Latest Ratios: P/E Ratio -1.4x · EV/EBITDA 7.4x · ROE -37.7%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $545M | $623M | $1.2B | $1.1B | $1.4B | — | — | — |
| Enterprise Value | $1.7B | $1.8B | $2.5B | $2.2B | $2.4B | — | — | — |
| P/E Ratio → | -1.42 | — | — | — | 14.91 | — | — | — |
| P/S Ratio | 0.29 | 0.32 | 0.57 | 0.42 | 0.56 | — | — | — |
| P/B Ratio | 0.55 | 0.71 | 1.15 | 0.84 | 1.01 | — | — | — |
| P/FCF | 5.66 | 31.78 | 11.06 | 3.87 | 23.06 | — | — | — |
| P/OCF | 2.87 | 3.29 | 3.38 | 2.01 | 3.28 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.92 | 1.14 | 0.85 | 0.98 | — | — | — |
| EV / EBITDA | 7.43 | 6.31 | 6.89 | 3.81 | 3.48 | — | — | — |
| EV / EBIT | — | — | — | 23.17 | 5.76 | — | — | — |
| EV / FCF | — | 91.11 | 22.26 | 7.84 | 40.14 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 3.7% | 3.7% | 11.6% | 17.2% | 28.9% | 7.5% | -5.5% | 20.5% |
| Operating Margin | -6.9% | -6.9% | -2.8% | 6.3% | 17.0% | -2.3% | -17.3% | -1.4% |
| Net Profit Margin | -19.0% | -19.0% | -9.8% | -3.7% | 3.8% | — | -0.4% | -4.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -37.7% | -37.7% | -17.9% | -7.3% | 12.2% | — | -1.0% | -13.5% |
| ROA | -13.3% | -13.3% | -7.1% | -3.3% | 5.1% | — | -0.3% | -5.3% |
| ROIC | -4.6% | -4.6% | -1.9% | 5.2% | 22.1% | -3.0% | -14.0% | -1.6% |
| ROCE | -6.2% | -6.2% | -2.5% | 7.1% | 30.9% | -4.2% | -19.0% | -2.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.35 | 1.35 | 1.18 | 0.87 | 0.77 | 2.04 | 1.56 | 1.05 |
| Debt / EBITDA | 4.19 | 4.19 | 3.51 | 1.97 | 1.53 | 2.46 | 4.95 | 2.47 |
| Net Debt / Equity | — | 1.32 | 1.17 | 0.85 | 0.75 | 2.00 | 1.54 | 0.99 |
| Net Debt / EBITDA | 4.11 | 4.11 | 3.47 | 1.93 | 1.48 | 2.42 | 4.90 | 2.33 |
| Debt / FCF | — | 59.32 | 11.20 | 3.96 | 17.07 | — | — | — |
| Interest Coverage | -1.65 | -1.65 | -0.37 | 0.63 | 6.91 | -0.69 | -4.06 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.81 | 0.81 | 0.87 | 0.98 | 1.27 | 1.02 | 1.00 | 1.02 |
| Quick Ratio | 0.56 | 0.56 | 0.57 | 0.62 | 0.90 | 0.72 | 0.59 | 0.68 |
| Cash Ratio | 0.04 | 0.04 | 0.02 | 0.04 | 0.05 | 0.02 | 0.02 | 0.11 |
| Asset Turnover | — | 0.75 | 0.73 | 0.86 | 0.83 | 1.16 | 0.95 | 1.16 |
| Inventory Turnover | 12.37 | 12.37 | 9.63 | 9.21 | 6.91 | 9.61 | 10.21 | 12.05 |
| Days Sales Outstanding | — | 53.89 | 54.78 | 48.98 | 80.90 | 78.90 | 49.06 | 38.23 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 6.7% | — | — | — |
| FCF Yield | 17.7% | 3.1% | 9.0% | 25.8% | 4.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $160M | $160M | $131M | $54M | $140M | $140M | $39M |
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ACDC stock.
ProFrac Holding Corp.'s current P/E ratio is -1.4x. The historical average is 14.9x.
ProFrac Holding Corp.'s current EV/EBITDA is 7.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.1x.
ProFrac Holding Corp.'s return on equity (ROE) is -37.7%. The historical average is -10.9%.
Based on historical data, ProFrac Holding Corp. is trading at a P/E of -1.4x. Compare with industry peers and growth rates for a complete picture.
ProFrac Holding Corp. has 3.7% gross margin and -6.9% operating margin.
ProFrac Holding Corp.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Liquidity and negative margins
Metrics are mathematically derived from official filings.
Margins Trapped Near Cash Breakeven
Gross margin collapsed to 3.65% TTM, with operating margin at -6.86%, indicating pricing below variable costs. According to quarterly filings, Q1 2025 was the only profitable quarter, suggesting structural cost issues.
The gross margin of 3.65% is far below the peer average, with Liberty Energy reporting 11.4%, implying that ProFrac's vertical integration is not currently translating into pricing power. Operating margin has been negative for eight of the last ten quarters, with the latest quarter at -7.6%, indicating that fixed costs are not being absorbed by revenue. The brief profitability in Q1 2025 (operating margin +2.7%) appears to have been a cyclical blip rather than a sustainable inflection, as margins deteriorated sharply thereafter.
Returns Decaying as Equity Erodes
ROIC has been negative for nine of ten quarters, with the latest at -1.5%, while ROE worsened to -10.6%. Based on reported figures, cumulative losses have eroded equity from $1.2B to $614M, indicating capital destruction.
The persistent negative ROIC, despite a brief positive in Q1 2025, suggests that the company is not generating returns above its cost of capital. The decline in ROE from -1.6% in Q1 2025 to -10.6% in Q2 2026 reflects both operating losses and a shrinking equity base, as retained earnings swung to -$776M. This pattern indicates that the company is not compounding returns but rather decaying, with the vertical integration model failing to offset cyclical pressures.
Working Capital Stretch Masks Cash Strain
CCC improved to 21 days in Q2 2026 from 43 days a year earlier, driven by extended payables (DPO 79). As reported in financial statements, DSO remains elevated at 61 days, indicating collection challenges.
The improvement in cash conversion cycle is primarily due to stretching payables, with DPO rising from 58 to 79 days, which may indicate increasing reliance on supplier financing. DSO has remained sticky around 61 days, suggesting that receivables collection is not improving despite the revenue decline. The current ratio of 0.84 and quick ratio of 0.59 highlight a tight liquidity position, and the working capital improvements appear to be a short-term fix rather than a structural efficiency gain.
Leverage Rising as Losses Accumulate
Debt-to-equity climbed from 0.89 to 1.70 over ten quarters, while interest coverage turned negative at -1.14 in Q2 2026. According to quarterly filings, total debt remains near $1.2B, with equity erosion driving leverage higher.
The rising D/E ratio is not due to new borrowing but rather the shrinking equity base from persistent losses, which is a more concerning form of leverage increase. Interest coverage has been negative for nine of ten quarters, with the latest at -1.14, indicating that operating income is insufficient to cover interest expenses. The D/EBITDA ratio of 20.6 in Q2 2026 is extremely elevated, suggesting that EBITDA is too low to provide a meaningful cushion, and refinancing risk may be elevated if the company needs to access capital markets.
Liquidity Buffer Nearing Critical Low
Current ratio fell to 0.84 and cash dropped to $22.9M, with quick ratio at 0.59. Based on reported figures, the company faces a severe liquidity squeeze if operating conditions do not improve.
The current ratio below 1.0 indicates that current liabilities exceed current assets, and the quick ratio of 0.59 suggests heavy reliance on inventory, which may be difficult to liquidate quickly. With cash of only $22.9M against $1.94B in revenue, the company has minimal buffer to absorb working capital swings or unexpected cash outflows. The negative FCF margin of -1.8% in Q2 2026 and the need for maintenance capex suggest that liquidity could deteriorate further without external financing.
Misapplied EV/EBITDA in Cyclical Downturn
EV/EBITDA of 7.54 appears reasonable, but with negative EBITDA in recent quarters, this multiple is distorted. Investors should focus on EV/Sales or normalized mid-cycle earnings instead.
The EV/EBITDA multiple is commonly used in the oilfield services sector, but for ProFrac, EBITDA is currently depressed due to cyclical trough conditions, making the multiple misleadingly low. A more appropriate metric would be EV/Sales, which at 0.50 reflects the market's skepticism about the company's ability to generate sustainable profits. Additionally, investors should adjust for maintenance capex, which may exceed reported depreciation, to assess true free cash flow potential. The market may be mispricing the company by applying a cyclical multiple to trough earnings, obscuring the structural challenges in the business model.