The company's financial foundation appears fragile, with goodwill reaching $305.2 million in 2026Q1 and equity experiencing extreme volatility, including a negative $370.1 million position in 2025Q1.
| Total Current Assets | 355.63M | 260.19M | 286.13M | 78.57M | 56.58M |
| Cash & Short-Term Investments | 17.34M | 4.52M | 4.62M | 0 | 0 |
| Cash Only | 17.34M | 4.52M | 4.62M | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 146.07M | 100.47M | 120.35M | 44.4M | 27.82M |
| Days Sales Outstanding | 57.35 | 48.27 | 82.07 | 66.6 | 68.34 |
| Inventory | 185.97M | 149.59M | 151.18M | 31.34M | 27.21M |
| Days Inventory Outstanding | 157.25 | 108.94 | 155.31 | 76.97 | 108.34 |
| Other Current Assets | 6.25M | 5.62M | 0 | 2.84M | 0 |
| Total Non-Current Assets | 1.54B | 1.39B | 1.3B | 313.52M | 309.63M |
| Property, Plant & Equipment | 895.83M | 840.95M | 743.97M | 300.04M | 294.06M |
| Fixed Asset Turnover | 0.93x | 0.90x | 0.72x | 0.81x | 0.51x |
| Goodwill | 305.25M | 249.69M | 249.69M | 2.22M | 2.22M |
| Intangible Assets | 315.99M | 273.44M | 302.52M | 11.25M | 13.35M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 5.09M | 5.39M | 6.64M | 0 | 0 |
| Total Assets | 1.9B | 1.65B | 1.59B | 392.09M | 366.21M |
| Asset Turnover | 0.45x | 0.46x | 0.34x | 0.62x | 0.41x |
| Asset Growth % | 27.17% | 3.61% | 305.25% | 7.07% | - |
| Total Current Liabilities | 114.97M | 78.01M | 87.8M | 17.63M | 16.71M |
| Accounts Payable | 45.22M | 22.83M | 31.32M | 6.35M | 6.87M |
| Days Payables Outstanding | 32.56 | 16.62 | 32.18 | 15.6 | 27.33 |
| Short-Term Debt | 21.36M | 20.9M | 0 | 2.38M | 0 |
| Deferred Revenue (Current) | 43.2M | 7.38M | 0 | 0 | 0 |
| Other Current Liabilities | 4.86M | 26.91M | 8.53M | 2.83M | 0 |
| Current Ratio | 3.09x | 3.34x | 3.26x | 4.46x | 3.39x |
| Quick Ratio | 1.48x | 1.42x | 1.54x | 2.68x | 1.76x |
| Cash Conversion Cycle | 182.04 | 140.58 | 205.2 | 127.97 | 149.34 |
| Total Non-Current Liabilities | 439.01M | 210.42M | 662.04M | 240.7M | 221.42M |
| Long-Term Debt | 327.99M | 177.6M | 635.92M | 235.26M | 220.03M |
| Capital Lease Obligations | 82.42M | 20.64M | 26.13M | 5.44M | 1.39M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 92.44M | 12.17M | 0 | 0 | 0 |
| Total Liabilities | 553.99M | 288.43M | 749.84M | 258.34M | 238.13M |
| Total Debt | 367.94M | 219.15M | 676.69M | 243.08M | 223.17M |
| Net Debt | 350.6M | 214.62M | 672.08M | 243.08M | 223.17M |
| Debt / Equity | 0.27x | 0.16x | 0.81x | 1.82x | 1.74x |
| Debt / EBITDA | 1.22x | 0.75x | 3.19x | 1.98x | 2.82x |
| Net Debt / EBITDA | 1.17x | 0.73x | 3.17x | 1.98x | 2.82x |
| Interest Coverage | 12.43x | 7.91x | 3.52x | 4.08x | 4.56x |
| Total Equity | 1.34B | 1.36B | 839.11M | 133.75M | 128.08M |
| Equity Growth % | 107.32% | 61.83% | 527.37% | 4.43% | - |
| Book Value per Share | 41.07 | 14.98 | 108.82 | 1.52 | 23.73 |
| Total Shareholders' Equity | 336.22M | 228.63M | 839.11M | 133.75M | 128.08M |
| Common Stock | 9K | 9K | 0 | 0 | 0 |
| Retained Earnings | 0 | 159.34M | -52.99M | 97.27M | 39.18M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.01B | 1.13B | 0 | 0 | 0 |
Liquidity and capital intensity
As reported in quarterly filings, Flowco's total assets have fluctuated significantly, peaking at $1.9 billion in 2026Q1 while equity experienced extreme swings, including a negative $370.1 million position in 2025Q1, suggesting that the company's financial foundation remains highly unstable and sensitive to non-operating accounting adjustments.
The erratic movement in equity and asset levels indicates that the company's growth strategy is not supported by a consistent capital base. Investors should monitor whether these fluctuations are driven by recurring operational issues or aggressive, non-recurring accounting maneuvers that obscure the underlying business quality.
According to recent financial statements, Flowco maintains a conservative debt-to-equity ratio of 0.16 as of 2025Q4, yet this low leverage appears to be a function of equity volatility rather than a strategic choice to minimize interest rate sensitivity in the capital-intensive oilfield services sector.
While the low debt load provides a theoretical buffer against rising interest rates, the company's inability to maintain consistent equity levels suggests that its financial flexibility is more limited than the headline leverage metrics imply. The reliance on debt to fund operations during periods of negative equity warrants further investigation into the company's long-term financing access.
Based on the provided balance sheet data, net PPE has grown to $895.8 million by 2026Q1, representing a significant portion of total assets, which indicates that Flowco is an asset-heavy operator requiring constant, high-level capital reinvestment to maintain its artificial lift and methane abatement service capabilities.
The high concentration of assets in PPE suggests that the company's competitive position is tied to physical infrastructure that is subject to rapid technological obsolescence. This capital intensity may continue to weigh on free cash flow, limiting the company's ability to generate sustainable returns on invested capital.
As indicated by the most recent financial disclosures, Flowco's cash and equivalents have dwindled to just $4.5 million as of 2025Q4, a precarious position for an industrial firm with $759 million in revenue, suggesting a potential liquidity squeeze if working capital requirements suddenly intensify.
The current ratio of 3.34 appears healthy on the surface, but the lack of actual cash on hand suggests that liquidity is tied up in less liquid current assets like receivables or inventory. This mismatch between accounting liquidity and cash availability may leave the company vulnerable to operational shocks.
Based on reported figures, Flowco carries $305.2 million in goodwill as of 2026Q1, which represents a substantial portion of equity and suggests that past acquisitions may be overvalued relative to the company's current ability to generate consistent net income from those integrated assets.
Investors should monitor the potential for future goodwill impairment charges, which could further erode the company's already volatile equity base. The presence of such significant intangible assets necessitates a cautious view of the company's book value as a reliable indicator of tangible worth.
Quick answers to the most common questions about buying FLOC stock.
As of 2025, Flowco Holdings Inc. (FLOC) had total assets of $1.65B including $260.2M in current assets.
Flowco Holdings Inc. (FLOC) carries total debt of $219.1M, offset by $4.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Flowco Holdings Inc. (FLOC) has total shareholders' equity (book value) of $228.6M ($14.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Flowco Holdings Inc. (FLOC) reported a current ratio of 3.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.