Forensic Analysis · Energy / Oil & Gas · as of Sep 15, 2026
Select Water Solutions, Inc. (WTTR)
A forensic read on Select Water Solutions, 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
4.6
Distress distance
Clean
Earnings quality
4
Forensic signals
90.0
P / E (ttm)
2.6%
ROE
$2.7B
Market cap
1.87%
Dividend yield
-3.1%
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.
Select Water Solutions, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.6, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+22.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +22.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +26% against revenue -3%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 18% of net operating assets, against an accruals ratio of 22.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
1.9%
FY2025
Return on invested capital.Return on invested capital is 1.9% in the latest fiscal year, against -7% in FY2021, having run between -7.4% and 5.8% across FY2021–FY2025 with no direction held — below the ~8% cost of capital we hold this sector to. If that gap persists through the cycle, incremental reinvestment reduces rather than creates value per share. The capital base behind it cannot be compared across FY2021–FY2025: short-term debt and long-term debt are 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.
FCF ($80M)
FY2025
Shareholder returns.Returned $41M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($80M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $215M — 19% 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.
Key fundamentals
Net Margin1.5%
Debt / Equity0.39x
Free Cash Flow-$79.9M
Latest Revenue$1.41B
Return on Equity2.6%
Revenue CAGR (3yr)+0.5%
Revenue Growth YoY-3.1%
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 Select Water Solutions, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 15, 2026. Forensic signals flag probability, not certainty.
Select Water Solutions, Inc. (WTTR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
$271M
FY2019–FY2020
Goodwill impairments.Took $271M of goodwill writedowns across 2 years (FY2019 ($4M), FY2020 ($267M)). Writedowns mean past acquisitions underperformed what was paid for them.