Detailed financial statements for Flexible Solutions International, Inc. (FSI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Flexible Solutions International, Inc., headquartered in Taber, Canada, operates as a global enterprise focused on the development, manufacturing, and distribution of specialized chemicals primarily aimed at reducing water evaporation. The company's operations are divided into two main areas: Energy and Water Conservation Products, and Biodegradable Polymers. Within its Biodegradable Polymers division, a significant offering includes thermal polyaspartates (TPAs).
Analysis Summary
Flexible Solutions International, Inc. reported revenue of $38.5M in the most recent fiscal year, growing at a 5-year CAGR of 4.2%. Net income reached $786894, with a -23.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 16.2%, operating margin -5.6%, net margin -8.8%.
At the current price of $5.80, FSI has negative trailing earnings (P/E not meaningful) and an ROE of -8.12%. Market capitalisation stands at $74M.
Balance sheet quality for FSI: current ratio of 3.1, net debt of $2.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$591710 represents -75% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.2M | $15.5M | $17.8M | $27.4M | $31.4M | $34.4M | $45.8M | $38.3M | $38.2M | $38.5M |
| Cost of Revenue | $9.3M | $9.5M | $12.2M | $18.8M | $21.6M | $23.0M | $32.0M | $28.0M | $25.0M | $29.8M |
| Gross Profit | $7.0M | $6.0M | $5.6M | $8.6M | $9.8M | $11.4M | $13.9M | $10.3M | $13.2M | $8.7M |
| Research & Development | $95098 | $98928 | $135930 | $123660 | $81422 | $116411 | $99275 | $158246 | $329952 | $2.5M |
| Selling, General & Admin | $3.8M | $4.3M | $4.0M | $5.0M | $4.9M | $5.1M | $5.6M | $5.6M | $5.8M | $8.3M |
| Operating Expenses | $3.9M | $4.4M | $4.7M | $6.7M | $5.6M | $5.9M | $6.8M | $7.3M | $7.7M | $5.1M |
| Operating Income | $3.1M | $1.5M | $1.3M | $1.9M | $4.1M | $5.5M | $7.1M | $3.0M | $5.5M | $3.6M |
| EBITDA | $3.8M | $2.0M | $3.5M | $3.7M | $6.6M | $8.1M | $9.5M | $5.9M | $7.5M | $5.8M |
| Interest Expense | $41699 | $44125 | $93653 | $428371 | $260657 | $199930 | $292949 | $498666 | $610265 | $613852 |
| Pre-tax Income | $3.1M | $3.4M | $3.1M | $2.3M | $5.2M | $6.7M | $7.9M | $3.6M | $5.0M | $3.3M |
| Income Tax | $1.3M | $1.7M | $633130 | $17436 | $1.6M | $2.4M | $145856 | -$132735 | $851211 | $899583 |
| Net Income | $1.8M | $1.8M | $2.5M | $1.9M | $3.0M | $3.4M | $7.0M | $2.8M | $3.0M | $786894 |
| EPS | $0.16 | $0.15 | $0.21 | $0.16 | $0.24 | $0.28 | $0.57 | $0.22 | $0.24 | $0.06 |
| EPS (Diluted) | $0.15 | $0.15 | $0.21 | $0.16 | $0.24 | $0.28 | $0.56 | $0.22 | $0.24 | $0.06 |
| Shares Outstanding (Diluted) | $11.6M | $11.7M | $11.8M | $12.1M | $12.3M | $12.5M | $12.5M | $12.5M | $12.7M | $13.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $10.6M | $9.1M | $8.3M | $7.6M |
| Gross Profit | $2.5M | $2.7M | $862220 | -$287766 |
| Operating Income | $273961 | $38219 | -$85965 | -$2.2M |
| EBITDA | $826336 | $670632 | $406888 | -$2.2M |
| Net Income | -$503358 | -$460926 | -$241420 | -$1.9M |
| EPS | $-0.04 | $-0.04 | $-0.02 | $-0.15 |
| EPS (Diluted) | $-0.04 | $-0.04 | $-0.02 | $-0.15 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.5M | $6.9M | $7.9M | $3.6M | $3.5M | $5.7M | $6.1M | $5.0M | $7.6M | $6.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | $1.0M | $1.0M | $700000 | $2.7M | $2.4M | $1.4M |
| Receivables | $3.0M | $2.1M | $4.4M | $4.5M | $5.9M | $7.1M | $9.4M | $9.8M | $11.7M | $12.6M |
| Inventory | $3.8M | $4.7M | $8.7M | $9.2M | $8.4M | $9.5M | $14.4M | $11.1M | $10.9M | $10.5M |
| Total Current Assets | $9.5M | $14.0M | $21.2M | $17.5M | $19.0M | $23.8M | $31.0M | $30.2M | $34.6M | $32.9M |
| Property, Plant & Equipment | $3.4M | $1.9M | $2.6M | $4.8M | $5.6M | $5.1M | $9.9M | $13.3M | $17.1M | $19.9M |
| Goodwill | 0 | 0 | $2.5M | $2.5M | $2.5M | $2.5M | $2.5M | $2.5M | $2.5M | $2.5M |
| Intangible Assets | $95890 | $79452 | $3.2M | $3.0M | $2.8M | $2.6M | $2.4M | $2.3M | $2.1M | $2.0M |
| Total Assets | $15.2M | $17.8M | $31.2M | $32.4M | $35.1M | $39.6M | $51.6M | $55.5M | $60.0M | $61.8M |
| Accounts Payable | $902037 | $939116 | $860798 | $636260 | $558105 | $1.3M | $873904 | $2.0M | $2.0M | $2.2M |
| Short-term Debt | $451193 | $451193 | $3.6M | $3.6M | $3.0M | $3.1M | $3.5M | $3.1M | $4.2M | $2.8M |
| Total Current Liabilities | $2.3M | $2.7M | $6.1M | $6.8M | $7.9M | $9.8M | $10.3M | $10.1M | $11.9M | $10.8M |
| Long-term Debt | $352089 | $150896 | $4.6M | $3.7M | $3.0M | $1.6M | $5.4M | $6.8M | $6.6M | $4.0M |
| Total Liabilities | $2.7M | $2.9M | $11.7M | $11.9M | $11.3M | $11.8M | $16.3M | $17.2M | $18.6M | $19.0M |
| Retained Earnings | -$1.3M | $451621 | $2.9M | $2.5M | $5.4M | $8.9M | $15.9M | $18.1M | $19.8M | $19.3M |
| Total Equity | $12.5M | $14.9M | $17.1M | $17.9M | $21.2M | $25.1M | $32.6M | $35.2M | $38.0M | $38.9M |
| Total Debt | $803282 | $602089 | $8.1M | $8.1M | $6.4M | $4.9M | $9.1M | $10.0M | $10.8M | $10.8M |
| Net Debt | -$1.7M | -$6.3M | $291938 | $4.4M | $2.0M | -$1.9M | $2.3M | $2.3M | $780036 | $2.8M |
| Working Capital | $7.2M | $11.3M | $15.1M | $10.7M | $11.1M | $14.0M | $20.7M | $20.2M | $22.7M | $22.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $8.5M | $6.6M | $5.8M | $7.2M |
| Total Assets | $58.4M | $61.8M | $63.9M | $59.0M |
| Total Liabilities | $15.4M | $19.0M | $21.3M | $18.1M |
| Total Equity | $39.0M | $38.9M | $38.8M | $37.0M |
| Total Debt | $7.6M | $10.8M | $13.3M | $10.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.8M | $1.8M | $2.5M | $2.3M | $3.6M | $4.3M | $7.7M | $2.8M | $4.1M | $2.4M |
| Depreciation & Amortization | $540079 | $286616 | $342561 | $917796 | $1.2M | $1.2M | $1.3M | $1.7M | $2.0M | $2.0M |
| Stock-based Compensation | $66318 | $116092 | $111192 | $246444 | $156012 | $210112 | $399148 | $395080 | $673130 | $555267 |
| Change in Working Capital | -$943384 | -$89625 | -$3.5M | -$476069 | $1.2M | -$503324 | -$7.2M | $1.9M | -$1.4M | -$1.5M |
| Operating Cash Flow | $1.8M | $1.0M | -$2.2M | $2.4M | $5.7M | $4.5M | $1.5M | $7.0M | $5.6M | $3.8M |
| Capital Expenditure | -$114270 | -$426480 | -$180830 | -$1.8M | -$1.1M | -$782219 | -$2.0M | -$5.0M | -$5.0M | -$4.4M |
| Acquisitions | 0 | $25000 | -$4.1M | 0 | $13419 | 0 | -$499329 | $205411 | 0 | 0 |
| Stock Repurchased | -$1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -$2.4M | 0 | 0 | 0 | -$626777 | -$1.3M | -$1.3M |
| Free Cash Flow | $1.7M | $615945 | -$2.3M | $538631 | $4.6M | $3.8M | -$504404 | $2.0M | $603610 | -$591710 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.0M | -$3.0M | -$1.8M | $5.3M |
| Capital Expenditure | -$2.0M | -$1.1M | -$2.2M | -$745792 |
| Free Cash Flow | $39440 | -$4.0M | -$4.1M | $4.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $261508 | $109773 | $109773 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -4.6% | +15.1% | +53.9% | +14.5% | +9.6% | +33.2% | -16.4% | -0.2% | +0.7% | |
| Net Income Growth (YoY) | -2.2% | +41.9% | -23.2% | +55.7% | +15.9% | +103.6% | -60.5% | +9.5% | -74.1% | |
| EPS Growth (YoY) | -6.3% | +40.0% | -23.8% | +50.0% | +16.7% | +103.6% | -61.4% | +9.1% | -74.1% | |
| Shares Change (YoY) | +0.8% | +0.8% | +2.3% | +1.8% | +1.6% | -0.3% | +0.2% | +1.5% | +7.2% | |
| FCF Growth (YoY) | -62.9% | -480.3% | +123.0% | +760.4% | -19.0% | -113.4% | +496.4% | -69.8% | -198.0% | |
| Gross Margin | 43.0% | 38.6% | 31.6% | 31.4% | 31.1% | 33.1% | 30.3% | 27.0% | 34.6% | 22.6% |
| Operating Margin | 19.0% | 9.8% | 7.3% | 7.0% | 13.1% | 15.9% | 15.4% | 7.8% | 14.4% | 9.3% |
| EBITDA Margin | 23.3% | 13.0% | 19.6% | 13.3% | 21.1% | 23.5% | 20.7% | 15.3% | 19.7% | 15.2% |
| Net Margin | 11.0% | 11.3% | 14.0% | 7.0% | 9.5% | 10.0% | 15.3% | 7.2% | 7.9% | 2.0% |
| FCF Margin | 10.2% | 4.0% | -13.1% | 2.0% | 14.8% | 10.9% | -1.1% | 5.2% | 1.6% | -1.5% |
| Effective Tax Rate | 41.8% | 48.7% | 20.7% | 0.8% | 31.0% | 35.4% | 1.9% | -3.7% | 17.2% | 27.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.14 | $0.05 | $-0.20 | $0.04 | $0.38 | $0.30 | $-0.04 | $0.16 | $0.05 | $-0.04 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.20 | $0.00 | $0.00 | $0.00 | $0.05 | $0.10 | $0.09 |
| Shares Outstanding (Basic) | $11.5M | $11.5M | $11.6M | $11.9M | $12.2M | $12.3M | $12.4M | $12.4M | $12.5M | $12.6M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Profitability
| Return on Equity | -8.12% |
| Return on Invested Capital | -3.89% |
| Return on Assets | -5.29% |
| Gross Margin | 16.24% |
| Operating Margin | -5.61% |
| Net Margin | -8.76% |
Financial Health
| Debt / Equity | 0.27 |
| Current Ratio | 2.82 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 8.31 | 12.13 | 6.43 | 16.06 | 10.38 | 13.89 | 5.44 | 8.68 | 15.04 | 108.20 |
| P/B | 1.22 | 1.40 | 0.92 | 1.71 | 1.44 | 1.91 | 1.18 | 0.67 | 1.18 | 2.19 |
| P/S | 0.94 | 1.35 | 0.88 | 1.12 | 0.97 | 1.39 | 0.84 | 0.62 | 1.18 | 2.21 |
| Gross Margin | 43.0% | 38.6% | 31.6% | 31.4% | 31.1% | 33.1% | 30.3% | 27.0% | 34.6% | 22.6% |
| Operating Margin | 19.0% | 9.8% | 7.3% | 7.0% | 13.1% | 15.9% | 15.4% | 7.8% | 14.4% | 9.3% |
| Net Margin | 11.0% | 11.3% | 14.0% | 7.0% | 9.5% | 10.0% | 15.3% | 7.2% | 7.9% | 2.0% |
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Explore sector: Basic Materials · Chemicals - Specialty
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