Flowco Holdings Inc. (FLOC)
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symbol.quality_heading
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.
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.
symbol.quality_note
Flowco keeps aging oil wells flowing: gas lift, plunger lift, compressors, vapor recovery. The business works — revenue climbed from $243.3 million in 2023 to $759.7 million in 2025, net income reached $131.7 million, and the adjusted margin sits at 41 percent. Most of that profit, however, does not land with the shareholders of the listed company but with the pre-IPO owners of an entity one floor below: in the first quarter of 2026, $7.4 million of $27.5 million in group profit reached the shareholder line. And with every unit exchange by those pre-IPO owners, an obligation toward them grows — $92.4 million so far, without a single installment paid. Let us read who is actually earning here.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at FLOC since then.
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Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
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
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 20.50 $ — 45% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
NeutralIn 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
Analysts & Price Target
The price target sits 52.3% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 8
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.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.51 | 1.39 – 1.59 | 923 | -7.8% | 8 |
| 12/31/2027 | 1.77 | 1.53 – 1.90 | 1,000 | 16.8% | 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.
Next Reporting Date
- Expected Earnings per Share
- 0.37 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | – | – | 93 | 77.70 | 21.50 | 22 | 9 |
| 2024: Q3 | 0.35 | – | 189 | 200.80 | 10.90 | 67 | 32 |
| 2024: Q4 | 0.25 | 4,203.40 | -12 | -118.00 | – | 62 | 34 |
| 2025: Q1 | 0.45 | 26.40 | 192 | 188.30 | 3.20 | 43 | 15 |
| 2025: Q2 | 1.26 | -6.90 | 193 | 107.30 | 2.80 | 82 | 46 |
| 2025: Q3 | 0.59 | 68.10 | 177 | -6.60 | 7.10 | 83 | 43 |
| 2025: Q4 | 0.73 | 195.90 | 197 | 1,744.90 | 8.70 | 87 | 63 |
| 2026: Q1 | 1.09 | 142.20 | 210 | 8.90 | 3.60 | 79 | 52 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($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 |
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.
Assessment: Opportunities & Risks
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.
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.
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.
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.
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.
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.
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.
- 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.
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 | 16. Jan 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 |
| Chad Roberts | Executive Vice President of Production Solutions | 1987 |
| 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.
Insider Transactions
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 29. Jul 2026 | Rutherford John R | Director | Other | 2,629 | 0.00 | – |
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.
View all insider transactions →Chart
Interactive price chart (TradingView).
Data as of: July 31, 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.