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Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $15.0M buybacks = $15.0M returned on $167.1M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 3 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 10%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 3 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $759.7M 100.0% | $535.3M 100.0% | $243.3M 100.0% |
| Cost of Revenue | $346.6M 45.6% | $264.4M 49.4% | $104.8M 43.1% |
| Selling, General & Admin | $118.6M 15.6% | $62.5M 11.7% | $15.2M 6.3% |
| Operating Income | $149.0M 19.6% | $116.7M 21.8% | $78.3M 32.2% |
| Interest Expense | $18.9M 2.5% | $32.3M 6.0% | $19.0M 7.8% |
| Other Income (Expense), net | $740K 0.1% | -$35.3M -6.6% | -$19.9M -8.2% |
| Pretax Income | $130.8M 17.2% | $81.4M 15.2% | $58.5M 24.0% |
| Income Tax Expense | -$842K -0.1% | $1.2M 0.2% | $379K 0.2% |
| Net Income | $41.4M 5.4% | $80.2M 15.0% | $58.1M 23.9% |
| Per Share | |||
| EPS (Basic) | $1.53 | $10.41 | $11.39 |
| EPS (Diluted) | $1.24 | $10.41 | $11.39 |
| Weighted Avg Shares (Basic) | 27.0M | 7.7M | 5.1M |
| Weighted Avg Shares (Diluted) | 90.7M | 7.7M | 5.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $18.48 today, the market must believe free cash flow compounds -1.2%/yr for a decade (off $98.1M on the 3-yr avg basis).
On the basis ($94.1M) the requirement is -0.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's -1.2% is more conservative than its 2-yr track record.
Default is 10.4% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt $163.3M
mean 109.9% · volatility σ 31% · implied rate exceeded in 2/2 yrs
Central path = implied -1.2%/yr growth; shaded band = ±1σ (31%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $4.5M (at 2025-12-31) covers the $0 due within a year 4522000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2026-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~11.3% on $167.8M of debt.
Cash of $4.5M fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 18% against ROIC 10% — 8% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 36.2% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Cost of Revenue | 43.1 | 49.4 | 45.6 |
| SG&A | 6.3 | 11.7 | 15.6 |
| Operating Income | 32.2 | 21.8 | 19.6 |
| Income Tax | 0.2 | 0.2 | -0.1 |
| Net Income | 23.9 | 15.0 | 5.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on FLOC: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CAT | $344.3B | 39.8× | 27.6× | 5.1× | 4.3% | 33.8% | 13.1% | 41.7% | 15.4% | 2.0× | 3,960 |
| FTI | $27.3B | 30.2× | 14.2× | 2.7× | 9.4% | — | 9.7% | 28.7% | 25.4% | -0.3× | 779 |
| DOV | $26.0B | 24.4× | 16.8× | 3.2× | 4.5% | 39.8% | 13.5% | 14.8% | 10.2% | 1.9× | 1,130 |
| CNH | $19.3B | 29.2× | — | 1.1× | -8.8% | 31.5% | 2.8% | 6.6% | 6.6% | — | — |
| NOV | $6.7B | 48.1× | 8.6× | 0.8× | -1.4% | 20.2% | 1.7% | 2.3% | 1.8% | 0.2× | 472 |
| TEX | $6.0B | 15.7× | 12.3× | 1.1× | 5.7% | 19.4% | 4.1% | 10.5% | 4.7% | 2.9× | 460 |
| WFRD | $5.4B | 12.7× | 5.7× | 1.1× | -10.8% | — | 8.8% | 25.4% | 13.7% | 0.5× | 412 |
| WHD | $4.4B | — | 13.5× | 4.0× | -4.5% | 37.0% | 15.4% | 13.5% | 13.5% | -0.4× | 329 |
| DNOW | $2.7B | — | — | 1.0× | 18.8% | 17.0% | -3.2% | -4.0% | -3.4% | — | 298 |
| INVX | $1.9B | 23.2× | 10.1× | 2.0× | 48.0% | 31.0% | 8.5% | 7.9% | 7.9% | 0.0× | 213 |
| FET | $943M | — | 16.3× | 1.2× | -3.1% | 27.7% | -1.2% | -3.3% | -2.3% | 1.6× | 156 |
| PLOW | $920M | 20.3× | 12.0× | 1.4× | 15.4% | 26.6% | 7.1% | 16.7% | 10.9% | 1.7× | 234 |
| ASTE | $915M | 23.7× | 11.5× | 0.7× | 8.1% | 26.5% | 2.8% | 5.7% | 3.8% | 2.5× | 222 |
| AEBI | $859M | 65.2× | 11.6× | 0.6× | 40.6% | 19.9% | 0.6% | 1.2% | 0.7% | 4.2× | — |
| FLOC | $813M | 14.9× | 3.9× | 1.1× | 41.9% | 54.4% | 5.4% | 18.1% | 10.4% | 0.7× | 149 |
| MTW | $806M | 111.8× | 10.6× | 0.4× | 2.9% | 18.1% | 0.3% | 1.0% | 0.6% | 3.5× | 164 |
| HY | $550M | — | 48.2× | 0.1× | -12.5% | 16.8% | -1.6% | -12.7% | -5.1% | — | 150 |
| OIS | $485M | — | — | 0.7× | -3.4% | 19.9% | -16.3% | -19.1% | -17.4% | — | 197 |
| CMCO | $437M | — | — | 0.4× | 23.9% | 30.1% | -19.2% | -15.8% | -6.0% | — | 170 |
| GENC | $263M | 16.7× | 14.4× | 2.3× | 2.0% | 27.5% | 13.6% | 7.4% | 7.4% | -1.6× | 93 |
Peers = companies sharing FLOC's sector (Oil & Gas Field Machinery & Equipment) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns 15.69pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2024 | 17.2% | 10.1% | 7.1pts |
| FY2025 | 33.9% | 9.6% | 24.3pts |
| Now | 10.4% | 10.4% | 0.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2023 | 56.9% | 32.2% | 23.9% |
| FY2024 | 50.6% | 21.8% | 15.0% |
| FY2025 | 54.4% | 19.6% | 5.4% |
Leverage and buybacks account for 8 points of the 18% return on equity in FY2025. The business earns 10% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$305M of goodwill — 54% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
ROIC ex-goodwill is 56.49% against 26.12% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.93x of reported profit into free cash flow over 3 years, with accruals negative.
Only 3 profitable years available, so the average is shorter than the five the threshold assumes.
Covers interest 5.5x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 7.87x |
| 5% | 7.47x |
| 10% | 7.08x |
| 15% | 6.69x |
| 20% | 6.29x |
| 25% | 5.90x |
| 30% | 5.51x |
| 35% | 5.11x |
| 40% | 4.72x |
| 45% | 4.33x |
| 50% | 3.93x |
| 55% | 3.54x |
| 60% | 3.15x |
Ladder as of 2026-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $18.48, free cash flow must compound -0.61%/yr for 10 years. It has done 108.73%/yr over 2 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2024 | 131.8% | −0.6% |
| FY2025 | 88.0% | −0.6% |
The implied rate has been matched or beaten in 2 of the last 2 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $41M | $41M |
| Share-based comp | $11M | $52M |
| Other non-cash & working capital | $242M | $294M |
| Operating cash flow | $294M | $294M |
| Capex | −$127M | $167M |
| Free cash flow | $167M | $167M |
| FCF after SBC | $156M | $156M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2024 | 120.0% | not reported | not reported |
| FY2025 | 41.9% | -16.5% | -58.5 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2023 | not reported | not reported | not reported | not reported |
| FY2024 | 82.1 days | 208.7 days | 43.2 days | 247.5 days |
| FY2025 | 48.3 days | 157.6 days | 24 days | 181.8 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2023 | not reported |
| FY2024 | -6.2 percent |
| FY2025 | -15.4 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.