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ARQ (ARQ) Financials

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$1.91 -0.04 (-2.00%)
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Annual Income Statements for ARQ

Annual Income Statements for ARQ

This table shows ARQ's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -30 98 28 35 36 -20 60 -8.92 -12 -5.11 -53
Consolidated Net Income / (Loss)		 -30 98 28 35 36 -20 60 -8.92 -12 -5.11 -53
Net Income / (Loss) Continuing Operations		 -30 98 28 35 36 -20 60 -8.92 -12 -5.11 -53
Total Pre-Tax Income 		-30 37 52 46 48 -14 76 -8.71 -12 -5.27 -53
Total Operating Income		 -42 -16 -4.14 -6.40 -15 -41 4.85 -12 -13 -1.96 -53
Total Gross Profit		 -8.40 -1.59 5.81 7.05 11 6.34 23 12 32 39 34
Total Revenue		 63 51 45 24 70 67 100 103 99 109 120
Operating Revenue		 61 50 45 24 70 67 100 103 99 109 120
Total Cost of Revenue		 71 52 40 17 60 61 77 91 67 70 87
Operating Cost of Revenue		 71 52 40 17 60 61 77 91 67 70 87
Total Operating Expenses		 33 15 9.95 13 25 47 19 24 45 41 86
Selling, General & Admin Expense		 23 12 8.37 13 18 14 13 18 34 29 23
Research & Development Expense		 5.36 -0.65 - - - - - - 3.31 4.05 7.34
Depreciation Expense		 2.02 0.98 0.79 0.72 7.37 8.54 7.93 6.42 11 8.59 12
Impairment Charge		 - - - - 0.00 26 - - - 0.00 45
Other Special Charges / (Income)		 - - - - 0.00 -1.13 - 0.00 -2.73 0.06 0.10
Total Other Income / (Expense), net		 12 53 56 52 62 27 71 3.36 1.24 -3.31 0.36
Interest Expense		 8.40 5.07 3.02 2.15 7.17 3.92 -1.86 0.34 3.01 4.68 2.45
Interest & Investment Income		 20 52 54 54 69 31 69 3.54 1.62 0.13 1.95
Other Income / (Expense), net		 0.49 5.93 5.29 0.22 0.43 0.13 0.64 0.16 2.63 1.24 0.86
Income Tax Expense		 0.02 -61 24 10 12 6.51 16 0.21 0.15 -0.16 0.01
Basic Earnings per Share		 ($1.37) $4.40 $1.30 $1.78 $1.96 ($1.12) $3.31 ($0.48) ($0.42) ($0.14) ($1.27)
Weighted Average Basic Shares Outstanding		 21.77M 21.93M 21.37M 19.90M 18.15M 18.04M 18.26M 18.45M 29.10M 36.05M 41.52M
Diluted Earnings per Share		 ($1.37) $4.34 $1.29 $1.76 $1.93 ($1.12) $3.27 ($0.48) ($0.42) ($0.14) ($1.27)
Weighted Average Diluted Shares Outstanding		 21.77M 22.23M 21.41M 20.03M 18.37M 18.04M 18.46M 18.45M 29.10M 36.05M 41.52M
Weighted Average Basic & Diluted Shares Outstanding		 22M 22.02M 20.75M 18.51M 18.34M 18.52M 18.84M 26.82M 33.24M 42.01M 42.85M

Quarterly Income Statements for ARQ

This table shows ARQ's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -2.18 3.29 -3.42 -1.97 1.62 -1.34 0.20 -2.13 -0.65 -50 -0.84
Consolidated Net Income / (Loss)		 -2.18 3.29 -3.42 -1.97 1.62 -1.34 0.20 -2.13 -0.65 -50 -0.84
Net Income / (Loss) Continuing Operations		 -2.18 3.29 -3.42 -1.97 1.62 -1.34 0.20 -2.13 -0.65 -50 -0.84
Total Pre-Tax Income 		-2.18 3.48 -3.42 -1.94 1.62 -1.53 0.20 -2.13 -0.65 -50 -0.84
Total Operating Income		 -2.53 3.10 -2.98 -1.42 2.03 0.41 0.66 -1.56 -0.84 -51 -0.98
Total Gross Profit		 9.12 14 8.03 8.18 13 9.80 9.92 9.52 10 3.99 9.94
Total Revenue		 30 28 22 25 35 27 27 29 35 29 29
Operating Revenue		 30 28 22 25 35 27 27 29 35 29 29
Total Cost of Revenue		 21 14 14 17 21 17 17 19 25 25 19
Operating Cost of Revenue		 21 14 14 17 21 17 17 19 25 25 19
Total Operating Expenses		 12 11 11 9.60 11 9.39 9.25 11 11 55 11
Selling, General & Admin Expense		 8.30 6.50 7.67 7.01 8.06 5.96 6.05 5.92 4.62 5.96 7.37
Research & Development Expense		 0.64 1.17 1.63 0.93 0.79 0.71 0.87 2.70 2.57 1.20 0.98
Depreciation Expense		 2.71 3.27 1.72 1.66 2.72 2.50 2.18 2.49 3.76 3.32 2.57
Total Other Income / (Expense), net		 0.35 0.37 -0.44 -0.52 -0.41 -1.95 -0.46 -0.58 0.19 1.21 0.14
Interest Expense		 0.79 0.86 0.79 0.83 0.81 2.25 0.72 0.59 0.59 0.54 0.71
Other Income / (Expense), net		 0.73 1.12 0.35 0.31 0.27 0.31 0.27 0.02 0.69 -0.11 0.85
Income Tax Expense		 0.00 0.19 0.00 0.03 0.00 -0.19 0.00 0.00 0.00 0.01 0.00
Basic Earnings per Share		 ($0.07) $0.18 ($0.09) ($0.06) $0.04 ($0.03) $0.00 ($0.05) ($0.02) ($1.20) ($0.02)
Weighted Average Basic Shares Outstanding		 31.81M 29.10M 37.06M 34.36M 36.12M 36.05M 41.32M 41.51M 41.61M 41.52M 41.73M
Diluted Earnings per Share		 ($0.07) $0.18 ($0.09) ($0.06) $0.04 ($0.03) $0.00 ($0.05) ($0.02) ($1.20) ($0.02)
Weighted Average Diluted Shares Outstanding		 31.81M 29.10M 37.06M 34.36M 37.44M 36.05M 42.53M 41.51M 41.61M 41.52M 41.73M
Weighted Average Basic & Diluted Shares Outstanding		 33.18M 33.24M 33.90M 36.51M 42.03M 42.01M 42.21M 42.69M 42.69M 42.85M 42.93M

Annual Cash Flow Statements for ARQ

This table details how cash moves in and out of ARQ's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -16 5.97 3.75 -6.92 -6.69 19 53 -12 -22 -32 -7.20
Net Cash From Operating Activities		 -30 -18 -12 -9.89 62 54 26 -6.06 -17 10 -2.73
Net Cash From Continuing Operating Activities		 -30 -18 -12 -9.89 62 54 26 -6.06 -17 10 -2.73
Net Income / (Loss) Continuing Operations		 -30 98 28 35 36 -20 60 -8.92 -12 -5.11 -53
Consolidated Net Income / (Loss)		 -30 98 28 35 36 -20 60 -8.92 -12 -5.11 -53
Depreciation Expense		 2.02 0.98 0.79 0.72 7.37 8.54 7.93 6.42 11 8.59 12
Amortization Expense		 0.99 1.38 0.11 0.09 1.68 1.42 0.95 0.00 0.55 0.60 0.36
Non-Cash Adjustments To Reconcile Net Income		 13 -6.89 -20 -30 9.92 62 -48 4.62 -1.21 6.08 49
Changes in Operating Assets and Liabilities, net		 -16 -111 -21 -16 7.76 2.89 4.58 -8.18 -14 0.31 -11
Net Cash From Investing Activities		 4.33 40 48 -17 -13 -7.47 44 -4.61 -29 -85 -8.16
Net Cash From Continuing Investing Activities		 4.33 40 48 -17 -13 -7.47 44 -4.61 -29 -85 -8.16
Purchase of Property, Plant & Equipment		 -0.51 -0.29 -0.43 -0.47 -7.85 -6.69 -6.20 -8.91 -28 -85 -8.58
Sale of Property, Plant & Equipment		 0.94 0.05 - - - 0.00 0.90 1.25 0.00 0.15 0.01
Sale and/or Maturity of Investments		 8.65 39 49 47 - 0.00 51 3.64 1.62 0.13 0.25
Other Investing Activities, net		 -0.50 0.00 - 0.00 -4.73 -0.78 -1.40 -0.58 -4.87 -0.18 0.15
Net Cash From Financing Activities		 10 -16 -33 20 -56 -28 -18 -1.68 23 43 3.70
Net Cash From Continuing Financing Activities		 10 -16 -33 20 -56 -28 -18 -1.68 23 43 3.70
Repayment of Debt		 -3.23 -15 -1.04 -2.11 -31 -24 -16 0.00 -0.47 -11 -125
Issuance of Debt		 14 0.00 0.81 68 0.16 - - 0.00 8.52 14 129
Issuance of Common Equity		 - - - - - - - 0.00 16 42 0.00
Other Financing Activities, net		 - - - -0.77 -0.45 1.41 -1.44 -1.63 -1.36 -2.16 -0.51
Cash Interest Paid		 6.27 3.65 3.64 1.40 5.65 2.49 0.52 0.33 1.73 2.02 0.66

Quarterly Cash Flow Statements for ARQ

This table details how cash moves in and out of ARQ's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -6.26 -7.17 -10 -6.82 20 -35 -7.43 0.62 0.07 -0.45 0.82
Net Cash From Operating Activities		 0.01 4.49 0.53 -2.95 7.69 5.21 -5.80 0.53 5.30 -2.76 0.06
Net Cash From Continuing Operating Activities		 0.01 4.49 0.53 -2.95 7.69 5.21 -5.80 0.53 5.30 -2.76 0.06
Net Income / (Loss) Continuing Operations		 -2.18 3.29 -3.42 -1.97 1.62 -1.34 0.20 -2.13 -0.65 -50 -0.84
Consolidated Net Income / (Loss)		 -2.18 3.29 -3.42 -1.97 1.62 -1.34 0.20 -2.13 -0.65 -50 -0.84
Depreciation Expense		 2.71 3.27 1.72 1.66 2.72 2.50 2.18 2.49 3.76 3.32 2.57
Amortization Expense		 0.15 0.15 0.15 0.15 0.15 0.15 0.01 0.17 0.09 0.09 0.10
Non-Cash Adjustments To Reconcile Net Income		 -3.08 -0.52 1.38 1.11 0.94 4.37 1.42 1.17 1.61 44 1.58
Changes in Operating Assets and Liabilities, net		 2.41 -1.70 0.70 -3.90 2.27 -0.48 -9.62 -1.16 0.50 -0.64 -3.34
Net Cash From Investing Activities		 -6.82 -11 -9.65 -19 -13 -43 -3.60 -1.93 -2.32 -0.31 -0.75
Net Cash From Continuing Investing Activities		 -6.82 -11 -9.65 -19 -13 -43 -3.60 -1.93 -2.32 -0.31 -0.75
Purchase of Property, Plant & Equipment		 -6.63 -11 -9.60 -19 -13 -43 -3.71 -1.88 -2.20 -0.78 -0.74
Acquisitions		 - - -0.05 - - - - - - - -0.09
Sale and/or Maturity of Investments		 0.41 0.11 0.00 - 0.13 - 0.16 - 0.08 0.01 0.08
Net Cash From Financing Activities		 0.55 -0.43 -1.01 15 26 2.62 1.97 2.03 -2.92 2.62 1.51
Net Cash From Continuing Financing Activities		 0.55 -0.43 -1.01 15 26 2.62 1.97 2.03 -2.92 2.62 1.51
Repayment of Debt		 -0.13 -0.13 -0.41 0.15 -0.14 -11 -28 -29 -38 -30 -31
Issuance of Debt		 - - 0.00 - - 14 31 31 35 32 32
Other Financing Activities, net		 -0.33 -0.30 -0.60 -0.57 -0.78 -0.21 -0.24 -0.07 -0.14 -0.06 -0.26

Annual Balance Sheets for ARQ

This table presents ARQ's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 61 107 83 160 174 147 185 181 236 284 231
Total Current Assets		 25 39 37 60 47 62 108 106 86 52 44
Cash & Equivalents		 9.27 13 - - - - 79 66 45 14 6.57
Accounts Receivable		 10 11 4.36 14 12 17 15 14 16 15 15
Inventories, net		 - - 0.07 22 15 9.88 7.85 18 20 19 16
Prepaid Expenses		 2.31 1.38 1.76 5.57 7.83 4.60 6.66 7.54 5.22 4.65 6.40
Plant, Property, & Equipment, net		 2.04 0.74 0.41 43 0.00 0.00 0.00 35 95 179 143
Total Noncurrent Assets		 34 68 45 57 127 85 77 41 54 53 44
Other Noncurrent Operating Assets		 2.70 2.30 1.50 7.99 64 59 67 31 46 45 35
Other Noncurrent Nonoperating Assets		 11 - 0.00 5.20 5.00 5.00 10 10 8.79 8.72 8.47
Total Liabilities & Shareholders' Equity		 61 107 83 160 174 147 185 181 236 284 231
Total Liabilities		 86 31 9.16 92 66 61 38 41 57 67 63
Total Current Liabilities		 50 24 6.88 41 39 43 23 24 23 45 42
Short-Term Debt		 15 - 0.00 24 24 18 1.01 1.13 2.65 15 20
Accounts Payable		 6.17 1.92 1.00 6.24 8.05 7.85 16 16 15 21 15
Other Current Liabilities		 7.40 4.02 4.49 2.14 4.31 13 5.12 6.65 5.79 8.18 7.02
Total Noncurrent Liabilities		 36 7.42 2.29 51 26 19 16 17 34 22 20
Long-Term Debt		 14 - 0.00 50 20 5.45 3.15 3.45 18 9.37 8.45
Other Noncurrent Operating Liabilities		 22 7.42 2.29 0.94 5.76 13 12 14 16 13 12
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -25 76 73 68 108 85 147 140 178 217 168
Total Preferred & Common Equity		 -25 76 73 68 108 85 147 140 178 217 168
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -25 76 73 68 108 85 147 140 178 217 168
Common Stock		 116 120 89 97 98 100 102 104 155 199 202
Retained Earnings		 -141 -43 -15 13 57 32 93 84 72 66 14
Treasury Stock		 - - - -42 -48 -48 -48 -48 -48 -48 -48

Quarterly Balance Sheets for ARQ

This table presents ARQ's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 231 230 249 280 284 285 278 232
Total Current Assets		 91 72 71 87 48 51 44 46
Cash & Equivalents		 53 35 28 49 6.34 6.96 7.03 4.67
Accounts Receivable		 14 11 16 17 15 16 14 16
Inventories, net		 19 22 23 18 22 21 16 20
Prepaid Expenses		 6.17 4.20 4.28 3.53 4.78 7.38 6.79 5.51
Plant, Property, & Equipment, net		 86 104 123 139 181 181 181 141
Total Noncurrent Assets		 53 54 54 54 54 53 53 45
Other Noncurrent Operating Assets		 45 45 45 45 46 45 45 34
Other Noncurrent Nonoperating Assets		 8.79 8.79 8.72 8.72 8.47 8.47 8.47 11
Total Liabilities & Shareholders' Equity		 231 230 249 280 284 285 278 232
Total Liabilities		 56 55 59 62 65 68 61 64
Total Current Liabilities		 22 22 27 30 43 46 40 45
Short-Term Debt		 1.99 2.54 2.42 2.32 18 20 17 22
Accounts Payable		 14 13 17 20 17 16 13 17
Other Current Liabilities		 6.06 6.89 7.39 7.67 7.74 10 9.65 5.99
Total Noncurrent Liabilities		 34 33 32 32 23 22 21 19
Long-Term Debt		 19 18 18 18 9.09 8.74 8.80 8.19
Other Noncurrent Operating Liabilities		 15 15 14 14 13 13 12 11
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 174 175 190 218 218 217 217 168
Total Preferred & Common Equity		 174 175 190 218 218 217 217 168
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 174 175 190 218 218 217 217 168
Common Stock		 154 155 171 198 199 200 201 203
Retained Earnings		 68 68 66 68 67 65 64 13
Treasury Stock		 -48 -48 -48 -48 -48 -48 -48 -48

Annual Metrics And Ratios for ARQ

This table displays calculated financial ratios and metrics derived from ARQ's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 10,116,719.00 22,002,235.00 21,089,470.00 19,915,631.00 18,588,896.00 18,547,887.00 18,865,140.00 19,110,910.00 33,180,907.00 - 42,693,884.00
DEI Adjusted Shares Outstanding		 10,116,719.00 22,002,235.00 21,089,470.00 19,915,631.00 18,588,896.00 18,547,887.00 18,865,140.00 19,110,910.00 33,180,907.00 - 42,693,884.00
DEI Earnings Per Adjusted Shares Outstanding		 -2.98 4.44 1.32 1.78 1.91 -1.09 3.20 -0.47 -0.37 - -1.23
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 270.73% -19.31% -10.39% -47.22% 192.70% -3.89% 48.89% 2.69% -3.69% 9.86% 10.44%
EBITDA Growth		 3.82% 79.60% 126.24% -361.61% -1.01% -470.32% 146.51% -138.25% 106.99% 2,106.77% -571.96%
EBIT Growth		 1.15% 75.38% 111.33% -636.46% -134.08% -182.38% 113.44% -316.92% 10.14% 93.26% -7,126.07%
NOPAT Growth		 15.09% -46.27% 94.82% -122.88% -125.11% -157.66% 113.43% -319.28% -10.50% 85.31% -2,603.32%
Net Income Growth		 -2,273.11% 424.07% -71.46% 27.20% 0.23% -157.13% 397.51% -114.76% -37.37% 58.29% -929.75%
EPS Growth		 -2,383.33% 416.79% -70.28% 36.43% 9.66% -158.03% 391.96% -114.68% 12.50% 66.67% -807.14%
Operating Cash Flow Growth		 25.63% 38.88% 35.65% 15.82% 729.61% -13.19% -51.90% -123.31% -174.76% 162.91% -126.06%
Free Cash Flow Firm Growth		 24.18% -261.44% 103.67% -1,788.32% 105.25% -44.90% 193.27% -309.20% -521.82% 11.95% 101.85%
Invested Capital Growth		 12.95% 218.27% -15.14% 190.71% -13.65% -32.10% -4.26% 8.68% 113.09% 51.45% -17.50%
Revenue Q/Q Growth		 17.86% -15.94% -52.33% 0.00% 8.38% 13.67% 1.64% -2.24% 4.97% -0.97% 2.03%
EBITDA Q/Q Growth		 20.09% 24.10% 137.40% -436.84% 12.06% 17.02% -12.26% -293.20% 104.36% -33.49% -453.80%
EBIT Q/Q Growth		 17.65% 25.01% 117.29% -353.41% -11.78% 12.95% -11.33% -50.02% 40.95% -125.91% -126,973.17%
NOPAT Q/Q Growth		 16.75% -145.97% 90.19% -68.69% -33.71% 13.21% -7.48% -2,502.22% 32.70% -367.62% -3,915.01%
Net Income Q/Q Growth		 -33.63% 415.72% -71.18% 0.04% 6.28% -74.51% 9.80% -12,659.15% 34.52% -964.38% -1,241.41%
EPS Q/Q Growth		 -31.73% 398.85% -70.14% 1.73% 7.82% -69.70% 9.00% -4,700.00% 44.74% -300.00% -1,170.00%
Operating Cash Flow Q/Q Growth		 -30.03% 42.45% 0.79% -41.70% 48.17% 9.01% -40.67% -464.46% 39.57% 7.35% -152.13%
Free Cash Flow Firm Q/Q Growth		 0.00% -188.58% 105.15% -14,823.11% 106.38% 120.67% -33.62% -771.15% -13.21% -65.21% 102.94%
Invested Capital Q/Q Growth		 21.75% 300.90% -14.10% 163.94% -1.99% -14.17% -11.01% -5.00% 8.22% 21.68% -20.27%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 -13.39% -3.13% 12.81% 29.46% 15.05% 9.42% 23.33% 11.63% 32.12% 36.20% 27.87%
EBITDA Margin		 -61.05% -15.43% 4.52% -22.40% -7.73% -45.86% 14.33% -5.34% 0.39% 7.78% -33.24%
Operating Margin		 -66.63% -31.80% -9.13% -26.73% -21.25% -60.84% 4.84% -11.72% -13.44% -1.80% -44.01%
EBIT Margin		 -65.84% -20.09% 2.54% -25.81% -20.64% -60.64% 5.48% -11.57% -10.79% -0.66% -43.30%
Profit (Net Income) Margin		 -48.04% 192.96% 61.44% 148.06% 50.70% -30.14% 60.22% -8.66% -12.35% -4.69% -43.72%
Tax Burden Percent		 100.07% 265.86% 53.58% 77.28% 74.76% 147.21% 79.40% 102.40% 101.26% 96.89% 100.02%
Interest Burden Percent		 72.92% -361.22% 4,516.06% -742.35% -328.61% 33.76% 1,385.16% 73.10% 112.99% 731.35% 100.96%
Effective Tax Rate		 0.00% -165.86% 46.42% 22.72% 25.24% 0.00% 20.60% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% -1,224.22% -5.30% -6.59% -10.70% -35.44% 6.01% -12.92% -8.75% -0.75% -18.48%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -1,859.93% -96.57% 924.82% 282.36% -88.49% -102.37% -12.32% -3.21% 23.65% -212.57%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 1,605.87% 42.56% 56.74% 51.03% 14.45% 45.94% 6.71% 1.06% -1.83% -8.84%
Return on Equity (ROE)		 234.79% 381.65% 37.26% 50.15% 40.33% -20.98% 51.96% -6.21% -7.69% -2.58% -27.31%
Cash Return on Invested Capital (CROIC)		 0.00% -279.11% 11.07% -104.21% 3.95% 2.80% 10.36% -21.24% -80.99% -41.67% 0.70%
Operating Return on Assets (OROA)		 -53.48% -12.10% 1.21% -5.10% -8.68% -25.49% 3.31% -6.50% -5.14% -0.28% -20.24%
Return on Assets (ROA)		 -39.02% 116.23% 29.35% 29.27% 21.31% -12.67% 36.37% -4.86% -5.88% -1.97% -20.43%
Return on Common Equity (ROCE)		 234.79% 381.65% 37.26% 50.15% 40.33% -20.98% 51.96% -6.21% -7.69% -2.58% -27.31%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -2.35% 0.00%
Net Operating Profit after Tax (NOPAT)		 -29 -43 -2.22 -4.95 -11 -29 3.85 -8.45 -9.33 -1.37 -37
NOPAT Margin		 -46.64% -84.55% -4.89% -20.66% -15.89% -42.59% 3.84% -8.20% -9.41% -1.26% -30.81%
Net Nonoperating Expense Percent (NNEP)		 -3.12% 635.71% 91.26% -931.41% -293.07% 53.06% 108.38% -0.60% -5.55% -24.40% 194.10%
Return On Investment Capital (ROIC_SIMPLE)		 -960.29% -56.19% -3.02% -3.48% -7.29% -26.29% 2.54% -5.84% -4.68% -0.57% -18.87%
Cost of Revenue to Revenue		 113.39% 103.13% 87.19% 70.55% 84.95% 90.58% 76.67% 88.37% 67.88% 63.80% 72.13%
SG&A Expenses to Revenue		 36.19% 23.73% 18.45% 53.16% 25.78% 20.51% 13.28% 17.12% 34.35% 26.34% 18.74%
R&D to Revenue		 8.55% -1.28% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.34% 3.72% 6.10%
Operating Expenses to Revenue		 53.23% 28.67% 21.94% 56.18% 36.30% 70.25% 18.50% 23.35% 45.57% 38.00% 71.87%
Earnings before Interest and Taxes (EBIT)		 -41 -10 1.15 -6.18 -14 -41 5.49 -12 -11 -0.72 -52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -38 -7.81 2.05 -5.36 -5.42 -31 14 -5.50 0.38 8.47 -40
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 2.04 2.30 2.80 1.75 1.16 0.83 0.32 0.49 1.26 0.81
Price to Tangible Book Value (P/TBV)		 0.00 2.04 2.33 3.01 1.82 1.19 0.83 0.32 0.49 1.26 0.81
Price to Revenue (P/Rev)		 2.47 3.07 3.72 7.95 2.70 1.47 1.22 0.44 0.87 2.50 1.13
Price to Earnings (P/E)		 0.00 1.59 6.06 5.37 5.32 0.00 2.02 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 62.80% 16.50% 18.64% 18.80% 0.00% 49.42% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 2.75 3.49 2.14 1.89 1.29 0.76 0.00 0.43 1.29 0.87
Enterprise Value to Revenue (EV/Rev)		 2.43 2.46 2.95 9.99 2.60 1.25 0.47 0.00 0.63 2.61 1.31
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 65.31 0.00 0.00 0.00 3.31 0.00 162.23 33.54 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 116.23 0.00 0.00 0.00 8.67 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 12.36 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 2.93 1.56 1.83 0.00 0.00 27.13 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 28.91 0.00 44.33 37.32 7.17 0.00 0.00 0.00 112.27
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -1.12 0.00 0.00 1.09 0.41 0.28 0.03 0.03 0.12 0.11 0.17
Long-Term Debt to Equity		 -0.54 0.00 0.00 0.74 0.19 0.06 0.02 0.02 0.10 0.04 0.05
Financial Leverage		 2.20 -0.86 -0.44 0.06 0.18 -0.16 -0.45 -0.54 -0.33 -0.08 0.04
Leverage Ratio		 -6.02 3.28 1.27 1.71 1.89 1.66 1.43 1.28 1.31 1.31 1.34
Compound Leverage Factor		 -4.39 -11.86 57.32 -12.72 -6.22 0.56 19.78 0.93 1.48 9.61 1.35
Debt to Total Capital		 919.76% 0.00% 0.00% 52.17% 29.06% 21.89% 2.75% 3.17% 10.50% 10.25% 14.49%
Short-Term Debt to Total Capital		 476.30% 0.00% 0.00% 16.94% 15.68% 16.90% 0.67% 0.78% 1.33% 6.38% 10.19%
Long-Term Debt to Total Capital		 443.45% 0.00% 0.00% 35.23% 13.39% 4.99% 2.08% 2.39% 9.17% 3.87% 4.30%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -819.76% 100.00% 100.00% 47.83% 70.94% 78.11% 97.25% 96.83% 89.50% 89.75% 85.51%
Debt to EBITDA		 -0.73 0.00 0.00 -13.82 -8.19 -0.77 0.29 -0.83 54.50 2.93 -0.71
Net Debt to EBITDA		 0.06 0.00 0.00 -9.12 1.27 0.48 -5.19 11.25 -63.63 1.33 -0.55
Long-Term Debt to EBITDA		 -0.35 0.00 0.00 -9.33 -3.77 -0.18 0.22 -0.63 47.59 1.11 -0.21
Debt to NOPAT		 -0.96 0.00 0.00 -14.99 -3.98 -0.83 1.08 -0.54 -2.24 -18.10 -0.77
Net Debt to NOPAT		 0.08 0.00 0.00 -9.89 0.62 0.51 -19.36 7.32 2.62 -8.24 -0.59
Long-Term Debt to NOPAT		 -0.46 0.00 0.00 -10.12 -1.84 -0.19 0.82 -0.41 -1.96 -6.83 -0.23
Altman Z-Score		 -3.88 2.76 11.83 1.52 2.38 0.98 3.82 2.20 1.93 3.18 1.17
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.49 1.64 5.36 1.47 1.20 1.46 4.79 4.42 3.75 1.17 1.04
Quick Ratio		 0.39 1.00 0.63 0.34 0.30 0.39 4.15 3.36 2.67 0.64 0.51
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -35 -126 4.63 -78 4.11 2.26 6.64 -14 -86 -76 1.40
Operating Cash Flow to CapEx		 0.00% -7,703.38% -2,744.86% -2,117.56% 793.05% 808.50% 489.99% -79.12% -60.52% 12.32% -31.87%
Free Cash Flow to Firm to Interest Expense		 -4.16 -24.94 1.53 -36.36 0.57 0.58 0.00 -41.34 -28.66 -16.26 0.57
Operating Cash Flow to Interest Expense		 -3.56 -3.60 -3.88 -4.60 8.68 13.79 0.00 -18.04 -5.53 2.24 -1.11
Operating Cash Flow Less CapEx to Interest Expense		 -3.50 -3.65 -4.03 -4.81 7.58 12.08 0.00 -40.84 -14.65 -15.93 -4.61
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.81 0.60 0.48 0.20 0.42 0.42 0.60 0.56 0.48 0.42 0.47
Accounts Receivable Turnover		 4.43 4.85 6.07 2.63 5.49 4.77 6.33 7.11 6.60 7.01 8.06
Inventory Turnover		 0.00 0.00 0.00 1.55 3.20 4.82 8.67 7.09 3.59 3.56 4.93
Fixed Asset Turnover		 18.32 36.48 79.24 1.11 0.00 0.00 0.00 0.00 1.53 0.80 0.75
Accounts Payable Turnover		 10.39 12.90 27.09 4.67 8.34 7.68 6.32 5.58 4.38 3.90 4.78
Days Sales Outstanding (DSO)		 82.36 75.21 60.11 138.70 66.44 76.55 57.65 51.33 55.30 52.04 45.28
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 236.23 114.19 75.79 42.09 51.49 101.71 102.41 74.02
Days Payable Outstanding (DPO)		 35.11 28.29 13.47 78.17 43.78 47.54 57.76 65.36 83.25 93.51 76.29
Cash Conversion Cycle (CCC)		 47.24 46.91 46.64 296.76 136.85 104.80 41.98 37.46 73.76 60.93 43.01
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -38 45 38 112 96 65 63 68 145 220 181
Invested Capital Turnover		 -1.53 14.48 1.08 0.32 0.67 0.83 1.57 1.57 0.93 0.60 0.60
Increase / (Decrease) in Invested Capital		 5.69 84 -6.85 73 -15 -31 -2.79 5.44 77 75 -38
Enterprise Value (EV)		 153 125 134 239 182 85 48 -17 62 284 158
Market Capitalization		 155 156 169 190 189 99 122 45 87 273 136
Book Value per Share		 ($2.47) $3.46 $3.48 $3.41 $5.83 $4.59 $7.81 $7.32 $5.38 $5.17 $3.93
Tangible Book Value per Share		 ($2.47) $3.46 $3.44 $3.17 $5.60 $4.49 $7.81 $7.32 $5.38 $5.17 $3.93
Total Capital		 3.05 76 73 142 153 109 151 145 199 242 196
Total Debt		 28 0.00 0.00 74 44 24 4.16 4.58 21 25 28
Total Long-Term Debt		 14 0.00 0.00 50 20 5.45 3.15 3.45 18 9.37 8.45
Net Debt		 -2.31 -31 -35 49 -6.87 -15 -75 -62 -24 11 22
Capital Expenditures (CapEx)		 -0.44 0.24 0.43 0.47 7.85 6.69 5.31 7.66 28 85 8.57
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -21 -12 -0.68 25 20 6.96 8.00 16 21 9.64 15
Debt-free Net Working Capital (DFNWC)		 -11 15 30 43 32 38 87 83 66 23 22
Net Working Capital (NWC)		 -25 15 30 19 7.74 19 86 82 63 7.70 1.56
Net Nonoperating Expense (NNE)		 0.88 -140 -30 -40 -47 -8.38 -57 0.47 2.91 3.74 16
Net Nonoperating Obligations (NNO)		 -13 -31 -35 44 -12 -20 -85 -72 -33 2.59 13
Total Depreciation and Amortization (D&A)		 3.01 2.36 0.90 0.82 9.05 9.96 8.88 6.42 11 9.20 12
Debt-free, Cash-free Net Working Capital to Revenue		 -33.24% -23.21% -1.51% 102.51% 27.95% 10.32% 7.98% 16.00% 20.88% 8.85% 12.46%
Debt-free Net Working Capital to Revenue		 -17.32% 30.02% 66.15% 180.10% 45.18% 56.24% 86.50% 80.50% 66.61% 21.25% 17.92%
Net Working Capital to Revenue		 -40.45% 30.02% 66.15% 79.59% 11.04% 28.87% 85.49% 79.41% 63.94% 7.07% 1.29%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.37) $4.40 $1.30 $1.78 $1.96 ($1.12) $3.31 ($0.48) ($0.42) ($0.14) ($1.27)
Adjusted Weighted Average Basic Shares Outstanding		 21.77M 21.93M 21.37M 19.90M 18.15M 18.04M 18.26M 18.45M 29.10M 36.05M 41.52M
Adjusted Diluted Earnings per Share		 ($1.37) $4.34 $1.29 $1.76 $1.93 ($1.12) $3.27 ($0.48) ($0.42) ($0.14) ($1.27)
Adjusted Weighted Average Diluted Shares Outstanding		 21.77M 22.23M 21.41M 20.03M 18.37M 18.04M 18.46M 18.45M 29.10M 36.05M 41.52M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 22M 22.02M 20.75M 18.51M 18.34M 18.52M 18.84M 26.82M 33.24M 42.01M 42.85M
Normalized Net Operating Profit after Tax (NOPAT)		 -29 -11 -2.22 -4.95 -11 -11 3.85 -8.45 -11 -1.33 -5.67
Normalized NOPAT Margin		 -46.64% -22.26% -4.89% -20.66% -15.89% -16.63% 3.84% -8.20% -11.34% -1.22% -4.72%
Pre Tax Income Margin		 -48.01% 72.58% 114.68% 191.59% 67.83% -20.47% 75.85% -8.46% -12.20% -4.84% -43.71%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -4.92 -2.01 0.38 -2.87 -2.02 -10.42 0.00 -35.46 -3.55 -0.15 -21.27
NOPAT to Interest Expense		 -3.48 -8.45 -0.73 -2.30 -1.55 -7.32 0.00 -25.14 -3.10 -0.29 -15.14
EBIT Less CapEx to Interest Expense		 -4.86 -2.05 0.24 -3.09 -3.11 -12.13 0.00 -58.26 -12.68 -18.32 -24.77
NOPAT Less CapEx to Interest Expense		 -3.43 -8.50 -0.88 -2.52 -2.65 -9.02 0.00 -47.94 -12.23 -18.46 -18.63
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 56.29% 56.88% 51.42% -24.52% 0.15% -0.50% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 -0.92% 0.20% 117.15% 128.36% 67.72% -25.31% 0.15% -0.50% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for ARQ

This table displays calculated financial ratios and metrics derived from ARQ's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 32,748,507.00 33,180,907.00 33,238,436.00 33,897,204.00 36,513,855.00 - 42,014,263.00 42,211,120.00 42,691,241.00 42,693,884.00 42,849,251.00
DEI Adjusted Shares Outstanding		 32,748,507.00 33,180,907.00 33,238,436.00 33,897,204.00 36,513,855.00 - 42,014,263.00 42,211,120.00 42,691,241.00 42,693,884.00 42,849,251.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.07 0.10 -0.10 -0.06 0.04 - 0.00 -0.05 -0.02 -1.17 -0.02
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.90% 20.06% 4.49% 24.26% 16.58% -3.79% 25.33% 12.51% 0.86% 8.84% 6.63%
EBITDA Growth		 266.72% 593.35% 86.15% 124.86% 386.16% -55.84% 508.13% 59.23% -28.30% -1,519.94% -18.72%
EBIT Growth		 22.01% 232.00% 65.62% 79.78% 227.56% -82.95% 135.27% -38.77% -106.49% -7,230.42% -114.78%
NOPAT Growth		 3.74% 224.39% 61.93% 76.67% 214.74% -90.16% 131.74% -9.51% -128.96% -12,503.39% -203.84%
Net Income Growth		 9.03% 203.88% 54.46% 66.39% 174.34% -140.70% 105.94% -8.38% -140.38% -3,636.15% -514.78%
EPS Growth		 46.15% 212.50% 71.88% 71.43% 157.14% -116.67% 100.00% 16.67% -150.00% -3,900.00% 0.00%
Operating Cash Flow Growth		 101.00% 170.05% 102.97% 14.59% 54,842.86% 15.96% -1,203.23% 117.86% -31.05% -152.95% 101.10%
Free Cash Flow Firm Growth		 -1,966.82% -849.40% 48.59% 29.47% 30.65% -0.39% -149.87% -29.23% -6.48% 103.52% 160.96%
Invested Capital Growth		 87.06% 113.09% 23.64% 34.31% 34.70% 51.45% 51.65% 33.13% 25.91% -17.50% -20.88%
Revenue Q/Q Growth		 45.90% -5.78% -22.64% 16.86% 36.88% -22.24% 0.77% 4.91% 22.71% -16.09% -1.28%
EBITDA Q/Q Growth		 137.77% 619.59% -109.98% 191.61% 638.63% -34.63% -7.73% -64.26% 232.61% -1,394.52% 105.28%
EBIT Q/Q Growth		 67.18% 334.67% -162.22% 57.80% 307.03% -68.64% 28.75% -266.02% 90.32% -34,355.70% 99.73%
NOPAT Q/Q Growth		 58.52% 266.22% -171.00% 52.35% 304.02% -85.74% 128.99% -264.43% 46.05% -6,005.60% 98.08%
Net Income Q/Q Growth		 62.86% 251.26% -203.92% 42.44% 182.16% -182.81% 115.16% -1,150.74% 69.39% -7,561.10% 98.32%
EPS Q/Q Growth		 66.67% 357.14% -150.00% 33.33% 166.67% -175.00% 100.00% 0.00% 60.00% -5,900.00% 98.33%
Operating Cash Flow Q/Q Growth		 100.41% 31,985.71% -88.29% -660.84% 360.75% -32.28% -211.40% 109.08% 906.45% -152.00% 102.32%
Free Cash Flow Firm Q/Q Growth		 -0.31% -15.44% 58.02% -45.08% 1.36% -67.10% -4.49% 24.97% 18.73% 105.52% 1,710.98%
Invested Capital Q/Q Growth		 4.26% 8.22% 4.57% 13.83% 4.57% 21.68% 4.71% -0.07% -1.10% -20.27% 0.41%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 30.58% 49.81% 36.92% 32.19% 38.64% 36.26% 36.39% 33.30% 28.82% 13.56% 34.21%
EBITDA Margin		 3.56% 27.19% -3.51% 2.75% 14.85% 12.48% 11.43% 3.89% 10.55% -162.83% 8.71%
Operating Margin		 -8.46% 11.04% -13.71% -5.59% 5.83% 1.53% 2.43% -5.44% -2.39% -174.05% -3.38%
EBIT Margin		 -6.03% 15.03% -12.09% -4.37% 6.60% 2.66% 3.40% -5.38% -0.42% -174.44% -0.47%
Profit (Net Income) Margin		 -7.29% 11.71% -15.73% -7.75% 4.65% -4.95% 0.75% -7.46% -1.86% -169.98% -2.90%
Tax Burden Percent		 100.00% 94.65% 100.00% 101.55% 100.00% 87.35% 100.00% 100.00% 100.00% 100.02% 100.00%
Interest Burden Percent		 120.83% 82.29% 130.10% 174.75% 70.43% -212.92% 21.90% 138.60% 438.26% 97.42% 614.60%
Effective Tax Rate		 0.00% 5.35% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -5.44% 9.72% -7.00% -2.73% 4.08% 0.64% 1.46% -2.22% -0.97% -73.08% -1.40%
ROIC Less NNEP Spread (ROIC-NNEP)		 -4.71% 9.05% -3.69% 0.37% 5.14% 11.27% 9.57% 57.04% -0.48% -250.06% -2.57%
Return on Net Nonoperating Assets (RNNOA)		 1.65% -2.99% 0.84% -0.06% -1.02% -0.87% -0.28% -0.49% 0.03% -10.39% -0.18%
Return on Equity (ROE)		 -3.79% 6.73% -6.16% -2.79% 3.06% -0.23% 1.18% -2.72% -0.94% -83.47% -1.58%
Cash Return on Invested Capital (CROIC)		 -74.13% -80.99% -25.47% -31.06% -29.25% -41.67% -40.43% -27.88% -23.39% 0.70% 4.78%
Operating Return on Assets (OROA)		 -2.74% 7.16% -5.22% -1.90% 2.85% 1.12% 1.52% -2.38% -0.18% -81.53% -0.22%
Return on Assets (ROA)		 -3.31% 5.57% -6.79% -3.38% 2.00% -2.08% 0.33% -3.29% -0.79% -79.44% -1.37%
Return on Common Equity (ROCE)		 -3.79% 6.73% -5.83% -2.79% 3.06% -0.23% 1.18% -2.72% -0.94% -83.47% -1.58%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.77 2.94 -2.09 -0.99 2.03 0.29 0.66 -1.09 -0.59 -36 -0.69
NOPAT Margin		 -5.93% 10.45% -9.60% -3.91% 5.83% 1.07% 2.43% -3.81% -1.67% -121.84% -2.37%
Net Nonoperating Expense Percent (NNEP)		 -0.73% 0.67% -3.30% -3.09% -1.06% -10.63% -8.11% -59.26% -0.49% 176.98% 1.17%
Return On Investment Capital (ROIC_SIMPLE)		 -0.90% 1.47% -1.07% -0.47% 0.85% 0.12% 0.27% -0.44% -0.24% -18.26% -0.35%
Cost of Revenue to Revenue		 69.42% 50.19% 63.08% 67.81% 61.36% 63.74% 63.61% 66.70% 71.18% 86.44% 65.79%
SG&A Expenses to Revenue		 27.82% 23.11% 35.26% 27.60% 23.17% 22.04% 22.22% 20.70% 13.18% 20.25% 25.36%
R&D to Revenue		 2.14% 4.16% 7.47% 3.66% 2.26% 2.62% 3.21% 9.44% 7.32% 4.08% 3.38%
Operating Expenses to Revenue		 39.05% 38.77% 50.63% 37.78% 32.80% 34.73% 33.96% 38.74% 31.21% 187.61% 37.59%
Earnings before Interest and Taxes (EBIT)		 -1.80 4.22 -2.63 -1.11 2.30 0.72 0.93 -1.54 -0.15 -51 -0.14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1.06 7.64 -0.76 0.70 5.16 3.38 3.11 1.11 3.70 -48 2.53
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.32 0.49 1.37 1.10 1.01 1.26 0.81 1.03 1.37 0.81 0.64
Price to Tangible Book Value (P/TBV)		 0.32 0.49 1.37 1.10 1.01 1.26 0.81 1.03 1.37 0.81 0.64
Price to Revenue (P/Rev)		 0.60 0.87 2.40 1.98 2.00 2.50 1.55 1.89 2.53 1.13 0.87
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.19 0.43 1.49 1.16 1.06 1.29 0.86 1.06 1.39 0.87 0.73
Enterprise Value to Revenue (EV/Rev)		 0.27 0.63 2.25 1.91 1.74 2.61 1.73 2.08 2.69 1.31 1.08
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 162.23 43.98 23.20 15.00 33.54 16.02 19.16 28.02 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 68.66 0.00 69.81 101.76 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 372.91 0.00 167.94 225.76 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 142.96 96.28 19.58 27.13 47.70 32.08 60.48 0.00 42.19
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 112.27 13.43
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.12 0.12 0.12 0.11 0.09 0.11 0.12 0.13 0.12 0.17 0.18
Long-Term Debt to Equity		 0.11 0.10 0.10 0.09 0.08 0.04 0.04 0.04 0.04 0.05 0.05
Financial Leverage		 -0.35 -0.33 -0.23 -0.17 -0.20 -0.08 -0.03 -0.01 -0.06 0.04 0.07
Leverage Ratio		 1.31 1.31 1.31 1.32 1.30 1.31 1.31 1.31 1.28 1.34 1.34
Compound Leverage Factor		 1.59 1.08 1.70 2.31 0.92 -2.80 0.29 1.82 5.62 1.30 8.21
Debt to Total Capital		 10.83% 10.50% 10.55% 9.71% 8.38% 10.25% 10.95% 11.69% 10.64% 14.49% 15.24%
Short-Term Debt to Total Capital		 1.02% 1.33% 1.29% 1.15% 0.98% 6.38% 7.25% 8.13% 7.02% 10.19% 11.10%
Long-Term Debt to Total Capital		 9.81% 9.17% 9.26% 8.56% 7.41% 3.87% 3.71% 3.56% 3.62% 4.30% 4.14%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 89.17% 89.50% 89.45% 90.29% 91.62% 89.75% 89.05% 88.31% 89.36% 85.51% 84.76%
Debt to EBITDA		 -2.40 54.50 4.03 2.36 1.57 2.93 2.17 2.25 2.29 -0.71 -0.74
Net Debt to EBITDA		 3.56 -63.63 -2.84 -0.94 -2.25 1.33 1.66 1.70 1.67 -0.55 -0.63
Long-Term Debt to EBITDA		 -2.18 47.59 3.53 2.08 1.38 1.11 0.74 0.68 0.78 -0.21 -0.20
Debt to NOPAT		 -1.53 -2.24 -3.48 -7.63 38.95 -18.10 22.78 26.48 -28.00 -0.77 -0.79
Net Debt to NOPAT		 2.26 2.62 2.45 3.02 -56.02 -8.24 17.40 20.06 -20.39 -0.59 -0.67
Long-Term Debt to NOPAT		 -1.38 -1.96 -3.05 -6.72 34.41 -6.83 7.71 8.07 -9.53 -0.23 -0.21
Altman Z-Score		 1.76 2.14 3.71 3.12 3.14 3.19 2.39 2.71 3.70 1.18 1.60
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 5.33% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.15 3.75 3.28 2.68 2.89 1.17 1.12 1.10 1.10 1.04 1.02
Quick Ratio		 3.03 2.67 2.10 1.66 2.16 0.64 0.51 0.49 0.54 0.51 0.46
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -64 -74 -31 -45 -45 -74 -78 -58 -47 2.62 47
Operating Cash Flow to CapEx		 0.21% 42.75% 5.48% -15.39% 57.22% 12.13% -156.42% 28.05% 240.65% -356.79% 8.65%
Free Cash Flow to Firm to Interest Expense		 -81.57 -86.27 -39.33 -54.45 -55.24 -33.02 -107.38 -98.20 -80.76 4.81 67.22
Operating Cash Flow to Interest Expense		 0.02 5.23 0.67 -3.56 9.54 2.31 -8.02 0.89 9.04 -5.07 0.09
Operating Cash Flow Less CapEx to Interest Expense		 -8.40 -7.00 -11.47 -26.68 -7.14 -16.76 -13.14 -2.28 5.28 -6.49 -0.96
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.45 0.48 0.43 0.44 0.43 0.42 0.45 0.44 0.42 0.47 0.47
Accounts Receivable Turnover		 6.72 6.60 9.54 8.05 7.14 7.01 8.71 7.50 7.62 8.06 7.80
Inventory Turnover		 4.36 3.59 3.05 2.88 3.58 3.56 3.37 3.45 4.59 4.93 4.25
Fixed Asset Turnover		 1.59 1.53 1.11 1.03 0.98 0.80 0.80 0.77 0.74 0.75 0.76
Accounts Payable Turnover		 4.52 4.38 5.15 4.01 3.89 3.90 4.87 4.59 4.72 4.78 5.12
Days Sales Outstanding (DSO)		 54.33 55.30 38.26 45.36 51.11 52.04 41.92 48.65 47.90 45.28 46.80
Days Inventory Outstanding (DIO)		 83.64 101.71 119.78 126.81 101.82 102.41 108.38 105.71 79.48 74.02 85.83
Days Payable Outstanding (DPO)		 80.71 83.25 70.82 90.93 93.92 93.51 74.91 79.49 77.33 76.29 71.26
Cash Conversion Cycle (CCC)		 57.26 73.76 87.22 81.24 59.01 60.93 75.39 74.87 50.05 43.01 61.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 134 145 152 173 181 220 230 230 228 181 182
Invested Capital Turnover		 0.92 0.93 0.73 0.70 0.70 0.60 0.60 0.58 0.58 0.60 0.59
Increase / (Decrease) in Invested Capital		 62 77 29 44 47 75 78 57 47 -38 -48
Enterprise Value (EV)		 25 62 226 200 191 284 198 245 317 158 132
Market Capitalization		 57 87 240 209 220 273 177 223 298 136 107
Book Value per Share		 $5.32 $5.38 $5.27 $5.59 $5.97 $5.17 $5.19 $5.14 $5.09 $3.93 $3.92
Tangible Book Value per Share		 $5.32 $5.38 $5.27 $5.59 $5.97 $5.17 $5.19 $5.14 $5.09 $3.93 $3.92
Total Capital		 195 199 196 210 238 242 245 245 243 196 198
Total Debt		 21 21 21 20 20 25 27 29 26 28 30
Total Long-Term Debt		 19 18 18 18 18 9.37 9.09 8.74 8.80 8.45 8.19
Net Debt		 -31 -24 -15 -8.08 -29 11 21 22 19 22 26
Capital Expenditures (CapEx)		 6.63 11 9.60 19 13 43 3.71 1.88 2.20 0.77 0.74
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 19 21 17 19 11 9.64 17 17 14 15 18
Debt-free Net Working Capital (DFNWC)		 71 66 53 47 59 23 23 24 21 22 23
Net Working Capital (NWC)		 69 63 50 45 57 7.70 5.26 4.50 4.11 1.56 0.97
Net Nonoperating Expense (NNE)		 0.41 -0.35 1.33 0.97 0.41 1.63 0.46 1.04 0.07 14 0.15
Net Nonoperating Obligations (NNO)		 -40 -33 -23 -17 -37 2.59 12 13 10 13 14
Total Depreciation and Amortization (D&A)		 2.86 3.42 1.87 1.81 2.87 2.66 2.19 2.65 3.85 3.42 2.67
Debt-free, Cash-free Net Working Capital to Revenue		 20.02% 20.88% 17.36% 17.66% 9.77% 8.85% 14.57% 14.87% 11.99% 12.46% 14.97%
Debt-free Net Working Capital to Revenue		 75.61% 66.61% 52.54% 44.76% 54.00% 21.25% 20.11% 20.79% 17.94% 17.92% 18.79%
Net Working Capital to Revenue		 73.50% 63.94% 50.01% 42.46% 51.88% 7.07% 4.60% 3.82% 3.48% 1.29% 0.80%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.07) $0.18 ($0.09) ($0.06) $0.04 ($0.03) $0.00 ($0.05) ($0.02) ($1.20) ($0.02)
Adjusted Weighted Average Basic Shares Outstanding		 31.81M 29.10M 37.06M 34.36M 36.12M 36.05M 41.32M 41.51M 41.61M 41.52M 41.73M
Adjusted Diluted Earnings per Share		 ($0.07) $0.18 ($0.09) ($0.06) $0.04 ($0.03) $0.00 ($0.05) ($0.02) ($1.20) ($0.02)
Adjusted Weighted Average Diluted Shares Outstanding		 31.81M 29.10M 37.06M 34.36M 37.44M 36.05M 42.53M 41.51M 41.61M 41.52M 41.73M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 33.18M 33.24M 33.90M 36.51M 42.03M 42.01M 42.21M 42.69M 42.69M 42.85M 42.93M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.77 2.90 -2.09 -0.99 1.31 0.44 0.56 -1.11 -0.59 -36 -0.69
Normalized NOPAT Margin		 -5.93% 10.33% -9.60% -3.91% 3.77% 1.63% 2.07% -3.87% -1.67% -121.89% -2.37%
Pre Tax Income Margin		 -7.29% 12.37% -15.73% -7.63% 4.65% -5.67% 0.75% -7.46% -1.86% -169.94% -2.90%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -2.29 4.92 -3.32 -1.34 2.85 0.32 1.28 -2.59 -0.25 -94.37 -0.19
NOPAT to Interest Expense		 -2.25 3.42 -2.64 -1.20 2.52 0.13 0.91 -1.83 -1.00 -65.92 -0.98
EBIT Less CapEx to Interest Expense		 -10.71 -7.32 -15.45 -24.46 -13.83 -18.75 -3.84 -5.75 -4.01 -95.79 -1.24
NOPAT Less CapEx to Interest Expense		 -10.66 -8.81 -14.77 -24.32 -14.16 -18.94 -4.21 -5.00 -4.76 -67.34 -2.02
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Arq, Inc. (NASDAQ: ARQ) has shown a dramatic turnaround in recent quarters, but the latest numbers suggest the business is still in a volatile transition phase. Revenue improved year over year in Q1 2026, and the company nearly broke even operationally. However, margins remain thin, profitability is inconsistent, and the balance sheet still carries meaningful debt. The bigger picture is a business that has moved from deep losses in late 2025 to much better operating performance in early 2026, though not yet to durable profitability.

  • Revenue rose year over year in Q1 2026 to $29.1 million from $27.2 million in Q1 2025, showing top-line growth resumed.
  • Gross profit improved sharply in Q1 2026 to $9.9 million, with gross margin around 34%, up from about 36% in Q1 2025 and far better than the weak Q4 2025 period.
  • Operating losses narrowed significantly in Q1 2026 to just $0.98 million, compared with a $51.2 million operating loss in Q4 2025.
  • Operating cash flow turned slightly positive in Q1 2026 at $64,000, a notable improvement from the negative cash generation seen earlier in the cycle.
  • Net debt appears more manageable than it once did, with total debt of about $30.2 million in Q1 2026 versus more than $39 million in Q3 2025.
  • Quarterly net income improved meaningfully year over year from a $50.0 million loss in Q4 2025 to an $0.8 million loss in Q1 2026.
  • Inventories remain elevated at $19.9 million in Q1 2026, which may be a sign of continued working capital investment or slower turnover.
  • Capital spending is still ongoing, with $740,000 spent on property, plant and equipment in Q1 2026, though much lower than some prior quarters.
  • The company’s balance sheet is asset-heavy, led by $141.1 million in net PP&E, which suggests heavy fixed-asset investment and ongoing depreciation pressure.
  • Q1 2026 was still a net loss of $842,000, so the company has not yet achieved consistent profitability.
  • Interest expense remains material at $705,000 in Q1 2026, which continues to pressure pre-tax earnings.
  • Total liabilities of $64.3 million still represent a meaningful obligation relative to cash of only $4.7 million at quarter-end.
  • Cash declined sequentially from Q3 2025 to Q1 2026, indicating the business still depends on disciplined working capital and financing management.
  • Historical results were highly volatile, including a very large Q4 2025 loss and negative operating cash flow, highlighting execution risk.

Bottom line: Arq’s latest quarter shows real operational improvement, especially on gross profit, operating income, and cash flow. But the company is still not consistently profitable, and leverage plus low cash reserves keep the story somewhat risky. For retail investors, this looks like a turnaround candidate that is improving fast, but one that still needs proof of sustained earnings power.

07/29/26 10:09 AM ETAI Generated. May Contain Errors.

ARQ Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ARQ's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

ARQ's net income appears to be on a downward trend, with a most recent value of -$52.61 million in 2025, rising from -$30.14 million in 2015. The previous period was -$5.11 million in 2024. Check out ARQ's forecast to explore projected trends and price targets.

ARQ's total operating income in 2025 was -$52.96 million, based on the following breakdown:
  • Total Gross Profit: $33.53 million
  • Total Operating Expenses: $86.49 million

Over the last 10 years, ARQ's total revenue changed from $62.74 million in 2015 to $120.34 million in 2025, a change of 91.8%.

ARQ's total liabilities were at $62.62 million at the end of 2025, a 6.7% decrease from 2024, and a 27.0% decrease since 2015.

In the past 10 years, ARQ's cash and equivalents has ranged from $0.00 in 2017 to $78.75 million in 2021, and is currently $6.57 million as of their latest financial filing in 2025.

Over the last 10 years, ARQ's book value per share changed from -2.47 in 2015 to 3.93 in 2025, a change of -259.3%.


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Financial statements for NASDAQ:ARQ last updated on 7/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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