Arq, Inc. (ARQ) 10-Year Financial Performance & Capital Metrics

ARQ • • Industrial / General

IndustrialsEnvironmental ServicesWater Treatment & PurificationActivated Carbon & Filtration Media

AboutArq, Inc. produces activated carbon products in North America. The company's products include granular activated carbon, powdered activated carbon, and colloidal carbon products; Arq Powder Wetcake, a fine and low-ash coal waste-derived particle; and additives for air emissions control. Its products are used in various applications, including; water treatment, ground water remediation, soil sediments, air emissions, and asphalt additives. The company was formerly known as Advanced Emissions Solutions, Inc. and changed its name to Arq, Inc. in February 2024. The company was founded in 1996 and is headquartered in Greenwood Village, Colorado.Show more

Revenue $109M +9.9%
EBITDA $7M +337.6%
Net Income -$5M +58.3%
EPS (Diluted) -0.14 +66.7%
Gross Margin 36.2% +12.7%
EBITDA Margin 6.09% +316.3%
Operating Margin -1.8% +86.6%
Net Margin -4.69% +62.0%
ROE -2.58% +66.4%
ROIC -0.73% +90.9%
Debt/Equity 0.16 -11.1%
Interest Coverage -0.60 +86.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.6x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Shares diluted 23.9% in last year
✗Thin 5Y average net margin of 0.9%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y9.23%

3Y2.8%

TTM7.2%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-717.08%

EPS CAGR

10Y-

5Y-

3Y-

TTM-1418.18%

ROCE

10Y Avg-8.61%

5Y Avg-9.27%

3Y Avg-5.21%

Latest-0.87%

Peer Comparison

Activated Carbon & Filtration Media

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ARQArq, Inc.	154.98M	3.63	-25.93	9.86%	-3.33%	-1.81%		0.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	50.62M	45.36M	23.95M	70.09M	67.36M	100.29M	102.99M	99.18M	108.96M
Revenue Growth %	-	-0.1%	-0.47%	1.93%	-0.04%	0.49%	0.03%	-0.04%	0.1%
Cost of Goods Sold+	51.13M	32.67M	6.98M	49.44M	50.4M	65.58M	80.47M	67.32M	69.52M
COGS % of Revenue	1.01%	0.72%	0.29%	0.71%	0.75%	0.65%	0.78%	0.68%	0.64%
Gross Profit+	-504K	12.69M	16.97M	20.64M	16.96M	34.72M	22.52M	31.86M	39.44M
Gross Margin %	-0.01%	0.28%	0.71%	0.29%	0.25%	0.35%	0.22%	0.32%	0.36%
Gross Profit Growth %	-	26.18%	0.34%	0.22%	-0.18%	1.05%	-0.35%	0.41%	0.24%
Operating Expenses+	12.73M	16.83M	15.74M	35.54M	57.95M	29.87M	34.59M	45.2M	41.4M
OpEx % of Revenue	0.25%	0.37%	0.66%	0.51%	0.86%	0.3%	0.34%	0.46%	0.38%
Selling, General & Admin	13.68M	16.83M	15.74M	28.16M	24.43M	24.64M	28.14M	37.38M	28.7M
SG&A % of Revenue	0.27%	0.37%	0.66%	0.4%	0.36%	0.25%	0.27%	0.38%	0.26%
Research & Development	-648K	157K	0	0	0	0	0	0	4.05M
R&D % of Revenue	-0.01%	0%	-	-	-	-	-	-	0.04%
Other Operating Expenses	-299K	0	0	7.37M	33.51M	5.23M	6.45M	7.81M	8.66M
Operating Income+	-13.24M	-4.14M	1.23M	-14.89M	-40.98M	4.85M	-12.07M	-13.34M	-1.96M
Operating Margin %	-0.26%	-0.09%	0.05%	-0.21%	-0.61%	0.05%	-0.12%	-0.13%	-0.02%
Operating Income Growth %	-	0.69%	1.3%	-13.12%	-1.75%	1.12%	-3.49%	-0.1%	0.85%
EBITDA+	-12.26M	-3.35M	1.95M	-7.52M	-32.44M	12.79M	-5.65M	-2.79M	6.63M
EBITDA Margin %	-0.24%	-0.07%	0.08%	-0.11%	-0.48%	0.13%	-0.05%	-0.03%	0.06%
EBITDA Growth %	-	0.73%	1.58%	-4.85%	-3.31%	1.39%	-1.44%	0.51%	3.38%
D&A (Non-Cash Add-back)	979K	789K	723K	7.37M	8.54M	7.93M	6.42M	10.54M	8.59M
EBIT	41.81M	55.05M	48.03M	54.71M	-9.87M	77.56M	-8.37M	-9.08M	-2.02M
Net Interest Income+	-4.8M	-2.97M	-2.15M	-6.91M	-3.79M	-1.16M	-97K	-1.17M	-2.15M
Interest Income	268K	54K	0	261K	127K	326K	239K	1.85M	1.1M
Interest Expense	5.07M	3.02M	2.15M	7.17M	3.92M	1.49M	336K	3.01M	3.26M
Other Income/Expense	49.98M	56.17M	44.65M	62.43M	27.19M	71.22M	3.36M	1.24M	-3.31M
Pretax Income+	36.74M	52.02M	45.88M	47.54M	-13.79M	76.07M	-8.71M	-12.1M	-5.27M
Pretax Margin %	0.73%	1.15%	1.92%	0.68%	-0.2%	0.76%	-0.08%	-0.12%	-0.05%
Income Tax+	-60.94M	24.15M	10.42M	12M	6.51M	15.67M	209K	153K	-164K
Effective Tax Rate %	2.63%	0.53%	0.77%	0.75%	1.47%	0.79%	1.02%	1.01%	0.97%
Net Income+	96.57M	27.7M	35.34M	35.54M	-20.3M	60.4M	-8.92M	-12.25M	-5.11M
Net Margin %	1.91%	0.61%	1.48%	0.51%	-0.3%	0.6%	-0.09%	-0.12%	-0.05%
Net Income Growth %	-	-0.71%	0.28%	0.01%	-1.57%	3.98%	-1.15%	-0.37%	0.58%
Net Income (Continuing)	97.68M	27.87M	35.45M	35.54M	-20.3M	60.4M	-8.92M	-12.25M	-5.11M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.34	1.29	1.76	1.93	-1.13	3.27	-0.48	-0.42	-0.14
EPS Growth %	-	-0.7%	0.36%	0.1%	-1.59%	3.89%	-1.15%	0.13%	0.67%
EPS (Basic)	4.40	1.30	1.78	1.96	-1.13	3.31	-0.48	-0.42	-0.14
Diluted Shares Outstanding	22.23M	21.41M	20.03M	18.37M	18.04M	18.46M	18.45M	29.1M	36.05M
Basic Shares Outstanding	21.93M	21.37M	19.9M	18.15M	18.04M	18.26M	18.45M	29.1M	36.05M
Dividend Payout Ratio	-	0.57%	0.57%	0.51%	-	0%	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	38.91M	36.89M	59.78M	47.05M	61.99M	108.37M	105.66M	86.46M	52.36M
Cash & Short-Term Investments	26.94M	30.69M	18.58M	12.08M	25.93M	78.75M	66.43M	45.36M	13.52M
Cash Only	26.94M	30.69M	18.58M	12.08M	25.93M	78.75M	66.43M	45.36M	13.52M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	10.61M	4.36M	13.84M	11.68M	16.58M	15.1M	13.86M	16.19M	14.88M
Days Sales Outstanding	76.48	35.08	210.94	60.81	89.83	54.96	49.14	59.59	49.83
Inventory	16K	74K	21.79M	15.46M	9.88M	7.85M	17.83M	19.69M	19.31M
Days Inventory Outstanding	0.11	0.83	1.14K	114.13	71.57	43.69	80.87	106.77	101.41
Other Current Assets	172K	83K	1.4M	1.9M	6.3M	1.31M	2.4M	2.44M	1.41M
Total Non-Current Assets+	68.61M	45.88M	108.17M	126.75M	84.68M	77.07M	75.5M	149.04M	232.01M
Property, Plant & Equipment	735K	410K	48.51M	58.61M	37.41M	43.24M	49.71M	105.24M	196.51M
Fixed Asset Turnover	68.87x	110.64x	0.49x	1.20x	1.80x	2.32x	2.07x	0.94x	0.55x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	696K	805K	4.83M	4.17M	1.96M	1.24M	847K	7.9M	7.57M
Long-Term Investments	4.97M	4.9M	12.79M	39.71M	8.24M	2.39M	0	0	8.72M
Other Non-Current Assets	586K	951K	1.22M	10.17M	26.46M	30.2M	24.95M	35.9M	19.22M
Total Assets+	107.52M	82.77M	167.95M	173.8M	146.67M	185.44M	181.16M	235.5M	284.37M
Asset Turnover	0.47x	0.55x	0.14x	0.40x	0.46x	0.54x	0.57x	0.42x	0.38x
Asset Growth %	-	-0.23%	1.03%	0.03%	-0.16%	0.26%	-0.02%	0.3%	0.21%
Total Current Liabilities+	23.71M	6.88M	40.72M	39.31M	42.54M	22.62M	23.88M	23.05M	44.65M
Accounts Payable	1.92M	1M	6.24M	8.05M	7.85M	16.49M	16.11M	14.6M	21.02M
Days Payables Outstanding	13.71	11.17	326.23	59.4	56.84	91.76	73.07	79.17	110.35
Short-Term Debt	0	0	24.07M	23.93M	18.44M	1.01M	1.13M	2.65M	15.45M
Deferred Revenue (Current)	1000K	1000K	479K	0	0	0	0	0	0
Other Current Liabilities	14.4M	2.46M	1.66M	1.04M	9.74M	-4.32M	2.88M	2.9M	3.78M
Current Ratio	1.64x	5.36x	1.47x	1.20x	1.46x	4.79x	4.42x	3.75x	1.17x
Quick Ratio	1.64x	5.35x	0.93x	0.80x	1.22x	4.44x	3.68x	2.90x	0.74x
Cash Conversion Cycle	62.89	24.74	1.02K	115.54	104.55	6.9	56.94	87.18	40.89
Total Non-Current Liabilities+	7.64M	2.44M	59.28M	26.19M	18.92M	15.51M	17.3M	34.05M	22.44M
Long-Term Debt	0	0	43.64M	20.43M	5.45M	3.15M	3.45M	18.27M	8.96M
Capital Lease Obligations	0	0	0	2.81M	1.11M	4.18M	5.13M	8.87M	7.87M
Deferred Tax Liabilities	219K	155K	8.28M	0	0	0	0	0	0
Other Non-Current Liabilities	5.6M	285K	9.22M	2.95M	12.36M	8.18M	8.72M	6.91M	5.61M
Total Liabilities	31.35M	9.32M	100M	65.51M	61.46M	38.13M	41.19M	57.1M	67.09M
Total Debt+	0	0	74.13M	49.56M	26.88M	10.5M	12.44M	31.74M	34.36M
Net Debt	-26.94M	-30.69M	55.55M	37.48M	946K	-68.25M	-53.99M	-13.62M	20.85M
Debt / Equity	-	-	1.09x	0.46x	0.32x	0.07x	0.09x	0.18x	0.16x
Debt / EBITDA	-	-	37.97x	-	-	0.82x	-	-	5.18x
Net Debt / EBITDA	-	-	28.46x	-	-	-5.34x	-	-	3.14x
Interest Coverage	-2.61x	-1.37x	0.57x	-2.08x	-10.45x	3.26x	-35.92x	-4.42x	-0.60x
Total Equity+	76.17M	73.45M	67.95M	108.29M	85.21M	147.3M	139.98M	178.4M	217.28M
Equity Growth %	-	-0.04%	-0.07%	0.59%	-0.21%	0.73%	-0.05%	0.27%	0.22%
Book Value per Share	3.43	3.43	3.39	5.89	4.72	7.98	7.59	6.13	6.03
Total Shareholders' Equity	76.17M	73.45M	67.95M	108.29M	85.21M	147.3M	139.98M	178.4M	217.28M
Common Stock	22K	22K	23K	23K	23K	23K	24K	38K	47K
Retained Earnings	-43.35M	-15.48M	12.91M	57.34M	32.45M	92.86M	83.95M	71.54M	66.43M
Treasury Stock	0	-16.4M	-41.74M	-47.53M	-47.69M	-47.69M	-47.69M	-47.69M	-47.69M
Accumulated OCI	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	19.99M	37.13M	37.29M	62.26M	54.05M	26M	-6.06M	-16.65M	10.48M
Operating CF Margin %	0.39%	0.82%	1.56%	0.89%	0.8%	0.26%	-0.06%	-0.17%	0.1%
Operating CF Growth %	-	0.86%	0%	0.67%	-0.13%	-0.52%	-1.23%	-1.75%	1.63%
Net Income	96.57M	27.7M	35.34M	35.54M	-20.3M	60.4M	-8.92M	-12.25M	-5.11M
Depreciation & Amortization	979K	789K	723K	7.37M	8.54M	7.93M	6.42M	10.54M	8.59M
Stock-Based Compensation	0	0	0	2.01M	2.5M	1.93M	1.98M	2.65M	2.71M
Deferred Taxes	-61.4M	22.73M	5.23M	8.65M	3.49M	10.6M	0	0	0
Other Non-Cash Items	-26.73M	-31.57M	-15.7M	10.22M	60.62M	-49.05M	2M	-1.13M	4M
Working Capital Changes	-12.52M	-12.51M	36K	-1.53M	-790K	-5.81M	-7.54M	-16.47M	276K
Change in Receivables	29.31M	32.48M	13.06M	2.16M	-1.75M	1.51M	1.17M	-2.26M	1.32M
Change in Inventory	0	0	237K	5.5M	4.75M	1.39M	-9.69M	-2.57M	1.64M
Change in Payables	-4.25M	-920K	-197K	2.22M	-196K	1.98M	0	-12.06M	216K
Cash from Investing+	1.65M	-489K	-63.72M	-13.24M	-7.47M	44.38M	-4.61M	-28.54M	-85.07M
Capital Expenditures	-289K	-428K	-467K	-7.85M	-6.68M	-6.2M	-8.91M	-30.21M	-85.35M
CapEx % of Revenue	0.01%	0.01%	0.02%	0.11%	0.1%	0.06%	0.09%	0.3%	0.78%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-223K	0	0	-4.73M	-781K	50.58M	4.31M	1.62M	127K
Cash from Financing+	-15.67M	-32.89M	19.51M	-55.72M	-27.73M	-17.53M	-1.68M	22.91M	42.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-15.69M	-20.16M	-18.27M	-4.98M	-93K	-45K	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-979K	0	-76K	156K	0	0	0	0	-853K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	19.7M	36.7M	36.82M	54.41M	47.36M	19.8M	-14.97M	-44.17M	-74.69M
FCF Margin %	0.39%	0.81%	1.54%	0.78%	0.7%	0.2%	-0.15%	-0.45%	-0.69%
FCF Growth %	-	0.86%	0%	0.48%	-0.13%	-0.58%	-1.76%	-1.95%	-0.69%
FCF per Share	0.89	1.71	1.84	2.96	2.62	1.07	-0.81	-1.52	-2.07
FCF Conversion (FCF/Net Income)	0.21x	1.34x	1.06x	1.75x	-2.66x	0.43x	0.68x	1.36x	-2.05x
Interest Paid	3.65M	3.64M	1.4M	5.65M	2.49M	524K	334K	0	0
Taxes Paid	541K	1.67M	7.46M	4.31M	0	8.88M	3K	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	126.79%	37.03%	49.99%	40.33%	-20.98%	51.96%	-6.21%	-7.69%	-2.58%
Return on Invested Capital (ROIC)	-20.17%	-6.75%	1.11%	-8.3%	-26.5%	4.41%	-10.97%	-7.98%	-0.73%
Gross Margin	-1%	27.97%	70.87%	29.45%	25.18%	34.62%	21.87%	32.12%	36.2%
Net Margin	190.77%	61.07%	147.6%	50.7%	-30.14%	60.22%	-8.66%	-12.35%	-4.69%
Debt / Equity	-	-	1.09x	0.46x	0.32x	0.07x	0.09x	0.18x	0.16x
Interest Coverage	-2.61x	-1.37x	0.57x	-2.08x	-10.45x	3.26x	-35.92x	-4.42x	-0.60x
FCF Conversion	0.21x	1.34x	1.06x	1.75x	-2.66x	0.43x	0.68x	1.36x	-2.05x
Revenue Growth	-	-10.39%	-47.22%	192.7%	-3.89%	48.89%	2.69%	-3.69%	9.86%

Revenue by Geography

	2024
UNITED STATES	101.1M
UNITED STATES Growth	-
CANADA	7.86M
CANADA Growth	-

Frequently Asked Questions

Growth & Financials

Arq, Inc. (ARQ) reported $117.9M in revenue for fiscal year 2024. This represents a 133% increase from $50.6M in 2016.

Arq, Inc. (ARQ) grew revenue by 9.9% over the past year. This is steady growth.

Arq, Inc. (ARQ) reported a net loss of $3.9M for fiscal year 2024.

Dividend & Returns

Arq, Inc. (ARQ) has a return on equity (ROE) of -2.6%. Negative ROE indicates the company is unprofitable.

Arq, Inc. (ARQ) had negative free cash flow of $40.8M in fiscal year 2024, likely due to heavy capital investments.

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Arq, Inc. (ARQ) 10-Year Financial Performance & Capital Metrics

ARQ • • Industrial / General

IndustrialsEnvironmental ServicesWater Treatment & PurificationActivated Carbon & Filtration Media

Revenue $109M +9.9%
EBITDA $7M +337.6%
Net Income -$5M +58.3%
EPS (Diluted) -0.14 +66.7%
Gross Margin 36.2% +12.7%
EBITDA Margin 6.09% +316.3%
Operating Margin -1.8% +86.6%
Net Margin -4.69% +62.0%
ROE -2.58% +66.4%
ROIC -0.73% +90.9%
Debt/Equity 0.16 -11.1%
Interest Coverage -0.60 +86.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.6x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 20 (bottom 20%)
✗Shares diluted 23.9% in last year
✗Thin 5Y average net margin of 0.9%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y9.23%

3Y2.8%

TTM7.2%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-717.08%

EPS CAGR

10Y-

5Y-

3Y-

TTM-1418.18%

ROCE

10Y Avg-8.61%

5Y Avg-9.27%

3Y Avg-5.21%

Latest-0.87%

Peer Comparison

Activated Carbon & Filtration Media

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ARQArq, Inc.	154.98M	3.63	-25.93	9.86%	-3.33%	-1.81%		0.16

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	50.62M	45.36M	23.95M	70.09M	67.36M	100.29M	102.99M	99.18M	108.96M
Revenue Growth %	-	-0.1%	-0.47%	1.93%	-0.04%	0.49%	0.03%	-0.04%	0.1%
Cost of Goods Sold+	51.13M	32.67M	6.98M	49.44M	50.4M	65.58M	80.47M	67.32M	69.52M
COGS % of Revenue	1.01%	0.72%	0.29%	0.71%	0.75%	0.65%	0.78%	0.68%	0.64%
Gross Profit+	-504K	12.69M	16.97M	20.64M	16.96M	34.72M	22.52M	31.86M	39.44M
Gross Margin %	-0.01%	0.28%	0.71%	0.29%	0.25%	0.35%	0.22%	0.32%	0.36%
Gross Profit Growth %	-	26.18%	0.34%	0.22%	-0.18%	1.05%	-0.35%	0.41%	0.24%
Operating Expenses+	12.73M	16.83M	15.74M	35.54M	57.95M	29.87M	34.59M	45.2M	41.4M
OpEx % of Revenue	0.25%	0.37%	0.66%	0.51%	0.86%	0.3%	0.34%	0.46%	0.38%
Selling, General & Admin	13.68M	16.83M	15.74M	28.16M	24.43M	24.64M	28.14M	37.38M	28.7M
SG&A % of Revenue	0.27%	0.37%	0.66%	0.4%	0.36%	0.25%	0.27%	0.38%	0.26%
Research & Development	-648K	157K	0	0	0	0	0	0	4.05M
R&D % of Revenue	-0.01%	0%	-	-	-	-	-	-	0.04%
Other Operating Expenses	-299K	0	0	7.37M	33.51M	5.23M	6.45M	7.81M	8.66M
Operating Income+	-13.24M	-4.14M	1.23M	-14.89M	-40.98M	4.85M	-12.07M	-13.34M	-1.96M
Operating Margin %	-0.26%	-0.09%	0.05%	-0.21%	-0.61%	0.05%	-0.12%	-0.13%	-0.02%
Operating Income Growth %	-	0.69%	1.3%	-13.12%	-1.75%	1.12%	-3.49%	-0.1%	0.85%
EBITDA+	-12.26M	-3.35M	1.95M	-7.52M	-32.44M	12.79M	-5.65M	-2.79M	6.63M
EBITDA Margin %	-0.24%	-0.07%	0.08%	-0.11%	-0.48%	0.13%	-0.05%	-0.03%	0.06%
EBITDA Growth %	-	0.73%	1.58%	-4.85%	-3.31%	1.39%	-1.44%	0.51%	3.38%
D&A (Non-Cash Add-back)	979K	789K	723K	7.37M	8.54M	7.93M	6.42M	10.54M	8.59M
EBIT	41.81M	55.05M	48.03M	54.71M	-9.87M	77.56M	-8.37M	-9.08M	-2.02M
Net Interest Income+	-4.8M	-2.97M	-2.15M	-6.91M	-3.79M	-1.16M	-97K	-1.17M	-2.15M
Interest Income	268K	54K	0	261K	127K	326K	239K	1.85M	1.1M
Interest Expense	5.07M	3.02M	2.15M	7.17M	3.92M	1.49M	336K	3.01M	3.26M
Other Income/Expense	49.98M	56.17M	44.65M	62.43M	27.19M	71.22M	3.36M	1.24M	-3.31M
Pretax Income+	36.74M	52.02M	45.88M	47.54M	-13.79M	76.07M	-8.71M	-12.1M	-5.27M
Pretax Margin %	0.73%	1.15%	1.92%	0.68%	-0.2%	0.76%	-0.08%	-0.12%	-0.05%
Income Tax+	-60.94M	24.15M	10.42M	12M	6.51M	15.67M	209K	153K	-164K
Effective Tax Rate %	2.63%	0.53%	0.77%	0.75%	1.47%	0.79%	1.02%	1.01%	0.97%
Net Income+	96.57M	27.7M	35.34M	35.54M	-20.3M	60.4M	-8.92M	-12.25M	-5.11M
Net Margin %	1.91%	0.61%	1.48%	0.51%	-0.3%	0.6%	-0.09%	-0.12%	-0.05%
Net Income Growth %	-	-0.71%	0.28%	0.01%	-1.57%	3.98%	-1.15%	-0.37%	0.58%
Net Income (Continuing)	97.68M	27.87M	35.45M	35.54M	-20.3M	60.4M	-8.92M	-12.25M	-5.11M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.34	1.29	1.76	1.93	-1.13	3.27	-0.48	-0.42	-0.14
EPS Growth %	-	-0.7%	0.36%	0.1%	-1.59%	3.89%	-1.15%	0.13%	0.67%
EPS (Basic)	4.40	1.30	1.78	1.96	-1.13	3.31	-0.48	-0.42	-0.14
Diluted Shares Outstanding	22.23M	21.41M	20.03M	18.37M	18.04M	18.46M	18.45M	29.1M	36.05M
Basic Shares Outstanding	21.93M	21.37M	19.9M	18.15M	18.04M	18.26M	18.45M	29.1M	36.05M
Dividend Payout Ratio	-	0.57%	0.57%	0.51%	-	0%	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	38.91M	36.89M	59.78M	47.05M	61.99M	108.37M	105.66M	86.46M	52.36M
Cash & Short-Term Investments	26.94M	30.69M	18.58M	12.08M	25.93M	78.75M	66.43M	45.36M	13.52M
Cash Only	26.94M	30.69M	18.58M	12.08M	25.93M	78.75M	66.43M	45.36M	13.52M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	10.61M	4.36M	13.84M	11.68M	16.58M	15.1M	13.86M	16.19M	14.88M
Days Sales Outstanding	76.48	35.08	210.94	60.81	89.83	54.96	49.14	59.59	49.83
Inventory	16K	74K	21.79M	15.46M	9.88M	7.85M	17.83M	19.69M	19.31M
Days Inventory Outstanding	0.11	0.83	1.14K	114.13	71.57	43.69	80.87	106.77	101.41
Other Current Assets	172K	83K	1.4M	1.9M	6.3M	1.31M	2.4M	2.44M	1.41M
Total Non-Current Assets+	68.61M	45.88M	108.17M	126.75M	84.68M	77.07M	75.5M	149.04M	232.01M
Property, Plant & Equipment	735K	410K	48.51M	58.61M	37.41M	43.24M	49.71M	105.24M	196.51M
Fixed Asset Turnover	68.87x	110.64x	0.49x	1.20x	1.80x	2.32x	2.07x	0.94x	0.55x
Goodwill	0	0	0	0	0	0	0	0	0
Intangible Assets	696K	805K	4.83M	4.17M	1.96M	1.24M	847K	7.9M	7.57M
Long-Term Investments	4.97M	4.9M	12.79M	39.71M	8.24M	2.39M	0	0	8.72M
Other Non-Current Assets	586K	951K	1.22M	10.17M	26.46M	30.2M	24.95M	35.9M	19.22M
Total Assets+	107.52M	82.77M	167.95M	173.8M	146.67M	185.44M	181.16M	235.5M	284.37M
Asset Turnover	0.47x	0.55x	0.14x	0.40x	0.46x	0.54x	0.57x	0.42x	0.38x
Asset Growth %	-	-0.23%	1.03%	0.03%	-0.16%	0.26%	-0.02%	0.3%	0.21%
Total Current Liabilities+	23.71M	6.88M	40.72M	39.31M	42.54M	22.62M	23.88M	23.05M	44.65M
Accounts Payable	1.92M	1M	6.24M	8.05M	7.85M	16.49M	16.11M	14.6M	21.02M
Days Payables Outstanding	13.71	11.17	326.23	59.4	56.84	91.76	73.07	79.17	110.35
Short-Term Debt	0	0	24.07M	23.93M	18.44M	1.01M	1.13M	2.65M	15.45M
Deferred Revenue (Current)	1000K	1000K	479K	0	0	0	0	0	0
Other Current Liabilities	14.4M	2.46M	1.66M	1.04M	9.74M	-4.32M	2.88M	2.9M	3.78M
Current Ratio	1.64x	5.36x	1.47x	1.20x	1.46x	4.79x	4.42x	3.75x	1.17x
Quick Ratio	1.64x	5.35x	0.93x	0.80x	1.22x	4.44x	3.68x	2.90x	0.74x
Cash Conversion Cycle	62.89	24.74	1.02K	115.54	104.55	6.9	56.94	87.18	40.89
Total Non-Current Liabilities+	7.64M	2.44M	59.28M	26.19M	18.92M	15.51M	17.3M	34.05M	22.44M
Long-Term Debt	0	0	43.64M	20.43M	5.45M	3.15M	3.45M	18.27M	8.96M
Capital Lease Obligations	0	0	0	2.81M	1.11M	4.18M	5.13M	8.87M	7.87M
Deferred Tax Liabilities	219K	155K	8.28M	0	0	0	0	0	0
Other Non-Current Liabilities	5.6M	285K	9.22M	2.95M	12.36M	8.18M	8.72M	6.91M	5.61M
Total Liabilities	31.35M	9.32M	100M	65.51M	61.46M	38.13M	41.19M	57.1M	67.09M
Total Debt+	0	0	74.13M	49.56M	26.88M	10.5M	12.44M	31.74M	34.36M
Net Debt	-26.94M	-30.69M	55.55M	37.48M	946K	-68.25M	-53.99M	-13.62M	20.85M
Debt / Equity	-	-	1.09x	0.46x	0.32x	0.07x	0.09x	0.18x	0.16x
Debt / EBITDA	-	-	37.97x	-	-	0.82x	-	-	5.18x
Net Debt / EBITDA	-	-	28.46x	-	-	-5.34x	-	-	3.14x
Interest Coverage	-2.61x	-1.37x	0.57x	-2.08x	-10.45x	3.26x	-35.92x	-4.42x	-0.60x
Total Equity+	76.17M	73.45M	67.95M	108.29M	85.21M	147.3M	139.98M	178.4M	217.28M
Equity Growth %	-	-0.04%	-0.07%	0.59%	-0.21%	0.73%	-0.05%	0.27%	0.22%
Book Value per Share	3.43	3.43	3.39	5.89	4.72	7.98	7.59	6.13	6.03
Total Shareholders' Equity	76.17M	73.45M	67.95M	108.29M	85.21M	147.3M	139.98M	178.4M	217.28M
Common Stock	22K	22K	23K	23K	23K	23K	24K	38K	47K
Retained Earnings	-43.35M	-15.48M	12.91M	57.34M	32.45M	92.86M	83.95M	71.54M	66.43M
Treasury Stock	0	-16.4M	-41.74M	-47.53M	-47.69M	-47.69M	-47.69M	-47.69M	-47.69M
Accumulated OCI	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	19.99M	37.13M	37.29M	62.26M	54.05M	26M	-6.06M	-16.65M	10.48M
Operating CF Margin %	0.39%	0.82%	1.56%	0.89%	0.8%	0.26%	-0.06%	-0.17%	0.1%
Operating CF Growth %	-	0.86%	0%	0.67%	-0.13%	-0.52%	-1.23%	-1.75%	1.63%
Net Income	96.57M	27.7M	35.34M	35.54M	-20.3M	60.4M	-8.92M	-12.25M	-5.11M
Depreciation & Amortization	979K	789K	723K	7.37M	8.54M	7.93M	6.42M	10.54M	8.59M
Stock-Based Compensation	0	0	0	2.01M	2.5M	1.93M	1.98M	2.65M	2.71M
Deferred Taxes	-61.4M	22.73M	5.23M	8.65M	3.49M	10.6M	0	0	0
Other Non-Cash Items	-26.73M	-31.57M	-15.7M	10.22M	60.62M	-49.05M	2M	-1.13M	4M
Working Capital Changes	-12.52M	-12.51M	36K	-1.53M	-790K	-5.81M	-7.54M	-16.47M	276K
Change in Receivables	29.31M	32.48M	13.06M	2.16M	-1.75M	1.51M	1.17M	-2.26M	1.32M
Change in Inventory	0	0	237K	5.5M	4.75M	1.39M	-9.69M	-2.57M	1.64M
Change in Payables	-4.25M	-920K	-197K	2.22M	-196K	1.98M	0	-12.06M	216K
Cash from Investing+	1.65M	-489K	-63.72M	-13.24M	-7.47M	44.38M	-4.61M	-28.54M	-85.07M
Capital Expenditures	-289K	-428K	-467K	-7.85M	-6.68M	-6.2M	-8.91M	-30.21M	-85.35M
CapEx % of Revenue	0.01%	0.01%	0.02%	0.11%	0.1%	0.06%	0.09%	0.3%	0.78%
Acquisitions	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-223K	0	0	-4.73M	-781K	50.58M	4.31M	1.62M	127K
Cash from Financing+	-15.67M	-32.89M	19.51M	-55.72M	-27.73M	-17.53M	-1.68M	22.91M	42.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-15.69M	-20.16M	-18.27M	-4.98M	-93K	-45K	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-
Other Financing	-979K	0	-76K	156K	0	0	0	0	-853K
Net Change in Cash	-	-	-	-	-	-	-	-	-
Free Cash Flow+	19.7M	36.7M	36.82M	54.41M	47.36M	19.8M	-14.97M	-44.17M	-74.69M
FCF Margin %	0.39%	0.81%	1.54%	0.78%	0.7%	0.2%	-0.15%	-0.45%	-0.69%
FCF Growth %	-	0.86%	0%	0.48%	-0.13%	-0.58%	-1.76%	-1.95%	-0.69%
FCF per Share	0.89	1.71	1.84	2.96	2.62	1.07	-0.81	-1.52	-2.07
FCF Conversion (FCF/Net Income)	0.21x	1.34x	1.06x	1.75x	-2.66x	0.43x	0.68x	1.36x	-2.05x
Interest Paid	3.65M	3.64M	1.4M	5.65M	2.49M	524K	334K	0	0
Taxes Paid	541K	1.67M	7.46M	4.31M	0	8.88M	3K	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	126.79%	37.03%	49.99%	40.33%	-20.98%	51.96%	-6.21%	-7.69%	-2.58%
Return on Invested Capital (ROIC)	-20.17%	-6.75%	1.11%	-8.3%	-26.5%	4.41%	-10.97%	-7.98%	-0.73%
Gross Margin	-1%	27.97%	70.87%	29.45%	25.18%	34.62%	21.87%	32.12%	36.2%
Net Margin	190.77%	61.07%	147.6%	50.7%	-30.14%	60.22%	-8.66%	-12.35%	-4.69%
Debt / Equity	-	-	1.09x	0.46x	0.32x	0.07x	0.09x	0.18x	0.16x
Interest Coverage	-2.61x	-1.37x	0.57x	-2.08x	-10.45x	3.26x	-35.92x	-4.42x	-0.60x
FCF Conversion	0.21x	1.34x	1.06x	1.75x	-2.66x	0.43x	0.68x	1.36x	-2.05x
Revenue Growth	-	-10.39%	-47.22%	192.7%	-3.89%	48.89%	2.69%	-3.69%	9.86%

Revenue by Geography

	2024
UNITED STATES	101.1M
UNITED STATES Growth	-
CANADA	7.86M
CANADA Growth	-

Frequently Asked Questions

Growth & Financials

Arq, Inc. (ARQ) reported $117.9M in revenue for fiscal year 2024. This represents a 133% increase from $50.6M in 2016.

Arq, Inc. (ARQ) grew revenue by 9.9% over the past year. This is steady growth.

Arq, Inc. (ARQ) reported a net loss of $3.9M for fiscal year 2024.

Dividend & Returns

Arq, Inc. (ARQ) has a return on equity (ROE) of -2.6%. Negative ROE indicates the company is unprofitable.

Arq, Inc. (ARQ) had negative free cash flow of $40.8M in fiscal year 2024, likely due to heavy capital investments.