Solaris Energy Infrastructure

SEI · NYSE · Energy · Financials, fiscal 2016 to 2025

SEI · Last close · October 26, 2026

$62.22

Value Solaris Energy Infrastructure yourself

Solaris Energy Infrastructure's revenue rose 98.7% to $622 million in fiscal 2025. Its operating margin was 21.8%, up from 16.9% a year earlier. Free cash flow was −$438 million. It paid out $22 million in dividends and buybacks.

SOLARIS ENERGY INFRASTRUCTURE, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001628280-26-012501 Updated October 21, 2026

Revenue

$622M

98.7%

Operating margin

21.8%

4.9 pts

Net income

$30M

90.8%

Free cash flow

−$438M

Return on capital

14.1%

7.3 pts

Market cap

—

No share count

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Solaris Energy Infrastructure yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Solaris Energy Infrastructure's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Solaris Energy Infrastructure's diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Solaris Energy Infrastructure's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 13% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $62.22
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Solaris Energy Infrastructure's latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	36	9	6	114	353
Debt incl. finance leases	—	—	35	319	188
Net debt (negative means net cash)	—	—	29	205	−165
Net debt to EBITDA	—	—	0.3x	2.0x	−0.8x
Debt to equity	—	—	0.2x	0.9x	0.3x
Interest coverage	−2.9x	167.9x	14.5x	4.0x	4.9x
Current ratio	2.8x	1.6x	1.8x	3.8x	3.0x
Quick ratio	2.7x	1.5x	1.6x	3.7x	2.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $1.3 million of Solaris Energy Infrastructure shares on the open market, and 9 insiders sold $406.6 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 8, 2026	Aj TeagueDirector	Bought	7,800	$64.23	$500,994	Form 4
May 13, 2026	Christopher P. WirtzChief Accounting Officer	Sold	700	$77.22	$54,054	Form 4
May 12, 2026	Laurie H ArgoDirector	Sold	5,200	$72.88	$378,976	Form 4
May 11, 2026	Christopher M PowellChief Legal Officer	Sold	36,852	$74.63	$2.8 million	Form 4
May 8, 2026	Ray N Walker JRDirector	Sold	56,841	$72.11	$4.1 million	Form 4
May 8, 2026	Aj TeagueDirector	Bought	6,175	$72.98	$450,652	Form 4
May 6, 2026	Keenan W Howard JRDirector	Sold	2,000,000	$74.50	$149.0 million	Form 4
Apr 30, 2026	KTR Management Company LLC10% owner	Sold	2,000,000	$70.75	$141.5 million	Form 4
Dec 17, 2025	Cynthia M. DurrettChief Administrative Officer, Director	Sold	47,011	$44.62	$2.1 million	Form 4
Dec 17, 2025	Aj TeagueDirector	Bought	4,620	$43.12	$199,214	Form 4
Dec 17, 2025	Amanda M BrockCo-Chief Executive Officer, Director	Bought	3,669	$40.89	$150,025	Form 4
Dec 17, 2025	Laurie H ArgoDirector	Sold	2,300	$44.25	$101,775	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Fail	Pass
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	—	—	—
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	—	—	—
Accruals ratio	−14.0%	−5.5%	−10.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Solaris Energy Infrastructure side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Solaris Energy Infrastructure	FY25	98.7%	21.8%	−70.3%	14.1%	−0.8x	—
Innovex International	FY25	48.0%	13.6%	—	—	−0.9x	5	Compare
Cactus	FY25	−4.5%	23.2%	—	17.1%	−0.3x	—	Compare
Atlas Energy Solutions	FY25	3.7%	−1.0%	−2.8%	—	—	4	Compare
Kodiak Gas Services	FY25	12.8%	26.0%	21.7%	6.3%	4.2x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	18	67	197	242	103	159	320	293	313	622
Revenue growth	27.8%	271.2%	192.6%	22.6%	−57.4%	54.6%	101.0%	−8.5%	6.9%	98.7%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	0	0	0	0	0	—	—	—	—	—
Operating income	3	26	99	108	−60	−0	42	50	53	135
Net income	3	−4	42	52	−29	−1	21	24	16	30
Diluted EPS (US$)	—	−0.34	1.59	—	—	—	—	—	—	—
Diluted shares (millions)	—	0	0	—	—	—	—	—	—	—
Cash flow
Cash from operations	4	27	116	115	44	16	68	89	59	209
Capital expenditure	11	94	161	35	5	20	81	64	188	647
Free cash flow	−6	−67	−45	80	39	−3	−13	25	−129	−438
Dividends paid	0	0	3	13	12	13	14	14	15	22
Share buybacks	0	0	1	3	27	0	0	26	8	0
Acquisitions	0	5	0	0	0	0	0	0	122	29
Stock-based compensation	0	4	4	4	5	5	6	8	11	23
Balance sheet at fiscal year end
Cash and short-term investments	4	63	25	67	60	36	9	6	114	353
Debt incl. finance leases	0	—	—	—	—	—	—	35	319	188
Total assets	77	300	459	505	412	406	463	468	1,130	2,143
Total liabilities	6	46	118	95	96	108	145	153	464	1,316
Shareholders' equity	71	113	198	264	201	203	216	206	356	564
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	15.8%	37.8%	50.4%	44.7%	−58.2%	−0.2%	13.1%	17.0%	16.9%	21.8%
Net margin	15.4%	−6.2%	21.5%	21.5%	−28.5%	−0.6%	6.6%	8.3%	5.0%	4.8%
Free cash flow margin	−35.1%	−99.7%	−22.7%	33.1%	38.1%	−2.0%	−4.2%	8.5%	−41.2%	−70.3%
Return on capital	—	—	—	—	—	—	—	—	6.8%	14.1%
Return on equity	—	−4.5%	27.2%	22.5%	−12.6%	−0.4%	10.1%	11.5%	5.6%	6.6%
Return on assets	—	−2.2%	11.2%	10.8%	−6.4%	−0.2%	4.9%	5.2%	2.0%	1.8%
Net debt to EBITDA	−0.5x	—	—	—	—	—	—	0.3x	2.0x	−0.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Solaris Energy Infrastructure's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Solaris Energy Infrastructure.