A Business at a Glance
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Arq, Inc.
ARQ
$84M
Mkt Cap
$2.03
-0.74%
Arq, Inc. (ARQ) has a 5-year average return on invested capital (ROIC) of -10.2%. This is below average and may indicate limited pricing power.
Arq, Inc. (ARQ) has a market capitalization of $84M. It is classified as a small-cap stock.
Arq, Inc. (ARQ) does not currently pay a regular dividend.
Arq, Inc. (ARQ) operates in the Miscellaneous Chemical Products industry, within the Materials sector.
Arq, Inc. (ARQ) reported annual revenue of $120 million in its most recent fiscal year, based on SEC EDGAR filings.
Arq, Inc. (ARQ) has a net profit margin of -43.7%. The company is currently unprofitable.
Arq, Inc. (ARQ) generated $-11 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Arq, Inc. (ARQ) has a debt-to-equity ratio of 0.28. This indicates a conservatively financed balance sheet.
Item 1. Business Arq, Inc., together with its consolidated subsidiaries ("Arq", the "Company," "we," "us", or "our") is an environmental technology company principally engaged in the sale of consumable air, water, and soil treatment solutions, primarily based on activated carbon ("AC"). Our proprietary AC products enable customers to reduce air, water, and soil contaminants, including mercury, per - and polyfluoroalkyl substances ("PFAS") and other pollutants, to meet the challenges of existing and pending air quality and water regulations. We manufacture and sell AC and other chemicals used to capture and remove impurities, contaminants and pollutants for the coal-fired power generation, industrial, water treatment, and water and soil remediation markets, which we collectively refer to as the advanced purification technologies ("APT") market. Our primary products are comprised of AC, which is produced from a variety of carbonaceous raw materials.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 120M | 120M | 109M | 99M | 103M | 100M |
| Net Income | -53M | -53M | -5.1M | -12M | -8.9M | 60M |
| EPS | $-1.27 | $-1.27 | $-0.14 | $-0.42 | $-0.48 | $3.27 |
| Free Cash Flow | -11M | -11M | -75M | -44M | -15M | 20M |
| ROIC | -20.0% | -26.1% | -2.3% | -6.2% | -6.2% | - |
| Gross Margin | 27.9% | 27.9% | 36.2% | 32.1% | 36.7% | 88.7% |
| Debt/Equity | 0.28 | 0.28 | 0.18 | 0.12 | 0.04 | 0.04 |
| Dividends/Share | $0.00 | - | - | $0.00 | $0.00 | $0.01 |
| Operating Income | -53M | -53M | -2.0M | -13M | -12M | - |
| Operating Margin | -44.0% | -44.0% | -1.8% | -13.4% | -11.7% | - |
| ROE | -31.3% | -27.3% | -2.4% | -6.9% | -6.4% | 41.0% |
| Shares Outstanding | 41M | 41M | 36M | 29M | 19M | 18M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 63M | 51M | 45M | 24M | 70M | 62M | 100M | 103M | 99M | 109M | 120M | 120M |
| Gross Margin | 27.6% | 25.4% | 83.1% | 55.6% | 85.6% | 12.8% | 88.7% | 36.7% | 32.1% | 36.2% | 27.9% | 27.9% |
| R&D | 5.4M | -648K | 157K | N/A | N/A | 1.0M | 400K | 400K | 3.3M | 4.0M | 7.3M | 7.3M |
| SG&A | 6.1M | 3.7M | 4.0M | 4.2M | 8.1M | 8.2M | 7.1M | 8.1M | 34M | 29M | 23M | 23M |
| EBIT | -42M | -16M | -14M | -6.4M | -15M | -41M | N/A | -12M | -13M | -2.0M | -53M | -53M |
| Op. Margin | -66.6% | -31.8% | -30.5% | -26.7% | -21.2% | -66.6% | N/A | -11.7% | -13.4% | -1.8% | -44.0% | -44.0% |
| Net Income | -30M | 98M | 28M | 35M | 36M | -20M | 60M | -8.9M | -12M | -5.1M | -53M | -53M |
| Net Margin | -48.0% | 193.0% | 61.4% | 148.1% | 50.7% | -33.0% | 60.2% | -8.7% | -12.3% | -4.7% | -43.7% | -43.7% |
| Non-Recurring | 12M | 2.6M | 2.5M | 3.1M | 3.1M | 26M | 0 | 0 | 2.7M | -64K | -96K | -96K |
| Returns on Capital | ||||||||||||
| ROIC | -68.8% | 128.2% | 37.9% | 30.0% | 27.6% | -22.4% | N/A | -6.2% | -6.2% | -2.3% | -26.1% | -20.0% |
| ROE | N/A | 128.2% | 37.9% | 52.2% | 32.8% | -23.8% | 41.0% | -6.4% | -6.9% | -2.4% | -27.3% | -31.3% |
| ROA | -49.6% | 91.0% | 33.7% | 22.2% | 20.4% | -13.8% | 32.6% | -4.9% | -5.2% | -1.8% | -20.4% | -22.8% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | -30M | -18M | -12M | -9.9M | 62M | 54M | 26M | -6.1M | -17M | 10M | -2.7M | -2.7M |
| Free Cash Flow | -30M | -19M | -12M | -10M | 54M | 47M | 20M | -15M | -44M | -75M | -11M | -11M |
| Owner Earnings | -39M | -22M | -15M | -13M | 53M | 43M | 16M | -14M | -30M | -832K | -18M | -18M |
| CapEx | 507K | 289K | 428K | 467K | 7.9M | 6.7M | 6.2M | 8.9M | 28M | 85M | 8.6M | 8.6M |
| Maint. CapEx | 2.0M | 979K | 789K | 723K | 7.4M | 8.5M | 7.9M | 6.4M | 11M | 8.6M | 12M | 12M |
| Growth CapEx | 0 | 0 | 0 | 0 | 480K | 0 | 0 | 2.5M | 17M | 77M | 0 | 0 |
| D&A | 2.0M | 979K | 789K | 723K | 7.4M | 8.5M | 7.9M | 6.4M | 11M | 8.6M | 12M | 12M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 12.6% | 12.4% | 23.9% | N/A | N/A | 812.9% | N/A | 0.0% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 16M | 20M | 18M | 5.0M | 93K | 45K | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | 9.3% | 11.0% | 8.7% | 4.4% | 0.1% | 0.1% | N/A | N/A | N/A | N/A |
| Share Buybacks | 277K | 196K | 16M | 25M | 5.8M | 159K | 0 | 388K | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 9.8% | 13.9% | 3.2% | 0.2% | N/A | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 7.2M | 2.9M | 2.2M | 2.5M | 2.0M | 2.5M | 1.9M | 2.0M | 2.6M | 2.7M | 3.4M | 3.4M |
| Debt Repayment | 1.8M | 13M | 0 | 2.0M | 0 | 0 | 0 | 0 | 0 | 633K | 0 | 0 |
| Balance Sheet | ||||||||||||
| Net Debt | 18M | -26M | -31M | 80M | 56M | 11M | -152M | -127M | -70M | 12M | 34M | 41M |
| Cash & Equiv. | 9.3M | 13M | 31M | 19M | 12M | 31M | 79M | 66M | 45M | 14M | 6.6M | 6.6M |
| Long-Term Debt | 14M | N/A | 0 | 50M | 20M | 5.4M | 3.2M | 3.4M | 18M | 9.4M | 8.5M | 8.5M |
| Debt/Equity | -1.12 | 0.00 | 0.00 | 1.45 | 0.63 | 0.50 | 0.04 | 0.04 | 0.12 | 0.18 | 0.28 | 0.28 |
| Interest Coverage | -5.0 | -3.2 | -4.6 | -3.0 | -2.1 | -10.5 | N/A | -35.9 | -4.4 | -0.6 | -21.6 | -21.6 |
| Equity | -25M | 76M | 73M | 68M | 108M | 85M | 147M | 140M | 178M | 217M | 168M | 168M |
| Total Assets | 61M | 107M | 83M | 160M | 174M | 147M | 185M | 181M | 236M | 284M | 231M | 231M |
| Total Liabilities | 86M | 31M | 9.2M | 92M | 66M | 61M | 38M | 41M | 57M | 67M | 63M | 63M |
| Intangibles | 1.9M | 696K | 805K | 4.8M | 4.2M | 2.0M | 1.2M | 847K | 7.9M | 7.6M | 570K | 570K |
| Retained Earnings | -141M | -43M | -15M | 13M | 57M | 32M | 93M | 84M | 72M | 66M | 14M | 14M |
| Working Capital | -25M | 15M | 30M | 19M | 7.7M | 19M | 86M | 82M | 63M | 7.7M | 1.6M | 1.6M |
| Current Assets | 25M | 39M | 37M | 60M | 47M | 62M | 108M | 106M | 86M | 52M | 44M | 44M |
| Current Liabilities | 50M | 24M | 6.9M | 41M | 39M | 43M | 23M | 24M | 23M | 45M | 42M | 42M |
| Per Share Data | ||||||||||||
| EPS | -1.37 | 4.34 | 1.29 | 1.76 | 1.93 | -1.12 | 3.27 | -0.48 | -0.42 | -0.14 | -1.27 | -1.27 |
| Owner EPS | -1.78 | -0.98 | -0.68 | -0.65 | 2.87 | 2.37 | 0.87 | -0.78 | -1.02 | -0.02 | -0.43 | -0.43 |
| Book Value | -1.14 | 3.38 | 3.40 | 3.37 | 5.88 | 4.70 | 7.97 | 7.54 | 6.12 | 5.95 | 4.05 | 4.05 |
| Cash Flow/Share | -1.36 | -0.81 | -0.54 | -0.49 | 3.38 | 2.98 | 1.41 | -0.33 | -0.57 | 0.29 | -0.07 | -0.99 |
| Dividends/Share | N/A | 0.00 | 0.75 | 1.00 | 1.00 | 0.25 | 0.01 | 0.00 | 0.00 | N/A | N/A | 0.00 |
| Shares Out. | 22.0M | 22.5M | 21.6M | 20.1M | 18.4M | 18.1M | 18.5M | 18.6M | 29.2M | 36.5M | 41.4M | 41.4M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | 1.6 | 6.0 | 5.2 | 5.1 | N/A | 2.0 | N/A | N/A | N/A | N/A | -1.6 |
| P/FCF | N/A | N/A | N/A | N/A | 3.3 | 2.2 | 6.1 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 9.4 | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 2.0 | 2.3 | 2.7 | 1.7 | 1.2 | 0.8 | 0.3 | 0.5 | 1.2 | N/A | 0.5 |
| Price/Sales | N/A | N/A | 3.7 | 7.6 | 3.0 | 1.7 | 1.2 | 0.9 | 0.6 | 1.9 | N/A | 0.7 |
| FCF Yield | -27.0% | -12.1% | -7.2% | -5.7% | 30.0% | 45.8% | 16.4% | -36.1% | -54.1% | -28.7% | N/A | -13.5% |
| Market Cap | 113M | 154M | 168M | 183M | 181M | 103M | 121M | 41M | 82M | 260M | 0 | 84M |
| Avg. Price | 9.05 | 5.49 | 7.84 | 9.09 | 11.43 | 6.19 | 6.33 | 4.72 | 2.14 | 5.82 | 0.00 | 2.03 |
| Year-End Price | 5.12 | 6.83 | 7.78 | 9.06 | 9.85 | 5.70 | 6.55 | 2.23 | 2.80 | 7.13 | 0.00 | 2.03 |
Arq, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 44.3%. At current prices, the estimated annualized return to fair value is -19.7%.
Arq, Inc. (ARQ) reported earnings per share (EPS) of $-1.27 in its most recent fiscal year.
Arq, Inc. (ARQ) has a return on equity (ROE) of -27.3%. A negative ROE may indicate losses or negative equity.
Arq, Inc. (ARQ) has a 5-year average gross margin of 44.3%. This indicates decent pricing power.
The Ledger Terminal provides 11 years of financial data for Arq, Inc. (ARQ), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Arq, Inc. (ARQ) has a book value per share of $4.05, based on its most recent annual SEC filing.