Select Water Solutions, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Select Water Solutions, 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	302	692	1,529	1,292	605	765	1,387	1,585	1,452	1,407
Cost of revenue	347	635	1,330	1,143	634	744	1,227	1,354	1,233	1,205
Gross profit	-44.1	57.8	198	149	-29.3	20.9	161	232	219	202
Selling, general and administrative	34.6	82.4	103	112	74.4	83.1	119	156	160	161
Operating expenses	255	87.8	137	126	366	86.4	122	170	165	174
Operating income	-299	-30	61.7	23.1	-395	-65.5	39.2	61.2	54.5	28.8
Interest expense	16.1	6.63	5.31	2.69	2.14	1.71	2.7	4.39	6.97	23.2
Other non-operating income	0.63	-2.36	-2.87	-2.95	-3.52	0.68	4.72	2.42	-0.57	-1.14
Pre-tax income	-314	-36	56	6.09	-403	-49.7	56.7	19	49	19.9
Income tax	-0.52	-0.85	1.7	1.95	-1.48	0.15	0.96	-60.2	13.6	-1.61
Net income to minority interests	-6.42	-18.3	17.8	1.35	-63	-7.86	6.58	4.82	4.81	0.24
Net income	-1.04	-16.8	36.5	2.78	-339	-42.2	48.3	74.4	30.6	21.2
EBITDA	-202	73.5	195	144	-293	26.9	155	63.5	57.9	34.1
Dividend per share							0.05

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	40	2.77	17.2	79.3	169	85.8	7.32	57.1	20	18.1
Receivables	75.9	374	342	268	129	233	430
Inventory	1	44.6	45	37.5	33.4	44.5	41.2	38.7	38.4	34.3
Other current assets	7.59	17.8	27.1	26.5	19.6	31.5	34.4	35.5	45.4	38
Total current assets	125	447	432	416	352	395	518	454	385	354
Property, plant and equipment	249	474	503	453	350	392	500	518	726	912
Lease right-of-use assets				70.6	52.3	47.7	47.7	39.5	36.9	28.7
Goodwill	12.2	273	274	267				4.68	18.2	48.5
Intangible assets	11.6	156	148	137	116	108	139	116	124	106
Other non-current assets	7.72	6.26	3.43	4.22	5.08	7.41	18.9	24.6	18.7	18.5
Total assets	405	1,356	1,361	1,348	875	950	1,223	1,218	1,366	1,596
Accounts payable	10.8	52.6	53.8	35.7	13	36	61.5	42.6	39.2	49.7
Accrued liabilities	2.51	45.9	62.5	47.5	21.4	52.1	67.5	66.2	76.2	46.3
Short-term debt		1.97	0.94							31.3
Total current liabilities	46.4	185	180	152	88.8	162	231	212	233	226
Long-term debt		75	45				16		85	285
Lease liabilities			16.8	72.1	61	53.2	46.4	37.8	31.1	21.5
Other non-current liabilities	8.03	13.8	8.36	10.8	19.7	39.8	45.4	39	62.9	92.9
Total liabilities	70.4	293	250	235	169	255	339	326	451	669
Total debt		77	45.9				16	0	85	320
Paid-in capital	113	673	814	915	909	950	1,076	1,008	998	989
Retained earnings	-1.04	-17.9	18.7	21.4	-317	-359	-311	-237	-206	-185
Other comprehensive income		0.3	-0.37
Shareholders' equity	113	657	833	937	593	592	766	772	794	806
Minority interests	222	407	278	176	113	103	118	120	122	121
Total equity	335	1,063	1,111	1,113	706	695	884	892	916	927
Total liabilities and equity	405	1,356	1,361	1,348	875	950	1,223	1,218	1,366	1,596
Shares outstanding		40.3

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-314	-35.1	54.3	4.14	-402	-50.1	54.9	79.2	35.5	21.5
Depreciation and amortization	97.1	103	134	121	102	92.5	116	2.28	3.4	5.32
Stock-based compensation	0.32	7.69	10.4	15.5	5.76	9.47	15.6	17.4	26.4	19.9
Deferred income tax	-0.8	-0.44	-0.45	0.22	-0.1	0.28	-0.19	-62	12.5	-1.22
Change in receivables	1.29	-100	36.5	57.9	143	-80.1	-162	102	46.9	16.1
Change in payables	16.3	22.5	-20.8	-29	-50.1	42.7	22.7	-46.3	-28.8	-29.8
Cash from operations	5.13	-2.9	232	204	106	-16.2	33.2	285	235	215
Capital expenditures	-36.3	-98.7	-165	-110	-21.2	-40	-71.9	-136	-173	-295
Acquisitions		-65.5	-17	-10		-34.7	-6.96	-17.7	-161	-53.6
Sales and maturities of investments						2.3
Cash from investing	-27	-157	-168	-77.4	-5.39	-64.5	-53.2	-137	-319	-405
Debt issued										250
Debt repaid	-298	-111	-90	-50			-22.1
Stock issued			0.76	0.14	0.08	0.06	0.05		0.05
Share buybacks		-0.3	-16.6	-18.6	-10.9	-1.21	-20.2	-61.8	-7.91	-7.29
Dividends paid							-6.02	-24.9	-29.7	-33.7
Cash from financing	45.6	122	-49.3	-64.7	-10.7	-2.54	-58.5	-98.4	46.6	188
Exchange rate effect					0.06	0.01	-0.01	-0	-0.01	0.01
Net change in cash	23.7	-37.3	14.5	62	89.8	-83.2	-78.5	49.8	-37.1	-1.89
Free cash flow	-31.2	-102	67	93.8	84.6	-56.2	-38.7	149	61.7	-79.9
Interest paid	12.8	2	5.24	2.72	1.84	1.49	1.97	4.71	7.14	18.7
Income taxes paid	-0.19	-0.05	-0.55	1.79	-0.17	-0.89	-0.45	1.65	1.82	0.64

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $19.84 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	16.1%	Gross profit / revenue.
Operating margin	3.5%	Operating income / revenue.
EBITDA margin	17.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.6%	Pre-tax income / revenue.
Net margin	2.2%	Net income / revenue.
FCF margin	-5.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.4%	Cash from operations / revenue.
Effective tax rate	-0.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	3.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.
Return on invested capital (ROIC)	3.1%	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	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	22.1%	Capital expenditures / revenue.
D&A / revenue	13.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-47.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-9.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-41.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-39.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-30.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.0%	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	-8.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	86.2%	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	15.2%	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	-229.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	1.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.7%	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	6.3%	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	16.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.3%	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	12.8%	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	1.58x	Current assets / current liabilities.
Quick ratio	0.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.7%	Total debt / total assets.
Liabilities / assets	36.4%	Total liabilities / total assets.
Net debt	$229.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.95x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.13x	Operating income / interest expense.
Working capital	$159.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$892.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	1.39x	Revenue / average property, plant and equipment.
Inventory turnover	25.0x	Cost of revenue / average inventory.
Days inventory	15 days	365 x average inventory / cost of revenue.
FCF conversion	-256.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	135.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	109.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.75B	Share price x shares outstanding.
Enterprise value	$2.98B	Market cap + total debt - cash - short-term investments.
P/E	85.9x	Market cap / net income. Only when net income is positive.
P/S	1.92x	Market cap / revenue.
P/B	2.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.08x	Market cap / tangible book value, when positive.
P/OCF	11.7x	Market cap / cash from operations, when positive.
EV/Sales	2.08x	Enterprise value / revenue.
EV/EBIT	59.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.3x	Enterprise value / EBITDA, when both are positive.
FCF yield	-3.0%	Free cash flow / market cap.
Earnings yield	1.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.

What was Select Water Solutions, Inc.'s revenue in fiscal 2025?

Select Water Solutions, Inc. reported revenue of $1.41B for fiscal 2025, 3.1% lower than the year before.

Was Select Water Solutions, Inc. profitable in fiscal 2025?

Yes. Net income was $21.2M, a net margin of 1.5%.

How much free cash flow did Select Water Solutions, Inc. generate in fiscal 2025?

Cash from operations of $214.7M minus capital expenditures of $294.6M left free cash flow of -$79.9M.

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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