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Flotek
(NYSE:FTK)
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Rating:71Outperform
Price Target:
$31.00
▲(19.97% Upside)
Action:Reiterated
Date:08/05/26
FTK scores as moderately attractive, led by a very strong earnings-call outlook (upgraded 2026 guidance, record growth, and a ~$500M contracted backlog) and supportive technical momentum (price above key moving averages with positive MACD). The overall score is held back by weaker financial quality signals—specifically negative TTM operating/free cash flow despite strong profitability—and a less forgiving valuation (P/E ~28) that raises execution risk if cash conversion and contract timing remain volatile.
Positive Factors
High-growth Data Analytics
A sustained pivot into data‑driven services materially improves revenue quality: the analytics business is high‑margin, subscription-like, and rapidly scaling to a meaningful share of gross profit. That structural mix shift reduces cyclicality versus pure chemistry sales and supports durable margin expansion and recurring revenue visibility.
Negative Factors
Weak cash conversion
Negative trailing‑12‑month operating and free cash flows despite reported net income indicate working‑capital swings and cash‑timing risk. Persistent weak cash conversion constrains reinvestment, raises financing sensitivity during project buildouts, and elevates execution risk if large contract receipts are delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
High-growth Data Analytics
A sustained pivot into data‑driven services materially improves revenue quality: the analytics business is high‑margin, subscription-like, and rapidly scaling to a meaningful share of gross profit. That structural mix shift reduces cyclicality versus pure chemistry sales and supports durable margin expansion and recurring revenue visibility.
Read all positive factors
Flotek Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down sales by business line, showing which products or services drive growth and how concentrated the company’s revenue is. For Flotek, segment-level revenue can reveal dependence on oilfield chemistry or service lines that move with drilling activity, helping you judge where growth or vulnerability is coming from.
Breaks down sales by business line, showing which products or services drive growth and how concentrated the company’s revenue is. For Flotek, segment-level revenue can reveal dependence on oilfield chemistry or service lines that move with drilling activity, helping you judge where growth or vulnerability is coming from.
Data provided by:
The Fly
The FlyFlotek (FTK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$851.62M
Dividend YieldN/A
Average Volume (3M)292.43K
Price to Earnings (P/E)28.2
Beta (1Y)1.43
Revenue Growth24.72%
EPS Growth72.35%
CountryUS
Employees160
SectorEnergy
Sector Strength52
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)1.06
Shares Outstanding36,177,483
10 Day Avg. Volume352,746
30 Day Avg. Volume292,426
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)5.17
Price to Sales (P/S)2.46
P/FCF Ratio111.91
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$38.50Price Target Upside48.99% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.7
Revenue Forecast (FY)$310.48M
Flotek Business Overview & Revenue Model
Company Description
Flotek Industries, Inc., founded in 1985 and headquartered in Houston, Texas, operates as an innovation-driven enterprise specializing in chemical and data solutions. Its global reach extends across industrial, commercial, and consumer sectors, wi...
How the Company Makes Money
Flotek makes money primarily by selling oilfield chemistry products and related services to customers in the oil and gas sector. Revenue is generated through the commercial supply of specialty chemical formulations (e.g., production and well-perfo...
Flotek Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call presented a predominately positive transformation story: sharply higher revenue (+70% YoY), strong margin and profitability expansion (gross profit +65%, adjusted EBITDA +109%), rapid, high-margin growth in the data analytics segment (223% YoY) and a materially larger contracted backlog (~$500M) highlighted by a major 10-year Puerto Rico award. Management also communicated improved operational leverage (G&A as % of revenue down to <8%), reduced ABL borrowings to zero, and upgraded full-year guidance. Offsetting these positives are the transactional and lumpy nature of chemistry revenues (creating quarter-to-quarter volatility), modest gross-margin compression, working-capital and supply-chain timing strain from pulled-forward international work, and near-term uncertainty about the timing/financial recognition of the Puerto Rico contract and the Montana Phase 2 extension. On balance, the highlights considerably outweigh the lowlights given the scale of growth, backlog expansion, and progress toward recurring, high-margin DaaS revenue.Positive Updates
Strong Quarterly Revenue Growth
Total company revenue approached $100 million in Q2 2026, up 70% year-over-year and described as the strongest quarterly performance in the last 10 years.
Negative Updates
Second-Half Revenue Normalization and Transactionality
Management moderated back-half domestic external chemistry expectations due to transactional, lumpy nature of chemistry deals and acknowledged some customers pulled work into June, leading to a normalization assumption for H2. Guidance assumes no revenue from the Montana Phase 2 extension in Q4 (extension not yet secured).
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly Revenue Growth
Total company revenue approached $100 million in Q2 2026, up 70% year-over-year and described as the strongest quarterly performance in the last 10 years.
Read all positive updates
Company Guidance
Flotek updated 2026 guidance calls for total revenue of $340–$350 million and adjusted EBITDA of $47–$51 million (midpoints imply ~45% revenue and ~49% EBITDA growth vs. 2025); management noted the adjusted EBITDA guidance does not add back ~ $9 million of non‑cash amortization of contract assets. The outlook is supported by a record Q2 (total revenue ~ $100M, +70% YoY; adjusted EBITDA $16.8M, +109% YoY; gross profit +65% YoY and gross margin ~24%), strong segment momentum (data analytics revenue +223% YoY and representing 19% of company revenue in Q2 and 51% of gross profit vs. 26% a year ago; chemistry revenue +53% YoY with international chemistry $10.6M, +172% YoY), a contracted backlog now exceeding $500M (including the PREPA Puerto Rico award contributing ~ $400M backlog) and plans to support >5 GW of power by Q1 2027; first‑half results showed revenue +49% and adjusted EBITDA +81% YoY, ABL borrowings were reduced to zero and net‑debt leverage (using the midpoint) is under 1x.Flotek Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 292.97M | 237.26M | 187.03M | 188.06M | 136.09M | 43.27M |
| Gross Profit | 71.67M | 59.83M | 39.39M | 24.26M | -6.70M | 3.26M |
| EBITDA | 42.36M | 25.43M | 13.13M | 28.45M | -34.54M | -29.48M |
| Net Income | 38.00M | 30.53M | 10.50M | 24.71M | -42.30M | -30.53M |
Balance Sheet | ||||||
| Total Assets | 268.04M | 220.05M | 170.80M | 157.51M | 164.81M | 50.24M |
| Cash, Cash Equivalents and Short-Term Investments | 4.40M | 5.73M | 4.40M | 5.85M | 12.29M | 11.53M |
| Total Debt | 56.20M | 50.15M | 12.85M | 17.88M | 119.58M | 13.26M |
| Total Liabilities | 138.82M | 106.99M | 56.90M | 55.55M | 162.21M | 30.05M |
| Stockholders Equity | 129.21M | 113.06M | 113.90M | 101.96M | 2.60M | 20.19M |
Cash Flow | ||||||
| Free Cash Flow | -5.09M | 5.22M | 1.42M | -12.38M | -45.05M | -25.88M |
| Operating Cash Flow | -2.18M | 7.20M | 3.36M | -11.30M | -44.63M | -25.84M |
| Investing Cash Flow | -2.92M | -1.98M | -1.82M | -1.01M | 5.33M | 112.00K |
| Financing Cash Flow | 4.32M | -3.74M | -3.12M | 5.93M | 38.27M | -372.00K |
Flotek Technical Analysis
Positive
25.84
Price Trends
24.69
Positive
20.93
Positive
18.75
Positive
Market Momentum
2.45
Negative
72.78
Negative
90.55
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTK, the sentiment is Positive. The current price of 25.84 is below the 20-day moving average (MA) of 27.07, above the 50-day MA of 24.69, and above the 200-day MA of 18.75, indicating a bullish trend. The MACD of 2.45 indicates Negative momentum. The RSI at 72.78 is Negative, neither overbought nor oversold. The STOCH value of 90.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FTK.
Flotek Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $851.62M | 28.23 | 28.83% | ― | 24.72% | 72.35% | |
68 Neutral | $708.44M | -445.46 | -0.55% | ― | 3.93% | 99.16% | |
67 Neutral | $462.93M | 20.94 | 7.99% | 1.29% | 11.28% | 27.38% | |
66 Neutral | $375.60M | 26.09 | 4.87% | 1.53% | 6.08% | -38.85% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | $488.17M | -4.33 | -17.80% | ― | -2.80% | -1752.76% | |
46 Neutral | $94.56M | -3.22 | -24.22% | ― | -13.43% | -78.10% |
* Energy Sector Average
FTK
Flotek
35.42
21.56
155.56%
FET
Forum Energy Tech
74.23
52.34
239.10%
NGS
Natural Gas Services Group
37.01
11.91
47.46%
OIS
Oil States International
8.14
3.15
63.13%
GEOS
Geospace Technologies
5.85
-8.52
-59.29%
RNGR
Ranger Energy Services
16.10
3.70
29.82%
Flotek Corporate Events
Business Operations and StrategyFinancial Disclosures
Flotek boosts 2026 outlook after strong Q2 performance
Positive
Aug 4, 2026
On August 4, 2026, Flotek reported second‑quarter 2026 results showing a sharp acceleration in growth, with total revenue rising 70% year‑on‑year to $99.4 million and net income surging 463% to $9.9 million. Adjusted EBITDA more ...
Business Operations and StrategyFinancial Disclosures
Flotek Secures 10-Year Puerto Rico Power Contract
Positive
Aug 3, 2026
On August 3, 2026, Flotek announced a 10-year agreement to support natural gas-fired grid enhancement initiatives for the Puerto Rico Electric Power Authority, as part of a 400 MW emergency temporary power generation project designed to alleviate ...
Business Operations and StrategyPrivate Placements and Financing
Flotek Extends Revolving Loan Maturity, Enhancing Flexibility
Positive
Jul 17, 2026
On August 14, 2023, Flotek Industries, Inc. and its subsidiaries entered into a Revolving Loan and Security Agreement with Amerisource Funding, Inc., which was amended on October 5, 2023 and August 5, 2024. Effective July 15, 2026, a Third Amendme...
Executive/Board ChangesShareholder Meetings
Flotek Shareholders Reelect Board and Approve Executive Pay
Positive
May 15, 2026
On May 15, 2026, Flotek Industries, Inc. held its annual meeting of shareholders, where investors elected all seven director nominees to the board and approved, on an advisory basis, the compensation of the company’s named executive officers...
Business Operations and StrategyFinancial DisclosuresProduct-Related Announcements
Flotek Q1 2026 Results Highlight Data Analytics Surge
Positive
May 5, 2026
Flotek Industries reported first quarter 2026 results on May 5, 2026, highlighting a 27% year-over-year increase in revenue to $70.1 million and a 25% rise in gross profit, while net income declined 13% and diluted EPS fell to $0.12. Growth was dr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.