Latest Ratios: P/E Ratio 97.7x · EV/EBITDA 14.5x · ROE 2.3%. (2015–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $1.1B | $1.4B | $784M | $892M | $548M | $349M | $861M | $469M | $1.3B | — |
| Enterprise Value | $3.1B | $1.4B | $1.5B | $781M | $965M | $530M | $255M | $874M | $515M | $1.4B | — |
| P/E Ratio → | 97.65 | 52.60 | 44.13 | 10.54 | 18.48 | — | — | 309.33 | 12.90 | — | — |
| P/S Ratio | 1.92 | 0.78 | 0.93 | 0.49 | 0.64 | 0.72 | 0.58 | 0.67 | 0.31 | 1.89 | — |
| P/B Ratio | 2.19 | 1.18 | 1.48 | 0.88 | 1.01 | 0.79 | 0.49 | 0.77 | 0.42 | 1.23 | — |
| P/FCF | — | — | — | 5.25 | — | — | 4.13 | 9.18 | 7.00 | — | — |
| P/OCF | 12.57 | 5.09 | 5.76 | 2.75 | 26.85 | — | 3.30 | 4.22 | 2.02 | — | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.03 | 1.01 | 0.49 | 0.70 | 0.69 | 0.42 | 0.68 | 0.34 | 2.02 | — |
| EV / EBITDA | 14.53 | 6.89 | 7.00 | 3.88 | 6.28 | 19.83 | — | 6.08 | 2.63 | 19.08 | — |
| EV / EBIT | 85.42 | 33.64 | 26.01 | 30.96 | 16.24 | — | — | 99.57 | 5.51 | — | — |
| EV / FCF | — | — | — | 5.22 | — | — | 3.02 | 9.31 | 7.68 | — | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.0% | 14.0% | 15.1% | 14.6% | 11.6% | 2.7% | -4.8% | 11.5% | 13.0% | 8.3% | -14.6% |
| Operating Margin | 2.5% | 2.5% | 3.8% | 3.9% | 2.8% | -8.6% | -65.2% | 1.8% | 4.0% | -4.3% | -98.9% |
| Net Profit Margin | 1.5% | 1.5% | 2.1% | 4.7% | 3.5% | -5.5% | -56.0% | 0.2% | 2.4% | -2.4% | -0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.3% | 2.3% | 3.4% | 8.4% | 6.1% | -6.0% | -37.2% | 0.3% | 3.4% | -2.4% | -0.3% |
| ROA | 1.4% | 1.4% | 2.4% | 6.1% | 4.4% | -4.6% | -30.5% | 0.2% | 2.7% | -1.9% | -0.2% |
| ROIC | 2.3% | 2.3% | 4.3% | 5.0% | 3.6% | -7.6% | -34.1% | 1.5% | 4.0% | -3.1% | -50.4% |
| ROCE | 2.9% | 2.9% | 5.1% | 6.1% | 4.4% | -8.3% | -39.8% | 1.9% | 5.2% | -3.9% | -63.4% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.40 | 0.40 | 0.14 | 0.06 | 0.09 | 0.10 | 0.11 | 0.08 | 0.06 | 0.09 | 0.05 |
| Debt / EBITDA | 1.78 | 1.78 | 0.63 | 0.27 | 0.52 | 2.52 | — | 0.64 | 0.32 | 1.31 | — |
| Net Debt / Equity | — | 0.38 | 0.12 | -0.00 | 0.08 | -0.03 | -0.13 | 0.01 | 0.04 | 0.09 | -0.07 |
| Net Debt / EBITDA | 1.69 | 1.69 | 0.54 | -0.02 | 0.47 | -0.69 | — | 0.09 | 0.23 | 1.27 | — |
| Debt / FCF | — | — | — | -0.02 | — | — | -1.11 | 0.13 | 0.68 | — | — |
| Interest Coverage | 1.86 | 1.86 | 8.09 | 5.74 | 22.01 | -28.02 | -187.77 | 3.26 | 17.58 | -4.43 | -18.50 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.57 | 1.57 | 1.65 | 2.15 | 2.24 | 2.44 | 3.96 | 2.74 | 2.40 | 2.41 | 2.69 |
| Quick Ratio | 1.42 | 1.42 | 1.49 | 1.96 | 2.06 | 2.16 | 3.58 | 2.49 | 2.15 | 2.17 | 2.67 |
| Cash Ratio | 0.08 | 0.08 | 0.09 | 0.27 | 0.03 | 0.53 | 1.90 | 0.52 | 0.10 | 0.01 | 0.86 |
| Asset Turnover | — | 0.88 | 1.06 | 1.30 | 1.13 | 0.80 | 0.69 | 0.96 | 1.12 | 0.51 | 0.75 |
| Inventory Turnover | 35.31 | 35.31 | 32.06 | 35.02 | 29.80 | 16.73 | 19.00 | 30.44 | 29.57 | 14.23 | 346.18 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 3.1% | 2.2% | 3.2% | 0.7% | — | — | — | — | — | — |
| Payout Ratio | 158.6% | 158.6% | 97.1% | 33.5% | 12.5% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.9% | 2.3% | 9.5% | 5.4% | — | — | 0.3% | 7.8% | — | — |
| FCF Yield | — | — | — | 19.1% | — | — | 24.2% | 10.9% | 14.3% | — | — |
| Buyback Yield | 0.3% | 0.7% | 0.6% | 7.9% | 2.3% | 0.2% | 3.1% | 2.2% | 3.5% | 0.0% | — |
| Total Shareholder Yield | 1.9% | 3.7% | 2.8% | 11.1% | 2.9% | 0.2% | 3.1% | 2.2% | 3.5% | 0.0% | — |
| Shares Outstanding | — | $104M | $102M | $103M | $97M | $88M | $85M | $93M | $74M | $72M | $58M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying WTTR stock.
Select Water Solutions, Inc.'s current P/E ratio is 97.7x. The historical average is 27.7x. This places it at the 100th percentile of its historical range.
Select Water Solutions, Inc.'s current EV/EBITDA is 14.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
Select Water Solutions, Inc.'s return on equity (ROE) is 2.3%. The historical average is -4.3%.
Based on historical data, Select Water Solutions, Inc. is trading at a P/E of 97.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Select Water Solutions, Inc.'s current dividend yield is 1.66% with a payout ratio of 158.6%.
Select Water Solutions, Inc. has 14.0% gross margin and 2.5% operating margin.
Select Water Solutions, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Cyclical demand and margin volatility
Metrics are mathematically derived from official filings.
Premium Priced for Cyclical Recovery
WTTR trades at 104.3x trailing earnings and 36.2x forward, per current valuation metrics, implying the market expects a sharp earnings rebound from cyclical lows, with a modest 1.6% dividend yield offering limited income support.
The trailing P/E of 104.3x is heavily distorted by depressed trailing earnings, while the forward multiple of 36.2x still commands a significant premium to the peer group (LBRT at 24.7x, NCSM at 6.0x). This suggests investors are pricing in a robust recovery in oilfield activity, but the valuation leaves little room for disappointment. The dividend yield of 1.6% is below the typical utility threshold, indicating that income investors may not find WTTR attractive as a bond proxy, and the yield is more comparable to growth-oriented energy services names.
Earned ROE Lags Authorized Levels
WTTR's earned ROE averaged roughly 0.8% over the last ten quarters, per ratio data, far below the typical 9-11% authorized for regulated utilities, indicating that its returns are not supported by a regulatory compact.
The earned ROE has been volatile, ranging from -0.2% in 2024Q4 to 1.9% in 2026Q2, with no clear upward trend. This is consistent with an oilfield services company whose returns are tied to commodity-driven demand, not a stable rate base. The absence of an authorized ROE means that investors cannot rely on regulatory lag or constructive outcomes; instead, they must monitor utilization and pricing power. The recent improvement to 1.9% in 2026Q2 is encouraging but still far below what would justify a utility-like valuation.
Operating Margins Swing with Activity
Operating margin swung from -0.5% in 2025Q3 to 8.7% in 2026Q2, per quarterly filings, indicating that cost recovery is not automatic but depends on operational efficiency and utilization in a cyclical market.
The wide margin swings reflect the lack of regulatory cost recovery mechanisms; WTTR must manage its cost structure dynamically to maintain profitability. The improvement to 8.7% in 2026Q2 suggests that recent cost controls and higher activity are paying off, but the negative margin in 2025Q3 highlights vulnerability to downturns. Investors should monitor unit O&M costs and the ability to pass through input costs, as these are not guaranteed by regulation.
Moderate Leverage with Headroom
Debt-to-capital rose from 0.13 in 2024Q1 to 0.20 in 2026Q2, per ratio data, while interest coverage improved to 6.87x, indicating moderate leverage that provides flexibility for CAPEX but remains sensitive to earnings cyclicality.
The debt-to-capital ratio remains conservative relative to typical utilities, which often run 50-60% debt, but the rapid asset growth (net PPE up 73% per balance sheet analysis) suggests increasing reliance on debt. Interest coverage of 6.87x in 2026Q2 is healthy, but it fell to 1.01x in 2026Q1 and was negative in 2025Q4, underscoring the risk of earnings volatility. The FFO/debt ratio of 16.49% in 2026Q2 is below the 20% threshold often considered strong, indicating that cash flow generation is not yet robust enough to support aggressive leverage.
Dividend Coverage Thin in Downturns
Dividend payout spiked to 101.7% in 2026Q1 and was negative in 2025Q4, per ratio data, indicating that the dividend is not consistently covered by earnings and may be funded by debt or cash reserves during weak periods.
The dividend yield of 1.6% is modest, but the payout ratio has been highly volatile, ranging from 2.1% in 2024Q1 to over 100% in 2026Q1. This suggests that the dividend is not well-supported by earnings in cyclical downturns, and investors should not view it as a stable income stream. The cash flow analysis shows OCF/div coverage averaging 7.9x, but that is skewed by strong quarters; in 2025Q1 coverage was -0.6x. Given the CAPEX program, a high payout ratio could strain internal funding, making external financing necessary.
Misapplying Utility P/E to WTTR
The most misapplied ratio is P/E, as WTTR's trailing earnings are depressed by cyclicality, making the 104.3x multiple misleading; investors should use EV/EBITDA or normalized earnings to assess value.
Comparing WTTR's P/E to regulated utilities is inappropriate because its earnings are not stable or predictable; the trailing P/E is inflated by near-zero earnings in some quarters. EV/EBITDA of 15.4x is more meaningful, but still above peers like LBRT (7.6x), suggesting a premium that may not be justified. Analysts should adjust for the cyclicality by using mid-cycle earnings or a longer-term average ROE to derive a normalized P/E, rather than relying on a single quarter's figures.