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Oil & gas equipment & services · Energy · Fiscal year ends Dec 31
Flowco reported revenue of $342M in the fiscal year ended Dec 2025, up 32.2% from the year before. Operating income was $149M, an operating margin of 43.6%, and net income was $41M. Operating cash flow of $294M less capital expenditure of $127M left free cash flow of $167M. Net debt was $163M.
Ranks among the 17 oil & gas equipment & services 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 | 74.5 | 259 | 342 |
| Cost of revenue | 105 | 264 | 347 |
| Gross profit | −30.3 | −5.8 | −4.8 |
| Selling, general & admin | 15.2 | 62.5 | 119 |
| Operating income | 78.3 | 117 | 149 |
| Interest expense | 19.0 | 32.3 | 18.9 |
| Pre-tax income | 58.5 | 81.4 | 131 |
| Income tax | 0.4 | 1.2 | −0.8 |
| Net income | 58.1 | 80.2 | 41.4 |
| Diluted EPS | – | – | 1.24 |
| Diluted shares | – | – | 90.7 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 0.0 | 4.6 | 4.5 |
| Receivables | – | 120 | 100 |
| Inventory | – | 151 | 150 |
| Current assets | – | 286 | 260 |
| Net PP&E | – | 703 | 798 |
| Goodwill | 2.2 | 250 | 250 |
| Total assets | – | 1,589 | 1,646 |
| Payables | – | 31.3 | 22.8 |
| Deferred revenue | 1.5 | 8.0 | 0.5 |
| Current liabilities | – | 87.8 | 78.0 |
| Short-term debt | – | 0.0 | 0.0 |
| Long-term debt | – | 636 | 168 |
| Total liabilities | – | 750 | 288 |
| Shareholders' equity | – | 0.0 | 229 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 81.9 | 179 | 294 |
| Capital expenditure | 43.5 | 90.5 | 127 |
| Free cash flow | 38.3 | 88.9 | 167 |
| Depreciation & amortisation | 43.8 | 90.9 | 145 |
| Stock-based compensation | 0.1 | 1.0 | 11.0 |
| Share buybacks | 0.0 | 0.0 | 15.0 |
| Dividend per share | – | – | 0.08 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 247.0% | 32.2% |
| Operating income growth (YoY) | – | 49.0% | 27.6% |
| Gross margin | −40.6% | −2.3% | −1.4% |
| Operating margin | 105.1% | 45.1% | 43.6% |
| Net margin | 77.9% | 31.0% | 12.1% |
| Return on equityBlank when equity is negative | – | – | 18.1% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 7.8% | 9.5% |
| Free cash flow margin | 51.5% | 34.4% | 48.9% |
| Cash conversion (CFO ÷ net income) | 1.41x | 2.24x | 7.11x |
| Receivable days | – | 170 | 107 |
| Inventory days | – | 209 | 158 |
| Payable days | – | 43 | 24 |
| Interest cover | 4.13x | 3.61x | 7.87x |
| Debt ÷ equity | – | – | 0.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 631 | 163 |
| Current ratio | – | 3.26x | 3.34x |
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.