ACDCProFrac Holding Corp.

Oil & Gas Field Services, NEC

Revenue: $1.9B; 11% YoY
Operating margin: -11.6%; 322% YoY
EBITDA: $191M; 50% YoY
Market cap: $889M
Employees: 2,280; $852K revenue each
Net debt / EBITDA: 4.5×; $859M net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$1M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$852K · 39th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 34th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$889M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$768M	$2.4B	$2.6B	$2.2B	$1.9B	11%
Operating income	−$18M	$412M	$167M	−$60M	−$226M	274%
Net income	—	$92M	−$59M	−$208M	−$356M	71%
Operating cash flow	$44M	$415M	$554M	$367M	$190M	48%
Capex	$87M	$356M	$267M	$255M	$170M	33%
Stock-based comp	—	$67M	$30M	$7M	$9M	27%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 12, 2026	THRC Holdings, LP	SCHEDULE 13D/A	45.0%	Passive
Jun 29, 2026	THRC Holdings, LP	SCHEDULE 13D/A	45.3%	Passive
Aug 18, 2025	THRC Holdings, LP	SCHEDULE 13D/A	45.3%	Passive
Mar 20, 2025	Wilks Dan H.	SCHEDULE 13D/A	49.6%	Passive
Dec 31, 2024	Wilks Dan H.	SCHEDULE 13D/A	88.1%	Passive
Sep 30, 2024	THRC Holdings, LP	SC 13D/A	88.0%	Active
May 31, 2024	THRC Holdings, LP	SC 13D/A	0.9%	Passive
Jun 5, 2023	THRC Holdings, LP	SC 13D/A	0.1%	Passive
Apr 26, 2023	Wilks Dan H.	SC 13D/A	81.2%	Passive
Jan 30, 2023	Wilks Dan H.	SC 13D/A	33.8%	Passive

Insider trading

Open-market buys, 12 mo: $10M · 10
Open-market sells, 12 mo: $0 · 0
Net: $10M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$1M	$658K	47	—
FY2024	$1M	$1M	97	—
FY2023	$901K	−$147K	40	—