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The Company We are a fully integrated frac and industrial sand supply and services company. We offer complete mine to wellsite proppant supply and logistics solutions to our frac sand customers.
The business is unprofitable at the operating level (-1.35% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 6.1%, steady but not accelerating. Margins contracted 3.5pp, which offsets some of the top-line progress.
ROIC dropped from 1.85% to -1.26%, capital efficiency is deteriorating. Operating margin contracted 3.5pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$358M
▲ +6.1% YoY
Net Income (TTM)
$22M
▼ -55.0% YoY
Op. Margin
-0.64%
▼ -3.5pp YoY
ROIC
-0.65%
▼ -3.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$28M
▲ +199.6% YoY
Op. Cash Flow (TTM)
$38M
▲ +147.0% YoY
Net Debt
$20M
Cash & Equiv.
$19M
5Y CAGR: +22.0%
5Y CAGR: +14.0%
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