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Solaris Energy Infrastructure

SEI on NYSE. Solaris Energy Infrastructure sells power and oilfield logistics equipment to data centers, energy, and industrial customers. Market value $959m.

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Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Industrials stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-9.7%low

For every $100 of what the whole company costs, it produced $-9.68 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
45.0×full

You pay 45.0 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
16.8%five-year median

Each dollar kept in the business earns 17 cents a year. Above 10 is good.

Quality score: 84 of 100. Price score: 4 of 100. Our list needs 70 on quality and 60 on price.

$74.75 a share, 94% above its 1-year low

Over the past year the price has ranged from $38.50 to $86.19.

Dividend: 0.3% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.0
-0.0
0.0
-0.1
-0.4
-0.7
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: a shortfall of $728 million in the past 12 months, a shortfall of $438 million in the year to December 2025.

Revenue
$159m$320m$293m$313m$622m
Operating margin
-0.2%13.1%17.0%16.9%21.8%
Debt to equity
n/an/a0.170.900.33
Shares outstanding
n/an/an/an/an/a

Health checks

  • Free cash flow positive1 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 7 checks we could run
  • Profit backed by cash (accruals)No
  • Debt0.33× equity
  • Revenue growth, five yearsStrong, 43.3% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $219 million last quarter, up 47% on a year ago.
  • Profit: $20 million, up 71% on a year ago.
  • It keeps 24 cents of each $1 of sales as operating profit, up from 20 cents a year earlier.
  • Over the past 12 months it spent $728 million more cash than it brought in, compared with $440 million a year earlier.
  • Debt is $790 million more than cash, up from $290 million a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$75m
December 2024$96m
March 2025$126m
June 2025$149m
September 2025$167m
December 2025$180m
March 2026$196m
June 2026$219m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$968,000
December 2024$6m
March 2025$5m
June 2025$12m
September 2025$15m
December 2025-$2m
March 2026$21m
June 2026$20m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

3 long-term investors we follow own it, down from 4 last quarter. 432 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

11 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    13.1%+6.1 pts
    Since 31 July 2026
  • William A. Zartler
    Passive investor
    10.0%−2.1 pts
    Since 31 December 2025
  • Solaris Energy Capital, LLC
    Passive investor
    8.5%
    Since 31 December 2024
  • at least 7.2%−8.8 pts
    (filed with 2 related holders)
    Since 6 May 2026
  • Voya Financial, Inc.
    Passive investor
    5.2%
    Since 31 December 2025
  • at least 4.0%−1.2 pts
    (filed with 10 related holders)
    Since 30 September 2025
  • KTR Management Company, LLC
    Passive investor
    at least 3.9%−2.2 pts
    (filed with 1 related holder)
    Since 4 November 2025
  • FMR LLC
    Passive investor
    at least 3.8%−1.4 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • JANE STREET GROUP, LLC
    Passive investor
    at least 3.7%−1.4 pts
    (filed with 3 related holders)
    Since 31 December 2025
  • J Turbines, Inc.
    at least 3.1%−10.3 pts
    (filed with 1 related holder)
    Since 28 July 2025
  • at least 3.0%−2.2 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • BlackRock Portfolio Management LLC
    Passive investor
    Sold down below 5%
    Since 30 September 2025
  • Sold down below 5%
    Since 31 December 2024
  • Sold down below 5%
    Since 30 September 2025
  • Sold down below 5%
    Since 30 June 2025
  • Sold down below 5%
    Since 31 March 2025
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $1m of shares on the open market. 7 sold $159m.

  • TEAGUE AJ
    Director
    Bought
    Date
    8 September 2026
    Shares
    7,800
    Price
    $64.23
    Value
    $500,994
  • Wirtz Christopher P.
    Chief Accounting Officer
    Sold
    Date
    13 May 2026
    Shares
    700
    Price
    $77.22
    Value
    $54,054
  • Argo Laurie H
    Director
    Sold
    Date
    12 May 2026
    Shares
    5,200
    Price
    $72.88
    Value
    $378,976
  • Powell Christopher M
    Chief Legal Officer
    Sold
    Date
    11 May 2026
    Shares
    36,852
    Price
    $74.63
    Value
    $3m
  • TEAGUE AJ
    Director
    Bought
    Date
    8 May 2026
    Shares
    6,175
    Price
    $72.98
    Value
    $450,652
  • Walker Ray N JR
    Director
    Sold
    Date
    8 May 2026
    Shares
    56,841
    Price
    $72.11
    Value
    $4m
  • Keenan W Howard JR
    Director
    Sold
    Date
    6 May 2026
    Shares
    2,000,000
    Price
    $74.50
    Value
    $149m
  • Brock Amanda M
    Co-Chief Executive Officer, Director
    Bought
    Date
    17 December 2025
    Shares
    3,669
    Price
    $40.89
    Value
    $150,025
  • Durrett Cynthia M.
    CHIEF ADMINISTRATIVE OFFICER, Director
    Sold
    Date
    17 December 2025
    Shares
    47,011
    Price
    $44.62
    Value
    $2m
  • Argo Laurie H
    Director
    Sold
    Date
    17 December 2025
    Shares
    2,300
    Price
    $44.25
    Value
    $101,775

From Form 4 filings: insiders must report trades in their own company's shares within two days.

What could go wrong

  • It isn't cheap on profits: 45.0× operating profit.

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
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What a finished deep dive looks like

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.