Flexible Solutions International (FSI)


Market Price (11/8/2026): $6.16 | Market Cap: $78.7 MilSector: Materials | Industry: Specialty Chemicals

Flexible Solutions International (FSI)


Market Price (11/8/2026): $6.16
Market Cap: $78.7 Mil
Sector: Materials
Industry: Specialty Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Low stock price volatility
Vol 12M is 44%

Megatrend and thematic drivers
Megatrends include Sustainable Resource Management, and Advanced Materials. Themes include Water Treatment Solutions, Resource Efficiency Solutions, Show more.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -2.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.6%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.7%, Rev Chg QQuarterly Revenue Change % is -33%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.7%

Key risks
FSI key risks include [1] financial vulnerabilities stemming from its small scale and liquidity constraints and [2] significant execution risk in its strategic transformation into a food-grade supplier.

0 Low stock price volatility
Vol 12M is 44%
1 Megatrend and thematic drivers
Megatrends include Sustainable Resource Management, and Advanced Materials. Themes include Water Treatment Solutions, Resource Efficiency Solutions, Show more.
2 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -2.0 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.6%
3 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 31x
4 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.7%, Rev Chg QQuarterly Revenue Change % is -33%
5 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -9.7%
7 Key risks
FSI key risks include [1] financial vulnerabilities stemming from its small scale and liquidity constraints and [2] significant execution risk in its strategic transformation into a food-grade supplier.

FSI in ETFs

Weight = FSI's share of each fund

VTI0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 11/1/2026

Flexible Solutions International (FSI) stock has gained about 20% since 7/31/2026 because of the following key factors:

1. Flexible Solutions International (FSI) experienced a significant boost from its optimistic forward guidance after announcing its fiscal Q2 2026 financial results on August 14, 2026. Despite reporting a loss of $0.15 per share on $7.61 million revenue, missing analyst estimates, the stock price rose 5.56% post-earnings, driven by management's positive outlook. CEO Dan O'Brien indicated confidence in recovering business from the exited Florida LLC and noted that some Q2 orders were delayed into fiscal Q3.

2. The company's stock gain was further fueled by strong fiscal Q3 2026 revenue, announced on October 19, 2026. FSI reported a 36% year-over-year increase in top-line revenue, reaching $14.35 million for fiscal Q3 2026, compared to $10.56 million in fiscal Q3 2025. This positive revenue update led to a 4.30% increase in FSI's stock on the day of the announcement.

Show more
Updated on 11/1/2026

Flexible Solutions International (FSI) stock has gained about 20% since 7/31/2026 because of the following key factors:

1. Flexible Solutions International (FSI) experienced a significant boost from its optimistic forward guidance after announcing its fiscal Q2 2026 financial results on August 14, 2026. Despite reporting a loss of $0.15 per share on $7.61 million revenue, missing analyst estimates, the stock price rose 5.56% post-earnings, driven by management's positive outlook. CEO Dan O'Brien indicated confidence in recovering business from the exited Florida LLC and noted that some Q2 orders were delayed into fiscal Q3.

2. The company's stock gain was further fueled by strong fiscal Q3 2026 revenue, announced on October 19, 2026. FSI reported a 36% year-over-year increase in top-line revenue, reaching $14.35 million for fiscal Q3 2026, compared to $10.56 million in fiscal Q3 2025. This positive revenue update led to a 4.30% increase in FSI's stock on the day of the announcement.

3. Operational successes significantly contributed to the strong fiscal Q3 2026 performance. CEO Dan O'Brien specifically attributed the excellent quarter to "full operations at the Panama factory, a very strong quarter at our ENP division and continued progress in food grade production." These company-specific operational improvements drove the substantial revenue growth.

4. Sustained positive analyst sentiment provided underlying support for the stock's trend. As of October 31, 2026, analysts maintained a "Strong Buy" rating for FSI, with an average 12-month price target of $8.50. This target represented an approximate 37.99% upside potential from its trading price, indicating continued investor confidence in the company's future performance.

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Stock Movement Drivers

Fundamental Drivers

The 22.0% change in FSI stock from 7/31/2026 to 11/7/2026 was primarily driven by a 35.0% change in the company's P/S Multiple.
(LTM values as of)731202611072026Change
Stock Price ($)5.046.1522.0%
Change Contribution By: 
Total Revenues ($ Mil)3936-9.6%
P/S Multiple1.62.235.0%
Shares Outstanding (Mil)1313-0.1%
Cumulative Contribution22.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/7/2026
ReturnCorrelation
FSI22.0% 
Market (SPY)-1.6%23.7%
Sector (XLB)3.0%8.8%

Fundamental Drivers

The -0.8% change in FSI stock from 4/30/2026 to 11/7/2026 was primarily driven by a -7.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611072026Change
Stock Price ($)6.206.15-0.8%
Change Contribution By: 
Total Revenues ($ Mil)3936-7.6%
P/S Multiple2.02.27.8%
Shares Outstanding (Mil)1313-0.4%
Cumulative Contribution-0.8%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/7/2026
ReturnCorrelation
FSI-0.8% 
Market (SPY)2.6%15.4%
Sector (XLB)1.3%3.3%

Fundamental Drivers

The -32.1% change in FSI stock from 10/31/2025 to 11/7/2026 was primarily driven by a -28.3% change in the company's P/S Multiple.
(LTM values as of)1031202511072026Change
Stock Price ($)9.066.15-32.1%
Change Contribution By: 
Total Revenues ($ Mil)3736-4.7%
P/S Multiple3.12.2-28.3%
Shares Outstanding (Mil)1313-0.8%
Cumulative Contribution-32.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/7/2026
ReturnCorrelation
FSI-32.1% 
Market (SPY)8.7%21.3%
Sector (XLB)22.9%15.7%

Fundamental Drivers

The 231.4% change in FSI stock from 10/31/2023 to 11/7/2026 was primarily driven by a 320.6% change in the company's P/S Multiple.
(LTM values as of)1031202311072026Change
Stock Price ($)1.866.15231.4%
Change Contribution By: 
Total Revenues ($ Mil)4436-19.3%
P/S Multiple0.52.2320.6%
Shares Outstanding (Mil)1213-2.4%
Cumulative Contribution231.4%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/7/2026
ReturnCorrelation
FSI231.4% 
Market (SPY)81.9%20.1%
Sector (XLB)44.0%20.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FSI Return56%-20%-37%98%91%-9%169%
Peers Return6%10%-29%-44%-21%-15%-69%
S&P 500 Return27%-19%24%23%16%12%105%

Monthly Win Rates [3]
FSI Win Rate67%33%33%67%42%64% 
Peers Win Rate46%42%50%33%38%45% 
S&P 500 Win Rate75%42%67%75%67%45% 

Max Drawdowns [4]
FSI Max Drawdown-33%-65%-58%-22%-51%-34% 
Peers Max Drawdown-28%-27%-54%-48%-40%-58% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: SCL, AVD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)

How Low Can It Go

EventFSIS&P 500
2025 US Tariff Shock
  % Loss-47.9%-18.8%
  % Gain to Breakeven92.0%23.1%
  Time to Breakeven126 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-51.1%-9.5%
  % Gain to Breakeven104.4%10.5%
  Time to Breakeven274 days24 days
2023 SVB Regional Banking Crisis
  % Loss-17.4%-6.7%
  % Gain to Breakeven21.0%7.1%
  Time to Breakeven430 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-59.6%-24.5%
  % Gain to Breakeven147.4%32.4%
  Time to Breakeven730 days427 days
2020 COVID-19 Crash
  % Loss-48.5%-33.7%
  % Gain to Breakeven94.3%50.9%
  Time to Breakeven71 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-15.2%-19.2%
  % Gain to Breakeven17.9%23.8%
  Time to Breakeven27 days105 days

Compare to SCL, AVD

In The Past

Flexible Solutions International's stock fell -47.9% during the 2025 US Tariff Shock. Such a loss loss requires a 92.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventFSIS&P 500
2025 US Tariff Shock
  % Loss-47.9%-18.8%
  % Gain to Breakeven92.0%23.1%
  Time to Breakeven126 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-51.1%-9.5%
  % Gain to Breakeven104.4%10.5%
  Time to Breakeven274 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-59.6%-24.5%
  % Gain to Breakeven147.4%32.4%
  Time to Breakeven730 days427 days
2020 COVID-19 Crash
  % Loss-48.5%-33.7%
  % Gain to Breakeven94.3%50.9%
  Time to Breakeven71 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-41.6%-3.7%
  % Gain to Breakeven71.1%3.9%
  Time to Breakeven167 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-37.4%-12.2%
  % Gain to Breakeven59.7%13.9%
  Time to Breakeven180 days62 days
2014-2016 Oil Price Collapse
  % Loss-60.4%-6.8%
  % Gain to Breakeven152.2%7.3%
  Time to Breakeven234 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-25.2%-17.9%
  % Gain to Breakeven33.8%21.8%
  Time to Breakeven42 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-30.8%-15.4%
  % Gain to Breakeven44.4%18.2%
  Time to Breakeven295 days125 days
Summer 2007 Credit Crunch
  % Loss-32.4%-8.6%
  % Gain to Breakeven48.0%9.5%
  Time to Breakeven4266 days47 days

Compare to SCL, AVD

In The Past

Flexible Solutions International's stock fell -47.9% during the 2025 US Tariff Shock. Such a loss loss requires a 92.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Flexible Solutions International (FSI)

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Flexible Solutions International (FSI) is a Canadian-headquartered company that develops, manufactures, and markets specialty chemicals. Its core business revolves around creating innovative solutions that primarily focus on water conservation, by slowing evaporation, and enhancing the efficiency of water systems across various industries. The company operates through two main segments: Energy and Water Conservation Products, and Biodegradable Polymers, reflecting its commitment to both resource management and environmentally friendly materials.

FSI's product portfolio is diverse, with key offerings like thermal polyaspartates (TPAs). These versatile chemicals are used in oilfields to reduce scale and corrosion, in agriculture to improve fertilizer efficiency and prevent crystallization, and in irrigation systems to prevent clogging and extend equipment life. TPAs also serve as additives in household laundry detergents, consumer care products, and pesticides. Additionally, FSI provides nitrogen conservation products for agriculture, HEATSAVR for reducing heat and water loss in swimming pools and spas, and WATERSAVR, which significantly reduces water evaporation in large bodies like reservoirs, canals, and even for lawn and plant care.

The company serves a broad range of primary customers and markets globally, including the agricultural sector, oil and gas industry, irrigation systems, water management authorities, and manufacturers of consumer goods. Its products benefit everyone from large-scale farmers and industrial operators to individual pool owners and gardeners, all aiming to conserve water and improve system efficiencies. FSI’s operations extend internationally, reaching customers in Canada, the United States, and other global markets.

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Here are 1-2 brief analogies for Flexible Solutions International (FSI):

  • FSI is like an Ecolab for specialty chemicals that conserve water and enhance agricultural efficiency.
  • FSI is a highly specialized Dow Chemical or DuPont, focused on chemical innovations for water conservation and agricultural productivity.

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  • Thermal Polyaspartates (TPAs): Specialty chemicals used across various industries, including oilfields for scale/corrosion reduction, agriculture for fertilizer management, irrigation system maintenance, and as additives in consumer products.
  • Nitrogen Conservation Products: Chemicals specifically designed for agriculture to slow down the loss of nitrogen from fields.
  • HEATSAVR: A chemical product for swimming pools and spas that forms a thin, transparent layer on the water's surface to reduce heat evaporation.
  • WATERSAVR: A product used to reduce water evaporation from reservoirs, potable water storage tanks, aqueducts, canals, and for lawn/turf/plant care.
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Major Customers of Flexible Solutions International (FSI)

Flexible Solutions International (FSI) primarily sells its specialty chemicals to other businesses and organizations (B2B) rather than directly to individual consumers. The provided background information does not name specific major customer companies.

Based on the description of its products and their applications, FSI's major customers are found within the following categories:

  • Oilfield Service and Exploration Companies: Companies involved in the oil and gas industry that utilize TPAs to reduce scale and corrosion in various water systems.
  • Agricultural Input Manufacturers and Large-Scale Farming Operations: Businesses that produce fertilizers and pesticides, or large agricultural entities that apply FSI's nitrogen conservation products and TPAs to reduce fertilizer crystallization, prevent mineral crystal formation, and improve irrigation efficiency.
  • Manufacturers of Household and Consumer Products: Companies that incorporate TPAs as additives into products such as household laundry detergents, other consumer care items, and pesticides.
  • Water Management Authorities and Large-Scale Water Users: Entities such as municipalities, water districts, and large agricultural operations that manage reservoirs, potable water storage tanks, aqueducts, canals, and irrigation ditches, using WATERSAVR to reduce water evaporation. This also includes large livestock operations.
  • Pool and Spa Product Distributors and Retailers: Companies within the recreational water industry that distribute or sell chemical products for swimming pools and spas, including HEATSAVR.

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Daniel B. O'Brien, President, Chief Executive Officer, Principal Financial Officer, and Accounting Officer

Daniel B. O'Brien founded Flexible Solutions Ltd., a private company focused on pool chemicals, in 1991. This company was subsequently purchased by Flexible Solutions International, Inc. through a share exchange in August 1998. He has served as the CEO of Flexible Solutions International, Inc. since June 1998. Prior to his involvement with Flexible Solutions Ltd., Mr. O'Brien was a teacher at Brentwood College. He is also a significant shareholder in the company.

Robert Helina, Director

Robert Helina serves as a Director for Flexible Solutions International, Inc.

John Bientjes, Independent Director

John Bientjes serves as an Independent Director for Flexible Solutions International, Inc.

Thomas Fyles, Independent Director

Thomas Fyles serves as an Independent Director for Flexible Solutions International, Inc.

David Fynn, Independent Director

David Fynn serves as an Independent Director for Flexible Solutions International, Inc.

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Key Risks to Flexible Solutions International (FSI)

  1. Commodity Price Volatility and Industry Cyclicality: Flexible Solutions International operates in segments highly susceptible to fluctuations in commodity markets. Its products for oilfields, which reduce scale and corrosion, are directly impacted by oil and gas prices and drilling activity. Similarly, the agricultural segment, including nitrogen conservation products and TPAs for fertilizers, is sensitive to crop prices and farm income. Sector-specific risks in the Basic Materials industry, such as commodity price volatility, could therefore impact the company's future performance. For instance, the company's CEO noted weakness in the international agriculture market in late 2024, which affected revenue.
  2. Execution Risk of Strategic Transition and Reliance on Key Contracts: The company is undergoing a significant strategic shift, transitioning from a chemical company to a food-grade supplier and expanding into higher-margin food-grade manufacturing. This involves substantial capital expenditure and a reliance on new food-grade contracts to drive future revenue growth and enhance earnings. There are significant execution and cash flow risks tied to the successful implementation of these new contracts and the broader transition.
  3. Environmental and Regulatory Risks: As a developer and manufacturer of specialty chemicals, including those for water conservation and agricultural use, Flexible Solutions International is exposed to evolving environmental regulations. While many of its products are positioned as environmentally friendly (e.g., biodegradable polymers, water evaporation reduction), changes in environmental policies, increased scrutiny of chemical use in water systems or agriculture, or the emergence of non-chemical alternative solutions could impact product demand or necessitate costly product modifications and compliance efforts. The demand for water conservation products like WATERSAVR is also inherently dependent on persistent water scarcity and conservation initiatives, which can be influenced by climate patterns and public policy.

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Flexible Solutions International (FSI) participates in several markets with its specialty chemical products.

Addressable Markets for Flexible Solutions International's Main Products or Services:

  • Nitrogen Conservation Products and Thermal Polyaspartates (TPAs) for Agriculture: These products, used to slow nitrogen loss from fields and reduce fertilizer crystallization, operate within the global nitrogen stabilizers market. This market was valued at approximately USD 1.72 billion in 2024 and is projected to reach USD 2.89 billion by 2033. The North American nitrogen stabilizer market alone was estimated to be around USD 650 million in 2024.
  • HEATSAVR (Liquid Pool Cover): HEATSAVR, which reduces heat loss and evaporation in swimming pools and spas, competes within the broader global swimming pool covers market. This market was valued at USD 1,649.3 million in 2022. It is forecasted to grow by USD 483 million, at a Compound Annual Growth Rate (CAGR) of 4.9% between 2024 and 2029. North America was the largest regional market for swimming pool covers in 2022.
  • Thermal Polyaspartates (TPAs) as Additives for Household Laundry Detergents and Consumer Care Products: FSI's TPAs serve as additives to enhance the performance and environmental profile of detergents. The global detergent chemicals market, which encompasses these additives, was valued at USD 68.53 billion in 2024 and is anticipated to reach approximately USD 157.83 billion by 2034, growing at a CAGR of 8.7% from 2025 to 2034. The North American detergent chemicals market was valued at USD 19.19 billion in 2024.
  • Thermal Polyaspartates (TPAs) for Oilfields (Scale and Corrosion Reduction) and for Irrigation (Preventing Drip Irrigation Port Plugging), and WATERSAVR (Water Evaporation Reduction for Large Water Bodies): null

AI Analysis | Feedback

Flexible Solutions International (FSI) is poised for future revenue growth over the next 2-3 years, driven by its strategic expansion into new markets and product lines, as well as continued strength in existing segments. Key drivers include significant new food-grade contracts, the operationalization of its Panama factory for international sales, and anticipated growth in its ENP division and international agriculture sales.

Here are the expected drivers of future revenue growth for Flexible Solutions International:

  1. Expansion into Food-Grade Products: Flexible Solutions International is making a significant strategic shift by expanding its presence in the food and nutrition supplement manufacturing markets. The company has secured multiple food-grade contracts, with management indicating the potential to achieve an annual revenue run rate of $50 million to $60 million from these contracts by 2027. Production for these new food-grade products began in late 2025 and early 2026, and a second major food-grade contract announced in August 2025 is expected to contribute between $6.5 million and $13 million annually, with potential to expand to over $25 million per year. This diversification is a major growth inflection point for FSI.
  2. Panama Factory for International Sales: The company's new duplicate agriculture and polymer factory in Panama became operational in Q3 2025, with shipments commencing in January 2026. This strategic move is expected to handle nearly all international sales of FSI's agriculture and polymer products, which will help reduce shipping times and eliminate U.S. tariffs on raw materials. The freed-up capacity at the Illinois factory can then be utilized for increased food-grade product production, further boosting overall revenue and potentially improving margins.
  3. Growth in ENP Division: The ENP division, which focuses on sales to the greenhouse, turf, and golf markets, is anticipated to continue its growth trajectory in 2025 and into 2026, with strong performance expected particularly in the second half of these years. This sustained growth in a key existing segment will contribute to the company's overall revenue expansion.
  4. Recovery in International Agriculture Sales (Florida LLC): The Florida LLC investment, which concentrates on international agriculture sales across multiple countries, is projected to return to growth in the second half of 2025 and continue into 2026. This recovery in international agricultural markets is expected to translate into increased revenue for FSI, despite the ongoing pressures and uncertainties in the broader agriculture sector.

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Share Issuance

  • Flexible Solutions International filed a shelf registration on February 24, 2026, to potentially offer up to $50,000,000 of common stock, preferred stock, convertible preferred stock, rights, warrants, and units.
  • As of February 24, 2026, there were 12,737,498 common shares outstanding.
  • The company's CEO stated in Q3 2025 that no equity financing would be necessary for approximately $4 million in additional capital expenditures related to food-grade contracts.

Inbound Investments

  • Flexible Solutions International secured a $5.0 million revolving line of credit and a $1.4 million secured loan, totaling $6.4 million, from a major Chicago-based bank for working capital.
  • This new credit facility replaces a previous $1.5 million line of credit and is expected to negate the need for equity market access for growth capital in the foreseeable future.
  • The company received a $2.5 million payment for food-grade product development in the second quarter of 2025.

Outbound Investments

  • In July 2023, Flexible Solutions International invested in an LLC that owns an industrial building located in Mendota, Illinois.

Capital Expenditures

  • Approximately $4 million in additional capital expenditures were estimated for equipment and plant improvements related to food-grade contracts, with the remainder to be spent in Q4 2025.
  • The company anticipates minimal additional capital expenditures for scaling food-grade sales to $13 million-$15 million, but $2 million-$3 million in additional spending would be required to reach $25 million in sales.
  • Flexible Solutions International announced a capital expenditure in June 2024 to acquire a vial filling line for injectable drugs, including GLP1 for weight loss.

Better Bets vs. Flexible Solutions International (FSI)

Peer Outperformance in Specialty Chemicals

FSI has outperformed 93% of its 40 Specialty Chemicals peers over 5Y. Specialty Chemicals ranks 11th of 15 industries in Materials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Specialty Chemicals constituents that FSI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
17%
of 46 industry peers · -25.9% return
3Y
98%
of 43 industry peers · 243.6% return
5Y
93%
of 40 industry peers · 87.8% return
No Specialty Chemicals peer with a comparable growth profile has beaten FSI by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Specialty Chemicals is FSI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Copper 7 31.6%112.2%139.2% SCCO 250% · TGB 219% · HBM 211%
Steel 14 14.3%39.7%116.0% HCC 310% · STLD 269% · RS 177%
Gold 38 17.5%199.3%100.4% IAG 519% · OGC 386% · AGI 316%
Silver 6 37.5%289.4%85.8% AYA 285% · HL 151% · EXK 50%
Construction Materials 6 -14.7%28.6%42.0% USLM 350% · CRH 104% · VMC 50%
Aluminum 3 6.8%106.8%19.3% CENX 155% · AA -13%
Metal, Glass & Plastic Containers 11 16.9%19.0%7.6% GEF 25% · ATR 15% · SLGN 9%
Paper & Plastic Packaging Products & Materials 7 19.6%16.6%-5.1% PKG 114% · CCK 20% · SON 0%
Diversified Metals & Mining 23 -52.8%-3.1%-5.7% SKE 180% · MTRN 103% · MP -3%
Diversified Chemicals 3 18.4%6.1%-13.7% CBT 36% · ASH -14%
Specialty Chemicals ← 41 11.0%10.0%-26.8% NEU 127% · ECL 38% · SXT 34%
Commodity Chemicals 13 18.3%-22.7%-29.2% HWKN 316% · MEOH 53% · DOW -29%
Precious Metals & Minerals 7 -0.9%150.6%-31.2% PPTA 311%
Fertilizers & Agricultural Chemicals 10 5.2%9.6%-42.2% CF 124% · CTVA 76% · NTR 26%
Paper Products 4 -40.8%-62.6%-81.4%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FSISCLAVDMedian
NameFlexible.Stepan American. 
Mkt Price6.1666.880.976.16
Mkt Cap0.11.50.00.1
Rev LTM362,535510510
Op Inc LTM-2911414
FCF LTM-35-47-3
FCF 3Y Avg-122-20-1
CFO LTM3115-423
CFO 3Y Avg4145-134

Growth & Margins

FSISCLAVDMedian
NameFlexible.Stepan American. 
Rev Chg LTM-4.7%10.0%-3.5%-3.5%
Rev Chg 3Y Avg-6.7%1.9%-3.5%-3.5%
Rev Chg Q-33.1%17.3%-9.7%-9.7%
QoQ Delta Rev Chg LTM-9.6%4.2%-2.4%-2.4%
Op Inc Chg LTM-133.5%19.6%137.7%19.6%
Op Inc Chg 3Y Avg-35.8%6.8%-38.7%-35.8%
Op Mgn LTM-5.6%3.6%2.8%2.8%
Op Mgn 3Y Avg6.8%3.4%-0.1%3.4%
QoQ Delta Op Mgn LTM-14.6%0.3%-0.8%-0.8%
CFO/Rev LTM7.1%4.5%-8.2%4.5%
CFO/Rev 3Y Avg9.9%6.2%-2.5%6.2%
FCF/Rev LTM-9.8%0.2%-9.3%-9.3%
FCF/Rev 3Y Avg-2.4%1.0%-3.7%-2.4%

Valuation

FSISCLAVDMedian
NameFlexible.Stepan American. 
Mkt Cap0.11.50.00.1
P/S2.20.60.10.6
P/Op Inc-39.416.82.02.0
P/EBIT-43.114.2-1.0-1.0
P/E-25.2354.4-0.5-0.5
P/CFO30.913.4-0.713.4
Total Yield-4.0%2.6%-198.5%-4.0%
Dividend Yield0.0%2.3%0.0%0.0%
FCF Yield 3Y Avg-1.0%1.6%-34.2%-1.0%
D/E0.10.410.30.4
Net D/E0.00.48.70.4

Returns

FSISCLAVDMedian
NameFlexible.Stepan American. 
1M Rtn1.8%9.6%-43.5%1.8%
3M Rtn22.5%3.3%-59.9%3.3%
6M Rtn-0.5%28.1%-68.1%-0.5%
12M Rtn-25.8%59.1%-81.1%-25.8%
3Y Rtn244.1%-5.3%-89.7%-5.3%
1M Excs Rtn6.8%14.6%-38.5%6.8%
3M Excs Rtn28.6%8.6%-52.9%8.6%
6M Excs Rtn-0.2%28.4%-67.8%-0.2%
12M Excs Rtn-36.8%48.5%-89.3%-36.8%
3Y Excs Rtn159.5%-76.7%-164.1%-76.7%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Biodegradable polymers (BCPA)3637384534
Research and development services20   
Energy and water conservation products (EWCP)01110
Other000  
Total3938384634


Operating Income by Segment
$ Mil20252024202320072006
Biodegradable polymers (BCPA)564  
Energy and water conservation products (EWCP)-00-0  
Other-1-0-0  
BPCA   11
EWCP   -2-2
Total564-1-1


Net Income by Segment
$ Mil20232022202120202019
Biodegradable polymers (BCPA)38543
Energy and water conservation products (EWCP)-0-0-0-1-1
Total38432


Assets by Segment
$ Mil20252024202320222021
Biodegradable polymers (BCPA)5956514938
Energy and water conservation products (EWCP)23432
Other111  
Total6260555240


Price Behavior

Price Behavior
Market Price$6.15 
Market Cap ($ Bil)0.1 
First Trading Date10/12/1999 
Distance from 52W High-27.5% 
   50 Days200 Days
DMA Price$6.01$5.87
DMA Trendupdown
Distance from DMA2.2%4.8%
 3M1YR
Volatility32.2%44.3%
Downside Capture14.39104.55
Upside Capture141.4154.97
Correlation (S&P 500)26.7%22.4%
FSI Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.790.560.490.370.720.90
Up Beta-2.36-0.97-1.57-0.770.440.75
Down Beta-0.310.670.750.490.821.39
Up Capture176%89%147%49%40%77%
Bmk +ve Days12182862130427
Stock +ve Days10172853108352
Down Capture112%56%33%78%107%83%
Bmk -ve Days10253664121325
Stock -ve Days9182763130359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FSI
FSI-28.4%44.3%-0.63-
Sector ETF (XLB)23.7%18.2%1.0115.7%
Equity (SPY)9.5%13.6%0.4021.7%
Gold (GLD)1.6%28.7%0.0510.7%
Commodities (DBC)38.4%21.2%1.42-8.5%
Real Estate (VNQ)11.3%14.2%0.514.7%
Bitcoin (BTCUSD)-27.2%43.6%-0.6118.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FSI
FSI10.5%65.5%0.40-
Sector ETF (XLB)6.1%19.2%0.2021.7%
Equity (SPY)11.3%17.3%0.4820.4%
Gold (GLD)17.5%19.1%0.749.1%
Commodities (DBC)8.1%19.6%0.3012.2%
Real Estate (VNQ)1.3%18.9%-0.0417.8%
Bitcoin (BTCUSD)4.0%51.6%0.2612.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FSI
FSI14.1%64.3%0.47-
Sector ETF (XLB)10.5%20.7%0.4419.0%
Equity (SPY)15.0%18.0%0.7018.5%
Gold (GLD)11.9%16.5%0.596.9%
Commodities (DBC)7.5%18.1%0.3312.1%
Real Estate (VNQ)5.9%20.7%0.2417.9%
Bitcoin (BTCUSD)60.0%66.3%1.009.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity0.1 Mil
Short Interest: % Change Since 930202615.8%
Average Daily Volume0.0 Mil
Days-to-Cover Short Interest6.8 days
Basic Shares Quantity12.7 Mil
Short % of Basic Shares0.7%

Earnings Returns History

Updated 9/1/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/25/2024-3.1%-2.6%-0.3%
11/15/2023-24.3%-18.2%-10.5%
8/16/20231.9%5.1%2.7%
5/16/20231.7%2.4%-6.6%
5/17/20226.5%-4.9%3.2%
4/1/2022-1.0%-11.1%-26.3%
11/16/20210.5%-3.4%-7.4%
8/19/2021-3.5%-0.7%1.0%
...
SUMMARY STATS   
# Positive645
# Negative576
Median Positive1.8%6.6%3.2%
Median Negative-3.5%-4.9%-9.0%
Max Positive6.5%8.3%17.2%
Max Negative-24.3%-18.2%-26.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
4/25/2024-3.1%-2.6%-0.3%
11/15/2023-24.3%-18.2%-10.5%
8/16/20231.9%5.1%2.7%
5/16/20231.7%2.4%-6.6%
5/17/20226.5%-4.9%3.2%
4/1/2022-1.0%-11.1%-26.3%
11/16/20210.5%-3.4%-7.4%
8/19/2021-3.5%-0.7%1.0%
5/18/20212.3%8.1%17.2%
4/2/2021-6.0%-11.0%-14.5%
11/17/20200.0%8.3%7.0%
SUMMARY STATS   
# Positive645
# Negative576
Median Positive1.8%6.6%3.2%
Median Negative-3.5%-4.9%-9.0%
Max Positive6.5%8.3%17.2%
Max Negative-24.3%-18.2%-26.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/14/202610-Q
03/31/202605/15/202610-Q
12/31/202504/15/202610-K
09/30/202511/14/202510-Q
06/30/202508/14/202510-Q
03/31/202505/15/202510-Q
12/31/202403/31/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/15/202410-Q
12/31/202304/01/202410-K
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202305/15/202310-Q
12/31/202203/31/202310-K
09/30/202211/14/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/14/202610-Q
03/31/202605/15/202610-Q
12/31/202504/15/202610-K
09/30/202511/14/202510-Q
06/30/202508/14/202510-Q
03/31/202505/15/202510-Q
12/31/202403/31/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/15/202410-Q
12/31/202304/01/202410-K
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202305/15/202310-Q
12/31/202203/31/202310-K
09/30/202211/14/202210-Q
06/30/202208/15/202210-Q
03/31/202205/16/202210-Q
12/31/202103/29/202210-K
09/30/202111/15/202110-Q
06/30/202108/13/202110-Q
03/31/202105/14/202110-Q
12/31/202003/31/202110-K
09/30/202011/13/202010-Q
06/30/202008/14/202010-Q
03/31/202005/14/202010-Q
12/31/201903/30/202010-K
09/30/201911/14/201910-Q

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1O, Brien Daniel BChief Executive OfficerDirectSell20520265.8812,50073,50027,043,020Form
2O, Brien Daniel BChief Executive OfficerDirectSell20220265.894,00323,57827,162,636Form
3O, Brien Daniel BChief Executive OfficerDirectSell12920265.8445,500265,72026,955,431Form
4O, Brien Daniel BChief Executive OfficerDirectSell12920265.9056,000330,40027,518,520Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1O, Brien Daniel BChief Executive OfficerDirectSell20520265.8812,50073,50027,043,020Form
2O, Brien Daniel BChief Executive OfficerDirectSell20220265.894,00323,57827,162,636Form
3O, Brien Daniel BChief Executive OfficerDirectSell12920265.8445,500265,72026,955,431Form
4O, Brien Daniel BChief Executive OfficerDirectSell12920265.9056,000330,40027,518,520Form
Core Cache Last Updated: 11/7/2026