Debt-to-equity rose from 0.89 to 1.70 over ten quarters, with equity eroding to $614M and cash at $18.8M, indicating a strained liquidity position (current ratio 0.84).
ProFrac Holding Corp. (ACDC) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 619M | 483.5M | 574.1M | 638.1M | 865.4M | 251.7M | 139.69M | 168.02M |
| Cash & Short-Term Investments | 43.6M | 22.9M | 14.8M | 25.3M | 35.1M | 5.4M | 2.95M | 17.84M |
| Cash Only | 43.6M | 22.9M | 14.8M | 25.3M | 35.1M | 5.4M | 2.95M | 17.84M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 348.4M | 286.7M | 328.8M | 352.9M | 537.6M | 166.1M | 73.62M | 88.78M |
| Days Sales Outstanding | 62.55 | 53.89 | 54.78 | 48.98 | 80.9 | 78.9 | 49.06 | 38.23 |
| Inventory | 194.9M | 151.3M | 201.1M | 236.6M | 249.5M | 74M | 56.6M | 55.91M |
| Days Inventory Outstanding | 36.92 | 29.52 | 37.89 | 39.64 | 52.82 | 38 | 35.76 | 30.3 |
| Other Current Assets | 32.1M | 22.6M | 29.4M | 23.3M | 43.2M | -13K | 0 | 0 |
| Total Non-Current Assets | 1.87B | 2.09B | 2.41B | 2.43B | 2.07B | 412.7M | 437.59M | 560.57M |
| Property, Plant & Equipment | 1.42B | 1.62B | 1.92B | 1.87B | 1.51B | 363.5M | 429.68M | 556.11M |
| Fixed Asset Turnover | 1.25x | 1.20x | 1.14x | 1.41x | 1.61x | 2.11x | 1.27x | 1.52x |
| Goodwill | 290.2M | 290.2M | 302M | 325.9M | 240.5M | 0 | 0 | 0 |
| Intangible Assets | 85M | 111.8M | 148.9M | 173.5M | 203.1M | 27.8M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 7.5M | 28.9M | 58.6M | 4.2M | 1.26M | 0 |
| Other Non-Current Assets | 53.1M | 40M | 35.8M | 37.8M | 56.3M | 17.2M | 6.64M | 4.47M |
| Total Assets | 2.49B | 2.57B | 2.99B | 3.07B | 2.93B | 664.6M | 577.28M | 728.59M |
| Asset Turnover | 0.75x | 0.75x | 0.73x | 0.86x | 0.83x | 1.16x | 0.95x | 1.16x |
| Asset Growth % | -49.92% | -13.89% | -2.69% | 4.67% | 341.41% | 15.13% | -20.77% | - |
| Total Current Liabilities | 686.9M | 597.4M | 660M | 648.9M | 683.9M | 246.7M | 140.24M | 163.94M |
| Accounts Payable | 378.5M | 299.3M | 324.3M | 340.9M | 339.4M | 136.7M | 94.86M | 94.53M |
| Days Payables Outstanding | 71.02 | 58.39 | 61.1 | 57.12 | 71.85 | 70.2 | 59.94 | 51.22 |
| Short-Term Debt | 155.4M | 194.5M | 190.6M | 126.4M | 127.6M | 31.8M | 15.48M | 19.2M |
| Deferred Revenue (Current) | 4.9M | 800K | 15M | 50.8M | 38.9M | 0 | 0 | 0 |
| Other Current Liabilities | 531.5M | 56.1M | 32.2M | 82.2M | 46.9M | 42.5M | 0 | 0 |
| Current Ratio | 0.90x | 0.81x | 0.87x | 0.98x | 1.27x | 1.02x | 1.00x | 1.02x |
| Quick Ratio | 0.62x | 0.56x | 0.57x | 0.62x | 0.90x | 0.72x | 0.59x | 0.68x |
| Cash Conversion Cycle | 28.45 | 25.02 | 31.57 | 31.5 | 61.86 | 46.7 | 24.89 | 17.3 |
| Total Non-Current Liabilities | 1.1B | 1.09B | 1.25B | 1.09B | 899M | 269.8M | 260.23M | 279.84M |
| Long-Term Debt | 987.3M | 875.6M | 932.2M | 935.6M | 797.8M | 269.8M | 260.23M | 279.84M |
| Capital Lease Obligations | 311.2M | 115.5M | 149.3M | 74.3M | 81M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 47.2M | 11.8M | 14.9M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 102.9M | 92.1M | 155.6M | 83.3M | 20.2M | 0 | 0 | 0 |
| Total Liabilities | 1.79B | 1.69B | 1.91B | 1.74B | 1.58B | 516.5M | 400.46M | 443.78M |
| Total Debt | 1.14B | 1.19B | 1.27B | 1.16B | 1.04B | 301.6M | 275.71M | 299.04M |
| Net Debt | 1.1B | 1.16B | 1.26B | 1.14B | 1.01B | 296.2M | 272.76M | 281.2M |
| Debt / Equity | 1.81x | 1.35x | 1.18x | 0.87x | 0.77x | 2.04x | 1.56x | 1.05x |
| Debt / EBITDA | 4.97x | 4.19x | 3.51x | 1.97x | 1.53x | 2.46x | 4.95x | 2.47x |
| Net Debt / EBITDA | 4.78x | 4.11x | 3.47x | 1.93x | 1.48x | 2.42x | 4.90x | 2.33x |
| Interest Coverage | -1.71x | -1.65x | -0.37x | 0.63x | 6.91x | -0.69x | -4.06x | - |
| Total Equity | 632M | 880.7M | 1.08B | 1.33B | 1.35B | 148.1M | 176.81M | 284.81M |
| Equity Growth % | -108.9% | -18.16% | -19% | -1.64% | 812.02% | -16.24% | -37.92% | - |
| Book Value per Share | 3.47 | 5.50 | 6.72 | 10.15 | 25.01 | 1.06 | 1.26 | 7.30 |
| Total Shareholders' Equity | 505.3M | 786.3M | 1.01B | 1.27B | -1.18B | 147.1M | 176.81M | 284.81M |
| Common Stock | 1.8M | 1.8M | 1.5M | 1.5M | 1.5M | 0 | 176.81M | 284.81M |
| Retained Earnings | -858.3M | -610.2M | -235.9M | -16M | -1.19B | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 100K | 300K | 0 | 100K | 0 | 0 |
| Minority Interest | 126.7M | 94.4M | 69.2M | 58.7M | 2.54B | 1M | 0 | 0 |
Quick answers to the most common questions about buying ACDC stock.
As of 2025, ProFrac Holding Corp. (ACDC) had total assets of $2.57B including $483.5M in current assets.
ProFrac Holding Corp. (ACDC) carries total debt of $1.19B, offset by $22.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ProFrac Holding Corp. (ACDC) has total shareholders' equity (book value) of $786.3M ($5.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ProFrac Holding Corp. (ACDC) reported a current ratio of 0.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and negative margins
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Amid Revenue Decline
Total assets fell from $3.2B to $2.5B over ten quarters, while equity dropped from $1.2B to $614M, reflecting persistent losses and a shrinking asset base, as per financial statements.
The balance sheet is clearly contracting, with total assets down 22% from the 2024Q2 peak and equity down nearly 50% over the same period. This erosion is driven by cumulative net losses exceeding $700 million, which have depleted retained earnings from -$15.4M to -$776.1M. The trend signals a company that is consuming its capital base, and unless profitability improves, further deterioration is likely.
Leverage Rising as Losses Accumulate
Debt-to-equity climbed from 0.89 to 1.70 over ten quarters, while total debt remained near $1.2B, indicating that equity erosion is driving leverage higher, as reported in quarterly filings.
Although absolute debt has been relatively stable, the debt-to-equity ratio has nearly doubled due to the shrinking equity base. This suggests that the company is not taking on new debt but is becoming more leveraged as losses erode equity. The interest burden on this debt, combined with negative operating margins, raises concerns about the company's ability to service its obligations from operations alone.
Asset Base Shrinks with PPE Write-Downs
Net PPE declined from $2.0B to $1.5B, while goodwill fell from $342M to $290M, indicating asset impairments and reduced investment, based on balance sheet data.
The decline in net PPE suggests that capital expenditures are not keeping pace with depreciation, or that assets are being impaired. Goodwill has also been written down, which may indicate that prior acquisitions are not performing as expected. This asset shrinkage reduces the company's collateral base and may limit future borrowing capacity.
Retained Losses Deplete Equity Base
Retained earnings swung from -$15.4M to -$776.1M over ten quarters, driving equity down to $614M, as reported in the balance sheet, indicating severe earnings drag.
The equity base is being rapidly depleted by sustained net losses, with no offsetting capital raises or share issuance. The negative retained earnings now exceed the total equity, meaning that the company's accumulated losses have wiped out all historical profits and a significant portion of contributed capital. This raises questions about the company's ability to absorb further shocks without external support.
Liquidity Tightens as Cash Dwindles
Current ratio fell from 1.07 to 0.84, and cash dropped to $18.8M, indicating a deteriorating liquidity position, as per the latest balance sheet.
The current ratio has fallen below 1, meaning current liabilities exceed current assets, which is a classic sign of liquidity stress. Cash reserves are minimal relative to the company's size, and with negative operating margins, the company may struggle to meet short-term obligations without additional financing or asset sales. This tight liquidity is a key risk, especially given the capital-intensive nature of the business.
Hidden Risks in Asset Valuation
The low debt-to-equity ratio of 1.70 may understate true leverage, as off-balance-sheet obligations and asset impairments could be masking financial strain, based on reported figures.
While the reported debt-to-equity ratio appears moderate, the company's negative retained earnings and shrinking asset base suggest that the quality of assets may be overstated. The decline in PPE and goodwill could indicate that impairments are not fully reflected, and the company's vertical integration may not be generating the expected synergies. Investors should monitor the sustainability of asset values and the potential for further write-downs.