Solaris Energy Infrastructure SEI

NYSE · Oil & Gas Field Machinery & Equipment · ≥ $3.8B

$50.55−12.30%Nov 5 close · Databento

Every report since 2023 →

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SEI 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 5, 2026CLOSE $50.551D −12.30%3M −13.74%SMA20 $66.30SMA50 $65.63RSI(14) 36.0

50.55

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 36.0

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≥ $3.8B

Revenue$622.2M +98.7%

True FCF (ex-SBC)$-461.0M −239.1%

Rule of 4028.4%

ROIC16.3%

FCF Margin-70.3%

EPS, diluted$1.59 +567.6%

Modern Valuation (EOD)

Market Cap≥ $3.8B

Enterprise Value—

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales—

P / E (GAAP)—

P / FCF—

P / Oper. CF—

P / Book—

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield—

Shareholder Yield—

Buyback Yield—

Dividend Yield0.95%

Dividend / sh$0.48

Payout Ratio72%

FCF / sh—

EPS (diluted)$1.59

Compounder & Returns

Rule of 4028.4%

ROIC16.3%

Cash ROIC (CROIC)-66.1%

GP / Assets—

ROE3.6%

ROA1.4%

Gross Margin—

Oper. Margin21.8%

Net Margin4.8%

FCF Margin-70.3%

True FCF Margin-74.1%

Quality & Dilution

Cash Conversion-1451%

Accrual Ratio−8.3%

SBC % of FCF—

SBC % of Rev3.8%

Reinvest. Rate309%

Sales Growth Y/Y+98.7%

Sales 3Y CAGR+24.8%

EPS Growth Y/Y+567.6%

FCF Growth Y/Y−239.1%

FCF 3Y CAGR—

Share Change Y/Y+113.2%

Balance Sheet & Scale

Revenue (FY)$622.2M

Gross Profit (FY)—

Oper. Income (FY)$135.4M

GAAP Net Income$30.2M

True FCF (ex-SBC)$-461.0M

Cash & Equiv$353.3M

Total Debt$188.0M

Net Cash (Debt)$165.3M

Net Cash % MCap—

Debt / FCF (yrs)—

Current Ratio2.96

Price & Technicals (EOD)

Perf Week−26.87%

Perf Month−33.89%

Perf Quarter−12.78%

Perf Half Y−30.82%

Perf YTD−22.22%

SMA 20 Dist−23.75%$66.30

SMA 50 Dist−22.98%$65.63

SMA 100 Dist−21.83%$64.67

Window High−39.01%$82.88

Window Low+16.42%$43.42

RSI (14) · Vol36.0129%v

Income Distribution & Cash Flow ConversionHow every dollar of SEI 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)

R&D Reinvestment$0 ($0.0 / $100)

SG&A & Other OpEx$486.8M ($78.2 / $100)

Tax & Non-Operating$105.2M ($16.9 / $100)

Net Profit Kept$30.2M ($4.8 / $100)

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

GAAP Net Income$30.2M (4.8% margin)

Operating Cash Flow (OCF)$209.1M(33.6% of rev)

Less: Capital Expenditures−$646.8M(103.9% of rev)

Standard Free Cash Flow (FCF)$-437.7M(-70.3% margin)

Less: Stock-Based Comp (SBC)−$23.4M

True FCF (Owner Cash ex-SBC)$-461.0M(-74.1% 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	$159.2M	$320.0M	$292.9M	$313.1M	$622.2M	+98.7%	+40.6%
Research & Development (R&D)	—	—	—	—	$0	—	—
Selling, General & Admin (SG&A)	$19.3M	$23.1M	$27.0M	$35.6M	$61.7M	+73.1%	+33.8%
Operating Income (EBIT)	$-387,000	$41.8M	$49.9M	$52.8M	$135.4M	+156.3%	—
Interest Expense	—	—	$3.5M	$13.3M	$27.6M	+107.9%	+182.7%
Income Tax Expense	$626,000	$7.8M	$7.8M	$8.0M	$14.7M	+83.4%	+120.1%
GAAP Net Income	$-868,000	$21.2M	$24.3M	$15.8M	$30.2M	+90.8%	—
Diluted EPS	—	—	—	—	$1.59	—	—
Balance Sheet
Cash & Equivalents	$36.5M	$8.8M	$5.8M	$159.9M	$353.3M	+121.0%	+76.4%
Inventory	$1.7M	$5.3M	$6.7M	$10.9M	$14.4M	+32.0%	+71.9%
Total Current Assets	$81.1M	$88.7M	$67.1M	$251.0M	$483.0M	+92.5%	+56.2%
Total Assets	$406.2M	$462.6M	$468.3M	$1.1B	$2.1B	+89.6%	+51.6%
Total Current Liabilities	$29.3M	$55.9M	$37.2M	$65.5M	$163.3M	+149.2%	+53.7%
Total Debt (Short + Long Term)	$11.7M	$11.7M	$41.4M	$323.8M	$188.0M	−41.9%	+100.2%
Total Liabilities	$108.3M	$145.4M	$152.7M	$463.7M	$1.3B	+183.8%	+86.7%
Stockholders' Equity	$297.9M	$317.1M	$315.6M	$666.7M	$827.3M	+24.1%	+29.1%
Net Cash / (Net Debt)	$24.8M	$-2.9M	$-35.6M	$-164.0M	$165.3M	+200.8%	+60.7%
Invested Capital	$273.1M	$320.0M	$351.1M	$830.7M	$662.0M	−20.3%	+24.8%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$16.5M	$68.0M	$89.4M	$59.4M	$209.1M	+252.2%	+88.8%
Depreciation & Amortization (D&A)	$27.2M	$30.4M	$36.2M	$47.2M	$84.3M	+78.5%	+32.7%
Stock-Based Compensation (SBC)	$5.2M	$6.1M	$7.7M	$10.6M	$23.4M	+120.6%	+45.5%
Capital Expenditures (CapEx)	$19.6M	$81.4M	$64.4M	$188.4M	$646.8M	+243.3%	+139.6%
Free Cash Flow (FCF)	$-3.2M	$-13.4M	$25.0M	$-129.1M	$-437.7M	−239.1%	—
True FCF (ex-SBC Owner Cash)	$-8.4M	$-19.5M	$17.2M	$-139.6M	$-461.0M	−230.1%	—
Share Repurchases (Buybacks)	—	—	$26.4M	$8.1M	$0	−100.0%	—
Dividends Paid	$13.4M	$13.8M	$14.1M	$14.6M	$21.8M	+49.0%	+12.9%

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 SEI did at the next close after each story

No Wire story has named SEI yet.

What happened · big days

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

A big day is a close more than 9.73% from the one before, three times SEI’s median day (3.24%). On 0 of the 13, 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±9.73%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.

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

1 Dec 12, 2025−14.81%
Before our storiesgroup −1.2%, did not move with it
1Dec 12, 2025−14.81%
Before our stories
−1.2% did not move with itNOV −1.5 · BKR −1.3 · WFRD −1.1 · FTI −0.2
2 Feb 4, 2026−14.68%
Before our storiesgroup +2.6%, did not move with it
2Feb 4, 2026−14.68%
Before our stories
+2.6% did not move with itFTI −1.4 · BKR +2.0 · NOV +3.3 · WFRD +4.2
3 Feb 6, 2026+11.86%
Before our storiesgroup +4.1%, did not move with it
3Feb 6, 2026+11.86%
Before our stories
+4.1% did not move with itFTI +5.0 · WFRD +4.5 · NOV +3.7 · BKR +2.7
4 Feb 13, 2026+10.03%
Before our storiesgroup +0.6%, did not move with it
4Feb 13, 2026+10.03%
Before our stories
+0.6% did not move with itNOV +1.1 · WFRD +0.7 · FTI +0.5 · BKR −0.3
5 Mar 17, 2026+10.88%
Before our storiesgroup +2.6%, did not move with it
5Mar 17, 2026+10.88%
Before our stories
+2.6% did not move with itBKR +3.3 · NOV +2.6 · FTI +2.5 · WFRD −0.5
6 Jun 11, 2026+11.43%
Nothing on SEIgroup +0.8%, did not move with it
6Jun 11, 2026+11.43%
Nothing on SEINo SEI story, brief or results filing in our record that day
+0.8% did not move with itWFRD +3.1 · FTI +0.9 · BKR +0.7 · NOV +0.2
7 Jul 24, 2026−10.52%
Nothing on SEIgroup +2.6%, did not move with it
7Jul 24, 2026−10.52%
Nothing on SEINo SEI story, brief or results filing in our record that day
+2.6% did not move with itFTI +1.0 · BKR +2.1 · NOV +3.1 · WFRD +3.6
8 Jul 28, 2026−10.04%
Nothing on SEIgroup −3.4%, did not move with it
8Jul 28, 2026−10.04%
Nothing on SEINo SEI story, brief or results filing in our record that day
−3.4% did not move with itFTI −3.5 · BKR −3.5 · NOV −3.2 · WFRD −2.7
9 Jul 30, 2026+18.10%
Nothing on SEIgroup +1.6%, did not move with it
9Jul 30, 2026+18.10%
Nothing on SEINo SEI story, brief or results filing in our record that day
+1.6% did not move with itWFRD +2.9 · BKR +2.0 · NOV +1.3 · FTI −3.9
10 Sep 8, 2026+16.29%
Nothing on SEIgroup −1.1%, did not move with it
10Sep 8, 2026+16.29%
Nothing on SEINo SEI story, brief or results filing in our record that day
−1.1% did not move with itBKR +0.7 · NOV 0.0 · FTI −2.1 · WFRD −2.3
11 Oct 14, 2026−10.87%
Nothing on SEIgroup −1.8%, did not move with it
11Oct 14, 2026−10.87%
Nothing on SEINo SEI story, brief or results filing in our record that day
−1.8% did not move with itWFRD −2.3 · BKR −1.9 · FTI −1.7 · NOV −1.1
12 Oct 22, 2026−15.51%
Nothing on SEIgroup −4.4%, did not move with it
12Oct 22, 2026−15.51%
Nothing on SEINo SEI story, brief or results filing in our record that day
−4.4% did not move with itWFRD −5.0 · FTI −4.5 · BKR −4.3 · NOV −2.6
13 Nov 4, 2026−16.91%
Nothing on SEIgroup −2.9%, did not move with it
13Nov 4, 2026−16.91%
Nothing on SEINo SEI story, brief or results filing in our record that day
−2.9% did not move with itBKR −5.5 · FTI −3.4 · NOV −2.5 · WFRD −1.9

A story on the same day is not a cause, and a group move is not proof either. Group: the median of BKR, FTI, NOV and WFRD that day, the largest companies in SEI’s SEC industry; “moved with SEI” 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). SEI reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 3, 2025

day 1−0.48%day 6−7.08%

Reported Feb 24, 2026

day 1+3.29%day 6−6.42%

Reported Apr 27, 2026

day 1+5.39%day 6+7.15%

Reported Aug 5, 2026

day 1+2.59%day 6+7.79%

Next report: expected early-to-late FebruaryEstimated from the dates of its last four results filings. Not announced. Four reports is a small sample.

Every report since 2023 →

Each line is SEI’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

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

SEI is up 13.7% in a year. TechnipFMC is up 50.5%, Weatherford International 17.4% and NOV 17.1%. Of these four, only Baker Hughes (+4.2%) did less. 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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SEI +13.7%. TechnipFMC +50.5%, Weatherford International +17.4%, NOV +17.1%, Baker Hughes +4.2%. 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 SEI’s SEC industry (Oil & Gas Field Machinery & Equipment) 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.

BKR	Baker Hughes	$49.5B	−7.36%
FTI	TechnipFMC	$25.3B	−4.51%
NOV	NOV	$6.4B	−3.55%
WFRD	Weatherford International	$6.2B	−4.32%
WHD	Cactus	$4.1B	−5.27%
DNOW	DNOW	$2.8B	−10.74%
INVX	Innovex International	$1.8B	−4.53%
FLOC	Flowco Holdings	$1.8B	−2.11%