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FSI, Flexible Solutions International Inc.

Chemicals capital-intensive

A chemicals business, converting feedstocks into products at a spread the cycle moves.

Latest annual: FY2025 10-K

FSI · Flexible Solutions International Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$39M

+0.7% YoY · 4% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $39M 5-yr avg $39M

Gross margin 32% 5-yr avg 32%

Operating margin 11.7% 5-yr avg 13.4%

Owner-earnings margin 1% 5-yr avg 7%

Free cash flow margin −10% 5-yr avg 3%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 32% and operating margin about 12% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from 7.0% to 19% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Inventory runs near 28% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the spread and utilization. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 12%). By owner earnings: roughly 8% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$16M	$15M	$18M	$27M	$31M	$34M	$46M	$38M	$38M	$39M	$39M	RevenueRevenue
43%	39%	32%	31%	31%	33%	30%	27%	35%	33%	32%	Gross marginGross mgn
—	—	—	—	—	—	—	—	7%	9%	9%	SG&A / revenueSG&A/rev
1%	1%	1%	0%	0%	0%	0%	0%	1%	2%	2%	R&D / revenueR&D/rev
$3M	$2M	$1M	$2M	$4M	$5M	$7M	$4M	$6M	$5M	$5M	Operating incomeOp. inc.
19.0%	9.8%	7.3%	7.0%	13.1%	15.9%	15.4%	9.1%	14.4%	11.9%	11.7%	Operating marginOp. mgn
$2M	$2M	$2M	$2M	$3M	$3M	$7M	$3M	$3M	$787K	$823K	Net incomeNet inc.
35%	28%	18%	1%	35%	41%	2%	-5%	22%	53%	52%	Effective tax rateTax rate
											Cash flow & returns
$2M	$1M	($2M)	$2M	$6M	$5M	$1M	$6M	$6M	$4M	$3M	Operating cash flowOp. cash
$524K	$270K	$343K	$620K	$852K	$966K	$1M	$2M	$2M	$2M	$2M	DepreciationDeprec.
($609K)	($1M)	($5M)	($409K)	$2M	($89K)	($7M)	$1M	($101K)	$474K	($892K)	Working capital & otherWC & other
$114K	$426K	$181K	$2M	$1M	$782K	$2M	$5M	$5M	$4M	$6M	CapexCapex
0.7%	2.8%	1.0%	6.7%	3.4%	2.3%	4.3%	13.0%	13.0%	11.4%	15.9%	Capex / revenueCapex/rev
$2M	$772K	($2M)	$2M	$5M	$4M	$199K	$4M	$4M	$2M	$498K	Owner earningsOwner earn.
10.2%	5.0%	−13.5%	6.4%	15.5%	10.9%	0.4%	11.6%	9.4%	4.7%	1.3%	Owner earnings marginOE mgn
$2M	$616K	($2M)	$539K	$5M	$4M	($504K)	$1M	$604K	($592K)	($4M)	Free cash flowFCF
10.2%	4.0%	−13.5%	2.0%	14.7%	10.9%	−1.1%	2.9%	1.6%	−1.5%	−9.5%	Free cash flow marginFCF mgn
—	—	$4M	—	$0	—	$499K	—	—	—	$499K	AcquisitionsAcquis.
—	—	—	$2M	—	—	—	$627K	$1M	$1M	$1M	Dividends paidDiv. paid
19%	13%	8%	10%	12%	15%	18%	9%	11%	5%	—	ROICROIC
14%	12%	15%	11%	14%	14%	22%	8%	8%	2%	2%	Return on equityROE
—	—	—	−3%	—	—	—	6%	5%	−1%	−1%	Retained to equityRetained/eq
											Balance sheet
$2M	$7M	$8M	$4M	$4M	$7M	$700K	$8M	$10M	—	$10M	Cash & investmentsCash+inv
$3M	$2M	$4M	$4M	$6M	$7M	$9M	$10M	$12M	$13M	$13M	ReceivablesReceiv.
$4M	$5M	$9M	$9M	$8M	$10M	$14M	$11M	$11M	$11M	$13M	InventoryInvent.
$902K	$939K	$861K	$636K	$558K	$1M	$874K	$2M	$2M	$2M	$3M	Accounts payablePayables
$6M	$6M	$12M	$13M	$14M	$15M	$23M	$19M	$21M	$21M	$23M	Operating working capitalOper. WC
$9M	$14M	$21M	$18M	$19M	$24M	$31M	$30M	$35M	$33M	$34M	Current assetsCur. assets
$2M	$3M	$6M	$7M	$8M	$10M	$10M	$10M	$12M	$11M	$13M	Current liabilitiesCur. liab.
4.1×	5.2×	3.5×	2.6×	2.4×	2.4×	3.0×	3.0×	2.9×	3.1×	2.6×	Current ratioCurr. ratio
—	—	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	$3M	GoodwillGoodwill
$15M	$18M	$31M	$32M	$35M	$40M	$52M	$55M	$60M	$62M	$64M	Total assetsAssets
$553K	$352K	$4M	$4M	$4M	$2M	$6M	$7M	$9M	$4M	$4M	Total debtDebt
($2M)	($7M)	($4M)	$746K	($625K)	($4M)	$5M	($815K)	($1M)	$4M	($6M)	Net debt / (cash)Net debt
74.0×	34.3×	14.0×	4.5×	15.8×	27.4×	24.1×	7.0×	—	—	8.5×	Interest coverageInt. cov.
$12M	$15M	$17M	$18M	$21M	$25M	$33M	$35M	$38M	$39M	$39M	Shareholders’ equityEquity
0.4%	0.7%	0.6%	0.9%	0.5%	0.6%	0.9%	1.0%	1.8%	1.4%	1.4%	Stock comp / revenueSBC/rev
											Per share
11.6M	11.7M	11.8M	12.1M	12.3M	12.5M	12.5M	12.5M	12.7M	13.6M	12.7M	Shares out (diluted)Shares
$1.40	$1.32	$1.51	$2.27	$2.55	$2.75	$3.68	$3.07	$3.02	$2.83	$3.09	Revenue / shareRev/sh
$0.15	$0.15	$0.21	$0.16	$0.24	$0.28	$0.56	$0.22	$0.24	$0.06	$0.06	EPS (diluted)EPS
$0.14	$0.07	$-0.20	$0.14	$0.39	$0.30	$0.02	$0.35	$0.28	$0.13	$0.04	Owner earnings / shareOE/sh
$0.14	$0.05	$-0.20	$0.04	$0.38	$0.30	$-0.04	$0.09	$0.05	$-0.04	$-0.29	Free cash flow / shareFCF/sh
—	—	—	$0.20	—	—	—	$0.05	$0.10	$0.09	$0.10	Dividends / shareDiv/sh
$0.01	$0.04	$0.02	$0.15	$0.09	$0.06	$0.16	$0.40	$0.39	$0.32	$0.49	Cap. spending / shareCapex/sh
$1.07	$1.27	$1.44	$1.48	$1.72	$2.01	$2.62	$2.82	$3.00	$2.86	$3.05	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+8.2%/yr	+2.1%/yr
Owner earnings / share	−0.7%/yr	−19.5%/yr
EPS	−10.3%/yr	−24.9%/yr
Dividends / share	−11.7%/yr (6-yr)	+36.7%/yr (2-yr)
Capital spending / share	+47.4%/yr	+29.6%/yr
Book value / share	+11.5%/yr	+10.7%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

14Mpeak FY2025

ROIC

5%low FY2025

Gross margin

33%low FY2023

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$2Mowner earningsvs.$787Knet incomelow FY2018

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business earned $2M of owner earnings, the operating cash left after the $2M it takes just to hold its position. It put $2M more into growth; free cash flow, after that spending, was ($592K).

Reported net income$787K

Owner earnings$2M · 5% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$787K	$3M	$3M	$7M	$3M
Depreciation & amortizationnon-cash charge added back	+$2M	+$2M	+$2M	+$1M	+$966K
Stock-based compensationreal costnon-cash, but a real cost	+$555K	+$673K	+$395K	+$399K	+$210K
Working capital & othertiming of cash in and out, other non-cash items	+$474K	−$101K	+$1M	−$7M	−$89K
Cash from operations	$4M	$6M	$6M	$1M	$5M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$2M	−$2M	−$2M	−$1M	−$782K
Owner earnings	$2M	$4M	$4M	$199K	$4M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$2M	−$3M	−$3M	−$704K	—
Free cash flow	($592K)	$604K	$1M	($504K)	$4M
Owner-earnings marginowner earnings ÷ revenue	5%	9%	12%	0%	11%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $2M, roughly its depreciation, the rate its assets wear out). The other $2M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows. The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $555K), owner earnings is nearer $1M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 9.2×

Comfortable

Operating income $5M ÷ interest expense $499K

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$6M

Net cash

Cash $8M + ST investments $2M − debt $4M

What this means
Cash and short-term investments exceed every dollar of debt by $6M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 237d

Long (60+ days)

DSO 120 + DIO 148 − DPO 31 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 11%

Solid through the cycle

10-yr median, range 5%–19%; the latest year is left out — large non-operating charges put its operating line well above pretax profit

Industry peers: median -4%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years, so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 6%

Solid through the cycle

10-yr median margin, range -14%–15%; latest $2M = operating cash $4M − maintenance capex $2M

Industry peers: median -3%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 5% of revenue this year, a 6% median across 10 years. It chose to put $2M more into growth, so free cash flow this year was ($592K) — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $555K of SBC) leaves $1M.
Are earnings backed by cash? 4.81×

Cash-backed

Cash from ops $4M ÷ net income $787K

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 157%

Returned more than it generated

Dividends + buybacks $3M ÷ Owner Earnings $2M

What this means
The company returned more than it generated: against $2M of Owner Earnings, $3M (157%) went back to shareholders, $1M dividends, $2M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $555K stock comp, the real buyback was about $1M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 2.23×

Expanding

Capex $4M ÷ depreciation $2M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $39M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 3.06×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $4M vs $22M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 4 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Near

Earnings +33% over the record · +9%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.17/share (latest year $0.06), the averaged base the calculator's gate runs on, and book value is $3.05/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 2 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 12% → 12% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 12% early, 12% lately, median 12%.
Reinvestment, incremental ROIC 7%

What this means
Reinvested capital came back at only a modest incremental return — near the cost of capital, where extra growth adds little per dollar. The record shows whether it is a soft stretch or a thinning moat.
Owner earnings growth +9%/yr

What this means
Owner earnings grew about 9% a year over the record.
Worst year 2019 · 7.0% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +1.7%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record paid

What this means
Paid a dividend in 4 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$34M

Cash & short-term investments$10M
Receivables$13M
Inventory$13M

Current liabilities$13M

Debt due within a year$414K
Accounts payable$3M
Other current liabilities$10M

Current ratio2.56×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.62×stricter: inventory excluded

Cash ratio0.75×strictest: cash alone against what's due

Working capital$21Mthe cushion left after near-term bills

Debt due this year vs. cash$414K due · $10M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+11.0%the freshest read on whether the business is still growing

Current ratio, recent quarters2.6× → 2.6×

Deeper floors

Tangible book value$34Mequity stripped of goodwill & intangibles

Net current asset value$13MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$9M$4M of it operating leases

Deferred revenue$133Kcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $30M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$21M · 69%
Dividends$6M · 18%
Buybacks$2M · 5%
Retained (debt / cash)$2M · 8%

Returned to owners$7M
35% of the owner earnings the business produced over the span, $6M as dividends and $2M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $4M and cash and short-term investments rose $8M.
Average price paid for buybacks—
Buybacks ran $2M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count9.5%
The diluted count rose from 12M to 13M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.09/sh
Paid in 4 of the years on record, the per-share dividend shrinking about 22% a year. It was cut at least once along the way.
Return on what it retained16%
Of the earnings it kept rather than paid out ($21M over the span), annual owner earnings (first three years vs last three) grew $3M, so each retained $1 added about 0.16 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2023	Daniel O’Brien	$125k	—	$4M
2023	Daniel O’Brien	$125k	$125k	$4M
2024	Daniel O’Brien	$916k	—	$4M
2024	Daniel O’Brien	$916k	$1.4M	$4M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Stock-based compensation$555K
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 12% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Flexible Solutions International Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

2 of the 5 tests turned up something to look into; the other 3 came back clean.

Look hereDid the share count rise anyway?9.5%
Diluted shares grew 9.5% over 2016–2025, even as the company spent $2M on buybacks. The repurchases were outrun by issuance — to staff, in a raise, or in a deal — and the filing says which; owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid receivables and inventory outpace sales?42% → 66% of sales
Receivables and inventory grew from $7M to $26M while revenue grew 142%: working capital is climbing faster than sales (42% of revenue then, 66% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Is it less profitable than it was?
Did debt outgrow the business?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Inventory, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Chemicals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
OECOrion S.A.	$1.8B	25%	10.0%	10%	3%
LXULSB Industries Inc.	$615M	5%	-2.7%	-1%	-3%
UANCVR Partners LP Common	$606M	19%	12.0%	—	11%
LXFRLuxfer Holdings PLC	$385M	24%	7.8%	10%	5%
GPREGreen Plains Inc.	$189M	—	-32.4%	-7%	-31%
GEVOGevo Inc.	$161M	-37%	-291.7%	-22%	-267%
FSIFlexible Solutions International Inc.	$39M	32%	12.5%	12%	8%
ASPIASP Isotopes Inc.	$24M	32%	-636.0%	-81%	-414%
Group median	—	24%	2.5%	-1%	-0%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Flexible Solutions International Inc. has delivered.

Flexible Solutions International Inc.’s latest year shows negative owner earnings, the mark of a build-out: total capital spending outruns the cash the business throws off today. So the tool opens on the steady-state base (maintenance capex in place of the build-out spend), the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Flexible Solutions International Inc. earns about $3M on its 7.9% median owner-earnings margin. This year’s 4.7% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($3M) Net of stock comp (−$567K) Steady-state · maintenance capex ($543K)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+8%/yr

Owner-earnings growth · ’16→’25+9%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow ($4M) on 13M shares outstanding, per the 10-Q cover, as of 2026-05-15; net cash $6M. The base opens on the steady-state figure (the latest year is negative on total capex mid-build-out); clear Steady-state to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($6M) runs well above depreciation ($2M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $543K, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh FSI against another business →

Cite: Owner Scorecard, "Flexible Solutions International Inc. (FSI), the owner's record," https://ownerscorecard.com/c/FSI, data as of 2026-07-09.

Manual order: ← FSBW its page in the Manual FSLR →

Industry order: ← FMC the Chemicals chapter FTK →