Forensic Analysis · Machinery & Fabricated Metal Products · as of Nov 9, 2026
Solaris Energy Infrastructure, Inc. (SEI)
A forensic read on Solaris Energy Infrastructure, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.9
Distress distance
Clean
Earnings quality
2
Forensic signals
6.6%
ROE
98.7%
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 (auditor quality, say on pay, board independence, going concern). 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.
Solaris Energy Infrastructure, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
FCF ($438M)
FY2025
Shareholder returns.Returned $22M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($438M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $209M — 10% of that. Capex and the payout together ran $459M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. Over FY2025 cash rose $239M and total debt fell $132M, so neither line funded the gap. The FY2025 cash-flow statement filed $5M of debt issued; $3M from sales of property and equipment; net cash used in investing activities of $686M; net cash provided by financing activities of $671M.
8.4%
FY2025
Return on invested capital.Return on invested capital is 8.4% in the latest fiscal year, against 9.8% in FY2023, having run between 6.0% and 9.8% across FY2023–FY2025 with no direction held. After-tax operating profit was $42M in FY2023 and $108M in FY2025, with operating income at 17.0% of revenue in FY2023, 16.9% in FY2024 and 21.8% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
Key fundamentals
Latest Revenue$622.2M
Revenue Growth YoY+98.7%
Revenue CAGR (2yr)+45.7%
Net Margin4.8%
Free Cash Flow-$437.7M
Return on Equity6.6%
Debt / Equity0.33x
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 Solaris Energy Infrastructure, Inc.'s actual 10-K/10-Q/8-K filings?