ProFrac Holding Corp. — Earnings Quality Grade F
ACDC · Energy
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 50 days, change -2 days YoY
AR growth -14.7% vs revenue growth -11.4%
Revenue -11.4%, CFFO -48.4%. Cash follows revenue
Expense Quality
Inventory -24.8% vs COGS -3.4%. Normal
CapEx growth -33.4% vs revenue -11.4%. Normal
SG&A/Gross Profit = 268.7%, exceeds 70%
Gross margin swung -7.9pp (11.6% → 3.7%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = -0.05
Accruals ratio = -21.7%. Low accruals
Cash $0.0B covers only 2% of debt $1.2B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 56% of equity. Over 50%
Debt/EBITDA = 6.4x (>4x). Interest coverage = -1.0x (<2x). Financial stress
Other assets -7.6% vs revenue -11.4%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -11% YoY. Normal
Manipulation Score
M-Score = -2.48 (< -2.22). Unlikely manipulator
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25