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Select Water Solutions, Inc. provides water management solutions to the energy industry in the United States. It operates in three segments: Water Infrastructure, Water Services, and Chemical Technologies. Its Water Infrastructure segment engages in the recycling, gathering, transferring, and disposal of water through a network of permanent pipeline infrastructure, water recycling and treatment facilities, water storage facilities, and SWDs and landfills; fluid disposals; pipelines and logistics; and solid management services. The Water Services segment offers water-related services, including water sourcing, water transfer, flowback and well testing, water containment, fluids hauling, water monitoring, and water network automation; AquaView automation services; technology solutions comprising hydrographic mapping, water volume and quality monitoring, remote pit and tank monitoring, leak detection, asset and fuel tracking, and automated-equipment services; and various surface rental equipment and workforce accommodation services. The Chemical Technologies segment offers technical solutions, products, and services related to chemical applications in the oil and gas industry; and water treatment and flow assurance solutions. This segment also develops, manufactures, manages logistics, and provides chemicals, including polymers for use in hydraulic fracturing, stimulation, cementing, and well completions; and offers production chemical solutions for underperforming wells, corrosion and scale monitoring, chemical inventory management, well failure analysis, and lab services. It serves oil and gas producers. The company was formerly known as Select Energy Services, Inc. and changed its name to Select Water Solutions, Inc. in May 2023. Select Water Solutions, Inc. was founded in 2008 and is headquartered in Gainesville, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.4B | $228M | $21M | $-80M | 2.3% | -3.1% | -30.7% |
| 2024 | $1.5B | $213M | $31M | $62M | 3.3% | -8.4% | -58.8% |
| 2023 | $1.6B | $166M | $74M | $149M | 8.3% | 14.3% | 54.1% |
| 2022 | $1.4B | $174M | $48M | $-39M | 5.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,387.42 | 1,585.35 | 1,452.08 | 1,407.34 |
| Cost Of Revenue | 1,226.66 | 1,353.69 | 1,232.61 | 0 |
| Gross Profit | 160.75 | 231.66 | 219.47 | 202.40 |
| Operating Expense | 121.14 | 157.82 | 163.38 | 166.64 |
| Operating Income | 39.61 | 73.84 | 56.08 | 35.76 |
| EBITDA | 174.03 | 166.31 | 213.28 | 227.75 |
| EBIT | 59.42 | 25.22 | 56.34 | 47.93 |
| Pretax Income | 56.72 | 20.82 | 49.37 | 24.75 |
| Tax Provision | 0.96 | -60.20 | 13.57 | -1.61 |
| Net Income | 48.28 | 74.40 | 30.64 | 21.22 |
| Net Income Common Stockholders | 48.28 | 74.40 | 30.64 | 21.22 |
| Total Expenses | 1,347.81 | 1,511.52 | 1,395.99 | 1,371.58 |
| Interest Expense | 2.70 | 4.39 | 6.96 | 23.18 |
| Selling General And Administration | 118.94 | 155.55 | 159.98 | 161.32 |
| Normalized EBITDA | 158.93 | 179.16 | 211.62 | 209.44 |
| Normalized Income | 33.44 | 84.56 | 29.44 | 6.76 |
| Basic EPS | 0.51 | 0.73 | 0.31 | 0.21 |
| Diluted EPS | 0.50 | 0.72 | 0.30 | 0.21 |
| Tax Effect Of Unusual Items | 0.26 | -2.70 | 0.46 | 3.84 |
| Tax Rate For Calcs | 0.02 | 0.21 | 0.28 | 0.21 |
| Total Unusual Items | 15.10 | -12.86 | 1.66 | 18.31 |
| Total Unusual Items Excluding Goodwill | 15.10 | -12.86 | 1.66 | 18.31 |
| Net Income From Continuing Operation Net Minority Interest | 48.28 | 74.40 | 30.64 | 21.22 |
| Reconciled Depreciation | 114.60 | 141.09 | 156.95 | 179.82 |
| Reconciled Cost Of Revenue | 1,114.27 | 1,214.88 | 1,079.07 | 1,030.45 |
| Net Interest Income | -2.70 | -4.39 | -6.96 | -23.18 |
| Net Income From Continuing And Discontinued Operation | 48.28 | 74.40 | 30.64 | 21.22 |
| Total Operating Income As Reported | 39.16 | 61.19 | 54.49 | 28.81 |
| Diluted Average Shares | 96.56 | 103.34 | 102.15 | 120 |
| Basic Average Shares | 94.66 | 101.92 | 98.85 | 118.08 |
| Diluted NI Availto Com Stockholders | 48.28 | 74.40 | 30.64 | 21.22 |
| Minority Interests | -6.58 | -4.82 | -4.81 | -0.24 |
| Net Income Including Noncontrolling Interests | 54.85 | 79.22 | 35.45 | 21.47 |
| Net Income Continuous Operations | 54.85 | 79.22 | 35.45 | 21.47 |
| Earnings From Equity Interest Net Of Tax | -0.91 | -1.80 | -0.35 | -4.89 |
| Other Income Expense | 19.81 | -48.62 | 0.25 | 12.17 |
| Other Non Operating Income Expenses | 4.72 | -35.76 | -1.41 | -6.14 |
| Special Income Charges | 15.10 | -12.86 | 1.66 | 18.31 |
| Gain On Sale Of Ppe | 2.19 | -0.21 | 3.25 | 10.34 |
| Other Special Charges | 0.45 | 0.04 | 0.36 | 0.73 |
| Write Off | 0 | 12.61 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 12.61 | 1.24 | 6.22 |
| Restructuring And Mergern Acquisition | -13.35 | 0 | 0 | -14.92 |
| Gain On Sale Of Security | -0.01 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -2.70 | -4.39 | -6.96 | -23.18 |
| Interest Expense Non Operating | 2.70 | 4.39 | 6.96 | 23.18 |
| Depreciation Amortization Depletion Income Statement | 2.21 | 2.28 | 3.40 | 5.32 |
| Depreciation And Amortization In Income Statement | 2.21 | 2.28 | 3.40 | 5.32 |
| Operating Revenue | 1,387.42 | 1,585.35 | 1,452.08 | 1,407.34 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Select Water Solutions, Inc.this co. | WTTR | $2.3B | 80.95↑ premium | 2.21 | 2.3% | 10.25 |
| Teekay Tankers Ltd. | TNK | $2.7B | 7.75 | 1.32 | 17.2% | 6.81 |
| FLOC | FLOC | $2.6B | 19.77 | 3.12 | 3.0% | 6.87 |
| National Energy Services Reunited Corp. | NESR | $2.4B | 46.63 | 2.52 | 5.3% | 11.06 |
| ProPetro Holding Corp. | PUMP |
| $2.2B |
| 1820.00 |
| 2.29 |
| 0.1% |
| 11.95 |
| Sable Offshore Corp. | SOC | $2.1B | - | 3.78 | -76.8% | -7.50 |
| Expro Group Holdings N.V. | XPRO | $2.1B | 40.07 | 1.33 | 3.4% | 6.54 |
| NextDecade Corporation | NEXT | $2.0B | - | 21.36 | -13.3% | -57.29 |
| Innovex International, Inc. | INVX | $1.9B | 22.96 | 1.81 | 7.9% | 8.75 |
| Peer Median | - | 31.52 | 2.41 | 3.2% | 6.84 | |