ProFrac Holding Corp.

AI-generated fair value estimate for this company.

Method: Enterprise-value bridge: normalized EV/EBITDA of 6.0x applied to TTM EBITDA of $209.4M gives EV of $1,256.4M; subtract net debt of $1,201.2M (total debt $1.22B minus cash $18.8M) to get equity value of approximately $55.2M; divide by 182.12M shares outstanding.

Reasoning: ACDC (ProFrac Holding Corp, formerly FRAC, an oilfield/pressure-pumping services company and real 10-K filer) is capital-intensive, carries $1.22B of debt against only $18.8M of cash, posted TTM revenue of $1.79B but negative FCF of -$60.7M and a net loss of -$412M, and shows an Altman Z-Score of approximately 0.3 in the distress zone; a plain FCF DCF is unusable with negative FCF, so an EV/EBITDA-less-net-debt approach using a conservative mid-cycle multiple versus the market's current implied approximately 10x is the more defensible method, and it shows equity value is thin given the leverage.