ProFrac Holding Corp. (ACDC) Balance Sheet
ACDC balance sheet, 2025
December 31, 2025 · U.S. dollars$2.57B assets = $1.69B liabilities + $880.7M equity
Both columns are drawn to the same scale: what ACDC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ACDC financial health
Descriptive bands, not a rating. Fiscal 2025.
ACDC balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $728.6M2019 | $2.57B2025 | +23.4%/yr | |
| Total liabilities | $443.8M2019 | $1.69B2025 | +25.0%/yr | |
| Shareholders’ equity | $284.8M2019 | $786.3M2025 | +18.4%/yr | |
| Cash & short-term investments | $17.8M2019 | $22.9M2025 | +4.3%/yr | |
| Total debt | $299.0M2019 | $1.19B2025 | +25.8%/yr | |
| Net cash (debt) | −$281.2M2019 | −$1.16B2025 | −$881.5M | |
| Working capital | $4.1M2019 | −$113.9M2025 | −$118.0M | |
| Book value per share | $7.302019 | $4.912025 | −6.4%/yr | |
| Current ratio | 1.022019 | 0.812025 | −0.22 | |
| Debt / equity | 1.052019 | 1.512025 | +0.46 | |
| Shares outstanding | 39.0M2019 | 160.1M2025 | +26.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ACDC assets
ACDC liabilities and equity
ACDC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ACDC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $22.9M | $14.8M | $25.3M | $35.1M | $5.4M | $3.0M | $17.8M |
| Cash & equivalents | $22.9M | $14.8M | $25.3M | $35.1M | $5.4M | $3.0M | $17.8M |
| Receivables | $286.7M | $328.8M | $352.9M | $537.6M | $166.1M | $73.6M | $88.8M |
| Inventory | $151.3M | $201.1M | $236.6M | $249.5M | $74.0M | $56.6M | $55.9M |
| Other current assets | $22.6M | $29.4M | $23.3M | $43.2M | $6.2M | $6.5M | $5.5M |
| Total current assets | $483.5M | $574.1M | $638.1M | $865.4M | $251.7M | $139.7M | $168.0M |
| Property, plant & equipment (net) | $1.62B | $1.92B | $1.87B | $1.51B | $363.5M | $429.7M | $556.1M |
| Goodwill & intangible assets | $402.0M | $450.9M | $499.4M | $443.6M | $27.8M | $0 | $0 |
| Long-term investments | $0 | $7.5M | $28.9M | $58.6M | $4.2M | $1.3M | $0 |
| Other non-current assets | $69.0M | $35.8M | $38.1M | $56.7M | $17.4M | $6.6M | $4.5M |
| Total assets | $2.57B | $2.99B | $3.07B | $2.93B | $664.6M | $577.3M | $728.6M |
| Liabilities | |||||||
| Accounts payable | $299.3M | $324.3M | $340.9M | $339.4M | $136.7M | $94.9M | $94.5M |
| Short-term debt | $194.5M | $190.6M | $150.9M | $163.6M | $31.8M | $15.5M | $19.2M |
| Deferred revenue | $800,000 | $15.0M | $50.8M | $38.9M | $38.1M | — | — |
| Total current liabilities | $597.4M | $660.0M | $648.9M | $683.9M | $246.7M | $140.2M | $163.9M |
| Long-term debt | $875.6M | $944.4M | $942.1M | $797.8M | $269.8M | $260.2M | $0 |
| Lease obligations | $160.3M | $163.1M | $92.3M | $117.0M | $0 | — | — |
| Other long-term liabilities | $219.4M | $307.6M | $151.1M | $101.2M | $27,000 | $0 | $279.8M |
| Total liabilities | $1.69B | $1.91B | $1.74B | $1.58B | $516.5M | $400.5M | $443.8M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $1.8M | $1.5M | $1.5M | $1.5M | $147.0M | $176.8M | $284.8M |
| Retained earnings (deficit) | −$610.2M | −$235.9M | −$16.0M | −$1.19B | $0 | — | — |
| Accumulated other comprehensive income | — | $100,000 | $300,000 | $100,000 | $100,000 | — | — |
| Minority interest | $94.4M | $69.2M | $58.7M | $2.54B | — | — | — |
| Total shareholders' equity | $786.3M | $1.01B | $1.27B | −$1.18B | $147.1M | $176.8M | $284.8M |
| Key figures | |||||||
| Total debt | $1.19B | $1.27B | $1.16B | $1.04B | $301.6M | $275.7M | $299.0M |
| Net cash (debt) | −$1.16B | −$1.26B | −$1.14B | −$1.01B | −$296.2M | −$272.8M | −$281.2M |
| Working capital | −$113.9M | −$85.9M | −$10.8M | $181.5M | $5.0M | −$546,000 | $4.1M |
| Tangible book value | $384.3M | $556.0M | $770.5M | −$1.63B | $119.3M | $176.8M | $284.8M |
| Book value per share | $4.91 | $6.29 | $9.70 | −$21.93 | $1.05 | $1.26 | $7.30 |
| Shares outstanding | 160.1M | 160.1M | 130.9M | 54.0M | 140.2M | 140.2M | 39.0M |
| Current ratio | 0.81 | 0.87 | 0.98 | 1.27 | 1.02 | 1.00 | 1.02 |
| Quick ratio | 0.52 | 0.52 | 0.58 | 0.84 | 0.70 | 0.55 | 0.65 |
| Debt / equity | 1.51 | 1.26 | 0.91 | — | 2.05 | 1.56 | 1.05 |
| Equity / assets | 30.6% | 33.7% | 41.4% | −40.4% | 22.1% | 30.6% | 39.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $18.8M | $33.5M | $22.9M | $58.0M | $26.0M | $16.0M | $14.8M | $25.5M | $24.0M | $28.3M | $25.3M | $25.1M |
| Cash & equivalents | $18.8M | $33.5M | $22.9M | $58.0M | $26.0M | $16.0M | $14.8M | $25.5M | $24.0M | $28.3M | $25.3M | $25.1M |
| Receivables | $339.7M | $324.4M | $286.7M | $288.2M | $352.7M | $423.4M | $328.8M | $358.2M | $390.4M | $393.7M | $352.9M | $338.8M |
| Inventory | $174.8M | $159.3M | $151.3M | $166.7M | $180.9M | $200.1M | $201.1M | $239.0M | $258.8M | $219.8M | $236.6M | $271.9M |
| Other current assets | $38.8M | $17.2M | $22.6M | $28.4M | $20.7M | $30.3M | $29.4M | $57.3M | $30.7M | $22.8M | $23.3M | $42.8M |
| Total current assets | $572.1M | $534.4M | $483.5M | $541.3M | $580.3M | $669.8M | $574.1M | $680.0M | $703.9M | $664.6M | $638.1M | $678.6M |
| Property, plant & equipment (net) | $1.48B | $1.55B | $1.62B | $1.70B | $1.77B | $1.87B | $1.92B | $1.95B | $1.97B | $1.77B | $1.87B | $1.94B |
| Goodwill & intangible assets | $384.0M | $393.0M | $402.0M | $422.1M | $431.2M | $440.9M | $450.9M | $460.2M | $461.2M | $507.0M | $499.4M | $505.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $7.5M | $7.5M | $7.5M | $30.4M | $28.9M | $42.8M |
| Other non-current assets | $72.8M | $69.6M | $69.0M | $79.3M | $45.2M | $44.7M | $35.8M | $35.7M | $21.0M | $37.5M | $38.1M | $55.7M |
| Total assets | $2.51B | $2.55B | $2.57B | $2.74B | $2.83B | $3.02B | $2.99B | $3.14B | $3.16B | $3.01B | $3.07B | $3.22B |
| Liabilities | ||||||||||||
| Accounts payable | $323.7M | $349.3M | $257.1M | $276.6M | $335.8M | $351.6M | $324.3M | $356.3M | $351.2M | $281.8M | $340.9M | $341.1M |
| Short-term debt | $206.7M | $199.1M | $194.5M | $186.0M | $162.7M | $178.8M | $190.6M | $191.4M | $188.9M | $156.0M | $150.9M | $153.8M |
| Deferred revenue | $1.9M | $2.2M | $800,000 | $800,000 | $1.4M | $5.3M | $15.0M | — | $28.8M | $38.9M | $50.8M | $113.0M |
| Total current liabilities | $677.1M | $651.4M | $597.4M | $595.6M | $640.1M | $684.5M | $660.0M | $714.5M | $699.9M | $623.6M | $648.9M | $703.6M |
| Long-term debt | $918.2M | $908.4M | $875.6M | $911.6M | $948.2M | $975.0M | $944.4M | $1.00B | $1.02B | $912.2M | $942.1M | $934.3M |
| Lease obligations | $134.0M | $146.0M | $160.3M | $137.3M | $143.3M | $157.3M | $163.1M | $132.9M | $108.7M | $82.8M | $92.3M | $98.8M |
| Other long-term liabilities | $195.5M | $206.0M | $288.2M | $281.3M | $290.2M | $302.1M | $307.6M | $190.5M | $166.8M | $197.5M | $151.1M | $279.9M |
| Total liabilities | $1.79B | $1.77B | $1.76B | $1.79B | $1.88B | $1.96B | $1.91B | $1.91B | $1.89B | $1.73B | $1.74B | $1.92B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.8M | $1.8M | $1.8M | $1.8M | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M |
| Retained earnings (deficit) | −$776.1M | −$695.1M | −$610.2M | −$466.2M | −$361.9M | −$254.7M | −$235.9M | −$129.7M | −$83.3M | −$15.4M | −$16.0M | $77.5M |
| Accumulated other comprehensive income | — | $0 | — | $0 | $0 | $200,000 | $100,000 | $300,000 | $200,000 | $300,000 | $300,000 | −$200,000 |
| Minority interest | $103.1M | $97.4M | $94.4M | $91.9M | $76.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | $614.0M | $687.4M | $717.5M | $862.0M | $875.5M | $988.1M | $1.01B | $1.16B | $1.21B | $1.21B | $1.27B | $1.31B |
| Key figures | ||||||||||||
| Total debt | $1.22B | $1.21B | $1.19B | $1.21B | $1.23B | $1.28B | $1.27B | $1.31B | $1.31B | $1.13B | $1.16B | $1.16B |
| Net cash (debt) | −$1.20B | −$1.18B | −$1.16B | −$1.15B | −$1.20B | −$1.27B | −$1.26B | −$1.28B | −$1.28B | −$1.10B | −$1.14B | −$1.13B |
| Working capital | −$105.0M | −$117.0M | −$113.9M | −$54.3M | −$59.8M | −$14.7M | −$85.9M | −$34.5M | $4.0M | $41.0M | −$10.8M | −$25.0M |
| Tangible book value | $230.0M | $294.4M | $315.5M | $439.9M | $444.3M | $547.2M | $556.0M | $703.7M | $746.9M | $706.6M | $770.5M | $802.1M |
| Book value per share | $3.37 | $4.29 | $4.43 | $5.05 | $5.47 | $6.17 | $6.29 | $7.27 | $7.54 | $7.59 | $7.97 | $8.20 |
| Shares outstanding | 182.0M | 160.2M | 162.1M | 170.8M | 160.2M | 160.2M | 160.1M | 160.1M | 160.2M | 159.8M | 159.4M | 159.4M |
| Current ratio | 0.84 | 0.82 | 0.81 | 0.91 | 0.91 | 0.98 | 0.87 | 0.95 | 1.01 | 1.07 | 0.98 | 0.96 |
| Quick ratio | 0.53 | 0.55 | 0.52 | 0.58 | 0.59 | 0.64 | 0.52 | 0.54 | 0.59 | 0.68 | 0.58 | 0.52 |
| Debt / equity | 1.98 | 1.76 | 1.65 | 1.40 | 1.40 | 1.30 | 1.26 | 1.12 | 1.08 | 0.93 | 0.91 | 0.88 |
| Equity / assets | 24.5% | 27.0% | 27.9% | 31.4% | 30.9% | 32.7% | 33.7% | 37.1% | 38.2% | 40.4% | 41.4% | 40.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 13, 2026); data from EODHD.
ACDC financial position
At the end of fiscal 2025 (December 31, 2025), ProFrac had total assets of $2.6 billion (down 13.9% from a year earlier), total liabilities of $1.7 billion and shareholders' equity of $786.3 million. It held $22.9 million in cash and short-term investments against $1.2 billion of debt, net debt of $1.2 billion. Its current ratio was 0.81. In the latest quarter (ended June 30, 2026) total assets were $2.5 billion and equity $614.0 million.
Related: ACDC income statement, ACDC cash flow statement, ACDC key metrics. See the ACDC stock overview for the latest quote and news.
ACDC balance sheet FAQ
What are ProFrac's total assets?
ProFrac reported total assets of $2.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.0 billion a year earlier.
How much debt does ProFrac have?
ProFrac had $1.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.51.
How much cash does ProFrac have?
ProFrac held $22.9 million in cash and short-term investments at the end of fiscal 2025; with $1.2 billion of debt that is net debt of $1.2 billion.
What is ProFrac's book value?
ProFrac's shareholders' equity (book value) was $786.3 million at the end of fiscal 2025, or $4.91 per share.
What is ProFrac's current ratio?
ProFrac had current assets of $483.5 million and current liabilities of $597.4 million, a current ratio of 0.81 (current liabilities exceed current assets).
How much goodwill does ProFrac have?
ProFrac carried $402.0 million of goodwill and intangible assets, 15.6% of total assets, at the end of fiscal 2025.