Select Water Solutions, Inc.
- Open
- 19.75
- Day high
- 19.97
- Day low
- 18.90
- Prev close
- 19.98
- Volume
- 2.7M
- Mkt cap
- $2.4B
- P/E (TTM)
- 94.3
- EPS (TTM)
- $0.20
- P/B
- 2.4
- P/S
- 1.7
- Yield
- 0.74%
- Per share
- $0.14
- ▼Insiders net selling -$112.2M over the last 3 months (0 open-market buys, 10 sales)
- 🏛Institutions accumulating (13F)
Select Water Solutions, Inc. (WTTR) is a Utilities company listed on NYSE. The stock is up 125% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 10 sales (SEC Form 4).
Select Water Solutions, Inc. (WTTR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WTTR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.06 | $0.08 | +28.9% | $366M | +6.2% |
| Feb 17, 2026 | $0.01 | $-0.01 | -200.0% | $347M | +8.0% |
| Nov 4, 2025 | $0.03 | $0.03 | +0.0% | $322M | +0.4% |
| Feb 18, 2025 | $0.13 | $-0.01 | -107.7% | $349M | +4.6% |
| Apr 30, 2024 | $0.07 | $0.04 | -42.9% | $367M | -5.0% |
| Feb 20, 2024 | $0.15 | $0.27 | +80.0% | $375M | -0.7% |
| Oct 31, 2023 | $0.23 | $0.14 | -39.1% | $389M | -3.3% |
| Aug 2, 2023 | $0.23 | $0.20 | -13.0% | $405M | -3.7% |
| May 2, 2023 | $0.14 | $0.12 | -14.3% | $417M | +1.3% |
| Feb 21, 2023 | $0.24 | $0.07 | -70.8% | $382M | -1.6% |
| Nov 2, 2022 | $0.16 | $0.22 | +37.5% | $375M | +5.4% |
| Aug 2, 2022 | $0.05 | $0.13 | +160.0% | $336M | +5.8% |
WTTR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 21, 2026 | Crestview Partners II GP, L.P.10 percent owner | Sell | 2,632,760 | $18.92 |
| May 21, 2026 | Crestview Partners II GP, L.P.10 percent owner | Sell | 617,240 | $18.92 |
| May 18, 2026 | Burnett Richard Alandirector | Sell | 19,684 | $18.73 |
| May 18, 2026 | Burnett Richard Alandirector | Sell | 45,316 | $18.74 |
| May 12, 2026 | Skarke Michaelofficer: EVP & COO | Sell | 90,000 | $17.31 |
| May 12, 2026 | Skarke Michaelofficer: EVP & COO | Sell | 20,000 | $17.78 |
| May 12, 2026 | Szymanski Brianofficer: Chief Accounting Officer | Sell | 20,000 | $17.04 |
| May 8, 2026 | Fielder Robin Hdirector | Sell | 27,010 | $16.80 |
| May 8, 2026 | Burleson Gayledirector | Grant | 9,446 | — |
| May 8, 2026 | Fielder Robin Hdirector | Grant | 9,446 | — |
| May 8, 2026 | Roberts Timothy A.director | Grant | 9,446 | — |
| May 8, 2026 | Cope Bruce E.director | Grant | 9,446 | — |
| May 8, 2026 | FERNANDEZ-MORENO LUIS Mdirector | Grant | 9,446 | — |
| May 8, 2026 | Burnett Richard Alandirector | Grant | 9,446 | — |
| Apr 9, 2026 | Crestview Partners II GP, L.P.director, 10 percent owner: | Sell | 665,983 | $15.12 |
Source: WTTR SEC Form 4 filings, latest May 21, 2026. For informational purposes only — not investment advice.
See the full WTTR insider & 13F page →Select Water Solutions, Inc. company profile
Overview
Select Energy Services, Inc. (NYSE:WTTR) is a Houston-based oilfield services company that provides comprehensive water management and chemical solutions to the onshore oil and gas industry across the United States. Founded in 2016 and going public in 2017, the company has evolved from a traditional oilfield services provider into a specialized water infrastructure and management company. In 2023, the company rebranded to Select Water Solutions to better reflect its strategic focus on sustainable water management solutions for the energy sector. Today, Select Energy operates as one of the leading providers of water recycling, disposal, and treatment services in major U.S. oil and gas basins, with a growing emphasis on long-term infrastructure assets that generate predictable cash flows.
Business
Select Energy Services operates in the oilfield services sector, which provides essential support services to oil and gas exploration and production companies. The company's business is organized around three primary segments that collectively address the complex water management challenges faced by energy producers. The Water Infrastructure segment represents the company's highest-margin and fastest-growing business, accounting for an increasingly large portion of profitability. This segment develops, builds, and operates semi-permanent and permanent pipeline infrastructure solutions that handle produced water - the contaminated water that comes up from oil and gas wells during production. The infrastructure includes recycling facilities that clean and treat produced water so it can be reused in hydraulic fracturing operations, disposal wells that safely inject waste water underground, and pipeline networks that transport water between well sites. This segment generated approximately 50-60% gross margins and is expected to contribute over 50% of company profitability by 2025. The Water Services segment provides traditional water-related field services including water transfer, flowback and well testing, water containment, fluids hauling, and water monitoring. This segment also offers technology solutions such as remote monitoring systems, leak detection, and automated equipment services. Water Services operates more like a traditional service business with margins typically in the 19-22% range and revenues that fluctuate with drilling and completion activity levels. The Oilfield Chemicals segment develops, manufactures, and provides specialized chemicals used in hydraulic fracturing, well stimulation, cementing, and production operations. These chemicals include polymers, friction reducers, surfactants, and other chemical technologies sold primarily to pressure pumping service companies. The segment also offers production chemical solutions for underperforming wells and ancillary services like corrosion monitoring and lab services. Chemical margins typically run in the mid-to-high teens range. The company's services are essential because modern oil and gas production generates enormous volumes of water that must be managed safely and cost-effectively. Hydraulic fracturing requires millions of gallons of water per well, while ongoing production can generate 10-15 barrels of produced water for every barrel of oil extracted.
Revenue model
Select Energy generates revenue through multiple business models across its three segments. The Water Infrastructure segment operates on a long-term contract model with dedicated acreage agreements, where oil and gas operators commit to using Select's water management services for all wells drilled within specified geographic areas. These contracts typically span multiple years and provide predictable revenue streams with take-or-pay provisions. The company charges fees for water recycling, disposal, and transportation services based on volume throughput, generating gross margins of 50-60%. The Water Services segment operates on a transactional service model, charging fees for water transfer, containment, monitoring, and other field services as needed by customers. Revenue fluctuates with drilling and completion activity levels, and the company competes primarily on service quality, geographic coverage, and operational efficiency. This segment generates margins around 19-22%. The Oilfield Chemicals segment follows a product sales model, manufacturing and selling specialized chemicals to pressure pumping companies and oil and gas operators. Revenue depends on drilling activity levels and the company's ability to develop innovative chemical solutions that improve well performance. Chemical margins typically range in the mid-to-high teens. Select Energy's primary customers are oil and gas exploration and production companies, pressure pumping service companies, and other oilfield service providers operating in major U.S. basins including the Permian, Haynesville, Bakken, and other unconventional plays. Several factors influence the company's margins and profitability. Positive factors include increasing environmental regulations that drive demand for water recycling and proper disposal, growing operator focus on sustainable water management practices, the company's expanding geographic footprint and asset utilization rates, and long-term contracted infrastructure that provides stable cash flows. Negative factors include volatility in oil and gas drilling activity that affects service demand, competitive pricing pressure in traditional service lines, rising labor and equipment costs, and potential changes in environmental regulations that could require additional capital investments.
Competitive moat
Select Energy's competitive moat is moderate and primarily asset-based, centered around its growing network of water infrastructure assets and long-term customer relationships. The company's strongest moat exists in its Water Infrastructure segment, where it has built semi-permanent and permanent pipeline networks, recycling facilities, and disposal wells that create significant barriers to entry. Once established, these infrastructure assets are expensive and time-consuming for competitors to replicate, particularly given the complex permitting requirements and need for strategic land positions. The company's geographic clustering strategy strengthens its moat by creating dense networks of interconnected water management assets within specific basins. This allows Select Energy to offer comprehensive water solutions that competitors with scattered assets cannot match. The long-term area dedication agreements with major operators further protect these positions by securing multi-year revenue commitments tied to specific acreage. However, the moat has important limitations. The Water Services and Oilfield Chemicals segments operate in more commoditized markets with limited differentiation and intense competition from numerous regional and national players. Barriers to entry in these traditional service lines are relatively low, consisting mainly of equipment ownership and local market relationships. Potential competitive threats include larger integrated oilfield service companies with greater financial resources that could invest heavily in competing infrastructure, oil and gas operators developing their own internal water management capabilities, and new technologies that could disrupt traditional water treatment and recycling methods. Additionally, consolidation among oil and gas operators could reduce the customer base and increase their negotiating power. The company's moat is strongest in areas where it has established dense infrastructure networks with long-term contracts, but remains vulnerable in markets where it competes primarily on service delivery and pricing.
Risks & safety
Select Energy demonstrates a moderate margin of safety with manageable financial risk but some operational volatility. **Cash and Debt Position:** - Cash and short-term investments of $28 million as of Q1 2025 - Total debt-to-equity ratio of 0.37, indicating moderate leverage - Negative free cash flow of -$53 million in Q1 2025, though this reflects heavy capital investment period - Strong operating cash flow generation in prior periods ($235 million in 2024, $285 million in 2023) **Valuation Metrics:** - EV/EBITDA of 6.7x based on Q1 2025 trailing metrics - Price-to-earnings ratio of 37x, elevated due to modest current earnings - Price-to-book ratio of 1.5x, reasonable for an asset-intensive business - Current ratio of 1.8x indicates adequate short-term liquidity **Other Considerations:** - High capital expenditure requirements ($225-250 million guided for 2025) create cash flow pressure - Revenue concentration in cyclical oil and gas industry creates earnings volatility - Strong asset base with $1.5 billion in total assets provides some downside protection - Long-term contracted infrastructure provides more stable cash flow base than traditional oilfield services
Recent development
Over the past few years, Select Energy has undergone a significant strategic transformation from a traditional oilfield services company to a water infrastructure-focused business. The most notable development was the company's 2023 rebranding to Select Water Solutions, reflecting its pivot toward sustainable water management solutions. The company has aggressively expanded its water infrastructure footprint through both organic growth and strategic acquisitions. Key infrastructure developments include signing eight major organic infrastructure projects totaling $150 million in growth capital during 2024, adding over 2.5 million acres under long-term area dedication agreements, and increasing produced water disposal volumes by 43% year-over-year. The company has built interconnected pipeline networks and recycling facilities across major basins, with particular focus on the Permian Basin's Northern Delaware and Central Basin Platform areas. A major strategic pivot occurred in late 2024 with Select Energy's $62 million investment in Colorado water rights and storage assets through the AV Farms project. This represents a significant diversification beyond traditional oil and gas services into municipal, industrial, and agricultural water markets. The company aims to sign ultra-long-term supply agreements of up to 50 years, potentially generating $20-30 million in annual net income long-term. Operationally, the company has focused on improving margins and operational efficiency across all segments. The Water Infrastructure segment achieved its target of 50% gross margins ahead of schedule and is now targeting margins in the 50-60% range. The company has also invested heavily in technology solutions including automated water transfer systems, remote monitoring capabilities, and integrated water management platforms. Recent financial developments include increasing the quarterly dividend by 17% to $0.07 per share in 2024, demonstrating confidence in cash flow generation. The company has maintained relatively low leverage while investing heavily in growth capital, with net CapEx guidance of $225-250 million for 2025 focused primarily on water infrastructure expansion.
WTTR company profile · for informational purposes only — not investment advice.
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