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Financial statements

Enerflex Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Enerflex Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

FY2024FY2024FY2025
Revenue2,3432,4142,571
Cost of revenue1,8861,9101,989
Gross profit457504582
Selling, general and administrative293327272
Operating income121173306
Interest expense118103124
Interest income2454
Pre-tax income-5281163
Income tax314999
Net income-833264
EPS, basic-0.670.260.52
EPS, diluted-0.670.260.52

Balance sheet

FY2024FY2024FY2025
Cash and equivalents959281
Short-term investments11
Receivables398398345
Inventory294258280
Total current assets1,0831,041992
Property, plant and equipment10496102
Lease right-of-use assets625861
Goodwill433422430
Intangible assets553729
Total assets2,9582,7912,694
Total current liabilities868911879
Lease liabilities574750
Total liabilities1,9041,7421,601
Total debt919708582
Paid-in capital678678664
Retained earnings5880130
Shareholders' equity1,0541,0491,093
Total equity1,0541,0491,093
Total liabilities and equity2,9582,7912,694

Cash flow statement

FY2024FY2024FY2025
Net income-833264
Cash from operations206324345
Capital expenditures-16-16-19
Cash from investing-119-59-103
Dividends paid-9-9-17
Cash from financing-149-263-250
Exchange rate effect-30-5-3
Net change in cash-92-3-11
Free cash flow190308326
Interest paid11191

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $23.57 on September 25, 2026.

Profitability

MetricValueHow it is calculated
Gross margin22.6%Gross profit / revenue.
Operating margin11.9%Operating income / revenue.
Pre-tax margin6.3%Pre-tax income / revenue.
Net margin2.5%Net income / revenue.
FCF margin12.7%Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin13.4%Cash from operations / revenue.
Effective tax rate60.7%Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)6.0%Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)2.3%Net income / average total assets.
Return on invested capital (ROIC)14.8%Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue10.6%Selling, general and administrative expense / revenue.
Capex / revenue0.7%Capital expenditures / revenue.

Growth

MetricValueHow it is calculated
Revenue growth, 1y6.5%Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y15.5%Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y76.9%Operating income vs the same period a year earlier. Only from a positive base.
Net income growth, 1y100.0%Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y100.0%EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y6.5%Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y5.8%Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y4.2%Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y-3.5%Total assets vs the same period a year earlier. Only from a positive base.

Balance sheet health

MetricValueHow it is calculated
Current ratio1.13xCurrent assets / current liabilities.
Quick ratio0.48x(Cash + short-term investments + receivables) / current liabilities.
Cash ratio0.09x(Cash + short-term investments) / current liabilities.
Debt / equity0.53xTotal debt / shareholders' equity. Not shown when equity is negative.
Debt / assets21.6%Total debt / total assets.
Liabilities / assets59.4%Total liabilities / total assets.
Net debt$501.0MTotal debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage2.47xOperating income / interest expense.
Working capital$113.0MCurrent assets - current liabilities.
Goodwill and intangibles / assets17.0%(Goodwill + intangible assets) / total assets.
Tangible book value$634.0MShareholders' equity - goodwill - intangible assets.

Efficiency

MetricValueHow it is calculated
Asset turnover0.94xRevenue / average total assets.
Fixed asset turnover26.0xRevenue / average property, plant and equipment.
Inventory turnover7.39xCost of revenue / average inventory.
Days inventory49 days365 x average inventory / cost of revenue.
Receivables turnover6.92xRevenue / average receivables.
Days sales outstanding53 days365 x average receivables / revenue.
FCF conversion509.4%Free cash flow / net income, when net income is positive.
Capex / operating cash flow5.5%Capital expenditures / cash from operations, when that is positive.

Per share

MetricValueHow it is calculated
EPS, diluted$0.52Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic$0.52Net income per basic share, as reported (split-adjusted).
Payout ratio26.6%Dividends paid / net income, when net income is positive.
Dividends / FCF5.2%Dividends paid / free cash flow, when free cash flow is positive.

Valuation

MetricValueHow it is calculated
Market cap$2.88BShare price x shares outstanding.
Enterprise value$3.38BMarket cap + total debt - cash - short-term investments.
P/E45.0xMarket cap / net income. Only when net income is positive.
P/S1.12xMarket cap / revenue.
P/B2.63xMarket cap / shareholders' equity. Only when equity is positive.
Price / tangible book4.54xMarket cap / tangible book value, when positive.
P/FCF8.83xMarket cap / free cash flow. Only when free cash flow is positive.
P/OCF8.34xMarket cap / cash from operations, when positive.
EV/Sales1.31xEnterprise value / revenue.
EV/EBIT11.0xEnterprise value / operating income, when both are positive.
EV/FCF10.4xEnterprise value / free cash flow, when both are positive.
FCF yield11.3%Free cash flow / market cap.
Earnings yield2.2%Net income / market cap (the inverse of P/E).
Dividend yield0.6%Dividends paid over the period / market cap.
Shareholder yield0.6%(Dividends paid + share buybacks) / market cap.
What was Enerflex Ltd.'s revenue in fiscal 2025?

Enerflex Ltd. reported revenue of $2.57B for fiscal 2025, 6.5% higher than the year before.

Was Enerflex Ltd. profitable in fiscal 2025?

Yes. Net income was $64.0M, a net margin of 2.5%.

How much free cash flow did Enerflex Ltd. generate in fiscal 2025?

Cash from operations of $345.0M minus capital expenditures of $19.0M left free cash flow of $326.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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