Fms Inc.
How we got $18.9M
Based on its 172 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Unlikely to sell soon
- In business 33 years (since 1993)
- Family in the business (Ryan White, Vice President of Business Development)
From public records and the company's website, not a statement that it's for sale.
What they do
FMS is a call center, collections, and client communications partner offering contact center services, collections and recovery to businesses. It serves clients across industries such as financial services, healthcare, and utilities.
From the company's website. Industry: Collection Agencies.
Customers & suppliers
Customers
- St. Luke's Health System · named on its website
- SCI Shared Resources · named on its website
Possible customers nearby
The largest businesses within about 60 miles in the markets its website says it serves.
- Gateway First Bank · Jenks, 5 mi · $169.1M
- TTCU Federal Credit Union · Tulsa, 9 mi · $133.1M
- Regent Bank · Tulsa, 5 mi · $131.8M
- Mabrey Bank · Bixby, 12 mi · $114.5M
- Blue Sky Bank · Pawhuska, 44 mi · $88.9M
Estimated value over time
▼ 13% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▼ 69% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 172 | $19.1M |
| 2020 | Form 5500 | 117 | $13.0M |
| 2021 | Form 5500 | 84 | $9.3M |
| 2022 | Form 5500 | 70 | $7.8M |
| 2023 | Form 5500 | 67 | $7.4M |
| 2024 | Form 5500 | 65 | $7.2M |
| 2025 | Form 5500 | 54 | $6.0M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| FMS INC. this business | $39.1M | — |
| MARK THOMPSON Tulsa · 1 employees | $327K | 0.8 mi |
| WINSCO, INC. Tulsa · 1 employees | $285K | 2.2 mi |
| SOUTHERN IMPACT, LLC Tulsa · 3 employees | $627K | 2.3 mi |
| FITE REPORTING, INC. Tulsa · 1 employees | $181K | 2.3 mi |
| D & J DISTRIBUTORS, LLC Tulsa · 5 employees | $840K | 2.4 mi |
| SCOTT MATHEWS PRODUCTIONS Tulsa · 1 employees | $459K | 2.6 mi |
The full calculation
| Employees reported to the SBA | 172 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $32.1M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $36.6M |
| Estimate: the two combined (geometric mean) | $39.1M |
| EBITDA margin (industry, adjusted for size) | 9% |
| EBITDA = revenue × margin | $3.4M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $18.9M |
| Multiple for this size and industry | 5.5× |
| Value range | $9.9M – $25.8M |
| Revenue range | $25.7M – $44.5M |
| EBITDA range | $2.3M – $3.9M |
| Industry (NAICS) | Collection Agencies (561440) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
Leadership
- MWMichael WolferPresident/Chief Operating Officer · Company website · source
- DCDennis C. HammarquistChief Information Officer · Company website · source
- RWRyan WhiteVice President of Business Development · Company website · source
Advisors
- AccountingMorse & Co. PLLCAudits its 401(k) plan (2022 filing)
- BankingSecurity BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Security Bank PPP 2020, PPP 2021 | All 617 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/4/2020 | first | $1.6M | 172 |
| 1/27/2021 | second | $1.6M | 167 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Fms Inc.
Fms Inc. is a collection agencies company in Tulsa, Oklahoma, in business since 1993. It is owned by Terry D. White (Senior Vice President). Its estimated annual revenue is about $39.1M, with roughly $3.4M of EBITDA. It has about 54 employees. Its estimated business value is $18.9M (likely range $9.9M–$25.8M).
Common questions
- Who owns Fms Inc.?
- Fms Inc. is owned by Terry D. White (Senior Vice President), according to public sources such as the company's website or filings.
- How much revenue does Fms Inc. make?
- SeeBITDA estimates Fms Inc.'s annual revenue at about $39.1M (likely between $25.7M and $44.5M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Fms Inc. worth?
- About $18.9M, roughly 5.5× its estimated EBITDA of $3.4M, typical for a collection agencies company its size. Likely range: $9.9M–$25.8M.
- How many employees does Fms Inc. have?
- About 54, from its 2025 retirement-plan filing.
- When was Fms Inc. founded?
- Fms Inc. has been in business since 1993.