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Archrock Inc · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineGrowing fast: revenue compounds ~17.5%/yr (FY21→FY25), net margin 21.6%; free cash flow runs at 37% of net income. Check the accrual gap. Worth your attention in FY25: Share count (+15.1%) and Returns vs FCF (177%). Both visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲28.7%
1,489.8
FY21→FY25CAGR +17.5%/yr
Net income ($M)▲87.1%
322.3
FY21→FY25CAGR +83.8%/yr
Free cash flow ($M)▲69.6%
119.6
FY21→FY25CAGR −3.8%/yr
Diluted EPS▲74.3%
1.83
FY21→FY25CAGR +78.6%/yr
What the receipts whisper · what a headline number hides
Share count
+15.1%
151.8mn → 174.8mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$502.5M
+39.9% YoY in FY25 · 33.7% of revenue.
Returns vs FCF
177%
$211.8M returned vs $119.6M of FCF in FY25. The gap comes off the balance sheet (see net cash).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
22¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 54.1% → 65.8%. Net margin 21.6% is more than double the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 1,504.5 | 1,489.8 | 1,157.6 | 990.3 | 845.6 | 781.5 | ▲28.7% | +17.5% |
Cost of revenue | 491.4 | 509.4 | 458.5 | 449.0 | 419.5 | 358.9 | ▲11.1% | +9.1% |
Gross profit | 1,013.1 | 980.4 | 699.1 | 541.3 | 426.1 | 422.5 | ▲40.2% | +23.4% |
Selling, general & admin | 159.2 | 147.8 | 139.1 | 116.6 | 117.2 | 107.2 | ▲6.2% | +8.4% |
Total operating expenses | 391.6 | 359.1 | 314.4 | 274.5 | 240.9 | 258.8 | ▲14.2% | +8.5% |
Operating incomefeeds ROC rank | 621.5 | 621.3 | 384.7 | 266.9 | 185.1 | 163.8 | ▲61.5% | +39.6% |
Other income, net | −185.2 | −197.7 | −152.3 | −124.6 | −124.5 | −124.8 | — | — |
Pretax income | 436.3 | 423.6 | 232.4 | 142.2 | 60.6 | 39.0 | ▲82.3% | +81.6% |
Income tax | 106.5 | 100.8 | 60.1 | 37.2 | 16.3 | 10.7 | ▲67.7% | +75.0% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 328.5 | 322.3 | 172.2 | 105.0 | 44.3 | 28.2 | ▲87.1% | +83.8% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 1.86 | 1.83 | 1.05 | 0.67 | 0.28 | 0.18 | ▲74.3% | +78.6% |
Diluted shares (mn) | 174.74 | 174.75 | 162.38 | 154.34 | 153.41 | 151.83 | ▲7.6% | +3.6% |
| Margins | ||||||||
Gross margin69th pct in Energy | 67.3% | 65.8% | 60.4% | 54.7% | 50.4% | 54.1% | ▲5.4pp | +11.7pp |
Operating margin | 41.3% | 41.7% | 33.2% | 26.9% | 21.9% | 21.0% | ▲8.5pp | +20.7pp |
Net margin75th pct in Energy | 21.8% | 21.6% | 14.9% | 10.6% | 5.2% | 3.6% | ▲6.8pp | +18.0pp |
† TTM = trailing four quarters through 2026-06-30.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-26 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.