PTENPATTERSON UTI ENERGY INC

Drilling Oil & Gas Wells

Revenue: $4.8B; 9.8% YoY
Operating margin: -0.9%; 95% YoY
EBITDA: −$41M; 95% YoY
Market cap: $5.1B
Employees: 7,900; $607K revenue each
Net debt / EBITDA: —; $890M net debt
AI in 10-K: 2.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$11M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
20% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$607K · 27th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.7 per 10K words · 66th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.1B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$34M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.4B	$2.6B	$4.1B	$5.3B	$4.8B	9.8%
Operating income	−$678M	$211M	$352M	−$890M	−$41M	95%
Net income	−$655M	$155M	$246M	−$966M	−$93M	90%
Operating cash flow	$95M	$566M	$1.0B	$1.2B	$961M	18%
Capex	$166M	$437M	$616M	$678M	$589M	13%
Stock-based comp	$22M	$21M	$47M	$46M	$39M	15%
Buybacks	$6M	$70M	$201M	$290M	$70M	76%
Dividends	$16M	$43M	$100M	$127M	$122M	3.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $34M · 18
Net: −$34M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$12M	$8M	133	182
FY2024	$12M	$6M	170	176
FY2023	$8M	−$10M	215	199
FY2022	$11M	$33M	327	195
FY2021	$8M	$15M	162	121