ProPetro Holding Corp (PUMP)

Gross profit margin

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Gross profit (ttm)	US$ in thousands	167,039	162,254	200,785	251,700	291,517	338,860	339,794	320,033	268,775	222,427	171,826	127,825	78,872	56,539	25,312	2,248	87,694	174,490	285,111	395,162
Revenue (ttm)	US$ in thousands	1,444,286	1,471,508	1,534,444	1,612,672	1,630,399	1,631,548	1,540,758	1,420,592	1,279,702	1,176,847	1,093,932	995,736	874,514	782,788	666,399	555,621	828,956	1,109,405	1,517,542	1,940,927
Gross profit margin		11.57%	11.03%	13.09%	15.61%	17.88%	20.77%	22.05%	22.53%	21.00%	18.90%	15.71%	12.84%	9.02%	7.22%	3.80%	0.40%	10.58%	15.73%	18.79%	20.36%

December 31, 2024 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $167,039K ÷ $1,444,286K
= 11.57%

ProPetro Holding Corp's gross profit margin has fluctuated over the years, exhibiting a general declining trend from March 31, 2020, to December 31, 2021. During this period, the gross profit margin decreased significantly from 20.36% on March 31, 2020, to 9.02% on December 31, 2021, indicating a decrease in the profitability of the company's core operations.

However, starting from the first quarter of 2022, there was a reversal in this trend as the gross profit margin began to increase steadily. The company's gross profit margin reached 22.53% on March 31, 2023, its highest point in the given data set. This improvement continued through the third quarter of 2023, with the gross profit margin peaking at 22.05% on June 30, 2023.

Subsequently, there was a slight decline in the gross profit margin over the next few quarters, settling at 11.57% on December 31, 2024. Despite this decrease, the gross profit margin still remained higher than the levels seen during the period of decline up to December 31, 2021.

Overall, the analysis of ProPetro Holding Corp's gross profit margin indicates a period of volatility followed by a recovery and stabilization in the company's profitability over the specified timeframe.