The company has demonstrated disciplined capital management by reducing its debt-to-equity ratio from a 2025Q2 peak of 0.67 to 0.37 in 2026Q1, despite an accumulated deficit of $808.1 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Total Current Assets | 158.55M | 155.92M | 153.12M | 168.77M | 199.12M | 229.53M | 214.05M | 232.06M | 168.8M | 203.25M | 235.2M | 197.94M | 139.55M | 79.38M | 57.43M | 66.75M | 57.96M | 48.78M | 71.89M | 82.19M | 127.05M | 14.78M | 3.95M | 4.68M | 6.7M | 4.42M | 3.74M | 3.41M | 4.56M |
| Cash & Short-Term Investments | 20.31M | 25.67M | 35.47M | 30.01M | 36.46M | 50.61M | 47.67M | 19M | 26.63M | 49.49M | 64.26M | 52.71M | 62.08M | 5.15M | 7.59M | 8.91M | 8.74M | 17.55M | 19.25M | 25.06M | 83.17M | 7.27M | 188.44K | 249K | 6.22M | 2.18M | 1.69M | 1.58M | 2.78M |
| Cash Only | 20.31M | 25.67M | 35.47M | 30.01M | 36.46M | 50.61M | 47.67M | 19M | 26.63M | 49.49M | 64.26M | 52.71M | 62.08M | 5.15M | 7.59M | 8.91M | 8.74M | 17.55M | 11.47M | 5.71M | 44.05M | 4.52M | 188.44K | 249K | 908.65K | 265.41K | 902.38K | 542.36K | 2.78M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.78M | 19.35M | 39.12M | 2.75M | 0 | 0 | 5.31M | 1.92M | 789.5K | 1.04M | 0 |
| Accounts Receivable | 59.7M | 62.57M | 58.22M | 58.73M | 68.66M | 86.89M | 43.49M | 74.31M | 68.25M | 81.09M | 92M | 72M | 34.61M | 35.3M | 26.05M | 28.14M | 25.86M | 12.77M | 23.82M | 29.65M | 29.32M | 5.08M | 14K | 156.1K | 149.69K | 136.45K | 268.51K | 1.79M | 1.17M |
| Days Sales Outstanding | 23.36 | 24.88 | 22.01 | 17.53 | 18.76 | 26.26 | 17.7 | 19.03 | 16.44 | 18.13 | 20.67 | 22.06 | 11.41 | 14.18 | 11.65 | 11.4 | 28.74 | 14.72 | 12.35 | 23.45 | 47.28 | 21.18 | 6.2 | 86.65 | 13.6 | 29.35 | 6.78 | 53.98 | 29.38 |
| Inventory | 52.83M | 0 | 49.91M | 52.61M | 66.63M | 54.37M | 37.92M | 60.6M | 57.82M | 61.55M | 60.07M | 60.82M | 18.55M | 23.39M | 16.24M | 16.13M | 17.31M | 12.13M | 18.41M | 21.58M | 9.62M | 362.97K | 399.43K | 0 | 0 | 2.07M | 0 | 0 | 0 |
| Days Inventory Outstanding | 11.14 | - | 19.07 | 15.91 | 17.84 | 17.41 | 16.4 | 15.42 | 13.79 | 13.81 | 13.94 | 18.75 | 6.78 | 9.75 | 7.1 | 6.68 | 19.19 | 13.08 | 9.11 | 18.38 | 17.43 | 1.57 | - | - | - | - | - | - | - |
| Other Current Assets | 25.71M | 67.67M | 9.52M | 27.42M | 27.38M | 37.65M | 84.07M | 76.63M | 13.63M | 7.84M | 3.61M | 6.44M | 12.71M | 3.23M | 2.13M | 4.32M | 3.35M | 1.33M | 6.12M | 3.63M | 3.87M | 86.05K | 300K | 4.16M | 0 | 1.93M | 331.58K | 0 | 0 |
| Total Non-Current Assets | 227.74M | 232.87M | 248.32M | 285.47M | 279.2M | 255.43M | 262.77M | 380.43M | 491.18M | 517.05M | 473.04M | 477.2M | 159.95M | 161.67M | 157.53M | 165.73M | 176.12M | 250.04M | 544.94M | 569.41M | 326.77M | 33.41M | 90.52K | 802.84K | 1.07M | 643.19K | 848.14K | 724.38K | 709.4K |
| Property, Plant & Equipment | 210.41M | 0 | 235.29M | 271.35M | 258.01M | 235.96M | 240.53M | 356.87M | 482.66M | 508.35M | 465.19M | 464.96M | 155.3M | 155.19M | 150.41M | 159.62M | 168.98M | 243.73M | 530.04M | 468.7M | 196.16M | 23.21M | 86.49K | 449.3K | 708.98K | 615.63K | 820.4K | 689.09K | 601.42K |
| Fixed Asset Turnover | 8.48x | - | 4.10x | 4.51x | 5.18x | 5.12x | 3.73x | 3.99x | 3.14x | 3.21x | 3.49x | 2.56x | 7.13x | 5.85x | 5.43x | 5.65x | 1.94x | 1.30x | 1.33x | 0.98x | 1.15x | 3.77x | 9.53x | 1.46x | 5.67x | 2.76x | 17.61x | 17.61x | 24.21x |
| Goodwill | 0 | 0 | 0 | 0 | 5.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 88.17M | 85.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 7.42M | 0 | 4.51M | 8.5M | 9.09M | 2.68M | 2.68M | 2.68M | 2.68M | 2.68M | 2.68M | 2.68M | 2.79M | 3.26M | 3.73M | 4.46M | 5.38M | 5.16M | 5.63M | 6.32M | 10.15M | 10.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 286.67M | 359.68M | 363.4M | 301.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 9.91M | 232.87M | 8.52M | 5.63M | 6.14M | 16.79M | 19.56M | 20.88M | 5.84M | 6.02M | 5.17M | 9.56M | 1.86M | 3.22M | 3.39M | 1.65M | 1.76M | 1.15M | 9.28M | 6.21M | 35.16M | 62.42K | 4.03K | 353.55K | 357.98K | 27.56K | 27.74K | 35.29K | 107.97K |
| Total Assets | 386.29M | 388.79M | 401.44M | 454.24M | 478.32M | 484.95M | 476.82M | 612.5M | 659.98M | 720.3M | 708.24M | 675.14M | 299.5M | 241.05M | 214.96M | 232.48M | 234.08M | 298.82M | 616.83M | 651.6M | 453.82M | 48.18M | 4.05M | 5.48M | 7.77M | 5.06M | 4.59M | 4.14M | 5.27M |
| Asset Turnover | 2.35x | 2.36x | 2.40x | 2.69x | 2.79x | 2.49x | 1.88x | 2.33x | 2.30x | 2.27x | 2.29x | 1.76x | 3.70x | 3.77x | 3.80x | 3.88x | 1.40x | 1.06x | 1.14x | 0.71x | 0.50x | 1.82x | 0.20x | 0.12x | 0.52x | 0.34x | 3.15x | 2.93x | 2.76x |
| Asset Growth % | -23.16% | -3.15% | -11.62% | -5.03% | -1.37% | 1.71% | -22.15% | -7.2% | -8.37% | 1.7% | 4.9% | 125.42% | 24.25% | 12.14% | -7.53% | -0.69% | -21.66% | -51.56% | -5.34% | 43.58% | 841.83% | 1091.2% | -26.21% | -29.44% | 53.55% | 10.23% | 10.95% | -21.49% | - |
| Total Current Liabilities | 41.65M | 59.07M | 57.8M | 65.29M | 78.02M | 69.6M | 86.93M | 160.4M | 231.86M | 90.71M | 78.84M | 72.91M | 25.45M | 28.22M | 12.41M | 8.98M | 47.83M | 99.63M | 360.2M | 120.08M | 30.59M | 17.67M | 472.24K | 501.75K | 1.19M | 589.13K | 1.81M | 1.74M | 1.88M |
| Accounts Payable | 19.3M | 14.51M | 20.37M | 20.75M | 28.11M | 23.25M | 13.05M | 29.28M | 48.18M | 39.74M | 37.05M | 30.52M | 13.12M | 11.07M | 5.1M | 5.52M | 6.47M | 8.18M | 14.03M | 77.84M | 11.99M | 11.17M | 55.45K | 52.2K | 299.21K | 155.33K | 277.63K | 938.42K | 698.33K |
| Days Payables Outstanding | 6.82 | 6 | 7.78 | 6.27 | 7.53 | 7.44 | 5.64 | 7.45 | 11.49 | 8.92 | 8.6 | 9.41 | 4.79 | 4.62 | 2.23 | 2.28 | 7.18 | 8.82 | 6.95 | 66.29 | 21.71 | 48.27 | - | - | - | - | 9.77 | 36.68 | 21.01 |
| Short-Term Debt | 4.97M | 21.56M | 0 | 0 | 0 | 0 | 25.53M | 63M | 146.67M | 20M | 10.5M | 17M | 0 | 750K | 4.03M | 750K | 38.11M | 77.36M | 291.93M | 17.1M | 4.13M | 1.2M | 0 | 0 | 0 | 0 | 14.64K | 50.51K | 44.67K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.42M | 21.67M | 24.11M | 13.9M | 6.2M | 5.85M | 0 | 0 | -34.87M | 5.89M | 32.53M | 5.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 17.37M | 23M | 8.37M | 20M | 19.5M | 21.14M | 35.07M | 42.33M | 13.55M | 8.7M | 10.22M | 11.07M | 3.19M | 6.57M | 369K | 0 | 0 | 7.02M | 21.61M | 19.57M | 4.8M | 4.87M | 1.17M | 0 | 0 | 0 | 0 | 0 | 539.76K |
| Current Ratio | 3.81x | 2.64x | 2.65x | 2.59x | 2.55x | 3.30x | 2.46x | 1.45x | 0.73x | 2.24x | 2.98x | 2.71x | 5.48x | 2.81x | 4.63x | 7.43x | 1.21x | 0.49x | 0.20x | 0.68x | 4.15x | 0.84x | 8.37x | 9.33x | 5.63x | 7.50x | 2.07x | 1.97x | 2.43x |
| Quick Ratio | 2.54x | 2.64x | 1.79x | 1.78x | 1.70x | 2.52x | 2.03x | 1.07x | 0.48x | 1.56x | 2.22x | 1.88x | 4.76x | 1.98x | 3.32x | 5.64x | 0.85x | 0.37x | 0.15x | 0.50x | 3.84x | 0.82x | 7.53x | 9.33x | 5.63x | 3.99x | 2.07x | 1.97x | 2.43x |
| Cash Conversion Cycle | 27.68 | - | 33.3 | 27.16 | 29.07 | 36.22 | 28.45 | 27 | 18.74 | 23.03 | 26.01 | 31.4 | 13.39 | 19.32 | 16.52 | 15.79 | 40.76 | 18.98 | 14.52 | -24.47 | 43 | -25.52 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 94.76M | 84.47M | 118.57M | 109.4M | 92.22M | 70.14M | 93.66M | 225.05M | 108.76M | 245.89M | 211.14M | 230.69M | 56.07M | 117.93M | 129.64M | 104.23M | 98.44M | 256.98M | 4.43M | 153.15M | 30.42M | 2M | 0 | 0 | 20.41K | 0 | 0 | 0 | 51.93K |
| Long-Term Debt | 73.06M | 63.03M | 92.9M | 82.1M | 68.36M | 50.36M | 71.81M | 180.79M | 84.84M | 221.09M | 188.03M | 203.86M | 34.53M | 98.41M | 117.25M | 93.69M | 84.98M | 12.74M | 937K | 151.19M | 28.97M | 2M | 4.01M | 0 | 0 | 0 | 0 | 0 | 51.93K |
| Capital Lease Obligations | 55.62M | 13.01M | 16.91M | 19.03M | 15.06M | 9.38M | 8.71M | 21.17M | 78K | 123K | 547K | 4.18M | 2.06M | 6.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.41K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 251K | 224K | 52K | 1.17M | 17.04M | 0 | 0 | 0 | 0 | 0 | 0 | 1.97M | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8.47M | 8.43M | 8.75M | 8.27M | 8.8M | 10.39M | 13.13M | 23.09M | 23.83M | 24.68M | 22.51M | 21.01M | 2.44M | 13.48M | 12.39M | 10.54M | 13.46M | 244.25M | 3.5M | 1.97M | 0 | -424 | -4.01M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 136.41M | 143.54M | 176.38M | 174.68M | 170.23M | 139.74M | 180.58M | 385.45M | 340.62M | 336.6M | 289.98M | 303.6M | 81.52M | 146.15M | 142.06M | 113.21M | 146.27M | 356.62M | 364.64M | 273.23M | 61.01M | 19.67M | 472.24K | 501.75K | 1.21M | 589.13K | 1.81M | 1.74M | 1.93M |
| Total Debt | 91.27M | 97.6M | 114.67M | 105.46M | 87.27M | 63.65M | 108.23M | 268.42M | 231.56M | 241.81M | 199.87M | 229.76M | 40.66M | 110.03M | 121.28M | 94.44M | 84.98M | 90.1M | 306.36M | 168.29M | 33.09M | 3.2M | 0 | 20.39K | 52.38K | 0 | 14.64K | 50.51K | 96.6K |
| Net Debt | 70.96M | 71.92M | 79.2M | 75.44M | 50.81M | 13.04M | 60.57M | 249.43M | 204.93M | 192.32M | 131.28M | 177.05M | -21.42M | 104.88M | 113.7M | 85.53M | 76.25M | 72.56M | 294.89M | 162.58M | -10.96M | -1.33M | -188.44K | -75.19K | -856.27K | -265.41K | -1.03M | -491.85K | -2.69M |
| Debt / Equity | 0.37x | 0.40x | 0.51x | 0.38x | 0.28x | 0.18x | 0.37x | 1.18x | 0.73x | 0.63x | 0.48x | 0.62x | 0.19x | 1.16x | 1.66x | 0.79x | 0.97x | - | 1.21x | 0.44x | 0.08x | 0.11x | - | 0.00x | 0.01x | - | 0.01x | 0.02x | 0.03x |
| Debt / EBITDA | 2.39x | 2.96x | - | - | - | 1.00x | 2.70x | - | - | 18.51x | 3.39x | 40.59x | 0.39x | 3.54x | - | 5.68x | - | - | - | 6.92x | 6.30x | - | - | - | - | - | 0.04x | - | - |
| Net Debt / EBITDA | 1.86x | 2.18x | - | - | - | 0.21x | 1.51x | - | - | 14.72x | 2.23x | 31.28x | -0.20x | 3.38x | - | 5.15x | - | - | - | 6.69x | -2.09x | - | - | - | - | - | -2.55x | - | - |
| Interest Coverage | 0.24x | 0.72x | -6.69x | -2.76x | -20.71x | 14.26x | 0.04x | -4.01x | -3.00x | -1.97x | 1.00x | -1.30x | 9.76x | 1.21x | -2.32x | 0.73x | 12.18x | -3.16x | -5.31x | - | - | -58.10x | -2172.25x | - | - | - | - | - | - |
| Total Equity | 249.88M | 245.24M | 225.06M | 279.56M | 308.09M | 345.21M | 296.24M | 227.04M | 319.37M | 383.7M | 418.26M | 371.54M | 217.98M | 94.9M | 72.91M | 119.26M | 87.81M | -57.8M | 252.2M | 378.37M | 392.81M | 28.52M | 3.57M | 4.98M | 6.56M | 4.47M | 2.78M | 2.4M | 3.34M |
| Equity Growth % | -11.77% | 8.97% | -19.49% | -9.26% | -10.75% | 16.53% | 30.47% | -28.91% | -16.77% | -8.26% | 12.57% | 70.45% | 129.69% | 30.17% | -38.87% | 35.81% | 251.93% | -122.92% | -33.35% | -3.68% | 1277.53% | 698.12% | -28.26% | -24.07% | 46.7% | 60.61% | 15.95% | -28.08% | - |
| Book Value per Share | 3.26 | 3.24 | 3.06 | 3.81 | 4.28 | 4.78 | 5.05 | 4.79 | 7.36 | 8.98 | 9.90 | 11.20 | 9.62 | 7.74 | 10.09 | 52.64 | 98.46 | -106.31 | 528.06 | 995.83 | 1183.32 | 119.45 | 30.26 | 222.85 | 315.59 | 211.28 | 146.77 | 151.40 | 213.78 |
| Total Shareholders' Equity | 249.88M | 245.24M | 225.06M | 279.56M | 308.09M | 345.21M | 296.24M | 219.78M | 299.77M | 356.44M | 387.89M | 371.54M | 213.51M | 89.22M | 52.56M | 46.97M | -7.16M | -100.07M | 209.37M | 282.29M | 298.44M | 28.52M | 3.57M | 4.98M | 6.56M | 4.47M | 2.78M | 2.4M | 3.34M |
| Common Stock | 78K | 77K | 77K | 76K | 75K | 73K | 72K | 56K | 46K | 44K | 44K | 43K | 25K | 16K | 147K | 87K | 90K | 57K | 58K | 41K | 40K | 28.87K | 37.82K | 36.29K | 176.21K | 172.75K | 168.63K | 128.98K | 128.98K |
| Retained Earnings | -808.13M | -812.09M | -824.17M | -763.91M | -734.64M | -691.78M | -736.6M | -720.21M | -630M | -568.46M | -532.23M | -532.38M | -512.33M | -532.36M | -530.31M | -509.99M | -511.79M | -581.08M | -269.72M | -118.31M | -99.68M | -13.58M | -5.88M | -4.39M | -2.76M | -4.01M | -5.18M | -5.43M | -4.46M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.73M | -1.73M | -1.7M | -1.48M | -1.48M | -119.16K | -90K |
| Accumulated OCI | 5.46M | 5.46M | 4.97M | 2.48M | 1.82M | -284K | -3.88M | -2.37M | -2.46M | -2.23M | -2.62M | 1.04M | -54.34M | -42.05M | -30.68M | -19.23M | -6.81M | -77.78M | 0 | -2.38M | 545K | -1.63M | 33.2K | -37.78K | 14.2K | 680 | 3.57K | -4.09K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.26M | 19.6M | 27.26M | 30.37M | 0 | 4.47M | 5.68M | 20.34M | 72.29M | 94.97M | 42.27M | 42.82M | 96.08M | 94.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity crush spread volatility
According to recent financial filings, ALTO's total assets have declined from $454.2 million in 2023Q4 to $386.3 million in 2026Q1, signaling a deliberate contraction of the balance sheet as the company navigates a challenging commodity environment and shifts its focus toward higher-margin specialty alcohol production.
The reduction in total assets appears to be a byproduct of both asset divestitures and a more disciplined approach to capital deployment. Investors should monitor whether this shrinkage represents a strategic optimization of the footprint or a loss of operational scale that could impair future competitive positioning.
Based on reported figures, ALTO has maintained a conservative debt-to-equity ratio of 0.37 as of 2026Q1, demonstrating a consistent effort to deleverage from the 0.67 peak observed in 2025Q2, which provides a necessary buffer against the inherent volatility of the ethanol and specialty chemical markets.
The reduction in total debt from $138.7 million to $91.3 million over the last several quarters suggests a management priority on balance sheet repair. While this lower leverage profile reduces interest expense, it also limits the company's capacity to fund large-scale infrastructure projects without external financing.
As reported in quarterly balance sheets, ALTO's current ratio of 3.81 in 2026Q1 indicates a strong short-term liquidity position, though the absolute cash balance of $20.3 million remains relatively thin given the company's exposure to rapid fluctuations in corn and energy input costs.
The high current ratio is likely supported by inventory levels that may be subject to rapid valuation changes in a volatile commodity market. Analysts should consider that this liquidity buffer may be less robust than it appears if inventory turnover slows or if market prices for finished goods compress further.
Financial statements reveal that ALTO's equity base is significantly burdened by an accumulated deficit of $808.1 million as of 2026Q1, a legacy figure that highlights the long-term challenges the company has faced in achieving sustained profitability within the highly cyclical biorefining and specialty chemical industry.
The persistent negative retained earnings suggest that historical capital allocation has struggled to generate consistent shareholder value. Future equity growth will likely depend on the company's ability to transition its product mix toward higher-margin specialty ingredients and successfully capture carbon-related tax credits.
Quick answers to the most common questions about buying ALTO stock.
As of 2025, Alto Ingredients, Inc. (ALTO) had total assets of $388.8M including $155.9M in current assets.
Alto Ingredients, Inc. (ALTO) carries total debt of $97.6M, offset by $25.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Alto Ingredients, Inc. (ALTO) has total shareholders' equity (book value) of $245.2M ($3.24 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Alto Ingredients, Inc. (ALTO) reported a current ratio of 2.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.