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olivLaw · US equity research

Flowco Holdings Inc. FLOC

Oil & Gas Field Machinery & Equipment · SIC 3533 · Vertical: Oil & Gas Field Machinery & Equipment (SIC 3533)

19.46USD+1.04% · 1 dayClose 04 Nov 2026

Flowco Holdings Inc. (NYSE: FLOC) is a provider of production optimization, artificial lift and emissions management and monetization solutions for the oil and natural gas industry. The company reported second quarter 2026 revenues of 235.9 million USD and an Adjusted EBITDA margin of 39.8%, while the Valiant acquisition expanded its artificial lift portfolio in the Production Solutions segment.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Flowco Holdings Inc. (FLOC) stock was 19.46 USD (+1.04% on the day), with P/E 17.7 on diluted EPS of 1.10 USD over the last 12 months, dividend yield 1.64%, beta 1.16, 52-week range 16.02–28.09 USD. Latest reported quarter (Q3 2026): revenue of 258.6 m USD (+46.2% YoY), net income of 20.1 m USD (+60.8% YoY), diluted EPS 0.40 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
17.7
Diluted EPS TTM 1.10 · TTM to 30 Sept 2026
E/P (TTM)
5.66%
TTM to 30 Sept 2026
Dividend yield
1.64%
DPS 12m 0.32
Beta (2y)
1.16
Volatility (1y) 46%
52-week range
16.0228.09

Price history

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Technical reading

RSI (14)
49.7
neutral
Bollinger (20, 2)
18.32 – 20.36
in the upper half of the band · %B 0.56 · band width 10.5%
SMA 50 / 200
19.75 / 21.88
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
0.02 / -0.04
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+5.2%−1.1%+6.3 pp—
3 months−6.1%−0.5%−5.6 pp—
6 months−19.8%+4.4%−24.1 pp—
Year to date+3.8%+12.3%−8.5 pp—
1 year+20.9%+13.5%+7.4 pp+16.2%
3 yearsunavailable+76.4%unavailable+30.2%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−35.8%
20 May 2026 → 29 Sept 2026
Max drawdown (5y)
−52.9%
21 Jan 2025 → 10 Oct 2025
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
258.6 m USD
+46.2% YoY
Net income
20.1 m USD
+60.8% YoY
Diluted EPS
0.40
+25.0% YoY
net / operating
7.8% / 18.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue186.0 m192.4 m193.2 m176.9 m197.2 m209.5 m235.9 m258.6 m
Cost of revenue91.4 m92.4 m90.2 m74.2 m89.8 m95.0 m109.4 m121.5 m
SG&A26.2 m30.5 m32.7 m29.0 m26.4 m36.5 m35.7 m39.8 m
Operating income33.9 m35.3 m37.1 m34.6 m42.0 m36.3 m41.2 m47.9 m
Depreciation & amortisation34.4 m34.1 m33.2 m39.0 m38.6 m41.5 m49.4 m48.9 m
Interest expense10.2 m5.4 m6.4 m2.8 m4.4 m4.3 m5.6 m4.9 m
Pre-tax income22.8 m29.7 m31.2 m32.1 m37.8 m31.5 m35.6 m42.8 m
Income tax469.0 k2.6 m3.9 m-2.2 m-5.2 m4.0 m4.6 m2.1 m
Net income22.3 m6.2 m5.5 m12.5 m17.2 m7.4 m12.5 m20.1 m
Diluted EPS—0.240.210.320.19 ≈0.230.280.40
Operating cash flow62.2 m42.5 m82.2 m ≈82.5 m ≈87.2 m78.7 m95.2 m ≈103.1 m ≈
Capex28.4 m27.9 m35.8 m ≈39.7 m ≈24.0 m26.4 m45.5 m ≈30.7 m ≈
Dividends paid002.1 m ≈2.3 m ≈2.3 m2.4 m3.8 m ≈10.1 m ≈
Share repurchases000 ≈15.0 m ≈016.5 m0 ≈0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 25 percentile of its own 4-quarter history (min 16.4, median 20.2, max 21.7; quarters with earnings only).

Fiscal years

Fiscal year202320242025
Revenue243.3 m535.3 m759.7 m
Revenue YoYunavailable+120.0%+41.9%
Net income58.1 m80.2 m41.4 m
Net income YoYunavailable+38.1%−48.4%
Diluted EPSunavailableunavailable1.24
Diluted EPS YoYunavailableunavailableunavailable
net %23.9%15.0%5.4%
Free cash flow38.3 m88.9 m167.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
4.5 m USD
Financial debt
167.8 m USD
Net debt
163.3 m USD
Equity
228.6 m USD
Total assets
1.6 bn USD
Debt / equity
0.73x
Current ratio
3.34x
ROE
unavailable
ROA
2.6%
FCF margin
22.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
243.3 m
2024
535.3 m
2025
759.7 m

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
104.8 m
2024
264.4 m
2025
346.6 m

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
138.5 m ≈
2024
270.9 m ≈
2025
413.2 m ≈

SEC (XBRL)· 26 Feb 2026derived

SG&A
2023
15.2 m
2024
62.5 m
2025
118.6 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
78.3 m
2024
116.7 m
2025
149.0 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
43.8 m
2024
90.9 m
2025
144.8 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
122.2 m ≈
2024
207.6 m ≈
2025
293.9 m ≈

SEC (XBRL)· 26 Feb 2026derived

Interest expense
2023
19.0 m
2024
32.3 m
2025
18.9 m

SEC (XBRL)· 26 Feb 2026verified

Pre-tax income
2023
58.5 m
2024
81.4 m
2025
130.8 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
379.0 k
2024
1.2 m
2025
-842.0 k

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
58.1 m
2024
80.2 m
2025
41.4 m

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
—
2024
—
2025
1.24

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
—
2024
—
2025
90.7 m

SEC (XBRL)· 26 Feb 2026verified

Dividend per share
2023
—
2024
—
2025
0.08

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
0
2024
4.6 m
2025
4.5 m

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
—
2024
120.4 m
2025
100.5 m

SEC (XBRL)· 26 Feb 2026verified

Inventories
2023
—
2024
151.2 m
2025
149.6 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
—
2024
286.1 m
2025
260.2 m

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
—
2024
702.6 m
2025
797.5 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
2.2 m
2024
249.7 m
2025
249.7 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
—
2024
302.5 m
2025
273.4 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
—
2024
1.6 bn
2025
1.6 bn

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
—
2024
31.3 m
2025
22.8 m

SEC (XBRL)· 26 Feb 2026verified

Short-term debt
2023
—
2024
0
2025
0

SEC (XBRL)· 26 Feb 2026verified

Long-term debt
2023
—
2024
635.9 m
2025
167.8 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
—
2024
87.8 m
2025
78.0 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
—
2024
749.8 m
2025
288.4 m

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
—
2024
0 †
2025
228.6 m †

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
81.9 m
2024
179.4 m
2025
294.4 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
43.5 m
2024
90.5 m
2025
127.3 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
38.3 m ≈
2024
88.9 m ≈
2025
167.1 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-42.7 m
2024
-94.4 m
2025
-199.8 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-39.2 m
2024
-80.3 m
2025
-94.7 m

SEC (XBRL)· 26 Feb 2026verified

Dividends paid
2023
0
2024
0
2025
6.7 m

SEC (XBRL)· 26 Feb 2026verified

Share repurchases
2023
0
2024
0
2025
15.0 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
41.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
27.6%
computed by olivLawFY 2025
Net income growth (YoY)
-48.4%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
88.0%
computed by olivLawFY 2025

Profitability

Gross margin
53.9%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
38.4%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
18.6%
computed by olivLawTTM to 30 Sept 2026
Net margin
6.4%
computed by olivLawTTM to 30 Sept 2026
FCF margin
26.4%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
12.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
3.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
23.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
8.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
29.1%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
7.8%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
225.6 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
0.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
0.7x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
8.7x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
3.2x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
2.0x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.9x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
364.2 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
126.6 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
237.6 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
414.6%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
105.3%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
54 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
153 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
36 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
171 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
17.7x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
5.7%
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
1.6%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

19.46 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
17.7x
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
12.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
6.4%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
41.9%
computed by olivLawFY 2025
Dividend yield
1.6%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

35/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 403derived 30

Score by group

58% · Insufficient data

Estimated value range

Low
10.38
USD per share
Mid
15.06
USD per share
High
24.49
USD per share
Price: 19.46 USD
The price is within the range
Potential to the central value: -22.6% (value / price − 1)
Margin of safety: -29.2% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.05 – 47.56 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E19.70 – 47.56 (Mid 28.91)
    10 companies used · median multiple 26.2x · quartiles 17.9x – 43.2x
    BKR, FET, FTI, INVX, LSE, NOV, OMSE, STAK, WFRD, WHD
  • Dividend discount (DDM)1.05 – 1.41 (Mid 1.21)
Multiple comparisons use the SIC vertical: Oil & Gas Field Machinery & Equipment (SIC 3533)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 58.3% of at least 60%

FactorValueScoreWeight used
ROIC · Quality23.7%83 (vs peers)18%
Net margin · Quality6.4%60 (vs peers)11%
FCF conversion · Quality414.6%100 (on a fixed band)11%
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet0.7x43 (vs peers)18%
Interest coverage · Balance sheet8.7x100 (on a fixed band)11%
Current ratio · Balance sheet3.2x100 (on a fixed band)7%
P/E (TTM) · Valuation17.7x70 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returns7.8%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet71/100 · 3/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality82/100 · 3/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial70/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Flowco Holdings Inc. (FLOC). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 759.7 m USD in 2025; YoY growth 41.9%; net margin 6.4%; ROE 12.5%; net debt/EBITDA 0.7x.

The estimated value range is 10.38–24.49 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 15.06 USD, the price of 19.46 USD leaves a potential of -22.6% (value / price − 1) and a margin of safety of -29.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: 23.7%
  • FCF conversion: 414.6%
  • Interest coverage: 8.7x
  • Current ratio: 3.2x
  • P/E (TTM): 17.7x
  • Payout ratio (FCF): 7.8%

What contradicts it

  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, EV/EBITDA, FCF yield, Shareholder yield (distributions).

Versus the vertical median

Oil & Gas Field Machinery & Equipment (SIC 3533) · same industry (4-digit SIC) · compared with 15 companies

Multiples and returns vs the median

P/E
17.7x
vertical median 26.2x
below median (−32.7%)
EV/EBITDA
—
vertical median 9.7x
P/S
—
vertical median 1.0x
P/B
—
vertical median 1.6x
ROE
12.5%
vertical median 4.5%
above median (+177.3%)
Net margin
6.4%
vertical median 3.5%
above median (+84.0%)
EBIT margin
18.6%
vertical median 6.9%
above median (+171.1%)
Revenue YoY
41.9%
vertical median -0.9%
above median
Net debt/EBITDA
0.7x
vertical median -0.3x
above median
Dividend yield
1.6%
vertical median 1.1%
above median (+47.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BKRBaker Hughes Company49.5 bn17.115.1%10.1%−0.3%−1% / +48%
FTITechnipFMC plc25.1 bn20.338.6%12.0%+9.4%+43% / +211%
NOVNov Inc.6.4 bn45.22.3%1.6%−1.4%+17% / −4%
WFRDWeatherford International plc6.2 bn15.323.0%8.6%−10.8%+15% / −5%
WHDCactus, Inc.4.3 bn23.614.7%12.0%−4.5%+35% / +37%
DNOWDnow Inc.2.8 bn—-12.4%-4.9%+18.8%+10% / +54%
INVXInnovex International, Inc.1.8 bn37.14.5%4.8%+48.0%+16% / +15%
FETForum Energy Technologies, Inc.845.3 m28.89.8%3.5%−3.1%+135% / +238%
OISOil States International, Inc510.2 m—-16.8%-16.5%−3.4%+35% / +24%
OMSEOMS Energy Technologies Inc.167.2 m3.343.5%22.0%unavailable−16% / unavailable
LSELeishen Energy Holding Co., Ltd.75.4 m55.42.9%2.6%−30.0%−14% / unavailable
DTIDrilling Tools International Corporation52.9 m—-2.5%-2.0%+3.4%−38% / −56%
STAKSTAK Inc.27.5 m71.52.9%1.5%+13.2%+202% / unavailable
GPUSHyperscale Data, Inc.247.1 k—-159.8%-71.0%−4.3%−89% / −100%
SEISolaris Energy Infrastructure, Inc.——8.4%7.2%+98.7%+20% / +573%
FLOCFlowco Holdings Inc.—17.712.5%6.4%+41.9%+21% / unavailable

1- and 3-year price returns: for FLOC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 11 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

In brief

Flowco Holdings Inc. (NYSE: FLOC) is a provider of production optimization, artificial lift and emissions management and monetization solutions for the oil and natural gas industry. The company reported second quarter 2026 revenues of 235.9 million USD and an Adjusted EBITDA margin of 39.8%, while the Valiant acquisition expanded its artificial lift portfolio in the Production Solutions segment 23.

SWOT

Strengths

  • The company holds strong market positions in HPGL and vapor recovery, which supports pricing and long-standing customer relationships 1.
  • Revenues are recurring because they are generated over the full production life of wells, which leads to steadier cash flows than drilling and completion services 1.
  • Integrated services across the life of a well and a proprietary digital platform strengthen customer relationships and enable cross-selling 13.

Weaknesses

  • The company depends on producer activity in a few regions, particularly the Permian, which concentrates geographic risk 1.
  • Production Solutions margin declined in the second quarter of 2026 because of higher maintenance and operating costs 3.
  • The filings report material weaknesses in internal control over financial reporting, which could complicate timely and accurate reporting 1.

Opportunities

  • The Valiant acquisition and cross-selling could expand the customer base and product portfolio 23.
  • Emissions regulation and the push toward electrification could create additional demand for the company's solutions 1.
  • Tariff refunds and cost management could support margins if these refunds continue 2.

Threats

  • A decline in oil and gas prices could reduce customer spending on production and artificial lift 1.
  • Trade tariffs and rising input costs could weigh on margins, especially if prices cannot be passed on to customers 12.
  • Changes in climate policy and reduced investor interest in fossil fuels could affect the company's and its customers' access to capital 1.

Risks

  • Dependence on customer spendinghigh

    Demand depends on the operating and capital spending of producers, which can drop sharply in periods of low prices 1.

  • Costs and inflationmedium

    Rising costs for raw materials, labour and transport could reduce margins if they cannot be fully passed on to customers 1.

  • Internal control weaknesseshigh

    The company has identified material weaknesses in internal control over financial reporting that must be remediated to avoid reporting errors 1.

  • Geographic concentrationmedium

    Revenue is concentrated in the Permian Basin, so a regional problem could affect results disproportionately 1.

  • Influence of controlling shareholderslow

    Two major shareholders can significantly influence company decisions, and the company relies on controlled-company exemptions from NYSE governance rules 1.

Investment thesis

What would need to be true (bull case)

  • The company could benefit from steady demand for artificial lift and from regulations that make emissions recovery increasingly necessary 1.
  • The Valiant acquisition and vertical integration could bring synergies and higher recurring revenue 23.
  • Cash generated in the second quarter and available credit lines give flexibility for dividends and investment 3.

What would break the thesis

  • A prolonged fall in oil and gas prices could reduce demand for the company's services and pressure revenues 1.
  • Margins could remain under pressure if maintenance and operating costs keep rising 3.
  • Internal control weaknesses could lead to extra costs or reporting delays if they are not remediated 1.

What to watch

  • Trend in Adjusted EBITDA margin and maintenance costs in Production SolutionsQ3 2026
  • Integration of Valiant and realisation of the announced synergies2026
  • Remediation of the material weaknesses in internal controlnext 10-K
  • Tariff refunds and their effect on costsQ3 2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 11 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).

The business

Flowco is a Delaware corporation listed on the New York Stock Exchange under the symbol FLOC, headquartered in Houston, Texas 1. The company focuses on the production phase of wells, where demand is more stable than for drilling and completion services, and its products are used extensively by large oil and natural gas producers, primarily in the U.S. 1. As of December 31, 2025, the company had a fleet of over 4,600 active systems, and as of June 30, 2026 the number of active systems exceeded 5,500 12.

Core technologies include high pressure gas lift (HPGL), conventional gas lift, plunger lift and vapor recovery units (VRU), all supported by proprietary digital tools for real-time remote monitoring and control 12. The company operates across every major onshore producing region in the U.S., with service centers in Midland, Carlsbad and Williston and manufacturing facilities in Oklahoma, Texas and Louisiana 1.

Through the Valiant acquisition, completed on March 2, 2026, Flowco added an electric submersible pump (ESP) offering to Production Solutions, for aggregate consideration of approximately 316.0 million USD including cash and 1,454,849 Class A shares 2. Management believes the deal diversifies the fleet and brings synergies with the company's vertically integrated model 23.

Segments

Natural Gas Technologies

The segment designs, manufactures, rents and sells vapor recovery and natural gas systems. Revenues were 65.0 million USD in the second quarter of 2026, down 6.3% from the first quarter, primarily due to lower Vapor Recovery system sales 3.

Market context

The company states that the artificial lift and emissions management market has grown robustly, supported by rising global energy demand, technological innovation and regulatory requirements on methane 1. Demand for its products depends on customers' operating expenditures, which are less discretionary than drilling budgets, although oil and gas prices and volatility remain important factors 12.

Management says that over the mid to long term, demand for oil and gas production and new energy platforms could keep requiring more advanced technology, and the company remains cautiously optimistic while acknowledging geopolitical and tariff uncertainty 2.

Trends

  • Methane emissions regulationtailwind

    Federal and state rules to reduce fugitive emissions make vapor recovery solutions increasingly necessary, supporting demand for the Natural Gas Technologies segment 1.

  • Oil and gas price volatilityheadwind

    Oil and gas prices shape customer spending, and a prolonged decline or heightened volatility could reduce activity and revenues 12.

  • Trade tariffsmixed

    Tariffs and trade policies can raise raw material costs, although the company has received refunds of previously paid tariffs and does not currently expect a material impact 2.

  • U.S. onshore production activitytailwind

    Growth in onshore basins, particularly the Permian, could support demand for artificial lift, while the concentration of revenue in the Permian raises regional exposure 1.

Competitive position

The analysed sources do not explicitly name the company's competitors; in its filings Flowco states only that it competes with other companies in its industry and that competitive pricing pressure can limit price increases 1.

Competitive advantages cited include market leadership, the HPGL technology, integrated services across the life of a well and stable cash flows, but the sources do not provide a list of competitors with tickers 1.

  • Competitors not named in the analysed sources

    The filings do not name direct competitors, so no verified names or tickers can be given.

  • ESP and artificial lift providers

    The company compares HPGL with ESP systems used in the early phase of production, but the sources do not identify the competing providers.

  • Vapor recovery system providers

    The Natural Gas Technologies segment competes in emissions recovery, yet the sources do not name companies in this field.

  • Compression and gas service operators

    The company mentions competition in natural gas systems without naming specific competitors.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Flowco Holdings Inc. · 26 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Flowco Holdings Inc. · 11 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Flowco Holdings Inc. · 11 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.