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Specialty industrial machinery · Industrials · Fiscal year ends Dec 31
Enerflex reported revenue of $2.6B in the fiscal year ended Dec 2025, up 6.5% from the year before. Operating income was $306M, an operating margin of 11.9%, and net income was $64M. Operating cash flow of $345M less capital expenditure of $19M left free cash flow of $326M. Net debt was $501M.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 2,343 | 2,414 | 2,571 |
| Cost of revenue | 1,886 | 1,910 | 1,989 |
| Gross profit | 457 | 504 | 582 |
| Selling, general & admin | 293 | 327 | 272 |
| Operating income | 121 | 173 | 306 |
| Interest expense | 118 | 103 | 124 |
| Pre-tax income | −52.0 | 81.0 | 163 |
| Income tax | 31.0 | 49.0 | 99.0 |
| Net income | −83.0 | 32.0 | 64.0 |
| Diluted EPS | −0.67 | 0.26 | 0.52 |
| Diluted shares | 124 | 124 | 123 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 95.0 | 92.0 | 81.0 |
| Receivables | 398 | 398 | 345 |
| Inventory | 294 | 258 | 280 |
| Current assets | 1,083 | 1,041 | 992 |
| Net PP&E | 104 | 96.0 | 102 |
| Goodwill | 433 | 422 | 430 |
| Total assets | 2,958 | 2,791 | 2,694 |
| Current liabilities | 868 | 911 | 879 |
| Short-term debt | 40.0 | 0.0 | – |
| Long-term debt | 879 | 708 | 582 |
| Total liabilities | 1,904 | 1,742 | 1,601 |
| Shareholders' equity | 1,054 | 1,049 | 1,093 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 206 | 324 | 345 |
| Capital expenditure | 16.0 | 16.0 | 19.0 |
| Free cash flow | 190 | 308 | 326 |
| Depreciation & amortisation | 198 | 185 | 161 |
| Stock-based compensation | 6.0 | 29.0 | 26.0 |
| Dividends paid | 9.0 | 9.0 | 17.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 3.0% | 6.5% |
| Operating income growth (YoY) | – | 43.0% | 76.9% |
| EPS growth (YoY) | – | – | 100.0% |
| Gross margin | 19.5% | 20.9% | 22.6% |
| Operating margin | 5.2% | 7.2% | 11.9% |
| Net margin | −3.5% | 1.3% | 2.5% |
| Return on equityBlank when equity is negative | −7.9% | 3.1% | 5.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.8% | 9.2% | 16.9% |
| Free cash flow margin | 8.1% | 12.8% | 12.7% |
| Cash conversion (CFO ÷ net income) | −2.48x | 10.1x | 5.39x |
| Receivable days | 62 | 60 | 49 |
| Inventory days | 57 | 49 | 51 |
| Interest cover | 1.03x | 1.68x | 2.47x |
| Debt ÷ equity | 0.87x | 0.67x | 0.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 824 | 616 | 501 |
| Current ratio | 1.25x | 1.14x | 1.13x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.