Select Water Solutions, Inc. WTTR
Select Water Solutions, Inc. and its consolidated subsidiaries (collectively referred to as "Select," the "Company," "we," "us," or "our") is a leading provider of sustainable water-management solutions to the energy industry in the U.S. As a leader in the water management industry, we place the utmost importance on safe, environmentally responsible management of water throughout the lifecycle of a well. Additionally, we believe that responsibly managing water resources through our operations to help conserve and protect the environment in the communities in which we operate is paramount to our continued success.
With a diverse geographic footprint across the U.S., we operate through three primary segments: Water Infrastructure, Water Services and Chemical Technologies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.41B | $1.45B | $1.59B | $1.39B | $764.6M | $605.1M | $1.29B | $1.53B | $692.5M | $302.4M |
| Cost of revenue | $1.20B | $1.23B | $1.35B | $1.23B | $743.8M | $634.4M | $1.14B | $1.33B | $634.7M | $346.5M |
| Gross profit | $202.4M | $219.5M | $231.7M | $160.8M | $20.9M | -$29.3M | $148.7M | $198.5M | $57.8M | -$44.1M |
| SG&A | $161.3M | $160.0M | $155.5M | $118.9M | $83.1M | $74.4M | $111.6M | $103.2M | $82.4M | $34.6M |
| Total operating expenses | $173.6M | $165.0M | $170.5M | $121.6M | $86.4M | $365.5M | $125.7M | $136.8M | $87.8M | $254.8M |
| Operating income | $28.8M | $54.5M | $61.2M | $39.2M | -$65.5M | -$394.8M | $23.1M | $61.7M | -$30.0M | -$299.0M |
| Interest expense | $23.2M | $7.0M | $4.4M | $2.7M | $1.7M | $2.1M | $2.7M | $5.3M | $6.6M | $16.1M |
| Pre-tax income | $19.9M | $49.0M | $19.0M | $56.7M | -$49.7M | -$403.2M | $6.1M | $56.0M | -$36.0M | -$314.5M |
| Income tax | $1.6M | $13.6M | $60.2M | $957.0K | $147.0K | $1.5M | $500.0K | $1.7M | $851.0K | $524.0K |
| Net income | $21.2M | $30.6M | $74.4M | $48.3M | -$42.2M | -$338.7M | $2.8M | $36.5M | -$16.8M | -$1.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.1M | $20.0M | $57.1M | $7.3M | $85.8M | $169.0M | $79.3M | $17.2M | $2.8M | $40.0M |
| Receivables | — | — | — | $430.0M | $232.8M | $129.4M | $267.6M | $341.7M | $373.6M | $75.9M |
| Inventory | $34.3M | $38.4M | $38.7M | $41.2M | $44.5M | $33.4M | $37.5M | $45.0M | $44.6M | $1.0M |
| Total current assets | $354.4M | $385.5M | $454.1M | $517.9M | $394.8M | $351.5M | $415.6M | $432.2M | $446.5M | $124.7M |
| Property, plant and equipment | $912.2M | $725.7M | $517.6M | $499.6M | $391.8M | $350.4M | $453.3M | $502.8M | $474.1M | $248.9M |
| Goodwill | $48.5M | $18.2M | $4.7M | — | — | — | $266.9M | $273.8M | $273.4M | $12.2M |
| Other intangibles | $106.2M | $123.7M | $116.2M | $138.8M | $108.5M | $116.1M | $106.5M | $148.4M | $156.1M | $11.6M |
| Total assets | $1.60B | $1.37B | $1.22B | $1.22B | $950.2M | $875.4M | $1.35B | $1.36B | $1.36B | $405.1M |
| Accounts payable | $49.7M | $39.2M | $42.6M | $61.5M | $36.0M | $13.0M | $35.7M | $53.8M | $52.6M | $10.8M |
| Short-term debt | $31.2M | — | — | — | — | — | — | $938.0K | $2.0M | — |
| Total current liabilities | $225.7M | $233.4M | $211.5M | $231.3M | $162.0M | $88.8M | $151.9M | $179.7M | $185.2M | $46.4M |
| Long-term debt | $285.0M | $85.0M | $0 | $16.0M | — | — | — | $45.0M | $75.0M | — |
| Total liabilities | $668.5M | $450.7M | $326.0M | $339.1M | $255.0M | $169.5M | $234.8M | $249.8M | $293.0M | $70.4M |
| Retained earnings | -$184.9M | -$206.1M | -$236.8M | -$311.2M | -$359.5M | -$317.2M | $21.4M | $18.7M | -$17.9M | -$1.0M |
| Total equity | $805.6M | $793.5M | $892.2M | $883.7M | $695.2M | $705.9M | $1.11B | $1.11B | $1.06B | $334.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $214.7M | $234.9M | $285.4M | $33.2M | -$16.2M | $105.8M | $203.9M | $232.4M | -$2.9M | $5.1M |
| Depreciation and amortisation | $5.3M | $3.4M | $2.3M | $115.7M | $92.5M | $101.7M | $120.7M | $133.7M | $103.4M | $97.1M |
| Stock-based compensation | $19.9M | $26.4M | $17.4M | $15.6M | $9.5M | $5.8M | $15.5M | $10.4M | $7.7M | $317.0K |
| Capital expenditure | $294.6M | $173.2M | $135.9M | $71.9M | $40.0M | $21.2M | $110.1M | $165.4M | $98.7M | $36.3M |
| Investing cash flow | -$405.0M | -$318.6M | -$137.2M | -$53.2M | -$64.5M | -$5.4M | -$77.4M | -$168.4M | -$156.7M | -$27.0M |
| Financing cash flow | $188.4M | $46.6M | -$98.4M | -$58.5M | -$2.5M | -$10.7M | -$64.7M | -$49.3M | $122.4M | $45.6M |
| Dividends paid | $33.7M | $29.7M | $24.9M | $6.0M | — | — | — | — | — | — |
| Buybacks | $7.3M | $7.9M | $61.8M | $20.2M | $1.2M | $10.9M | $18.6M | $16.6M | $297.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-017085.
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