Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 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.

D · Weak — demands caution

Forensic grade

Safe

Financial health

5.1

Distress distance

Clean

Earnings quality

Forensic signals

92.3

P / E (ttm)

5.3%

ROE

$4.6B

Market cap

0.84%

Dividend yield

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 (red flags, auditor quality, say on pay, board independence). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 5.1, placing it in the Safe zone. 3 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. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

6.6%

FY2025

Return on invested capital. Return on invested capital is 6.6% in the latest fiscal year and slipping from 9% — slightly below its ~9% cost of capital — reinvestment is roughly a wash.

n/m (stock split)

FY2017–FY2018

Share count (stock split). Diluted share count changed +113% over the last 1 year to FY2018, but that includes a large one-time change around FY2018 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +113.2%/yr figure isn't a real buyback/dilution read here.

Key fundamentals

Latest Revenue$622.2M

Revenue Growth YoY+98.7%

Revenue CAGR (3yr)+24.8%

Net Margin4.8%

Free Cash Flow-$437.7M

Return on Equity5.3%

Debt / Equity0.33x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.