Solaris Energy Infrastructure, Inc. (SEI)

Price$71.36Cached quoteAs of 2026-10-01 19:34 UTC

AI: Overvalued

Price checkThe shares price in years of rapid growth, leaving little room for slower cash conversion.

Using roughly 80 million economic shares after the Omega stock issuance, the observed quote implies equity value near $4.2 billion. The supplied last four quarterly net-income figures total about $54.8 million, putting the stock near 77 times trailing profit. Adding supplied net debt gives enterprise value—the value of the operating business after debt and cash—of about $5.1 billion, or roughly 12–13 times 2026 adjusted EBITDA; including $902.5 million of convertible-note principal lifts that to about 14–16 times. Adjusted EBITDA is profit before interest, taxes, depreciation and selected items. This supports an Overvalued verdict.

Big picturePower earnings are improving fast, but the expansion still consumes much more cash than operations produce.

Profit direction is strong: supplied net income was $30.2 million for 2025, then $41.9 million in the first half of 2026; operating cash flow was $209.1 million in 2025 and $265.5 million in the first half. Yet free cash flow—cash left after running and investing in the business—was about negative $437.7 million in 2025 and negative $569.7 million in the first half because Solaris is buying power equipment ahead of deployment. Long data-center contracts improve durability, but legacy logistics remains cyclical: second-quarter revenue fell 10% sequentially as last-mile transportation activity weakened.

Business strengthLong contracts strengthen earnings visibility, while heavy borrowing and convertible debt weaken downside protection.

Second-quarter power operations averaged about 950 megawatts earning revenue, and expanded contracts included a roughly 660-megawatt plant with a 10-year base term plus an eight-year extension option. That supports visibility. The balance sheet is more complex: supplied June cash was $824.1 million against $1.63 billion of reported debt, while the June quarterly filing also shows $902.5 million principal of convertible notes. The $1.3 billion senior notes cost 6.375% annually, although the Stateline project loan is non-recourse, meaning lenders cannot claim parent-company assets, and quarter-end available liquidity was about $1.4 billion.

What could change the storySuccessful project ramps could justify the premium, but delays or dilution would quickly challenge it.

The bull case is deployment: third-quarter adjusted EBITDA guidance was $90–$105 million and fourth-quarter guidance was $100–$120 million, while July contract expansions were expected to add more than $100 million annually. The bear case is funding and dilution. GESA used about $52 million cash plus 2.88 million shares; Omega used about $101 million cash, assumed $28 million of debt and leases, and issued about 3.6 million shares. The current valuation needs the roughly 660-megawatt contract to start in early 2027 and the roughly 640-megawatt contract to begin in late 2026, with limited extra securities issuance.

AI: News

Omega acquisitionSolaris bought Omega to add construction expertise, expanding its ability to deliver larger data-center power projects.

On September 2, Solaris acquired Omega Foundation Services for about $101 million of net cash, assumed about $28 million of debt and lease obligations, and issued roughly 3.6 million Class A shares. Omega adds engineering and construction capability for large data centers and other industrial projects, potentially letting Solaris capture more project scope. Shares closed 6.3% higher that day, but the same-day move alone does not prove the acquisition caused the gain.

Guidance raisedSolaris raised profit guidance after stronger power results and broader contracts, reinforcing the growth case.

On August 5, Solaris reported second-quarter adjusted EBITDA of about $108 million, up 30% from the first quarter, and raised third-quarter guidance to $90–$105 million while setting fourth-quarter guidance at $100–$120 million. Adjusted EBITDA is a profit measure before interest, taxes, depreciation and selected items. Three contract expansions were expected to add more than $100 million of annual adjusted EBITDA. The stock rose 2.6% in the next session; that timing is consistent with a positive read, but other market factors may also have mattered.

GESA acquisitionThe GESA acquisition added installation and maintenance capabilities, but also increased the share count.

Solaris completed the GESA acquisition on July 1 and announced it publicly on July 6. The June quarterly filing estimated consideration at about $263.9 million, including about $52.4 million of cash and 2.88 million Solaris shares valued at $211.5 million at closing. GESA adds power-plant installation, commissioning, operations and maintenance services, broadening Solaris beyond equipment rental into recurring service work. That can improve lifetime economics per project, but it also creates integration risk and increases equity dilution.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$622.2M	$313.1M	$292.9M	$300.0M	$145.7M	$100.7M	$241.7M	$197.2M	$67.4M	$18.2M	$14.2M
Gross profit	$201.1M	$81.0M	$115.1M	$80.2M	$30.3M	$34.9M	$154.0M	—	—	—	—
Gross margin	32.32%	25.86%	39.29%	26.74%	20.77%	34.66%	63.73%	—	—	—	—
Research & development	—	—	—	—	—	$0	$0	$0	$210,000	$476,000	$141,000
Operating expenses	$486.8M	$260.3M	$243.0M	$38.4M	$30.7M	$94.8M	$133.8M	$97.9M	$41.9M	$15.3M	$15.4M
Operating income	$135.4M	$52.8M	$49.9M	$41.8M	−$387,000	−$59.9M	$107.9M	$99.3M	$25.5M	$2.9M	−$1.2M
Operating margin	21.76%	16.87%	17.03%	13.93%	−0.27%	−59.51%	44.66%	50.35%	37.78%	15.76%	−8.54%
EBITDA	$219.7M	$100.0M	$86.1M	$72.2M	$26.8M	−$32.9M	$134.9M	$117.7M	$32.1M	$6.7M	$1.2M
EBITDA margin	35.31%	31.95%	29.39%	24.08%	18.41%	−32.67%	55.80%	59.69%	47.62%	36.64%	8.32%
Net income	$30.2M	$15.8M	$24.3M	$21.2M	−$868,000	−$29.3M	$52.0M	$42.4M	−$4.2M	$2.8M	−$1.4M
Net profit margin	4.85%	5.05%	8.31%	7.05%	−0.60%	−29.15%	21.52%	21.52%	−6.19%	15.44%	−9.67%
Basic EPSper basic share	$0.69	$0.51	$0.78	$0.64	—	—	—	$1.60	-$0.34	—	—
Diluted EPSper diluted share	$0.66	$0.50	$0.78	$0.64	—	—	—	$1.59	-$0.34	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.29%of listed shares

BlackRock, Inc.5.2M shares · Jun 30, 2026

View holders

Top 20 reported holders of SEI
Holder	% owned
BlackRock, Inc.	8.29%5.2M shares
Encompass Capital Advisors LLC	4.01%2.52M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.90%2.45M shares
MORGAN STANLEY	3.22%2.02M shares
TWO SIGMA INVESTMENTS, LP	3.15%1.98M shares
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC	2.70%1.69M shares
JENNISON ASSOCIATES LLC	2.69%1.69M shares
Valiant Capital Management, L.P.	2.55%1.6M shares
Driehaus Capital Management LLC	2.52%1.58M shares
FMR LLC	2.52%1.58M shares
STATE STREET CORP	2.37%1.49M shares
VAN ECK ASSOCIATES CORP	2.35%1.48M shares
GEODE CAPITAL MANAGEMENT, LLC	2.15%1.35M shares
Zartler William A	≈2.09%1.31M shares
GOLDMAN SACHS GROUP INC	2.04%1.28M shares
AMERIPRISE FINANCIAL INC	1.82%1.14M shares
Clearbridge Investments, LLC	1.81%1.14M shares
Situational Awareness LP	1.80%1.13M shares
Korea Investment CORP	1.74%1.1M shares
Advent International, L.P.	1.74%1.09M shares

Percentages use 62.81M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys25$2.47M disclosed value

Sells (SEC code S)24$736.23M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 13, 2026Form 4	Wirtz Christopher P.Chief Accounting Officer	SellClass A Common Stock	700	$77.22	$54.1K	36.1K
May 12, 2026Form 4	Argo Laurie HDirector	SellClass A Common Stock	5.2K	$72.88	$379.0K	44.8K
May 11, 2026Form 4	Powell Christopher MChief Legal Officer	SellClass A Common Stock	2.2K	$75.33	$164.3K	114.1K
May 11, 2026Form 4	Powell Christopher MChief Legal Officer	SellClass A Common Stock	25.5K	$74.84	$1.91M	116.3K
May 11, 2026Form 4	Powell Christopher MChief Legal Officer	SellClass A Common Stock	9.2K	$73.90	$678.3K	141.8K

Review ownership filings at SEC.gov ↗

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Solaris Energy Infrastructure, Inc. (SEI)

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