Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
ProPetro Holding Corp. (PUMP)
A forensic read on ProPetro 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
Grey Zone
Financial health
2.1
Altman Z-score
Clean
Earnings quality
6
Forensic signals
-1.4%
ROE
$1.8B
Market cap
ProPetro Holding Corp. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.1, placing it in the Grey zone. 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
0%Return on invested capital.Return on invested capital is 0% and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
1% of revStock-based comp load.Stock-based compensation ran 1% of revenue and 37% of free cash flow in FY2025 — about $0.16 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.
stoppedShareholder returns — halted.Capital returns have STOPPED — $59M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash; understand why before reading it as neutral.
58d DSOReceivables vs revenue.Days sales outstanding moved from 50 to 58 days FY2024→FY2025 (receivables +2% vs revenue -12%). Receivables are creeping up relative to sales — watch the trend.
-0.5%/yrShare-count dilution.Diluted share count changed -1% over the last 3 years to FY2025 (-0.5%/yr). Roughly flat — buybacks are about offsetting stock comp, not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$24MGoodwill impairments.Took $24M of goodwill writedowns across 1 year(s) (FY2024 ($24M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin0.1%
Debt / Equity0.14x
Free Cash Flow$45.3M
Latest Revenue$1.27B
Return on Equity0.1%
Revenue Growth YoY-12.1%
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 ProPetro Holding Corp.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about PUMP'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