# Select Water Solutions, Inc. (WTTR)

> Source: Nexqual · https://nexqual.com/WTTR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Select Water Solutions, Inc. (WTTR), nexqual.com/WTTR" · informational, not investment advice.

**Price:** USD 17.54 (-6.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 18.78 · day 17.08–18.69 · 52w 9.29–22.55 · market cap $2.50B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.43B, net income $32.0M (2.2% margin), free cash flow -$82.0M (SEC filings).
- Valuation: P/E 78.3x, EV/EBITDA 40.1x, net debt $230M.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $112M; 6 not under a Rule 10b5-1 plan ($112M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.57 on a 1–5 scale) (7 analysts), mean target USD 25 (range 21–28).
- Total return with dividends: 1Y +53.0% vs S&P 500 +14.9%; 5Y +203.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.16, revenue estimate $397M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $765M | $1.39B | $1.59B | $1.45B | $1.41B | $1.43B |
| Gross profit | $20.9M | $161M | $232M | $219M | $202M | — |
| Operating income | -$65.5M | $39.2M | $61.2M | $54.5M | $28.8M | $50.2M |
| Net income | -$42.2M | $48.3M | $74.4M | $30.6M | $21.2M | $32.0M |
| Free cash flow | -$56.2M | -$38.7M | $149M | $61.7M | -$79.9M | -$82.0M |
| Gross margin | 2.7% | 11.6% | 14.6% | 15.1% | 14.4% | — |
| Operating margin | -8.6% | 2.8% | 3.9% | 3.8% | 2.0% | 3.5% |
| Net margin | -5.5% | 3.5% | 4.7% | 2.1% | 1.5% | 2.2% |
| Revenue growth | +26.4% | +81.5% | +14.3% | -8.4% | -3.1% | — |
| Cash + short-term investments | $85.8M | $7.3M | $57.1M | $20.0M | $18.1M | — |
| Total debt | — | $16.0M | $0K | $85.0M | $320M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 78.3x · P/S 1.8x · EV/EBITDA 40.1x · EV/Sales 1.9x · P/B 2.4x · FCF yield -3.28% · Earnings yield 1.28% · Dividend yield (paid, TTM) 1.40% · Buyback yield (TTM) 0.36% · Net debt $230M · EV $2.73B

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-19 | Crestview Partners Ii Gp, L.P. |  | 3,250,000 | $61.5M | 100% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14…2026-05-15 | Burnett Richard Alan | Director | 65,000 | $1.2M | 47.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11…2026-05-12 | Skarke Michael | EVP & COO | 110,000 | $1.9M | 23.4% | No | Too little history (no open-market trades in 2025) |
| 2026-05-11 | Szymanski Brian | Chief Accounting Officer | 20,000 | $341K | 14.8% | No | Too little history (no open-market trades in 2025) |
| 2026-05-08 | Fielder Robin H | Director | 27,010 | $454K | 38.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-08 | Crestview Partners Ii Gp, L.P. | Director | 3,096,223 | $46.8M | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
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 Buy (mean 1.57 on a 1–5 scale), 7 analysts; mean target USD 25 (low 21, high 28).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-30 | B of A Securities | Target raised | Buy | $24 → $28 |
| 2026-08-21 | JP Morgan | Initiated | Overweight | $24 |
| 2026-08-06 | Raymond James | Downgrade | Strong Buy → Outperform | $24 → $26 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +53.0% | +203.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +53.2% | +24.8% |
| Volatility (annualized) | 46.3% | 46.6% |
| Max drawdown | -20.9% (Aug 2026→Oct 2026) | -45.3% (Nov 2024→Aug 2025) |

## Peers (Oil & Gas Equipment & Services)
LBRT (Liberty Energy Inc.) USD 15.38 -7.85% · EFXT (Enerflex Ltd) USD 22.89 -7.29% · NESR (National Energy Services Reunit) USD 19.61 -9.59% · INVX (Innovex International, Inc.) USD 27.93 -5.16% · WBI (WaterBridge Infrastructure LLC) USD 28.33 -5.50% · XPRO (Expro Ltd) USD 15.66 -6.62%

## More
Full page: https://nexqual.com/WTTR · 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

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Segments | $395.8M | 100.0% | +8.7% |
| Water Services | $200.7M | 50.7% | -7.9% |
| Water Infrastructure | $102.3M | 25.8% | +25.9% |
| Chemical Technologies | $96.9M | 24.5% | +41.8% |
| Total revenue | $395.8M | 100% | — |
The lines above cover 201% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Water Services | $198.2M | 50.1% | -8.1% |
| Water Infrastructure | $101.6M | 25.7% | +25.7% |
| Chemical Technologies | $96.0M | 24.3% | +41.9% |
| Total revenue | $395.8M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Permian Basin | $215.5M | 54.4% | +15.1% |
| Rockies | $47.4M | 12.0% | +21.4% |
| Marcellus Utica | $42.9M | 10.8% | -3.5% |
| Eagle Ford | $32.1M | 8.1% | -10.9% |
| Midcon | $26.4M | 6.7% | +13.9% |
| Haynesville E.Texas | $21.2M | 5.4% | +67.4% |
| Bakken | $14.6M | 3.7% | -42.4% |
| Total revenue | $395.8M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 10% of revenue from unnamed direct customers (10-K, filed 2026-02-18).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.16 | $0.13 | +24.8% | $397.4M | 3 |
| Next quarter (ends 2026-12-31) | $0.09 | $0.12 | -22.0% | $374.2M | 3 |
| Current fiscal year (ends 2026-12-31) | $0.51 | $0.46 | +11.3% | $1.53B | 3 |
| Next fiscal year (ends 2027-12-31) | $0.55 | $0.65 | -15.4% | $1.68B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±17.0%; last 8 reports averaged ±8.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 75.8% | ±17.0% |
| 2027-01-15 | 84 | 47.5% | ±18.2% |
| 2027-04-16 | 175 | 58.4% | ±32.1% |