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ProFrac Holding
(NASDAQ:ACDC)
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Rating:46Neutral
Price Target:
$3.50
▼(-17.84% Downside)
Action:Reiterated
Date:07/06/26
The score is held down primarily by weak financial performance (profitability deterioration, higher leverage, and diminished free cash flow) and bearish technicals (below key moving averages with negative MACD). These are partially offset by a more constructive earnings-call outlook (sequential improvement and cost savings/pricing initiatives) and a liquidity-positive refinancing that extends ABL maturity.
Positive Factors
Run-rate cost savings progress
Substantially achieving a $100M run-rate cost program is a durable margin lever: sustained lower labor, SG&A and capex intensity supports structurally higher adjusted EBITDA margins and cash generation over multiple quarters, improving prospects for deleveraging and reinvestment.
Negative Factors
Elevated and rising leverage
A debt-to-equity near 1.7 after rising materially constrains financial flexibility. Elevated leverage increases interest and covenant risk, limits capacity to absorb commodity or demand shocks, and prolongs the time required to reach a durable investment-grade balance sheet absent sustained cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Run-rate cost savings progress
Substantially achieving a $100M run-rate cost program is a durable margin lever: sustained lower labor, SG&A and capex intensity supports structurally higher adjusted EBITDA margins and cash generation over multiple quarters, improving prospects for deleveraging and reinvestment.
Read all positive factors
ProFrac Holding (ACDC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$671.22M
Dividend YieldN/A
Average Volume (3M)1.38M
Price to Earnings (P/E)―
Beta (1Y)1.45
Revenue Growth-18.94%
EPS Growth-69.29%
CountryUS
Employees2,280
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)-2.66
Shares Outstanding180,920,750
10 Day Avg. Volume1,415,923
30 Day Avg. Volume1,380,912
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.79
Price to Sales (P/S)0.32
P/FCF Ratio31.78
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$5.25Price Target Upside23.24% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)-1.22
Revenue Forecast (FY)$1.92B
ProFrac Holding Business Overview & Revenue Model
Company Description
ProFrac Holding Corp. operates as an integrated energy services provider, delivering a range of solutions including hydraulic fracturing and well completion services, along with other related products, to upstream oil and gas enterprises. These cl...
How the Company Makes Money
ProFrac primarily makes money by providing hydraulic fracturing (pressure pumping) services to exploration and production (E&P) customers. Revenue is generated under service agreements where ProFrac is paid for supplying and operating fracturing f...
ProFrac Holding Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed an overall constructive and improving outlook: management delivered quarter results that outperformed expectations despite weather-related headwinds, reported record operational efficiency in stimulation services, and documented meaningful progress on a $100 million run-rate cost savings program. They also highlighted positive market dynamics (geopolitical-driven tightening), executed price increases for most fleets, and promoted technology differentiation (Makena, e-blenders) that could drive longer-term value. Offsetting factors include a significant QoQ profitability drop in Proppant Production, negative free cash flow, elevated debt/revolver usage, operational issues at proppant mines, and emerging input cost pressures. Management expects sequential improvement in Q2 and further gains into the back half of the year.Positive Updates
Modest Revenue Growth
Total revenue of $450 million in Q1 2026, up from $437 million in Q1 2025 (approx. +3%).
Negative Updates
Proppant Production Profitability Decline
Proppant Production revenues were $120 million (vs $115 million in Q4) but adjusted EBITDA fell to $7 million from $16 million QoQ (a decline of ~$9 million, or roughly -56% QoQ), and margins declined to 5.4% from 13.9% in Q4. Management attributed impacts to weather, operational issues, lower throughput, and reduced third-party sales mix (28% vs 39% in Q4).
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Q1-2026 Updates
Positive
Negative
Modest Revenue Growth
Total revenue of $450 million in Q1 2026, up from $437 million in Q1 2025 (approx. +3%).
Read all positive updates
Company Guidance
Management said Q2 should trend higher sequentially and indicated adjusted EBITDA in Q2 is likely to exceed Q1 by more than the ~ $9.3M weather headwind, with positive net income targeted within a couple of quarters; Q1 results were revenue $450M, adjusted EBITDA $54M (11.9% margin; pro forma ~13.6% without the $9.3M weather impact), free cash flow -$25M, Stimulation Services revenue $407M and adj. EBITDA $32M (7.8%, with ~$7.8M weather hit), Proppant Production revenue $120M and adj. EBITDA $7M (5.4%, with ~$1.5M weather hit), Manufacturing revenue $48M and adj. EBITDA $7M, and Flotek revenue $72M and adj. EBITDA $11M; they’ve achieved roughly 65–70% of a $100M run-rate savings target (labor savings at or above the midpoint of a $35–45M target, non‑labor expected $30–40M, CapEx efficiency at the high end of a $20–30M target), 2026 CapEx guidance is $155–185M (ex‑Flotek $145–175M), cash ~$34M, total liquidity ~$108M (ABL availability $80M, ABL borrowings $116M), total debt ~ $1.09B (majority due 2029), active fleets in the low‑20s with March pump hours per fleet >600 (one fleet 682), Makena claims up to 33% perforation performance uplift, e‑blenders reduced MPT ~98%, and management has implemented price increases on the majority of active fleets amid tightening equipment availability.ProFrac Holding Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
44
Neutral
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.79B | 1.94B | 2.19B | 2.63B | 2.43B | 768.40M |
| Gross Profit | -5.90M | 70.90M | 253.60M | 451.50M | 701.50M | 57.60M |
| EBITDA | 114.30M | 186.70M | 384.00M | 535.30M | 678.60M | 122.80M |
| Net Income | -432.90M | -369.00M | -215.10M | -97.70M | 91.50M | 0.00 |
Balance Sheet | ||||||
| Total Assets | 2.55B | 2.57B | 2.99B | 3.07B | 2.93B | 664.60M |
| Cash, Cash Equivalents and Short-Term Investments | 33.50M | 22.90M | 14.80M | 25.30M | 35.10M | 5.40M |
| Total Debt | 1.21B | 1.19B | 1.27B | 1.16B | 1.04B | 301.60M |
| Total Liabilities | 1.77B | 1.69B | 1.91B | 1.74B | 1.58B | 516.50M |
| Stockholders Equity | 687.40M | 786.30M | 1.01B | 1.27B | -1.18B | 147.10M |
Cash Flow | ||||||
| Free Cash Flow | 2.00M | 19.60M | 112.30M | 286.50M | 59.00M | -43.50M |
| Operating Cash Flow | 160.10M | 189.50M | 367.30M | 553.50M | 415.20M | 43.90M |
| Investing Cash Flow | -146.50M | -163.70M | -372.30M | -715.80M | -1.03B | -78.40M |
| Financing Cash Flow | 3.90M | -17.70M | -5.50M | 149.70M | 645.90M | 36.90M |
ProFrac Holding Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $846.55M | 28.23 | 28.83% | ― | 24.72% | 72.35% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
60 Neutral | $477.10M | 19.00 | 8.98% | 0.34% | 0.35% | ― | |
57 Neutral | $1.11B | 113.40 | 2.51% | ― | 4.09% | -93.54% | |
56 Neutral | $1.33B | -98.23 | -1.43% | ― | -15.14% | 92.26% | |
55 Neutral | $1.20B | 56.38 | 1.91% | 2.93% | 25.36% | -59.73% | |
46 Neutral | $671.22M | -1.52 | -55.10% | ― | -18.94% | -69.29% |
* Energy Sector Average
ACDC
ProFrac Holding
4.04
-2.47
-37.94%
CLB
Core Laboratories
10.64
0.14
1.34%
FTK
Flotek
23.54
12.14
106.49%
RES
RPC
5.61
1.27
29.20%
TTI
Tetra Technologies
7.70
3.84
99.48%
PUMP
Propetro Holding
11.10
6.03
118.93%
ProFrac Holding Corporate Events
Business Operations and StrategyPrivate Placements and Financing
ProFrac Holding Secures New Asset-Based Credit Facility
Positive
Jul 6, 2026
On July 1, 2026, ProFrac Holdings II, LLC, as borrower, entered into a new $300 million asset-based revolving credit facility with Eclipse Business Capital LLC, replacing the company’s prior $275 million ABL facility arranged by JPMorgan Cha...
Executive/Board ChangesShareholder Meetings
ProFrac Shareholders Reinforce Board, Pay and Auditor Support
Positive
Jun 1, 2026
At its annual meeting of stockholders held on May 27, 2026, ProFrac Holding Corp. shareholders elected six directors, including Matthew D. Wilks and other nominees, to serve one-year terms until the 2027 annual meeting. The voting results showed s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.