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ProFrac Holding Corp.

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ProFrac Holding Corp. • NASDAQ
$3.54 ▲ 3.06% (+0.10)
Market Cap $575.61 M
52w High $10.70
52w Low $3.08
Dividend Yield 0%
P/E -1.7
Volume 456.38K
Outstanding Shares 162.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $403.1M ▼ $54.8M ▼ $-100.9M ▲ -25.031% ▼ $-0.6 ▲ $24.9M ▼
Q2-2025 $501.9M ▼ $76.8M ▲ $-105.9M ▼ -21.1% ▼ $-0.67 ▼ $40.7M ▼
Q1-2025 $600.3M ▲ $58.9M ▲ $-17.5M ▲ -2.915% ▲ $-0.12 ▲ $126.8M ▲
Q4-2024 $454.7M ▼ $50.6M ▼ $-105M ▼ -23.092% ▼ $-0.66 ▼ $68.3M ▼
Q3-2024 $575.3M $76.2M $-45.2M -7.857% $-0.29 $108.3M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $58M ▲ $2.742B ▼ $1.788B ▼ $862M ▼
Q2-2025 $26M ▲ $2.831B ▼ $1.879B ▼ $875.5M ▼
Q1-2025 $16M ▲ $3.021B ▲ $1.962B ▲ $988.1M ▼
Q4-2024 $14.8M ▼ $2.988B ▼ $1.912B ▲ $1.007B ▼
Q3-2024 $25.5M $3.136B $1.906B $1.164B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-100.9M ▲ $900K ▼ $-30.1M ▲ $61.2M ▲ $32M ▲ $-33.4M ▼
Q2-2025 $-103.5M ▼ $100.4M ▲ $-46.2M ▲ $-44.2M ▼ $10M ▲ $53.9M ▲
Q1-2025 $-15.4M ▲ $38.7M ▼ $-51.7M ▼ $14.2M ▲ $1.2M ▲ $-13.8M ▼
Q4-2024 $-101.7M ▼ $76.5M ▼ $-20.5M ▲ $-66.7M ▼ $-10.7M ▼ $13.3M ▼
Q3-2024 $-45.2M $101.6M $-67M $-33.1M $1.5M $31.6M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Product
Product
 $70.00M ▲$160.00M ▲$80.00M ▼$70.00M ▼
Service
Service
 $510.00M ▲$870.00M ▲$520.00M ▼$430.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown sharply versus pre‑IPO levels but appears to have peaked and then stepped down more recently, suggesting the company is feeling the industry slowdown and pricing pressure. Profitability has been inconsistent: operating results swung from losses to solid profits and then back to a small loss, while bottom‑line net income has been negative in most years. Cash earnings (before interest and non‑cash items) are clearly positive but have been easing from prior highs, indicating that while the core business can generate value, margins are under strain and the path to steady, durable profitability is not yet settled.

Balance Sheet

Balance Sheet The balance sheet is asset‑heavy and highly levered, typical for an oilfield services and equipment provider. Total assets have expanded materially since before the IPO, reflecting fleet and infrastructure build‑out, but cash on hand is very thin. Debt has climbed and now represents a large share of the capital structure, while equity turned from negative to positive after going public and is now drifting lower again. This points to meaningful financial leverage, modest balance‑sheet flexibility, and a need for continued discipline on borrowing and capital spending.

Cash Flow

Cash Flow Despite the accounting losses, the business has consistently produced positive operating cash flow since going public, which is a key strength. Capital spending has been sizable but is trending somewhat lower, allowing free cash flow to stay positive in most recent years. In simple terms, the company is generating enough cash from its operations to fund most of its investment needs, but with limited cash reserves and meaningful debt, there is not a big cushion if market conditions weaken further or investment needs rise suddenly.

Competitive Edge

Competitive Edge ProFrac’s strategy is to stand out in a crowded oilfield services market through vertical integration and technology. By owning sand mines, manufacturing, logistics, and frac fleets, it aims to control costs, secure supply, and capture more margin across the value chain. Its focus on electric and dual‑fuel fleets, automation, and in‑basin sand positions it as a lower‑cost and lower‑emission provider, which resonates with larger, efficiency‑driven customers. However, the business still operates in a highly cyclical, price‑competitive industry where customer spending and activity levels can swing quickly with commodity prices, so its competitive strengths are partly offset by structural industry volatility.

Innovation and R&D

Innovation and R&D Innovation is centered on applied technology and integration rather than traditional lab‑style R&D. ProFrac is pushing electric and dual‑fuel fleets to cut fuel use and emissions, deploying an automated fracturing platform across its fleets, and rolling out “closed‑loop” fracturing that uses real‑time data to fine‑tune well completions. Complementary efforts include idle‑management for pumps, in‑basin proppant supply, lower‑water fluid systems, and the Livewire Power initiative for distributed power. The company is also exploring applications in areas like geothermal, which could diversify its end markets over time. Execution will matter: scaling these technologies profitably and proving consistent performance benefits for customers are the key watch‑points.

Summary

ProFrac is a relatively young public company that has grown quickly, built a vertically integrated platform, and carved out a technology‑forward niche in hydraulic fracturing. The financial story is mixed: healthy operating cash generation and a strong asset base on one hand, but volatile earnings, pressured margins, thin cash, and substantial leverage on the other. Its competitive edge rests on integration, efficiency, and lower‑emission solutions, which align with long‑term industry trends but do not remove the underlying cyclicality of oil and gas spending. Future results will hinge on stabilizing profitability, managing debt and capital spending carefully, and successfully monetizing its newer technologies and power initiatives at scale.

NEWS

November 10, 2025 · 5:00 AM UTC

ProFrac Holding Corp. Reports Third Quarter 2025 Results

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October 27, 2025 · 4:15 PM UTC

ProFrac Holding Corp. Announces Third Quarter 2025 Earnings Release and Conference Call Schedule

Read more