Revenue growth remains highly inconsistent, oscillating significantly while gross margins compressed to a low of 10.4% in 2026Q1 from a 47.4% peak in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 39.34M | 38.52M | 38.23M | 38.32M | 45.84M | 34.42M | 31.41M | 27.44M | 17.83M | 15.49M | 16.25M | 15.9M | 15.91M | 15.8M | 16.4M | 15.52M | 11.49M | 9.78M | 10.76M | 7.43M | 8.37M | 6.71M | 3.39M | 2.32M | 1.11M | 1.33M | 1.03M | 759.22K |
| Revenue Growth % | 7.82% | 0.73% | -0.23% | -16.4% | 33.19% | 9.58% | 14.46% | 53.9% | 15.07% | -4.63% | 2.19% | -0.06% | 0.67% | -3.65% | 5.68% | 35.05% | 17.46% | -9.05% | 44.74% | -11.25% | 24.8% | 97.75% | 46.18% | 108.7% | -16.64% | 29.59% | 35.62% | - |
| Cost of Goods Sold | 27.89M | 29.82M | 24.99M | 27.99M | 31.97M | 23.02M | 21.64M | 18.82M | 12.19M | 9.51M | 9.26M | 9.7M | 10.77M | 11.27M | 11.13M | 9.66M | 7.02M | 6.5M | 6.72M | 4.8M | 5.4M | 3.99M | 1.33M | 1.36M | 581.42K | 662.81K | 509.93K | 413.85K |
| COGS % of Revenue | - | 77.41% | 65.37% | 73.03% | 69.75% | 66.89% | 68.9% | 68.58% | 68.38% | 61.37% | 56.98% | 60.99% | 67.69% | 71.33% | 67.85% | 62.27% | 61.07% | 66.46% | 62.46% | 64.58% | 64.5% | 59.4% | 39.23% | 58.72% | 52.28% | 49.68% | 49.52% | 54.51% |
| Gross Profit | 11.45M | 8.7M | 13.24M | 10.34M | 13.87M | 11.4M | 9.77M | 8.62M | 5.64M | 5.99M | 6.99M | 6.2M | 5.14M | 4.53M | 5.27M | 5.86M | 4.47M | 3.28M | 4.04M | 2.63M | 2.97M | 2.72M | 2.06M | 958.06K | 530.77K | 671.47K | 519.72K | 345.37K |
| Gross Margin % | 29.11% | 22.59% | 34.63% | 26.97% | 30.25% | 33.11% | 31.1% | 31.42% | 31.62% | 38.63% | 43.02% | 39.01% | 32.31% | 28.67% | 32.15% | 37.73% | 38.93% | 33.54% | 37.54% | 35.42% | 35.5% | 40.6% | 60.77% | 41.28% | 47.72% | 50.32% | 50.48% | 45.49% |
| Gross Profit Growth % | - | -34.3% | 28.08% | -25.46% | 21.69% | 16.69% | 13.29% | 52.93% | -5.83% | -14.36% | 12.7% | 20.66% | 13.46% | -14.07% | -9.96% | 30.9% | 36.33% | -18.74% | 53.4% | -11.45% | 9.12% | 32.1% | 115.21% | 80.5% | -20.95% | 29.2% | 50.48% | - |
| Operating Expenses | 7.93M | 5.12M | 7.72M | 7.34M | 6.82M | 5.91M | 5.65M | 6.71M | 4.68M | 4.36M | 3.87M | 3.85M | 4.46M | 5.03M | 5.19M | 4.44M | 3.9M | 3.76M | 3.55M | 3.52M | 3.96M | 3.87M | 3.23M | 1.5M | 3.7M | 806.02K | 309.2K | 175.21K |
| OpEx % of Revenue | - | 13.3% | 20.2% | 19.15% | 14.87% | 17.18% | 17.99% | 24.46% | 26.26% | 28.16% | 23.84% | 24.23% | 28.03% | 31.85% | 31.63% | 28.62% | 33.9% | 38.46% | 32.99% | 47.3% | 47.3% | 57.67% | 95.28% | 64.55% | 332.85% | 60.41% | 30.03% | 23.08% |
| Selling, General & Admin | 7.58M | 8.35M | 5.85M | 5.64M | 5.6M | 5.06M | 4.86M | 5.04M | 3.99M | 4.26M | 3.78M | 3.76M | 4.32M | 4.91M | 4.07M | 3.4M | 3.81M | 3.62M | 3.29M | 3.39M | 3.84M | 3.13M | 2.79M | 1.46M | 3.68M | 787.11K | 295.71K | 0 |
| SG&A % of Revenue | - | 21.68% | 15.3% | 14.71% | 12.22% | 14.69% | 15.47% | 18.37% | 22.38% | 27.53% | 23.25% | 23.63% | 27.18% | 31.06% | 24.84% | 21.89% | 33.16% | 36.96% | 30.6% | 45.67% | 45.82% | 46.58% | 82.12% | 62.92% | 330.63% | 58.99% | 28.72% | - |
| Research & Development | 625.02K | 2.5M | 329.95K | 158.25K | 99.28K | 116.41K | 81.42K | 123.66K | 135.93K | 98.93K | 95.1K | 95.27K | 134.98K | 123.77K | 68.25K | 73.2K | 70.99K | 30.08K | 80.38K | 120.82K | 123.25K | 57.81K | 58.55K | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 6.49% | 0.86% | 0.41% | 0.22% | 0.34% | 0.26% | 0.45% | 0.76% | 0.64% | 0.59% | 0.6% | 0.85% | 0.78% | 0.42% | 0.47% | 0.62% | 0.31% | 0.75% | 1.63% | 1.47% | 0.86% | 1.73% | - | - | - | - | - |
| Other Operating Expenses | 58.89K | -5.73M | 1.55M | 1.54M | 1.12M | 741.7K | 709.59K | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.97K | 116.78K | -36.5K | 0 | 0 | 685.77K | 388.07K | 37.71K | 24.68K | 18.91K | 13.49K | 175.21K |
| Operating Income | 3.52M | 3.57M | 5.52M | 3M | 7.05M | 5.48M | 4.12M | 1.91M | 1.31M | 1.51M | 3.09M | 2.35M | 660.78K | -894.36K | -34.07K | 1.31M | 500.1K | -547.46K | 470.68K | -814.17K | -988.13K | -1.15M | -1.17M | -540.13K | -3.17M | -134.55K | 210.51K | 170.16K |
| Operating Margin % | 8.96% | 9.28% | 14.43% | 7.83% | 15.38% | 15.93% | 13.11% | 6.95% | 7.33% | 9.75% | 18.99% | 14.78% | 4.15% | -5.66% | -0.21% | 8.43% | 4.35% | -5.6% | 4.38% | -10.96% | -11.8% | -17.07% | -34.51% | -23.27% | -285.12% | -10.08% | 20.45% | 22.41% |
| Operating Income Growth % | - | -35.19% | 83.86% | -57.45% | 28.58% | 33.17% | 115.84% | 45.96% | -13.52% | -51.01% | 31.26% | 255.71% | 173.88% | -2525.31% | -102.6% | 161.64% | 191.35% | -216.31% | 157.81% | 17.61% | 13.72% | 2.2% | -116.79% | 82.97% | -2256.77% | -163.92% | 23.72% | - |
| EBITDA | 5.53M | 5.54M | 5.47M | 4.74M | 8.38M | 6.72M | 5.3M | 2.83M | 1.65M | 1.8M | 3.63M | 2.93M | 1.45M | 404.25K | 1.22M | 1.64M | 856.9K | -145.34K | 918.51K | -288.05K | -390.96K | -459.46K | -782.86K | -502.42K | -3.15M | -115.64K | 224K | 182.92K |
| EBITDA Margin % | 14.07% | 14.38% | 14.3% | 12.36% | 18.28% | 19.51% | 16.88% | 10.3% | 9.25% | 11.6% | 22.32% | 18.42% | 9.12% | 2.56% | 7.46% | 10.56% | 7.46% | -1.49% | 8.54% | -3.88% | -4.67% | -6.85% | -23.07% | -21.65% | -282.9% | -8.67% | 21.76% | 24.09% |
| EBITDA Growth % | -20.94% | 1.33% | 15.4% | -43.45% | 24.76% | 26.67% | 87.61% | 71.29% | -8.26% | -50.4% | 23.78% | 101.92% | 258.81% | -66.96% | -25.34% | 91.26% | 689.57% | -115.82% | 418.88% | 26.32% | 14.91% | 41.31% | -55.82% | 84.03% | -2620.8% | -151.63% | 22.46% | - |
| D&A (Non-Cash Add-back) | 2.01M | 1.97M | -47.66K | 1.74M | 1.33M | 1.23M | 1.18M | 917.8K | 342.56K | 286.62K | 540.08K | 578.34K | 789.73K | 1.3M | 1.26M | 330.42K | 356.8K | 402.12K | 447.83K | 526.13K | 597.17K | 685.77K | 388.07K | 37.71K | 24.68K | 18.91K | 13.49K | 12.76K |
| EBIT | 3.75M | 3.57M | 5.56M | 4.12M | 8.15M | 6.85M | 5.45M | 2.74M | 3.15M | 1.72M | 3.25M | 2.36M | 755.67K | -612.28K | 97.32K | 1.4M | 577.32K | -401.39K | 491.86K | -912.62K | -988.13K | -1.15M | -1.17M | -540.13K | -3.17M | -134.55K | 210.51K | 170.16K |
| Net Interest Income | -411.8K | -463.62K | -413.81K | -384.86K | -160.72K | -121.93K | -207.56K | -347.64K | -56.81K | -43.21K | -39.52K | -52.81K | -94.89K | -107.2K | -127.65K | -95.59K | -77.22K | -66.07K | -16.21K | -6.61K | -22 | -59.62K | -34.13K | 203.31K | 67.23K | 0 | 0 | 0 |
| Interest Income | 138.11K | 150.23K | 196.45K | 113.81K | 132.23K | 78K | 53.1K | 80.73K | 36.84K | 913 | 2.18K | 2.96K | 0 | 2K | 759 | 159 | 0 | 0 | 2.48K | 4K | 3.11K | 4.65K | 34.26K | 203.31K | 67.23K | 0 | 0 | 0 |
| Interest Expense | 549.9K | 613.85K | 610.26K | 498.67K | 292.95K | 199.93K | 260.66K | 428.37K | 93.65K | 44.13K | 41.7K | 55.77K | 94.89K | 109.2K | 128.41K | 95.75K | 77.22K | 66.07K | 18.7K | 10.61K | 3.14K | 64.28K | 68.38K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -338.95K | -307.16K | -562.61K | 623.46K | 808.71K | 1.17M | 1.07M | 406.87K | 1.75M | 1.91M | -6.05K | -42.29K | 0 | 172.88K | 2.98K | 159 | 0 | 80K | 2.48K | 19.56K | -303.31K | -31.53K | -86.62K | 2.52M | 67.23K | 863 | 19.34K | 0 |
| Pretax Income | 3.18M | 3.27M | 4.95M | 3.62M | 7.86M | 6.65M | 5.19M | 2.31M | 3.05M | 3.42M | 3.08M | 2.31M | 660.78K | -721.48K | -31.09K | 1.31M | 500.1K | -467.46K | 473.17K | -849.49K | -1.29M | -1.18M | -1.26M | 1.98M | -3.1M | -133.69K | 229.86K | 170.16K |
| Pretax Margin % | 8.09% | 8.48% | 12.95% | 9.45% | 17.14% | 19.32% | 16.53% | 8.44% | 17.13% | 22.08% | 18.95% | 14.52% | 4.15% | -4.57% | -0.19% | 8.43% | 4.35% | -4.78% | 4.4% | -11.43% | -15.42% | -17.54% | -37.06% | 85.19% | -279.08% | -10.02% | 22.32% | 22.41% |
| Income Tax | 835.9K | 899.58K | 851.21K | -132.74K | 145.86K | 2.36M | 1.61M | 17.44K | 633.13K | 1.67M | 1.29M | 803.49K | 257.43K | -2.54M | 1.05M | 1.13M | 690.18K | 275.98K | 68.56K | -33.69K | -127.08K | 0 | 0 | -25.89K | -21.46K | 100.26K | 90.89K | 67.31K |
| Effective Tax Rate % | 26.25% | 27.53% | 17.19% | -3.66% | 1.86% | 35.43% | 30.97% | 0.75% | 20.73% | 48.7% | 41.76% | 34.81% | 38.96% | 352.49% | -3388.09% | 86.02% | 138.01% | -59.04% | 14.49% | 3.97% | 9.84% | 0% | 0% | -1.31% | 0.69% | -75% | 39.54% | 39.56% |
| Net Income | 823.21K | 786.89K | 3.04M | 2.78M | 7.02M | 3.45M | 2.98M | 1.91M | 2.49M | 1.75M | 1.79M | 1.5M | 403.35K | 1.82M | -1.08M | 182.99K | -190.08K | -743.44K | 404.61K | -923.23K | -1.16M | -1.18M | -1.26M | 2M | -3.08M | -233.96K | 138.97K | 102.85K |
| Net Margin % | 2.09% | 2.04% | 7.95% | 7.24% | 15.32% | 10.02% | 9.48% | 6.97% | 13.97% | 11.33% | 11.04% | 9.46% | 2.54% | 11.53% | -6.61% | 1.18% | -1.65% | -7.6% | 3.76% | -12.42% | -13.91% | -17.54% | -37.06% | 86.31% | -277.15% | -17.53% | 13.5% | 13.55% |
| Net Income Growth % | -64.26% | -74.1% | 9.46% | -60.47% | 103.57% | 15.86% | 55.67% | -23.21% | 41.92% | -2.15% | 19.18% | 273.05% | -77.86% | 267.98% | -692.63% | 196.27% | 74.43% | -283.74% | 143.83% | 20.71% | 1.05% | 6.42% | -162.77% | 164.99% | -1217.54% | -268.35% | 35.12% | - |
| Net Income (Continuing) | 2.35M | 2.37M | 4.1M | 3.76M | 7.71M | 4.29M | 3.58M | 2.3M | 2.42M | 1.75M | 1.79M | 1.5M | 403.35K | 1.82M | -1.08M | 182.99K | -190.08K | -743.44K | 404.61K | -923.23K | -1.16M | -1.18M | -1.26M | 2M | -3.08M | -233.96K | 138.97K | 102.85K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.81M | 3.92M | 3.33M | 3.07M | 2.61M | 2.6M | 2.56M | 2.55M | 2.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.06 | 0.06 | 0.24 | 0.22 | 0.56 | 0.28 | 0.24 | 0.16 | 0.21 | 0.15 | 0.15 | 0.11 | 0.03 | 0.14 | -0.08 | 0.01 | -0.01 | -0.05 | 0.03 | -0.07 | -0.09 | -0.09 | -0.11 | 0.17 | -0.29 | -0.03 | 0.02 | 0.01 |
| EPS Growth % | -69.34% | -75.88% | 9.09% | -60.71% | 100% | 16.67% | 50% | -23.81% | 40% | 0% | 36.36% | 266.67% | -78.57% | 270.11% | -923% | 173.53% | 74.34% | -276.67% | 142.86% | 21.88% | 4.48% | 14.73% | -164.71% | 158.62% | -1046.25% | -226.5% | 100% | - |
| EPS (Basic) | - | 0.06 | 0.24 | 0.22 | 0.57 | 0.28 | 0.24 | 0.16 | 0.21 | 0.15 | 0.16 | 0.11 | 0.03 | 0.14 | -0.08 | 0.01 | -0.01 | -0.05 | 0.03 | -0.07 | -0.09 | -0.09 | -0.11 | 0.17 | -0.29 | -0.03 | 0.02 | 0.01 |
| Diluted Shares Outstanding | 12.74M | 13.59M | 12.68M | 12.49M | 12.47M | 12.51M | 12.3M | 12.09M | 11.82M | 11.73M | 11.64M | 13.31M | 13.17M | 13.17M | 13.17M | 13.48M | 13.96M | 14.02M | 14.06M | 13.82M | 12.99M | 12.54M | 11.83M | 14.33M | 10.56M | 9.25M | 9.13M | 9.13M |
| Basic Shares Outstanding | 12.74M | 12.65M | 12.45M | 12.43M | 12.38M | 12.32M | 12.24M | 11.95M | 11.63M | 11.49M | 11.46M | 13.17M | 13.17M | 13.17M | 13.17M | 13.27M | 13.96M | 14.02M | 14.06M | 13.82M | 12.99M | 12.54M | 11.83M | 11.73M | 10.56M | 9.25M | 9.13M | 9.13M |
| Dividend Payout Ratio | - | 162% | 41.3% | 22.58% | - | - | - | 125.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Volatile input cost sensitivity
According to the provided quarterly income statements, FSI's revenue trajectory remains highly inconsistent, oscillating between double-digit growth and significant contractions, with the most recent 2026Q1 revenue of $8.3M failing to establish a clear upward trend compared to the $9.4M reported in 2023Q4.
The erratic revenue performance suggests that FSI's reliance on seasonal agricultural and pool-related demand creates significant lumpiness in top-line results. Investors should monitor whether the company can move beyond these cyclical fluctuations to achieve sustainable, organic growth in its biodegradable polymer segment.
As reported in the financial data, FSI's gross margin has experienced significant volatility, dropping to a low of 10.4% in 2026Q1 from a peak of 47.4% in 2025Q2, indicating a lack of pricing power and high sensitivity to raw material cost fluctuations.
The inability to maintain stable gross margins suggests that FSI functions primarily as a price-taker within the specialty chemicals market. This margin compression warrants further investigation into whether the company can successfully pass through feedstock inflation to its end-customers without sacrificing volume.
Based on the income statement history, FSI's operating income frequently swings into negative territory, as seen in the -$86.0K reported for 2026Q1, demonstrating that the company has failed to scale its operating expenses efficiently relative to its gross profit generation.
The lack of consistent operating leverage implies that the company's cost structure is not sufficiently optimized to absorb revenue volatility. Investors should monitor whether management can control SG&A expenses, which appear to fluctuate significantly and often outpace the growth in gross profit.
Financial filings indicate that FSI's net income is frequently distorted by non-operating items and inconsistent tax impacts, with the company reporting a net loss of $241.4K in 2026Q1 despite the presence of stock-based compensation expenses that further complicate the underlying earnings picture.
The frequent swings between profitability and net losses suggest that the reported EPS may not accurately reflect the company's core operational health. Analysts should scrutinize the impact of stock-based compensation and other non-cash charges on the bottom line to determine the true cash-generating capability of the business.
While some may view FSI as a play on green chemistry, the data reveals a concerning trend of margin erosion, with net margins falling to -2.9% in 2026Q1, suggesting that the company's niche market position may not provide the competitive moat required for long-term profitability.
Short-term observers might argue that the company's inability to maintain positive net income during periods of revenue growth indicates a fundamental flaw in its business model. This warrants further investigation into whether the company's cost structure is inherently too high for its current scale of operations.
Quick answers to the most common questions about buying FSI stock.
For fiscal year 2025, Flexible Solutions International, Inc. (FSI) reported total revenue of $38.5M. This represents a 4973.0% increase compared to $0.8M in 1999.
Flexible Solutions International, Inc. (FSI) is profitable, generating $0.8M in net income for the fiscal year ending 2025 with a net profit margin of 2.0%.
Flexible Solutions International, Inc. (FSI) reported an operating income of $3.6M, resulting in an operating profit margin of 9.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Flexible Solutions International, Inc. (FSI) generated $8.7M in gross profit for the year, representing a gross profit margin of 22.6%. This demonstrates the company's core pricing power and production efficiency.