Select Water Solutions, Inc. (WTTR)

NYSE · Common Stock · Oil & Gas Field Services, NEC

One email a week from me: what it filed, which 13F holders added or cut, where its scores stand. Free.

Corporate structure

56 entities across 5 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-18 — see the exhibit.

Which other public companies file entities in the same places:

Delaware39 Texas8 Ohio5 North Dakota3 Montana1

Subsidiaries of Select Water Solutions, Inc. as disclosed in its SEC filing
Entity	Jurisdiction	Note
Well Services, LLC	Ohio
Affirm Oilfield Services, LLC	Texas
Badlands Power Fuels, LLC	Delaware
Big Spring Recycling System, LLC	Delaware
Blackjack Mineral Investments, LLC	Texas
Bobcat North Lima, LLC	Ohio
Breakwater Energy Partners, LLC	Texas
Breakwater Energy Services, LLC	Texas
Breakwater Midstream, LLC	Texas
Buckhorn Disposal ND, LLC	Delaware
Buckhorn Energy Oaks Disposal Services, LLC	Delaware
Clearwater Five, LLC	Ohio
Clearwater Solutions, LLC	Ohio
Clearwater Three, LLC	Ohio
Complete Energy Services, Inc.	Delaware
Crescent Companies, LLC	Delaware
Dishon Disposal, LLC	North Dakota
EnerMAX Services Holdings, LLC	Delaware
EnerMAX Services (U.S.) Inc.	Delaware
EWS #1 DJ Basin LLC	Delaware
EWS #8 DJ Basin LLC	Delaware
Guard Drilling Mud Disposal, LLC	Delaware
Heckmann Water Resources (CVR), Inc.	Delaware
Heckmann Water Resources (CVR), LLC	Delaware
Heckmann Water Resources, LLC	Delaware
Ideal Oilfield Disposal, LLC	North Dakota
Landtech Enterprises, L.L.C.	North Dakota
Mallard Midstream, LLC	Delaware
Navy Holdings, Inc.	Delaware
Navy Holdco, LLC	Delaware
New Heckmann Water Resources Corporation	Delaware
Nuverra Ohio Disposal LLC	Delaware
Nuverra Total Solutions, LLC	Delaware
Oaks’ Disposal Services, LLC	Montana
Peak Rentals, LLC	Texas
Quail Run Services, LLC	Texas
Rockwater Energy Solutions North Dakota, Inc.	Delaware
Rockwater Energy Solutions Water Management, LLC	Delaware
Rockwater West TX, LLC	Delaware
Select Agua Libre Midstream, LLC	Delaware
Select Chemistry, LLC	Delaware
Select Energy Services, LLC	Texas
Select Energy Solutions (RW), Inc.	Delaware
Select Water Reuse, LLC	Delaware
Select Water Solutions, LLC	Delaware
SES Holdings, LLC	Delaware
SES Intermediate Holdings, LLC	Delaware
SES Sub A, LLC	Delaware
SES Sub B, LLC	Delaware
SES Sub C, LLC	Delaware
SWS ND, Inc.	Delaware
Trinity Acquisition, LLC	Delaware
Trinity Environmental Brokerage, L.L.C.	Delaware
Trinity Environmental Management, LLC	Delaware
Trinity Environmental Services I, L.L.C.	Delaware
Trinity Environmental SWD I, L.L.C.	Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 8

PASSReturn on assets positiveROA 1.3%
PASSOperating cash flow positiveOCF 215M
FAILReturn on assets improving2.2% → 1.3%
PASSCash flow exceeds earningsOCF 215M vs NI 21M
FAILLong-term debt ratio falling6.2% → 17.9% of assets
FAILCurrent ratio improving1.65 → 1.57
FAILNo share dilutionno data
FAILGross margin improving15.1% → 14.4%
FAILAsset turnover improving1.06× → 0.88×

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$605.1M	−$338.7M	$84.6M	-4.8%	—
FY2021	$764.6M	−$42.2M	−$56.2M	2.7%	—
FY2022	$1.4B	$48.3M	−$38.7M	11.6%	—
FY2023	$1.6B	$74.4M	$149.5M	14.6%	—
FY2024	$1.5B	$30.6M	$61.7M	15.1%	—
FY2025	$1.4B	$21.2M	−$79.9M	14.4%	—

Ownership flow

12 institutions tracked — 8 added, 4 reduced.

Institutional holders of Select Water Solutions, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	2,721,945	+2,648,538	$54.4M
BlackRock, Inc.	Index	11,687,275	+2,084,304	$233.5M
CITADEL ADVISORS LLC	Hedge fund	172,960	−1,012,697	$3.5M
GEODE CAPITAL MANAGEMENT, LLC	Index	3,262,249	+754,639	$65.2M
STATE STREET CORP	Index	3,815,297	+480,192	$76.2M
MORGAN STANLEY	Active fund	646,553	−291,033	$12.9M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	192,761	−210,700	$3.9M
WELLINGTON MANAGEMENT GROUP LLP	Active fund	3,855,291	−127,786	$77.0M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	145,129	+40,805	$2.9M
BANK OF AMERICA CORP /DE/	Active fund	384,850	+35,882	$7.7M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	139,545	+16,344	$2.8M
JPMORGAN CHASE & CO	Active fund	143,888	+6,263	$2.8M

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Shares repurchased

2026Q1: $7.6M
2025Q1: $6.3M
2024Q1: $7.0M
2023Q1: $10.9M
2022Q1: $18.9M
2021Q1: $874,000

Identity

CIK: 0001693256
LEI: 54930094OK8LA3QDW486
FIGI: BBG00G4Y2DC1
SIC: 1389 · Oil & Gas Field Services, NEC
Incorporated: DE
Headquarters: GAINESVILLE, TX

Ownership

Institutional: 97.4%
Institutions: 358
Insiders: 5.4%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other oil & gas field services, nec companies

Select Water Solutions, Inc. files under SIC 1389 — all 9 oil & gas field services, nec companies compared on assets and F-score.

HALLIBURTON COHAL WaterBridge Infrastructure LLCWBI OCEANEERING INTERNATIONAL INCOII HELIX ENERGY SOLUTIONS GROUP INCHLX ProFrac Holding Corp.ACDC Ranger Energy Services, Inc.RNGR

Questions about Select Water Solutions, Inc.

How many subsidiaries does Select Water Solutions, Inc. file with the SEC?: 56, listed in its most recent exhibit 21. They are incorporated across 5 jurisdictions, led by Ohio, Texas, Delaware. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is Select Water Solutions, Inc. financially healthy?: Select Water Solutions, Inc. scores 3 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of Select Water Solutions, Inc.?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), WELLINGTON MANAGEMENT GROUP LLP (trimming), STATE STREET CORP (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

56 entities across 5 jurisdictions. Read directly from the company’s own 10-K EX-21 filed 2026-02-18 — see the exhibit.

Which other public companies file entities in the same places:

Delaware39 Texas8 Ohio5 North Dakota3 Montana1

Entity

Jurisdiction

Note

Well Services, LLC

Ohio

Affirm Oilfield Services, LLC

Texas

Badlands Power Fuels, LLC

Delaware

Big Spring Recycling System, LLC

Delaware

Blackjack Mineral Investments, LLC

Texas

Bobcat North Lima, LLC

Ohio

Breakwater Energy Partners, LLC

Texas

Breakwater Energy Services, LLC

Texas

Breakwater Midstream, LLC

Texas

Buckhorn Disposal ND, LLC

Delaware

Buckhorn Energy Oaks Disposal Services, LLC

Delaware

Clearwater Five, LLC

Ohio

Clearwater Solutions, LLC

Ohio

Clearwater Three, LLC

Ohio

Complete Energy Services, Inc.

Delaware

Crescent Companies, LLC

Delaware

Dishon Disposal, LLC

North Dakota

EnerMAX Services Holdings, LLC

Delaware

EnerMAX Services (U.S.) Inc.

Delaware

EWS #1 DJ Basin LLC

Delaware

EWS #8 DJ Basin LLC

Delaware

Guard Drilling Mud Disposal, LLC

Delaware

Heckmann Water Resources (CVR), Inc.

Delaware

Heckmann Water Resources (CVR), LLC

Delaware

Heckmann Water Resources, LLC

Delaware

Ideal Oilfield Disposal, LLC

North Dakota

Landtech Enterprises, L.L.C.

North Dakota

Mallard Midstream, LLC

Delaware

Navy Holdings, Inc.

Delaware

Navy Holdco, LLC

Delaware

New Heckmann Water Resources Corporation

Delaware

Nuverra Ohio Disposal LLC

Delaware

Nuverra Total Solutions, LLC

Delaware

Oaks’ Disposal Services, LLC

Montana

Peak Rentals, LLC

Texas

Quail Run Services, LLC

Texas

Rockwater Energy Solutions North Dakota, Inc.

Delaware

Rockwater Energy Solutions Water Management, LLC

Delaware

Rockwater West TX, LLC

Delaware

Select Agua Libre Midstream, LLC

Delaware

Select Chemistry, LLC

Delaware

Select Energy Services, LLC

Texas

Select Energy Solutions (RW), Inc.

Delaware

Select Water Reuse, LLC

Delaware

Select Water Solutions, LLC

Delaware

SES Holdings, LLC

Delaware

SES Intermediate Holdings, LLC

Delaware

SES Sub A, LLC

Delaware

SES Sub B, LLC

Delaware

SES Sub C, LLC

Delaware

SWS ND, Inc.

Delaware

Trinity Acquisition, LLC

Delaware

Trinity Environmental Brokerage, L.L.C.

Delaware

Trinity Environmental Management, LLC

Delaware

Trinity Environmental Services I, L.L.C.

Delaware

Trinity Environmental SWD I, L.L.C.

Delaware

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

3 / 8

PASSReturn on assets positiveROA 1.3%
PASSOperating cash flow positiveOCF 215M
FAILReturn on assets improving2.2% → 1.3%
PASSCash flow exceeds earningsOCF 215M vs NI 21M
FAILLong-term debt ratio falling6.2% → 17.9% of assets
FAILCurrent ratio improving1.65 → 1.57
FAILNo share dilutionno data
FAILGross margin improving15.1% → 14.4%
FAILAsset turnover improving1.06× → 0.88×

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$605.1M

−$338.7M

$84.6M

-4.8%

—

FY2021

$764.6M

−$42.2M

−$56.2M

2.7%

—

FY2022

$1.4B

$48.3M

−$38.7M

11.6%

—

FY2023

$1.6B

$74.4M

$149.5M

14.6%

—

FY2024

$1.5B

$30.6M

$61.7M

15.1%

—

FY2025

$1.4B

$21.2M

−$79.9M

14.4%

—

Ownership flow

12 institutions tracked — 8 added, 4 reduced.

Institutional holders of Select Water Solutions, Inc. and their share-count change
Manager	Kind	Shares	Change	Value
FMR LLC	Active fund	2,721,945	+2,648,538	$54.4M
BlackRock, Inc.	Index	11,687,275	+2,084,304	$233.5M
CITADEL ADVISORS LLC	Hedge fund	172,960	−1,012,697	$3.5M
GEODE CAPITAL MANAGEMENT, LLC	Index	3,262,249	+754,639	$65.2M
STATE STREET CORP	Index	3,815,297	+480,192	$76.2M
MORGAN STANLEY	Active fund	646,553	−291,033	$12.9M
RENAISSANCE TECHNOLOGIES LLC	Hedge fund	192,761	−210,700	$3.9M
WELLINGTON MANAGEMENT GROUP LLP	Active fund	3,855,291	−127,786	$77.0M
PRICE T ROWE ASSOCIATES INC /MD/	Active fund	145,129	+40,805	$2.9M
BANK OF AMERICA CORP /DE/	Active fund	384,850	+35,882	$7.7M
AQR CAPITAL MANAGEMENT LLC	Hedge fund	139,545	+16,344	$2.8M
JPMORGAN CHASE & CO	Active fund	143,888	+6,263	$2.8M

Questions about Select Water Solutions, Inc.

How many subsidiaries does Select Water Solutions, Inc. file with the SEC?

56, listed in its most recent exhibit 21. They are incorporated across 5 jurisdictions, led by Ohio, Texas, Delaware. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is Select Water Solutions, Inc. financially healthy?

Select Water Solutions, Inc. scores 3 out of 8 on the Piotroski F-score. Only 8 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of Select Water Solutions, Inc.?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are BlackRock, Inc. (adding), WELLINGTON MANAGEMENT GROUP LLP (trimming), STATE STREET CORP (adding). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.