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Select Water Solutions, Inc.
American oil and gas field services company based in Gainesville.
Price unavailable
Last updated Oct 18, 2026.
Overview
Compare with National Energy Services Reunited Corp., ProPetro Holding Corp. or RPC INC, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
14.4%Gross margin2
2.0%Operating margin2
1.5%Net margin2
-3.1%Revenue growth, 20252
2.6%Return on equity2
0.35×Debt to equity2
-$79.9MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Chemical Product Sales Revenue brought in 23% of the revenue Select Water Solutions, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Chemical Product Sales Revenue | $323.5M | $260.8M | $309.4M |
| Chemical Technologies | $322.5M | $259.5M | $307.6M |
| Fluid Hauling | $287.5M | $242.2M | $180.1M |
| Water Recycling and Reuse | $110.4M | $128.9M | $149.1M |
| Fluids Disposal | $72.2M | $112.4M | $122.3M |
| Accommodations And Rentals Revenue | $83.3M | $78.7M | $86.8M |
| Well Testing And Flowback | $112.9M | $84.8M | $71.2M |
| Water Containment | $75.3M | $63.0M | $61.4M |
| Solids Management | $11.5M | $25.2M | $32.4M |
| Pipelines and Logistics | $41.1M | $27.4M | $11.6M |
Business segments
Water Services brought in 56% of the revenue Select Water Solutions, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Water Services | $1.0B | $910.5M | $796.0M |
| Water Infrastructure | $235.3M | $293.9M | $315.6M |
| Chemical Technologies | $323.5M | $260.8M | $309.4M |
Regions
Permian Basin brought in 51% of the revenue Select Water Solutions, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Permian Basin | $759.3M | $702.0M | $724.1M |
| Rockies | $231.3M | $209.9M | $165.0M |
| Marcellus Utica | $160.8M | $141.3M | $157.2M |
| Eagle Ford | $163.4M | $154.9M | $135.4M |
| Mid Continent | $100.5M | $85.3M | $91.4M |
| Bakken | $96.3M | $91.2M | $86.7M |
| Haynesville E. Texas | $84.0M | $79.0M | $60.3M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue86¢$1.2B
- Selling, general and admin11¢$161.3M
- Other costs1¢$18.3M
- Income tax0¢$1.6M
- Profit2¢$21.2M
Out of $1.4B in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending88¢$294.6M
- Dividends paid10¢$33.7M
- Share buybacks2¢$7.3M
Out of $214.7M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenue | $1.4B | $1.5B | $1.6B |
| Depreciation, amortization and accretion | $174.5M | $153.5M | $138.8M |
| Total costs of revenue | $1.2B | $1.2B | $1.4B |
| Gross profit | $202.4M | $219.5M | $231.7M |
| Selling, general and administrative | $161.3M | $160.0M | $155.5M |
| Depreciation and amortization | $5.3M | $3.4M | $2.3M |
| Impairments and abandonments | $6.2M | $1.2M | $12.6M |
| Lease abandonment costs | $734.0K | $358.0K | $42.0K |
| Total operating expenses | $173.6M | $165.0M | $170.5M |
| Income from operations | $28.8M | $54.5M | $61.2M |
| Gain (loss) on sales of property and equipment and divestitures, net | $10.3M | $3.3M | -$210.0K |
| Interest expense, net | -$23.2M | -$7.0M | -$4.4M |
| Remeasurement gain on business combination | $14.9M | ||
| Tax receivable agreements expense | -$5.0M | -$836.0K | -$38.2M |
| Other | -$1.1M | -$573.0K | $2.4M |
| Income before income tax benefit (expense) and equity in losses of unconsolidated entities | $24.8M | $49.4M | $20.8M |
| Income tax benefit (expense) | $1.6M | -$13.6M | $60.2M |
| Equity in losses of unconsolidated entities | -$4.9M | -$352.0K | -$1.8M |
| Net income | $21.5M | $35.5M | $79.2M |
| Less: net income attributable to noncontrolling interests | -$244.0K | -$4.8M | -$4.8M |
| Net income attributable to Select Water Solutions, Inc. | $21.2M | $30.6M | $74.4M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $18.1M | $20.0M | ||
| Inventories | $34.3M | $38.4M | ||
| Prepaid expenses and other current assets | $38.0M | $45.4M | ||
| Total current assets | $354.4M | $385.5M | ||
| Property and equipment | $1.6B | $1.4B | ||
| Accumulated depreciation | -$717.2M | -$679.8M | ||
| Total property and equipment, net | $912.2M | $725.7M | ||
| Right-of-use assets, net | $28.7M | $36.9M | ||
| Goodwill | $48.5M | $18.2M | $4.7M | |
| Other intangible assets, net | $106.2M | $123.7M | ||
| Deferred tax assets, net | $48.9M | $46.3M | ||
| Investments in unconsolidated entities | $78.2M | $11.3M | ||
| Other long-term assets | $18.5M | $18.7M | ||
| Total assets | $1.6B | $1.4B | ||
| Accounts payable | $49.7M | $39.2M | ||
| Accrued accounts payable | $46.3M | $76.2M | ||
| Accrued salaries and benefits | $17.7M | $29.9M | ||
| Accrued insurance | $22.3M | $24.7M | ||
| Sales tax payable | $2.4M | $2.1M | ||
| Current portion of tax receivable agreements liabilities | $93.0K | |||
| Accrued expenses and other current liabilities | $37.5M | $40.1M | ||
| Current operating lease liabilities | $14.2M | $16.4M | ||
| Current portion of long-term debt | $31.2M | |||
| Current portion of finance lease obligations | $650.0K | $211.0K | ||
| Total current liabilities | $225.7M | $233.4M | ||
| Long-term tax receivable agreements liabilities | $43.4M | $38.4M | ||
| Long-term operating lease liabilities | $21.5M | $31.1M | ||
| Long-term debt, net | $285.0M | $85.0M | ||
| Other long-term liabilities | $92.9M | $62.9M | ||
| Total liabilities | $668.5M | $450.7M | ||
| Additional paid-in capital | $989.3M | $998.5M | ||
| Accumulated deficit | -$184.9M | -$206.1M | ||
| Total stockholders' equity | $805.6M | $793.5M | ||
| Noncontrolling interests | $121.5M | $122.0M | ||
| Total equity | $927.1M | $915.5M | $892.2M | $883.7M |
| Total liabilities and equity | $1.6B | $1.4B | ||
| Allowance for doubtful accounts | $4.8M | $4.5M | ||
| Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ||
| Preferred Stock, Shares Authorized | 50.0M shares | 50.0M shares | ||
| Preferred Stock, Shares Issued | 0 shares | 0 shares | ||
| Preferred Stock, Shares Outstanding | 0 shares | 0 shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $18.1M | $20.0M | ||
| Inventories | $34.3M | $38.4M | ||
| Prepaid expenses and other current assets | $38.0M | $45.4M | ||
| Total current assets | $354.4M | $385.5M | ||
| Property and equipment | $1.6B | $1.4B | ||
| Accumulated depreciation | -$717.2M | -$679.8M | ||
| Total property and equipment, net | $912.2M | $725.7M | ||
| Right-of-use assets, net | $28.7M | $36.9M | ||
| Goodwill | $48.5M | $18.2M | $4.7M | |
| Other intangible assets, net | $106.2M | $123.7M | ||
| Deferred tax assets, net | $48.9M | $46.3M | ||
| Investments in unconsolidated entities | $78.2M | $11.3M | ||
| Other long-term assets | $18.5M | $18.7M | ||
| Total assets | $1.6B | $1.4B | ||
| Accounts payable | $49.7M | $39.2M | ||
| Accrued accounts payable | $46.3M | $76.2M | ||
| Accrued salaries and benefits | $17.7M | $29.9M | ||
| Accrued insurance | $22.3M | $24.7M | ||
| Sales tax payable | $2.4M | $2.1M | ||
| Current portion of tax receivable agreements liabilities | $93.0K | |||
| Accrued expenses and other current liabilities | $37.5M | $40.1M | ||
| Current operating lease liabilities | $14.2M | $16.4M | ||
| Current portion of long-term debt | $31.2M | |||
| Current portion of finance lease obligations | $650.0K | $211.0K | ||
| Total current liabilities | $225.7M | $233.4M | ||
| Long-term tax receivable agreements liabilities | $43.4M | $38.4M | ||
| Long-term operating lease liabilities | $21.5M | $31.1M | ||
| Long-term debt, net | $285.0M | $85.0M | ||
| Other long-term liabilities | $92.9M | $62.9M | ||
| Total liabilities | $668.5M | $450.7M | ||
| Additional paid-in capital | $989.3M | $998.5M | ||
| Accumulated deficit | -$184.9M | -$206.1M | ||
| Total stockholders' equity | $805.6M | $793.5M | ||
| Noncontrolling interests | $121.5M | $122.0M | ||
| Total equity | $927.1M | $915.5M | $892.2M | $883.7M |
| Total liabilities and equity | $1.6B | $1.4B | ||
| Allowance for doubtful accounts | $4.8M | $4.5M | ||
| Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ||
| Preferred Stock, Shares Authorized | 50.0M shares | 50.0M shares | ||
| Preferred Stock, Shares Issued | 0 shares | 0 shares | ||
| Preferred Stock, Shares Outstanding | 0 shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $21.5M | $35.5M | $79.2M |
| Depreciation, amortization and accretion | $179.8M | $156.9M | $141.1M |
| Deferred tax (benefit) expense | -$1.2M | $12.5M | -$62.0M |
| Tax receivable agreements expense | $5.0M | $836.0K | $38.2M |
| (Gain) loss on disposal of property and equipment and divestitures | -$10.3M | -$3.3M | $210.0K |
| Equity in losses of unconsolidated entities | $4.9M | $352.0K | $1.8M |
| Credit loss expense | $989.0K | $58.0K | $5.2M |
| Amortization and write off of debt issuance costs | $2.2M | $489.0K | $489.0K |
| Inventory adjustments | $75.0K | -$638.0K | $2.3M |
| Equity-based compensation | $19.9M | $26.4M | $17.4M |
| Impairments and abandonments | $6.2M | $1.2M | $12.6M |
| Remeasurement gain on business combination | -$14.9M | ||
| Other operating items, net | $2.4M | $1.1M | -$450.0K |
| Accounts receivable | $16.1M | $46.9M | $102.3M |
| Prepaid expenses and other assets | $11.8M | -$14.6M | -$6.7M |
| Accounts payable and accrued liabilities | -$29.8M | -$28.8M | -$46.3M |
| Net cash provided by operating activities | $214.7M | $234.9M | $285.4M |
| Purchase of property and equipment | -$294.6M | -$173.2M | -$135.9M |
| Purchase of equity-method investment | -$72.1M | -$500.0K | |
| Acquisitions, net of cash received | -$53.6M | -$161.3M | -$17.7M |
| Proceeds received from sales of property and equipment | $15.3M | $15.8M | $16.9M |
| Net cash used in investing activities | -$405.0M | -$318.6M | -$137.2M |
| Borrowings from revolving line of credit | $131.5M | $165.0M | $105.2M |
| Payments on revolving line of credit | -$146.5M | -$80.0M | -$121.2M |
| Borrowings from long-term debt | $250.0M | ||
| Payments of finance lease obligations | -$601.0K | -$231.0K | -$98.0K |
| Payment of debt issuance costs | -$7.9M | ||
| Dividends and distributions paid | -$33.7M | -$29.7M | -$24.9M |
| Proceeds from share issuance | $50.0K | ||
| Payments under tax receivable agreements | -$77.0K | -$521.0K | |
| Distributions to noncontrolling interests | -$1.6M | ||
| Contributions from noncontrolling interests | $2.9M | $6.0M | |
| Repurchase of common stock | -$7.3M | -$7.9M | -$61.8M |
| Net cash provided by (used in) financing activities | $188.4M | $46.6M | -$98.4M |
| Effect of exchange rate changes on cash | $6.0K | -$9.0K | -$3.0K |
| Net (decrease) increase in cash and cash equivalents | -$1.9M | -$37.1M | $49.8M |
| Cash paid for interest | $18.7M | $7.1M | $4.7M |
| Cash paid for income taxes, net | $642.0K | $1.8M | $1.7M |
| Asset retirement obligation revisions | $12.3M | ||
| Lease liabilities arising from obtaining right-of-use assets | $7.6M | $12.6M | $7.6M |
| Issuance (recoupment) of shares for acquisitions | $7.7M | -$410.0K | |
| Assets and liabilities transferred in business combination | $20.8M | ||
| Property and equipment obtained by assuming liabilities | $9.5M | ||
| Capital expenditures included in accounts payable and accrued liabilities | $30.0M | $50.0M | $34.5M |
No quarter-by-quarter statement was filed.
Leadership
Who has led Select Water Solutions, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerJohn Schmitz Apr 20, 2017 to Nov 3, 201714
- Chief executive officerHolli Nichols Nov 3, 2017 to Apr 14, 202015
- ChairJohn Schmitz Apr 20, 2017 to Oct 7, 201914
- PresidentJohn Schmitz Mar 10, 2021 to now16
- PresidentCody Ortowski Apr 20, 2017 to Apr 20, 201717
- PresidentHolli Nichols Nov 3, 2017 to Apr 14, 202015
- Chief financial officerChristopher Kile George Mar 7, 2024 to now18
- Chief financial officerGary Gillette Apr 20, 2017 to Feb 8, 201819
- Chief operating officerMichael Skarke May 11, 2021 to now20
Board members and other officers (33)
- SVP, GC and CCOChristina M. Ibrahim Apr 4, 2023 to now21
- OfficerChristopher Kile George May 10, 2022 to Feb 27, 202422
- Chief Technology OfficerSuzanne Colbert Aug 18, 2021 to Aug 21, 202323
- EVP, Water ServicesMitchell Shauf Apr 4, 2019 to Mar 9, 202024
- EVP, Business StrategyCody Ortowski Feb 8, 2018 to now25
- OfficerGary Gillette May 16, 2018 to Nov 21, 201826
- Chief Accounting Officer & VPBrian Szymanski Jun 8, 2018 to now27
- VP, Gen.Counsel & Corp.SecAdam R. Law Apr 20, 2017 to Nov 16, 202228
- Executive VP, FinanceEric L. Mattson Apr 20, 2017 to Apr 20, 201729
- Exec. VP - Wellsite ServicesDavid Nightingale Nov 3, 2017 to Jan 23, 201930
- Senior VP, Water NetworksDavid Stuart Nov 3, 2017 to Feb 8, 201831
- Exec. VP, Water SolutionsMichael Skarke Nov 3, 2017 to Mar 10, 202132
- Exec. VP - Oilfield ChemicalsPaul Pistono Nov 3, 2017 to Jan 20, 202233
- Board memberBruce E. Cope Feb 4, 2025 to now34
- Board memberLuis M. Fernandez May 10, 2022 to now35
- Board memberSuzanne Colbert Aug 18, 2022 to Aug 18, 202236
- Board memberRobin H. Fielder Nov 8, 2022 to now37
- Board memberGayle Burleson Jun 17, 2021 to now38
- Board memberJohn Schmitz Jan 2, 2020 to now39
- Board memberTroy W. Thacker May 12, 2020 to May 9, 202440
- Board memberAdam J. Klein Apr 20, 2017 to May 14, 201941
- Board memberDouglas James Wall Apr 20, 2017 to now42
- Board memberRichard Alan Burnett Apr 20, 2017 to now43
- Board memberRobert Delaney V. Jr. Apr 20, 2017 to now41
- Board memberDavid C. Baldwin Nov 2, 2017 to Nov 14, 202244
- Board memberG.p. Limited Partnership Scf-Vi Nov 2, 2017 to Jun 14, 202344
- Board memberG.p. Limited Partnership Scf-Vii Nov 2, 2017 to Jun 14, 202344
- Board memberL. E. Simmons Nov 2, 2017 to Nov 2, 201744
- Board memberL.p. Scf-Vii Nov 2, 2017 to Jun 14, 202344
- Board memberDavid A. Trice Nov 3, 2017 to May 10, 202245
- Board memberHolli Nichols Nov 3, 2017 to Apr 14, 202015
- Board memberKeith O. Rattie Nov 3, 2017 to May 11, 202146
- General counselRobert Allen Wilson Mar 30, 2026 to now47
Former names
- Select Energy Services, Inc.Dec 29, 2016 to May 9, 20233
Timeline
Filings
358 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 41 major events, 195 insider forms, 22 large holders, 80 other. The latest 20:
- Oct 13, 20268-K EDGAR
- Oct 8, 2026SCHEDULE 13G/A EDGAR
- Sep 24, 20268-K EDGAR
- Aug 18, 20264 PRIMARY DOCUMENT EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 11, 2026144 EDGAR
- Aug 5, 202610-Q EDGAR
- Aug 4, 20268-K EDGAR
- Jul 20, 20264 PRIMARY DOCUMENT EDGAR
- Jul 7, 20264 PRIMARY DOCUMENT EDGAR
- Jul 1, 2026144 EDGAR
- Jun 1, 20268-K EDGAR
- May 21, 20264 OWNERSHIP DOCUMENT EDGAR
- May 19, 2026144 EDGAR
- May 18, 20264 PRIMARY DOCUMENT EDGAR
- May 15, 2026144 EDGAR
- May 14, 2026144 EDGAR
- May 12, 2026144 EDGAR
- May 12, 20264 PRIMARY DOCUMENT EDGAR
- May 12, 20264 PRIMARY DOCUMENT EDGAR
The 358 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 22 such filings since October 2021, the latest 10:
- Oct 8, 2026SCHEDULE 13G/A
- Aug 14, 2026SCHEDULE 13G/A
- Apr 29, 2026SCHEDULE 13G
- Apr 28, 2026SCHEDULE 13G/A
- Mar 27, 2026SCHEDULE 13G/A
- Jan 29, 2026SCHEDULE 13G
- Apr 28, 2025SCHEDULE 13G/A
- Feb 14, 2025SCHEDULE 13G/A
- Nov 8, 2024SC 13G/A
- Oct 25, 2024SC 13G
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 11,687,275 | $233.5M | 0.0% | +2,084,304 |
| Franklin Resources Inc | 11,207,094 | $223.9M | 0.0% | +334,695 |
| Dimensional Fund Advisors LP | 6,519,388 | $130.3M | 0.0% | −30,921 |
| Vanguard Capital Management LLC | 5,206,877 | $104.0M | 0.0% | +264,323 |
| American Century Companies Inc | 4,165,082 | $83.2M | 0.0% | +158,091 |
| Wellington Management Group Llp | 3,855,291 | $77.0M | 0.0% | −127,786 |
| State Street Corp | 3,815,297 | $76.2M | 0.0% | +480,192 |
| Deprince Race & Zollo Inc | 3,447,087 | $68.9M | 1.2% | −70,076 |
| Geode Capital Management, LLC | 3,262,249 | $65.2M | 0.0% | +754,639 |
| Merewether Investment Management, LP | 2,955,888 | $59.1M | 1.1% | +66,888 |
| Fmr LLC | 2,721,945 | $54.4M | 0.0% | +2,648,538 |
| Crestview Partners II GP, L.P. | 2,615,972 | $52.3M | 22.3% | −1,283,223 |
| Van Eck Associates Corp | 2,584,256 | $51.6M | 0.0% | −624,052 |
| Victory Capital Management Inc | 2,382,790 | $47.6M | 0.0% | −342,621 |
| Webs Creek Capital Management LP | 2,015,969 | $40.3M | 7.6% | −562,421 |
| Vanguard Portfolio Management LLC | 1,955,499 | $39.1M | 0.0% | +472,975 |
| Alliancebernstein L.P. | 2,467,487 | $37.8M | 0.0% | −294,723 |
| Royce & Associates LP | 1,812,157 | $36.2M | 0.3% | −268,239 |
| Nuveen, LLC | 1,789,160 | $35.7M | 0.0% | +1,603,223 |
| Charles Schwab Investment Management Inc | 1,592,514 | $31.8M | 0.0% | −35,802 |
| Russell Investments Group, Ltd. | 1,455,298 | $29.1M | 0.0% | −329,239 |
| Punch & Associates Investment Management, Inc. | 1,435,415 | $28.7M | 1.4% | −93,480 |
| Invesco Ltd. | 1,319,665 | $26.4M | 0.0% | +331,901 |
| Needham Investment Management LLC | 1,300,000 | $26.0M | 0.8% | +145,000 |
| Systematic Financial Management LP | 1,277,394 | $25.5M | 0.5% | −19,207 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 16SEC EDGARJohn Schmitz, President
- 17SEC EDGARCody Ortowski, President
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- 22SEC EDGARChristopher Kile George, Officer
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- 24SEC EDGARMitchell Shauf, EVP, Water Services
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- 26SEC EDGARGary Gillette, Officer
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- 34SEC EDGARBruce E. Cope, Board member
- 35SEC EDGARLuis M. Fernandez, Board member
- 36SEC EDGARSuzanne Colbert, Board member
- 37SEC EDGARRobin H. Fielder, Board member
- 38SEC EDGARGayle Burleson, Board member
- 39SEC EDGARJohn Schmitz, Board member
- 40SEC EDGARTroy W. Thacker, Board member
- 41SEC EDGARAdam J. Klein, Board member
- 42SEC EDGARDouglas James Wall, Board member
- 43SEC EDGARRichard Alan Burnett, Board member
- 44SEC EDGARDavid C. Baldwin, Board member
- 45SEC EDGARDavid A. Trice, Board member
- 46SEC EDGARKeith O. Rattie, Board member
- 47SEC EDGARRobert Allen Wilson, General counsel
- 48