Flexible Solutions International, Inc. (FSI) 10-Year Financial Performance & Capital Metrics

FSI • • Industrial / General

Basic MaterialsSpecialty ChemicalsWater Treatment & Environmental ChemicalsWater Treatment Chemicals

AboutFlexible Solutions International, Inc., together with its subsidiaries, develops, manufactures, and markets specialty chemicals that slow the evaporation of water in Canada, the United States, and internationally. The company operates in two segments, Energy and Water Conservation Products, and Biodegradable Polymers. The company offers thermal polyaspartates (TPAs) for oilfields to reduce scale and corrosion in various water systems; and for the agricultural industry to reduce fertilizer crystallization before, during, and after application, as well as to prevent crystal formation between fertilizer and minerals present in the soil. It also provides TPAs for irrigation to prevent early plugging of drip irrigation ports, reduce maintenance costs, and lengthen the life of equipment; and TPAs as additives for household laundry detergents, consumer care products, and pesticides. In addition, the company offers nitrogen conservation products for agriculture that slow down nitrogen loss from fields. Further, it provides HEATSAVR, a chemical product for use in swimming pools and spas that forms a thin and transparent layer on the water's surface; and WATERSAVR to reduce water evaporation in reservoirs, potable water storage tanks, livestock watering ponds, aqueducts, canals, and irrigation ditches, as well as for lawn and turf care, and potted and bedding plants. Flexible Solutions International, Inc. is headquartered in Taber, Canada.Show more

Revenue $38M -0.2%
EBITDA $5M +15.4%
Net Income $3M +9.5%
EPS (Diluted) 0.24 +9.1%
Gross Margin 34.63% +28.4%
EBITDA Margin 14.3% +15.7%
Operating Margin 14.43% +84.3%
Net Margin 7.95% +9.7%
ROE 7.63% +1.0%
ROIC 9.42% +70.7%
Debt/Equity 0.26 -0.4%
Interest Coverage 9.04 +50.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 10.0%

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.17%

5Y6.86%

3Y3.57%

TTM0.18%

Profit (Net Income) CAGR

10Y22.38%

5Y9.7%

3Y-4.14%

TTM12.99%

EPS CAGR

10Y23.11%

5Y8.45%

3Y-5.01%

TTM-16.53%

ROCE

10Y Avg14.16%

5Y Avg14.69%

3Y Avg12.86%

Latest11.79%

Peer Comparison

Water Treatment Chemicals

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HWKNHawkins, Inc.	3.2B	153.19	38.01	6.01%	7.95%	16.4%	2.19%	0.35
ECLEcolab Inc.	78.66B	277.73	37.68	2.75%	12.49%	20.35%	2.31%	0.94
FSIFlexible Solutions International, Inc.	74.25M	5.85	24.38	-0.23%	12.18%	10.93%	0.81%	0.26

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	15.9M	16.25M	15.49M	17.83M	27.44M	31.41M	34.42M	45.84M	38.32M	38.23M
Revenue Growth %	-0%	0.02%	-0.05%	0.15%	0.54%	0.14%	0.1%	0.33%	-0.16%	-0%
Cost of Goods Sold+	9.7M	9.26M	9.51M	12.19M	18.82M	21.64M	23.02M	31.97M	27.99M	24.99M
COGS % of Revenue	0.61%	0.57%	0.61%	0.68%	0.69%	0.69%	0.67%	0.7%	0.73%	0.65%
Gross Profit+	6.2M	6.99M	5.99M	5.64M	8.62M	9.77M	11.4M	13.87M	10.34M	13.24M
Gross Margin %	0.39%	0.43%	0.39%	0.32%	0.31%	0.31%	0.33%	0.3%	0.27%	0.35%
Gross Profit Growth %	0.21%	0.13%	-0.14%	-0.06%	0.53%	0.13%	0.17%	0.22%	-0.25%	0.28%
Operating Expenses+	3.85M	3.87M	4.36M	4.68M	6.71M	5.65M	5.91M	6.82M	7.34M	7.72M
OpEx % of Revenue	0.24%	0.24%	0.28%	0.26%	0.24%	0.18%	0.17%	0.15%	0.19%	0.2%
Selling, General & Admin	3.76M	3.78M	4.26M	3.99M	5.04M	4.86M	5.06M	5.6M	5.64M	5.85M
SG&A % of Revenue	0.24%	0.23%	0.28%	0.22%	0.18%	0.15%	0.15%	0.12%	0.15%	0.15%
Research & Development	95.27K	95.1K	98.93K	135.93K	123.66K	81.42K	116.41K	99.28K	158.25K	329.95K
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0%	0%	0%	0%	0%	0.01%
Other Operating Expenses	0	0	0	0	1.55M	709.59K	741.7K	1.12M	1.54M	1.55M
Operating Income+	2.35M	3.09M	1.51M	1.31M	1.91M	4.12M	5.48M	7.05M	3M	5.52M
Operating Margin %	0.15%	0.19%	0.1%	0.07%	0.07%	0.13%	0.16%	0.15%	0.08%	0.14%
Operating Income Growth %	2.56%	0.31%	-0.51%	-0.14%	0.46%	1.16%	0.33%	0.29%	-0.57%	0.84%
EBITDA+	2.93M	3.63M	1.8M	1.65M	2.83M	5.3M	6.72M	8.38M	4.74M	5.47M
EBITDA Margin %	0.18%	0.22%	0.12%	0.09%	0.1%	0.17%	0.2%	0.18%	0.12%	0.14%
EBITDA Growth %	1.02%	0.24%	-0.5%	-0.08%	0.71%	0.88%	0.27%	0.25%	-0.43%	0.15%
D&A (Non-Cash Add-back)	578.34K	540.08K	286.62K	342.56K	917.8K	1.18M	1.23M	1.33M	1.74M	-47.66K
EBIT	2.36M	3.25M	1.72M	3.15M	2.74M	5.45M	6.85M	8.15M	4.12M	5.56M
Net Interest Income+	-52.81K	-39.52K	-43.21K	-56.81K	-347.64K	-207.56K	-121.93K	-160.72K	-384.86K	-413.81K
Interest Income	2.96K	2.18K	913	36.84K	80.73K	53.1K	78K	132.23K	113.81K	196.45K
Interest Expense	55.77K	41.7K	44.13K	93.65K	428.37K	260.66K	199.93K	292.95K	498.67K	610.26K
Other Income/Expense	-42.29K	-6.05K	1.91M	1.75M	406.87K	1.07M	1.17M	808.71K	623.46K	-562.61K
Pretax Income+	2.31M	3.08M	3.42M	3.05M	2.31M	5.19M	6.65M	7.86M	3.62M	4.95M
Pretax Margin %	0.15%	0.19%	0.22%	0.17%	0.08%	0.17%	0.19%	0.17%	0.09%	0.13%
Income Tax+	803.49K	1.29M	1.67M	633.13K	17.44K	1.61M	2.36M	145.86K	-132.74K	851.21K
Effective Tax Rate %	0.65%	0.58%	0.51%	0.82%	0.83%	0.57%	0.52%	0.89%	0.77%	0.61%
Net Income+	1.5M	1.79M	1.75M	2.49M	1.91M	2.98M	3.45M	7.02M	2.78M	3.04M
Net Margin %	0.09%	0.11%	0.11%	0.14%	0.07%	0.09%	0.1%	0.15%	0.07%	0.08%
Net Income Growth %	2.73%	0.19%	-0.02%	0.42%	-0.23%	0.56%	0.16%	1.04%	-0.6%	0.09%
Net Income (Continuing)	1.5M	1.79M	1.75M	2.42M	2.3M	3.58M	4.29M	7.71M	3.76M	4.1M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	2.46M	2.55M	2.56M	2.6M	2.61M	3.07M	3.33M
EPS (Diluted)+	0.11	0.15	0.15	0.21	0.16	0.24	0.28	0.56	0.22	0.24
EPS Growth %	2.67%	0.36%	0%	0.4%	-0.24%	0.5%	0.17%	1%	-0.61%	0.09%
EPS (Basic)	0.11	0.16	0.15	0.21	0.16	0.24	0.28	0.57	0.22	0.24
Diluted Shares Outstanding	13.31M	11.64M	11.73M	11.82M	12.09M	12.3M	12.51M	12.47M	12.49M	12.68M
Basic Shares Outstanding	13.17M	11.46M	11.49M	11.63M	11.95M	12.24M	12.32M	12.38M	12.43M	12.45M
Dividend Payout Ratio	-	-	-	-	1.25%	-	-	-	0.23%	0.41%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	7.97M	9.49M	13.96M	21.21M	17.51M	19.04M	23.81M	30.99M	30.23M	34.58M
Cash & Short-Term Investments	2.5M	2.47M	6.91M	7.86M	3.63M	4.47M	6.74M	6.82M	7.71M	10.03M
Cash Only	2.5M	2.47M	6.91M	7.86M	3.63M	3.47M	5.71M	6.12M	5.02M	7.63M
Short-Term Investments	0	0	0	0	0	1M	1.03M	700K	2.69M	2.4M
Accounts Receivable	1.95M	3.01M	2.11M	4.42M	4.47M	5.89M	7.13M	9.45M	9.84M	11.7M
Days Sales Outstanding	44.88	67.58	49.6	90.54	59.46	68.45	75.61	75.24	93.74	111.65
Inventory	3.28M	3.79M	4.69M	8.73M	9.18M	8.37M	9.5M	14.42M	11.13M	10.89M
Days Inventory Outstanding	123.3	149.29	179.91	261.27	178.1	141.21	150.66	164.62	145.22	159.03
Other Current Assets	0	0	0	0	0	0	0	0	0	0
Total Non-Current Assets+	6.17M	5.67M	3.81M	9.99M	14.87M	16.05M	15.74M	20.59M	25.24M	25.39M
Property, Plant & Equipment	3.79M	3.39M	1.94M	2.56M	4.79M	5.63M	5.15M	9.88M	13.29M	17.15M
Fixed Asset Turnover	4.19x	4.79x	7.99x	6.96x	5.72x	5.58x	6.68x	4.64x	2.88x	2.23x
Goodwill	0	0	0	2.53M	2.53M	2.53M	2.53M	2.53M	2.53M	2.53M
Intangible Assets	100.62K	95.89K	79.45K	3.19M	3M	2.81M	2.61M	2.44M	2.28M	2.12M
Long-Term Investments	0	122.48K	13.41K	776.36K	1.92M	4.78M	5.42M	5.46M	6.03M	3.42M
Other Non-Current Assets	10.17K	26.16K	18.53K	30.78K	1.03M	8.54K	8.54K	8.54K	824.25K	167.88K
Total Assets+	14.14M	15.16M	17.77M	31.2M	32.38M	35.09M	39.55M	51.59M	55.47M	59.97M
Asset Turnover	1.12x	1.07x	0.87x	0.57x	0.85x	0.90x	0.87x	0.89x	0.69x	0.64x
Asset Growth %	-0.01%	0.07%	0.17%	0.76%	0.04%	0.08%	0.13%	0.3%	0.08%	0.08%
Total Current Liabilities+	1.56M	2.34M	2.7M	6.1M	6.79M	7.89M	9.82M	10.3M	10.05M	11.86M
Accounts Payable	826.32K	902.04K	939.12K	860.8K	636.26K	558.11K	1.28M	873.9K	1.98M	2.05M
Days Payables Outstanding	31.1	35.57	36.05	25.77	12.34	9.41	20.35	9.98	25.88	29.93
Short-Term Debt	401.19K	451.19K	451.19K	3.57M	3.59M	2.96M	3.09M	3.54M	3.09M	4.19M
Deferred Revenue (Current)	40.45K	95.31K	208.61K	127.17K	213.22K	314.28K	349K	387.76K	148.29K	78.66K
Other Current Liabilities	293.24K	893.87K	1.1M	1.36M	0	0	0	0	0	0
Current Ratio	5.11x	4.05x	5.17x	3.47x	2.58x	2.41x	2.42x	3.01x	3.01x	2.91x
Quick Ratio	3.01x	2.44x	3.43x	2.04x	1.23x	1.35x	1.46x	1.61x	1.90x	2.00x
Cash Conversion Cycle	137.07	181.31	193.46	326.04	225.22	200.25	205.92	229.88	213.08	240.76
Total Non-Current Liabilities+	553.28K	352.09K	150.9K	5.57M	5.13M	3.43M	2.02M	6.05M	7.15M	6.74M
Long-Term Debt	553.28K	352.09K	150.9K	4.58M	3.68M	3M	1.57M	5.44M	6.83M	6.62M
Capital Lease Obligations	0	0	0	0	383.54K	195.21K	139.55K	109.14K	55.77K	0
Deferred Tax Liabilities	0	0	0	989.57K	1.06M	233.75K	310.16K	500.46K	260.05K	122.02K
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	2.11M	2.69M	2.85M	11.67M	11.92M	11.32M	11.85M	16.35M	17.2M	18.6M
Total Debt+	954.48K	803.28K	602.09K	8.15M	8.06M	6.45M	4.88M	9.14M	10.04M	10.81M
Net Debt	-1.54M	-1.67M	-6.31M	291.94K	4.42M	2.97M	-825.54K	3.02M	5.02M	3.18M
Debt / Equity	0.08x	0.06x	0.04x	0.42x	0.39x	0.27x	0.18x	0.26x	0.26x	0.26x
Debt / EBITDA	0.33x	0.22x	0.33x	4.94x	2.85x	1.22x	0.73x	1.09x	2.12x	1.98x
Net Debt / EBITDA	-0.53x	-0.46x	-3.51x	0.18x	1.57x	0.56x	-0.12x	0.36x	1.06x	0.58x
Interest Coverage	42.15x	73.99x	34.25x	13.96x	4.45x	15.80x	27.43x	24.07x	6.02x	9.04x
Total Equity+	12.03M	12.46M	14.92M	19.52M	20.46M	23.77M	27.71M	35.24M	38.27M	41.37M
Equity Growth %	0.06%	0.04%	0.2%	0.31%	0.05%	0.16%	0.17%	0.27%	0.09%	0.08%
Book Value per Share	0.90	1.07	1.27	1.65	1.69	1.93	2.22	2.83	3.06	3.26
Total Shareholders' Equity	12.03M	12.46M	14.92M	17.06M	17.91M	21.21M	25.1M	32.63M	35.2M	38.03M
Common Stock	13.18K	11.46K	11.6K	11.7K	12.22K	12.26K	12.36K	12.43K	12.44K	12.52K
Retained Earnings	-3.1M	-1.3M	451.62K	2.94M	2.46M	5.43M	8.88M	15.9M	18.05M	19.84M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-1.21M	-1.09M	-656.09K	-1.22M	-994.61K	-872.12K	-775.73K	-805.8K	-795.15K	-606.99K
Minority Interest	0	0	0	2.46M	2.55M	2.56M	2.6M	2.61M	3.07M	3.33M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.74M	1.78M	1.04M	-2.23M	2.37M	5.71M	4.54M	1.48M	6.99M	5.57M
Operating CF Margin %	0.17%	0.11%	0.07%	-0.13%	0.09%	0.18%	0.13%	0.03%	0.18%	0.15%
Operating CF Growth %	1.58%	-0.35%	-0.41%	-3.14%	2.06%	1.41%	-0.21%	-0.67%	3.73%	-0.2%
Net Income	1.5M	1.79M	1.75M	2.49M	2.3M	3.58M	4.29M	7.71M	2.78M	4.1M
Depreciation & Amortization	578.34K	540.08K	286.62K	342.56K	917.8K	1.18M	1.23M	1.33M	1.74M	1.96M
Stock-Based Compensation	82.11K	66.32K	116.09K	111.19K	246.44K	156.01K	210.11K	399.15K	395.08K	673.13K
Deferred Taxes	38.16K	303.79K	985.5K	100K	-602.42K	409.55K	363.32K	-71.3K	-250.92K	146.77K
Other Non-Cash Items	0	15.09K	-2.01M	-1.71M	-12.98K	-832.06K	-1.06M	-650.04K	476.62K	107.44K
Working Capital Changes	533.35K	-943.38K	-89.63K	-3.49M	-476.07K	1.2M	-503.32K	-7.24M	1.86M	-1.42M
Change in Receivables	349.47K	-1.2M	912.06K	-1.05M	-319.84K	-1.42M	-1.25M	-2.34M	0	-1.85M
Change in Inventory	125.05K	-506.28K	-887.34K	-2.19M	-478.34K	1.28M	-1.28M	-4.12M	3.28M	244.69K
Change in Payables	38.52K	90.11K	-407.56K	-351.51K	-312.7K	553.48K	102.86K	-700.19K	434.96K	64.83K
Cash from Investing+	-63.73K	-217.69K	2.97M	-2.56M	-2.67M	-3.22M	-659.54K	-2.22M	-5.67M	-2.45M
Capital Expenditures	-59.03K	-114.27K	-426.48K	-180.83K	-1.83M	-1.07M	-782.22K	-1.98M	-4.99M	-4.96M
CapEx % of Revenue	0%	0.01%	0.03%	0.01%	0.07%	0.03%	0.02%	0.04%	0.13%	0.13%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.7K	-15.93K	3.37M	2.41M	165.69K	22.09K	622.68K	265K	-614.68K	157.63K
Cash from Financing+	-885.66K	-1.69M	-45.17K	6.13M	-3.09M	-2.7M	-1.71M	848.33K	-437.95K	-978.33K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-2.4M	0	0	0	-626.78K	-1.26M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-550K	82.6K	0	-229.13K	-296.88K	-594.88K	-804K	-689.43K	-719.44K	-794.72K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.68M	1.66M	615.95K	-2.34M	538.63K	4.63M	3.75M	-504.4K	2M	603.61K
FCF Margin %	0.17%	0.1%	0.04%	-0.13%	0.02%	0.15%	0.11%	-0.01%	0.05%	0.02%
FCF Growth %	1.58%	-0.38%	-0.63%	-4.8%	1.23%	7.6%	-0.19%	-1.13%	4.96%	-0.7%
FCF per Share	0.20	0.14	0.05	-0.20	0.04	0.38	0.30	-0.04	0.16	0.05
FCF Conversion (FCF/Net Income)	1.82x	0.99x	0.59x	-0.90x	1.24x	1.92x	1.32x	0.21x	2.52x	1.83x
Interest Paid	55.77K	41.7K	43K	94.78K	429.79K	260.66K	179.03K	292.95K	498.67K	610.63K
Taxes Paid	785K	452.65K	833.77K	288.65K	207.5K	464.03K	0	158.97K	119.32K	52.37K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.86%	14.64%	12.81%	14.46%	9.57%	13.46%	13.4%	22.31%	7.55%	7.63%
Return on Invested Capital (ROIC)	15.35%	21.75%	11.68%	6.9%	6.4%	11.96%	15.34%	16.23%	5.52%	9.42%
Gross Margin	39.01%	43.02%	38.63%	31.62%	31.42%	31.1%	33.11%	30.25%	26.97%	34.63%
Net Margin	9.46%	11.04%	11.33%	13.97%	6.97%	9.48%	10.02%	15.32%	7.24%	7.95%
Debt / Equity	0.08x	0.06x	0.04x	0.42x	0.39x	0.27x	0.18x	0.26x	0.26x	0.26x
Interest Coverage	42.15x	73.99x	34.25x	13.96x	4.45x	15.80x	27.43x	24.07x	6.02x	9.04x
FCF Conversion	1.82x	0.99x	0.59x	-0.90x	1.24x	1.92x	1.32x	0.21x	2.52x	1.83x
Revenue Growth	-0.06%	2.19%	-4.63%	15.07%	53.9%	14.46%	9.58%	33.19%	-16.4%	-0.23%

Revenue by Segment

	2012	2017
Tpa	15.57M	-
Tpa Growth	-	-

Revenue by Geography

	2012	2017
United States and Abroad	-	15.13M
United States and Abroad Growth	-	-
Canada	718.13K	362.36K
Canada Growth	-	-49.54%
United States and abroad	15.68M	-
United States and abroad Growth	-	-

Frequently Asked Questions

Valuation & Price

Flexible Solutions International, Inc. (FSI) has a price-to-earnings (P/E) ratio of 24.4x. This is roughly in line with market averages.

Growth & Financials

Flexible Solutions International, Inc. (FSI) reported $38.6M in revenue for fiscal year 2024. This represents a 148% increase from $15.5M in 2011.

Flexible Solutions International, Inc. (FSI) saw revenue decline by 0.2% over the past year.

Yes, Flexible Solutions International, Inc. (FSI) is profitable, generating $4.7M in net income for fiscal year 2024 (7.9% net margin).

Dividend & Returns

Yes, Flexible Solutions International, Inc. (FSI) pays a dividend with a yield of 1.69%. This makes it attractive for income-focused investors.

Flexible Solutions International, Inc. (FSI) has a return on equity (ROE) of 7.6%. This is below average, suggesting room for improvement.

Flexible Solutions International, Inc. (FSI) had negative free cash flow of $2.3M in fiscal year 2024, likely due to heavy capital investments.

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