ProFrac Holding Corp.
ACDC Energy Oil & Gas Equipment & Services
ProFrac Holding Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, down 11.4% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 32.8%, free cash flow fell 114.5% and total debt was flat, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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ProFrac Holding Corp. (ACDC) Beneish M-score
ProFrac Holding Corp.'s Beneish M-score for fiscal 2025 is −3.45; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.45 | (0.05) |
| FY2024 | −3.40 | 0.25 |
| FY2023 | −3.65 | (3.84) |
| FY2022 | 0.19 | 0.70 |
| FY2021 | −0.51 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.98 | — | 0.91 | |
| Gross margin index | 1.27 | — | 0.67 | |
| Asset quality index | 1.11 | — | 0.45 | |
| Sales growth index | 0.89 | — | 0.79 | |
| Depreciation index | 0.85 | — | 0.10 | |
| SG&A index | 1.05 | — | −0.18 | |
| Total accruals to total assets | (0.21) | — | −0.99 | |
| Leverage index | 1.07 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.45 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| OIS Oil States International, Inc. compare | −3.7× |
| ACDC ProFrac Holding Corp. | −3.4× |
| PUMP ProPetro Holding Corp. compare | −3.4× |
| FET Forum Energy Technologies, Inc. compare | −2.9× |
| RES RPC, Inc. compare | −2.7× |
| CLB Core Laboratories Inc. compare | −2.6× |
| VTOL Bristow Group Inc. compare | −2.6× |
| AESI Atlas Energy Solutions Inc. compare | −2.5× |
| FTK Flotek Industries, Inc. compare | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI