Revenue has contracted significantly, with the most recent quarter reporting a -28.8% operating margin and a -64.4% net margin, reflecting the instability of the biofuel segment.
| 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 |
|---|
| Sales/Revenue | 110.16M | 95.74M | 243.34M | 368.25M | 396.01M | 321.39M | 204.5M | 205.23M | 291.02M | 275.03M | 253.19M | 299.61M | 341.84M | 444.92M | 351.83M | 309.88M | 219.18M | 196.71M | 198.33M | 169.79M | 23.04M |
| Revenue Growth % | -45.63% | -60.65% | -33.92% | -7.01% | 23.22% | 57.15% | -0.35% | -29.48% | 5.81% | 8.62% | -15.49% | -12.35% | -23.17% | 26.46% | 13.54% | 41.38% | 11.42% | -0.82% | 16.81% | 636.83% | - |
| Cost of Goods Sold | 139.76M | 136.43M | 223.69M | 327.27M | 367.02M | 297.85M | 173.2M | 131.09M | 217.62M | 254.76M | 206.34M | 242.56M | 275.87M | 344.75M | 294.58M | 248.13M | 177.9M | 162.27M | 157.91M | 150.71M | 20.1M |
| COGS % of Revenue | - | 142.5% | 91.93% | 88.87% | 92.68% | 92.68% | 84.69% | 63.87% | 74.78% | 92.63% | 81.49% | 80.96% | 80.7% | 77.49% | 83.73% | 80.07% | 81.16% | 82.49% | 79.62% | 88.76% | 87.22% |
| Gross Profit | -29.61M | -40.69M | 19.64M | 40.98M | 28.99M | 23.54M | 31.31M | 74.14M | 73.4M | 20.26M | 46.86M | 57.05M | 65.97M | 100.17M | 57.25M | 61.76M | 41.28M | 34.44M | 40.42M | 17.23M | 2.94M |
| Gross Margin % | -26.88% | -42.5% | 8.07% | 11.13% | 7.32% | 7.32% | 15.31% | 36.13% | 25.22% | 7.37% | 18.51% | 19.04% | 19.3% | 22.51% | 16.27% | 19.93% | 18.84% | 17.51% | 20.38% | 10.15% | 12.78% |
| Gross Profit Growth % | - | -307.13% | -52.06% | 41.34% | 23.18% | -24.82% | -57.77% | 1.01% | 262.26% | -56.76% | -17.86% | -13.53% | -34.14% | 74.95% | -7.29% | 49.59% | 19.88% | -14.8% | 134.53% | 485.36% | - |
| Operating Expenses | 14.28M | 13.56M | 13.27M | 13.61M | 11.45M | 10.64M | 8.97M | 8.83M | 9.96M | 10.37M | 10.34M | 10.07M | 9.85M | 9.91M | 7.12M | 10.14M | 9.13M | 9.6M | 8.24M | 7.58M | 2.18M |
| OpEx % of Revenue | - | 14.17% | 5.45% | 3.7% | 2.89% | 3.31% | 4.39% | 4.3% | 3.42% | 3.77% | 4.08% | 3.36% | 2.88% | 2.23% | 2.02% | 3.27% | 4.17% | 4.88% | 4.15% | 4.46% | 9.47% |
| Selling, General & Admin | 10.96M | 9.7M | 9.28M | 9.21M | 8.03M | 7.16M | 5.98M | 5.64M | 6.43M | 6.71M | 7.62M | 7.33M | 6.68M | 6.47M | 7.72M | 6.63M | 5.63M | 5.43M | 2.91M | 2.62M | 755K |
| SG&A % of Revenue | - | 10.13% | 3.81% | 2.5% | 2.03% | 2.23% | 2.92% | 2.75% | 2.21% | 2.44% | 3.01% | 2.45% | 1.95% | 1.45% | 2.19% | 2.14% | 2.57% | 2.76% | 1.47% | 1.54% | 3.28% |
| Research & Development | 3.31M | 3.87M | 3.99M | 4.4M | 3.42M | 3.48M | 2.99M | 3.19M | 3.52M | 3.66M | 2.71M | 2.74M | 3.17M | 3.44M | 3.44M | 3.51M | 3.49M | 4.17M | 3.95M | 3.43M | 923K |
| R&D % of Revenue | - | 4.04% | 1.64% | 1.19% | 0.86% | 1.08% | 1.46% | 1.55% | 1.21% | 1.33% | 1.07% | 0.91% | 0.93% | 0.77% | 0.98% | 1.13% | 1.59% | 2.12% | 1.99% | 2.02% | 4.01% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.26M | 0 | 0 | 0 | 0 | 0 | 112K | 0 | 0 | 0 | 1.38M | 1.52M | 504K |
| Operating Income | -43.88M | -54.25M | 6.37M | 27.37M | 17.55M | 12.9M | 22.34M | 65.31M | 63.44M | 9.89M | 36.52M | 37.87M | 56.13M | 90.25M | 46.09M | 51.62M | 32.16M | 24.84M | 32.18M | 9.65M | 762K |
| Operating Margin % | -39.84% | -56.67% | 2.62% | 7.43% | 4.43% | 4.01% | 10.92% | 31.82% | 21.8% | 3.59% | 14.42% | 12.64% | 16.42% | 20.29% | 13.1% | 16.66% | 14.67% | 12.63% | 16.23% | 5.69% | 3.31% |
| Operating Income Growth % | - | -951.44% | -76.72% | 55.98% | 36.04% | -42.26% | -65.79% | 2.95% | 541.64% | -72.93% | -3.56% | -32.53% | -37.81% | 95.81% | -10.7% | 60.52% | 29.45% | -22.81% | 233.31% | 1167.06% | - |
| EBITDA | -34M | -44.6M | 15.58M | 37.72M | 28M | 23.35M | 33.49M | 77.4M | 74.39M | 21.53M | 47.34M | 48.06M | 65.11M | 100.57M | 56.55M | 60.71M | 39.72M | 32.36M | 37.98M | 14.37M | 1.39M |
| EBITDA Margin % | -30.86% | -46.58% | 6.4% | 10.24% | 7.07% | 7.27% | 16.38% | 37.71% | 25.56% | 7.83% | 18.7% | 16.04% | 19.05% | 22.6% | 16.07% | 19.59% | 18.12% | 16.45% | 19.15% | 8.46% | 6.04% |
| EBITDA Growth % | -448.18% | -386.25% | -58.69% | 34.7% | 19.91% | -30.28% | -56.73% | 4.04% | 245.49% | -54.52% | -1.49% | -26.19% | -35.26% | 77.86% | -6.86% | 52.86% | 22.76% | -14.81% | 164.36% | 932.11% | - |
| D&A (Non-Cash Add-back) | 9.89M | 9.66M | 9.21M | 10.35M | 10.45M | 10.45M | 11.15M | 12.09M | 10.95M | 11.64M | 10.82M | 10.19M | 8.98M | 10.32M | 10.45M | 9.1M | 7.56M | 7.52M | 5.8M | 4.71M | 630K |
| EBIT | -43.88M | -54.25M | 16.43M | 37.52M | 13.87M | 16.06M | 22.34M | 65.31M | 60.35M | 16.65M | 40.98M | 52M | 67.37M | 107.83M | 54.91M | 52.96M | 34.25M | 25.47M | 35.02M | 13.21M | 4.09M |
| Net Interest Income | 2.79M | 3.76M | 7.52M | 9.44M | 4.74M | 2.99M | 5.5M | 9.88M | 9.01M | 7.64M | 5.98M | 4.97M | 6.85M | 5.85M | 4.75M | 3.31M | 1.06M | 376K | 2.94M | 3.54M | 3.33M |
| Interest Income | 2.97M | 3.91M | 7.66M | 9.58M | 4.87M | 3.12M | 5.65M | 10.05M | 9.18M | 7.81M | 6.15M | 5.11M | 6.88M | 5.88M | 4.78M | 3.5M | 1.14M | 403K | 2.96M | 3.57M | 3.37M |
| Interest Expense | 181K | 153K | 138K | 138K | 128K | 131K | 151K | 173K | 173K | 172K | 173K | 134K | 25K | 24K | 27K | 184K | 74K | 27K | 26K | 24K | 37K |
| Other Income/Expense | -8.29M | 5.02M | 9.92M | 10.02M | -3.81M | 3.03M | 9.44M | 14.49M | -3.26M | 6.76M | 4.28M | 4.9M | 11.22M | 7.1M | 8.79M | 1.16M | 2.02M | 607K | 2.81M | 3.54M | 3.33M |
| Pretax Income | -52.17M | -49.23M | 16.3M | 37.38M | 13.74M | 15.93M | 31.78M | 79.8M | 60.18M | 16.65M | 40.81M | 51.87M | 67.34M | 97.35M | 54.88M | 52.77M | 34.18M | 25.45M | 35M | 13.19M | 4.09M |
| Pretax Margin % | -47.36% | -51.42% | 6.7% | 10.15% | 3.47% | 4.96% | 15.54% | 38.88% | 20.68% | 6.05% | 16.12% | 17.31% | 19.7% | 21.88% | 15.6% | 17.03% | 15.59% | 12.94% | 17.65% | 7.77% | 17.75% |
| Income Tax | 167K | 165K | 792K | 1K | -1.47M | -10.32M | -14.79M | -8.39M | 7.02M | -6.86M | -15.54M | 5.45M | 14.14M | 23.32M | 20.58M | 18.27M | 11.08M | 8.45M | 12.32M | 4.78M | 1.37M |
| Effective Tax Rate % | -0.32% | -0.34% | 4.86% | 0% | -10.72% | -64.81% | -46.53% | -10.51% | 11.66% | -41.22% | -38.07% | 10.5% | 21% | 23.95% | 37.49% | 34.61% | 32.43% | 33.22% | 35.21% | 36.26% | 33.57% |
| Net Income | -52.34M | -49.4M | 15.5M | 37.38M | 15.21M | 26.25M | 46.56M | 88.18M | 53.16M | 23.51M | 56.34M | 46.42M | 53.2M | 74.03M | 34.3M | 34.51M | 23.09M | 16.99M | 22.68M | 8.41M | 2.72M |
| Net Margin % | -47.51% | -51.59% | 6.37% | 10.15% | 3.84% | 8.17% | 22.77% | 42.97% | 18.27% | 8.55% | 22.25% | 15.49% | 15.56% | 16.64% | 9.75% | 11.14% | 10.54% | 8.64% | 11.43% | 4.95% | 11.79% |
| Net Income Growth % | -656.19% | -418.63% | -58.53% | 145.76% | -42.06% | -43.62% | -47.2% | 65.88% | 126.1% | -58.27% | 21.37% | -12.74% | -28.14% | 115.82% | -0.59% | 49.43% | 35.91% | -25.06% | 169.68% | 209.46% | - |
| Net Income (Continuing) | -52.34M | -49.4M | 15.5M | 37.38M | 15.21M | 26.25M | 46.56M | 88.18M | 53.16M | 23.51M | 56.34M | 46.42M | 53.2M | 74.03M | 34.3M | 34.51M | 23.09M | 16.99M | 22.68M | 8.41M | 2.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.19 | -1.13 | 0.35 | 0.85 | 0.35 | 0.60 | 1.06 | 2.02 | 1.22 | 0.54 | 1.29 | 1.06 | 1.22 | 1.71 | 0.83 | 0.84 | 0.62 | 0.58 | 0.82 | 0.26 | 0.09 |
| EPS Growth % | -729.85% | -422.86% | -58.82% | 142.86% | -41.67% | -43.4% | -47.52% | 65.57% | 125.93% | -58.14% | 21.7% | -13.11% | -28.66% | 106.02% | -1.19% | 35.48% | 6.9% | -29.27% | 215.38% | 188.89% | - |
| EPS (Basic) | - | -1.13 | 0.35 | 0.85 | 0.35 | 0.60 | 1.06 | 2.02 | 1.22 | 0.54 | 1.29 | 1.06 | 1.22 | 1.71 | 0.83 | 0.85 | 0.63 | 0.60 | 0.84 | 0.31 | 0.10 |
| Diluted Shares Outstanding | 44.03M | 43.8M | 43.78M | 43.77M | 43.76M | 43.76M | 43.74M | 43.74M | 43.73M | 43.55M | 43.55M | 43.45M | 43.39M | 43.28M | 41.51M | 40.89M | 37.19M | 29.25M | 27.55M | 32.29M | 31.82M |
| Basic Shares Outstanding | 44.03M | 43.8M | 43.78M | 43.76M | 43.76M | 43.76M | 43.74M | 43.74M | 43.54M | 43.54M | 43.54M | 43.43M | 43.36M | 43.24M | 41.37M | 40.71M | 36.53M | 28.19M | 27.03M | 26.7M | 26.7M |
| Dividend Payout Ratio | - | - | 773.47% | 28.1% | 69.05% | 39.98% | 304.37% | 11.91% | 19.75% | 470.79% | 18.62% | 22.6% | 39.34% | 40.39% | 193.97% | 47.1% | 134.46% | 49.77% | 86.9% | - | - |
Biofuel margin crush spread
As reported in recent financial filings, FutureFuel's revenue has experienced a significant downturn, with the most recent quarterly figures reflecting a sharp decline from historical peaks, largely driven by the inherent instability of the transactional Biofuels segment and its sensitivity to domestic renewable fuel mandate fluctuations.
The precipitous drop in top-line performance suggests that the company is struggling to maintain volume in its Biofuels segment, likely due to unfavorable feedstock pricing and shifting blending economics. Investors should monitor whether the specialty chemicals segment can provide a sufficient floor for revenue, or if the business remains overly tethered to volatile commodity markets.
Based on the company's reported income statements, gross margins have deteriorated to a deeply negative -42.50%, indicating that the cost of inputs and facility maintenance currently exceeds the market value of finished goods, a trend that appears to be unsustainable for long-term operational viability.
This margin inversion suggests a severe 'crush spread' failure where the cost of soybean oil and waste fats has decoupled from the pricing of biodiesel. The persistence of these negative margins implies that the Batesville facility may be operating well below the throughput levels required to absorb its significant fixed cost base.
According to historical income statement data, FutureFuel's operating income has consistently trailed gross profit, with the most recent quarter showing an operating margin of -28.8%, which highlights the company's inability to scale overhead costs effectively during periods of severe revenue contraction and negative gross profitability.
The lack of positive operating leverage suggests that SG&A expenses, while relatively modest in absolute terms, are becoming an increasing burden on a shrinking revenue base. This dynamic indicates that management may face difficult decisions regarding the right-sizing of the organization if the current operational environment does not show signs of stabilization.
While the current income statement reflects a distressed profile with negative margins, an alternative interpretation suggests that the market may be mispricing the intrinsic value of the Batesville manufacturing infrastructure and the recurring nature of the specialty chemical contracts, which are currently obscured by biofuel volatility.
Short-term observers might focus on the cash burn and margin collapse as evidence of a terminal decline in the business model. However, a more nuanced view warrants investigation into whether the specialty chemicals segment possesses a durable moat that could eventually decouple from the cyclicality of the biodiesel market.
Quick answers to the most common questions about buying FF stock.
For fiscal year 2025, FutureFuel Corp. (FF) reported total revenue of $95.7M. This represents a 315.5% increase compared to $23.0M in 2006.
FutureFuel Corp. (FF) reported a net loss of $49.4M for the fiscal year ending 2025.
FutureFuel Corp. (FF) reported an operating income of $-54.3M, resulting in an operating profit margin of -56.7%. This margin reflects the operational efficiency of the business before interest and taxes.
FutureFuel Corp. (FF) generated $-40.7M in gross profit for the year, representing a gross profit margin of -42.5%. This demonstrates the company's core pricing power and production efficiency.