Select Water Solutions, Inc. (WTTR)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.4B

Revenue growth

-2.0%

Net income, last twelve months

$32.0M

Earnings per share

$0.28

Gross margin

16.1%

Operating margin

3.5%

Net margin

2.2%

Free cash flow

-$82.0M

Return on equity

3.0%

Market value

$2.5B

Price to earnings

70.9x

Dividend yield

0.3%

Cash

$33.4M

Debt

$262.9M

Debt to equity

0.25

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the not stated (the 13 October 2026 filing is a notes offering release and reports no quarterly results) results, filed 13 October 2026.

• $800 million senior notes proposed. Proposed offering of $800 million aggregate principal of senior notes due 2034, announced 13 October 2026.
• Select Water Holdings LLC issues notes. Subsidiary Select Water Holdings LLC is the issuer; the offering is described as subject to market conditions.
• Guarantees rank senior unsecured. Guarantors are existing subsidiaries that borrow or guarantee under the revolver, plus certain future restricted subsidiaries; guarantees are senior unsecured.
• Proceeds paired with cash and revolver. Net proceeds are to be used together with cash on hand and revolver borrowings for the uses listed in the filing.
• Term loan repaid in full. Proceeds, with other funds, are to repay the outstanding term loan facility obligations in full.
• Revolver balances repaid with interest. Outstanding loans under the existing revolving credit facility are to be repaid, with accrued and unpaid interest.
• Fees and general corporate purposes. Proceeds also cover fees, premiums, expenses and costs of these transactions, plus general corporate purposes and working capital.
• Notes not registered under Securities Act. The notes and guarantees are not registered under the Securities Act or any state securities laws.
• Sales limited to qualified institutional buyers. The issuer plans to sell the notes only to persons reasonably believed to be qualified institutional buyers under Rule 144A.
• Non-U.S. sales under Regulation S. Sales outside the United States are to be made to non-U.S. persons under Regulation S.
• Provider of sustainable water and chemical solutions. Select describes itself as a leading provider of sustainable water and chemical solutions to the energy industry.
• Backed by critical water infrastructure assets. The company says these solutions are supported by its critical water infrastructure assets.
• Chemical manufacturing and recycling capabilities. Supporting capabilities listed are chemical manufacturing and water treatment and recycling.
• Offering not tied to Pilot closing. The notes offering does not depend on completing the Pilot Water Acquisition.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By region, FY2025

Company events

The newest 8-K filings of 89 held.

Every filing

The newest filings with the SEC of 238 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

294 funds held it at 30 Jun 2026: 124 added and 92 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• SLB Limited (SLB): revenue $36.9B, market value $79.3B
• Halliburton Co. (HAL): revenue $22.5B, market value $29.6B
• Oceaneering International Inc. (OII): revenue $2.9B, market value $4.1B
• Liberty Energy Inc. (LBRT): revenue $4.4B, market value $2.9B
• National Energy Services Reunited Corp. (NESR): revenue –, market value $2.2B
• RPC Inc. (RES): revenue $1.8B, market value $1.5B
• WaterBridge Infrastructure LLC (WBI): revenue $750.9M, market value $1.5B

What the company does

Select Water Solutions provides water management and chemical products and services to the oil and gas industry in the United States. It works through three segments: Water Infrastructure, Water Services and Chemical Technologies. As of 31 December 2025, its water infrastructure network consisted of 2.4 million barrels per day of fixed recycling capacity, 2.3 million barrels per day of permitted disposal capacity and 35 million barrels of produced water storage capacity. The company had approximately 3,300 employees at that date.

How the business is organised

Water Infrastructure holds the permanent assets: pipelines, recycling and treatment facilities, water storage, saltwater disposal wells ("SWDs") and landfills. Water Services handles short-cycle field work such as moving, sourcing, containing and monitoring water. It also includes the Peak Rentals subsidiary. Chemical Technologies makes and supplies chemicals used in hydraulic fracturing, stimulation, cementing and well completions. New pipelines and recycling systems create demand for water transfer work, and its recycling plants use emulsion polymers made by Chemical Technologies.

What Water Infrastructure does

The segment has four service lines: Water Recycling & Reuse, Pipelines & Logistics, Fluid Disposal and Solids Management. Its pipeline networks include more than 1,000 miles of temporary and permanent pipeline in the Permian Basin, more than 90 miles in the Bakken Shale and more than 85 miles in the Haynesville Shale. In the Permian it operates 43 active SWDs and 17 active recycling facilities. Solids Management consists of six landfill and solids treatment facilities in the Bakken, Northeast and Haynesville regions. The company says it expects 3.3 million barrels per day of active produced water recycling capacity and 41 million barrels of storage once projects under construction or under contract are complete. It also holds about 39% of AV Farms, a Colorado water rights partnership.

What Water Services does

- Water Transfer: temporary above-ground pipeline and pump systems using layflat hose, mostly in 12-inch diameter segments, with automation options. - Water Sourcing: rights to approximately one billion barrels of water annually from hundreds of sources across the United States. - Water Containment: above-ground storage tanks from 4,500 to 82,000 barrels, with remote monitoring. - Fluids Hauling: vacuum, winch and kill trucks, hot oilers and hydrovacs in the Permian, Eagle Ford and Rockies regions. - Peak Rentals: workforce accommodations, surface rental equipment, well testing and flowback, and a power fleet of approximately 350 diesel generators, 35 natural gas generators and over 65 battery packs.

The segment's AquaView® automation services give customers round-the-clock monitoring of their water operations. The company began evaluating strategic alternatives for Peak Rentals in August 2025 and still owns 100% of it.

What Chemical Technologies does

The segment manufactures polyacrylamides (friction reducers), surfactants, crosslinkers and other custom chemistries in Midland, Texas and Tyler, Texas. Its Completion Chemicals line supplies chemicals made in-house and bought from third parties, with delivery directly to the wellsite. Its Water Treatment line designs treatment programs so oilfield water can be reused. Through its FluidMatch™ solutions it tests water and customer fluid conditions to design the fluid system.

How it earns money

Water Infrastructure mainly earns fixed fees per barrel handled under long-term agreements, which may include periodic escalators. It also sells skim oil and recycled water and sells spare capacity on an interruptible basis. The contract types include acreage dedications, minimum volume commitments, wellbore dedications, areas of mutual interest and rights of first refusal. Water Services earns market-based day rates, time-and-materials charges or per-barrel fees under master services agreements and short-term work orders. Chemical Technologies earns mainly a price per unit of chemicals delivered or consumed, plus fees for engineering, lab testing and field service. Labor is the largest cost of doing business, and most costs are variable.

Customers and competition

Customers in Water Infrastructure and Water Services are mainly major integrated and independent oil and gas producers, both United States and international. Chemical Technologies also sells to pressure-pumping companies. One customer accounted for 10% of consolidated revenues. Customers often award contracts after competitive bidding. The filing describes the water market as highly fragmented. Competitors include private water midstream companies, some larger midstream and oilfield services companies, and producers that built their own water infrastructure. In chemicals, competitors include large manufacturers and distributors. The company says it differentiates itself through scale, fixed infrastructure networks and water treatment expertise. It reports that activity from its customers has typically fallen in the fourth quarter.

Safety and regulation

The company operates under federal, state and local environmental and safety rules, including those enforced by the EPA and OSHA. Its disposal wells are regulated under the Underground Injection Control program, and some states have restricted disposal wells in areas prone to seismic activity. Employees have stop-work authority, and the company has run a Safety Recognition Program since 2016.

*From Select Water Solutions's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1693256/000110465926017085/wttr-20251231x10k.htm)*

From the company's 10-K.