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Relative valuation derived from Energy sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 34.2GRADE D
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
-16.5%
Sector: 6.7%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, ProPetro Holding Corp. (PUMP) receives a "Hold" rating with a composite score of 44.3/100, ranked #424 out of 4446 stocks. Key factor scores: Quality 34/100, Value 50/100, Momentum 71/100. This is quantitative analysis only — not investment advice.
ProPetro Holding Corp. (PUMP) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does ProPetro Holding Corp. Do?
ProPetro Holding Corp., an oilfield services company, provides hydraulic fracturing and other related services. The company operates through Pressure Pumping and All Other segments. It offers cementing, acidizing, and coiled tubing services. The company serves oil and gas companies engaged in the exploration and production of North American oil and natural gas resources. As of December 31, 2021, its fleet comprised 12 hydraulic fracturing units with 1,423,000 hydraulic horsepower. ProPetro Holding Corp. was founded in 2007 and is headquartered in Midland, Texas. ProPetro Holding Corp. (PUMP) is classified as a small-cap stock in the Energy sector, specifically within the Petroleum And Natural Gas industry. The company is led by CEO Samuel D. Sledge and employs approximately 2,000 people. With a market capitalization of $1.6B, PUMP is one of the notable companies in the Energy sector.
ProPetro Holding Corp. (PUMP) Stock Rating — Hold (April 2026)
As of April 2026, ProPetro Holding Corp. receives a Hold rating with a composite score of 44.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.PUMP ranks #424 out of 4,446 stocks in our coverage universe. Within the Energy sector, ProPetro Holding Corp. ranks #54 of 128 stocks, placing it in the upper half of its Energy peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
PUMP Stock Price and 52-Week Range
ProPetro Holding Corp. (PUMP) currently trades at $13.83. The stock gained $0.18 (1.3%) in the most recent trading session. The 52-week high for PUMP is $15.18, which means the stock is currently trading -8.9% from its annual peak. The 52-week low is $4.51, putting the stock 206.7% above its annual trough. Recent trading volume was 2.1M shares, reflecting moderate market activity.
Is PUMP Overvalued or Undervalued? — Valuation Analysis
ProPetro Holding Corp. (PUMP) carries a value factor score of 50/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 1365.00x, compared to the Energy sector average of 19.63x — a premium of 6855%. The price-to-book ratio stands at 2.09x, versus the sector average of 1.64x. The price-to-sales ratio is 1.30x, compared to 0.47x for the average Energy stock. On an enterprise value basis, PUMP trades at 213.86x EV/EBITDA, versus 3.50x for the sector.
Overall, PUMP's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
ProPetro Holding Corp. Profitability — ROE, Margins, and Quality Score
ProPetro Holding Corp. (PUMP) earns a quality factor score of 34/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -16.5%, compared to the Energy sector average of 6.7%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -10.6% versus the sector average of 3.7%.
On a margin basis, ProPetro Holding Corp. reports gross margins of 100.0%, compared to 52.7% for the sector. The operating margin is -12.6% (sector: 10.7%). Net profit margin stands at -9.6%, versus 6.4% for the average Energy stock. Revenue growth is running at -17.7% on a trailing basis, compared to -1.2% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
PUMP Debt, Balance Sheet, and Financial Health
ProPetro Holding Corp. has a debt-to-equity ratio of 56.0%, compared to the Energy sector average of 55.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.29x, suggesting adequate working capital coverage. Total debt on the balance sheet is $95M. Cash and equivalents stand at $67M.
PUMP has a beta of 1.85, meaning it is more volatile than the broader market — a $10,000 investment in PUMP would be expected to move 84.8% more than the S&P 500 on any given day. The stability factor score for ProPetro Holding Corp. is 27/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.
ProPetro Holding Corp. Revenue and Earnings History — Quarterly Trend
In TTM 2026, ProPetro Holding Corp. reported revenue of $1.34B and earnings per share (EPS) of $0.01. Net income for the quarter was $-137M. Gross margin was 100.0%. Operating income came in at $-180M.
In FY 2025, ProPetro Holding Corp. reported revenue of $1.27B and earnings per share (EPS) of $0.01. Net income for the quarter was $824,000. Revenue grew -12.1% year-over-year compared to FY 2024. Operating income came in at $6M.
In Q3 2025, ProPetro Holding Corp. reported revenue of $294M and earnings per share (EPS) of $-0.02. Net income for the quarter was $-2M. Revenue grew -18.6% year-over-year compared to Q3 2024. Operating income came in at $-6M.
In Q2 2025, ProPetro Holding Corp. reported revenue of $326M and earnings per share (EPS) of $-0.07. Net income for the quarter was $-7M. Revenue grew -8.6% year-over-year compared to Q2 2024. Operating income came in at $-3M.
Over the past 8 quarters, ProPetro Holding Corp. has demonstrated a growth trajectory, with revenue expanding from $357M to $1.34B. Investors analyzing PUMP stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
PUMP Dividend Yield and Income Analysis
ProPetro Holding Corp. (PUMP) does not currently pay a dividend. This is common among smaller companies in the Petroleum And Natural Gas industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Energy dividend stocks may want to explore other Energy stocks or use the stock screener to filter by dividend yield.
PUMP Momentum and Technical Analysis Profile
ProPetro Holding Corp. (PUMP) has a momentum factor score of 71/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 37/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 23/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
PUMP vs Competitors — Energy Sector Ranking and Peer Comparison
Comparing PUMP against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full PUMP vs S&P 500 (SPY) comparison to assess how ProPetro Holding Corp. stacks up against the broader market across all factor dimensions.
PUMP Next Earnings Date
No upcoming earnings date has been announced for ProPetro Holding Corp. (PUMP) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy PUMP? — Investment Thesis Summary
ProPetro Holding Corp. presents a balanced picture with arguments on both sides. The quality score of 34/100 flags below-average profitability. Price momentum is positive at 71/100, suggesting the trend favors buyers. High volatility (stability score 27/100) increases portfolio risk.
In summary, ProPetro Holding Corp. (PUMP) earns a Hold rating with a composite score of 44.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on PUMP stock.
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Institutional Research Dossier
ProPetro Holding Corp. (PUMP) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on ProPetro Holding Corp. (PUMP). While the company operates in a cyclical industry experiencing a rebound in activity, its recent financial performance, characterized by inconsistent profitability and negative free cash flow, raises concerns about its ability to generate sustainable returns. The company's valuation appears fair relative to its sector, but the inherent volatility of the oilfield services industry and ProPetro's operational challenges warrant a cautious approach.
The primary concern stems from ProPetro's inability to consistently translate revenue into profits and positive cash flow. Despite a recovery in hydraulic fracturing activity, the company's net income and free cash flow remain weak, suggesting operational inefficiencies or pricing pressures. While the momentum score is high, driven by recent price action, the underlying fundamentals do not fully support a more bullish outlook. Investors should closely monitor the company's ability to improve its profitability and cash flow generation in the coming quarters.
Business Strategy & Overview
ProPetro Holding Corp. operates as an oilfield services company, primarily focused on providing hydraulic fracturing services to oil and gas companies engaged in exploration and production in North America. Hydraulic fracturing, also known as fracking, is a critical process in extracting oil and natural gas from shale formations. ProPetro's core business revolves around deploying its fleet of hydraulic fracturing units to pump high-pressure fluid into wells, creating fractures in the rock and allowing hydrocarbons to flow more freely.
In addition to hydraulic fracturing, ProPetro offers related services such as cementing, acidizing, and coiled tubing. These services complement the core fracking operations and provide a more comprehensive suite of solutions for its clients. Cementing involves using cement to seal wellbores and provide structural support. Acidizing uses acids to dissolve minerals and improve the permeability of the rock formation. Coiled tubing services utilize long, flexible tubes to perform various interventions within the wellbore.
ProPetro's strategic positioning is centered on serving oil and gas companies operating in key shale basins in North America. The company aims to build strong relationships with its clients by providing reliable and efficient services. The company's success is heavily dependent on the overall level of drilling and completion activity in the oil and gas industry. Fluctuations in commodity prices and capital spending by exploration and production companies directly impact ProPetro's revenue and profitability.
The company's fleet of hydraulic fracturing units represents a significant capital investment. Maintaining and upgrading this fleet is crucial for remaining competitive and meeting the evolving needs of its clients. ProPetro faces competition from other oilfield services companies, including larger, more diversified players. The industry is characterized by intense competition and pricing pressures, particularly during periods of low commodity prices or reduced drilling activity. ProPetro's ability to differentiate itself through superior service quality, technological innovation, or strategic partnerships is essential for long-term success.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-17.7%
Sector: -1.2%
+1411% VS SCTR
Economic Moat Analysis
ProPetro's economic moat is likely Nonexistent. The oilfield services industry, particularly hydraulic fracturing, is characterized by intense competition and relatively low barriers to entry. While ProPetro has established a presence in key shale basins, it lacks the distinct competitive advantages necessary to generate consistently superior returns over the long term.
The hydraulic fracturing business is highly commoditized. Services are largely standardized, and customers often make decisions based on price and availability. This limits ProPetro's ability to command premium pricing or differentiate itself significantly from its competitors. While ProPetro may have some advantages in terms of local market knowledge or relationships with specific clients, these advantages are not sustainable enough to create a significant moat.
Switching costs for customers are relatively low. Oil and gas companies can easily switch between different hydraulic fracturing providers without incurring significant costs or disruptions. This lack of customer stickiness further weakens ProPetro's competitive position. The company does not possess any significant intangible assets, such as proprietary technology or patents, that would provide a sustainable competitive advantage. While ProPetro may invest in research and development to improve its service offerings, these innovations are often quickly replicated by competitors.
ProPetro does not appear to benefit from significant cost advantages. The company's cost structure is likely similar to that of its competitors, and it does not have any unique access to resources or technologies that would give it a significant cost advantage. Efficient scale is not a major factor in the hydraulic fracturing business. While larger companies may have some economies of scale, smaller companies can still compete effectively by focusing on specific geographic areas or service niches. The lack of a strong economic moat makes ProPetro vulnerable to competitive pressures and fluctuations in the oil and gas industry.
Financial Health & Profitability
ProPetro's financial health presents a mixed picture. The company's revenue has been volatile, reflecting the cyclical nature of the oilfield services industry. The TTM revenue of $1.27 billion represents a significant decrease from the $1.63 billion reported in FY2023, highlighting the challenges the company has faced in maintaining its top line. This revenue decline is further emphasized by the negative revenue growth of -17.7% compared to the sector average of -1.7%.
Profitability has been a major concern. While the company reported a net income of $824,000 for the TTM period, this is a stark contrast to the $85.63 million reported in FY2023 and is significantly lower than sector averages. The company's ROE of -16.5% is substantially below the sector average of 6.9%, indicating poor returns on equity. The company's gross margin of 100.0% is misleading, as it does not reflect the operating losses incurred. The operating and net margins are negative, -12.6% and -9.6% respectively, both significantly underperforming the sector averages of 10.6% and 6.3%.
Cash flow generation has been weak. The company's free cash flow is negative, at -$24.95 million, indicating that it is not generating enough cash to cover its capital expenditures and other obligations. This is a significant concern, as it may limit the company's ability to invest in growth opportunities or return capital to shareholders. The company's balance sheet is moderately leveraged, with a total debt of $95.15 million and a total cash balance of $66.54 million. The debt-to-equity ratio of 56.00 is in line with the sector average of 55.00.
The current ratio of 1.29 indicates that the company has sufficient current assets to cover its current liabilities. However, the inconsistent profitability and negative free cash flow raise concerns about the company's long-term financial sustainability. The quarterly financial history reveals a volatile pattern of revenue and earnings. The company experienced significant losses in Q3 FY2024, with a net loss of $137.07 million. While the company has shown some signs of improvement in recent quarters, its financial performance remains inconsistent and below historical levels.
Valuation Assessment
ProPetro's valuation presents a mixed picture. The company's P/E ratio of 1,459.0x is extremely high compared to the sector average of 19.5x, primarily due to its low net income. This suggests that the company is significantly overvalued based on its current earnings. However, the P/E ratio may be distorted by the company's recent financial performance and may not be a reliable indicator of its long-term value.
The company's EV/EBITDA ratio of 2.5x is below the sector average of 3.5x, suggesting that the company may be undervalued based on its enterprise value relative to its EBITDA. However, the company's EBITDA is relatively low, which may also distort the EV/EBITDA ratio. The negative free cash flow further complicates the valuation assessment. A traditional discounted cash flow analysis would be difficult to perform given the company's inconsistent cash flow generation.
Relative to its historical performance, ProPetro's valuation appears fair. The company's stock price has fluctuated significantly in recent years, reflecting the volatility of the oilfield services industry. The current market capitalization of $1.78 billion may be justified by the company's potential for future growth, but this potential is contingent on its ability to improve its profitability and cash flow generation.
Overall, ProPetro's valuation appears fair to slightly overvalued. The high P/E ratio suggests that the company is overvalued based on its current earnings, while the EV/EBITDA ratio suggests that it may be undervalued based on its enterprise value. The negative free cash flow and inconsistent profitability raise concerns about the company's long-term value. Investors should carefully consider the company's financial performance and growth prospects before making an investment decision.
Risk & Uncertainty
ProPetro faces several specific risks and uncertainties that could negatively impact its business and financial performance. The most significant risk is the cyclical nature of the oil and gas industry. Fluctuations in commodity prices and capital spending by exploration and production companies directly impact ProPetro's revenue and profitability. A decline in oil and gas prices could lead to reduced drilling activity and lower demand for ProPetro's services.
Competition is another major risk. The hydraulic fracturing business is highly competitive, with numerous companies vying for market share. ProPetro faces competition from larger, more diversified oilfield services companies, as well as smaller, regional players. Intense competition could lead to pricing pressures and reduced profitability.
Regulatory risks are also a concern. The oil and gas industry is subject to extensive regulations, including environmental regulations and safety regulations. Changes in these regulations could increase ProPetro's operating costs or limit its ability to provide certain services. For example, increased scrutiny of hydraulic fracturing practices could lead to stricter regulations and higher compliance costs.
Operational risks are inherent in the hydraulic fracturing business. ProPetro's operations involve the use of heavy equipment and hazardous materials. Accidents or equipment failures could result in injuries, property damage, or environmental damage. These incidents could lead to legal liabilities, reputational damage, and disruptions to ProPetro's operations. The company's reliance on a limited number of key customers also poses a concentration risk. The loss of one or more of these customers could significantly impact ProPetro's revenue and profitability.
Bulls Say / Bears Say
The Bull Case
BULL VIEWIncreased drilling activity in key shale basins will drive higher demand for ProPetro's hydraulic fracturing services, leading to improved revenue and profitability.
BULL VIEWProPetro's strategic focus on efficiency and cost management will enable it to outperform its competitors and generate superior returns as the industry recovers.
BULL VIEWThe company's strong relationships with key customers will provide a stable base of business and support future growth.
The Bear Case
BEAR VIEWThe cyclical nature of the oil and gas industry will continue to weigh on ProPetro's financial performance, making it difficult to generate consistent profits and positive cash flow.
BEAR VIEWIntense competition in the hydraulic fracturing business will limit ProPetro's ability to raise prices and improve its margins, resulting in continued pressure on profitability.
BEAR VIEWProPetro's high debt levels and negative free cash flow will constrain its ability to invest in growth opportunities and return capital to shareholders.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score PUMP and 4,400+ other equities.
ProPetro Holding Corp. exhibits a 3268% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
-10.6%
Sector: 3.7%
Gross Margin
Pricing power and cost efficiency
100.0%
Sector: 52.7%
Operating Margin
Core business profitability
-12.6%
Sector: 10.7%
Net Margin
Bottom-line profitability
-9.6%
Sector: 6.4%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
ProPetro Stock Surged 18% Pre-Market Today: What’s Powering The Rally?
ProPetro Holding Corp. (PUMP) saw its stock surge over 18% pre-market after its energy division, PROPWR, secured a long-term contract to supply 60 megawatts of power to a hyperscaler's data center in the U.S. Midwest. This deal signifies ProPetro's strategic shift beyond traditional oilfield services, providing a hybrid solution of battery energy storage systems and natural gas-powered generators to ensure stable data operations. Operations are expected to commence in Q2 2026, with potential for future expansion.
