# ProFrac Holding Corp. (ACDC)

> Source: Nexqual · https://nexqual.com/ACDC · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, ProFrac Holding Corp. (ACDC), nexqual.com/ACDC" · informational, not investment advice.

## ACDC major shareholder filing: Schedule 13D/A, Aug 12, 2026
THRC Holdings, LP, Dan H. Wilks, THRC Management LLC filed a Schedule 13D/A on Aug 12, 2026, reporting up to 47.30% of the class (more than 5% owner that may seek to influence the company). Item 4, Purpose of Transaction, quoted:

> The shares purchased as shown in Schedule I attached to this filing were acquired for general investment purposes.

Source: https://www.sec.gov/Archives/edgar/data/1881487/000175415926000008/0001754159-26-000008-index.htm

**Price:** USD 4.85 (-2.81% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 4.99 · day 4.81–5.1 · 52w 3.08–8.22 · market cap $883M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.79B, net income -$407M (-22.8% margin), free cash flow -$60.7M (SEC filings).
- Insider open-market purchases, last ~7 months: 4 Form 4 filings, $9.8M; 0 by opportunistic insiders, 4 by routine insiders.
- Analysts: Sell (mean 3.75 on a 1–5 scale) (4 analysts), mean target USD 5.49 (range 4.5–6.7).
- Total return with dividends: 1Y -8.0% vs S&P 500 +14.4%; 5Y -73.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD -0.23, revenue estimate $625M. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: ACDC paid no cash dividend in the last five years.
- Short interest: 6.18% of float (as of 2026-10-15), 4.6 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $768M | $2.43B | $2.63B | $2.19B | $1.94B | $1.79B |
| Gross profit | $0K | $0K | — | — | — | — |
| Operating income | -$18.0M | $412M | $167M | -$60.4M | -$226M | -$268M |
| Net income | -$42.4M | $91.5M | -$97.7M | -$215M | -$369M | -$407M |
| EPS (diluted) | — | $2.06 | -$0.82 | -$1.38 | -$2.22 | — |
| Free cash flow | -$43.5M | $59.0M | $287M | $112M | $19.6M | -$60.7M |
| Gross margin | 0.0% | 0.0% | — | — | — | — |
| Operating margin | -2.3% | 17.0% | 6.3% | -2.8% | -11.6% | -15.0% |
| Net margin | -5.5% | 3.8% | -3.7% | -9.8% | -19.0% | -22.8% |
| Revenue growth | +40.3% | +215.7% | +8.4% | -16.7% | -11.4% | — |
| Cash + short-term investments | $5.4M | $35.1M | $25.3M | $14.8M | $22.9M | — |
| Total debt | $302M | $925M | $1.07B | $1.10B | $1.02B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.5x · EV/EBITDA 14.8x · EV/Sales 1.1x · P/B 1.6x · FCF yield -6.87% · Earnings yield -46.04% · Net debt $1.06B · EV $1.94B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
4 purchases, $9.8M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-21…2026-08-25 | Thrc Holdings, Lp |  | 607,227 | $2.9M | 4.72 | Routine (bought in May each year 2023–2025; this trade is outside those months) |
| 2026-08-21…2026-08-25 | Wilks Dan H. |  | 607,227 | $2.9M | 4.72 | Routine (bought in May each year 2023–2025; this trade is outside those months) |
| 2026-08-10…2026-08-11 | Wilks Dan H. |  | 720,000 | $3.6M | 5.02 | Routine (bought in May each year 2023–2025; this trade is outside those months) |
| 2026-08-10…2026-08-11 | Wilks Matthew | Chief Executive Officer | 80,000 | $402K | 5.02 | Routine (bought in May each year 2023–2025; this trade is outside those months) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Sell (mean 3.75 on a 1–5 scale), 4 analysts; mean target USD 5.49 (low 4.5, high 6.7).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-20 | Morgan Stanley | Target lowered | Underweight | $5 → $4.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2022-05-09) |
|---|---|---|
| Total return | -8.0% | -73.2% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | -8.0% | -25.5% |
| Volatility (annualized) | 81.0% | 78.8% |
| Max drawdown | -55.2% (Jun 2026→Jul 2026) | -87.2% (Nov 2022→Nov 2025) |

## Dividends
ACDC paid no cash dividend in the last five years.

## Short interest
5,834,010 shares sold short, 6.18% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 4,880,524 shares (+19.5%). Days to cover: 4.6 (short shares ÷ average daily volume).

## Peers (Oil & Gas Equipment & Services)
FTK (Flotek Industries, Inc.) USD 25.68 -1.53% · PUMP (ProPetro Holding Corp.) USD 7.87 +1.42% · FET (Forum Energy Technologies, Inc.) USD 88.76 -2.36% · AESI (Atlas Energy Solutions Inc.) USD 9.26 -1.91% · VTOL (Bristow Group, Inc.) USD 42.05 +1.47% · RES (RPC, Inc.) USD 6.38 -5.20%

## More
Full page: https://nexqual.com/ACDC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ACDC's own 10-K filed 2026-03-13 (https://www.sec.gov/Archives/edgar/data/1881487/000119312526106120/acdc-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Equify Financial | "Equify Financial, LLC ("Equify Financial") is a finance company that provides equipment and other financing to its customers, including the Company, and acts as the servicing agent for THRC Holdings, LP ("THRC Holdings")…" |
| Customer | Livewire Power | "For example, in October 2024, Livewire commenced operations as a new line of our business intended to provide onsite power generation services for oilfield and non-oilfield customers that require off-grid power solutions…" |
| Customer | Twenty-Three | "3 Twenty-Three, LLC ("3 Twenty-Three") is a payroll administrator which performs payroll services on behalf of its customers, including us." |
| Customer | Wilks Earthworks | "Wilks Earthworks, LLC ("Wilks Earthworks") is an oilfield services company that provides mining, wet and dry loading, hauling and other services and equipment to its customers, including us." |
| Customer | Carbo Ceramics | "Carbo Ceramics Inc. ("Carbo") is a provider of ceramic proppant which will at times purchase conventional proppant from us to act as a broker for its customers." |
| Partner | Flotek Industries | "We believe this Flotek partnership provides ownership exposure to a highly-scalable gas quality and asset integrity business." |
| Partner | Bank USA and Wilks Brothers | "In June 2025, we entered into a purchase agreement with Beal Bank USA and Wilks Brothers, LLC, pursuant to which we agreed to issue and sell $60.0 million in additional senior secured floating rate notes due 2029 ("2029 …" |
| Related party | PC Energy Credit I | "In November 2025, we assigned the Flotek PWRtek Note receivable to PC Energy Credit I, LLC, a related party to the Company controlled by the Wilks Parties, in exchange for cash consideration of $40.4 million." |
| Competitor | Caterpillar (CAT) | "Competitors to our Manufacturing segment include Caterpillar, Inc., Gardner Denver, and EnQuest Energy Solutions, among others." |

Other companies that name ACDC in their own reports (relationship from ACDC's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | FLOTEK INDUSTRIES INC/CN/ (FTK) | 10-K 2026-03-16 | "On November 7, 2025, the Company entered into a series of agreements with ProFrac GDM, in connection with the assignment of the PWRtek Note to PC Energy Credit I LLC, an affiliate of the founders and …" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.23 | $-0.22 | −$0.01 | $624.8M | 2 |
| Next quarter (ends 2026-12-31) | $-0.24 | $-0.24 | −$0.01 | $602.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $-1.27 | $-1.16 | −$0.12 | $2.02B | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.69 | $-0.53 | −$0.16 | $2.22B | 3 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.38 | −$0.30 | Miss −26.7% | — |
| — | Quarter ended Mar 31, 2026 | −$0.44 | −$0.38 | Miss −15.8% | — |
| — | Quarter ended Dec 31, 2025 | −$0.45 | −$0.44 | Miss −2.3% | — |
| — | Quarter ended Sep 30, 2025 | −$0.51 | −$0.43 | Miss −18.6% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-16 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation — “Fifth Amendment to Alpine Term Loan Credit Agreement Reference is made to that certain Term Loan Credit Agreement, dated December 27, 2023, by and among Alpine Holding II, LLC (" Al p ine Holdin g"), PF Proppant Holding, LLC (" PFP Holdin g"), the subsidiary guarantor parties thereto (the " Subsidiary Guarantors "), the several lenders thereto (the " Lenders ") and CLMG Corp., as the agent and collateral agent (the " A g ent ") (as amended, restated, amended and restated, supplemented or otherwise modified from…” | https://www.sec.gov/Archives/edgar/data/1881487/000110465926108302/0001104659-26-108302-index.htm |
| 2026-09-15 | Schedule 13D/A | Reported a 54.5% stake in FLOTEK INDUSTRIES, INC. | https://www.sec.gov/Archives/edgar/data/1881487/000110465926108028/0001104659-26-108028-index.htm |
| 2026-08-12 | Schedule 13D/A | THRC Holdings, LP, Dan H. Wilks: 47.3% of shares, 5%+ holder that may seek to influence the company (amended) — “The shares purchased as shown in Schedule I attached to this filing were acquired for general investment…” | https://www.sec.gov/Archives/edgar/data/1881487/000175415926000008/0001754159-26-000008-index.htm |
| 2026-08-06 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1881487/000119312526337969/0001193125-26-337969-index.htm |
| 2026-08-06 | 8-K | Quarterly results; Director or executive officer change, or pay arrangement — “Transition of Chief Executive Officer On August 3, 2026, Johnathan Ladd Wilks (" Mr. Johnathan L. Wilks ") notified the Company that he would resign as Chief Executive Officer of the Company, and from each other position as an officer, manager or employee that he held with the Company and its direct and indirect subsidiaries, in each case effective as of August 7, 2026. As described below, Mr. Johnathan L. Wilks was concurrently appointed to serve as a member of the Company's Board of Directors (the " Board "). On…” | https://www.sec.gov/Archives/edgar/data/1881487/000110465926091463/0001104659-26-091463-index.htm |
| 2026-07-06 | 8-K | Entered a material agreement; Ended a material agreement; New debt or off-balance-sheet obligation; Regulation FD disclosure — “On July 1, 2026, ProFrac Holdings II, LLC, a Texas limited liability company (the " Borrower ") and an indirect subsidiary of ProFrac Holding Corp. (the " Company "), ProFrac Holdings, LLC, a Texas limited liability company (" Holdings "), the other guarantors party thereto, the lenders party thereto and Eclipse Business Capital LLC, as agent, collateral agent, swingline lender and lead arranger and bookrunner (in such capacities, the " Agent "), entered into a Credit Agreement (the " Eclipse Credit Agreement "),…” | https://www.sec.gov/Archives/edgar/data/1881487/000110465926080566/0001104659-26-080566-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.