Flowco Holdings
FLOC on NYSE. Flowco sells oil and gas production equipment and services to oil and gas producers. Market value $363m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $12.36 of spare cash in the past 12 months. A savings account pays about $4.
You pay 12.9 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 81 of 100. Our list needs 70 on quality and 60 on price.
$18.56 a share, 32% above its 1-year low
Over the past year the price has ranged from $14.03 to $28.26.
Dividend: 0.4% a year
Paid in its latest year
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |
| Revenue | $760m |
| Operating margin | |
| Operating margin | 19.6% |
| Debt to equity | |
| Debt to equity | 0.84 |
| Shares outstanding | |
| Shares outstanding | 0.09bn |
Health checks
- Free cash flow positive1 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- Debt0.84× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $236 million last quarter, up 22% on a year ago.
- Profit: $13 million, up 129% on a year ago.
- 68% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $301 million more than cash, up from $183 million a year ago.
| Quarter to | Amount |
|---|---|
| March 2025 | $192m |
| June 2025 | $193m |
| September 2025 | $177m |
| December 2025 | $197m |
| March 2026 | $210m |
| June 2026 | $236m |
| Quarter to | Amount |
|---|---|
| March 2025 | $6m |
| June 2025 | $5m |
| September 2025 | $13m |
| December 2025 | $17m |
| March 2026 | $7m |
| June 2026 | $13m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
2 long-term investors we follow own it, down from 3 last quarter. 150 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $33m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $12m | <0.1% | Added |
Sold out this quarter
- Cannell CapitalJ. Carlo CannellSold out
Largest holders overall
- FMR$127mAdded
- WD Thunder CV Ultimate GP$94m
- Price T Rowe Associates$65mAdded
- BlackRock$60mAdded
- American Century Companies$51mCut
- JPMorgan Chase$40mAdded
- Vanguard Portfolio Management$39mAdded
- Vanguard Capital Management$35mAdded
- First Eagle Investment Management$33mAdded
- Schroder Investment Management Group$29mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Fairbanks Jonathan B.Passive investorat least 41.3%−19.1 pts(filed with 8 related holders)Since 31 March 2026
- WD Thunder CV Ultimate GP LLCPassive investorat least 40.4%(filed with 5 related holders)Since 31 March 2025
- FMR LLCPassive investorat least 14.3%+3.2 pts(filed with 1 related holder)Since 30 June 2026
- T. Rowe Price Associates, Inc.Passive investor7.3%+4.0 ptsSince 30 June 2026
- BlackRock, Inc.Passive investor6.4%+1.5 ptsSince 30 June 2026
- American Century Investment Management, Inc.Passive investorat least 6.1%−4.1 pts(filed with 3 related holders)Since 31 March 2026
- Encompass Capital Advisors LLCPassive investorat least 3.1%−2.7 pts(filed with 2 related holders)Since 31 March 2026
- JPMORGAN CHASE & COPassive investorSold down below 5%Since 31 March 2026
- BlackRock Portfolio Management LLCPassive investorSold down below 5%Since 31 December 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Fairbanks Jonathan B. Passive investor | at least 41.3%−19.1 pts (filed with 8 related holders) | 31 March 2026 | |
WD Thunder CV Ultimate GP LLC Passive investor | at least 40.4% (filed with 5 related holders) | 31 March 2025 | |
FMR LLC Passive investor | at least 14.3%+3.2 pts (filed with 1 related holder) | 30 June 2026 | |
T. Rowe Price Associates, Inc. Passive investor | 7.3%+4.0 pts | 30 June 2026 | |
BlackRock, Inc. Passive investor | 6.4%+1.5 pts | 30 June 2026 | |
American Century Investment Management, Inc. Passive investor | at least 6.1%−4.1 pts (filed with 3 related holders) | 31 March 2026 | |
Encompass Capital Advisors LLC Passive investor | at least 3.1%−2.7 pts (filed with 2 related holders) | 31 March 2026 | |
JPMORGAN CHASE & CO Passive investor | Sold down below 5% | 31 March 2026 | |
BlackRock Portfolio Management LLC Passive investor | Sold down below 5% | 31 December 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $362m, $7m of it under preset trading plans.
- Fairbanks Jonathan B.DirectorSold
- Date
- 26 March 2026
- Shares
- 1,170,000
- Price
- $21.18
- Value
- $25m
- Fairbanks Jonathan B.DirectorSold
- Date
- 26 March 2026
- Shares
- 7,800,000
- Price
- $21.18
- Value
- $165m
- Fairbanks Jonathan B.DirectorSold
- Date
- 23 March 2026
- Shares
- 7,800,000
- Price
- $21.18
- Value
- $165m
- Roberts ChadEVP, Production SolutionsSoldunder a preset trading plan
- Date
- 3 February 2026
- Shares
- 54,706
- Price
- $22.39
- Value
- $1m
- Roberts ChadEVP, Production SolutionsSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 8,300
- Price
- $21.45
- Value
- $178,035
- Roberts ChadEVP, Production SolutionsSoldunder a preset trading plan
- Date
- 23 January 2026
- Shares
- 40,884
- Price
- $21.47
- Value
- $877,779
- Roberts ChadEVP, Production SolutionsSoldunder a preset trading plan
- Date
- 8 January 2026
- Shares
- 23,428
- Price
- $19.34
- Value
- $453,098
- Roberts ChadEVP, Production SolutionsSoldunder a preset trading plan
- Date
- 7 January 2026
- Shares
- 72
- Price
- $19.30
- Value
- $1,390
- Roberts ChadEVP, Production SolutionsSoldunder a preset trading plan
- Date
- 5 January 2026
- Shares
- 7,400
- Price
- $19.32
- Value
- $142,968
- Roberts ChadEVP, Production SolutionsSoldunder a preset trading plan
- Date
- 12 December 2025
- Shares
- 9,253
- Price
- $19.30
- Value
- $178,583
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 26 March 2026 | Fairbanks Jonathan B. Director | Sold | 1,170,000 | $21.18 | $25m |
| 26 March 2026 | Fairbanks Jonathan B. Director | Sold | 7,800,000 | $21.18 | $165m |
| 23 March 2026 | Fairbanks Jonathan B. Director | Sold | 7,800,000 | $21.18 | $165m |
| 3 February 2026 | Roberts Chad EVP, Production Solutions | Sold under a preset trading plan | 54,706 | $22.39 | $1m |
| 2 February 2026 | Roberts Chad EVP, Production Solutions | Sold under a preset trading plan | 8,300 | $21.45 | $178,035 |
| 23 January 2026 | Roberts Chad EVP, Production Solutions | Sold under a preset trading plan | 40,884 | $21.47 | $877,779 |
| 8 January 2026 | Roberts Chad EVP, Production Solutions | Sold under a preset trading plan | 23,428 | $19.34 | $453,098 |
| 7 January 2026 | Roberts Chad EVP, Production Solutions | Sold under a preset trading plan | 72 | $19.30 | $1,390 |
| 5 January 2026 | Roberts Chad EVP, Production Solutions | Sold under a preset trading plan | 7,400 | $19.32 | $142,968 |
| 12 December 2025 | Roberts Chad EVP, Production Solutions | Sold under a preset trading plan | 9,253 | $19.30 | $178,583 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Flowco Holdings’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 11 Aug 2026 and 15 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on the evaluation of our disclosure controls and procedures, our CEO and CFO concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weaknesses in our internal control over financial reporting described below.”
From the 10-Q filed 11 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.