Flotek Industries
FTK on NYSE. Flotek sells chemistry and data services to oil and gas producers. Market value $1.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Materials stocks on the list
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 29.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 11 cents a year. Above 10 is good.
Quality score: 72 of 100. Price score: 36 of 100. Our list needs 70 on quality and 60 on price.
$29.97 a share, 127% above its 1-year low
Over the past year the price has ranged from $13.19 to $39.67.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $43m | $136m | $188m | $187m | $237m |
| Operating margin | |||||
| Operating margin | -72.7% | -26.0% | 12.3% | 6.5% | 9.8% |
| Debt to equity | |||||
| Debt to equity | 0.24 | 1.08 | 0.00 | 0.00 | 0.36 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.03bn | 0.03bn | 0.03bn | 0.04bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)No
- Debt0.36× equity
- Revenue growth, five yearsStrong, 34.9% a year
- Buying back its own sharesYes, 53% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $99 million last quarter, up 70% on a year ago.
- Profit: $10 million, up 463% on a year ago.
- It keeps 13 cents of each $1 of sales as operating profit, up from 7 cents a year earlier.
- 6% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $36 million more than cash, up from $35 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $50m |
| December 2024 | $51m |
| March 2025 | $55m |
| June 2025 | $58m |
| September 2025 | $56m |
| December 2025 | $68m |
| March 2026 | $70m |
| June 2026 | $99m |
| Quarter to | Amount |
|---|---|
| September 2024 | $3m |
| December 2024 | $4m |
| March 2025 | $5m |
| June 2025 | $2m |
| September 2025 | $20m |
| December 2025 | $3m |
| March 2026 | $5m |
| June 2026 | $10m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 16 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 113 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $26m | 0.2% | Added |
| First Eagle Investment ManagementMatthew McLennan | $14m | <0.1% | New |
| Polen CapitalDan Davidowitz | $5m | <0.1% | Added |
Largest holders overall
- Driehaus Capital Management$27mAdded
- Royce & Associates$26mAdded
- Masters Capital Management$24mCut
- BlackRock$20mAdded
- Dimensional Fund Advisors LP$17m
- Vanguard Capital Management$15mAdded
- Nuveen$14mAdded
- First Eagle Investment Management$14mNew
- Geode Capital Management$8mAdded
- S Squared Technology$7mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- ProFrac Holding Corp.Insider or founderat least 54.5%−6.6 pts(filed with 3 related holders)Since 11 September 2026
What they said
Item 4 of the Schedule 13D is hereby amended to include the following: On September 11, 2026, a lender under that certain Term Loan Credit Agreement, dated December 27, 2023, by and among Alpine Holding II, LLC ("Alpine Holding"), PF Proppant Holding, LLC, the subsidiary…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
ProFrac Holding Corp. Insider or founder | at least 54.5%−6.6 pts (filed with 3 related holders) | 11 September 2026 | What they saidItem 4 of the Schedule 13D is hereby amended to include the following: On September 11, 2026, a lender under that certain Term Loan Credit Agreement, dated December 27, 2023, by and among Alpine Holding II, LLC ("Alpine Holding"), PF Proppant Holding, LLC, the subsidiary… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $34m of shares on the open market. 2 sold $1m.
- Wilks MatthewDirectorBought
- Date
- 11 September 2026
- Shares
- 1,319,493
- Price
- $26.01
- Value
- $34m
- CLEMENT JAMES BONDChief Financial OfficerSold
- Date
- 18 May 2026
- Shares
- 12,554
- Price
- $20.08
- Value
- $252,084
- Agadi Harshavardhan VDirectorSold
- Date
- 13 November 2025
- Shares
- 66,956
- Price
- $14.71
- Value
- $984,923
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | Wilks Matthew Director | Bought | 1,319,493 | $26.01 | $34m |
| 18 May 2026 | CLEMENT JAMES BOND Chief Financial Officer | Sold | 12,554 | $20.08 | $252,084 |
| 13 November 2025 | Agadi Harshavardhan V Director | Sold | 66,956 | $14.71 | $984,923 |
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.
None of the serious warning signs we check for were found. 1 thing worth knowing.
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 16 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 9 later 8-Ks.
One big customer
Worth knowingOne customer brings in a big share of sales: 62% last year. Losing that customer would hurt.
“The Company derived 62% and 62% of its revenue for the years ended December 31, 2025 and 2024, respectively, from ProFrac Services and ProFrac GDM.”
From the 10-K filed 16 March 2026, Item 1A. Risk Factors. 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
- Profits run ahead of cash.
- It isn't cheap on profits: 29.9× operating profit.
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
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.