Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
ProFrac Holding Corp. (ACDC)
A forensic read on ProFrac Holding Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-1.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-51.8%
ROE
$1.1B
Market cap
ProFrac Holding Corp. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -1.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-9%Return on invested capital.Return on invested capital is -9% and slipping from 29% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+92.7%/yrShare-count dilution.Diluted share count changed +278% over the last 3 years to FY2025 (+92.7%/yr). The count is GROWING — existing holders are being diluted. That's ~92.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~278%.
0% of revStock-based comp load.Stock-based compensation ran 0% of revenue and 47% of free cash flow in FY2025 — about $0.06 per diluted share. Heavy — a large slice of 'free cash flow' is really being paid out in stock, so the true owner cash per share is well below the headline.
$86MGoodwill impairments.Took $86M of goodwill writedowns across 2 year(s) (FY2024 ($74M), FY2025 ($11M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-19.0%
Debt / Equity1.42x
Free Cash Flow$19.6M
Latest Revenue$1.94B
Return on Equity-51.4%
Revenue Growth YoY-11.4%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on ProFrac Holding Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ACDC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown