Select Water Solutions, Inc.
WTTR NYSE Oil & Gas Field Services, Nec Financials FY2016–FY2025
Last close · Oct 23, 2026
$18.14
3.4%
Revenue
Total sales reported in the income statement.
$1.4B
3.1%
vs prior year
Operating margin
Operating income as a share of revenue.
2.0%
1.7 pts
Net income
Profit after all expenses, interest and tax.
$21.2M
30.7%
Free cash flow
Cash from operations minus capital spending.
−$79.9M
229.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.6%
2.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
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Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What Select Water Solutions, Inc. does
No business description yet.
- Legal name
- Select Water Solutions, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001104659-26-017085
0001693256
Revenue and margins
Select Water Solutions, Inc. had $1.4B of revenue in fiscal 2025, down 3.1% on the year before.
FY16
Revenue $302M
FY17
Revenue $692M
FY18
Revenue $1.5B
FY19
Revenue $1.3B
FY20
Revenue $605M
FY21
Revenue $765M
FY22
Revenue $1.4B
FY23
Revenue $1.6B
FY24
Revenue $1.5B
FY25
Revenue $1.4B
Q3 '23
Revenue $389M
Q4 '23
Revenue $375M
Q1 '24
Revenue $367M
Q2 '24
Revenue $365M
Q3 '24
Revenue $371M
Q4 '24
Revenue $349M
Q1 '25
Revenue $374M
Q2 '25
Revenue $364M
Q3 '25
Revenue $322M
Q4 '25
Revenue $347M
Q1 '26
Revenue $366M
Q2 '26
Revenue $396M
FY16
Gross −14.6%
Operating −98.9%
Net −0.3%
FCF −10.3%
FY17
Gross 8.3%
Operating −4.3%
Net −2.4%
FCF −14.7%
FY18
Gross 13.0%
Operating 4.0%
Net 2.4%
FCF 4.4%
FY19
Gross 11.5%
Operating 1.8%
Net 0.2%
FCF 7.3%
FY20
Gross −4.8%
Operating −65.2%
Net −56.0%
FCF 14.0%
FY21
Gross 2.7%
Operating −8.6%
Net −5.5%
FCF −7.4%
FY22
Gross 11.6%
Operating 2.8%
Net 3.5%
FCF −2.8%
FY23
Gross 14.6%
Operating 3.9%
Net 4.7%
FCF 9.4%
FY24
Gross 15.1%
Operating 3.8%
Net 2.1%
FCF 4.3%
FY25
Gross 14.4%
Operating 2.0%
Net 1.5%
FCF −5.7%
Gross
Operating
Net
FCF
Q3 '23
Gross 14.5%
Operating 4.3%
Net 3.7%
FCF 19.0%
Q4 '23
Gross 14.6%
Operating 1.8%
Net 7.4%
FCF 13.3%
Q1 '24
Gross 14.4%
Operating 1.9%
Net 1.0%
FCF −0.4%
Q2 '24
Gross 16.5%
Operating 5.6%
Net 3.5%
FCF 9.4%
Q3 '24
Gross 16.8%
Operating 6.6%
Net 4.3%
FCF 3.9%
Q4 '24
Gross 12.7%
Operating 0.7%
Net −0.5%
FCF 3.6%
Q1 '25
Gross 14.9%
Operating 4.2%
Net 2.2%
FCF −14.3%
Q2 '25
Gross 15.9%
Operating 4.2%
Net 2.9%
FCF 0.9%
Q3 '25
Gross 13.5%
Operating −0.5%
Net 0.8%
FCF −7.3%
Q4 '25
Gross 13.1%
Operating −0.1%
Net −0.1%
FCF −1.7%
Q1 '26
Gross 17.8%
Operating 4.9%
Net 2.4%
FCF −18.6%
Q2 '26
Gross 19.4%
Operating 8.7%
Net 5.3%
FCF 4.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$1.0M
FY17
Net income −$16.8M
FY18
Net income $36.5M
FY19
Net income $2.8M
FY20
Net income −$339M
FY21
Net income −$42.2M
FY22
Net income $48.3M
FY23
Net income $74.4M
FY24
Net income $30.6M
FY25
Net income $21.2M
Q3 '23
Net income $14.3M
Q4 '23
Net income $27.6M
Q1 '24
Net income $3.6M
Q2 '24
Net income $12.9M
Q3 '24
Net income $15.8M
Q4 '24
Net income −$1.6M
Q1 '25
Net income $8.2M
Q2 '25
Net income $10.6M
Q3 '25
Net income $2.7M
Q4 '25
Net income −$0.3M
Q1 '26
Net income $8.6M
Q2 '26
Net income $21.0M
FY16
Diluted EPS —
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity −0.9%
Return on assets −0.3%
FY17
Return on capital −3.2%
Return on equity −4.4%
Return on assets −1.9%
FY18
Return on capital 6.9%
Return on equity 4.9%
Return on assets 2.7%
FY19
Return on capital —
Return on equity 0.3%
Return on assets 0.2%
FY20
Return on capital —
Return on equity −44.3%
Return on assets −30.5%
FY21
Return on capital —
Return on equity −7.1%
Return on assets −4.6%
FY22
Return on capital 5.0%
Return on equity 7.1%
Return on assets 4.4%
FY23
Return on capital 8.6%
Return on equity 9.7%
Return on assets 6.1%
FY24
Return on capital 4.6%
Return on equity 3.9%
Return on assets 2.4%
FY25
Return on capital 2.6%
Return on equity 2.7%
Return on assets 1.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$79.9M in fiscal 2025, −5.7% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$31.2M
FY17
Free cash flow −$102M
FY18
Free cash flow $67.0M
FY19
Free cash flow $93.8M
FY20
Free cash flow $84.6M
FY21
Free cash flow −$56.2M
FY22
Free cash flow −$38.7M
FY23
Free cash flow $149M
FY24
Free cash flow $61.7M
FY25
Free cash flow −$79.9M
Q3 '23
Free cash flow $74.0M
Q4 '23
Free cash flow $49.7M
Q1 '24
Free cash flow −$1.6M
Q2 '24
Free cash flow $34.2M
Q3 '24
Free cash flow $14.4M
Q4 '24
Free cash flow $12.7M
Q1 '25
Free cash flow −$53.5M
Q2 '25
Free cash flow $3.2M
Q3 '25
Free cash flow −$23.5M
Q4 '25
Free cash flow −$6.0M
Q1 '26
Free cash flow −$68.1M
Q2 '26
Free cash flow $15.7M
FY16
Cash from operations $5.1M
Capital spending $36.3M
FY17
Cash from operations −$2.9M
Capital spending $98.7M
FY18
Cash from operations $232M
Capital spending $165M
FY19
Cash from operations $204M
Capital spending $110M
FY20
Cash from operations $106M
Capital spending $21.2M
FY21
Cash from operations −$16.2M
Capital spending $40.0M
FY22
Cash from operations $33.2M
Capital spending $71.9M
FY23
Cash from operations $285M
Capital spending $136M
FY24
Cash from operations $235M
Capital spending $173M
FY25
Cash from operations $215M
Capital spending $295M
Cash from operations
Capital spending
Q3 '23
Cash from operations $118M
Capital spending $44.2M
Q4 '23
Cash from operations $83.2M
Capital spending $33.5M
Q1 '24
Cash from operations $32.1M
Capital spending $33.8M
Q2 '24
Cash from operations $83.1M
Capital spending $49.0M
Q3 '24
Cash from operations $51.9M
Capital spending $37.4M
Q4 '24
Cash from operations $67.8M
Capital spending $55.1M
Q1 '25
Cash from operations −$5.1M
Capital spending $48.4M
Q2 '25
Cash from operations $82.6M
Capital spending $79.4M
Q3 '25
Cash from operations $71.7M
Capital spending $95.2M
Q4 '25
Cash from operations $65.5M
Capital spending $71.5M
Q1 '26
Cash from operations $10.2M
Capital spending $78.4M
Q2 '26
Cash from operations $86.7M
Capital spending $71.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Select Water Solutions, Inc. returned $40.9M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks $0.3M
FY18
Dividends —
Buybacks $16.6M
FY19
Dividends —
Buybacks $18.6M
FY20
Dividends —
Buybacks $10.9M
FY21
Dividends —
Buybacks $1.2M
FY22
Dividends $6.0M
Buybacks $20.2M
FY23
Dividends $24.9M
Buybacks $61.8M
FY24
Dividends $29.7M
Buybacks $7.9M
FY25
Dividends $33.7M
Buybacks $7.3M
Dividends
Buybacks
Q3 '23
Dividends $5.8M
Buybacks $0.3M
Q4 '23
Dividends $7.0M
Buybacks $11.9M
Q1 '24
Dividends $7.5M
Buybacks $7.0M
Q2 '24
Dividends $7.0M
Buybacks $0.2M
Q3 '24
Dividends $7.0M
Buybacks $0.2M
Q4 '24
Dividends $8.2M
Buybacks $0.6M
Q1 '25
Dividends $8.6M
Buybacks $6.3M
Q2 '25
Dividends $8.3M
Buybacks $0.3M
Q3 '25
Dividends $8.4M
Buybacks $0.3M
Q4 '25
Dividends $8.4M
Buybacks $0.4M
Q1 '26
Dividends $8.8M
Buybacks $7.6M
Q2 '26
Dividends $9.6M
Buybacks $0.6M
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Select Water Solutions, Inc. can carry it.
FY16
Cash $40.0M
Debt —
FY17
Cash $2.8M
Debt $77.0M
FY18
Cash $17.2M
Debt $45.9M
FY19
Cash $79.3M
Debt —
FY20
Cash $169M
Debt —
FY21
Cash $85.8M
Debt —
FY22
Cash $7.3M
Debt $16.0M
FY23
Cash $57.1M
Debt $0.7M
FY24
Cash $20.0M
Debt $85.6M
FY25
Cash $18.1M
Debt $322M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $85.8M | $7.3M | $57.1M | $20.0M | $18.1M |
| Debt incl. finance leases | — | $16.0M | $0.7M | $85.6M | $322M |
| Net debt / EBITDA | — | 0.1x | −0.9x | 1.1x | 8.9x |
| Debt / equity | — | 0.0x | 0.0x | 0.1x | 0.4x |
| Interest coverage | −38.3x | 14.5x | 13.9x | 7.8x | 1.2x |
| Current ratio | 2.4x | 2.2x | 2.1x | 1.7x | 1.6x |
| Quick ratio | 2.2x | 2.1x | 2.0x | 1.5x | 1.4x |
| Total assets | $950M | $1.2B | $1.2B | $1.4B | $1.6B |
| Total liabilities | $255M | $339M | $326M | $451M | $669M |
| Shareholders' equity | $592M | $766M | $772M | $794M | $806M |
| Net debt (− = net cash) | — | $8.7M | −$56.3M | $65.6M | $304M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | — | — | — | — | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | — | — | — | — | — | — | — | — | — |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | 2 / 7 | 7 / 8 | 4 / 7 | 3 / 7 | 4 / 7 | 5 / 7 | 7 / 8 | 4 / 8 | 3 / 8 |
| Accruals ratio | −1.5% | −1.6% | −14.4% | −14.9% | −40.0% | −2.8% | 1.4% | −17.3% | −15.8% | −13.1% |
| Altman Z'' | −2.02 | 3.43 | 5.07 | 5.64 | 1.43 | 2.35 | 3.29 | 3.50 | 2.36 | 1.54 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $302M | $692M | $1.5B | $1.3B | $605M | $765M | $1.4B | $1.6B | $1.5B | $1.4B |
| Net interest income | — | −$6.6M | — | — | — | — | — | — | — | — |
| Gross profit | −$44.1M | $57.8M | $198M | $149M | −$29.3M | $20.9M | $161M | $232M | $219M | $202M |
| Operating income | −$299M | −$30.0M | $61.7M | $23.1M | −$395M | −$65.5M | $39.2M | $61.2M | $54.5M | $28.8M |
| Interest expense | $16.1M | $6.6M | $5.3M | $2.7M | $2.1M | $1.7M | $2.7M | $4.4M | $7.0M | $23.2M |
| Pretax income | −$314M | −$36.0M | $56.0M | $6.1M | −$403M | −$49.7M | $56.7M | $19.0M | $49.0M | $19.9M |
| Income tax | −$0.5M | −$0.9M | $1.7M | $1.9M | −$1.5M | $0.1M | $1.0M | −$60.2M | $13.6M | −$1.6M |
| Net income | −$1.0M | −$16.8M | $36.5M | $2.8M | −$339M | −$42.2M | $48.3M | $74.4M | $30.6M | $21.2M |
| Cash flow | ||||||||||
| Cash from operations | $5.1M | −$2.9M | $232M | $204M | $106M | −$16.2M | $33.2M | $285M | $235M | $215M |
| Capital expenditure | $36.3M | $98.7M | $165M | $110M | $21.2M | $40.0M | $71.9M | $136M | $173M | $295M |
| Free cash flow | −$31.2M | −$102M | $67.0M | $93.8M | $84.6M | −$56.2M | −$38.7M | $149M | $61.7M | −$79.9M |
| Depreciation and amortization | $97.1M | $103M | $134M | $121M | $102M | $92.5M | $116M | $2.3M | $3.4M | $5.3M |
| Stock-based compensation | $0.3M | $7.7M | $10.4M | $15.5M | $5.8M | $9.5M | $15.6M | $17.4M | $26.4M | $19.9M |
| Acquisitions | — | $65.5M | $17.0M | $10.0M | — | $34.7M | $7.0M | $17.7M | $161M | $53.6M |
| Share buybacks | — | $0.3M | $16.6M | $18.6M | $10.9M | $1.2M | $20.2M | $61.8M | $7.9M | $7.3M |
| Dividends paid | — | — | — | — | — | — | $6.0M | $24.9M | $29.7M | $33.7M |
| Dividends and buybacks | — | $0.3M | $16.6M | $18.6M | $10.9M | $1.2M | $26.2M | $86.7M | $37.7M | $40.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $40.0M | $2.8M | $17.2M | $79.3M | $169M | $85.8M | $7.3M | $57.1M | $20.0M | $18.1M |
| Total debt | — | $77.0M | $45.9M | — | — | — | $16.0M | $0.0M | $85.0M | $320M |
| Finance lease liabilities | — | — | — | $0.2M | $0.4M | $0.1M | $0.0M | $0.7M | $0.6M | $2.5M |
| Current assets | $125M | $447M | $432M | $416M | $352M | $395M | $518M | $454M | $385M | $354M |
| Current liabilities | $46.4M | $185M | $180M | $152M | $88.8M | $162M | $231M | $212M | $233M | $226M |
| Inventory | $1.0M | $44.6M | $45.0M | $37.5M | $33.4M | $44.5M | $41.2M | $38.7M | $38.4M | $34.3M |
| Property and equipment, net | $249M | $474M | $503M | $453M | $350M | $392M | $500M | $518M | $726M | $912M |
| Goodwill | $12.2M | $273M | $274M | $267M | — | — | — | $4.7M | $18.2M | $48.5M |
| Intangible assets | $11.6M | $156M | $148M | $137M | $116M | $108M | $139M | $116M | $124M | $106M |
| Total assets | $405M | $1.4B | $1.4B | $1.3B | $875M | $950M | $1.2B | $1.2B | $1.4B | $1.6B |
| Total liabilities | $70.4M | $293M | $250M | $235M | $169M | $255M | $339M | $326M | $451M | $669M |
| Shareholders' equity | $113M | $657M | $833M | $937M | $593M | $592M | $766M | $772M | $794M | $806M |
| Margins | ||||||||||
| Gross margin | −14.6% | 8.3% | 13.0% | 11.5% | −4.8% | 2.7% | 11.6% | 14.6% | 15.1% | 14.4% |
| Operating margin | −98.9% | −4.3% | 4.0% | 1.8% | −65.2% | −8.6% | 2.8% | 3.9% | 3.8% | 2.0% |
| EBITDA margin | −66.8% | 10.6% | 12.8% | 11.1% | −48.4% | 3.5% | 11.2% | 4.0% | 4.0% | 2.4% |
| Net margin | −0.3% | −2.4% | 2.4% | 0.2% | −56.0% | −5.5% | 3.5% | 4.7% | 2.1% | 1.5% |
| FCF margin | −10.3% | −14.7% | 4.4% | 7.3% | 14.0% | −7.4% | −2.8% | 9.4% | 4.3% | −5.7% |
| Net interest share of revenue | — | −1.0% | — | — | — | — | — | — | — | — |
| Returns | ||||||||||
| Return on capital | — | −3.2% | 6.9% | — | — | — | 5.0% | 8.6% | 4.6% | 2.6% |
| Return on capital employed | −83.4% | −2.6% | 5.2% | 1.9% | −50.2% | −8.3% | 3.9% | 6.1% | 4.8% | 2.1% |
| Return on equity | −0.9% | −4.4% | 4.9% | 0.3% | −44.3% | −7.1% | 7.1% | 9.7% | 3.9% | 2.7% |
| Return on assets | −0.3% | −1.9% | 2.7% | 0.2% | −30.5% | −4.6% | 4.4% | 6.1% | 2.4% | 1.4% |
| Return on tangible equity | −1.2% | −7.4% | 8.9% | 0.5% | −71.0% | −8.7% | 7.7% | 11.4% | 4.7% | 3.3% |
| Growth | ||||||||||
| Revenue growth | — | 129.0% | 120.8% | −15.5% | −53.2% | 26.4% | 81.5% | 14.3% | −8.4% | −3.1% |
| Net income growth | — | — | — | −92.4% | −12,265.4% | — | — | 54.1% | −58.8% | −30.7% |
| FCF growth | — | — | — | 39.9% | −9.8% | −166.5% | — | — | −58.7% | −229.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | 1.0x | 0.1x | — | — | — | 0.1x | −0.9x | 1.1x | 8.9x |
| Debt / equity | — | 0.1x | 0.1x | — | — | — | 0.0x | 0.0x | 0.1x | 0.4x |
| Interest coverage | −18.5x | −4.5x | 11.6x | 8.6x | −184.8x | −38.3x | 14.5x | 13.9x | 7.8x | 1.2x |
| Current ratio | 2.7x | 2.4x | 2.4x | 2.7x | 4.0x | 2.4x | 2.2x | 2.1x | 1.7x | 1.6x |
| Quick ratio | 2.7x | 2.2x | 2.2x | 2.5x | 3.6x | 2.2x | 2.1x | 2.0x | 1.5x | 1.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 12.0% | 14.3% | 10.8% | 8.5% | 3.5% | 5.2% | 5.2% | 8.6% | 11.9% | 20.9% |
| Stock comp / revenue | 0.1% | 1.1% | 0.7% | 1.2% | 1.0% | 1.2% | 1.1% | 1.1% | 1.8% | 1.4% |
| Payouts / FCF | — | — | 24.7% | 19.8% | 12.9% | — | — | 58.0% | 61.0% | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 2.0 | 7.0 | 4.0 | 3.0 | 4.0 | 5.0 | 7.0 | 4.0 | 3.0 |
| Altman Z'' | −2.0 | 3.4 | 5.1 | 5.6 | 1.4 | 2.3 | 3.3 | 3.5 | 2.4 | 1.5 |
| Accruals ratio | −1.5% | −1.6% | −14.4% | −14.9% | −40.0% | −2.8% | 1.4% | −17.3% | −15.8% | −13.1% |
Source: SEC EDGAR XBRL filings (CIK 0001693256). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.