What is Art's-Way Manufacturing's operating income?

Art's-Way Manufacturing's total operating income in 2025 was $289.46 thousand, based on the following breakdown: Total Gross Profit: $6.27 million Total Operating Expenses: $5.98 million

Art's-Way Manufacturing (ARTW) Financials

$2.19 +0.05 (+2.34%)

Closing price 07/24/2026 04:00 PM Eastern

Extended Trading

$2.19 +0.00 (+0.23%)

As of 07/24/2026 04:04 PM Eastern

Compare

Annual Income Statements for Art's-Way Manufacturing

This table shows Art's-Way Manufacturing'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	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024	11/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.56	-0.82	-1.64	-3.39	-1.42	-2.10	0.21	0.10	0.27	0.31	1.03
Consolidated Net Income / (Loss)	-0.56	-0.82	-1.64	-3.39	-1.42	-2.10	0.21	0.10	0.27	0.31	1.03
Net Income / (Loss) Continuing Operations	-0.31	-0.43	-1.37	-3.34	-1.42	-2.10	0.21	0.37	0.76	-0.09	1.03
Total Pre-Tax Income	-0.51	-0.52	-1.79	-3.85	-1.77	-2.96	0.27	0.44	1.09	-0.14	1.44
Total Operating Income	-0.08	-0.43	-1.72	-3.10	-1.50	-3.91	0.52	0.60	1.53	0.46	0.29
Total Gross Profit	6.91	5.32	4.08	3.51	3.93	2.40	6.60	6.94	8.58	7.31	6.27
Total Revenue	26	22	21	20	23	22	25	26	30	24	23
Operating Revenue	26	22	21	20	23	22	25	26	30	24	23
Total Cost of Revenue	19	16	17	16	19	20	18	19	22	17	17
Operating Cost of Revenue	19	16	17	16	19	20	18	19	22	17	17
Total Operating Expenses	6.99	5.75	5.80	6.61	5.42	6.31	6.07	6.33	7.05	6.85	5.98
Selling, General & Admin Expense	3.88	3.44	3.34	3.44	3.34	4.21	3.55	3.85	4.32	4.78	4.19
Marketing Expense	2.05	1.84	1.89	1.94	1.60	1.62	2.01	1.90	2.13	1.64	1.44
Other Operating Expenses / (Income)	0.43	0.43	0.50	0.64	0.48	0.48	0.51	0.58	0.60	0.43	0.34
Total Other Income / (Expense), net	-0.43	-0.09	-0.07	-0.75	-0.27	0.95	-0.26	-0.16	-0.44	-0.60	1.15
Interest Expense	0.30	0.25	0.32	0.30	0.36	0.30	0.31	0.40	0.59	0.60	0.37
Other Income / (Expense), net	-0.13	0.16	0.25	-0.45	0.09	1.25	0.06	0.24	0.15	0.00	1.51
Income Tax Expense	-0.20	-0.10	-0.42	-0.51	-0.35	-0.86	0.05	0.07	0.33	-0.04	0.40
Net Income / (Loss) Discontinued Operations	-0.25	-0.40	-0.27	-0.05	-	-	-	-0.28	-0.50	0.40	0.00
Basic Earnings per Share	($0.14)	($0.20)	($0.39)	($0.81)	($0.33)	($0.48)	$0.05	$0.02	$0.05	$0.06	$0.20
Weighted Average Basic Shares Outstanding	4.06M	4.10M	4.15M	4.20M	4.28M	4.39M	4.52M	4.71M	5.00M	5.05M	5.09M
Diluted Earnings per Share	($0.14)	($0.20)	($0.39)	($0.81)	($0.33)	($0.48)	$0.05	$0.02	$0.05	$0.06	$0.20
Weighted Average Diluted Shares Outstanding	4.06M	4.10M	4.15M	4.20M	4.28M	4.39M	4.52M	4.71M	5.00M	5.05M	5.09M
Weighted Average Basic & Diluted Shares Outstanding	4.06M	4.11M	4.16M	4.22M	4.35M	4.52M	4.63M	5.03M	5.06M	5.08M	5.18M

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026	5/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-0.31	-0.47	-0.03	-0.03	0.83	-0.06	1.48	0.25	-0.65	0.20	0.17
Consolidated Net Income / (Loss)	-0.31	-0.47	-0.03	-0.03	0.83	-0.06	1.48	0.25	-0.65	0.20	0.17
Net Income / (Loss) Continuing Operations	-0.16	-0.42	-0.00	0.00	0.33	-0.06	1.48	0.25	-0.65	0.20	0.17
Total Pre-Tax Income	-0.08	-0.54	-0.01	-0.00	0.41	-0.07	1.88	0.32	-0.69	0.26	0.23
Total Operating Income	0.09	-0.38	0.17	0.15	0.52	0.00	0.51	0.34	-0.57	0.33	0.29
Total Gross Profit	1.91	1.47	1.91	1.70	2.23	1.50	2.06	1.77	0.94	1.91	2.03
Total Revenue	6.85	5.72	6.73	5.88	6.17	5.14	6.34	6.43	5.07	6.64	7.85
Operating Revenue	6.85	5.72	6.73	5.88	6.17	5.14	6.34	6.43	5.07	6.64	7.85
Total Cost of Revenue	4.94	4.25	4.82	4.18	3.94	3.64	4.28	4.67	4.12	4.73	5.82
Operating Cost of Revenue	4.94	4.25	4.82	4.18	3.94	3.64	4.28	4.67	4.12	4.73	5.82
Total Operating Expenses	1.83	1.85	1.74	1.55	1.71	1.49	1.55	1.42	1.51	1.58	1.75
Selling, General & Admin Expense	1.14	1.23	1.23	1.09	1.23	1.06	1.03	0.98	1.12	1.04	1.22
Marketing Expense	0.52	0.46	0.40	0.38	0.39	0.35	0.44	0.35	0.30	0.44	0.43
Other Operating Expenses / (Income)	0.16	0.16	0.11	0.08	0.09	0.09	0.08	0.09	0.09	0.11	0.09
Total Other Income / (Expense), net	-0.16	-0.16	-0.17	-0.15	-0.11	-0.07	1.37	-0.02	-0.12	-0.07	-0.06
Interest Expense	0.17	0.17	0.16	0.15	0.12	0.08	0.10	0.08	0.11	0.11	0.11
Other Income / (Expense), net	0.01	0.01	-0.01	-0.00	0.01	0.00	1.46	0.06	-0.01	0.04	0.05
Income Tax Expense	0.08	-0.11	-0.00	-0.00	0.08	-0.01	0.39	0.07	-0.04	0.06	0.05
Weighted Average Basic Shares Outstanding	5.00M	5.07M	5.07M	5.03M	5.05M	5.09M	5.11M	5.11M	5.09M	5.18M	5.20M
Weighted Average Diluted Shares Outstanding	5.00M	5.07M	5.07M	5.03M	5.05M	5.09M	5.11M	5.11M	5.09M	5.18M	5.20M
Weighted Average Basic & Diluted Shares Outstanding	5.06M	5.07M	5.07M	5.03M	5.08M	5.09M	5.11M	5.11M	5.18M	5.18M	5.20M

This table details how cash moves in and out of Art's-Way Manufacturing'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	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024	11/30/2025
Net Change in Cash & Equivalents	-0.06	0.62	-0.85	-0.21	-0.00	-0.00	-0.00	-0.10	-0.00	-0.31	0.00
Net Cash From Operating Activities	0.28	2.38	0.75	-1.12	0.81	-0.86	-0.99	0.95	-0.06	2.63	-0.90
Net Cash From Continuing Operating Activities	0.53	2.30	0.73	-1.03	0.81	-0.86	-0.99	1.23	-0.72	2.88	-0.90
Net Income / (Loss) Continuing Operations	-0.06	-0.43	-1.37	-3.34	-1.42	-2.10	0.21	0.37	0.76	-0.09	1.03
Consolidated Net Income / (Loss)	-0.31	-0.43	-1.37	-3.34	-1.42	-2.10	0.21	-	-	-	1.03
Net Income / (Loss) Discontinued Operations	-0.25	-	-	-	-	-	-	-0.28	-0.50	0.40	0.00
Depreciation Expense	0.82	0.67	0.70	0.96	1.00	0.82	0.61	0.66	0.77	0.87	0.79
Amortization Expense	-	-	-	-	-	-	-	-	0.03	0.12	0.06
Non-Cash Adjustments To Reconcile Net Income	0.52	0.04	0.23	1.03	0.26	-0.38	-0.39	-0.06	0.33	0.41	0.14
Changes in Operating Assets and Liabilities, net	-0.75	2.01	1.16	0.32	0.96	0.81	-1.42	0.25	-2.36	1.57	-2.93
Net Cash From Discontinued Operating Activities	-0.24	0.08	0.02	-0.09	-	-	-	-0.27	0.66	-0.25	0.00
Net Cash From Investing Activities	-0.25	0.92	-0.43	0.71	0.45	-0.50	-0.60	-1.34	-0.45	0.96	-0.58
Net Cash From Continuing Investing Activities	-0.20	0.90	-0.47	-0.71	0.45	-0.50	-0.60	-1.27	-0.55	-0.72	-0.58
Purchase of Property, Plant & Equipment	-0.24	-0.27	-0.51	-0.76	-0.45	-0.69	-0.62	-1.67	-0.84	-0.72	-0.63
Sale of Property, Plant & Equipment	0.04	1.17	0.04	0.05	0.90	0.19	0.02	0.40	0.29	0.01	0.05
Net Cash From Discontinued Investing Activities	-0.05	0.02	0.04	1.42	-	-	-	-0.08	0.10	1.68	0.00
Net Cash From Financing Activities	-0.10	-2.68	-1.17	0.20	-1.26	1.36	1.59	0.39	0.51	-3.59	1.49
Net Cash From Continuing Financing Activities	0.03	-2.59	-1.05	0.80	-1.26	1.36	1.59	0.43	0.53	-3.43	1.49
Repayment of Debt	-1.16	-2.59	-3.65	-0.22	-1.24	-0.30	1.62	0.02	-0.10	-3.39	-0.12
Repurchase of Common Equity	-	0.00	-0.01	-0.02	-0.02	-0.03	-0.03	-0.13	-0.07	-0.04	-0.00
Issuance of Debt	1.39	0.00	2.60	1.04	0.00	1.69	0.00	-	0.49	0.00	1.84
Other Financing Activities, net	-	-	-	-	-	0.00	-0.01	0.00	0.21	-0.00	-0.23
Net Cash From Discontinued Financing Activities	-0.12	-0.09	-0.12	-0.60	-	-	-	-0.03	-0.03	-0.16	0.00
Cash Interest Paid	0.33	0.27	0.32	0.29	0.33	0.26	0.27	0.42	0.61	0.60	0.34
Cash Income Taxes Paid	0.28	0.00	0.01	0.01	0.00	0.03	0.00	0.00	0.00	0.01	0.01

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026	5/31/2026
Net Change in Cash & Equivalents	0.57	0.46	-0.46	0.00	-0.31	0.00	0.00	0.00	-0.00	-0.00	0.00
Net Cash From Operating Activities	0.46	-0.10	1.25	0.28	1.20	-0.10	1.35	-1.27	-0.89	0.15	0.36
Net Cash From Continuing Operating Activities	0.28	-0.07	1.26	0.31	1.37	-0.10	1.35	-1.27	-0.89	0.15	0.36
Net Income / (Loss) Continuing Operations	-0.16	-0.42	0.06	0.03	0.23	-0.06	1.48	0.25	-0.65	0.20	0.17
Consolidated Net Income / (Loss)	-	-	-	0.00	-	-0.06	1.48	0.25	-0.65	0.20	0.17
Depreciation Expense	0.18	0.21	0.23	0.23	0.20	0.21	0.19	0.20	0.20	0.20	0.21
Non-Cash Adjustments To Reconcile Net Income	0.34	0.06	0.32	-0.32	0.35	-0.04	0.03	-0.08	0.11	-0.32	0.06
Changes in Operating Assets and Liabilities, net	0.16	0.06	0.70	0.37	0.45	-0.25	-0.37	-1.63	-0.55	0.07	-0.08
Net Cash From Investing Activities	-0.25	-0.28	-0.23	-0.10	1.57	-0.08	-0.13	-0.25	-0.11	-0.17	-0.26
Net Cash From Continuing Investing Activities	-0.27	-0.28	-0.23	-0.10	-0.11	-0.08	-0.13	-0.25	-0.11	-0.17	-0.26
Purchase of Property, Plant & Equipment	-0.27	-0.28	-0.23	-0.10	-0.11	-0.08	-0.13	-0.26	-0.15	-0.18	-0.34
Sale of Property, Plant & Equipment	-	0.00	-	-	0.00	0.00	-	-	0.04	0.00	0.08
Net Cash From Financing Activities	-0.21	0.38	-1.01	-0.18	-2.77	0.19	-1.22	1.52	1.00	0.02	-0.10
Net Cash From Continuing Financing Activities	-0.21	0.38	-1.01	-0.18	-2.62	0.19	-1.22	1.52	1.00	0.02	-0.10
Repayment of Debt	-0.51	0.42	-0.47	-0.03	-3.31	-0.03	-0.03	-0.03	-0.03	-0.04	-0.04
Repurchase of Common Equity	-0.00	-0.04	-	-	-	-0.00	-	-	-	0.00	-0.00
Issuance of Debt	-	-	-	-0.08	0.55	0.27	-1.14	1.61	1.10	0.18	0.06
Other Financing Activities, net	-0.18	-0.00	-0.08	-0.07	0.15	-0.05	-0.06	-0.06	-0.06	-0.12	-0.12
Cash Interest Paid	0.17	0.16	0.16	0.15	0.12	0.07	0.09	0.10	0.08	0.11	0.11
Cash Income Taxes Paid	0.00	0.00	0.00	-	0.01	0.00	0.00	-0.00	0.01	0.00	0.00

This table presents Art's-Way Manufacturing'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	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024	11/30/2025
Total Assets	31	27	24	21	19	19	21	24	24	21	22
Total Current Assets	20	18	14	12	11	10	12	14	15	13	15
Cash & Equivalents	0.45	1.06	0.21	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.00
Accounts Receivable	2.09	1.53	1.98	1.54	1.68	2.39	2.66	2.47	3.43	2.37	2.20
Inventories, net	15	14	12	10	8.78	7.76	9.21	9.61	11	10	12
Other Current Assets	0.05	0.16	0.28	0.22	0.80	0.12	0.30	0.78	0.59	0.42	0.87
Plant, Property, & Equipment, net	7.82	7.39	5.95	5.65	5.36	5.22	5.24	5.35	5.21	5.24	5.23
Total Noncurrent Assets	3.55	2.23	4.00	3.53	2.58	3.28	3.44	4.47	4.11	2.88	2.47
Noncurrent Deferred & Refundable Income Taxes	-	0.00	-	-	1.79	2.67	2.62	2.61	2.50	2.44	2.06
Other Noncurrent Operating Assets	1.30	0.11	2.20	3.38	0.78	0.62	0.82	0.47	0.58	0.44	0.41
Total Liabilities & Shareholders' Equity	31	27	24	21	19	19	21	24	24	21	22
Total Liabilities	13	9.77	8.39	8.29	7.55	8.90	10	13	13	9.15	9.17
Total Current Liabilities	7.34	7.06	5.05	5.77	5.20	6.16	7.69	9.27	9.40	6.63	6.44
Short-Term Debt	5.16	5.09	2.68	3.73	2.66	2.45	4.17	4.02	4.52	2.05	3.42
Accounts Payable	0.50	0.47	0.67	0.80	1.21	1.96	1.74	2.51	2.26	0.94	0.90
Accrued Expenses	1.19	1.02	0.98	0.89	1.13	1.28	1.16	1.16	1.40	1.30	1.33
Customer Deposits	0.16	0.29	0.60	0.15	0.11	0.20	0.28	0.83	0.42	0.18	0.00
Current Deferred Revenue	0.09	0.00	0.05	0.19	0.09	0.28	0.28	0.33	0.35	1.93	0.52
Current Deferred & Payable Income Tax Liabilities	-	0.00	0.00	0.01	0.01	0.00	0.01	0.00	0.01	0.01	0.02
Other Current Liabilities	-	-	-	-	-	-	0.05	0.14	0.26	0.22	0.26
Total Noncurrent Liabilities	5.47	2.71	3.34	2.52	2.35	2.73	2.81	3.53	3.37	2.51	2.73
Long-Term Debt	3.91	1.39	2.75	2.52	2.35	2.71	2.64	2.74	2.63	1.98	2.33
Other Noncurrent Operating Liabilities	-	-	-	-	0.00	0.02	0.18	0.50	0.74	0.54	0.41
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	19	17	16	13	12	9.91	10	11	12	12	13
Total Preferred & Common Equity	19	17	16	13	12	9.91	10	11	12	12	13
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	19	17	16	13	12	9.91	10	11	12	12	13
Common Stock	2.71	2.79	2.90	3.10	3.29	3.54	3.81	4.60	4.89	5.07	5.25
Retained Earnings	16	15	13	9.97	8.55	6.44	6.66	6.75	7.02	7.33	8.36
Treasury Stock	-	0.00	-0.01	-0.03	-0.05	-0.08	-0.11	-0.20	-0.27	-0.31	-0.31

This table presents Art's-Way Manufacturing'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	Q2 2026
Period end date	8/31/2023	2/29/2024	5/31/2024	8/31/2024	2/28/2025	5/31/2025	8/31/2025	2/28/2026	5/31/2026
Total Assets	26	24	23	23	21	21	22	25	24
Total Current Assets	16	15	14	14	13	13	14	17	16
Cash & Equivalents	0.00	0.00	0.00	0.01	0.00	0.00	0.01	0.00	0.01
Accounts Receivable	4.46	3.05	2.65	2.94	1.41	1.84	2.02	3.43	2.71
Inventories, net	11	11	10	11	11	11	11	12	11
Other Current Assets	0.63	0.66	0.45	0.39	0.71	0.67	0.91	1.45	1.81
Plant, Property, & Equipment, net	5.10	0.17	5.38	0.12	5.15	5.13	5.23	0.14	5.38
Total Noncurrent Assets	4.15	9.38	4.17	9.31	2.85	2.46	2.40	7.47	2.28
Noncurrent Deferred & Refundable Income Taxes	2.46	2.63	2.64	2.65	2.46	2.06	1.99	2.00	1.95
Other Noncurrent Operating Assets	0.50	5.73	0.53	5.66	0.40	0.40	0.41	5.46	0.32
Total Liabilities & Shareholders' Equity	26	24	23	23	21	21	22	25	24
Total Liabilities	14	13	12	12	8.92	7.26	7.90	11	9.87
Total Current Liabilities	10	9.74	8.71	9.06	6.50	4.88	5.58	8.39	7.39
Short-Term Debt	4.64	4.99	4.06	3.98	2.32	1.19	2.80	3.60	3.69
Accounts Payable	2.88	1.15	1.02	0.87	0.95	1.25	1.18	1.68	1.51
Accrued Expenses	1.14	1.02	1.02	1.11	0.86	0.96	0.93	1.13	1.21
Customer Deposits	0.42	1.09	0.17	0.16	0.99	0.21	0.07	-	0.00
Current Deferred Revenue	0.64	1.05	1.99	2.52	1.16	1.04	0.35	1.71	0.70
Current Deferred & Payable Income Tax Liabilities	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02
Other Current Liabilities	0.21	0.26	0.26	0.24	0.22	0.24	0.25	0.26	0.27
Total Noncurrent Liabilities	3.47	3.31	3.23	3.14	2.42	2.37	2.32	2.63	2.48
Long-Term Debt	2.66	2.60	2.57	2.54	1.94	1.91	1.88	2.28	2.22
Other Noncurrent Operating Liabilities	0.71	0.71	0.66	0.60	0.48	0.46	0.44	0.35	0.27
Commitments & Contingencies	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	12	11	11	11	12	14	14	14	14
Total Preferred & Common Equity	12	11	11	11	12	14	14	14	14
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	12	11	11	11	12	14	14	14	14
Common Stock	4.82	4.96	5.02	5.08	5.12	5.18	5.21	5.29	5.38
Retained Earnings	7.33	6.56	6.52	6.50	7.27	8.75	9.01	8.56	8.73
Treasury Stock	-	-0.31	-	-	-	-	-	-0.31	-0.31

This table displays calculated financial ratios and metrics derived from Art's-Way Manufacturing's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	11/30/2020	11/30/2021	11/30/2022	11/30/2023	11/30/2024	11/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-27.22%	-18.11%	-3.91%	-4.77%	16.03%	-2.10%	11.41%	2.73%	18.07%	-19.09%	-6.22%
EBITDA Growth	-76.03%	-35.19%	-293.88%	-234.72%	84.23%	-351.26%	164.98%	26.17%	64.90%	-41.47%	82.76%
EBIT Growth	-112.59%	-31.69%	-437.39%	-140.37%	60.17%	-88.24%	121.86%	45.62%	98.64%	-72.37%	288.82%
NOPAT Growth	-104.50%	-461.69%	-299.13%	-79.74%	51.64%	-161.19%	115.24%	23.04%	109.09%	-69.94%	-35.36%
Net Income Growth	-159.65%	-47.23%	-99.32%	-106.89%	58.09%	-48.18%	110.11%	-54.01%	172.98%	15.14%	236.69%
EPS Growth	-160.87%	-42.86%	-95.00%	-107.69%	59.26%	-45.45%	110.42%	-60.00%	150.00%	20.00%	233.33%
Operating Cash Flow Growth	-85.33%	735.91%	-68.62%	-249.67%	172.21%	-206.01%	-15.13%	196.54%	-105.80%	4,859.03%	-134.42%
Free Cash Flow Firm Growth	103.96%	12.73%	-92.02%	-438.96%	262.40%	-176.84%	-51.44%	209.41%	-155.61%	305.66%	-227.83%
Invested Capital Growth	-10.54%	-14.22%	-6.72%	-6.20%	-13.09%	-9.69%	14.08%	-7.85%	13.33%	-10.08%	18.17%
Revenue Q/Q Growth	-13.65%	-2.72%	4.75%	25.53%	-6.35%	-8.35%	7.72%	-7.17%	5.47%	-2.71%	-4.59%
EBITDA Q/Q Growth	-48.97%	-57.44%	-37.60%	-293.10%	84.77%	-77.85%	643.89%	-5.31%	-13.27%	62.41%	-31.84%
EBIT Q/Q Growth	-165.82%	-231.38%	-19.59%	-132.36%	62.13%	-38.99%	168.82%	-14.45%	-17.96%	1,709.73%	-38.16%
NOPAT Q/Q Growth	-116.97%	-395.37%	-17.67%	-103.06%	59.82%	-94.75%	128.90%	-33.07%	-20.15%	1,491.35%	-80.93%
Net Income Q/Q Growth	-4,007.52%	-92.82%	-24.79%	-60.14%	58.32%	-14.89%	133.45%	-76.38%	-59.91%	136.92%	-58.81%
EPS Q/Q Growth	-1,300.00%	-81.82%	-30.00%	-15.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-90.06%	47.91%	-22.66%	-1,719.09%	587.55%	-1,286.49%	43.51%	107.09%	-123.45%	38.73%	-176.51%
Free Cash Flow Firm Q/Q Growth	253.75%	-35.73%	-43.38%	-193.06%	21,858.93%	-218.78%	21.95%	313.08%	-156.55%	101.49%	-389.55%
Invested Capital Q/Q Growth	-9.91%	-5.85%	-6.15%	-2.90%	-2.80%	-6.47%	2.03%	-14.34%	-0.29%	-4.86%	2.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.25%	24.68%	19.71%	17.80%	17.16%	10.71%	26.42%	27.06%	28.35%	29.84%	27.28%
EBITDA Margin	2.33%	1.85%	-3.72%	-13.09%	-1.78%	-8.20%	4.78%	5.87%	8.20%	5.93%	11.56%
Operating Margin	-0.29%	-2.00%	-8.31%	-15.69%	-6.54%	-17.45%	2.10%	2.36%	5.06%	1.88%	1.26%
EBIT Margin	-0.79%	-1.27%	-7.11%	-17.95%	-6.16%	-11.85%	2.32%	3.30%	5.54%	1.89%	7.85%
Profit (Net Income) Margin	-2.12%	-3.81%	-7.90%	-17.17%	-6.20%	-9.39%	0.85%	0.38%	0.88%	1.25%	4.50%
Tax Burden Percent	109.27%	157.11%	91.30%	88.05%	80.26%	71.06%	79.67%	22.18%	24.52%	-226.86%	72.01%
Interest Burden Percent	245.17%	190.66%	121.69%	108.60%	125.39%	111.47%	45.99%	52.17%	64.85%	-29.21%	79.67%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	20.33%	15.15%	29.94%	0.00%	27.99%
Return on Invested Capital (ROIC)	-0.20%	-1.27%	-5.69%	-10.94%	-5.85%	-17.27%	2.59%	3.11%	6.36%	1.90%	1.19%
ROIC Less NNEP Spread (ROIC-NNEP)	-6.38%	-10.35%	-15.43%	-34.03%	-12.61%	-4.60%	-0.83%	-4.13%	-8.37%	1.60%	18.12%
Return on Net Nonoperating Assets (RNNOA)	-2.75%	-3.29%	-4.09%	-12.39%	-5.58%	-2.12%	-0.49%	-2.20%	-4.02%	0.70%	6.96%
Return on Equity (ROE)	-2.95%	-4.56%	-9.78%	-23.34%	-11.43%	-19.39%	2.10%	0.91%	2.34%	2.59%	8.15%
Cash Return on Invested Capital (CROIC)	10.92%	14.04%	1.25%	-4.55%	8.16%	-7.09%	-10.56%	11.29%	-6.14%	12.51%	-15.47%
Operating Return on Assets (OROA)	-0.65%	-0.94%	-5.71%	-15.50%	-6.94%	-13.92%	2.93%	3.77%	6.94%	2.03%	8.25%
Return on Assets (ROA)	-1.74%	-2.80%	-6.34%	-14.82%	-6.98%	-11.03%	1.07%	0.44%	1.10%	1.35%	4.73%
Return on Common Equity (ROCE)	-2.95%	-4.56%	-9.78%	-23.34%	-11.43%	-19.39%	2.10%	0.91%	2.34%	2.59%	8.15%
Return on Equity Simple (ROE_SIMPLE)	-3.01%	-4.70%	-10.24%	-25.98%	-12.04%	-21.23%	2.05%	0.88%	2.29%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.05	-0.30	-1.21	-2.17	-1.05	-2.74	0.42	0.51	1.07	0.32	0.21
NOPAT Margin	-0.20%	-1.40%	-5.82%	-10.98%	-4.58%	-12.21%	1.67%	2.00%	3.54%	1.32%	0.91%
Net Nonoperating Expense Percent (NNEP)	6.18%	9.08%	9.73%	23.08%	6.76%	-12.67%	3.42%	7.24%	14.73%	0.29%	-16.94%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	5.71%	2.00%	1.09%
Cost of Revenue to Revenue	73.75%	75.32%	80.29%	82.20%	82.84%	89.29%	73.58%	72.94%	71.65%	70.16%	72.72%
SG&A Expenses to Revenue	14.75%	15.95%	16.14%	17.43%	14.61%	18.78%	14.24%	15.01%	14.27%	19.52%	18.25%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.55%	26.68%	28.02%	33.49%	23.70%	28.15%	24.33%	24.70%	23.29%	27.96%	26.02%
Earnings before Interest and Taxes (EBIT)	-0.21	-0.27	-1.47	-3.54	-1.41	-2.66	0.58	0.85	1.68	0.46	1.80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.61	0.40	-0.77	-2.58	-0.41	-1.84	1.19	1.51	2.48	1.45	2.66
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.67	0.76	0.70	0.77	0.67	1.11	1.55	0.85	0.89	0.71	0.91
Price to Tangible Book Value (P/TBV)	0.68	0.78	0.72	0.77	0.67	1.11	1.55	0.85	0.89	0.71	0.91
Price to Revenue (P/Rev)	0.47	0.62	0.54	0.51	0.35	0.49	0.64	0.37	0.34	0.35	0.52
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	75.48	96.81	38.66	27.75	11.65
Dividend Yield	1.65%	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%	1.32%	1.03%	2.59%	3.60%	8.59%
Enterprise Value to Invested Capital (EV/IC)	0.82	0.86	0.81	0.84	0.77	1.08	1.33	1.03	0.97	0.78	0.93
Enterprise Value to Revenue (EV/Rev)	0.80	0.87	0.79	0.82	0.56	0.72	0.92	0.63	0.58	0.51	0.77
Enterprise Value to EBITDA (EV/EBITDA)	34.14	47.19	0.00	0.00	0.00	0.00	19.15	10.77	7.03	8.63	6.70
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	39.38	19.20	10.41	27.05	9.86
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	54.81	31.62	16.28	38.92	85.35
Enterprise Value to Operating Cash Flow (EV/OCF)	73.55	7.88	22.01	0.00	15.81	0.00	0.00	17.05	0.00	4.78	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	7.10	5.64	61.95	0.00	8.74	0.00	0.00	8.72	0.00	5.90	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.37	0.34	0.48	0.43	0.52	0.66	0.61	0.61	0.33	0.43
Long-Term Debt to Equity	0.21	0.08	0.17	0.19	0.20	0.27	0.25	0.25	0.23	0.16	0.17
Financial Leverage	0.43	0.32	0.27	0.36	0.44	0.46	0.59	0.53	0.48	0.43	0.38
Leverage Ratio	1.70	1.63	1.54	1.57	1.64	1.76	1.96	2.08	2.12	1.92	1.72
Compound Leverage Factor	4.17	3.10	1.88	1.71	2.05	1.96	0.90	1.09	1.38	-0.56	1.37
Debt to Total Capital	32.87%	27.05%	25.36%	32.43%	29.83%	34.28%	39.67%	37.75%	38.06%	24.96%	30.15%
Short-Term Debt to Total Capital	18.69%	21.26%	12.53%	19.35%	15.85%	16.28%	24.32%	22.44%	24.06%	12.71%	17.94%
Long-Term Debt to Total Capital	14.18%	5.79%	12.83%	13.08%	13.98%	18.00%	15.35%	15.31%	13.99%	12.26%	12.21%
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	67.13%	72.95%	74.64%	67.57%	70.17%	65.72%	60.33%	62.25%	61.94%	75.04%	69.85%
Debt to EBITDA	14.77	16.29	-7.04	-2.42	-12.32	-2.81	5.70	4.49	2.88	2.77	2.16
Net Debt to EBITDA	14.04	13.61	-6.77	-2.37	-11.95	-2.80	5.70	4.49	2.88	2.77	2.16
Long-Term Debt to EBITDA	6.37	3.49	-3.56	-0.98	-5.77	-1.48	2.21	1.82	1.06	1.36	0.88
Debt to NOPAT	-168.62	-21.45	-4.51	-2.89	-4.79	-1.89	16.33	13.18	6.67	12.48	27.55
Net Debt to NOPAT	-160.30	-17.93	-4.33	-2.83	-4.64	-1.88	16.32	13.17	6.66	12.47	27.53
Long-Term Debt to NOPAT	-72.73	-4.59	-2.28	-1.16	-2.24	-0.99	6.32	5.35	2.45	6.13	11.15
Altman Z-Score	2.59	2.81	2.68	2.12	2.57	2.21	2.91	2.27	2.64	2.63	3.04
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	2.72	2.50	2.86	2.11	2.19	1.67	1.58	1.53	1.61	1.98	2.30
Quick Ratio	0.35	0.37	0.43	0.29	0.35	0.39	0.35	0.27	0.37	0.36	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2.95	3.33	0.27	-0.90	1.46	-1.12	-1.70	1.86	-1.03	2.13	-2.72
Operating Cash Flow to CapEx	142.45%	0.00%	158.98%	-157.17%	0.00%	-170.70%	-164.45%	75.18%	-9.95%	365.13%	-155.76%
Free Cash Flow to Firm to Interest Expense	9.77	13.39	0.83	-2.96	4.08	-3.69	-5.43	4.60	-1.75	3.55	-7.42
Operating Cash Flow to Interest Expense	0.94	9.58	2.34	-3.67	2.26	-2.81	-3.14	2.35	-0.09	4.38	-2.47
Operating Cash Flow Less CapEx to Interest Expense	0.28	13.20	0.87	-6.01	3.52	-4.46	-5.06	-0.78	-1.03	3.18	-4.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.82	0.74	0.80	0.86	1.13	1.17	1.26	1.14	1.25	1.07	1.05
Accounts Receivable Turnover	10.39	11.92	11.82	11.23	14.23	11.01	9.88	10.00	10.27	8.44	10.04
Inventory Turnover	1.28	1.13	1.30	1.46	1.99	2.42	2.16	1.99	2.10	1.61	1.52
Fixed Asset Turnover	2.70	2.83	3.11	3.40	4.16	4.24	4.78	4.85	5.74	4.69	4.39
Accounts Payable Turnover	28.33	33.64	29.10	21.98	18.89	12.66	9.95	8.81	9.10	10.74	18.10
Days Sales Outstanding (DSO)	35.14	30.63	30.87	32.50	25.65	33.15	36.94	36.50	35.55	43.24	36.34
Days Inventory Outstanding (DIO)	284.58	322.72	279.75	250.13	183.22	150.86	168.63	183.57	173.59	226.77	240.69
Days Payable Outstanding (DPO)	12.88	10.85	12.54	16.61	19.32	28.83	36.69	41.44	40.10	33.98	20.17
Cash Conversion Cycle (CCC)	306.83	342.50	298.07	266.01	189.55	155.19	168.89	178.63	169.05	236.03	256.86
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	26	22	20	19	17	15	17	16	18	16	19
Invested Capital Turnover	0.97	0.91	0.98	1.00	1.28	1.41	1.55	1.56	1.80	1.44	1.31
Increase / (Decrease) in Invested Capital	-3.01	-3.63	-1.47	-1.27	-2.51	-1.61	2.12	-1.35	2.11	-1.81	2.93
Enterprise Value (EV)	21	19	16	16	13	16	23	16	17	13	18
Market Capitalization	12	13	11	10	7.91	11	16	9.47	10	8.53	12
Book Value per Share	$4.56	$4.25	$3.85	$3.10	$2.74	$2.24	$2.28	$2.28	$2.32	$2.40	$2.61
Tangible Book Value per Share	$4.47	$4.16	$3.76	$3.10	$2.74	$2.24	$2.28	$2.28	$2.32	$2.40	$2.61
Total Capital	28	24	21	19	17	15	17	18	19	16	19
Total Debt	9.07	6.48	5.43	6.26	5.01	5.17	6.81	6.76	7.15	4.02	5.74
Total Long-Term Debt	3.91	1.39	2.75	2.52	2.35	2.71	2.64	2.74	2.63	1.98	2.33
Net Debt	8.62	5.42	5.22	6.13	4.86	5.14	6.81	6.76	7.15	4.02	5.74
Capital Expenditures (CapEx)	0.20	-0.90	0.47	0.71	-0.45	0.50	0.60	1.27	0.55	0.72	0.58
Debt-free, Cash-free Net Working Capital (DFCFNWC)	17	15	12	9.99	8.72	6.56	8.66	8.88	10	8.54	12
Debt-free Net Working Capital (DFNWC)	18	16	12	10	8.87	6.59	8.66	8.89	10	8.54	12
Net Working Capital (NWC)	13	11	9.38	6.38	6.20	4.14	4.49	4.87	5.69	6.49	8.34
Net Nonoperating Expense (NNE)	0.50	0.52	0.43	1.22	0.37	-0.63	0.20	0.42	0.81	0.02	-0.83
Net Nonoperating Obligations (NNO)	7.02	4.43	4.44	6.13	4.86	5.14	6.81	4.66	6.28	4.02	5.74
Total Depreciation and Amortization (D&A)	0.82	0.67	0.70	0.96	1.00	0.82	0.61	0.66	0.80	0.99	0.85
Debt-free, Cash-free Net Working Capital to Revenue	65.84%	67.70%	57.23%	50.62%	38.08%	29.27%	34.68%	34.63%	33.71%	34.85%	51.17%
Debt-free Net Working Capital to Revenue	67.54%	72.63%	58.25%	51.26%	38.74%	29.41%	34.69%	34.65%	33.73%	34.86%	51.19%
Net Working Capital to Revenue	47.95%	49.01%	45.30%	32.34%	27.11%	18.46%	17.97%	18.97%	18.79%	26.50%	36.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.14)	($0.20)	($0.39)	($0.81)	($0.33)	($0.48)	$0.05	$0.02	$0.05	$0.06	$0.20
Adjusted Weighted Average Basic Shares Outstanding	4.06M	4.10M	4.15M	4.20M	4.28M	4.39M	4.52M	4.71M	5.00M	5.05M	5.09M
Adjusted Diluted Earnings per Share	($0.14)	($0.20)	($0.39)	($0.81)	($0.33)	($0.48)	$0.05	$0.02	$0.05	$0.06	$0.20
Adjusted Weighted Average Diluted Shares Outstanding	4.06M	4.10M	4.15M	4.20M	4.28M	4.39M	4.52M	4.71M	5.00M	5.05M	5.09M
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	4.06M	4.11M	4.16M	4.22M	4.35M	4.52M	4.63M	5.03M	5.06M	5.08M	5.18M
Normalized Net Operating Profit after Tax (NOPAT)	0.38	-0.27	-1.16	-1.75	-1.05	-2.74	0.42	0.51	1.07	0.32	0.21
Normalized NOPAT Margin	1.44%	-1.26%	-5.58%	-8.89%	-4.58%	-12.21%	1.67%	2.00%	3.54%	1.32%	0.91%
Pre Tax Income Margin	-1.94%	-2.43%	-8.66%	-19.50%	-7.73%	-13.21%	1.07%	1.72%	3.60%	-0.55%	6.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.69	-1.10	-4.61	-11.63	-3.94	-8.72	1.85	2.09	2.85	0.77	4.92
NOPAT to Interest Expense	-0.18	-1.22	-3.77	-7.11	-2.93	-8.98	1.33	1.27	1.82	0.54	0.57
EBIT Less CapEx to Interest Expense	-1.35	2.52	-6.08	-13.97	-2.67	-10.36	-0.06	-1.04	1.90	-0.43	3.34
NOPAT Less CapEx to Interest Expense	-0.84	2.40	-5.24	-9.45	-1.66	-10.63	-0.58	-1.86	0.88	-0.66	-1.01
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-36.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-36.29%	0.00%	-0.39%	-0.63%	-1.36%	-1.47%	14.33%	137.89%	25.67%	12.25%	0.15%

This table displays calculated financial ratios and metrics derived from Art's-Way Manufacturing's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	11/30/2023	2/29/2024	5/31/2024	8/31/2024	11/30/2024	2/28/2025	5/31/2025	8/31/2025	11/30/2025	2/28/2026	5/31/2026
DEI Shares Outstanding	5,009,574.00	5,009,574.00	5,068,208.00	5,071,458.00	5,031,459.00	5,082,459.00	5,088,084.00	5,108,084.00	-	5,177,084.00	5,181,386.00
DEI Adjusted Shares Outstanding	5,009,574.00	5,009,574.00	5,068,208.00	5,071,458.00	5,031,459.00	5,082,459.00	5,088,084.00	5,108,084.00	-	5,177,084.00	5,181,386.00
DEI Earnings Per Adjusted Shares Outstanding	-0.06	-0.09	-0.01	-0.01	0.17	-0.01	0.29	0.05	-	0.04	0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	29.74%	-19.24%	-18.17%	-27.62%	-9.96%	-10.18%	-5.85%	9.47%	-17.90%	29.16%	23.95%
EBITDA Growth	-55.98%	-117.54%	-54.56%	-42.29%	187.06%	283.55%	526.98%	58.54%	-144.77%	134.13%	-75.22%
EBIT Growth	-79.80%	-166.87%	-72.64%	-67.89%	471.24%	101.42%	1,178.69%	170.80%	-209.55%	6,837.39%	-82.84%
NOPAT Growth	-68.16%	-162.00%	-65.46%	-70.91%	597.66%	100.65%	241.51%	153.45%	-194.11%	14,489.61%	-45.45%
Net Income Growth	-437.74%	-235.89%	-110.87%	64.61%	370.22%	88.01%	4,545.32%	1,069.89%	-177.59%	452.32%	-88.29%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-38.54%	-107.83%	165.90%	169.37%	158.22%	-2.55%	8.60%	-548.84%	-174.30%	245.76%	-73.27%
Free Cash Flow Firm Growth	-233.09%	51.00%	331.82%	33.56%	208.86%	351.73%	-73.39%	-220.33%	-249.29%	-277.53%	-494.59%
Invested Capital Growth	13.33%	2.09%	-12.87%	-5.76%	-10.08%	-8.88%	-1.75%	9.73%	18.17%	18.87%	17.85%
Revenue Q/Q Growth	-15.59%	-16.47%	17.59%	-12.70%	5.01%	-16.68%	23.26%	1.51%	-21.25%	31.09%	18.28%
EBITDA Q/Q Growth	-54.53%	-144.48%	363.67%	8.23%	126.16%	-71.56%	800.66%	-72.63%	-163.87%	248.72%	-4.69%
EBIT Q/Q Growth	-80.03%	-499.33%	141.60%	-3.22%	255.30%	-99.01%	37,322.73%	-79.50%	-243.73%	162.93%	-7.45%
NOPAT Q/Q Growth	-83.62%	-539.05%	144.40%	-8.93%	292.97%	-99.59%	23,093.47%	-32.41%	-245.92%	163.78%	-13.28%
Net Income Q/Q Growth	-315.88%	-51.05%	92.83%	21.42%	3,275.40%	-106.70%	2,758.09%	-82.85%	-354.03%	130.43%	-11.69%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	342.12%	-121.42%	1,356.01%	-77.35%	323.82%	-108.51%	1,430.17%	-193.59%	29.84%	116.69%	143.95%
Free Cash Flow Firm Q/Q Growth	-339.07%	69.07%	515.68%	-56.55%	94.87%	-28.48%	-56.05%	-296.46%	-141.76%	14.95%	2.32%
Invested Capital Q/Q Growth	-0.29%	0.07%	-5.13%	-0.45%	-4.86%	1.41%	2.29%	11.19%	2.46%	2.00%	1.42%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.91%	25.75%	28.33%	28.93%	36.13%	29.11%	32.51%	27.46%	18.64%	28.79%	25.87%
EBITDA Margin	4.36%	-2.32%	5.20%	6.45%	13.89%	4.74%	34.65%	9.34%	-7.58%	8.60%	6.93%
Operating Margin	1.26%	-6.64%	2.51%	2.62%	8.40%	0.05%	8.06%	5.36%	-11.22%	4.97%	3.65%
EBIT Margin	1.36%	-6.49%	2.30%	2.54%	8.61%	0.10%	31.18%	6.30%	-11.49%	5.52%	4.32%
Profit (Net Income) Margin	-4.49%	-8.13%	-0.50%	-0.45%	13.48%	-1.08%	23.39%	3.95%	-12.74%	2.96%	2.21%
Tax Burden Percent	398.80%	86.59%	632.64%	5,424.43%	204.26%	79.19%	79.01%	79.10%	93.60%	76.90%	76.80%
Interest Burden Percent	-83.01%	144.60%	-3.41%	-0.32%	76.66%	-1,333.76%	94.96%	79.34%	118.50%	69.75%	66.65%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	18.43%	0.00%	20.99%	20.90%	0.00%	23.10%	23.20%
Return on Invested Capital (ROIC)	1.59%	-7.57%	2.63%	2.64%	9.86%	0.05%	8.88%	5.75%	-10.27%	5.23%	4.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-5.15%	-10.69%	0.38%	0.37%	17.81%	-1.00%	33.19%	5.39%	-15.34%	4.10%	2.96%
Return on Net Nonoperating Assets (RNNOA)	-2.47%	-6.00%	0.22%	0.19%	7.73%	-0.47%	11.85%	2.21%	-5.89%	1.62%	0.97%
Return on Equity (ROE)	-0.88%	-13.57%	2.86%	2.83%	17.59%	-0.42%	20.73%	7.96%	-16.16%	6.85%	4.97%
Cash Return on Invested Capital (CROIC)	-6.14%	-2.44%	15.07%	6.05%	12.51%	13.36%	7.35%	-3.13%	-15.47%	-14.72%	-16.80%
Operating Return on Assets (OROA)	1.70%	-7.53%	2.59%	2.61%	9.24%	0.11%	33.30%	6.69%	-12.08%	5.92%	5.03%
Return on Assets (ROA)	-5.63%	-9.43%	-0.56%	-0.46%	14.48%	-1.15%	24.98%	4.20%	-13.39%	3.18%	2.58%
Return on Common Equity (ROCE)	-0.88%	-13.57%	2.86%	2.83%	17.59%	-0.42%	20.73%	7.96%	-16.16%	6.85%	4.97%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-4.82%	-7.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.06	-0.27	0.12	0.11	0.42	0.00	0.40	0.27	-0.40	0.25	0.22
NOPAT Margin	0.88%	-4.65%	1.76%	1.83%	6.85%	0.03%	6.37%	4.24%	-7.85%	3.82%	2.80%
Net Nonoperating Expense Percent (NNEP)	6.73%	3.12%	2.26%	2.28%	-7.94%	1.05%	-24.31%	0.36%	5.07%	1.13%	1.04%
Return On Investment Capital (ROIC_SIMPLE)	0.32%	-1.42%	0.66%	0.60%	2.62%	0.01%	2.41%	1.47%	-2.09%	1.31%	1.12%
Cost of Revenue to Revenue	72.09%	74.25%	71.67%	71.07%	63.87%	70.89%	67.49%	72.54%	81.36%	71.21%	74.13%
SG&A Expenses to Revenue	16.70%	21.50%	18.32%	18.49%	19.95%	20.60%	16.24%	15.29%	22.16%	15.63%	15.50%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.65%	32.39%	25.82%	26.32%	27.73%	29.06%	24.45%	22.10%	29.86%	23.82%	22.22%
Earnings before Interest and Taxes (EBIT)	0.09	-0.37	0.15	0.15	0.53	0.01	1.98	0.40	-0.58	0.37	0.34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.30	-0.13	0.35	0.38	0.86	0.24	2.20	0.60	-0.38	0.57	0.54
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.89	0.88	0.79	0.93	0.71	0.69	0.67	1.16	0.91	0.90	0.97
Price to Tangible Book Value (P/TBV)	0.89	0.88	0.79	0.93	0.71	0.69	0.67	1.16	0.91	0.90	0.97
Price to Revenue (P/Rev)	0.34	0.34	0.32	0.42	0.35	0.35	0.39	0.67	0.52	0.50	0.51
Price to Earnings (P/E)	38.66	0.00	0.00	0.00	27.75	11.63	4.10	6.40	11.65	9.49	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	2.59%	0.00%	0.00%	0.00%	3.60%	8.60%	24.37%	15.61%	8.59%	10.53%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.97	0.97	0.91	1.00	0.78	0.77	0.73	1.12	0.93	0.93	0.98
Enterprise Value to Revenue (EV/Rev)	0.58	0.60	0.56	0.68	0.51	0.53	0.52	0.86	0.77	0.74	0.74
Enterprise Value to EBITDA (EV/EBITDA)	7.03	10.96	13.17	19.01	8.63	6.88	3.33	5.33	6.70	6.07	14.46
Enterprise Value to EBIT (EV/EBIT)	10.41	23.22	45.20	663.89	27.05	14.99	4.60	7.12	9.86	8.36	36.48
Enterprise Value to NOPAT (EV/NOPAT)	16.28	0.00	64.26	839.78	38.92	18.05	12.99	19.00	85.35	40.18	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	9.00	8.99	4.78	4.80	4.49	17.57	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	5.61	16.11	5.90	5.50	9.88	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.68	0.59	0.58	0.33	0.35	0.23	0.34	0.43	0.43	0.43
Long-Term Debt to Equity	0.23	0.23	0.23	0.23	0.16	0.16	0.14	0.14	0.17	0.17	0.16
Financial Leverage	0.48	0.56	0.58	0.51	0.43	0.47	0.36	0.41	0.38	0.40	0.33
Leverage Ratio	2.12	2.19	2.11	2.12	1.92	1.94	1.77	1.80	1.72	1.78	1.62
Compound Leverage Factor	-1.76	3.17	-0.07	-0.01	1.47	-25.92	1.68	1.43	2.04	1.24	1.08
Debt to Total Capital	38.06%	40.39%	37.13%	36.68%	24.96%	26.10%	18.53%	25.16%	30.15%	30.28%	29.95%
Short-Term Debt to Total Capital	24.06%	26.55%	22.74%	22.38%	12.71%	14.20%	7.09%	15.05%	17.94%	18.53%	18.71%
Long-Term Debt to Total Capital	13.99%	13.84%	14.39%	14.29%	12.26%	11.90%	11.44%	10.11%	12.21%	11.75%	11.24%
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	61.94%	59.61%	62.87%	63.32%	75.04%	73.90%	81.47%	74.84%	69.85%	69.72%	70.05%
Debt to EBITDA	2.88	4.77	5.66	7.29	2.77	2.33	0.84	1.20	2.16	1.97	4.43
Net Debt to EBITDA	2.88	4.76	5.65	7.28	2.77	2.33	0.84	1.20	2.16	1.97	4.43
Long-Term Debt to EBITDA	1.06	1.63	2.19	2.84	1.36	1.06	0.52	0.48	0.88	0.77	1.66
Debt to NOPAT	6.67	-114.79	27.60	322.00	12.48	6.11	3.28	4.28	27.55	13.06	-78.94
Net Debt to NOPAT	6.66	-114.75	27.58	321.75	12.47	6.11	3.28	4.28	27.53	13.05	-78.86
Long-Term Debt to NOPAT	2.45	-39.33	10.69	125.50	6.13	2.79	2.03	1.72	11.15	5.07	-29.63
Altman Z-Score	2.42	2.22	2.30	2.25	2.65	2.56	3.27	3.44	2.69	2.62	2.91
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	1.61	1.51	1.56	1.55	1.98	2.00	2.72	2.54	2.30	2.02	2.17
Quick Ratio	0.37	0.31	0.30	0.33	0.36	0.22	0.38	0.36	0.34	0.41	0.37
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2.05	-0.63	2.63	1.14	2.23	1.59	0.70	-1.38	-3.33	-2.83	-2.76
Operating Cash Flow to CapEx	170.18%	-35.31%	538.91%	277.31%	1,130.98%	-123.06%	1,036.01%	-484.97%	-774.47%	86.12%	140.06%
Free Cash Flow to Firm to Interest Expense	-12.03	-3.82	16.47	7.62	17.98	21.06	7.03	-16.45	-30.90	-25.54	-24.45
Operating Cash Flow to Interest Expense	2.72	-0.60	7.80	1.88	9.65	-1.35	13.59	-15.15	-8.26	1.34	3.20
Operating Cash Flow Less CapEx to Interest Expense	1.12	-2.30	6.36	1.20	8.80	-2.44	12.28	-18.27	-9.33	-0.22	0.92
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.25	1.16	1.13	1.03	1.07	1.06	1.07	1.06	1.05	1.07	1.17
Accounts Receivable Turnover	10.27	8.62	8.33	6.81	8.44	10.74	10.48	9.70	10.04	10.11	11.43
Inventory Turnover	2.10	1.86	1.81	1.69	1.61	1.52	1.51	1.51	1.52	1.55	1.74
Fixed Asset Turnover	5.74	8.90	4.70	9.65	4.69	9.00	4.48	9.01	4.39	9.25	4.95
Accounts Payable Turnover	9.10	11.53	12.11	9.70	10.74	15.85	14.15	16.16	18.10	13.56	14.03
Days Sales Outstanding (DSO)	35.55	42.36	43.81	53.62	43.24	33.99	34.82	37.65	36.34	36.10	31.92
Days Inventory Outstanding (DIO)	173.59	195.86	201.36	215.91	226.77	240.61	242.07	242.14	240.69	235.40	210.20
Days Payable Outstanding (DPO)	40.10	31.65	30.15	37.61	33.98	23.03	25.80	22.59	20.17	26.92	26.02
Cash Conversion Cycle (CCC)	169.05	206.58	215.02	231.92	236.03	251.57	251.09	257.19	256.86	244.59	216.10
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18	18	17	17	16	16	17	19	19	19	20
Invested Capital Turnover	1.80	1.63	1.50	1.44	1.44	1.40	1.39	1.36	1.31	1.37	1.43
Increase / (Decrease) in Invested Capital	2.11	0.37	-2.51	-1.04	-1.81	-1.59	-0.30	1.65	2.93	3.08	2.98
Enterprise Value (EV)	17	17	15	17	13	13	12	21	18	18	19
Market Capitalization	10	9.87	8.82	10	8.53	8.34	9.16	16	12	12	13
Book Value per Share	$2.32	$2.21	$2.22	$2.22	$2.40	$2.38	$2.68	$2.72	$2.61	$2.62	$2.66
Tangible Book Value per Share	$2.32	$2.21	$2.22	$2.22	$2.40	$2.38	$2.68	$2.72	$2.61	$2.62	$2.66
Total Capital	19	19	18	18	16	16	17	19	19	19	20
Total Debt	7.15	7.59	6.64	6.53	4.02	4.27	3.10	4.68	5.74	5.88	5.90
Total Long-Term Debt	2.63	2.60	2.57	2.54	1.98	1.94	1.91	1.88	2.33	2.28	2.22
Net Debt	7.15	7.59	6.63	6.52	4.02	4.26	3.09	4.67	5.74	5.88	5.90
Capital Expenditures (CapEx)	0.27	0.28	0.23	0.10	0.11	0.08	0.13	0.26	0.11	0.17	0.26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	10	9.96	8.97	8.96	8.54	8.82	9.59	11	12	12	12
Debt-free Net Working Capital (DFNWC)	10	9.97	8.97	8.97	8.54	8.82	9.59	11	12	12	12
Net Working Capital (NWC)	5.69	4.98	4.91	4.99	6.49	6.50	8.41	8.60	8.34	8.56	8.63
Net Nonoperating Expense (NNE)	0.37	0.20	0.15	0.13	-0.41	0.06	-1.08	0.02	0.25	0.06	0.05
Net Nonoperating Obligations (NNO)	6.28	6.73	5.78	5.67	4.02	4.26	3.09	4.67	5.74	5.88	5.90
Total Depreciation and Amortization (D&A)	0.21	0.24	0.20	0.23	0.33	0.24	0.22	0.20	0.20	0.20	0.21
Debt-free, Cash-free Net Working Capital to Revenue	33.71%	34.46%	32.71%	35.59%	34.85%	36.87%	40.76%	47.30%	51.17%	49.69%	47.37%
Debt-free Net Working Capital to Revenue	33.73%	34.47%	32.73%	35.61%	34.86%	36.89%	40.78%	47.32%	51.19%	49.70%	47.39%
Net Working Capital to Revenue	18.79%	17.21%	17.91%	19.80%	26.50%	27.18%	35.73%	35.70%	36.31%	34.99%	33.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic 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 Shares Outstanding	5.00M	5.07M	5.07M	5.03M	5.05M	5.09M	5.11M	5.11M	5.09M	5.18M	5.20M
Adjusted 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 Diluted Shares Outstanding	5.00M	5.07M	5.07M	5.03M	5.05M	5.09M	5.11M	5.11M	5.09M	5.18M	5.20M
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	5.06M	5.07M	5.07M	5.03M	5.08M	5.09M	5.11M	5.11M	5.18M	5.18M	5.20M
Normalized Net Operating Profit after Tax (NOPAT)	0.06	-0.27	0.12	0.11	0.42	0.00	0.40	0.27	-0.40	0.25	0.22
Normalized NOPAT Margin	0.88%	-4.65%	1.76%	1.83%	6.85%	0.03%	6.37%	4.24%	-7.85%	3.82%	2.80%
Pre Tax Income Margin	-1.13%	-9.38%	-0.08%	-0.01%	6.60%	-1.37%	29.60%	4.99%	-13.61%	3.85%	2.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.55	-2.24	0.97	1.00	4.29	0.07	19.82	4.84	-5.41	3.31	3.00
NOPAT to Interest Expense	0.36	-1.61	0.74	0.72	3.41	0.02	4.05	3.26	-3.70	2.29	1.95
EBIT Less CapEx to Interest Expense	-1.05	-3.94	-0.48	0.32	3.43	-1.02	18.51	1.72	-6.47	1.75	0.71
NOPAT Less CapEx to Interest Expense	-1.24	-3.30	-0.71	0.04	2.56	-1.07	2.74	0.14	-4.76	0.74	-0.34
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	25.67%	-15.89%	-4.79%	-5.07%	12.25%	0.22%	0.07%	0.06%	0.15%	0.00%	-7.88%

Financials Breakdown Chart

Key Financial Trends

Art’s-Way Manufacturing (NASDAQ: ARTW) showed a noticeably better operating trend in Q2 2026, with revenue growth and a return to modest profitability. However, the company is still carrying a meaningful debt load and continues to depend on working-capital swings and financing activity to manage cash.

Q2 2026 revenue rose to $7.85 million, up from $6.64 million in Q1 2026, showing sequential growth.
Gross profit improved to $2.03 million in Q2 2026, compared with $1.91 million in Q1 2026.
Operating income held in positive territory at $286,582 in Q2 2026, after $330,017 in Q1 2026.
Net income was $173,479 in Q2 2026, versus $196,442 in Q1 2026, indicating the company remained profitable.
Operating cash flow improved to $362,014 in Q2 2026, up from $148,395 in Q1 2026.
Equity increased to $13.80 million at the end of Q2 2026, from $13.55 million in Q1 2026.
Inventory stayed elevated at $11.50 million in Q2 2026, which may support sales but also ties up capital.
Cash on hand remained very low at just $5,969, even though the company generated positive operating cash flow.
The company continues to invest in property and equipment, spending $340,638 on capex in Q2 2026, which may support future operations but also uses cash.
Total liabilities were still high at $9.87 million in Q2 2026, leaving the balance sheet levered relative to its equity base.
Short-term debt was $3.69 million and long-term debt was $2.22 million at quarter-end, so interest burden remains significant.
Interest expense was $113,047 in Q2 2026, which continues to pressure pretax earnings.
Cash flow from operations in prior quarters was volatile, including a sharp negative quarter in Q4 2025, showing the business has not yet established consistent cash generation.
Working capital movements still had a drag in Q2 2026, with changes in operating assets and liabilities reducing cash flow by $75,058.

Over the last several quarters, ARTW appears to have moved from a period of volatility and losses in late 2024 and Q4 2025 toward a more stable and profitable operating profile in 2026. Revenue has improved, operating margins have recovered, and cash from operations turned positive. The key question for investors is whether this improvement can become durable while the company works down its debt burden and improves liquidity.

07/25/26 02:18 AM ETAI Generated. May Contain Errors.

Art's-Way Manufacturing Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Art's-Way Manufacturing's financial year ends in November. Their financial year 2025 ended on November 30, 2025.

Art's-Way Manufacturing's net income appears to be on a downward trend, with a most recent value of $1.03 million in 2025, falling from -$557.84 thousand in 2015. The previous period was $307.38 thousand in 2024. See Art's-Way Manufacturing's forecast for analyst expectations on what's next for the company.

Art's-Way Manufacturing's total operating income in 2025 was $289.46 thousand, based on the following breakdown:

Total Gross Profit: $6.27 million
Total Operating Expenses: $5.98 million

Over the last 10 years, Art's-Way Manufacturing's total revenue changed from $26.33 million in 2015 to $22.98 million in 2025, a change of -12.7%.

Art's-Way Manufacturing's total liabilities were at $9.17 million at the end of 2025, a 0.3% increase from 2024, and a 28.4% decrease since 2015.

In the past 10 years, Art's-Way Manufacturing's cash and equivalents has ranged from $1.86 thousand in 2024 to $1.06 million in 2016, and is currently $4.85 thousand as of their latest financial filing in 2025.

Over the last 10 years, Art's-Way Manufacturing's book value per share changed from 4.56 in 2015 to 2.61 in 2025, a change of -42.9%.

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Financial statements for NASDAQ:ARTW last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Art's-Way Manufacturing (ARTW) Financials

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Art's-Way Manufacturing (ARTW) Financials

Annual Income Statements for Art's-Way Manufacturing

Quarterly Income Statements for Art's-Way Manufacturing

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Quarterly Cash Flow Statements for Art's-Way Manufacturing

Annual Balance Sheets for Art's-Way Manufacturing

Quarterly Balance Sheets for Art's-Way Manufacturing

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Quarterly Metrics And Ratios for Art's-Way Manufacturing

Financials Breakdown Chart

Key Financial Trends

Art's-Way Manufacturing Financials - Frequently Asked Questions

When does Art's-Way Manufacturing's fiscal year end?

How has Art's-Way Manufacturing's net income changed over the last 10 years?

What is Art's-Way Manufacturing's operating income?

How has Art's-Way Manufacturing's revenue changed over the last 10 years?

How much debt does Art's-Way Manufacturing have?

How much cash does Art's-Way Manufacturing have?

How has Art's-Way Manufacturing's book value per share changed over the last 10 years?

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