Cash flow generation remains erratic, as evidenced by a significant $12.5 million working capital outflow in 2025Q3 that periodically offsets the company's low capital intensity, which maintains a CapEx/Revenue ratio near 1%.
| 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 | Feb'01 | Feb'99 | Feb'98 |
|---|
| Cash from Operations | -568K | 7.2M | 3.36M | -11.3M | -44.63M | -25.84M | -47.84M | -19.09M | -19.52M | 16.45M | 2.07M | 26.67M | 48.82M | 39.55M | 49.52M | 32.42M | 12.1M | 2.19M | 24.87M | 25.09M | 12.44M | 2.13M | 1.4M | -37.26K | -2.13M | -1.08M | -794.08K | -690.8K | -1.08M |
| Operating CF Margin % | - | 3.04% | 1.8% | -6.01% | -32.8% | -59.72% | -90.02% | -16% | -10.98% | 5.19% | 0.79% | 7.98% | 10.87% | 10.66% | 15.83% | 12.53% | 8.23% | 1.94% | 11% | 15.88% | 12.36% | 4.02% | 6.39% | -0.25% | -16.03% | -8.63% | -50.84% | -38.51% | -33.83% |
| Operating CF Growth % | 44.9% | 114.34% | 129.75% | 74.69% | -72.72% | 45.98% | -150.58% | 2.2% | -218.68% | 696.08% | -92.25% | -45.37% | 23.45% | -20.13% | 52.72% | 167.98% | 453.48% | -91.21% | -0.85% | 101.72% | 484.68% | 52.05% | 3854.59% | 98.25% | -96.01% | -36.58% | -14.95% | 35.82% | - |
| Net Income | 29.81M | 30.53M | 10.5M | 24.71M | -42.3M | -30.53M | -136.45M | -76.73M | -73.08M | -13.05M | 1.91M | -13.46M | 53.6M | 36.18M | 49.79M | 31.41M | -43.47M | -50.7M | -31.94M | 16.73M | 11.35M | 7.72M | 2.15M | -5.68M | -5.46M | -1.41M | -1.49M | -1.21M | -2.43M |
| Depreciation & Amortization | 9.24M | 8.14M | 6.5M | 8.78M | 4.33M | 1.01M | 3.77M | 8.46M | 9.22M | 12.16M | 10.43M | 18.02M | 17.85M | 15.11M | 11.58M | 10.11M | 13.77M | 14.19M | 13.87M | 6.54M | 2.75M | 1.77M | 689.9K | 713.53K | 704.73K | 744.3K | 122.81K | 62.25K | 93.1K |
| Stock-Based Compensation | 1.99M | 2.3M | 0 | 0 | 0 | 3.76M | 0 | 4.24M | 7.05M | 11.17M | 12.05M | 14.68M | 10.48M | 10.91M | 13.42M | 7.44M | 4.68M | 1.73M | 2.5M | 1.65M | 0 | 0 | 0 | 75M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -9.63M | -11.19M | 249K | 104K | -125K | -56K | -187K | 18.31M | -5.95M | 181K | -19.68M | -7.93M | 1.5M | 793K | -18.75M | 1.22M | -3.61M | 10.5M | -19.52M | -1.1M | 529K | -1.23B | 0 | -69.79M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.86M | 2.28M | 4.55M | -31.73M | 8.62M | -549K | 99.79M | 9.49M | 45.34M | 2.19M | 3.49M | 16.72M | -5.67M | -4.11M | 3.43M | -1.21M | 41.09M | 23.39M | 63.33M | -713K | -68K | -1.23M | 0 | -1.09M | 1.07M | 238.96K | 341.27K | 164.46K | 1.1M |
| Working Capital Changes | -34.84M | -24.86M | -18.44M | -13.17M | -15.15M | 523K | -14.76M | 17.15M | -2.09M | 3.79M | -6.13M | -1.36M | -28.93M | -19.34M | -9.96M | -16.53M | -368K | 3.09M | -3.37M | 1.99M | -2.13M | -6.13M | -1.44M | 804.74K | 1.56M | -659.92K | 228.03K | 295.9K | 163.64K |
| Change in Receivables | -53.12M | -38.89M | -21.67M | -6.58M | -32.31M | -1.02M | 3.74M | 20.99M | -2.61M | 1.45M | -11.54M | 27.93M | -13.75M | -9.86M | 1.8M | -17.92M | -12.7M | 22.59M | -8.54M | -44K | -7.43M | -4.14B | -1.39B | 43.51M | 0 | 0 | -266.84K | 0 | 0 |
| Change in Inventory | -650K | 3.07M | -1.11M | 1.94M | -7.92M | 1.76M | 3.96M | -65K | 2.6M | -17.29M | -6.53M | -17.63M | -23.1M | 4.52M | -8.71M | -10.04M | -613K | 10.79M | -14.52M | 671K | -4.91M | -2.95M | -542.32K | -351.84K | 1.89M | -1.44M | -254.59K | 345.46K | -461.57K |
| Change in Payables | 13.6M | 10.24M | 6.37M | -1.67M | 25.76M | 1.83M | -12.32M | 1.13M | 4.63M | -8.72M | 12.65M | -13.54M | 13.15M | -21.33M | 2.53M | 5.04M | 5.5M | -14.64M | 12.41M | -2.38M | 4.77M | -231M | 418.28M | 1.03B | 0 | 0 | -348.51K | 0 | 0 |
| Cash from Investing | -2.39M | -1.98M | -1.82M | -1.01M | 5.33M | 112K | -17.7M | 167.27M | -3.41M | 10.45M | -22.3M | -18.2M | -21.7M | -62.7M | -15.2M | -4.94M | -600K | -3.7M | -117.18M | -70.53M | -21.7M | -10.29M | -272.58K | -566.34K | -1.48M | -7.31M | -126.59K | -12.96K | -20.96K |
| Capital Expenditures | -2.39M | -1.98M | -1.94M | -1.08M | -421K | -39K | -1.43M | -3.02M | -5.16M | -9.44M | -14.53M | -21.13M | -20.64M | -15.09M | -20.72M | -10.23M | -6.06M | -6.56M | -23.76M | -18.19M | -9.2M | -2.4M | -113.11K | -575.26K | -1.47M | -1.41M | -88.72K | -24.95K | -18.96K |
| CapEx % of Revenue | 0.95% | 0.84% | 1.04% | 0.57% | 0.31% | 0.09% | 2.7% | 2.53% | 2.9% | 2.98% | 5.53% | 6.32% | 4.59% | 4.07% | 6.62% | 3.95% | 4.12% | 5.83% | 10.51% | 11.51% | 9.14% | 4.53% | 0.52% | 3.88% | 11.11% | 11.24% | 5.68% | 1.39% | 0.6% |
| Acquisitions | 0 | 7K | 124K | 67K | 5.75M | 0 | -16.27M | 169.72M | 1.67M | 18.49M | -7.86M | -1.25M | -5.7M | -53.4M | 0 | 0 | 0 | 0 | -97.97M | -53.03M | -12.76M | -7.65M | -100.8K | 0 | -122.25K | -6.07M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 151K | 0 | 577K | 84K | 1.4M | 97K | 4.17M | 4.64M | 5.79M | 5.52M | 5.29M | 5.46M | 2.86M | 4.55M | 689K | 264K | -240.52K | -58.67K | 8.92K | 111.31K | 168.67K | -37.87K | 12K | -2K |
| Cash from Financing | 2.46M | -3.74M | -3.12M | 5.93M | 38.27M | -372K | 3.73M | -49.99M | 21.48M | -27.29M | 22.85M | -7.35M | -28.44M | 23.5M | -78.3M | -521K | 1.9M | 7.81M | 91.22M | 46.21M | 2.4M | 15.25M | -841.47K | 507.92K | 3.37M | 7.34M | 1M | 118.19K | 1.65M |
| Debt Issued (Net) | 4.19M | -2.09M | -2.9M | 6.74M | 20.03M | -62K | 4.72M | -49.78M | 21.78M | -21.03M | -2.15M | 6.5M | -18.06M | 29.26M | -77.44M | -33.27M | 1.43M | -6.78M | 88.6M | 44.9M | 1.48M | -4.22M | -835.82K | 174.26K | 2.04M | 3.23M | 0 | 1M | 118.19K |
| Equity Issued (Net) | 98K | 78K | 114K | -540K | 18.46M | 80K | 209K | -212K | 168K | -6.93M | 28.57M | -16.04M | -16.69M | -7.57M | -1.87M | 28.66M | -236K | 15.95M | -307K | 1.31M | 915K | 20.21M | 109K | 525K | 610.87K | 4.11M | 0 | 0 | 0 |
| Dividends Paid | 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 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -253K | -247K | -173K | -6.93M | -2.35M | -16.04M | -16.69M | -7.57M | -2.03M | -775K | -236K | -48K | -307K | -190K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.83M | -1.73M | -326K | -268K | -224K | -390K | -1.2M | 0 | -469K | 675K | -3.58M | 2.19M | 6.31M | 1.81M | 1.01M | 4.09M | 708K | -1.36M | 2.92M | 0 | 0 | -737.17K | -114.65K | -191.34K | 714.47K | 0 | 1M | 0 | 1.53M |
| Net Change in Cash | -576K | 1.33M | -1.45M | -6.44M | -934K | -26M | -61.91M | 98.19M | -1.54M | -239K | 2.62M | 942K | -1.46M | 30K | -43.98M | 26.82M | 13.38M | 6.29M | -1.09M | 772K | -6.87M | 7.09M | 284.8K | -95.67K | -240.44K | -1.05M | 77.69K | -584.02K | 542.87K |
| Free Cash Flow | -2.96M | 5.22M | 1.42M | -12.38M | -45.05M | -25.88M | -49.26M | -22.12M | -24.68M | 7.01M | -12.47M | 5.54M | 28.18M | 24.46M | 28.79M | 22.2M | 6.04M | -4.37M | 1.11M | 6.89M | 3.23M | -269.81K | 1.29M | -612.52K | -3.6M | -2.5M | -882.8K | -715.76K | -1.1M |
| FCF Margin % | -1.17% | 2.2% | 0.76% | -6.58% | -33.1% | -59.81% | -92.7% | -18.53% | -13.88% | 2.21% | -4.74% | 1.66% | 6.27% | 6.59% | 9.2% | 8.58% | 4.11% | -3.88% | 0.49% | 4.36% | 3.21% | -0.51% | 5.88% | -4.13% | -27.14% | -19.87% | -56.53% | -39.9% | -34.42% |
| FCF Growth % | -167.17% | 267.35% | 111.48% | 72.53% | -74.09% | 47.47% | -122.75% | 10.39% | -452.18% | 156.21% | -324.83% | -80.33% | 15.24% | -15.07% | 29.73% | 267.53% | 238.16% | -492.02% | -83.82% | 113.08% | 1298.99% | -120.98% | 309.91% | 82.98% | -44.2% | -182.74% | -23.34% | 34.65% | - |
| FCF per Share | -0.08 | 0.14 | 0.05 | -0.44 | -3.63 | -2.12 | -4.33 | -2.26 | -2.55 | 0.73 | -1.33 | 0.60 | 3.03 | 2.72 | 3.23 | 1.28 | 0.32 | -0.22 | 0.06 | 0.36 | 0.17 | -0.02 | 0.09 | -0.05 | -0.36 | -0.39 | -0.30 | -0.88 | -1.35 |
| FCF Conversion (FCF/Net Income) | -0.10x | 0.24x | 0.32x | -0.46x | 1.06x | 0.85x | 0.35x | 0.56x | 0.28x | -0.60x | -0.04x | -1.98x | 0.91x | 1.09x | 0.99x | 1.03x | -0.28x | -0.04x | -0.78x | 1.50x | 1.10x | 0.28x | 0.65x | 0.01x | 0.39x | 0.77x | 0.53x | 0.57x | 0.44x |
| Interest Paid | 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 | 0 |
| Taxes Paid | 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 | 0 |
High customer concentration dependency
Based on quarterly financial data, the relationship between net income and operating cash flow is highly inconsistent, with the OCF/NI ratio frequently dipping into negative territory, most notably reaching -2.81 in 2025Q2, which suggests that reported profits are not consistently translating into actual cash generation.
The persistent gap between net income and operating cash flow indicates that earnings are heavily influenced by non-cash items or aggressive accrual accounting. Investors should monitor whether this divergence is a temporary byproduct of the ProFrac supply agreement or a structural inability to convert accounting profits into liquidity.
As reported in recent filings, free cash flow remains erratic, oscillating between positive peaks like the $6.7 million observed in 2025Q1 and significant outflows, such as the -$5.7 million recorded in 2025Q2, highlighting a lack of consistent cash flow generation despite top-line revenue growth.
The FCF trajectory suggests that the company's operational model is highly sensitive to working capital swings that periodically overwhelm its core profitability. This volatility warrants further investigation into whether the business can achieve a sustainable, positive FCF margin as it scales its data analytics segment.
According to the cash flow statements, working capital changes have been a consistent drag on cash, with a notable $12.5 million outflow in 2025Q3, indicating that the company's growth is currently consuming significant cash to support inventory and receivables related to its primary supply agreements.
The recurring negative impact of working capital changes suggests that the company is effectively financing its customers' operations through extended payment terms or inventory build-ups. This dynamic appears to be a primary factor in the company's inability to maintain a stable, positive cash flow profile.
Based on the provided data, capital expenditures have remained disciplined, with the CapEx/Revenue ratio consistently hovering near 1% over the last ten quarters, suggesting that the business model is not overly capital-intensive and does not require massive reinvestment to maintain its current operational capacity.
The low capital intensity implies that the company's primary challenge is not asset replacement, but rather the efficient management of its variable cost structure and working capital. This provides a degree of flexibility, as the company is not burdened by heavy debt-servicing requirements for massive infrastructure projects.
Quick answers to the most common questions about buying FTK stock.
Flotek Industries, Inc. (FTK) generated $7.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Flotek Industries, Inc. (FTK) generated $5.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Flotek Industries, Inc. (FTK) spent $2.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.