Forensic Analysis · Energy / Oil & Gas · as of Sep 25, 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
-1.1
Distress distance
Clean
Earnings quality
4
Forensic signals
-2.1
P / E (ttm)
-51.4%
ROE
$845M
Market cap
0.00%
Dividend yield
-11.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Profrac Holding Corp. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -1.1, 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
-8.5%
FY2025
Return on invested capital.Return on invested capital is -8.5% in the latest fiscal year and slipping across FY2023–FY2025 from 5.2%. After-tax operating profit was $132M in FY2023 and ($178M) in FY2025, with operating income at 6.3% of revenue in FY2023, -2.8% in FY2024 and -11.6% in FY2025. The capital base behind it came down -17% across FY2023–FY2025, from $2.5B to $2.1B, so this is a return struck on a smaller base rather than a record of money put to work. FY2024's operating profit carried a $74M goodwill write-off that alone took about 2.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+13.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +29% over the last 2 years to FY2025 (+13.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~13.4% 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 FY2023 has been diluted ~22%.
0.5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.5% of revenue and 47% of free cash flow in FY2025 — about $0.06 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 13.7% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$86M
FY2024–FY2025
Key fundamentals
Latest Revenue$1.94B
Revenue Growth YoY-11.4%
Revenue CAGR (2yr)-14.1%
Net Margin-19.0%
Free Cash Flow$19.6M
Return on Equity-51.4%
Debt / Equity1.42x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Profrac Holding Corp.'s actual 10-K/10-Q/8-K filings?
Took $86M of goodwill writedowns across 2 years (FY2024 ($74M), FY2025 ($11M)). Writedowns mean past acquisitions underperformed what was paid for them.