Select Water Solutions, Inc.
WTTR Energy Oil & Gas Equipment & Services
Select Water Solutions, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, down 3.08% from fiscal 2024. In the quarter to June 2026, revenue grew 8.67%, EPS grew 70.0%, free cash flow grew 57.0% and total debt fell 4.15%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Select Water Solutions, Inc. (WTTR) Beneish M-score
Select Water Solutions, Inc.'s Beneish M-score for fiscal 2025 is −3.16; 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 | −3.16 | 0.28 |
| FY2024 | −3.44 | 0.05 |
| FY2023 | −3.49 | (1.50) |
| FY2022 | −1.98 | 1.62 |
| FY2021 | −3.60 | (0.32) |
| FY2019 | −3.28 | (0.64) |
| FY2018 | −2.64 | (2.18) |
| FY2017 | −0.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.97 | — | 0.89 | |
| Gross margin index | 1.05 | — | 0.55 | |
| Asset quality index | 1.10 | — | 0.45 | |
| Sales growth index | 0.97 | — | 0.86 | |
| Depreciation index | 1.07 | — | 0.12 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | (0.12) | — | −0.57 | |
| Leverage index | 1.37 | — | −0.45 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.16 | ||
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 |
|---|---|
| WTTR Select Water Solutions, Inc. | −3.2× |
| EFXT Enerflex Ltd. compare | −3.0× |
| LBRT Liberty Energy Inc. compare | −3.0× |
| XPRO Expro Group Holdings N.V. compare | −2.9× |
| FLOC Flowco Holdings Inc. compare | −2.9× |
| NESR National Energy Services Reunited compare | −2.7× |
| INVX Innovex International, Inc. compare | −2.6× |
| WBI WaterBridge Infrastructure LLC compare | −1.0× |
| NEXT NextDecade Corporation compare | — |
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