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The Moat Index

ProFrac Holding Corp.

ACDC · Materials · $868.4M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

14/ 100
No moat

The four filters

Pricing power30

Median gross margin 0.0% over 3y, very stable.

Returns on capital0

Median ROIC -2.7%, above the 9% hurdle in 0% of years.

Balance-sheet safety0

Net debt/EBITDA 5.2x, interest coverage -2x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
617% above value
Owner earnings (normalized)
$10.9M
Est. intrinsic value / share
$0.67
Recent price
$4.80
Discount to value
617% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

7 years of fundamentals

The business, in plain English

Across the filed record, revenue grew from $547.7M (FY2020) to $1.9B (FY2025) — about 28.8% a year compounded over 5 years.

It earned −10.4% on invested capital in FY2025, with a median of −2.7% across 4 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $1.0B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

Put together: Pricing Power is the strongest of the four filters (30/100) and Returns on Capital the weakest (0/100), which is how ACDC lands at 14/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2019–FY2025 · 7 fiscal years, normalized from ACDC’s SEC filings

RevenueSales, as filed$1.9B FY2025
$0$1B$2B2019202120232025
Gross marginRevenue kept after cost of goods0.0% FY2022
0%2019202120232025
Return on invested capitalOperating profit on the capital employed−10.4% FY2025
−10%0%2019202120232025
Owner earningsCash an owner could take out−$122.6M FY2025
−$100M$0$100M2019202120232025

Gaps in a line mean that item isn’t in ACDC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

1 logged reading since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale13.8 / 100
0406080100WideNarrowShallowNo moatJul 18, 2026

Score history begins Jul 18, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ACDC has read No moat for every logged capture since Jul 18, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Track record

How ProFrac Holding Corp.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

As-of scores 2022–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

As-of Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored ACDC on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatAs-of Moat Score2050100Indexed price · log scale (2023 = 100)20222023202420252026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, ACDC did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Materials context

#214 of 231 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #212IAUX I-80 GOLD CORP.14.3No moat
  2. #213KLXE KLX Energy Services Holdings, Inc.13.9No moat
  3. #215MAGN Magnera Corporation13.0No moat
  4. #216OLN OLIN Corp12.7No moat

Compare ACDC with its nearest peers →All Materials companies on the Index →

Common questions about ACDC

Does ProFrac Holding Corp. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores ProFrac Holding Corp. (ACDC) 13.8 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 30, returns on capital 0, balance-sheet safety 0, capital discipline 24.
Is ACDC stock trading below its intrinsic value?
Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $0.67 per share versus a recent price of $4.80 — 617% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ACDC's Moat Score changed over time?
The record logs 1 reading since Jul 18, 2026; the latest reads 13.8 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ACDC. See the disclaimer.