Flexible Solutions International (FSI)
Market Price (9/23/2026): $5.82 | Market Cap: $74.2 MilSector: Materials | Industry: Specialty Chemicals
Flexible Solutions International (FSI)
Market Price (9/23/2026): $5.82Market Cap: $74.2 MilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 47% Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Advanced Materials. Themes include Water Treatment Solutions, Resource Efficiency Solutions, Show more. | Not profitable at operating income levelOp 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 multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x Weak revenue growthRev 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 generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% Key risksFSI 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. |
| Low stock price volatilityVol 12M is 47% |
| Megatrend and thematic driversMegatrends include Sustainable Resource Management, and Advanced Materials. Themes include Water Treatment Solutions, Resource Efficiency Solutions, Show more. |
| Not profitable at operating income levelOp 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 multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x |
| Weak revenue growthRev 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 generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.8% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% |
| Key risksFSI 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. |
Qualitative Assessment
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Updated on 9/1/2026
Flexible Solutions International (FSI) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Significant Miss on Fiscal Q2 2026 Earnings and Revenue Expectations.
Flexible Solutions International (FSI) reported a substantial miss on both earnings per share (EPS) and revenue for its fiscal second quarter ended June 30, 2026. The company posted an actual EPS loss of $0.15, significantly missing the consensus estimate of a $0.01 profit. Revenue also fell short, reaching $7.61 million against an expected $11.71 million, representing a miss of 35.07%. This performance marked a shift from a net income of $2.03 million in fiscal Q2 2025 to a GAAP net loss of $1.91 million in fiscal Q2 2026.
2. Absence of Prior Year's Non-Recurring Revenue and Increased Scaling Costs.
A core reason for the year-over-year decline in revenue was the absence of a non-recurring $2.5 million research and development (R&D) payment that boosted fiscal Q2 2025 results, which did not repeat in fiscal Q2 2026. Furthermore, FSI incurred substantial costs associated with scaling up its new food-grade contracts and training and development expenses at its Panama plant. These costs negatively impacted fiscal Q2 2026 profits as they were expensed when they occurred, while the corresponding revenue benefits from these initiatives were not yet fully realized during the quarter.
Show more
Flexible Solutions International (FSI) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Significant Miss on Fiscal Q2 2026 Earnings and Revenue Expectations.
Flexible Solutions International (FSI) reported a substantial miss on both earnings per share (EPS) and revenue for its fiscal second quarter ended June 30, 2026. The company posted an actual EPS loss of $0.15, significantly missing the consensus estimate of a $0.01 profit. Revenue also fell short, reaching $7.61 million against an expected $11.71 million, representing a miss of 35.07%. This performance marked a shift from a net income of $2.03 million in fiscal Q2 2025 to a GAAP net loss of $1.91 million in fiscal Q2 2026.
2. Absence of Prior Year's Non-Recurring Revenue and Increased Scaling Costs.
A core reason for the year-over-year decline in revenue was the absence of a non-recurring $2.5 million research and development (R&D) payment that boosted fiscal Q2 2025 results, which did not repeat in fiscal Q2 2026. Furthermore, FSI incurred substantial costs associated with scaling up its new food-grade contracts and training and development expenses at its Panama plant. These costs negatively impacted fiscal Q2 2026 profits as they were expensed when they occurred, while the corresponding revenue benefits from these initiatives were not yet fully realized during the quarter.
Show more
Updated on 9/1/2026
Flexible Solutions International (FSI) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Significant Miss on Fiscal Q2 2026 Earnings and Revenue Expectations.
Flexible Solutions International (FSI) reported a substantial miss on both earnings per share (EPS) and revenue for its fiscal second quarter ended June 30, 2026. The company posted an actual EPS loss of $0.15, significantly missing the consensus estimate of a $0.01 profit. Revenue also fell short, reaching $7.61 million against an expected $11.71 million, representing a miss of 35.07%. This performance marked a shift from a net income of $2.03 million in fiscal Q2 2025 to a GAAP net loss of $1.91 million in fiscal Q2 2026.
2. Absence of Prior Year's Non-Recurring Revenue and Increased Scaling Costs.
A core reason for the year-over-year decline in revenue was the absence of a non-recurring $2.5 million research and development (R&D) payment that boosted fiscal Q2 2025 results, which did not repeat in fiscal Q2 2026. Furthermore, FSI incurred substantial costs associated with scaling up its new food-grade contracts and training and development expenses at its Panama plant. These costs negatively impacted fiscal Q2 2026 profits as they were expensed when they occurred, while the corresponding revenue benefits from these initiatives were not yet fully realized during the quarter.
3. Operational Headwinds and Delayed Shipments.
FSI experienced several operational challenges during fiscal Q2 2026, including seasonally weaker performance in its ENP division and very poor sales from the Florida LLC, which the company subsequently exited in early July 2026. Additionally, some orders slated for fiscal Q2 were delayed and shipped in fiscal Q3, further contributing to the revenue shortfall in the reporting period. Management also cited general "macro headwinds" and "tariff and raw-material cost pressures" as contributing factors impacting the quarter.
Show less
Flexible Solutions International (FSI) stock has lost about 10% since 5/31/2026 because of the following key factors:
1. Significant Miss on Fiscal Q2 2026 Earnings and Revenue Expectations.
Flexible Solutions International (FSI) reported a substantial miss on both earnings per share (EPS) and revenue for its fiscal second quarter ended June 30, 2026. The company posted an actual EPS loss of $0.15, significantly missing the consensus estimate of a $0.01 profit. Revenue also fell short, reaching $7.61 million against an expected $11.71 million, representing a miss of 35.07%. This performance marked a shift from a net income of $2.03 million in fiscal Q2 2025 to a GAAP net loss of $1.91 million in fiscal Q2 2026.
2. Absence of Prior Year's Non-Recurring Revenue and Increased Scaling Costs.
A core reason for the year-over-year decline in revenue was the absence of a non-recurring $2.5 million research and development (R&D) payment that boosted fiscal Q2 2025 results, which did not repeat in fiscal Q2 2026. Furthermore, FSI incurred substantial costs associated with scaling up its new food-grade contracts and training and development expenses at its Panama plant. These costs negatively impacted fiscal Q2 2026 profits as they were expensed when they occurred, while the corresponding revenue benefits from these initiatives were not yet fully realized during the quarter.
3. Operational Headwinds and Delayed Shipments.
FSI experienced several operational challenges during fiscal Q2 2026, including seasonally weaker performance in its ENP division and very poor sales from the Florida LLC, which the company subsequently exited in early July 2026. Additionally, some orders slated for fiscal Q2 were delayed and shipped in fiscal Q3, further contributing to the revenue shortfall in the reporting period. Management also cited general "macro headwinds" and "tariff and raw-material cost pressures" as contributing factors impacting the quarter.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -10.5% change in FSI stock from 5/31/2026 to 9/22/2026 was primarily driven by a -9.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.65 | 5.95 | -10.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39 | 36 | -9.6% |
| P/S Multiple | 2.2 | 2.1 | -1.0% |
| Shares Outstanding (Mil) | 13 | 13 | -0.1% |
| Cumulative Contribution | -10.5% |
Market Drivers
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| FSI | -10.5% | |
| Market (SPY) | 2.5% | 8.2% |
| Sector (XLB) | -0.8% | -2.6% |
Fundamental Drivers
The 11.2% change in FSI stock from 2/28/2026 to 9/22/2026 was primarily driven by a 21.3% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.35 | 5.95 | 11.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39 | 36 | -7.7% |
| P/S Multiple | 1.8 | 2.1 | 21.3% |
| Shares Outstanding (Mil) | 13 | 13 | -0.7% |
| Cumulative Contribution | 11.2% |
Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| FSI | 11.2% | |
| Market (SPY) | 13.3% | 14.7% |
| Sector (XLB) | -4.6% | 5.7% |
Fundamental Drivers
The -47.1% change in FSI stock from 8/31/2025 to 9/22/2026 was primarily driven by a -44.1% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.25 | 5.95 | -47.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 37 | 36 | -4.7% |
| P/S Multiple | 3.8 | 2.1 | -44.1% |
| Shares Outstanding (Mil) | 13 | 13 | -0.8% |
| Cumulative Contribution | -47.1% |
Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| FSI | -47.1% | |
| Market (SPY) | 21.2% | 23.3% |
| Sector (XLB) | 11.5% | 14.6% |
Fundamental Drivers
The 140.7% change in FSI stock from 8/31/2023 to 9/22/2026 was primarily driven by a 205.6% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.47 | 5.95 | 140.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44 | 36 | -19.3% |
| P/S Multiple | 0.7 | 2.1 | 205.6% |
| Shares Outstanding (Mil) | 12 | 13 | -2.4% |
| Cumulative Contribution | 140.7% |
Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| FSI | 140.7% | |
| Market (SPY) | 78.3% | 19.7% |
| Sector (XLB) | 29.2% | 19.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FSI Return | 56% | -20% | -37% | 98% | 91% | -13% | 157% |
| Peers Return | 6% | 10% | -29% | -44% | -21% | -6% | -66% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| FSI Win Rate | 67% | 33% | 33% | 67% | 42% | 56% | |
| Peers Win Rate | 46% | 42% | 50% | 33% | 38% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| FSI Max Drawdown | -33% | -65% | -58% | -22% | -51% | -34% | |
| Peers Max Drawdown | -28% | -27% | -54% | -48% | -40% | -47% | |
| 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 9/22/2026 (YTD)
How Low Can It Go
| Event | FSI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.9% | -18.8% |
| % Gain to Breakeven | 92.0% | 23.1% |
| Time to Breakeven | 126 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -51.1% | -9.5% |
| % Gain to Breakeven | 104.4% | 10.5% |
| Time to Breakeven | 274 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.4% | -6.7% |
| % Gain to Breakeven | 21.0% | 7.1% |
| Time to Breakeven | 430 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.6% | -24.5% |
| % Gain to Breakeven | 147.4% | 32.4% |
| Time to Breakeven | 730 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.5% | -33.7% |
| % Gain to Breakeven | 94.3% | 50.9% |
| Time to Breakeven | 71 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.2% | -19.2% |
| % Gain to Breakeven | 17.9% | 23.8% |
| Time to Breakeven | 27 days | 105 days |
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.
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| Event | FSI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.9% | -18.8% |
| % Gain to Breakeven | 92.0% | 23.1% |
| Time to Breakeven | 126 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -51.1% | -9.5% |
| % Gain to Breakeven | 104.4% | 10.5% |
| Time to Breakeven | 274 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.6% | -24.5% |
| % Gain to Breakeven | 147.4% | 32.4% |
| Time to Breakeven | 730 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.5% | -33.7% |
| % Gain to Breakeven | 94.3% | 50.9% |
| Time to Breakeven | 71 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -41.6% | -3.7% |
| % Gain to Breakeven | 71.1% | 3.9% |
| Time to Breakeven | 167 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.4% | -12.2% |
| % Gain to Breakeven | 59.7% | 13.9% |
| Time to Breakeven | 180 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -60.4% | -6.8% |
| % Gain to Breakeven | 152.2% | 7.3% |
| Time to Breakeven | 234 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.2% | -17.9% |
| % Gain to Breakeven | 33.8% | 21.8% |
| Time to Breakeven | 42 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.8% | -15.4% |
| % Gain to Breakeven | 44.4% | 18.2% |
| Time to Breakeven | 295 days | 125 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -32.4% | -8.6% |
| % Gain to Breakeven | 48.0% | 9.5% |
| Time to Breakeven | 4266 days | 47 days |
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.
```AI Analysis | Feedback
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)
- 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.
- 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.
- 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
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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:
- 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.
- 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.
- 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.
- 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.
Peer Outperformance in Specialty Chemicals
FSI has outperformed 93% of its 41 Specialty Chemicals peers over 5Y. Specialty Chemicals ranks 10th 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
11%
of 46 industry peers · -42.4% return
3Y
93%
of 44 industry peers · 154.2% return
5Y
93%
of 41 industry peers · 81.2% 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 med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Copper | 7 | 84.0% | 109.5% | 344.8% | COPR 937% · TGB 426% · HBM 377% |
| Silver | 6 | 86.1% | 352.8% | 183.7% | AYA 363% · HL 259% · SVM 221% |
| Gold | 38 | 23.6% | 214.8% | 172.2% | AUGO 1099% · IAG 854% · AU 660% |
| Steel | 13 | 16.3% | 40.3% | 166.2% | HCC 360% · NWPX 341% · STLD 326% |
| Aluminum | 4 | 55.0% | 97.7% | 47.4% | CENX 180% · KALU 66% · CSTM 29% |
| Construction Materials | 9 | -19.3% | 20.5% | 44.6% | USLM 373% · CRH 86% · TGLS 77% |
| Diversified Metals & Mining | 24 | -17.1% | -11.7% | 24.1% | ATLX 218471% · USAR 56913% · TII 769% |
| Paper & Plastic Packaging Products & Materials | 7 | 11.3% | 12.6% | -6.1% | PKG 93% · CCK 9% · SON 1% |
| Metal, Glass & Plastic Containers | 12 | -4.0% | 16.2% | -12.2% | KRT 205% · MYE 83% · GEF 56% |
| Specialty Chemicals ← | 42 | 9.4% | 3.3% | -13.3% | ODC 486% · NEU 193% · CMT 103% |
| Precious Metals & Minerals | 8 | 32.7% | 185.1% | -23.0% | ASM 665% · PPTA 379% · MTA 49% |
| Diversified Chemicals | 4 | -1.7% | -27.3% | -26.1% | CBT 76% · ASH -17% · CC -35% |
| Commodity Chemicals | 12 | 16.1% | -14.1% | -27.5% | HWKN 277% · KOP 55% · MEOH 40% |
| Fertilizers & Agricultural Chemicals | 10 | -10.7% | -3.2% | -38.0% | CF 150% · CTVA 100% · NTR 39% |
| Paper Products | 4 | -20.8% | -49.4% | -67.4% | SLVM 67% · CLW -39% · ITP -96% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
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| DASHBOARDS | ||
| How Low Can Flexible Solutions International Stock Really Go? | 10/17/2025 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 5.95 |
| Mkt Cap | 0.1 |
| Rev LTM | 510 |
| Op Inc LTM | 14 |
| FCF LTM | -3 |
| FCF 3Y Avg | -1 |
| CFO LTM | 3 |
| CFO 3Y Avg | 4 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -3.5% |
| Rev Chg 3Y Avg | -3.5% |
| Rev Chg Q | -9.7% |
| QoQ Delta Rev Chg LTM | -2.4% |
| Op Inc Chg LTM | 3.9% |
| Op Inc Chg 3Y Avg | -35.8% |
| Op Mgn LTM | 2.8% |
| Op Mgn 3Y Avg | 3.4% |
| QoQ Delta Op Mgn LTM | -0.8% |
| CFO/Rev LTM | 6.4% |
| CFO/Rev 3Y Avg | 6.9% |
| FCF/Rev LTM | -9.3% |
| FCF/Rev 3Y Avg | -2.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Biodegradable polymers (BCPA) | 36 | 37 | 38 | 45 | 34 |
| Research and development services | 2 | 0 | |||
| Energy and water conservation products (EWCP) | 0 | 1 | 1 | 1 | 0 |
| Other | 0 | 0 | 0 | ||
| Total | 39 | 38 | 38 | 46 | 34 |
| $ Mil | 2025 | 2024 | 2023 | 2007 | 2006 |
|---|---|---|---|---|---|
| Biodegradable polymers (BCPA) | 5 | 6 | 4 | ||
| Energy and water conservation products (EWCP) | -0 | 0 | -0 | ||
| Other | -1 | -0 | -0 | ||
| BPCA | 1 | 1 | |||
| EWCP | -2 | -2 | |||
| Total | 5 | 6 | 4 | -1 | -1 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Biodegradable polymers (BCPA) | 3 | 8 | 5 | 4 | 3 |
| Energy and water conservation products (EWCP) | -0 | -0 | -0 | -1 | -1 |
| Total | 3 | 8 | 4 | 3 | 2 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Biodegradable polymers (BCPA) | 59 | 56 | 51 | 49 | 38 |
| Energy and water conservation products (EWCP) | 2 | 3 | 4 | 3 | 2 |
| Other | 1 | 1 | 1 | ||
| Total | 62 | 60 | 55 | 52 | 40 |
Price Behavior
Price Behavior
| Market Price | $5.95 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 10/12/1999 | |
| Distance from 52W High | -42.4% | |
| 50 Days | 200 Days | |
| DMA Price | $5.47 | $5.95 |
| DMA Trend | down | down |
| Distance from DMA | 8.9% | -0.1% |
| 3M | 1YR | |
| Volatility | 41.7% | 46.9% |
| Downside Capture | 93.74 | 140.57 |
| Upside Capture | 30.16 | 51.11 |
| Correlation (SPY) | 3.3% | 23.6% |
FSI Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.17 | 0.39 | 0.22 | 0.51 | 0.96 | 0.90 |
| Up Beta | -1.99 | -1.89 | -0.95 | 0.07 | 0.57 | 0.73 |
| Down Beta | 0.58 | 0.88 | 0.25 | 0.44 | 0.89 | 1.42 |
| Up Capture | 244% | 66% | 33% | 70% | 51% | 61% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 18 | 26 | 58 | 106 | 351 |
| Down Capture | -52% | 175% | 94% | 73% | 139% | 85% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 22 | 36 | 67 | 139 | 360 |
[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 | -40.6% | 47.0% | -0.96 | - |
| Sector ETF (XLB) | 13.3% | 17.9% | 0.54 | 18.2% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | 23.7% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | 10.4% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -5.2% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | 8.5% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | 17.2% |
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 | |
|---|---|---|---|---|
| FSI | 10.5% | 65.7% | 0.40 | - |
| Sector ETF (XLB) | 6.1% | 19.1% | 0.21 | 21.8% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 20.2% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 9.0% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 12.3% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 17.9% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 11.5% |
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 | |
|---|---|---|---|---|
| FSI | 12.3% | 64.5% | 0.45 | - |
| Sector ETF (XLB) | 9.9% | 20.7% | 0.42 | 18.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 18.3% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 6.9% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 11.9% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 18.0% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 8.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/25/2024 | -3.1% | -2.6% | -0.3% |
| 11/15/2023 | -24.3% | -18.2% | -10.5% |
| 8/16/2023 | 1.9% | 5.1% | 2.7% |
| 5/16/2023 | 1.7% | 2.4% | -6.6% |
| 5/17/2022 | 6.5% | -4.9% | 3.2% |
| 4/1/2022 | -1.0% | -11.1% | -26.3% |
| 11/16/2021 | 0.5% | -3.4% | -7.4% |
| 8/19/2021 | -3.5% | -0.7% | 1.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 4 | 5 |
| # Negative | 5 | 7 | 6 |
| Median Positive | 1.8% | 6.6% | 3.2% |
| Median Negative | -3.5% | -4.9% | -9.0% |
| Max Positive | 6.5% | 8.3% | 17.2% |
| Max Negative | -24.3% | -18.2% | -26.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/25/2024 | -3.1% | -2.6% | -0.3% |
| 11/15/2023 | -24.3% | -18.2% | -10.5% |
| 8/16/2023 | 1.9% | 5.1% | 2.7% |
| 5/16/2023 | 1.7% | 2.4% | -6.6% |
| 5/17/2022 | 6.5% | -4.9% | 3.2% |
| 4/1/2022 | -1.0% | -11.1% | -26.3% |
| 11/16/2021 | 0.5% | -3.4% | -7.4% |
| 8/19/2021 | -3.5% | -0.7% | 1.0% |
| 5/18/2021 | 2.3% | 8.1% | 17.2% |
| 4/2/2021 | -6.0% | -11.0% | -14.5% |
| 11/17/2020 | 0.0% | 8.3% | 7.0% |
| SUMMARY STATS | |||
| # Positive | 6 | 4 | 5 |
| # Negative | 5 | 7 | 6 |
| Median Positive | 1.8% | 6.6% | 3.2% |
| Median Negative | -3.5% | -4.9% | -9.0% |
| Max Positive | 6.5% | 8.3% | 17.2% |
| Max Negative | -24.3% | -18.2% | -26.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 04/15/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 04/15/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/31/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/29/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/13/2021 | 10-Q |
| 03/31/2021 | 05/14/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | O, Brien Daniel B | Chief Executive Officer | Direct | Sell | 2052026 | 5.88 | 12,500 | 73,500 | 27,043,020 | Form |
| 2 | O, Brien Daniel B | Chief Executive Officer | Direct | Sell | 2022026 | 5.89 | 4,003 | 23,578 | 27,162,636 | Form |
| 3 | O, Brien Daniel B | Chief Executive Officer | Direct | Sell | 1292026 | 5.84 | 45,500 | 265,720 | 26,955,431 | Form |
| 4 | O, Brien Daniel B | Chief Executive Officer | Direct | Sell | 1292026 | 5.90 | 56,000 | 330,400 | 27,518,520 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | O, Brien Daniel B | Chief Executive Officer | Direct | Sell | 2052026 | 5.88 | 12,500 | 73,500 | 27,043,020 | Form |
| 2 | O, Brien Daniel B | Chief Executive Officer | Direct | Sell | 2022026 | 5.89 | 4,003 | 23,578 | 27,162,636 | Form |
| 3 | O, Brien Daniel B | Chief Executive Officer | Direct | Sell | 1292026 | 5.84 | 45,500 | 265,720 | 26,955,431 | Form |
| 4 | O, Brien Daniel B | Chief Executive Officer | Direct | Sell | 1292026 | 5.90 | 56,000 | 330,400 | 27,518,520 | Form |
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Specialty Chemicals Resources |
| SpecialChem |
| Chemical Week |
| ICIS |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 9/22/2026