ProFrac

Heavy acquisition and integration since 2022 (USWS, Performance Proppants, Producers), plus an August 2025 equity raise of 20.6 million Class A shares for ~79 million net proceeds. 2025 capex was ~169.9 million; Q1 2026 capex 40.7 million with full‑year 2026 guidance of 155 to 185 million (maintenance plus growth).

Disposals include the EKU Power Drives exit (2025 loss of ~10.5 million). TRA obligations (86.6 million estimate) and related‑party transactions (Equify, Wilks services/leases, Flotek note sale) complicate alignment. No dividend and no regular buyback program.

While reinvestment in fleet upgrades and mines can reinforce cost position, returns have been inconsistent, and dilution plus leverage reduce per‑share compounding.