WTTRSelect Water Solutions, Inc.

Oil & Gas Field Services, NEC

Revenue: $1.4B; 3.1% YoY
Operating margin: 2.0%; 45% YoY
EBITDA: $34M; 41% YoY
Market cap: $796M
Employees: 3,300; $426K revenue each
Net debt / EBITDA: 6.7×; $230M net debt
AI in 10-K: 1.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
10× net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
19% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$426K · 14th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 44th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
6.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$796M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$120M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$765M	$1.4B	$1.6B	$1.5B	$1.4B	3.1%
Operating income	−$66M	$39M	$61M	$54M	$29M	47%
Net income	−$42M	$48M	$74M	$31M	$21M	31%
Operating cash flow	−$16M	$33M	$285M	$235M	$215M	8.6%
Capex	$40M	$72M	$136M	$173M	$295M	70%
Stock-based comp	$9M	$16M	$17M	$26M	$20M	25%
Buybacks	$1M	$20M	$62M	$8M	$7M	7.9%
Dividends	—	$6M	$25M	$30M	$34M	13%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 8, 2023	B-29 GP, LLC	SC 13D/A	4.5%	Passive
Oct 4, 2023	SCF GP LLC	SC 13D/A	4.2%	Passive
Dec 16, 2022	SCF GP LLC	SC 13D/A	5.8%	Passive
Oct 9, 2019	B-29 GP, LLC	SC 13D/A	6.5%	Passive
Sep 27, 2019	B-29 GP, LLC	SC 13D	8.4%	Passive
Mar 7, 2019	SCF GP LLC	SC 13D/A	11.1%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $120M · 47
Net: −$120M

Pay vs performance

No pay-versus-performance disclosure yet.