2 m | 325.0 k | 12.4 m | 16.4 m | 7.5 m | -16.4 m | 12.2 m | 29.5 m |
| Income tax | 5.9 m | 2.3 m | 2.9 m | 4.5 m | 434.0 k | -9.5 m | 2.4 m | 6.4 m |
| Net income | 15.8 m | -1.6 m | 8.2 m | 10.6 m | 2.7 m | -346.0 k | 8.6 m | 21.0 m |
| Operating cash flow | 51.9 m ≈ | 67.8 m | -5.1 m | 82.6 m ≈ | 71.7 m ≈ | 65.5 m | 10.2 m | 86.7 m ≈ |
| Capex | 37.4 m | 55.1 m | 48.4 m | 79.4 m ≈ | 95.2 m ≈ | 71.5 m | 78.4 m | 71.0 m ≈ |
| Dividends paid | 7.0 m ≈ | 8.2 m | 8.6 m | 8.3 m ≈ | 8.4 m ≈ | 8.4 m | 8.8 m | 9.6 m ≈ |
| Share repurchases | 171.0 k ≈ | 589.0 k | 6.3 m | 286.0 k ≈ | 332.0 k ≈ | 377.0 k | 7.6 m | 621.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 1.5 bn | 1.3 bn | 605.1 m | 764.6 m | 1.4 bn | 1.6 bn | 1.5 bn | 1.4 bn |
| Revenue YoY | +120.8% | −15.5% | −53.2% | +26.4% | +81.5% | +14.3% | −8.4% | −3.1% |
| Net income | 36.5 m | 2.8 m | -338.7 m | -42.2 m | 48.3 m | 74.4 m | 30.6 m | 21.2 m |
| Net income YoY | unavailable | −92.4% | −12,265.4% | unavailable | unavailable | +54.1% | −58.8% | −30.7% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 2.4% | 0.2% | -56.0% | -5.5% | 3.5% | 4.7% | 2.1% | 1.5% |
| Free cash flow | 67.0 m | 93.8 m | 84.6 m | -56.2 m | -38.7 m | 149.5 m | 61.7 m | -79.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.1 m USD
- Financial debt
- 316.3 m USD
- Net debt
- 298.2 m USD
- Equity
- 927.1 m USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.34x
- Current ratio
- 1.57x
- ROE
- 2.3%
- ROA
- 1.4%
- FCF margin
- -5.7%
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 | 605.1 m | 764.6 m | 1.4 bn | 1.6 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 634.4 m | 743.8 m | 1.2 bn | 1.4 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | -29.3 m | 20.9 m | 160.8 m | 231.7 m | 219.5 m | 202.4 m | SEC (XBRL)· 18 Feb 2026verified |
| SG&A | 74.4 m | 83.1 m | 118.9 m | 155.5 m | 160.0 m | 161.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | -394.8 m | -65.5 m | 39.2 m | 61.2 m | 54.5 m | 28.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 101.7 m | 92.5 m | 115.7 m | 2.3 m | 3.4 m | 5.3 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | -293.1 m ≈ | 26.9 m ≈ | 154.9 m ≈ | 63.5 m ≈ | 57.9 m ≈ | 34.1 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 2.1 m | 1.7 m | 2.7 m | 4.4 m | 7.0 m | 23.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | -403.2 m | -49.7 m | 56.7 m | 19.0 m | 49.0 m | 19.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -1.5 m | 147.0 k | 957.0 k | -60.2 m | 13.6 m | -1.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -338.7 m | -42.2 m | 48.3 m | 74.4 m | 30.6 m | 21.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | — | — | 0.05 | — | — | — | SEC (XBRL)· 22 Feb 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 169.0 m | 85.8 m | 7.3 m | 57.1 m | 20.0 m | 18.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 129.4 m | 232.8 m | 430.0 m | — | — | — | SEC (XBRL)· 22 Feb 2023verified |
| Inventories | 33.4 m | 44.5 m | 41.2 m | 38.7 m | 38.4 m | 34.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 351.5 m | 394.8 m | 517.9 m | 454.1 m | 385.5 m | 354.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 350.4 m | 391.8 m | 499.6 m | 517.6 m | 725.7 m | 912.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | — | — | — | 4.7 m | 18.2 m | 48.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 116.1 m | 108.5 m | 138.8 m | 116.2 m | 123.7 m | 106.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 875.4 m | 950.2 m | 1.2 bn | 1.2 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 13.0 m | 36.0 m | 61.5 m | 42.6 m | 39.2 m | 49.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | — | — | — | — | — | 31.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | — | — | 16.0 m | 0 | 85.0 m | 285.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 88.8 m | 162.0 m | 231.3 m | 211.5 m | 233.4 m | 225.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 169.5 m | 255.0 m | 339.1 m | 326.0 m | 450.7 m | 668.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 705.9 m | 695.2 m | 883.7 m | 892.2 m | 915.5 m | 927.1 m | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 105.8 m | -16.2 m | 33.2 m | 285.4 m | 234.9 m | 214.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 21.2 m | 40.0 m | 71.9 m | 135.9 m | 173.2 m | 294.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 84.6 m ≈ | -56.2 m ≈ | -38.7 m ≈ | 149.5 m ≈ | 61.7 m ≈ | -79.9 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -5.4 m | -64.5 m | -53.2 m | -137.2 m | -318.6 m | -405.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | -10.7 m | -2.5 m | -58.5 m | -98.4 m | 46.6 m | 188.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | — | — | 6.0 m | 24.9 m | 29.7 m | 33.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 10.9 m | 1.2 m | 20.2 m | 61.8 m | 7.9 m | 7.3 m | SEC (XBRL)· 18 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: 30 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 681.6 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation23
- Returns92
- Quality35
- Balance sheet25
- Growth4
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: 0.66 – 18.40 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/EBITDA0.87 – 6.15 (Mid 5.10)8 companies used · median multiple 7.9x · quartiles 4.8x – 8.6xACDC, CLB, HAL, HOS, KLXE, NESR, OII, PUMP
- Peers: P/E10.94 – 18.40 (Mid 17.12)9 companies used · median multiple 21.6x · quartiles 13.8x – 23.2xCLB, HAL, HOS, NESR, NGS, OII, RNGR, SLB, TUSK
- Dividend discount (DDM)0.66 – 0.88 (Mid 0.75)
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 30/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.4% | 50 (vs peers) | 12% |
| Net margin · Quality | 2.2% | 44 (vs peers) | 7% |
| FCF conversion · Quality | -256.4% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 0.5% | 4 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 4.1x | 18 (vs peers) | 12% |
| Interest coverage · Balance sheet | 2.1x | 10 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.6x | 65 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 21.3x | 64 (vs peers) | 12% |
| EV/EBITDA · Valuation | 16.5x | 0 (vs peers) | 12% |
| FCF yield · Valuation | -12.0% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 6.5% | 92 (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 sheet25/100 · 3/3 factors with a value
- Growth· partial4/100 · 1/2 factors with a value
- Quality35/100 · 3/3 factors with a value
- Returns· partial92/100 · 1/2 factors with a value
- Valuation23/100 · 3/3 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
SELECT WATER SOLUTIONS, INC. (WTTR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth -3.1%; net margin 2.2%; ROE 3.5%; net debt/EBITDA 4.1x.
The estimated value range is 0.87–6.15 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 5.10 USD, the price of 16.90 USD leaves a potential of -69.8% (value / price − 1) and a margin of safety of -231.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 30/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 6.5%
What contradicts it
- FCF conversion: -256.4%
- Revenue CAGR 3Y: 0.5%
- Net debt / EBITDA: 4.1x
- Interest coverage: 2.1x
- EV/EBITDA: 16.5x
- FCF yield: -12.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, 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% | +12% / −51% |
| WTTRSelect Water Solutions, Inc. | 681.6 m | 21.3 | 3.5% | 2.2% | −3.1% | +45% / +120% |
| 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 WTTR 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 | 9.59 Total return -43% · Per year -43% | 16.98 Total return 0% · Per year 0% | 25.62 Total return 52% · Per year 52% |
| 3 years | 8.57 Total return -49% · Per year -20% | 17.14 Total return 1% · Per year 0% | 28.51 Total return 69% · Per year 19% |
| 5 years | 7.65 Total return -55% · Per year -15% | 17.31 Total return 2% · Per year 0% | 31.72 Total return 88% · Per year 13% |
- Exit P/E± 4.29
- Net margin± 3.00
- Annual revenue growth± 2.56
- Annual dilution± 0.25
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
Select Water Solutions is a major provider of water-management solutions to the US energy industry, focused on recycling infrastructure for produced water in the Permian Basin. The company is expanding its contracted infrastructure network, which could stabilize revenue in a weaker oil price environment, while the Permian still accounts for a majority of its activity 12.
SWOT
Strengths
- The company operates one of the largest produced water recycling and disposal networks in the US, with long-term contracts that support predictable revenue 1.
- Integrating infrastructure with transport, automation and chemical services gives customers a full package across the water lifecycle of a well 1.
- Recent acquisitions in the Permian, Bakken and Haynesville have strengthened its market-leading position in key regions 12.
Weaknesses
- Activity is highly concentrated in the Permian, which accounts for a majority of revenue, amplifying exposure to local events 1.
- Trucking and rental services remain cyclical, and the company has divested some lower-margin operations 1.
- Large financial commitments, including the AV Farms investment and the Pilot Water acquisition, increase sensitivity to financing conditions 13.
Opportunities
- Contracted infrastructure growth in Northern Delaware and wider recycling could support higher revenue over the long term 2.
- Iodine and lithium extraction projects and municipal water reuse could create royalty-based income 2.
- Rising produced water volumes in gas-focused basins could add demand if Haynesville activity grows 1.
Threats
- Lower oil prices or reduced customer capital budgets could weaken demand for the company's services 1.
- Trade tariffs and Middle East tensions could raise costs and disrupt supply chains 12.
- Regulatory changes in water use and availability in New Mexico could limit access to water for some customers 1.
Risks
- Dependence on operator capital budgetshigh
Demand depends on customers' capital spending, which is influenced by oil and gas prices, access to capital and OPEC+ policy 1.
- Geographic concentration in the Permianhigh
A majority of revenue comes from the Permian, exposing the company to regional risks such as weather or transport constraints 1.
- Tariffs and chemical sourcingmedium
Part of the chemical feedstock comes from China, and tariffs could raise costs and reduce profitability if they cannot be passed on to customers 1.
- Acquisition integrationmedium
Integrating acquired assets could take longer or cost more than expected, reducing the anticipated benefits 1.
Investment thesis
What would need to be true (bull case)
- If operators continue shifting to recycling and pipelines, the company's network could generate contracted and predictable long-term revenue 12.
- Iodine, lithium and water reuse projects could add royalty-based income streams that diversify the company beyond traditional services 2.
- The Pilot Water acquisition and expansion in Northern Delaware could reinforce its Permian leadership if integration proceeds as planned 23.
What would break the thesis
- If oil prices stay low, customers' budgets could shrink and demand for services could slow 1.
- Concentration in the Permian and exposure to tariffs or geopolitical tensions could magnify negative effects on results 12.
- Higher debt used to fund acquisitions could limit financial flexibility if revenue does not grow fast enough 3.
What to watch
- Completion of the Pilot Water acquisition and the 2034 notes offeringby March 1, 2027
- Development of the ISE Chemicals iodine extraction facility in the Permian2027
- Outcome of the strategic review of Peak Rentalsnext quarterly report
- Evolution of minimum volume contracts and infrastructure utilization in the Permian2027
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
Select Water Solutions operates through three segments: Water Infrastructure, Water Services and Chemical Technologies. The infrastructure segment develops and operates recycling facilities, storage, saltwater disposal wells and pipelines, and its fixed recycling capacity was 2.4 million barrels per day at year-end 2025 1. The company says it owns the largest centralized recycling network in the industry and supports customers through long-term contracts that often exceed a decade 1.
The Water Services segment provides water transfer, storage, hauling and monitoring, plus automation through its AquaView platform, and through its Peak Rentals subsidiary it offers equipment rental, mobile power and well testing 1. The Chemical Technologies segment manufactures chemicals for fracturing and well completion, including water treatment and FluidMatch testing 1.
During 2025 and early 2026 the company acquired assets in the Permian, Bakken and Northeast, invested in the AV Farms water partnership in Colorado, and evaluated strategic options for Peak Rentals 12. In the second quarter of 2026 it signed a produced water transportation agreement with a major operator, which carried its largest minimum volume commitment to date 2.
Segments
Water Infrastructure
This segment develops and operates permanent recycling and disposal facilities, pipelines, storage and landfills, supported by long-term contracts such as acreage dedications and minimum volume commitments 1. In Northern Delaware, the network includes about 1.7 million barrels per day of active recycling capacity and 22.2 million barrels of storage, according to the second quarter 2026 report 2.
Market context
The shift from trucking to pipelines and recycling, and the concentration of large operators in extensive basins, favors regional and national providers able to offer integrated solutions 1. For the company this could mean steadier demand for infrastructure, but also greater exposure to geopolitical and trade risks that affect oil prices 1.
Trends
- Shift from trucking to pipelinestailwind
Operators are moving produced water from truck transport to pipelines and recycling, which lowers lease operating costs and local emissions over the life of a well 1. This shift could strengthen the company's position in contracted infrastructure.
- Oil price volatilityheadwind
WTI prices declined in 2025, and geopolitical tensions in the Middle East increased volatility in 2026, which could reduce customers' capital budgets 12. If the decline continues, demand for services could weaken.
- Tariffs and supply chainsheadwind
Tariffs on imports from China could raise the cost of chemical feedstock and reduce customer demand for services, although alternative sourcing could soften the impact 1.
- Water reuse and diversificationmixed
Iodine, lithium and produced water reuse projects, such as the agreement with ISE Chemicals, could open royalty-based income streams if they materialize 2. Outcomes remain uncertain and depend on technology development.
Competitive position
The company competes with smaller local providers that still dominate some trucking and hauling work, but customers are moving toward regional and national providers with scale and technology 1. The company says it operates the largest recycling network and the largest disposal network in Haynesville and the Northeast 1.
In chemicals and water services, competition comes from specialized providers offering treatment and integrated transport, and the company's advantage rests on combining infrastructure with services and long-term contracts 12. The sources do not explicitly identify listed competitors.
- Local water service providers
Smaller operators supplying trucking and local services, which customers are leaving in favor of providers with regional or national scale 1.
- Regional water infrastructure operators
Companies with networks in the same basins that compete for dedicated acreage and minimum volume contracts 1.
- Completion chemical producers
Specialized suppliers of friction reducers and surfactants that compete for contracts with operators in US basins 2.
- Equipment rental and testing operators
Providers of equipment, mobile power and well testing comparable to Peak Rentals that operate in the same areas 1.
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
- Current report02 Nov 2026Termination of a material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report21 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report16 Oct 2026Other events · Financial statements and exhibits
- Current report13 Oct 2026Material agreement · Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report24 Sept 2026Material agreement · Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report01 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report08 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report06 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Select Water Solutions, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Select Water Solutions, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Select Water Solutions, Inc. · 13 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.