Start here if you're new
what it is
ProFrac helps oil and gas producers crack rock, move sand, and keep wells flowing across North American shale fields.
how it gets paid
FY2025 GAAP revenue was $1.94B vs. $2.19B in 2024 (down ~11.4%). The largest reported segment was Stimulation Services at $1.68B—consolidated revenue is lower than summed segments because of eliminations.
why growth slowed
FY2025 GAAP operating loss was $(225.8)M on $1.94B revenue (~−11.6% operating margin). Consolidated net loss was ~$(356)M; the widening loss vs. 2024 is the headline.
what just happened
Latest quarter revenue hit $437 million, but EPS was still negative. Bigger business, worse economics.
At a glance
C++ balance sheet — some cracks in the foundation
GAAP net loss ~$(356)M FY2025 (press release)
$1.94B FY2025 GAAP revenue
~−11.6% GAAP operating margin FY2025
1.5 beta
xvary composite: 26/100 — weak
What they do
ProFrac helps oil and gas producers crack rock, move sand, and keep wells flowing across North American shale fields.
ProFrac’s edge is vertical integration—frac, proppant, manufacturing, and chemistry (incl. Flotek)—under one roof. Leverage is material: ~$1.05B principal debt and ~$1.03B net debt at Dec 31, 2025, with ~$152M liquidity including ABL availability—so every dollar of operating friction hits credit metrics fast.
How they make money
$1.94B
FY2025 GAAP revenue · −11.4% YoY vs. $2.19B in 2024
Stimulation Services (segment)
$1.68B
FY2025
Proppant Production (segment)
$336M
FY2025
Flotek (segment)
$244M
FY2025
Manufacturing (segment)
$212M
FY2025
Segment dollars are from ProFrac’s Mar 12, 2026 earnings release (Ex. 99.1); segment totals include intercompany sales and exceed $1.94B consolidated GAAP revenue after eliminations.
The products that matter
hydraulic fracturing services
Stimulation Services
$1.68B segment revenue · FY2025
Stimulation is the core earnings engine inside $1.94B consolidated GAAP revenue (down 11.4% YoY). When calendar and pricing weaken, this segment moves first.
core business
fracturing optimization partnership
ProFrac-Seismos Closed Loop
17.6% stock move
the partnership announcement sent shares up 17.6% in one move. that's real interest, but there is no segment revenue in this snapshot yet, so for now it is a catalyst, not proof.
catalyst watch
Key numbers
−11.6%
GAAP operating margin
FY2025 operating loss $(225.8)M ÷ revenue $1,941.8M in the consolidated statements—this is the clean GAAP profitability line.
~$1.03B
net debt
Company-reported net debt at Dec 31, 2025; principal debt outstanding ~$1.05B in the same release.
$190M
operating cash flow
FY2025 net cash from operations—down from $367M in 2024; the leverage story is cash conversion through the cycle.
$310M
Adjusted EBITDA FY2025
Non-GAAP, but it is how management frames the operating trough: $310M vs. $501M prior year per the release.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- debt / liquidity ~$1.05B principal · ~$1.03B net debt · ~$152M liquidity (Mar 12, 2026 release)
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for ACDC right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY2025
Latest quarter revenue hit $437 million, but EPS was still negative. Bigger business, worse economics.
Q4’25 GAAP revenue $437M vs. $403M in Q3’25; consolidated net loss ~$(141)M with Adjusted EBITDA $61M (non-GAAP) per the Mar 12, 2026 filing tables—sequential improvement, still GAAP-red.
$437M
Q4 GAAP revenue
$(141)M
Q4 net loss
$61M
Q4 Adj. EBITDA
FY2025 GAAP
Full-year revenue $1.94B, operating loss $(225.8)M, net loss ~$(356)M—the snapshot hook’s −11.6% operating margin is this operating loss divided by revenue.
source: SEC EX-99.1 (ProFrac FY/Q4 2025), Mar 12, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is debt service through a weaker U.S. frac cycle.
high
~$1.03B net debt against ~$190M operating cash flow
FY2025 operating cash flow was $190M vs. $367M in 2024 while net debt stayed around $1.03B—cyclical services plus leverage equals tight error bands.
If frac activity weakens again, debt stops being background noise and becomes the main underwriting question.
high
one revenue stream tied to completion activity
Consolidated revenue is still one macro cycle, even with proppant, manufacturing, and chemistry segments—GAAP revenue fell 11.4% in 2025.
There is no uncorrelated “second business” at scale inside these numbers yet.
med
smaller player, harder pricing pressure
ProFrac holds roughly 12% market share versus 18% for Halliburton and 16% for Schlumberger. When customers push on price, the more leveraged mid-tier operator has less bargaining power.
Margin pressure hits faster when you lack the scale advantage of the top two players.
med
partnership enthusiasm without operating evidence
Shares jumped 17.6% on the closed-loop partnership announcement. If that does not show up in margins, revenue retention, or cash flow, the stock gave the news more credit than the business earned.
A catalyst rally can reverse fast when the next filing still looks the same.
~$1.03B net debt, ~$190M operating cash flow, and an 11.4% revenue decline leaves little room for another bad stretch in U.S. completions.
source: institutional data · regulatory filings · risk analysis
Pay attention to
q1 2026 earnings
does weak become stabilization
Management pointed to weather pressure in Q1 and easier comparisons later in 2026. You want to see revenue stop shrinking and losses stop widening. That is the first checkpoint.
cash flow and debt
this is the balance-sheet checkpoint
Operating cash flow was $190M in 2025 against ~$1.03B net debt. If cash flow does not rebound with activity, covenants and refi risk dominate.
pricing and activity
one business means one cycle matters
Revenue declined 11.4% last year in a business that is basically all stimulation services. You are watching for signs that U.S. completion demand is bottoming, not just bouncing for a quarter.
partnership follow-through
a 17.6% rally needs evidence next
The closed-loop partnership got the stock's attention fast. The catch: you still need to see proof in margins, customer adoption, or cash flow before treating it like a new chapter.
Analyst rankings
risk profile
high risk
risk rank 5 — significant risk of large drawdowns.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for ACDC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive