Latest Ratios: P/E Ratio 117.6x · EV/EBITDA 16.4x · ROE 1.9%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $87M | $91M | $46M | $24M | $39M | $49M | $31M | $31M | $16M | $21M | $15M |
| Enterprise Value | $91M | $96M | $49M | $29M | $42M | $48M | $34M | $35M | $16M | $15M | $14M |
| P/E Ratio → | 117.62 | 116.15 | 15.04 | 8.68 | 5.54 | 13.89 | 10.38 | 16.06 | 6.43 | 12.13 | 8.87 |
| P/S Ratio | 2.25 | 2.37 | 1.20 | 0.62 | 0.84 | 1.41 | 0.98 | 1.13 | 0.89 | 1.38 | 0.95 |
| P/B Ratio | 2.16 | 2.13 | 1.11 | 0.62 | 1.10 | 1.76 | 1.29 | 1.52 | 0.82 | 1.43 | 1.24 |
| P/FCF | — | — | 75.84 | 11.93 | — | 12.96 | 6.61 | 57.67 | — | 34.65 | 9.32 |
| P/OCF | 22.93 | 24.17 | 8.22 | 3.41 | 26.17 | 10.73 | 5.37 | 13.11 | — | 20.47 | 8.72 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.48 | 1.28 | 0.75 | 0.91 | 1.39 | 1.07 | 1.29 | 0.91 | 0.97 | 0.85 |
| EV / EBITDA | 16.41 | 17.26 | 8.95 | 6.09 | 4.97 | 7.12 | 6.34 | 12.56 | 9.85 | 8.36 | 3.81 |
| EV / EBIT | 25.44 | 26.75 | 8.80 | 7.01 | 5.11 | 6.98 | 6.16 | 12.94 | 5.16 | 8.73 | 4.25 |
| EV / FCF | — | — | 81.11 | 14.44 | — | 12.74 | 7.25 | 65.88 | — | 24.40 | 8.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.6% | 22.6% | 34.6% | 27.0% | 30.3% | 33.1% | 31.1% | 31.4% | 31.6% | 38.6% | 43.0% |
| Operating Margin | 9.3% | 9.3% | 14.4% | 7.8% | 15.4% | 15.9% | 13.1% | 7.0% | 7.3% | 9.8% | 19.0% |
| Net Profit Margin | 2.0% | 2.0% | 7.9% | 7.2% | 15.3% | 10.0% | 9.5% | 7.0% | 14.0% | 11.3% | 11.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.9% | 1.9% | 7.6% | 7.6% | 22.3% | 13.4% | 13.5% | 9.6% | 14.5% | 12.8% | 14.6% |
| ROA | 1.3% | 1.3% | 5.3% | 5.2% | 15.4% | 9.2% | 8.8% | 6.0% | 10.2% | 10.7% | 12.2% |
| ROIC | 5.9% | 5.9% | 9.4% | 5.5% | 16.2% | 15.3% | 12.0% | 6.4% | 6.9% | 11.7% | 21.7% |
| ROCE | 7.2% | 7.2% | 11.8% | 6.9% | 19.9% | 19.3% | 15.6% | 7.5% | 6.5% | 10.8% | 24.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.25 | 0.25 | 0.26 | 0.26 | 0.26 | 0.18 | 0.27 | 0.39 | 0.42 | 0.04 | 0.06 |
| Debt / EBITDA | 1.95 | 1.95 | 1.98 | 2.12 | 1.09 | 0.73 | 1.22 | 2.85 | 4.94 | 0.33 | 0.22 |
| Net Debt / Equity | — | 0.10 | 0.08 | 0.13 | 0.09 | -0.03 | 0.13 | 0.22 | 0.01 | -0.42 | -0.13 |
| Net Debt / EBITDA | 0.76 | 0.76 | 0.58 | 1.06 | 0.36 | -0.12 | 0.56 | 1.57 | 0.18 | -3.51 | -0.46 |
| Debt / FCF | — | — | 5.27 | 2.51 | — | -0.22 | 0.64 | 8.22 | — | -10.24 | -1.00 |
| Interest Coverage | 5.82 | 5.82 | 9.12 | 8.27 | 27.83 | 34.27 | 20.91 | 6.40 | 33.62 | 39.01 | 77.88 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.06 | 3.06 | 2.91 | 3.01 | 3.01 | 2.42 | 2.41 | 2.58 | 3.47 | 5.17 | 4.05 |
| Quick Ratio | 2.08 | 2.08 | 2.00 | 1.90 | 1.61 | 1.46 | 1.35 | 1.23 | 2.04 | 3.43 | 2.44 |
| Cash Ratio | 0.75 | 0.75 | 0.85 | 0.77 | 0.66 | 0.69 | 0.57 | 0.54 | 1.29 | 2.56 | 1.05 |
| Asset Turnover | — | 0.62 | 0.64 | 0.69 | 0.89 | 0.87 | 0.90 | 0.85 | 0.57 | 0.87 | 1.07 |
| Inventory Turnover | 2.83 | 2.83 | 2.30 | 2.51 | 2.22 | 2.42 | 2.58 | 2.05 | 1.40 | 2.03 | 2.44 |
| Days Sales Outstanding | — | 119.62 | 111.65 | 93.74 | 75.24 | 75.61 | 68.45 | 59.46 | 90.54 | 49.60 | 67.58 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.4% | 1.4% | 2.7% | 2.6% | — | — | — | 7.7% | — | — | — |
| Payout Ratio | 162.0% | 162.0% | 41.3% | 22.6% | — | — | — | 125.4% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 0.9% | 6.6% | 11.5% | 18.1% | 7.2% | 9.6% | 6.2% | 15.6% | 8.2% | 11.3% |
| FCF Yield | — | — | 1.3% | 8.4% | — | 7.7% | 15.1% | 1.7% | — | 2.9% | 10.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.2% |
| Total Shareholder Yield | 1.4% | 1.4% | 2.7% | 2.6% | 0.0% | 0.0% | 0.0% | 7.7% | 0.0% | 0.0% | 10.2% |
| Shares Outstanding | — | $14M | $13M | $12M | $12M | $13M | $12M | $12M | $12M | $12M | $12M |
Volatile input cost sensitivity
According to current market data, FSI trades at a P/E of 115.03, a valuation that appears disconnected from the company's recent 0.73% YoY revenue growth and suggests investors are pricing in speculative long-term potential rather than the current reality of thin, inconsistent earnings and limited market penetration.
The elevated P/E ratio relative to the company's historical performance and broader specialty chemical peers suggests the market may be misinterpreting FSI as a high-growth green-tech firm. Given the lack of a forward P/E and the absence of consistent profitability, this valuation multiple warrants extreme caution as it likely reflects low liquidity rather than fundamental value.
Based on quarterly financial statements, FSI's ROIC has fluctuated significantly, dropping to -0.1% in 2026Q1 from a peak of 5.7% in 2025Q2, which indicates that the company is currently struggling to generate meaningful returns on its invested capital base amidst volatile operational performance and shifting market demand.
The inability to maintain a positive ROIC suggests that the company's asset-heavy manufacturing model is not currently optimized for value creation. Investors should monitor whether management can improve asset turnover, which remains low, or if the current capital intensity will continue to dilute returns for shareholders over the long term.
As reported in recent filings, FSI's cash conversion cycle reached 252 days in 2026Q1, a substantial increase from 176 days in 2025Q3, reflecting significant inefficiencies in inventory management and collection cycles that continue to tie up critical cash resources in a low-margin, seasonal business environment.
The extended DSO and DIO figures suggest that FSI lacks leverage over its customers and suppliers, forcing the company to carry significant working capital. This inefficiency is particularly concerning given the company's thin net margins, as any further lengthening of the cash conversion cycle could necessitate external financing despite the current healthy balance sheet.
According to the 2026Q1 balance sheet, FSI maintains a current ratio of 2.56, which provides a superficial appearance of stability; however, this liquidity is heavily dependent on inventory levels that may be difficult to liquidate quickly given the niche, seasonal nature of the company's chemical product portfolio.
While the quick ratio of 1.62 suggests a degree of protection against immediate obligations, the company's reliance on inventory to support its current ratio is a structural risk. Investors should be wary of assuming this liquidity is readily available for strategic deployment, as it is largely tied up in the operational requirements of the business.
The P/E ratio is the most commonly misapplied metric for FSI, as it obscures the company's extreme earnings volatility and reliance on non-recurring items, failing to capture the underlying cash-generating capacity of the business which is better analyzed through free cash flow or enterprise value-based multiples.
Because FSI's net income is frequently distorted by seasonal working capital swings and thin margins, the P/E ratio provides a misleading signal of value. Analysts should instead focus on EV/Sales or normalized EBITDA to better understand the company's market position, as these metrics are less sensitive to the accounting noise that currently plagues the bottom line.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying FSI stock.
Flexible Solutions International, Inc.'s current P/E ratio is 117.6x. The historical average is 24.6x. This places it at the 100th percentile of its historical range.
Flexible Solutions International, Inc.'s current EV/EBITDA is 16.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.6x.
Flexible Solutions International, Inc.'s return on equity (ROE) is 1.9%. The historical average is 1.8%.
Based on historical data, Flexible Solutions International, Inc. is trading at a P/E of 117.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Flexible Solutions International, Inc.'s current dividend yield is 1.38% with a payout ratio of 162.0%.
Flexible Solutions International, Inc. has 22.6% gross margin and 9.3% operating margin.
Flexible Solutions International, Inc.'s Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.