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Select Water Solutions, Inc. (WTTR)

NYSE / Utilities / Regulated Water

Share price

18.20 USD Market dataClose of Oct 15, 2026

Market capitalisation

2.35B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 18, 2026
Ratios computed
Oct 15, 2026
Filed years
11, FY2015 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

2.6% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

110.58x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-3.4% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 302.4M USDFY2016 Net income: -1.0M USDFY2017 Revenue: 692.5M USDFY2017 Net income: -16.8M USDFY2018 Revenue: 1.53B USDFY2018 Net income: 36.5M USDFY2019 Revenue: 1.29B USDFY2019 Net income: 2.8M USDFY2020 Revenue: 605.1M USDFY2020 Net income: -338.7M USDFY2021 Revenue: 764.6M USDFY2021 Net income: -42.2M USDFY2022 Revenue: 1.39B USDFY2022 Net income: 48.3M USDFY2023 Revenue: 1.59B USDFY2023 Net income: 74.4M USDFY2024 Revenue: 1.45B USDFY2024 Net income: 30.6M USDFY2025 Revenue: 1.41B USDFY2025 Net income: 21.2M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 110.58x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Utilities sector (87 companies), 110.58x sits at the 100th percentile; the middle half of that group runs from 15.67x to 24.77x.

Is it good

Return on equity was 2.6% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Utilities sector (100 companies), 2.6% sits at the 19th percentile; the middle half of that group runs from 4.1% to 10.6%.

Is it safe

Interest coverage was 1.24x in FY2025, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit barely covers.

Year by year against peers
Whether Select Water Solutions, Inc.'s return on equity stayed above the median of the Utilities sector, year by year. (FY2023 to FY2025, 3 fiscal years of Select Water Solutions, Inc. with a comparable figure)
The direction
Which way Select Water Solutions, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Select Water Solutions, Inc.)
What could explain it
What in Select Water Solutions, Inc.'s filed statements could explain the movements. (8 readings drawn from the statement lines Select Water Solutions, Inc. filed)
What to check next
What to check next on Select Water Solutions, Inc., and where in its filings. (7 questions for Select Water Solutions, Inc.)
In one paragraph
One paragraph on Select Water Solutions, Inc.'s returns, cash, balance sheet and price. (14 of sixteen figures read for Select Water Solutions, Inc.)

These are WTTR’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research WTTRPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 18, 2026, accession 0001104659-26-017085.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Select Water Solutions, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Return on equity2.6% ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Return on capital employed, pre-tax2.1% ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Return on assets1.3% ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Gross margin14.4% ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Operating margin2.0% ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Net margin1.5% ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
WTTR 1.5%
HTO 12.8%CWT 13.3%AWR 19.8%
1.5%19.8%
Net margin: WTTR against the 3 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Select Water Solutions, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.44 ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Current ratio1.57 ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Quick ratio1.42 ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Interest coverage1.24x ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Altman Z-score2.98 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Net debt336.4M ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Total assets 1.60BTotal liabilities 668.5MShareholders' equity 805.6MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Select Water Solutions, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 18, 2026, 0001104659-26-017085).

Select Water Solutions, Inc: balance sheet position
Total assets1.60B FiledFY2025 10-K, filed Feb 18, 2026
Total liabilities668.5M FiledFY2025 10-K, filed Feb 18, 2026
Shareholders' equity805.6M FiledFY2025 10-K, filed Feb 18, 2026
Cash18.1M FiledFY2025 10-K, filed Feb 18, 2026
Total debt354.5M FiledFY2025 10-K, filed Feb 18, 2026
Net debt336.4M
Current ratio1.57
Debt to equity0.44

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Select Water Solutions, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings110.58x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.91x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Price to sales1.67x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Enterprise value to EBIT93.15x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Enterprise value to EBITDA78.62x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085

We publish no fair value or price target of our own. Value WTTR on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Select Water Solutions, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Select Water Solutions, Inc: valuation
Share price18.20 USD
Market capitalisation2.35B USD
Enterprise value to EBITDA78.62x
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Select Water Solutions, Inc

  1. H2O America (HTO)Market cap 2.40B USD
  2. California Water Service Group (CWT)Market cap 2.85B USD
  3. American States Water Company (AWR)Market cap 3.28B USD

Same industry (Regulated Water) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Select Water Solutions, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-3.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Free cash flow-79.9M USD ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Free cash flow margin-5.7% ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Dividend yield1.5% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Payout ratio158.6% ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
FY2016 Free cash flow: -31.2M USDFY2016 Net income: -1.0M USDFY2017 Free cash flow: -101.6M USDFY2017 Net income: -16.8M USDFY2018 Free cash flow: 67.0M USDFY2018 Net income: 36.5M USDFY2019 Free cash flow: 93.8M USDFY2019 Net income: 2.8M USDFY2020 Free cash flow: 84.6M USDFY2020 Net income: -338.7M USDFY2021 Free cash flow: -56.2M USDFY2021 Net income: -42.2M USDFY2022 Free cash flow: -38.7M USDFY2022 Net income: 48.3M USDFY2023 Free cash flow: 149.5M USDFY2023 Net income: 74.4M USDFY2024 Free cash flow: 61.7M USDFY2024 Net income: 30.6M USDFY2025 Free cash flow: -79.9M USDFY2025 Net income: 21.2M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Select Water Solutions, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
110.58xFY2025Oct 15, 2026
2.91xFY2025Oct 15, 2026
93.15xFY2025Oct 15, 2026
-3.4%FY2025Oct 15, 2026
n/aFY2025Feb 18, 2026
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
1.5%FY2025Oct 15, 2026
0.44FY2025Feb 18, 2026
1.57FY2025Feb 18, 2026
1.67xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a The filed income statement reports no earnings per share.
2.98FY2025Oct 15, 2026
-2.67FY2025Feb 18, 2026
3/9FY2025Feb 18, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 11 filed fiscal years on record, FY2015 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Select Water Solutions, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Select Water Solutions, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.41B28.8M21.2Mn/a-79.9M2.0%2.6%10-K, Feb 18, 20260001104659-26-017085
FY20241.45B54.5M30.6Mn/a61.7M3.8%3.9%10-K, Feb 19, 20250001558370-25-001154
FY20231.59B61.2M74.4Mn/a149.5M3.9%9.6%10-K, Feb 21, 20240001558370-24-001437
FY20221.39B39.2M48.3Mn/a-38.7M2.8%6.3%10-K, Feb 22, 20230001558370-23-001765
FY2021764.6M-65.5M-42.2Mn/a-56.2M-8.6%-7.1%10-K, Feb 23, 20220001558370-22-001752
FY2020605.1M-394.8M-338.7Mn/a84.6M-65.2%-57.1%10-K, Feb 24, 20210001558370-21-001620
FY20191.29B23.1M2.8Mn/a93.8M1.8%0.3%10-K, Feb 25, 20200001558370-20-001327
FY20181.53B61.7M36.5Mn/a67.0M4.0%4.4%10-K, Mar 1, 20190001558370-19-001424
FY2017692.5M-30.0M-16.8Mn/a-101.6M-4.3%-2.6%10-K, Mar 19, 20180001558370-18-002250
FY2016302.4M-299.0M-1.0Mn/a-31.2M-98.9%-0.9%10-K, Mar 19, 20180001558370-18-002250
  • Revenue, compound annual growth FY2016 to FY2025: 18.6%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Select Water Solutions, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.67 ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Piotroski F-score3/9 ComputedFY2025 10-K, filed Feb 18, 2026, 0001104659-26-017085
Named tests met0 of 30 Computed
Beta1.03 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 28 not met, 2 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
ROIC at or above WACC; P/E times P/B (Benjamin Graham). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(9)
  • Current Ratio: Graham set this test for industrial companies; for utilities he tested debt against equity.
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • Altman Z-Score: Altman fitted the Z-score on manufacturers; it is not measured for a utility.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 9 figures could not be read on this company, among them Current Ratio, Positive Earnings Streak, Return on Invested Capital. Each blank in the table above names the rest, with its reason. 2 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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