Flowco Holdings Inc.
FLOC NYSE Oil & Gas Field Machinery & Equipment Financials FY2023–FY2025
Last close · Oct 23, 2026
$19.63
4.4%
Revenue
Total sales reported in the income statement.
$760M
41.9%
vs prior year
Operating margin
Operating income as a share of revenue.
19.6%
2.2 pts
Net income
Profit after all expenses, interest and tax.
$41.4M
48.4%
Free cash flow
Cash from operations minus capital spending.
$167M
88.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
38.0%
19.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$863M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
15.1x
On $1.30 EPS (TTM)
What Flowco Holdings Inc. does
No business description yet.
- Legal name
- Flowco Holdings Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-077219
0002035149
Revenue and margins
Flowco Holdings Inc. had $760M of revenue in fiscal 2025, up 41.9% on the year before.
FY23
Revenue $243M
FY24
Revenue $535M
FY25
Revenue $760M
Q1 '24
Revenue $66.7M
Q2 '24
Revenue $93.2M
Q3 '24
Revenue $189M
Q4 '24
Revenue $186M
Q1 '25
Revenue $192M
Q2 '25
Revenue $193M
Q3 '25
Revenue $177M
Q4 '25
Revenue $197M
Q1 '26
Revenue $210M
Q2 '26
Revenue $236M
FY23
Gross 56.9%
Operating 32.2%
Net 23.9%
FCF 15.8%
FY24
Gross 50.6%
Operating 21.8%
Net 15.0%
FCF 16.6%
FY25
Gross 54.4%
Operating 19.6%
Net 5.4%
FCF 22.0%
Gross
Operating
Net
FCF
Q1 '24
Gross 58.2%
Operating 33.3%
Net 25.8%
FCF 20.2%
Q2 '24
Gross 52.5%
Operating 29.7%
Net 21.5%
FCF 9.9%
Q3 '24
Gross 46.8%
Operating 17.4%
Net 10.9%
FCF 17.1%
Q4 '24
Gross 50.9%
Operating 18.2%
Net 12.0%
FCF 18.2%
Q1 '25
Gross 52.0%
Operating 18.4%
Net 3.2%
FCF 7.6%
Q2 '25
Gross 53.3%
Operating 19.2%
Net 2.8%
FCF 24.0%
Q3 '25
Gross 58.1%
Operating 19.6%
Net 7.1%
FCF 24.2%
Q4 '25
Gross 54.5%
Operating 21.3%
Net 8.7%
FCF 32.0%
Q1 '26
Gross 54.7%
Operating 17.3%
Net 3.6%
FCF 25.0%
Q2 '26
Gross 53.6%
Operating 17.5%
Net 5.3%
FCF 21.1%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income $58.1M
FY24
Net income $80.2M
FY25
Net income $41.4M
Q1 '24
Net income $17.2M
Q2 '24
Net income $20.1M
Q3 '24
Net income $20.6M
Q4 '24
Net income $22.3M
Q1 '25
Net income $6.2M
Q2 '25
Net income $5.5M
Q3 '25
Net income $12.5M
Q4 '25
Net income $17.2M
Q1 '26
Net income $7.4M
Q2 '26
Net income $12.5M
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS $1.24
Q1 '24
Diluted EPS —
Q2 '24
Diluted EPS —
Q3 '24
Diluted EPS —
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS $0.24
Q2 '25
Diluted EPS $0.21
Q3 '25
Diluted EPS $0.32
Q4 '25
Diluted EPS $0.47
Q1 '26
Diluted EPS $0.23
Q2 '26
Diluted EPS $0.28
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital 18.2%
Return on equity —
Return on assets 5.1%
FY25
Return on capital 38.0%
Return on equity 36.2%
Return on assets 2.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $167M in fiscal 2025, 22.0% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow $38.3M
FY24
Free cash flow $88.9M
FY25
Free cash flow $167M
Q1 '24
Free cash flow $13.5M
Q2 '24
Free cash flow $9.2M
Q3 '24
Free cash flow $32.4M
Q4 '24
Free cash flow $33.8M
Q1 '25
Free cash flow $14.7M
Q2 '25
Free cash flow $46.4M
Q3 '25
Free cash flow $42.8M
Q4 '25
Free cash flow $63.2M
Q1 '26
Free cash flow $52.3M
Q2 '26
Free cash flow $49.8M
FY23
Cash from operations $81.9M
Capital spending $43.5M
FY24
Cash from operations $179M
Capital spending $90.5M
FY25
Cash from operations $294M
Capital spending $127M
Cash from operations
Capital spending
Q1 '24
Cash from operations $28.2M
Capital spending $14.8M
Q2 '24
Cash from operations $21.9M
Capital spending $12.7M
Q3 '24
Cash from operations $67.0M
Capital spending $34.6M
Q4 '24
Cash from operations $62.2M
Capital spending $28.4M
Q1 '25
Cash from operations $42.5M
Capital spending $27.9M
Q2 '25
Cash from operations $82.2M
Capital spending $35.8M
Q3 '25
Cash from operations $82.5M
Capital spending $39.7M
Q4 '25
Cash from operations $87.2M
Capital spending $24.0M
Q1 '26
Cash from operations $78.7M
Capital spending $26.4M
Q2 '26
Cash from operations $95.2M
Capital spending $45.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Flowco Holdings Inc. returned $15.0M to shareholders in fiscal 2025, 9% of free cash flow. The diluted share count rose 0.0%.
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $15.0M
Dividends
Buybacks
Q1 '24
Dividends —
Buybacks —
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $0.0M
Q3 '25
Dividends —
Buybacks $15.0M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $16.5M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares 0.09B
Balance sheet
Cash, debt and the ratios that show how comfortably Flowco Holdings Inc. can carry it.
FY23
Cash $0.0M
Debt —
FY24
Cash $4.6M
Debt $657M
FY25
Cash $4.5M
Debt $192M
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $0.0M | $4.6M | $4.5M |
| Debt incl. finance leases | — | $657M | $192M |
| Net debt / EBITDA | — | 3.1x | 0.6x |
| Debt / equity | — | — | 0.7x |
| Interest coverage | 4.1x | 3.6x | 7.9x |
| Current ratio | — | 3.3x | 3.3x |
| Quick ratio | — | 1.5x | 1.4x |
| Total assets | — | $1.6B | $1.6B |
| Total liabilities | — | $750M | $288M |
| Shareholders' equity | — | $0.0M | $229M |
| Net debt (− = net cash) | — | $653M | $187M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | ✕ | ✓ |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 3 | — / 4 | 7 / 8 |
| Accruals ratio | — | −6.2% | −15.6% |
| Altman Z'' | — | 1.31 | 2.54 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $243M | $535M | $760M |
| Gross profit | $139M | $271M | $413M |
| Operating income | $78.3M | $117M | $149M |
| Interest expense | $19.0M | $32.3M | $18.9M |
| Pretax income | $58.5M | $81.4M | $131M |
| Income tax | $0.4M | $1.2M | −$0.8M |
| Net income | $58.1M | $80.2M | $41.4M |
| Diluted EPS | — | — | $1.24 |
| Diluted shares | — | — | 0.09B |
| Cash flow | |||
| Cash from operations | $81.9M | $179M | $294M |
| Capital expenditure | $43.5M | $90.5M | $127M |
| Free cash flow | $38.3M | $88.9M | $167M |
| Depreciation and amortization | $43.8M | $90.9M | $145M |
| Stock-based compensation | $0.1M | $1.0M | $11.0M |
| Share buybacks | $0.0M | $0.0M | $15.0M |
| Dividends and buybacks | $0.0M | $0.0M | $15.0M |
| Balance sheet | |||
| Cash and short-term investments | $0.0M | $4.6M | $4.5M |
| Total debt | — | $636M | $168M |
| Finance lease liabilities | — | $21.2M | $23.8M |
| Current assets | — | $286M | $260M |
| Current liabilities | — | $87.8M | $78.0M |
| Inventory | — | $151M | $150M |
| Property and equipment, net | — | $703M | $798M |
| Goodwill | $2.2M | $250M | $250M |
| Intangible assets | — | $303M | $273M |
| Total assets | — | $1.6B | $1.6B |
| Total liabilities | — | $750M | $288M |
| Shareholders' equity | — | $0.0M | $229M |
| Margins | |||
| Gross margin | 56.9% | 50.6% | 54.4% |
| Operating margin | 32.2% | 21.8% | 19.6% |
| EBITDA margin | 50.2% | 38.8% | 38.7% |
| Net margin | 23.9% | 15.0% | 5.4% |
| FCF margin | 15.8% | 16.6% | 22.0% |
| Returns | |||
| Return on capital | — | 18.2% | 38.0% |
| Return on capital employed | — | 7.8% | 9.5% |
| Return on equity | — | — | 36.2% |
| Return on assets | — | 5.1% | 2.6% |
| Growth | |||
| Revenue growth | — | 120.0% | 41.9% |
| Net income growth | — | 38.1% | −48.4% |
| FCF growth | — | 131.8% | 88.0% |
| Financial health | |||
| Net debt / EBITDA | — | 3.1x | 0.6x |
| Debt / equity | — | — | 0.7x |
| Interest coverage | 4.1x | 3.6x | 7.9x |
| Current ratio | — | 3.3x | 3.3x |
| Quick ratio | — | 1.5x | 1.4x |
| Capital allocation | |||
| Capex / revenue | 17.9% | 16.9% | 16.8% |
| Stock comp / revenue | 0.0% | 0.2% | 1.5% |
| Payouts / FCF | 0.0% | 0.0% | 9.0% |
| Quality scores | |||
| Piotroski F-score | — | — | 7.0 |
| Altman Z'' | — | 1.3 | 2.5 |
| Accruals ratio | — | −6.2% | −15.6% |
Source: SEC EDGAR XBRL filings (CIK 0002035149). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.