ProFrac Holding Corp. (ACDC) Stock

ProFrac Holding Corp. (ACDC) is a Energy stock trading at $5.05 (as of 2026-09-02), with a market capitalization of $903.70M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

ProFrac Holding Corp. provides hydraulic fracturing and well completion services, along with related products, to upstream oil and natural gas operators producing unconventional resources in North America. Its operations are organized into Stimulation Services, Manufacturing, and Proppant Production, and it manufactures equipment such as pumps, valves, piping components, and fluid-end systems.

Understand ProFrac Holding Corp.: how it makes money

ProFrac runs hydraulic fracturing fleets and manufactures pumps, sand, and completion equipment for oil and gas operators drilling North American shale. Revenue tracks shale well counts directly, and the moat is vertical integration: ProFrac owns the sand, the fleets, and the service, so one company captures the whole frac spend.

The profit engine is fleet utilization: ProFrac owns the pumps and the sand, so every fraced well in North American shale flows through their balance sheet, and margins swing with well counts rather than pricing.

Revenue by segment (latest quarter)
Stimulation Services$0.3B
Proppant Production$0.1B
Manufacturing$0.1B

Business quality (Weak): Operating margin is negative (-8%), revenue is flat, and the business is graded Weak. The assets are real, but the scale does not yet cover the fixed cost of the fleets and sand infrastructure.

Bull case

  • Proppant growth accelerating: Proppant Production revenue reached $120M in the quarter, up 79.1% year over year, showing the vertically integrated sand supply is scaling into a meaningful share (24%) of total revenue.
  • Fleet modernization ahead of peers: 72% of active fleets now use electric or natural-gas-capable equipment, positioning ProFrac with operators facing emissions mandates and giving the company a competitive edge in bid evaluations.

Bear case

  • Burning cash at the operating level: Operating margin sits at -8% while quarterly revenue is essentially flat at $500M (-1% YoY), meaning the company cannot yet generate operating profit at its current scale.
  • Manufacturing arm in retreat: Manufacturing revenue of $50M fell 27.3% year over year, eroding the equipment-side diversification that was supposed to offset cyclical swings in frac service demand.
Valuation — source: SEC EDGAR (first-party)
Price$5.05
Market Cap$903.70M
EV / EBITDA13.4
Price / Book1.40
Price / Sales0.51
FCF Yield2.2%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.94B
Net Margin-19.0%
Revenue Growth (YoY)-0.8%
EPS Growth (YoY)-32.8%
FCF Growth (YoY)-116.3%
Financial Health — source: SEC EDGAR
Altman Z-Score0.39 (distress)
Valuation vs Sector & Industry
Sector P/E (Energy)16.1
Industry P/E (Petroleum & Natural Gas)15.4
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderFirst Financial Bankshares Inc ($24.11M)
Institutional Holders Tracked10
Company
SectorEnergy
IndustryPetroleum & Natural Gas
CEOJohnathan Ladd Wilks
Employees3,077
CountryUS
IPO Date2023-03-30

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ACDC earnings history · ACDC institutional & insider holders · ACDC KPIs & operating metrics · ACDC financials · ACDC investor presentations & press releases · ACDC SEC filings · ACDC peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.