ProFrac Holding
ACDC on Nasdaq. ProFrac Holding sells hydraulic fracturing services and equipment to oil and gas producers. Market value $865m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Energy stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.21 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -2 cents a year. Above 10 is good.
Quality score: 37 of 100. Price score: 12 of 100. Our list needs 70 on quality and 60 on price.
$4.88 a share, 58% above its 1-year low
Over the past year the price has ranged from $3.08 to $8.22.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||||
| Revenue | $2.4bn | $2.6bn | $2.2bn | $1.9bn |
| Operating margin | ||||
| Operating margin | 17.0% | 6.3% | -2.8% | -11.6% |
| Debt to equity | ||||
| Debt to equity | n/a | 0.89 | 1.12 | 1.44 |
| Shares outstanding | ||||
| Shares outstanding | 0.16bn | 0.16bn | 0.18bn | 0.18bn |
Health checks
- Free cash flow positive4 of 4 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt1.44× equity
- Revenue growth, five yearsShrinking, 7.1% a year
- Buying back its own sharesNo, 14% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $498 million last quarter, down 1% on a year ago.
- A loss of $80 million, compared with a loss of $108 million a year ago.
- 14% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $1.1 billion more than cash, about the same as a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $575m |
| December 2024 | $455m |
| March 2025 | $600m |
| June 2025 | $502m |
| September 2025 | $403m |
| December 2025 | $437m |
| March 2026 | $450m |
| June 2026 | $498m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$45m |
| December 2024 | -$105m |
| March 2025 | -$18m |
| June 2025 | -$108m |
| September 2025 | -$101m |
| December 2025 | -$143m |
| March 2026 | -$84m |
| June 2026 | -$80m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 145 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Hotchkis & WileyHotchkis & Wiley team | $6m | <0.1% | Cut |
Largest holders overall
- First Financial Bankshares$22m
- AQR Capital Management$15mAdded
- BlackRock$11mAdded
- D. E. Shaw$9mAdded
- BNP Paribas Financial Markets$8mAdded
- Millennium Management$8mAdded
- Vanguard Capital Management$7mAdded
- Bridgeway Capital Management$6mAdded
- Hotchkis & Wiley$6mCut
- Point72 Asset Management, L.P.$6mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- THRC Holdings, LPInsider or founderat least 48.4%(filed with 3 related holders)Since 27 December 2024
- Dan H. WilksInsider or founderat least 47.3%−0.6 pts(filed with 10 related holders)Since 10 August 2026
What they said
The shares purchased as shown in Schedule I attached to this filing were acquired for general investment purposes.
Read the filing - THRC Management, LLCInsider or founderat least 45.3%−3.3 pts(filed with 3 related holders)Since 14 August 2025
What they said
The shares purchased as shown in Schedule I attached to this filing were acquired for general investment purposes.
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
THRC Holdings, LP Insider or founder | at least 48.4% (filed with 3 related holders) | 27 December 2024 | |
Dan H. Wilks Insider or founder | at least 47.3%−0.6 pts (filed with 10 related holders) | 10 August 2026 | What they saidThe shares purchased as shown in Schedule I attached to this filing were acquired for general investment purposes. Read the filing |
THRC Management, LLC Insider or founder | at least 45.3%−3.3 pts (filed with 3 related holders) | 14 August 2025 | What they saidThe shares purchased as shown in Schedule I attached to this filing were acquired for general investment purposes. Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $401,851 of shares on the open market.
- Wilks MatthewChief Executive Officer, DirectorBought
- Date
- 11 August 2026
- Shares
- 22,481
- Price
- $5.44
- Value
- $122,366
- Wilks MatthewChief Executive Officer, DirectorBought
- Date
- 10 August 2026
- Shares
- 57,519
- Price
- $4.86
- Value
- $279,485
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 August 2026 | Wilks Matthew Chief Executive Officer, Director | Bought | 22,481 | $5.44 | $122,366 |
| 10 August 2026 | Wilks Matthew Chief Executive Officer, Director | Bought | 57,519 | $4.86 | $279,485 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the serious warning signs we check for were found. 1 thing worth knowing.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
Cover page of the 10-K filed 13 Mar 2026: it names a different audit firm from the one named in the annual report before.
From the cover page of the 10-K filed 13 March 2026. Open the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 7.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.