Flowco Holdings Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business carries its own weight: renting out production technology brought in $418.0 million of $759.7 million in 2025 revenue, the adjusted EBITDA margin was 41.0 percent, and $294.4 million of operating cash flow paid for capital expenditure, buybacks and the dividend at the same time. The balance sheet is not in distress: the credit covenants (interest coverage of at least 2.50, leverage of no more than 3.50) were met as of March 31, 2026, the facility runs to August 20, 2029, and $387.5 million of availability remained as of May 1, 2026 — that is a long way from a threat to substance. Two operational questions are open: the 2025 annual report cites significant concentration in the top ten customers, whose investment budgets track oil and gas prices, and since the IPO on January 16, 2025 the group has not lived through a downturn in its present form — whether the 41 percent margin holds in a weak oil year is unproven. On top of that sits an obligation of the listed entity itself that grows with every unit exchange: $92.4 million under the Tax Receivable Agreement as of March 31, 2026, roughly 27 percent of its equity, with not one installment paid. Dependable earning power, but a business still untested in this form in a cyclical market — hence yellow. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Flowco Holdings is the surprise trap in its purest form: a genuinely good business whose numbers are told on two levels. The group generated $759.7 million of revenue and $131.7 million of profit in 2025 at a 41.0 percent adjusted margin, plus $167.1 million of free cash flow. Less than half of that reaches the line that belongs to the share — in the first quarter of 2026 it was $7.4 million out of $27.5 million. At the same time an obligation is growing toward exactly the pre-IPO owners who hold the other part: $92.4 million under the Tax Receivable Agreement, with no installment paid. Anyone valuing this company must first decide which profit they mean. Not investment advice.
Business model and margin
A real, earning business: $418.0 million of $759.7 million in 2025 revenue came from rentals, and the adjusted EBITDA margin was 41.0 percent (Q1 2026: 40.8 percent). For an oilfield service company that sits well above the usual 20 to 25 percent and points to pricing power in an indispensable technology.
Cash flow and capital discipline
Operations generated $294.4 million in 2025; after $127.3 million of capital expenditure, roughly $167.1 million remained free. IPO proceeds of about $461.8 million went into debt reduction ($635.9 million down to $167.8 million during 2025), followed by $16.5 million of buybacks in Q1 2026 and a dividend raised by 12.5 percent.
Group structure and profit attribution
Flowco Holdings Inc. held only 46.3 percent of the operating company as of March 31, 2026. Of $27.5 million in group net income in Q1 2026, $20.0 million went to the pre-IPO owners and just $7.4 million to the listed entity. Any ratio that applies undivided group profit to the share overstates the earning power of that share.
Tax Receivable Agreement obligation
The Tax Receivable Agreement liability rose from $22.0 million (December 31, 2025) to $92.4 million (March 31, 2026), $70.5 million of it from the exchange of 12,041,729 units in Q1 2026 alone. That is roughly 27 percent of the listed entity's equity — and per the filing, not one installment had been paid by the reporting date.
Leverage after the acquisition
The Valiant acquisition cost $315.9 million gross, including $283.1 million of cash drawn on the credit facility; borrowings therefore rose from $167.8 million to $328.0 million against $17.3 million of cash (March 31, 2026). Reassuring: a maturity of August 20, 2029, an all-in rate of 5.52 percent, covenants met, and $387.5 million of availability as of May 1, 2026.
Cyclicality, customer concentration and history
The 2025 annual report cites significant concentration in the top ten customers, and those customers' willingness to invest tracks oil and gas prices. Add the short history: IPO on January 16, 2025, two annual reports, no downturn survived in the present group form — cyclicality has to be estimated here, not looked up.
Worth Noting
Flowco Holdings reached our research list through our in-house stock scanner, the "Big Earnings Surprise" list, at rank 45 of 81 U.S. entries with a relative strength rating of 63 (as of July 25, 2026). These lists are recalculated daily, so the rank changes continuously.
Do not confuse the two profit concepts: group net income (Q1 2026: $27.5 million) includes the pre-IPO owners' share; $7.4 million was attributable to Flowco Holdings Inc., which produced basic earnings per share of $0.24. Adjusted net income of $35.7 million is likewise a group figure and must not be divided by the Class A share count.
The 10-K/A and 10-Q/A amendments filed on July 2, 2026 state in their own explanatory notes that they contain only corrected certifications under Section 302 of the Sarbanes-Oxley Act — explicitly not a restatement. After the quarterly report of May 6, 2026, a current report 8-K dated June 22, 2026 followed with a conference presentation (Item 7.01).
Valuation figures are dated and evergreen: price anchor $20.15 (closing price July 24, 2026), market capitalization roughly $1.8 billion based on roughly 90.3 million economic shares (Class A and B as of May 1, 2026). Daily quotes are not a buying argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at FLOC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 14.30 $ to 28.10 $ · Last price: 20.40 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Equipment & Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Flowco Holdings Inc. FLOC | 2.3 | 17.2 | 3.7 | 55.1 | 17.5 | 41.9 | 29.6 |
| Schlumberger NV SLB | 77.5 | 22.2 | 13.2 | 17.0 | 12.3 | -1.6 | 53.4 |
| Baker Hughes Co BKR | 56.1 | 17.9 | 11.2 | 23.7 | 12.3 | -0.3 | 23.6 |
| Tenaris SA TS | 30.3 | 15.1 | 8.3 | 38.5 | 16.7 | -4.3 | 60.6 |
| TechnipFMC PLC FTI | 29.0 | 26.6 | 14.5 | 23.0 | 14.1 | 9.4 | 87.2 |
| Halliburton Company HAL | 28.5 | 18.0 | 9.8 | 15.1 | 12.6 | -3.3 | 57.0 |
| NOV Inc. NOV | 7.3 | 78.5 | 11.0 | 21.7 | 2.3 | -1.4 | 62.6 |
| Solaris Energy Infrastructure, Inc SEI | 6.8 | – | 23.5 | 49.9 | 25.8 | 98.7 | 109.9 |
| LandBridge Company LLC LB | 6.6 | 76.0 | 19.8 | 98.8 | 66.1 | 81.1 | 59.6 |
| Median of companies shown | 28.5 | 20.1 | 11.2 | 23.7 | 14.1 | -0.3 | 59.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2022 | 149 | 43 | 33 | 6.06 | 67 | 128 | 366 |
| 2023 | 243 | 78 | 58 | 0.66 | 82 | 134 | 392 |
| 2024 | 535 | 117 | 80 | 10.41 | 179 | 839 | 1,589 |
| 2025 | 760 | 150 | 41 | 0.46 | 294 | 229 | 1,646 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | – | – | 93 | 77.70 | 21.50 | 22 | 9 |
| 2024: Q3 | 0.35 | – | 189 | 200.80 | 10.90 | 67 | 32 |
| 2024: Q4 | 0.25 | 4,203.40 | 186 | – | – | 62 | 34 |
| 2025: Q1 | 0.45 | 26.40 | 192 | 188.30 | 3.20 | 43 | 15 |
| 2025: Q2 | 1.26 | -6.90 | 193 | 107.30 | 2.80 | 82 | 46 |
| 2025: Q3 | 0.59 | 68.10 | 177 | -6.60 | 7.10 | 83 | 43 |
| 2025: Q4 | 0.42 | 70.20 | 197 | 6.00 | 8.70 | 87 | 63 |
| 2026: Q1 | 1.09 | 142.20 | 210 | 8.90 | 3.60 | 79 | 52 |
| 2026: Q2 | 0.28 | -77.80 | 236 | 22.10 | 5.30 | 95 | 50 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.44 | 1.34 – 1.52 | 933 | -12.5% | 7 |
| 12/31/2027 | 1.65 | 1.36 – 1.86 | 1,014 | 15.1% | 8 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -0.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $207.9M |
|---|---|
| Market cap | $2.30B |
| Free cash flow in year ten | $198.6M |
| Terminal value as a share of market value | 45.6% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
In allen sechs ausgewerteten SEC-Berichten (2 × 10-K, 4 × 10-Q) kommen die Begriffe „artificial intelligence“, „machine learning“ und „generative“ kein einziges Mal vor; Flowco beschreibt seine Technik ausschließlich als „digital solutions“, „automation“ und „real-time monitoring“ zur Produktionsoptimierung, ohne KI als Produkt, als Betriebsmittel oder als Risiko zu benennen.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-26 · 10-K 2025-03-20 · 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-05 · 10-Q 2025-05-13
Rated on July 25, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 72.3%
- More than 10% revenue growth is expected for the coming year -68.6%
- Share count grows by less than 3% a year 156.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 63.9%
- Gross margin at 40% or higher and without meaningful erosion 35.3%
- Goodwill from acquisitions does not grow faster than revenue 15.2%
- Net debt below twice EBITDA 0.7 x EBITDA
- Operating cash flow covers the profits of the last three years 376 m
- Return on capital at 15% or higher, or up versus two years ago 9.6%
- Insiders hold at least 10% or are net buyers 71.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 15.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 90.2%
- Net debt < 4x EBIT 1.4x
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% 9.5%
- Expected return > 10% 104.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jul 29, 2026 | Rutherford John R | Director | Other | 2,629 | 0.00 | – |
The company
About the Company
Flowco Holdings Inc., through its subsidiaries, provides production optimization, artificial lift, and emissions management and monetization solutions for the oil and natural gas industry in the United States. The company operates in two segments, Production Solutions and Natural Gas Technologies. The company involves in the renting, servicing, and sale of high-pressure gas lifts, conventional gas lifts, and plunger lifts; and manufacture and installation of methane abatement technologies that allow producers to reduce methane emissions associated with their wellsite operations, as well as offers digital solutions. It also manufactures, rents, services, and sells vapor recovery unit systems; and manufactures natural gas systems. Flowco Holdings Inc. was incorporated in 2024 and is headquartered in Houston, Texas.
- Employees
- 1,281
- Headquarters
- Houston, TX
- Address
- 1300 Post Oak Boulevard, 77056 Houston, United States
- Phone
- 713 997 4877
- Website
- flowco-inc.com
- IPO Date
- 01/16/2025
- ISIN
- US3429091081
Management
| Name | Title | Birth Year |
|---|---|---|
| Joseph Robert Edwards | President, CEO & Director | 1973 |
| Brooks Mims Talton III | Executive Vice President of Natural Gas Technologies | 1967 |
| Jonathan W. Byers | Chief Financial Officer | 1979 |
| Andrew Leonpacher | VP of Finance, Corporate Development & Investor Relations | – |
| Joel Christian Lambert J.D. | Senior VP, General Counsel & Secretary | 1969 |
| James A. Merrill | Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/25/2026 Flowco Holdings Inc. (FLOC): Regulation FD Disclosure SEC ↗
- 08/11/2026 Flowco Holdings Inc. (FLOC): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/10/2026 Flowco Holdings Inc. (FLOC): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/30/2026 Flowco Holdings Inc. (FLOC): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/30/2026 Flowco Holdings Inc. (FLOC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 07/29/2026 Flowco Holdings Inc. (FLOC): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.