ProPetro Holding Corp.
PUMP Energy Oil & Gas Equipment & Services
ProPetro Holding Corp.’s revenue for fiscal 2025 (year ended December 2025) was $1.3 billion, down 12.1% from fiscal 2024. In the quarter to June 2026, revenue fell 6.24%, EPS was flat, free cash flow fell 57.2% and total debt rose 1,181.3%, each against the same quarter a year earlier.
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ProPetro Holding Corp. (PUMP) Altman Z-score
ProPetro Holding Corp.'s Altman Z-score for fiscal 2025 is 2.28, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.28 | 0.11 |
| FY2024 | 2.17 | (0.50) |
| FY2023 | 2.67 | (0.03) |
| FY2022 | 2.70 | (0.10) |
| FY2021 | 2.80 | (0.15) |
| FY2020 | 2.94 | (0.71) |
| FY2019 | 3.65 | 0.44 |
| FY2018 | 3.21 | (0.90) |
| FY2017 | 4.11 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.06 | — | 0.07 | |
| Retained earnings / total assets | (0.05) | — | −0.07 | |
| EBIT / total assets | 0.00 | — | 0.02 | |
| Market value of equity / total liabilities | 2.14 | — | 1.29 | |
| Sales / total assets | 0.98 | — | 0.98 | |
| Altman Z-score | Grey zone | 2.28 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.13 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RES RPC, Inc. compare | 4.6× |
| FTK Flotek Industries, Inc. compare | 3.2× |
| PUMP ProPetro Holding Corp. | 2.3× |
| VTOL Bristow Group Inc. compare | 1.8× |
| HOS Hornbeck Offshore Services Inc compare | 1.6× |
| FLOC Flowco Holdings Inc. compare | 1.2× |
| AESI Atlas Energy Solutions Inc. compare | 1.2× |
| FET Forum Energy Technologies, Inc. compare | 0.6× |
| ACDC ProFrac Holding Corp. compare | 0.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets