Solaris Energy Infrastructure, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Solaris Energy Infrastructure, Inc. 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	18.2	67.4	197	242	103	159	320	293	313	622
Cost of revenue				87.7	65.8	115	220	178
Gross profit				154	37.2	43.7	100	115
Research and development	0.48	0.21	0	0	0
Selling, general and administrative	2.1	14.3	16.8	18.6	16.5	19.3	23.1	27	35.6	61.7
Operating income	2.86	25.5	99.3	108	-59.9	-0.39	41.8	49.9	52.8	135
Interest expense	0.02	0.1	0.37	0.63				3.45	13.3	27.6
Interest income								0.14	1.46	6.73
Other non-operating income	0.01
Pre-tax income	2.85	48.4	98.9	107	-60.1	-0.63	41.3	46.6	36.9	73.1
Income tax	0.04	33.7	13	16.9	-8.97	0.63	7.8	7.82	8.01	14.7
Net income to minority interests		15.2	43.5	38.4	-21.8	-0.39	12.4	14.4	13.1	28.2
Net income	2.8	-4.17	42.4	52	-29.3	-0.87	21.2	24.3	15.8	30.2
EBITDA	6.65	32.1	118	135	-32.9	26.8	72.2	86.1	100	220
EPS, basic		-0.34	1.60
EPS, diluted		-0.34	1.59
Shares, basic (weighted)		0.01	0.03
Shares, diluted (weighted)		0.01	0.03
Dividend per share			0.10	0.41	0.42	0.42	0.42	0.45	0.48	0.48

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3.57	63.4	25.1	66.9	60.4	36.5	8.84	5.83	114	353
Receivables	4.51	13	39.7	38.6	18.2	29.5	64.5		71.8	91.4
Inventory	1.37	7.53	10.5	7.14	0.95	1.65	5.29	6.67	10.9	15.7
Other current assets	0.09	0.24	1.23	1.84	1.3	2.05	2.14	2.1	8.39	12.2
Total current assets	9.85	87.6	80.8	118	81.7	81.1	88.7	67.1	251	483
Property, plant and equipment	54.4	151	297	307	246	240	298	325
Lease right-of-use assets				7.87	4.71	4.18	4.03	10.7	9.97	10.6
Goodwill	13	17.2	17.2	17.2	13	13	13	13	104	105
Intangible assets	0.04	5.34	4.54	3.76	2.98	2.2	1.43	0.7	71.5	59.8
Other non-current assets		0.26	1.45	0.63	0.46	0.06	0.27	0.34	1.34	15.1
Total assets	77.2	300	459	505	412	406	463	468	1,130	2,143
Accounts payable	0.71	5	9.13	3.82	6.86	9.93	25.9	12.7	21.1	77.5
Accrued liabilities	2.14	15.5	12.7	14.4	12	16.9	25.3	20.3	23.2	67.6
Deferred revenue			13						4.92	0
Short-term debt									8.13	4.03
Total current liabilities	3.08	20.5	35.3	20.4	20.2	29.3	55.9	37.2	65.5	163
Long-term debt	0.28						71.5	30	308	180
Lease liabilities				7.86	7.42	6.7	6.21	11.5	8.06	8.16
Other non-current liabilities			0.63	0.46	0.59	0.38	0.37	0.04	0.04	0.04
Total liabilities	5.89	45.5	118	95.4	96.4	108	145	153	464	1,316
Total debt								30	316	184
Paid-in capital		118	164	192	180	197	203	188	338	538
Retained earnings	2.08	-4.17	35.5	74.2	20.5	5.93	12.8	17.3	17.7	26.1
Treasury stock		-0.26	-1.41	-2.53
Shareholders' equity	71.3	113	198	264	201	203	216	206	356	564
Minority interests		141	142	146	114	94.7	101	110	311	263
Total equity	71.3	254	341	410	315	298	317	316	667	827
Total liabilities and equity	77.2	300	459	505	412	406	463	468	1,130	2,143

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2.8	14.7	86	90.4	-51.1	-1.26	33.5	38.8	28.9	58.4
Depreciation and amortization	3.79	6.64	18.4	26.9	27	27.2	30.4	36.2	47.2	84.3
Stock-based compensation	0.13	3.7	3.86	4.48	4.74	5.21	6.09	7.74	10.6	23.4
Deferred income tax		33.5	12.3	16.1	-9.15	0.13	7.68	7.25	6.47	16.1
Change in receivables	-3.07	-8.47	-26.8	0.85	17.3	-12.2	-34.6	17.2	-19.2	-25.4
Change in inventory	0.33	-7.53	-10.5	-2.74	-0.24	-0.98	-4.62	-6.19	-2.25	-3.13
Change in payables	0.04	4.22	4.47	-3.58	3.05	2.96	13.3	-10.6	-3.45	8.51
Cash from operations	4.52	26.7	116	115	43.9	16.5	68	89.4	59.4	209
Capital expenditures	-10.9	-93.9	-161	-34.9	-4.66	-19.6	-81.4	-64.4	-188	-647
Acquisitions		-5						0	-122	-29.2
Cash from investing	-10.9	-99	-161	-34	-3.78	-19.5	-79.5	-62	-305	-686
Stock issued		44.7	0.93	0.29	0.06	0.01	0.01	0	161	0
Share buybacks			-1.15	-3.25	-26.7			-26.4	-8.09	0
Dividends paid			-2.75	-12.8	-12.4	-13.4	-13.8	-14.1	-14.6	-21.8
Cash from financing	3.06	132	5.82	-39	-46.6	-20.8	-16.1	-30.4	400	671
Net change in cash	-3.36	59.9	-38.4	41.8	-6.52	-23.9	-27.7	-3	154	193
Free cash flow	-6.38	-67.2	-44.7	80	39.2	-3.17	-13.4	25	-129	-438
Interest paid	0.02	0.1	0.28	0.28	0.28	0.13	0.25	2.96	11.5	22.4
Income taxes paid	0.04	0.05	0.31	0.66	0.8	0.33	0.37	0.48	0.5	0.8

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 $61.87 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	22.8%	Operating income / revenue.
EBITDA margin	30.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.2%	Pre-tax income / revenue.
Net margin	8.0%	Net income / revenue.
FCF margin	-113.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	61.3%	Cash from operations / revenue.
Effective tax rate	24.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	5.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.5%	Net income / average total assets.
Return on invested capital (ROIC)	6.2%	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	11.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	174.8%	Capital expenditures / revenue.
D&A / revenue	7.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	98.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	24.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	43.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	156.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	48.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	119.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	44.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	90.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	12.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	252.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	45.4%	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	36.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	58.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	37.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	22.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	89.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	66.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	39.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.10x	Current assets / current liabilities.
Quick ratio	1.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.92x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.35x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.7%	Total debt / total assets.
Liabilities / assets	67.8%	Total liabilities / total assets.
Net debt	$1.32B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.67x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.39x	Operating income / interest expense.
Working capital	$478.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	13.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$625.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Receivables turnover	3.29x	Revenue / average receivables.
Days sales outstanding	111 days	365 x average receivables / revenue.
FCF conversion	-1,420.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	285.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	38.9%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.74B	Share price x shares outstanding.
Enterprise value	$6.05B	Market cap + total debt - cash - short-term investments.
P/E	63.3x	Market cap / net income. Only when net income is positive.
P/S	5.06x	Market cap / revenue.
P/B	3.72x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.58x	Market cap / tangible book value, when positive.
P/OCF	8.25x	Market cap / cash from operations, when positive.
EV/Sales	6.46x	Enterprise value / revenue.
EV/EBIT	28.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.5x	Enterprise value / EBITDA, when both are positive.
FCF yield	-22.4%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	0.6%	(Dividends paid + share buybacks) / market cap.

What was Solaris Energy Infrastructure, Inc.'s revenue in fiscal 2025?

Solaris Energy Infrastructure, Inc. reported revenue of $622.2M for fiscal 2025, 98.7% higher than the year before.

Was Solaris Energy Infrastructure, Inc. profitable in fiscal 2025?

Yes. Net income was $30.2M, a net margin of 4.8%.

How much free cash flow did Solaris Energy Infrastructure, Inc. generate in fiscal 2025?

Cash from operations of $209.1M minus capital expenditures of $646.8M left free cash flow of -$437.7M.

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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