ProFrac Holding Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data ProFrac Holding Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	548	768	2,426	2,630	2,191	1,942
Cost of revenue	548	768	2,426	1,740	1,495	1,455
Gross profit	0	0	0	890	696	487
Selling, general and administrative	48.2	64.2	225	234	205	191
Operating income	-95	-18	412	167	-60.4	-226
Interest expense	23.3	25.8	59.5	155	157	139
Other non-operating income	0.3	0.6	16.5	-36.2	3	-3.8
Pre-tax income	-118	-43.7	352	-58	-215	-368
Income tax	0.5	-0.2	9.1	1.2	-7	-12.9
Net income	-119	-42.4	91.5	-97.7	-215	-369
EBITDA	55.7	123	680	605	382	191
EPS, basic			2.06	-0.82	-1.38	-2.22
EPS, diluted			2.06	-0.82	-1.38	-2.22
Shares, basic (weighted)			44.3	131	160	168
Shares, diluted (weighted)			44.5	131	160	168

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3	5.4	35.1	25.3	14.8	22.9
Receivables		162	536	346	313	267
Inventory		74	250	237	201	151
Other current assets		6.2	43.2	23.3	29.4	22.6
Total current assets		252	3	638	574	484
Property, plant and equipment		364	1,396	1,779	1,761	1,464
Lease right-of-use assets			113	87.2	159	154
Goodwill			241	326	302	290
Intangible assets		27.8	203	174	149	112
Long-term investments		4.2	58.6	28.9	7.5
Other non-current assets		17.2	56.3	37.8	43.3	40
Total assets		665	1,282	3,071	2,988	2,573
Accounts payable		137	339	319	324	257
Accrued liabilities		22.5	104	65.6	67.2	74
Deferred revenue			23.1	7.3	7.4	0.8
Short-term debt		31.8	128	126	160	145
Total current liabilities		247	3.4	649	660	597
Long-term debt		270	798	942	944	876
Lease liabilities			81	67.8	137	116
Other non-current liabilities			20.2	15.2	9.2	10.1
Total liabilities		517	3.4	1,742	1,849	1,692
Total debt		235	735	924	936	833
Paid-in capital				1,225	1,241	1,326
Retained earnings			-1,186	-16	-236	-610
Shareholders' equity		147	-1,184	1,211	1,007	718
Minority interests		1	72.2	58.7	69.2	94.4
Total equity		148	-1,112	1,270	1,076	812
Total liabilities and equity		665	1,282	3,071	2,988	2,573

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-119	-42.4	343	-59.2	-208	-356
Depreciation and amortization	151	141	267	438	442	416
Stock-based compensation			67.4	29.8	7.3	9.3
Deferred income tax			3.7	0.1	-10.7	-14.1
Change in receivables	12.4	-89.6	-203	205	55.5	26.9
Change in inventory	-3.5	-16.1	-105	19.1	64.7	38.8
Change in payables	-5.1	31.6	42.9	-68.2	-7.6	-22.4
Cash from operations	45.1	43.9	415	554	367	190
Capital expenditures	-48	-87.4	-356	-267	-255	-170
Acquisitions	-1.3	-4.3	-641	-455	-194
Cash from investing	-44.6	-78.4	-1,029	-716	-372	-164
Debt issued	86.4	160	819	1,220	137	119
Debt repaid	-80.1	-147	-532	-947	-157	-136
Stock issued			329		0	83
Cash from financing	-15.3	36.9	646	150	-5.5	-17.7
Net change in cash	-14.8	2.4	32.5	-12.6	-10.5	8.1
Free cash flow	-2.9	-43.5	59	287	112	19.6
Interest paid	21	23.5	35	139	138	126
Income taxes paid	0.4	-0.2	4.8	0.3	3	2.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to September 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.53 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.8%	Gross profit / revenue.
Operating margin	-11.8%	Operating income / revenue.
EBITDA margin	9.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-19.0%	Pre-tax income / revenue.
Net margin	-20.4%	Net income / revenue.
FCF margin	-0.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.0%	Cash from operations / revenue.
Return on equity (ROE)	-76.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-15.5%	Net income / average total assets.
Return on invested capital (ROIC)	-12.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.8%	Capital expenditures / revenue.
D&A / revenue	20.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-11.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	28.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-30.0%	Gross profit vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-50.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-34.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	27.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-48.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-23.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	33.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-82.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-30.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-28.7%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-13.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	26.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	5.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	55.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.90x	Current assets / current liabilities.
Quick ratio	0.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.79x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.3%	Total debt / total assets.
Liabilities / assets	71.7%	Total liabilities / total assets.
Net debt	$861.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.08x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-1.69x	Operating income / interest expense.
Working capital	-$67.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	15.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$130.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.76x	Revenue / average total assets.
Fixed asset turnover	1.45x	Revenue / average property, plant and equipment.
Inventory turnover	7.60x	Cost of revenue / average inventory.
Days inventory	48 days	365 x average inventory / cost of revenue.
Receivables turnover	5.44x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Days payables	93 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	22 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	112.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.41	Revenue / diluted weighted shares.
FCF per share	-$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.73	Cash from operations / diluted weighted shares.
Book value per share	$2.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.71	Tangible book value / shares outstanding.
Cash per share	$0.24	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$642.9M	Share price x shares outstanding.
Enterprise value	$1.50B	Market cap + total debt - cash - short-term investments.
P/S	0.34x	Market cap / revenue.
P/B	1.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.94x	Market cap / tangible book value, when positive.
P/OCF	4.84x	Market cap / cash from operations, when positive.
EV/Sales	0.79x	Enterprise value / revenue.
EV/EBITDA	8.86x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.5%	Free cash flow / market cap.
Earnings yield	-60.1%	Net income / market cap (the inverse of P/E).

What was ProFrac Holding Corp.'s revenue in fiscal 2025?

ProFrac Holding Corp. reported revenue of $1.94B for fiscal 2025, 11.4% lower than the year before.

Was ProFrac Holding Corp. profitable in fiscal 2025?

No. It reported a net loss of $369.0M.

How much free cash flow did ProFrac Holding Corp. generate in fiscal 2025?

Cash from operations of $189.5M minus capital expenditures of $169.9M left free cash flow of $19.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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