Is FLAC the highest quality?

I'm curious about audio file formats and their quality. When it comes to FLAC, is it truly the highest quality option available? Are there any other formats that can surpass it in terms of sound fidelity and clarity? And if so, what are the key differences between FLAC and these other formats? I'd love to get a better understanding of the nuances in audio file compression and how they impact the overall listening experience.