Art's-Way Manufacturing Co., Inc. (ARTW) 10-Year Financial Performance & Capital Metrics

ARTW • • Industrial / General

IndustrialsAgricultural MachinerySpecialized Agricultural EquipmentSpecialized Farm Equipment

AboutArt's-Way Manufacturing Co., Inc. manufactures and sells agricultural equipment, specialized modular science buildings, and steel cutting tools in the United States and internationally. The company operates through three segments: Agricultural Products, Modular Buildings, and Tools. The Agricultural Products segment offers various specialized farm machinery, including portable and stationary animal feed processing equipment and related attachments; hay and forage equipment, such as forage boxes, bale processors, running gears, and dump boxes; manure spreaders; sugar beet harvesting equipment; dirt work equipment; and after-market service parts. The Modular Buildings segment produces, sells, and leases swine buildings, complex containment research laboratories, and research facilities for academic research institutions, government research and diagnostic centers, public health institutions, and private research and pharmaceutical companies. This segment also designs, manufactures, delivers, installs, and rents building units. The Tools segment offers standard single point brazed carbide tipped tools, polycrystalline diamond and cubic boron nitride inserts and tools, and original equipment manufacturer (OEM) specialty tools to the automotive, aerospace, oil and gas piping, and appliances industries. The company markets and sells its products through independent farm equipment dealers, manufacturers' representatives, direct sales, and OEM sales channels. Art's-Way Manufacturing Co., Inc. was founded in 1956 and is based in Armstrong, Iowa.Show more

Revenue $24M -19.1%
EBITDA $457K -80.4%
Net Income $307K +15.1%
EPS (Diluted) 0.06 +13.9%
Gross Margin 29.84% +5.3%
EBITDA Margin 1.87% -75.8%
Operating Margin 1.88% -62.8%
Net Margin 1.25% +42.3%
ROE 2.59% +10.6%
ROIC 1.89% -68.5%
Debt/Equity 0.40 -43.5%
Interest Coverage 0.77 -70.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.0x book value
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

✗Weak 3Y average ROE of 1.9%
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.82%

5Y1.37%

3Y-0.63%

TTM-4.37%

Profit (Net Income) CAGR

10Y-10.53%

5Y-

3Y13.07%

TTM401.79%

EPS CAGR

10Y-12.46%

5Y-

3Y8.88%

TTM315.98%

ROCE

10Y Avg-4.62%

5Y Avg-1.47%

3Y Avg5.92%

Latest3.11%

Peer Comparison

Specialized Farm Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ARTWArt's-Way Manufacturing Co., Inc.	12.1M	2.37	38.98	-19.09%	10.43%	18.06%	15.72%	0.40
ALGAlamo Group Inc.	2.34B	193.05	20.05	-3.62%	7.2%	10.27%	7.9%	0.22
LNNLindsay Corporation	1.32B	126.39	18.64	11.41%	11.02%	14.17%	6.84%	0.26
TWITitan International, Inc.	596.67M	9.33	-115.19	1.32%	-0.34%	-1.06%	12.71%	1.38

Profit & Loss

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Sales/Revenue+	26.33M	21.56M	20.72M	19.73M	22.89M	22.41M	24.97M	25.65M	30.28M	24.5M
Revenue Growth %	-0.27%	-0.18%	-0.04%	-0.05%	0.16%	-0.02%	0.11%	0.03%	0.18%	-0.19%
Cost of Goods Sold+	20.95M	16.24M	16.63M	16.22M	18.96M	20.01M	18.37M	18.71M	21.7M	17.19M
COGS % of Revenue	0.8%	0.75%	0.8%	0.82%	0.83%	0.89%	0.74%	0.73%	0.72%	0.7%
Gross Profit+	6.91M	5.32M	4.08M	3.51M	3.93M	2.4M	6.6M	6.94M	8.58M	7.31M
Gross Margin %	0.26%	0.25%	0.2%	0.18%	0.17%	0.11%	0.26%	0.27%	0.28%	0.3%
Gross Profit Growth %	-0.21%	-0.23%	-0.23%	-0.14%	0.12%	-0.39%	1.75%	0.05%	0.24%	-0.15%
Operating Expenses+	6.99M	5.75M	5.73M	6.02M	5.42M	6.31M	6.07M	6.33M	7.05M	6.85M
OpEx % of Revenue	0.27%	0.27%	0.28%	0.3%	0.24%	0.28%	0.24%	0.25%	0.23%	0.28%
Selling, General & Admin	6.89M	5.28M	5.23M	5.38M	4.95M	5.83M	5.57M	5.75M	6.45M	6.42M
SG&A % of Revenue	0.26%	0.24%	0.25%	0.27%	0.22%	0.26%	0.22%	0.22%	0.21%	0.26%
Research & Development	500.82K	429.91K	501.18K	640.43K	479.35K	476.72K	505.08K	580.54K	598.07K	432.59K
R&D % of Revenue	0.02%	0.02%	0.02%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Other Operating Expenses	-398.76K	44.86K	0	0	0	0	0	0	0	0
Operating Income+	-76.81K	-431.45K	-1.72M	-3.1M	-1.5M	-3.91M	523.41K	604.72K	1.53M	460.7K
Operating Margin %	-0%	-0.02%	-0.08%	-0.16%	-0.07%	-0.17%	0.02%	0.02%	0.05%	0.02%
Operating Income Growth %	-1.05%	-4.62%	-2.99%	-0.8%	0.52%	-1.61%	1.13%	0.16%	1.53%	-0.7%
EBITDA+	852.37K	240.52K	-1.02M	-2.13M	-493.34K	-3.09M	1.14M	1.27M	2.34M	457.49K
EBITDA Margin %	0.03%	0.01%	-0.05%	-0.11%	-0.02%	-0.14%	0.05%	0.05%	0.08%	0.02%
EBITDA Growth %	-0.67%	-0.72%	-5.24%	-1.09%	0.77%	-5.27%	1.37%	0.11%	0.85%	-0.8%
D&A (Non-Cash Add-back)	929.18K	671.97K	702.35K	960.61K	1M	818.23K	613.41K	661.02K	804.82K	-3.21K
EBIT	-208.22K	-274.2K	-1.47M	-3.54M	-1.41M	-2.66M	580.38K	845.13K	1.68M	463.9K
Net Interest Income+	-302.28K	-248.58K	-319.62K	-304.57K	-358.17K	-304.61K	-313.49K	-404.19K	-590K	-599.4K
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	302.28K	248.58K	319.62K	304.57K	358.17K	304.61K	313.49K	404.19K	590K	599.4K
Other Income/Expense	-433.69K	-91.34K	-71.11K	-751.2K	-271.94K	949.68K	-256.52K	-163.77K	-442.49K	-596.19K
Pretax Income+	-510.5K	-522.78K	-1.79M	-3.85M	-1.77M	-2.96M	266.89K	440.94K	1.09M	-135.49K
Pretax Margin %	-0.02%	-0.02%	-0.09%	-0.19%	-0.08%	-0.13%	0.01%	0.02%	0.04%	-0.01%
Income Tax+	-200.85K	-96.6K	-423.8K	-510.42K	-349.23K	-856.47K	54.26K	66.82K	325.96K	-41.02K
Effective Tax Rate %	1.09%	0.82%	0.76%	0.87%	0.8%	0.71%	0.8%	0.22%	0.25%	-2.27%
Net Income+	-557.84K	-426.18K	-1.37M	-3.34M	-1.42M	-2.1M	212.63K	97.8K	266.97K	307.38K
Net Margin %	-0.02%	-0.02%	-0.07%	-0.17%	-0.06%	-0.09%	0.01%	0%	0.01%	0.01%
Net Income Growth %	-1.6%	0.24%	-2.21%	-1.44%	0.57%	-0.48%	1.1%	-0.54%	1.73%	0.15%
Net Income (Continuing)	-309.65K	-426.18K	-1.37M	-3.34M	-1.42M	-2.1M	212.63K	374.12K	762.79K	-94.47K
Discontinued Operations	0	0	0	0	0	0	0	-276.32K	-495.82K	401.84K
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.14	-0.10	-0.33	-0.79	-0.33	-0.48	0.05	0.02	0.05	0.06
EPS Growth %	-1.61%	0.29%	-2.3%	-1.39%	0.58%	-0.45%	1.1%	-0.56%	1.57%	0.14%
EPS (Basic)	-0.14	-0.10	-0.33	-0.80	-0.33	-0.48	0.05	0.02	0.05	0.06
Diluted Shares Outstanding	4.06M	4.1M	4.15M	4.2M	4.28M	4.39M	4.52M	4.71M	5M	5.05M
Basic Shares Outstanding	3.87M	4.1M	4.15M	4.17M	4.28M	4.39M	4.52M	4.71M	5M	5.05M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Total Current Assets+	19.96M	17.62M	14.43M	12.15M	11.41M	10.3M	12.17M	14.13M	15.09M	13.12M
Cash & Short-Term Investments	447.33K	1.06M	212.4K	3.51K	3.15K	2.68K	2.66K	5.05K	4.01K	1.86K
Cash Only	447.33K	1.06M	212.4K	3.51K	3.15K	2.68K	2.66K	5.05K	4.01K	1.86K
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	2.44M	1.79M	1.98M	1.76M	2.55M	2.47M	2.84M	2.72M	3.72M	2.59M
Days Sales Outstanding	33.76	30.38	34.81	32.55	40.74	40.31	41.53	38.74	44.86	38.53
Inventory	15.7M	13.53M	11.97M	10.26M	8.78M	7.76M	9.21M	10.61M	11.03M	10.33M
Days Inventory Outstanding	273.49	304.12	262.6	230.88	168.98	141.6	183.01	207.04	185.58	219.3
Other Current Assets	2.24M	1.23M	278.21K	125.09K	70.93K	61.28K	121.17K	794.52K	328.62K	208.47K
Total Non-Current Assets+	11.37M	9.62M	9.95M	9.18M	7.94M	8.5M	8.68M	9.81M	9.32M	8.12M
Property, Plant & Equipment	9.69M	7.39M	7.16M	7.52M	6.08M	5.74M	5.76M	6.58M	5.08M	5.15M
Fixed Asset Turnover	2.72x	2.92x	2.89x	2.62x	3.77x	3.90x	4.34x	3.90x	5.96x	4.76x
Goodwill	375K	375K	375K	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	153.79K	5.78K	0	0	0	0	0
Other Non-Current Assets	1.3M	1.86M	1.51M	76.5K	71.19K	93.76K	299.03K	630.25K	1.73M	525.21K
Total Assets+	31.33M	27.24M	24.38M	21.33M	19.35M	18.8M	20.85M	23.95M	24.4M	21.24M
Asset Turnover	0.84x	0.79x	0.85x	0.93x	1.18x	1.19x	1.20x	1.07x	1.24x	1.15x
Asset Growth %	-0.05%	-0.13%	-0.11%	-0.13%	-0.09%	-0.03%	0.11%	0.15%	0.02%	-0.13%
Total Current Liabilities+	7.34M	7.06M	5.05M	5.77M	5.2M	6.16M	7.69M	9.27M	9.4M	6.63M
Accounts Payable	495.87K	469.48K	673.65K	802.06K	1.21M	1.96M	1.74M	2.51M	2.26M	944.45K
Days Payables Outstanding	8.64	10.55	14.78	18.05	23.2	35.67	34.52	48.91	37.96	20.05
Short-Term Debt	5.16M	5.09M	2.68M	3.73M	2.66M	2.45M	4.17M	4.02M	4.52M	2.05M
Deferred Revenue (Current)	249.66K	293.49K	648.54K	330.65K	194.29K	474.45K	559.27K	1000K	767.33K	1000K
Other Current Liabilities	245.73K	182.43K	59.15K	0	0	0	0	275.91K	186.79K	0
Current Ratio	2.72x	2.50x	2.86x	2.11x	2.19x	1.67x	1.58x	1.53x	1.61x	1.98x
Quick Ratio	0.58x	0.58x	0.49x	0.33x	0.51x	0.41x	0.39x	0.38x	0.43x	0.42x
Cash Conversion Cycle	298.61	323.95	282.63	245.38	186.52	146.24	190.02	196.87	192.47	237.78
Total Non-Current Liabilities+	5.47M	2.71M	3.34M	2.52M	2.35M	2.73M	2.81M	3.53M	3.37M	2.51M
Long-Term Debt	3.91M	1.39M	2.75M	2.52M	2.35M	2.71M	2.64M	2.74M	2.63M	1.98M
Capital Lease Obligations	0	0	0	0	0	18.34K	177.32K	497.84K	735.97K	539.14K
Deferred Tax Liabilities	846.96K	737.52K	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	715.95K	585.17K	590.37K	0	0	0	0	289.17K	0	0
Total Liabilities	12.81M	9.77M	8.39M	8.29M	7.55M	8.9M	10.5M	12.8M	12.76M	9.15M
Total Debt+	9.91M	6.48M	5.43M	6.26M	5.01M	5.19M	7.04M	7.4M	8.15M	4.78M
Net Debt	9.46M	5.42M	5.22M	6.25M	5.01M	5.18M	7.03M	7.4M	8.14M	4.78M
Debt / Equity	0.54x	0.37x	0.34x	0.48x	0.43x	0.52x	0.68x	0.66x	0.70x	0.40x
Debt / EBITDA	11.63x	26.94x	-	-	-	-	6.19x	5.85x	3.49x	10.46x
Net Debt / EBITDA	11.10x	22.52x	-	-	-	-	6.19x	5.85x	3.49x	10.45x
Interest Coverage	-0.25x	-1.74x	-5.39x	-10.16x	-4.18x	-12.83x	1.67x	1.50x	2.60x	0.77x
Total Equity+	18.52M	17.48M	15.99M	13.04M	11.79M	9.91M	10.35M	11.15M	11.64M	12.09M
Equity Growth %	-0.04%	-0.06%	-0.08%	-0.18%	-0.1%	-0.16%	0.05%	0.08%	0.04%	0.04%
Book Value per Share	4.56	4.26	3.85	3.10	2.76	2.25	2.29	2.37	2.33	2.39
Total Shareholders' Equity	18.52M	17.48M	15.99M	13.04M	11.79M	9.91M	10.35M	11.15M	11.64M	12.09M
Common Stock	40.61K	41.09K	41.59K	42.25K	43.21K	44.7K	45.84K	50.14K	51.07K	51.49K
Retained Earnings	15.81M	14.99M	13.35M	9.97M	8.55M	6.44M	6.66M	6.75M	7.02M	7.33M
Treasury Stock	0	0	-6.42K	-27.73K	-47.06K	-78.05K	-108.52K	-200.96K	-269.49K	-307.15K
Accumulated OCI	-13.7M	-302.23K	-257.01K	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Nov 2015	Nov 2016	Nov 2017	Nov 2018	Nov 2019	Nov 2020	Nov 2021	Nov 2022	Nov 2023	Nov 2024
Cash from Operations+	285.04K	2.38M	747.4K	-1.12M	807.75K	-856.31K	-985.85K	951.72K	-55.19K	2.63M
Operating CF Margin %	0.01%	0.11%	0.04%	-0.06%	0.04%	-0.04%	-0.04%	0.04%	-0%	0.11%
Operating CF Growth %	-0.85%	7.36%	-0.69%	-2.5%	1.72%	-2.06%	-0.15%	1.97%	-1.06%	48.59%
Net Income	-557.84K	-426.18K	-1.37M	-3.34M	-1.42M	-2.1M	212.63K	374.12K	762.79K	-94.47K
Depreciation & Amortization	929.18K	671.97K	702.35K	960.61K	1M	818.23K	613.41K	661.02K	804.82K	989.82K
Stock-Based Compensation	28.48K	79.98K	113.04K	197.24K	195.42K	247.65K	265.54K	287.72K	292.19K	182.85K
Deferred Taxes	-180.92K	-29.94K	-572.17K	-531.03K	-353.63K	-881.64K	45.8K	16.49K	102.18K	62.92K
Other Non-Cash Items	737.53K	41.23K	138.5K	744.15K	-12.17K	-625.62K	-652.57K	-620.58K	440.42K	-25.18K
Working Capital Changes	-671.4K	2.04M	1.74M	846.46K	1.39M	1.69M	-1.47M	232.95K	-2.46M	1.51M
Change in Receivables	908.7K	458.54K	-499.8K	380.38K	-140.69K	-738.88K	-259.44K	-83.67K	-964.27K	982.84K
Change in Inventory	-609.8K	1.66M	1.56M	900.85K	1.48M	459.8K	-809.07K	-1.08M	-1.3M	550.55K
Change in Payables	-352.25K	-26.39K	203.79K	128.41K	403.25K	750.09K	-218.31K	934.16K	-253.96K	-1.31M
Cash from Investing+	-253.64K	916.55K	-429.2K	707.05K	452.69K	-501.65K	-599.48K	-1.34M	-453.51K	961.07K
Capital Expenditures	-238.92K	-274.09K	-513.61K	-434.5K	-447.02K	-693.41K	-620.28K	-1.67M	-841.78K	-724.68K
CapEx % of Revenue	0.01%	0.01%	0.02%	0.02%	0.02%	0.03%	0.02%	0.07%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-14.71K	1.19M	84.42K	1.14M	899.71K	191.76K	20.81K	325.63K	388.27K	1.69M
Cash from Financing+	-95.78K	-2.68M	-1.17M	202.68K	-1.26M	1.36M	1.59M	394.52K	507.67K	-3.59M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-202.43K	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-123.12K	-94.79K	-116.36K	-599.58K	0	0	0	-75.93K	-26.34K	-160.6K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	46.01K	2.11M	233.78K	-1.55M	360.73K	-1.55M	-1.61M	-717.76K	-896.98K	1.9M
FCF Margin %	0%	0.1%	0.01%	-0.08%	0.02%	-0.07%	-0.06%	-0.03%	-0.03%	0.08%
FCF Growth %	-0.96%	44.81%	-0.89%	-7.64%	1.23%	-5.3%	-0.04%	0.55%	-0.25%	3.12%
FCF per Share	0.01	0.51	0.06	-0.37	0.08	-0.35	-0.36	-0.15	-0.18	0.38
FCF Conversion (FCF/Net Income)	-0.51x	-5.59x	-0.55x	0.34x	-0.57x	0.41x	-4.64x	9.73x	-0.21x	8.55x
Interest Paid	328.53K	274.84K	319.32K	286.07K	329.36K	263.6K	270.62K	421.24K	606.75K	601.68K
Taxes Paid	-282.61K	4.87K	5.63K	5.24K	3.85K	28.51K	1.68K	2.37K	3.65K	6.31K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.95%	-2.37%	-8.18%	-22.98%	-11.43%	-19.39%	2.1%	0.91%	2.34%	2.59%
Return on Invested Capital (ROIC)	-0.2%	-1.27%	-5.86%	-11.46%	-6.22%	-18.39%	2.42%	2.52%	5.99%	1.89%
Gross Margin	26.25%	24.68%	19.71%	17.8%	17.16%	10.71%	26.42%	27.06%	28.35%	29.84%
Net Margin	-2.12%	-1.98%	-6.61%	-16.91%	-6.2%	-9.39%	0.85%	0.38%	0.88%	1.25%
Debt / Equity	0.54x	0.37x	0.34x	0.48x	0.43x	0.52x	0.68x	0.66x	0.70x	0.40x
Interest Coverage	-0.25x	-1.74x	-5.39x	-10.16x	-4.18x	-12.83x	1.67x	1.50x	2.60x	0.77x
FCF Conversion	-0.51x	-5.59x	-0.55x	0.34x	-0.57x	0.41x	-4.64x	9.73x	-0.21x	8.55x
Revenue Growth	-27.22%	-18.11%	-3.91%	-4.77%	16.03%	-2.1%	11.41%	2.73%	18.07%	-19.09%

Revenue by Segment

	2012	2019	2020	2021	2022	2023	2024
Farm Equipment	-	10.44M	10.15M	13.63M	17.82M	-	12.4M
Farm Equipment Growth	-	-	-2.74%	34.30%	30.78%	-	-
Modular Buildings	9.64M	6.46M	6.52M	5.38M	4.55M	-	9.39M
Modular Buildings Growth	-	-33.02%	0.88%	-17.42%	-15.46%	-	-
Farm Equipment Service Parts	-	2.64M	2.52M	2.8M	2.58M	-	1.95M
Farm Equipment Service Parts Growth	-	-	-4.51%	11.12%	-8.00%	-	-
Product and Service, Other	-	596K	598K	714K	680K	-	559K
Product and Service, Other Growth	-	-	0.34%	19.40%	-4.76%	-	-
Modular Buildings Lease Income	-	674K	318K	-	62K	-	203K
Modular Buildings Lease Income Growth	-	-	-52.82%	-	-	-	-
Product	-	-	-	-	-	3.11M	-
Product Growth	-	-	-	-	-	-	-
Agricultural Products	24.72M	-	-	-	-	-	-
Agricultural Products Growth	-	-	-	-	-	-	-
Pressurized Vessels	2.09M	-	-	-	-	-	-
Pressurized Vessels Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Art's-Way Manufacturing Co., Inc. (ARTW) has a price-to-earnings (P/E) ratio of 39.0x. This suggests investors expect higher future growth.

Growth & Financials

Art's-Way Manufacturing Co., Inc. (ARTW) reported $24.1M in revenue for fiscal year 2024. This represents a 13% decrease from $27.6M in 2011.

Art's-Way Manufacturing Co., Inc. (ARTW) saw revenue decline by 19.1% over the past year.

Yes, Art's-Way Manufacturing Co., Inc. (ARTW) is profitable, generating $2.5M in net income for fiscal year 2024 (1.3% net margin).

Dividend & Returns

Art's-Way Manufacturing Co., Inc. (ARTW) has a return on equity (ROE) of 2.6%. This is below average, suggesting room for improvement.

Art's-Way Manufacturing Co., Inc. (ARTW) generated $0.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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