Flowco Holdings Inc.
FLOCdata completeness 100%3 fiscal years on fileData notes: no data for concept 'interestExpense'
Flowco Holdings Inc. earns about 15% on invested capital, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $6.64 and $15.22 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $74.5M1 | $258.6M1 | $341.8M1 |
| Net income | $58.1M2 | $80.2M2 | $41.4M3 |
| Operating cash flow | $81.9M4 | $179.4M4 | $294.4M4 |
| Capital expenditure | $43.5M5 | $90.5M5 | $127.3M5 |
| Free cash flow (derived) | $38.3M4 | $88.9M4 | $167.1M4 |
| Total debt | — | $1.27B6 | $335.6M6 |
| Cash & equivalents | $07 | $4.62M8 | $4.52M8 |
| Diluted shares | — | — | 90.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $25.21 of net worth that earned you $4.57 and generated $18.43 of cash last year, against $37.02 of debt.
It earned about 15% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has fallen 74% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $6.64 and $15.22 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$88.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$88.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$58.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $10.35 |
| Base | 5.0% | $13.75 |
| Bull | 10.0% | $17.8 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2023-12-31 · accession 0001193125-26-077219 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-077219 (ProfitLoss)
- 10-K · period ending 2025-12-31 · accession 0001193125-26-077219 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-077219 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-077219 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-077219 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-077219 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2024-12-31 · accession 0001193125-26-077219 (CashAndCashEquivalentsAtCarryingValue)