Forensic Analysis · Materials / Mining & Chemicals · as of Aug 11, 2026
Flotek Industries Inc/Cn/ (FTK)
A forensic read on Flotek Industries Inc/Cn/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
10.5
Distress distance
Clean
Earnings quality
6
Forensic signals
44.4
P / E (ttm)
27.0%
ROE
$1.4B
Market cap
26.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Flotek Industries Inc/Cn/ earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 10.5, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-0.01×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, operating cash flow was -0.01× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+29.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +29.5% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 18% of net operating assets.
1.0% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.0% of revenue in FY2025 — about $0.06 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 11.1% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2017→FY2019
Shareholder returns — halted.Capital returns have STOPPED — $5M of buybacks + dividends in FY2017, but ~$0 in FY2019. A halt usually means the company is conserving cash.
n/m (stock split)
FY2022–FY2025
Key fundamentals
Latest Revenue$237.3M
Revenue Growth YoY+26.9%
Revenue CAGR (3yr)+20.4%
Net Margin12.9%
Return on Equity27.0%
Debt / Equity0.35x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Flotek Industries Inc/Cn/'s actual 10-K/10-Q/8-K filings?
Diluted share count changed +191% over the last 3 years to FY2025, but that includes a large one-time change around FY2023 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +42.8%/yr figure isn't a real buyback/dilution read here.
$20M
FY2020–FY2021
Goodwill impairments.Took $20M of goodwill writedowns across 2 years (FY2020 ($12M), FY2021 ($8M)). Writedowns mean past acquisitions underperformed what was paid for them.