Revenue growth remains highly unstable, evidenced by a 188.3% surge in 2025Q1 followed by a 102.4% contraction in 2024Q4, while gross margins have compressed significantly to 31.3% as of 2025Q4.
| Sales/Revenue | 776.9M | 759.72M | 535.28M | 243.32M | 148.61M |
| Revenue Growth % | 67.82% | 41.93% | 119.99% | 63.73% | - |
| Cost of Goods Sold | 374.68M | 501.21M | 355.29M | 148.6M | 91.68M |
| COGS % of Revenue | - | 65.97% | 66.37% | 61.07% | 61.69% |
| Gross Profit | 192.69M | 258.5M | 179.99M | 94.72M | 56.93M |
| Gross Margin % | 24.8% | 34.03% | 33.63% | 38.93% | 38.31% |
| Gross Profit Growth % | - | 43.62% | 90.02% | 66.39% | - |
| Operating Expenses | 118.77M | 108.75M | 63.25M | 16.39M | 14.22M |
| OpEx % of Revenue | - | 14.31% | 11.82% | 6.74% | 9.57% |
| Selling, General & Admin | 121.9M | 118.58M | 62.45M | 15.22M | 14.17M |
| SG&A % of Revenue | - | 15.61% | 11.67% | 6.25% | 9.54% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | -932K | -9.83M | 797K | 1.17M | 51K |
| Operating Income | 150.7M | 149.01M | 116.74M | 78.33M | 42.7M |
| Operating Margin % | 19.4% | 19.61% | 21.81% | 32.19% | 28.74% |
| Operating Income Growth % | - | 27.64% | 49.03% | 83.43% | - |
| EBITDA | 300.86M | 293.85M | 211.93M | 122.66M | 79.13M |
| EBITDA Margin % | 38.73% | 38.68% | 39.59% | 50.41% | 53.25% |
| EBITDA Growth % | 38.29% | 38.65% | 72.77% | 55.02% | - |
| D&A (Non-Cash Add-back) | 150.16M | 144.84M | 95.19M | 44.33M | 36.42M |
| EBIT | 114.69M | 149.75M | 113.77M | 77.42M | 42.3M |
| Net Interest Income | -9.23M | -18.94M | -32.34M | -18.96M | -9.28M |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.23M | 18.94M | 32.34M | 18.96M | 9.28M |
| Other Income/Expense | -13.68M | -18.2M | -35.32M | -19.87M | -9.69M |
| Pretax Income | 137.02M | 130.81M | 81.42M | 58.47M | 33.01M |
| Pretax Margin % | 17.64% | 17.22% | 15.21% | 24.03% | 22.21% |
| Income Tax | -3.1M | 842K | 1.17M | 379K | 283K |
| Effective Tax Rate % | -2.27% | 0.64% | 1.44% | 0.65% | 0.86% |
| Net Income | 70.74M | 41.4M | 80.25M | 58.09M | 32.73M |
| Net Margin % | 9.11% | 5.45% | 14.99% | 23.87% | 22.02% |
| Net Income Growth % | -35.62% | -48.41% | 38.15% | 77.48% | - |
| Net Income (Continuing) | 140.12M | 131.66M | 80.25M | 58.09M | 32.73M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.01B | 1.13B | 0 | 0 | 0 |
| EPS (Diluted) | 2.16 | 0.46 | 10.41 | 0.66 | 6.06 |
| EPS Growth % | -80.04% | -95.58% | 1477.27% | -89.11% | - |
| EPS (Basic) | - | 1.53 | 10.41 | 0.66 | 6.06 |
| Diluted Shares Outstanding | 32.72M | 90.67M | 7.71M | 87.87M | 5.4M |
| Basic Shares Outstanding | 31.62M | 26.98M | 7.71M | 87.87M | 5.4M |
| Dividend Payout Ratio | - | 85.19% | 287.25% | 90.38% | 113.05% |
Liquidity and margin volatility
As reported in financial statements, Flowco Holdings Inc. has experienced highly volatile top-line performance, with quarterly revenue growth swinging from a 188.3% surge in 2025Q1 to a 102.4% contraction in 2024Q4, indicating significant instability in the company's ability to maintain consistent market share capture.
The extreme variance in quarterly revenue suggests that the company's business model may be highly sensitive to project-based recognition or lumpy contract cycles rather than steady-state service demand. Investors should monitor whether this volatility is a byproduct of aggressive expansion into new basins or a fundamental lack of recurring revenue durability.
Based on the provided income statement data, gross margins have demonstrated significant degradation, falling from a peak of 46.8% in 2024Q3 to 31.3% by 2025Q4, which suggests that the company's pricing power is being eroded by competitive pressures or rising input costs.
The inability to sustain gross margins above the 40% threshold implies that Flowco's specialized artificial lift offerings may be facing commoditization risks. This margin compression forces the company to operate with thinner buffers, making the bottom line increasingly susceptible to even minor fluctuations in operational efficiency.
According to recent quarterly filings, the company's operating margin has fluctuated between 17.3% and 33.3%, suggesting that while Flowco maintains a degree of operational discipline, it has struggled to achieve consistent operating leverage as SG&A expenses have failed to scale predictably alongside revenue.
The disconnect between revenue growth and operating income stability indicates that the company's cost structure remains heavily burdened by fixed overheads. Without a more consistent revenue base, the company may find it difficult to achieve the operating leverage necessary to justify its current growth-oriented valuation.
Analysis of the income statement reveals that net income quality is compromised by significant non-operating noise, as evidenced by the 2024Q4 period where net income reached $63.0M despite negative revenue, suggesting that reported earnings are not currently reflective of core operational performance.
The wide gap between operating income and net income across multiple quarters warrants further investigation into potential one-time gains, tax adjustments, or non-recurring items. Investors should be cautious of relying on EPS figures that appear disconnected from the underlying cash-generating capability of the business.
As indicated by the financial data, the company's cash position of only $4.5M against a backdrop of high revenue volatility presents a material risk, suggesting that Flowco may lack the liquidity buffer required to navigate a prolonged downturn in North American E&P activity.
Short-sellers would likely focus on the company's inability to convert its high-growth narrative into consistent, cash-backed profitability. The combination of thin cash reserves and erratic margin performance suggests that the company's current trajectory may be unsustainable without a significant shift in capital allocation or operational focus.
Quick answers to the most common questions about buying FLOC stock.
For fiscal year 2025, Flowco Holdings Inc. (FLOC) reported total revenue of $759.7M. This represents a 411.2% increase compared to $148.6M in 2022.
Flowco Holdings Inc. (FLOC) is profitable, generating $41.4M in net income for the fiscal year ending 2025 with a net profit margin of 5.4%.
Flowco Holdings Inc. (FLOC) reported an operating income of $149.0M, resulting in an operating profit margin of 19.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Flowco Holdings Inc. (FLOC) generated $258.5M in gross profit for the year, representing a gross profit margin of 34.0%. This demonstrates the company's core pricing power and production efficiency.