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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
Solaris Energy Infrastructure reported revenue of $622M in the fiscal year ended Dec 2025, up 98.7% from the year before. Operating income was $135M, an operating margin of 21.8%, and net income was $30M. Operating cash flow of $209M less capital expenditure of $647M left free cash flow of −$438M. It held more cash than debt (net cash $169M).
Ranks among the 17 oil & gas equipment & services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 146 | 300 | 293 | 313 | 622 |
| Cost of revenue | 115 | 220 | 178 | – | – |
| Gross profit | 30.3 | 80.2 | 115 | – | – |
| Selling, general & admin | 19.3 | 23.1 | 27.0 | 35.6 | 61.7 |
| Operating income | −0.4 | 41.8 | 49.9 | 52.8 | 135 |
| Net interest incomeBanks | −0.2 | −0.5 | −3.3 | – | – |
| Interest expense | – | – | 3.5 | 13.3 | 27.6 |
| Pre-tax income | −0.6 | 41.3 | 46.6 | 36.9 | 73.1 |
| Income tax | 0.6 | 7.8 | 7.8 | 8.0 | 14.7 |
| Net income | −0.9 | 21.2 | 24.3 | 15.8 | 30.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 36.5 | 8.8 | 5.8 | 114 | 353 |
| Receivables | 29.5 | 64.5 | – | 71.8 | 103 |
| Inventory | 1.7 | 5.3 | 6.7 | 10.9 | 14.4 |
| Current assets | 81.1 | 88.7 | 67.1 | 251 | 483 |
| Net PP&E | 240 | 298 | 325 | – | – |
| Goodwill | 13.0 | 13.0 | 13.0 | 104 | 105 |
| Total assets | 406 | 463 | 468 | 1,130 | 2,143 |
| Payables | 9.9 | 25.9 | 12.7 | 21.1 | 77.5 |
| Deferred revenue | – | – | – | 4.9 | 5.8 |
| Current liabilities | 29.3 | 55.9 | 37.2 | 65.5 | 163 |
| Short-term debt | – | – | – | 8.1 | 4.0 |
| Long-term debt | – | 71.5 | 30.0 | 308 | 180 |
| Total liabilities | 108 | 145 | 153 | 464 | 1,316 |
| Shareholders' equity | 203 | 216 | 206 | 356 | 564 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 16.5 | 68.0 | 89.4 | 59.4 | 209 |
| Capital expenditure | 19.6 | 81.4 | 64.4 | 188 | 647 |
| Free cash flow | −3.2 | −13.4 | 25.0 | −129 | −438 |
| Depreciation & amortisation | 27.2 | 30.4 | 36.2 | 47.2 | 84.3 |
| Stock-based compensation | 5.2 | 6.1 | 7.7 | 10.6 | 23.4 |
| Acquisitions | – | – | 0.0 | 122 | 29.2 |
| Share buybacks | – | – | 26.4 | 8.1 | 0.0 |
| Dividends paid | 13.4 | 13.8 | 14.1 | 14.6 | 21.8 |
| Dividend per share | 0.42 | 0.42 | 0.45 | 0.48 | 0.48 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 105.9% | −2.4% | 6.9% | 98.7% |
| Operating income growth (YoY) | – | – | 19.4% | 5.8% | 156.3% |
| Gross margin | 20.8% | 26.7% | 39.3% | – | – |
| Operating margin | −0.3% | 13.9% | 17.0% | 16.9% | 21.8% |
| Net margin | −0.6% | 7.1% | 8.3% | 5.0% | 4.8% |
| Return on equityBlank when equity is negative | −0.4% | 9.8% | 11.8% | 4.4% | 5.3% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.1% | 10.3% | 11.6% | 5.0% | 6.8% |
| Free cash flow margin | −2.2% | −4.5% | 8.5% | −41.2% | −70.3% |
| Cash conversion (CFO ÷ net income) | −19.0x | 3.21x | 3.67x | 3.76x | 6.93x |
| Receivable days | 74 | 79 | – | 84 | 60 |
| Inventory days | 5 | 9 | 14 | – | – |
| Payable days | 31 | 43 | 26 | – | – |
| Interest cover | – | – | 14.5x | 3.98x | 4.91x |
| Debt ÷ equity | – | 0.33x | 0.15x | 0.89x | 0.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 62.7 | 24.2 | 201 | −169 |
| Current ratio | 2.77x | 1.59x | 1.80x | 3.83x | 2.96x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.