Patterson-UTI Energy PTEN

Nasdaq · Drilling Oil & Gas Wells · $4.5B

$10.65−9.36%Nov 4 close · Databento

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PTEN Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 4, 2026CLOSE $10.651D −9.36%3M +7.90%SMA20 $11.80SMA50 $11.86RSI(14) 39.0

10.65

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 39.0

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$4.5B

EV / True FCF15.9x

Revenue$4.8B −10.3%

True FCF (ex-SBC)$332.9M −25.1%

Rule of 40-2.6%

ROIC-0.9%

True FCF Yield7.4%

EPS, diluted$-0.24 +90.2%

Modern Valuation (EOD)

Market Cap$4.5B

Enterprise Value$5.3B

EV / True FCF15.88

EV / FCF14.21

EV / Gross Profit—

EV / EBIT—

EV / Sales1.10

P / E (GAAP)—

P / FCF12.04

P / Oper. CF4.66

P / Book1.39

Owner & Cash Yields

True FCF Yield7.4%

FCF Yield8.3%

Owner Earn. Yield-16.1%

Earnings Yield-2.1%

Shareholder Yield+3.4%

Buyback Yield1.6%

Dividend Yield3.00%

Dividend / sh$0.32

Payout Ratio-132%

FCF / sh$0.98

EPS (diluted)$-0.24

Compounder & Returns

Rule of 40-2.6%

ROIC-0.9%

Cash ROIC (CROIC)9.2%

GP / Assets—

ROE-2.9%

ROA-1.7%

Gross Margin—

Oper. Margin-0.8%

Net Margin-1.9%

FCF Margin7.7%

True FCF Margin6.9%

Quality & Dilution

Cash Conversion—

Accrual Ratio−18.9%

SBC % of FCF10.6%

SBC % of Rev0.8%

Reinvest. Rate61%

Sales Growth Y/Y−10.3%

Sales 3Y CAGR+22.2%

EPS Growth Y/Y+90.2%

FCF Growth Y/Y−25.1%

FCF 3Y CAGR+42.2%

Share Change Y/Y−3.5%

Balance Sheet & Scale

Revenue (FY)$4.8B

Gross Profit (FY)—

Oper. Income (FY)$-40.8M

GAAP Net Income$-93.1M

True FCF (ex-SBC)$332.9M

Cash & Equiv$420.6M

Total Debt$1.2B

Net Cash (Debt)$-806.8M

Net Cash % MCap−18.0%

Debt / FCF (yrs)3.3y

Current Ratio1.64379.42M sh

Price & Technicals (EOD)

Perf Week−15.48%

Perf Month−6.66%

Perf Quarter+5.97%

Perf Half Y−8.03%

Perf YTD+9.01%

SMA 20 Dist−9.72%$11.80

SMA 50 Dist−10.20%$11.86

SMA 100 Dist−3.55%$11.04

Window High−20.05%$13.32

Window Low+24.42%$8.56

RSI (14) · Vol39.070%v

Income Distribution & Cash Flow ConversionHow every dollar of PTEN revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

SG&A & Other OpEx$4.9B ($100.8 / $100)

Tax & Non-Operating$52.2M ($1.1 / $100)

Net Profit Kept$-93.1M ($0.0 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$-93.1M (-1.9% margin)

Operating Cash Flow (OCF)$961.2M(19.9% of rev)

Less: Capital Expenditures−$589.0M(12.2% of rev)

Standard Free Cash Flow (FCF)$372.2M(7.7% margin)

Less: Stock-Based Comp (SBC)−$39.3M(10.6% of FCF)

True FCF (Owner Cash ex-SBC)$332.9M(6.9% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$1.4B	$2.6B	$4.1B	$5.4B	$4.8B	−10.3%	+37.3%
Selling, General & Admin (SG&A)	$92.4M	$116.6M	$170.0M	$268.3M	$255.1M	−4.9%	+28.9%
Operating Income (EBIT)	$-677.8M	$211.0M	$352.0M	$-889.7M	$-40.8M	+95.4%	—
Interest Expense	$42.0M	$40.3M	$52.9M	$72.0M	$70.5M	−2.0%	+13.8%
Income Tax Expense	$-62.7M	$13.2M	$61.2M	$9.5M	$-9.9M	−205.1%	—
GAAP Net Income	$-654.5M	$154.7M	$246.0M	$-966.4M	$-93.1M	+90.4%	—
Diluted EPS	$-3.36	$0.70	$0.88	$-2.44	$-0.24	+90.2%	—
Diluted Shares	195,021	219.5M	280.1M	397.2M	383.5M	−3.5%	+565.9%
Balance Sheet
Cash & Equivalents	$117.5M	$137.6M	$192.7M	$241.3M	$420.6M	+74.3%	+37.5%
Inventory	$42.4M	$65.4M	$180.8M	$167.0M	$160.3M	−4.0%	+39.5%
Total Current Assets	$583.7M	$829.4M	$1.5B	$1.3B	$1.4B	+9.5%	+24.8%
Total Assets	$3.0B	$3.1B	$7.4B	$5.8B	$5.6B	−4.5%	+17.1%
Total Current Liabilities	$435.9M	$551.0M	$1.1B	$842.0M	$863.6M	+2.6%	+18.6%
Total Debt (Short + Long Term)	$944.5M	$836.4M	$1.3B	$1.2B	$1.2B	−1.0%	+6.8%
Total Liabilities	$1.3B	$1.5B	$2.6B	$2.4B	$2.3B	−0.5%	+14.8%
Stockholders' Equity	$1.6B	$1.7B	$4.8B	$3.5B	$3.2B	−7.2%	+19.0%
Net Cash / (Net Debt)	$-827.0M	$-698.9M	$-1.1B	$-998.9M	$-806.8M	+19.2%	—
Invested Capital	$2.4B	$2.4B	$5.9B	$4.5B	$4.0B	−9.9%	+13.4%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$95.5M	$566.2M	$1.0B	$1.2B	$961.2M	−18.2%	+78.1%
Stock-Based Compensation (SBC)	$21.6M	$21.1M	$46.8M	$46.4M	$39.3M	−15.2%	+16.2%
Capital Expenditures (CapEx)	$166.3M	$436.8M	$615.7M	$678.4M	$589.0M	−13.2%	+37.2%
Free Cash Flow (FCF)	$-70.8M	$129.4M	$390.2M	$497.1M	$372.2M	−25.1%	—
True FCF (ex-SBC Owner Cash)	$-92.4M	$108.3M	$343.5M	$450.8M	$332.9M	−26.2%	—
Share Repurchases (Buybacks)	$6.3M	$70.1M	$200.7M	$290.4M	$69.6M	−76.0%	+82.1%
Dividends Paid	$15.6M	$43.1M	$100.0M	$126.8M	$122.5M	−3.4%	+67.4%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what PTEN did at the next close after each story

No Wire story has named PTEN yet.

What happened · big days

21 big days in a year, and what we hold on each

A big day is a close more than 5.98% from the one before, three times PTEN’s median day (1.99%). On 11 of the 21, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±5.98%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayPTENWhat we hold that dayGroup (median of 4) · each

1 Nov 4, 2025−6.09%
Before our storiesgroup −2.9%, did not move with it
1Nov 4, 2025−6.09%
Before our stories
−2.9% did not move with itVAL −4.0 · HP −2.9 · NE −2.9 · RIG −1.5
2 Nov 12, 2025−6.57%
Before our storiesgroup −3.0%, did not move with it
2Nov 12, 2025−6.57%
Before our stories
−3.0% did not move with itHP −4.3 · VAL −3.1 · NE −2.8 · RIG −2.4
3 Jan 8, 2026+6.35%
Before our storiesgroup +3.6%, moved with PTEN
3Jan 8, 2026+6.35%
Before our stories
+3.6% moved with PTENNE +4.5 · VAL +3.8 · HP +3.4 · RIG +1.4
4 Feb 6, 2026+6.00%
Before our storiesgroup +6.5%, moved with PTEN
4Feb 6, 2026+6.00%
Before our stories
+6.5% moved with PTENRIG +9.1 · VAL +7.2 · NE +5.9 · HP +4.2
5 Apr 7, 2026+6.04%
Before our storiesgroup +2.4%, did not move with it
5Apr 7, 2026+6.04%
Before our stories
+2.4% did not move with itHP +2.8 · NE +2.5 · VAL +2.3 · RIG +1.4
6 Apr 8, 2026−8.01%
Before our storiesgroup −0.3%, did not move with it
6Apr 8, 2026−8.01%
Before our stories
−0.3% did not move with itHP −1.4 · NE −0.8 · VAL +0.3 · RIG +0.3
7 Apr 14, 2026−6.44%
Before our storiesgroup −5.8%, moved with PTEN
7Apr 14, 2026−6.44%
Before our stories
−5.8% moved with PTENVAL −7.1 · RIG −7.1 · HP −4.6 · NE −3.7
8 Apr 17, 2026−9.51%
Before our storiesgroup −5.0%, moved with PTEN
8Apr 17, 2026−9.51%
Before our stories
−5.0% moved with PTENRIG −6.5 · VAL −6.3 · HP −3.7 · NE −3.6
9 Apr 21, 2026+8.09%
Before our storiesgroup +2.8%, did not move with it
9Apr 21, 2026+8.09%
Before our stories
+2.8% did not move with itHP +5.8 · VAL +2.9 · RIG +2.7 · NE +1.6
10 May 6, 2026−6.69%
Before our storiesgroup −1.0%, did not move with it
10May 6, 2026−6.69%
Before our stories
−1.0% did not move with itHP −4.1 · NE −1.7 · RIG −0.3 · VAL −0.0
11 Jun 5, 2026−6.19%
Before our storiesgroup −4.8%, moved with PTEN
11Jun 5, 2026−6.19%
Before our stories
−4.8% moved with PTENHP −5.4 · RIG −4.8 · VAL −4.7 · NE −2.7
12 Jun 15, 2026−7.22%
Nothing on PTENgroup −3.7%, moved with PTEN
12Jun 15, 2026−7.22%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
−3.7% moved with PTENHP −5.7 · NE −3.8 · VAL −3.6 · RIG −3.5
13 Jul 1, 2026−6.64%
Nothing on PTENgroup −0.5%, did not move with it
13Jul 1, 2026−6.64%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
−0.5% did not move with itHP −5.6 · NE −0.6 · RIG −0.4 · VAL −0.2
14 Jul 7, 2026+6.89%
Nothing on PTENgroup +2.2%, did not move with it
14Jul 7, 2026+6.89%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
+2.2% did not move with itHP +4.3 · NE +2.5 · RIG +1.8 · VAL +1.4
15 Jul 8, 2026+6.01%
Nothing on PTENgroup +3.9%, moved with PTEN
15Jul 8, 2026+6.01%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
+3.9% moved with PTENRIG +4.2 · VAL +4.2 · HP +3.7 · NE +3.0
16 Jul 27, 2026−7.75%
Nothing on PTENgroup −1.3%, did not move with it
16Jul 27, 2026−7.75%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
−1.3% did not move with itHP −4.8 · VAL −1.3 · RIG −1.3 · NE −0.3
17 Jul 31, 2026+6.40%
Nothing on PTENgroup +3.5%, moved with PTEN
17Jul 31, 2026+6.40%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
+3.5% moved with PTENVAL +4.8 · RIG +4.7 · HP +2.4 · NE +2.3
18 Aug 10, 2026+11.35%
Nothing on PTENgroup +8.7%, moved with PTEN
18Aug 10, 2026+11.35%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
+8.7% moved with PTENHP +12.9 · RIG +8.8 · VAL +8.6 · NE +6.8
19 Aug 17, 2026+7.43%
Nothing on PTENgroup +1.4%, did not move with it
19Aug 17, 2026+7.43%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
+1.4% did not move with itRIG +1.9 · VAL +1.7 · HP +1.2 · NE +0.2
20 Nov 2, 2026−11.41%
Nothing on PTENgroup −9.9%, moved with PTEN
20Nov 2, 2026−11.41%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
−9.9% moved with PTENRIG −10.2 · VAL −10.1 · HP −9.7 · NE −7.2
21 Nov 4, 2026−9.36%
Nothing on PTENgroup −7.2%, moved with PTEN
21Nov 4, 2026−9.36%
Nothing on PTENNo PTEN story, brief or results filing in our record that day
−7.2% moved with PTENVAL −8.0 · RIG −7.6 · NE −6.7 · HP −4.7

A story on the same day is not a cause, and a group move is not proof either. Group: the median of NE, RIG, VAL and HP that day, the largest companies in PTEN’s SEC industry; “moved with PTEN” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). PTEN reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Oct 22, 2025

day 1+11.18%day 6+3.62%

Reported Feb 4, 2026

day 1+2.77%day 6+2.39%

Reported Apr 22, 2026

day 1+3.05%day 6+13.04%

Reported Jul 29, 2026

day 1+5.57%day 6+7.72%

Next report: expected late January to early FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 28 report: −15.48%. Four reports is a small sample.

Every report since 2023 →

Each line is PTEN’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

PTEN against four same-industry peers, a year at 100

PTEN is up 75.2% in a year. All four did less: Valaris (+52.1%), Noble (+40.4%), Helmerich & Payne (+37.9%) and Transocean (+36.9%). Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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PTEN +75.2%. Valaris +52.1%, Noble +40.4%, Helmerich & Payne +37.9%, Transocean +36.9%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in PTEN’s SEC industry (Drilling Oil & Gas Wells) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

NE	Noble	$7.0B	−6.69%
RIG	Transocean	$6.6B	−7.63%
VAL	Valaris	$6.2B	−8.02%
HP	Helmerich & Payne	$3.8B	−4.67%
SDRL	SEADRILL	$2.9B	−6.48%
NBR	Nabors Industries	$1.3B	−6.43%
HPK	HighPeak Energy	$1.1B	−12.34%
BORR	Borr Drilling	$1.1B	−3.76%