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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
Select Water Solutions reported revenue of $1.4B in the fiscal year ended Dec 2025, down 3.1% from the year before. Operating income was $29M, an operating margin of 2.0%, and net income was $21M. Operating cash flow of $215M less capital expenditure of $295M left free cash flow of −$80M. Net debt was $298M.
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 | 765 | 1,387 | 1,585 | 1,452 | 1,407 |
| Cost of revenue | 744 | 1,227 | 1,354 | 1,233 | 1,205 |
| Gross profit | 20.9 | 161 | 232 | 219 | 202 |
| Selling, general & admin | 83.1 | 119 | 156 | 160 | 161 |
| Operating income | −65.5 | 39.2 | 61.2 | 54.5 | 28.8 |
| Interest expense | 1.7 | 2.7 | 4.4 | 7.0 | 23.2 |
| Pre-tax income | −49.7 | 56.7 | 19.0 | 49.0 | 19.9 |
| Income tax | 0.1 | 1.0 | −60.2 | 13.6 | −1.6 |
| Net income | −42.2 | 48.3 | 74.4 | 30.6 | 21.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 85.8 | 7.3 | 57.1 | 20.0 | 18.1 |
| Receivables | 233 | 430 | – | – | – |
| Inventory | 44.5 | 41.2 | 38.7 | 38.4 | 34.3 |
| Current assets | 395 | 518 | 454 | 385 | 354 |
| Net PP&E | 392 | 500 | 518 | 726 | 912 |
| Goodwill | – | – | 4.7 | 18.2 | 48.5 |
| Total assets | 950 | 1,223 | 1,218 | 1,366 | 1,596 |
| Payables | 36.0 | 61.5 | 42.6 | 39.2 | 49.7 |
| Deferred revenue | 8.2 | 0.3 | 1.7 | 1.1 | 2.8 |
| Current liabilities | 162 | 231 | 212 | 233 | 226 |
| Short-term debt | – | – | – | – | 31.3 |
| Long-term debt | – | 16.0 | 0.0 | 85.0 | 285 |
| Total liabilities | 255 | 339 | 326 | 451 | 669 |
| Shareholders' equity | 592 | 766 | 772 | 794 | 806 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −16.2 | 33.2 | 285 | 235 | 215 |
| Capital expenditure | 40.0 | 71.9 | 136 | 173 | 295 |
| Free cash flow | −56.2 | −38.7 | 149 | 61.7 | −79.9 |
| Depreciation & amortisation | 92.5 | 116 | 2.3 | 3.4 | 5.3 |
| Stock-based compensation | 9.5 | 15.6 | 17.4 | 26.4 | 19.9 |
| Acquisitions | 34.7 | 7.0 | 17.7 | 161 | 53.6 |
| Share buybacks | 1.2 | 20.2 | 61.8 | 7.9 | 7.3 |
| Dividends paid | – | 6.0 | 24.9 | 29.7 | 33.7 |
| Dividend per share | – | 0.05 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 81.5% | 14.3% | −8.4% | −3.1% |
| Operating income growth (YoY) | – | – | 56.2% | −10.9% | −47.1% |
| Gross margin | 2.7% | 11.6% | 14.6% | 15.1% | 14.4% |
| Operating margin | −8.6% | 2.8% | 3.9% | 3.8% | 2.0% |
| Net margin | −5.5% | 3.5% | 4.7% | 2.1% | 1.5% |
| Return on equityBlank when equity is negative | −7.1% | 6.3% | 9.6% | 3.9% | 2.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.3% | 3.9% | 6.1% | 4.8% | 2.1% |
| Free cash flow margin | −7.4% | −2.8% | 9.4% | 4.3% | −5.7% |
| Cash conversion (CFO ÷ net income) | 0.38x | 0.69x | 3.84x | 7.66x | 10.1x |
| Receivable days | 111 | 113 | – | – | – |
| Inventory days | 22 | 12 | 10 | 11 | 10 |
| Payable days | 18 | 18 | 11 | 12 | 15 |
| Interest cover | −38.3x | 14.5x | 13.9x | 7.82x | 1.24x |
| Debt ÷ equity | – | 0.02x | 0.00x | 0.11x | 0.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 8.7 | −57.1 | 65.0 | 298 |
| Current ratio | 2.44x | 2.24x | 2.15x | 1.65x | 1.57x |
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.