Solaris Energy Infrastructure, Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The stock's value depends on whether the roughly 3,100 contracted megawatts arrive on schedule, the long-term contracts hold, and free cash flow eventually turns positive after interest and build-out. Only once operating cash flow covers capital expenditures, debt stops outrunning revenue, and sales spread across more than one major customer will the double-digit revenue multiple earn real trust. Until then, keep an eye on the quarterly results (next date July 22, 2026), free cash flow, and the share count. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Solaris Energy is both things at once: a genuine, even profitable growth story at one of the most exciting points of the AI boom — power for data centers — and a highly leveraged bet. Revenue has doubled over six quarters, but it is paid for with capital expenditures above annual revenue, deeply negative cash flow, debt on a run rate toward $2.9 billion and ongoing dilution. On top of that, almost half the company hangs on a single customer. Not investment advice.
Business model & market
Genuine structural tailwind: AI data centers wait years for grid connections, and "behind the meter" gas turbines are often the only fast route. Solaris fills the gap with an ordered pipeline of about 3,100 megawatts through the end of 2029 and long contracts; turbine slots are scarce.
Revenue growth & profitability
Not a bookkeeping trick but a genuine ramp-up: group revenue rose for six quarters in a row, from $96.3 to $196.2 million; Power revenue rose from $38.6 million (2024) to $333.5 million (2025). The Power segment operates profitably at an Adjusted EBITDA margin of about 56 percent.
Cash flow & financing
This growth is built on borrowed money: 2025 capital expenditures of $646.8 million exceeded annual revenue, and free cash flow was deeply negative in five of six quarters (minus $264.3 million in the first quarter of 2026). Financial debt rose from about $0.2 billion to a run rate of $2.9 billion, including a $1.3 billion note at 6.375 percent.
Customer concentration
A single data-center customer accounted for about 47 percent of group revenue and 88 percent of Power-segment revenue in 2025. At its core is a contract for up to 900 megawatts; per the risk factor, losing that customer could hardly be replaced quickly on similar terms.
Dilution & structure
Class A shares up 61 percent in 18 months, with $902.5 million in convertible notes forming a further share pipeline. Through the Up-C structure, $28.2 million of $58.4 million in profit went to minority holders in 2025, plus a $75 million tax receivable liability to legacy owners. The legacy business (Logistics) is shrinking, and there is single-supplier risk on turbines.
Valuation
About $5 billion in market value (order of magnitude, mid-2026) against roughly $692 million in trailing-twelve-month revenue works out, including debt, to an EV/revenue of about 10 and an EV/EBITDA around 24 — the market is paying for the contracted megawatts as if they were already on the grid. Short interest sits around 22 percent, yet the analyst consensus is still "Buy".
Worth Noting
Was named "Solaris Oilfield Infrastructure, Inc." until 2024; the turn toward power leasing began with the MER acquisition in September 2024.
The database field for market capitalization ($7.83 billion) is a data artifact and does not match the share count on the SEC cover pages; the reliable figure is the calculation via Class A plus B shares (roughly 76 million shares) to about $5 billion in market value.
Most of the interest is currently being capitalized into the turbine book values (2025 cash-paid net interest was only $22.4 million); the full interest burden will not hit the income statement until the equipment is in operation.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SEI since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 33.30 $ to 82.90 $ · Last price: 69.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Equipment & Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Solaris Energy Infrastructure, Inc SEI | 6.8 | – | 23.5 | 49.9 | 25.8 | 98.7 | 109.9 |
| Schlumberger NV SLB | 77.5 | 22.2 | 13.2 | 17.0 | 12.3 | -1.6 | 53.4 |
| Baker Hughes Co BKR | 56.1 | 17.9 | 11.2 | 23.7 | 12.3 | -0.3 | 23.6 |
| Tenaris SA TS | 30.3 | 15.1 | 8.3 | 38.5 | 16.7 | -4.3 | 60.6 |
| TechnipFMC PLC FTI | 29.0 | 26.6 | 14.5 | 23.0 | 14.1 | 9.4 | 87.2 |
| Halliburton Company HAL | 28.5 | 18.0 | 9.8 | 15.1 | 12.6 | -3.3 | 57.0 |
| NOV Inc. NOV | 7.3 | 78.5 | 11.0 | 21.7 | 2.3 | -1.4 | 62.6 |
| LandBridge Company LLC LB | 6.6 | 76.0 | 19.8 | 98.8 | 66.1 | 81.1 | 59.6 |
| Weatherford International plc WFRD | 6.0 | 12.3 | 7.8 | 30.5 | 11.8 | -10.8 | 30.2 |
| Median of companies shown | 28.5 | 20.1 | 11.2 | 23.7 | 12.6 | -1.4 | 59.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 18 | 3 | – | – | 5 | 71 | 77 |
| 2017 | 67 | 25 | -4 | -0.34 | 27 | 113 | 300 |
| 2018 | 197 | 99 | 42 | 1.64 | 116 | 198 | 459 |
| 2019 | 242 | 108 | 52 | 1.72 | 115 | 264 | 505 |
| 2020 | 103 | -60 | -29 | -1.01 | 44 | 201 | 412 |
| 2021 | 159 | 0 | -1 | -0.03 | 16 | 203 | 406 |
| 2022 | 320 | 42 | 21 | 0.67 | 68 | 216 | 463 |
| 2023 | 293 | 50 | 24 | 0.82 | 88 | 206 | 468 |
| 2024 | 313 | 53 | 16 | 0.54 | 59 | 356 | 1,123 |
| 2025 | 622 | 135 | 30 | 0.61 | 209 | 564 | 2,143 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.21 | 38.50 | 96 | 52.00 | 6.50 | 13 | -114 |
| 2025: Q1 | 0.15 | -2.60 | 126 | 86.10 | 4.20 | 26 | -119 |
| 2025: Q2 | 0.32 | 44.30 | 149 | 102.10 | 8.00 | 24 | -161 |
| 2025: Q3 | 0.33 | – | 167 | 122.40 | 8.70 | 63 | 1 |
| 2025: Q4 | -0.03 | -116.30 | 180 | 86.60 | -0.90 | 96 | -159 |
| 2026: Q1 | 0.43 | 194.50 | 196 | 55.30 | 10.90 | 79 | -264 |
| 2026: Q2 | – | – | 219 | 47.00 | 9.30 | 187 | -305 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 33 of our scanner strategies — each hit links to the scanner.
Growth
- Ben Bennett: Focus List
- Ben Bennett: Power Screen
- Dan Zanger: Leader
- EPS & Revenue Power
- EPS Acceleration
- High Revenue Growth
- Matt Caruso: Sales Leader
- Patrick Walker: 30% EPS Growth
- Patrick Walker: 40, 40 Screen
- Quality Growth
- Ted Zhang: Super Stock Universe
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Jeff Sun
- Kathy Donnelly: Liquid Movers Up
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Oliver Kell: Strength on Down Day
- RS Leader (≥90)
- RS New Highs
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.01 | 0.93 – 1.21 | 1,031 | -19.0% | 4 |
| 12/31/2027 | 2.73 | 1.89 – 4.49 | 1,706 | 169.8% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Das dominierende Segment Solaris Power Solutions (Q4 2025: 58% des Konzernumsatzes) vermietet mobile Gasturbinen-Stromerzeugung direkt an führende KI-Computing-Unternehmen — mehrere Mehrjahres-Verträge über zusammen rund 2.000 MW (Stateline-JV ~900 MW, Hatchbo >500 MW, weiterer Technologiekonzern >600 MW) dienen laut 10-K/10-Q ausdrücklich dem Strombedarf für KI-Berechnungen in Rechenzentren und machen die KI-Infrastruktur damit zur zentralen Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„During the first quarter of 2026, we entered into a rental agreement with an affiliate of an investment grade, global technology company and industry leader in the evolving artificial intelligence computer space to provide over 500 megawatts of power generation equipment to support the customer’s power demand for artificial intelligence computing needs at its data center."
Im ersten Quartal 2026 haben wir einen Mietvertrag mit einer Tochtergesellschaft eines globalen Technologiekonzerns mit Investment-Grade-Rating und Branchenführers im aufstrebenden Feld der künstlichen Intelligenz geschlossen, um über 500 Megawatt an Stromerzeugungsanlagen bereitzustellen, die den Strombedarf des Kunden für KI-Berechnungen in seinem Rechenzentrum decken.
10-K · 2026-02-27 · View SEC filing
„Today, Solaris Power Solutions’ primary customers include a leading company in the artificial intelligence computing sector, as well as several energy companies requiring power for hydrocarbon production, processing, transportation, and refining applications."
Heute zählen zu den Hauptkunden von Solaris Power Solutions ein führendes Unternehmen aus dem Bereich der KI-Datenverarbeitung sowie mehrere Energieunternehmen, die Strom für die Förderung, Verarbeitung, den Transport und die Raffination von Kohlenwasserstoffen benötigen.
10-K · 2026-02-27 · View SEC filing
„In the first quarter of 2026, we entered into an agreement for over 500 MW of power generation to support power demand for artificial intelligence computing needs at data centers with a global technology leader. Subsequently, in April 2026, we entered into an agreement with an additional global technology leader for over 600 MW of power generation at its data center locations."
Im ersten Quartal 2026 haben wir mit einem globalen Technologieführer eine Vereinbarung über mehr als 500 MW Stromerzeugung geschlossen, um den Strombedarf für KI-Berechnungen in Rechenzentren zu decken. Anschließend, im April 2026, haben wir mit einem weiteren globalen Technologieführer eine Vereinbarung über mehr als 600 MW Stromerzeugung an dessen Rechenzentrumsstandorten geschlossen.
10-Q · 2026-05-01 · View SEC filing
„Today, the Company’s Solaris Power Solutions segment’s primary customers include a large data center and several energy companies requiring power for hydrocarbon production, processing, transportation, and refining applications. Power demand for data centers has been accelerated due to growth in generative artificial intelligence (“AI”) computing applications."
Heute zählen zu den Hauptkunden des Segments Solaris Power Solutions des Unternehmens ein großes Rechenzentrum sowie mehrere Energieunternehmen, die Strom für die Förderung, Verarbeitung, den Transport und die Raffination von Kohlenwasserstoffen benötigen. Der Strombedarf der Rechenzentren hat sich durch das Wachstum generativer KI-Anwendungen („AI“) beschleunigt.
10-K · 2025-03-05 · View SEC filing
Filings Reviewed: 10-Q 2026-05-01 · 10-Q 2025-11-06 · 10-Q 2025-08-01 · 10-Q 2025-05-07 · 10-K 2026-02-27 · 10-K 2025-03-05
Rated on July 8, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 24.8%
- More than 10% revenue growth is expected for the coming year 48.5%
- Share count grows by less than 3% a year 16.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 28.4%
- Gross margin at 40% or higher and without meaningful erosion 45.9%
- Goodwill from acquisitions does not grow faster than revenue 4.9%
- Net debt below twice EBITDA 4.0 x EBITDA
- Operating cash flow covers the profits of the last three years 286 m
- Return on capital at 15% or higher, or up versus two years ago 6.8%
- Insiders hold at least 10% or are net buyers 10.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 48.1%
- Exp. sales growth 3Y > 5% 65.6%
- EBIT growth 10Y > 5% 53.5%
- Exp. EBIT growth 3Y > 5% 111.8%
- Net debt < 4x EBIT 5.4x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 7.6%
- ROCE > 15% 6.8%
- Expected return > 10% 98.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 8, 2026 | Teague Aj | Director | Buy | 3,900 | 64.25 | 250,575 |
| Aug 23, 2026 | Giesinger Edgar R. JR. | Director | Other | 3,246 | 0.00 | – |
| Aug 23, 2026 | Keenan W Howard JR | Director | Other | 2,989 | 0.00 | – |
| Aug 23, 2026 | Argo Laurie H | Director | Other | 3,331 | 0.00 | – |
| Aug 23, 2026 | Teague Aj | Director | Other | 3,075 | 0.00 | – |
| Aug 23, 2026 | Burke James R | Director | Other | 3,075 | 0.00 | – |
| Aug 23, 2026 | Yzaguirre Mario Max | Director | Other | 3,160 | 0.00 | – |
| Aug 23, 2026 | Walker Ray N JR | Director | Other | 3,075 | 0.00 | – |
The company
About the Company
Solaris Energy Infrastructure, Inc. bietet modulare und skalierbare gerätebasierte Lösungen für Stromerzeugung, -steuerung und -verteilung sowie das Management von Rohstoffen für die Komplettierung von Öl- und Erdgasbohrungen in den USA an.
- CEO Insider Trades (12 Mo.)
- buying own stock
- Employees
- 468
- Headquarters
- Houston, TX
- Address
- 9651 Katy Freeway, 77024 Houston, United States
- Phone
- 281 501 3070
- Website
- solaris-energy.com
- IPO Date
- 05/12/2017
- ISIN
- US83418M1036
Management
| Name | Title | Birth Year |
|---|---|---|
| William A. Zartler | Co-CEO, Founder & Chairman | 1965 |
| Amanda M. Brock J.D. | Co-CEO & Director | 1961 |
| Kyle S. Ramachandran | President & Head of Power Solutions | 1985 |
| Cynthia M. Durrett | Chief Administrative Officer & Director | 1965 |
| Christopher M. Powell CPA | Chief Legal Officer & Corporate Secretary | 1975 |
| Stephan E. Tompsett | CFO & Principal Financial Officer | 1977 |
| Yvonne L. Fletcher | Senior Vice President of Finance & Investor Relations | – |
| Brandon Trama | Senior Vice President of Corporate Development | – |
| Greg Garcia | Executive Vice President of Commercial & Logistics Solutions | – |
| Brendan Gilbert | Executive VP & GM of Logistics Solutions | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/08/2026 Solaris Energy Infrastructure, Inc. (SEI): Entry into a Material Definitive Agreement; Completion of Acquisition or Disposition of Assets; Unregistered Sales of Equity Securities; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/05/2026 Solaris Energy Infrastructure, Inc. (SEI): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/06/2026 Solaris Energy Infrastructure, Inc. (SEI): Unregistered Sales of Equity Securities; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.