MeritValue

Select Water Solutions, Inc.

WTTRdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'dilutedShares'; no data for concept 'epsDiluted'

The thesis, from the filings

Select Water Solutions, Inc. earns about 2% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$764.6M1$1.39B2$1.59B3$1.45B3$1.41B3
Net income−$42.2M4$48.3M5$74.4M6$30.6M6$21.2M6
Operating cash flow−$16.2M7$33.2M8$285.4M9$234.9M9$214.7M9
Capital expenditure$40M10$71.9M11$135.9M12$173.2M12$294.6M12
Free cash flow (derived)−$56.2M7−$38.7M8$149.5M9$61.7M9−$79.9M9
Total debt—$32M13$014$170M15$636.3M15
Cash & equivalents$85.8M16$7.32M17$57.1M18$20M19$18.1M19
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 -7%FY22 7%FY23 3%FY24 4%FY25 1%

It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 1888% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-001437 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001154 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-017085 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001437 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001154 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-017085 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001437 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001154 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-017085 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-001437 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001154 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-017085 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-12-31 · accession 0001558370-24-001437 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-12-31 · accession 0001558370-25-001154 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001104659-26-017085 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001558370-23-001765 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001558370-24-001437 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001558370-25-001154 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001104659-26-017085 (CashAndCashEquivalentsAtCarryingValue)