ProFrac Holding Corp.

ACDC

EnergyOil & Gas Equipment & ServicesNASDAQ

$6.66

Market Cap: $1.20B

ProFrac Holding Corp. (ACDC) Valuation Summary

Updated May 11, 2026 11:52

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.93 – $35.97	$4.18	-37.2%
Revenue DCF 10Y	$4.91 – $77.34	$21.40	+221.4%
▸ Trading Multiples
EV/Revenue	$3.08 – $12.73	$10.36	+55.5%

Valuation History

DCF Analysis

ProFrac Holding Corp. (ACDC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$21.40

Market Price

$6.66

Upside / Downside

+221.4%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -6.9% to a target of 15.7% over 5 years, discounted at a WACC of 8.9%, ProFrac Holding Corp. (ACDC) has an intrinsic value of $21.40 per share (range: $4.91 – $77.34).

Key Assumptions

Current Operating Margin

-6.9%

Target Operating Margin

15.7%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

11.3%

Target CapEx/Rev

25.8%

D&A/Revenue

17.2%

Tax Rate

2.6%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,765	-9.1%	-2.4%	-42	-42	304	(225)	66	-29	-28
2027	1,946	10.2%	2.1%	42	41	335	(277)	21	78	69
2028	1,997	2.6%	6.7%	133	130	344	(313)	6	154	125
2029	2,518	26.1%	11.2%	281	274	434	(431)	60	216	160
2030	3,175	26.1%	15.7%	498	485	547	(590)	76	366	250
2031	3,881	22.2%	15.7%	608	593	668	(777)	82	402	252
2032	4,594	18.4%	15.7%	720	702	791	(987)	83	423	244
2033	5,263	14.5%	15.7%	825	804	906	(1,206)	77	426	225
2034	5,825	10.7%	15.7%	913	889	1,003	(1,420)	65	407	198
2035	6,224	6.8%	15.7%	976	950	1,072	(1,608)	46	368	164

Enterprise Value Bridge

Sum of PV(FCFF)1,659

Terminal Value (Gordon Growth at 3.0%)6,471

PV of Terminal Value2,888

Enterprise Value4,548

(–) Net Debt1,120

Equity Value3,428

(÷) Shares Outstanding160

Fair Value per Share$21.40

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
6.9%	$-3	$17	$37	$57	$77
7.9%	$-3	$12	$28	$43	$59
8.9%	$-3	$9	$21	$34	$46
9.9%	$-4	$7	$17	$27	$37
10.9%	$-4	$5	$14	$22	$31

Current price: $6.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

ProFrac Holding Corp. (ACDC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$4.18

Market Price

$6.66

Upside / Downside

-37.2%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-6.9%

Target Operating Margin

15.7%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

11.3%

Target CapEx/Rev

25.8%

D&A/Revenue

17.2%

Tax Rate

2.6%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,765	-9.1%	-2.4%	-42	-42	304	(251)	66	-54	-52
2027	1,946	10.2%	2.1%	42	41	335	(333)	21	22	19
2028	1,997	2.6%	6.7%	133	130	344	(400)	6	68	55
2029	2,518	26.1%	11.2%	281	274	434	(577)	60	70	52
2030	3,175	26.1%	15.7%	498	485	547	(820)	76	135	92

Enterprise Value Bridge

Sum of PV(FCFF)166

Terminal Value (Gordon Growth at 3.0%)2,379

PV of Terminal Value1,623

Enterprise Value1,789

(–) Net Debt1,120

Equity Value669

(÷) Shares Outstanding160

Fair Value per Share$4.18

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
6.9%	$-8	$-2	$11	$23	$36
7.9%	$-8	$-3	$7	$17	$26
8.9%	$-8	$-4	$4	$12	$20
9.9%	$-8	$-4	$2	$9	$16
10.9%	$-8	$-5	$1	$7	$12

Current price: $6.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$10.36

Market Price

$6.66

Upside / Downside

+55.5%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), ProFrac Holding Corp. (ACDC) has a fair value of $10.36 based on 9 comparable companies in the Oil & Gas Equipment & Services industry.

EV/Revenue Valuation — Oil & Gas Equipment & Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ProFrac Holding Corp.ACDC	1,067	1.1x	1.0x
NGL Energy Partners LPNGL	2,022	1.5x	0.9x
ProPetro Holding Corp.PUMP	1,907	1.6x	1.6x
Global Partners LPGLP	1,649	0.2x	0.2x
Helix Energy Solutions Group, Inc.HLX	1,423	1.2x	1.2x
TETRA Technologies, Inc.TTI	1,323	2.4x	2.6x
Teekay CorporationTK	1,223	0.3x	0.3x
Diversified Energy Company PLCDEC	1,132	0.8x	0.7x
Hallador Energy CompanyHNRG	887	2.0x	2.0x
Core Laboratories N.V.CLB	605	1.5x	1.5x
Industry Median		1.5x	1.2x
(*) Revenue		1,942	2,189
= Enterprise Value		2,855	2,702
(-) Net Debt		1,120	1,120
Equity Value		1,735	1,582
(/) Outstanding shares		160	160
Fair Price		$11	$10

Selected Fair Value (avg of trailing + forward)

$10.36

+55.5%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.93 – $35.97

$4.18

-37.2%

Revenue DCF 10Y

$4.91 – $77.34

$21.40

+221.4%

▸ Trading Multiples

EV/Revenue

$3.08 – $12.73

$10.36

+55.5%

DCF Analysis

ProFrac Holding Corp. (ACDC) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$21.40

Market Price

$6.66

Upside / Downside

+221.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-6.9%

Target Operating Margin

15.7%

WACC

8.9%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

11.3%

Target CapEx/Rev

25.8%

D&A/Revenue

17.2%

Tax Rate

2.6%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	1,765	-9.1%	-2.4%	-42	-42	304	(225)	66	-29	-28
2027	1,946	10.2%	2.1%	42	41	335	(277)	21	78	69
2028	1,997	2.6%	6.7%	133	130	344	(313)	6	154	125
2029	2,518	26.1%	11.2%	281	274	434	(431)	60	216	160
2030	3,175	26.1%	15.7%	498	485	547	(590)	76	366	250
2031	3,881	22.2%	15.7%	608	593	668	(777)	82	402	252
2032	4,594	18.4%	15.7%	720	702	791	(987)	83	423	244
2033	5,263	14.5%	15.7%	825	804	906	(1,206)	77	426	225
2034	5,825	10.7%	15.7%	913	889	1,003	(1,420)	65	407	198
2035	6,224	6.8%	15.7%	976	950	1,072	(1,608)	46	368	164

Enterprise Value Bridge

Sum of PV(FCFF)1,659

Terminal Value (Gordon Growth at 3.0%)6,471

PV of Terminal Value2,888

Enterprise Value4,548

(–) Net Debt1,120

Equity Value3,428

(÷) Shares Outstanding160

Fair Value per Share$21.40

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	9.7%	12.7%	15.7%	18.7%	21.7%
6.9%	$-3	$17	$37	$57	$77
7.9%	$-3	$12	$28	$43	$59
8.9%	$-3	$9	$21	$34	$46
9.9%	$-4	$7	$17	$27	$37
10.9%	$-4	$5	$14	$22	$31

Current price: $6.66. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 11.6% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$10.36

Market Price

$6.66

Upside / Downside

+55.5%

Verdict

Undervalued

EV/Revenue Valuation — Oil & Gas Equipment & Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ProFrac Holding Corp.ACDC	1,067	1.1x	1.0x
NGL Energy Partners LPNGL	2,022	1.5x	0.9x
ProPetro Holding Corp.PUMP	1,907	1.6x	1.6x
Global Partners LPGLP	1,649	0.2x	0.2x
Helix Energy Solutions Group, Inc.HLX	1,423	1.2x	1.2x
TETRA Technologies, Inc.TTI	1,323	2.4x	2.6x
Teekay CorporationTK	1,223	0.3x	0.3x
Diversified Energy Company PLCDEC	1,132	0.8x	0.7x
Hallador Energy CompanyHNRG	887	2.0x	2.0x
Core Laboratories N.V.CLB	605	1.5x	1.5x
Industry Median		1.5x	1.2x
(*) Revenue		1,942	2,189
= Enterprise Value		2,855	2,702
(-) Net Debt		1,120	1,120
Equity Value		1,735	1,582
(/) Outstanding shares		160	160
Fair Price		$11	$10

Selected Fair Value (avg of trailing + forward)

$10.36

+55.5%