Flotek Industries, Inc.
FTK Energy Oil & Gas Equipment & Services
Flotek Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $237.3 million, up 26.9% from fiscal 2024. In the quarter to June 2026, revenue grew 70.3%, EPS grew 460.0%, free cash flow fell 31.8% and total debt rose 11.8%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
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Flotek Industries, Inc. (FTK) Beneish M-score
Flotek Industries, Inc.'s Beneish M-score for fiscal 2025 is −1.96; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.96 | 0.16 |
| FY2024 | −2.12 | (0.42) |
| FY2023 | −1.69 | 5.74 |
| FY2021 | −7.43 | (2.90) |
| FY2019 | −4.53 | (0.94) |
| FY2018 | −3.59 | (0.69) |
| FY2017 | −2.90 | (0.64) |
| FY2016 | −2.26 | 0.86 |
| FY2015 | −3.11 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.94 | — | 0.87 | |
| Gross margin index | 0.84 | — | 0.44 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.27 | — | 1.13 | |
| Depreciation index | 1.78 | — | 0.20 | |
| SG&A index | 0.91 | — | −0.16 | |
| Total accruals to total assets | 0.11 | — | 0.50 | |
| Leverage index | 1.56 | — | −0.51 | |
| Beneish M-score | Elevated | −1.96 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ACDC ProFrac Holding Corp. compare | −3.4× |
| PUMP ProPetro Holding Corp. compare | −3.4× |
| FET Forum Energy Technologies, Inc. compare | −2.9× |
| FLOC Flowco Holdings Inc. compare | −2.9× |
| RES RPC, Inc. compare | −2.7× |
| VTOL Bristow Group Inc. compare | −2.6× |
| AESI Atlas Energy Solutions Inc. compare | −2.5× |
| HOS Hornbeck Offshore Services Inc compare | −2.3× |
| FTK Flotek Industries, Inc. | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI