Latest Ratios: P/E Ratio 10.8x · EV/EBITDA 9.5x · ROE 12.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.3B | $1.1B | $736M | $727M | $577M | $577M | $472M | $476M | $469M | $539M | $547M |
| Enterprise Value | $1.1B | $955M | $561M | $517M | $519M | $358M | $337M | $312M | $281M | $348M | $358M |
| P/E Ratio → | 10.81 | 13.52 | 12.64 | 11.93 | 20.84 | 11.01 | 85.00 | 64.41 | 14.82 | 13.54 | 16.88 |
| P/S Ratio | 1.89 | 1.73 | 1.15 | 0.87 | 0.67 | 0.74 | 1.27 | 1.14 | 0.96 | 1.19 | 1.21 |
| P/B Ratio | 1.86 | 1.60 | 1.14 | 1.24 | 1.13 | 1.18 | 1.08 | 1.05 | 1.05 | 1.25 | 1.41 |
| P/FCF | 18.92 | 22.73 | — | 8.05 | 14.72 | 6.66 | — | 72.50 | 12.64 | 31.77 | 9.96 |
| P/OCF | 11.01 | 9.53 | 11.46 | 5.68 | 10.53 | 6.29 | 54.71 | 46.03 | 9.79 | 13.15 | 7.91 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.47 | 0.87 | 0.62 | 0.61 | 0.46 | 0.90 | 0.75 | 0.58 | 0.77 | 0.79 |
| EV / EBITDA | 9.54 | 12.27 | 6.52 | 5.62 | 10.58 | 3.86 | 13.28 | 15.35 | 8.15 | 8.23 | 5.18 |
| EV / EBIT | 18.49 | 10.79 | 6.04 | 5.25 | 10.94 | 4.72 | 177.87 | — | 29.07 | 16.72 | 7.22 |
| EV / FCF | — | 19.34 | — | 5.72 | 13.24 | 4.13 | — | 47.52 | 7.56 | 20.51 | 6.53 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 14.4% | 14.4% | 14.2% | 11.8% | 5.7% | 12.6% | 5.2% | 2.5% | 6.2% | 9.8% | 15.7% |
| Operating Margin | 9.4% | 9.4% | 10.0% | 8.3% | 3.0% | 8.9% | 0.5% | -2.1% | 2.0% | 4.6% | 10.9% |
| Net Profit Margin | 12.8% | 12.8% | 9.1% | 7.3% | 3.2% | 6.8% | 0.8% | 1.8% | 6.5% | 8.8% | 7.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 12.3% | 12.3% | 9.4% | 11.1% | 5.5% | 11.3% | 0.7% | 1.7% | 7.2% | 9.7% | 8.7% |
| ROA | 10.9% | 10.9% | 8.4% | 9.8% | 4.9% | 10.2% | 0.6% | 1.5% | 6.7% | 8.5% | 7.4% |
| ROIC | 9.1% | 9.1% | 11.4% | 12.4% | 5.4% | 18.1% | 0.5% | -2.5% | 2.9% | 7.1% | 17.7% |
| ROCE | 8.8% | 8.8% | 10.1% | 12.3% | 5.0% | 14.6% | 0.4% | -1.9% | 2.1% | 4.7% | 12.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.02 | 0.03 | 0.02 | 0.03 | 0.03 | — | — | — |
| Debt / EBITDA | 0.27 | 0.27 | 0.25 | 0.14 | 0.28 | 0.12 | 0.44 | 0.77 | — | — | — |
| Net Debt / Equity | — | -0.24 | -0.27 | -0.36 | -0.11 | -0.45 | -0.31 | -0.36 | -0.42 | -0.44 | -0.49 |
| Net Debt / EBITDA | -2.15 | -2.15 | -2.04 | -2.29 | -1.18 | -2.36 | -5.32 | -8.07 | -5.47 | -4.52 | -2.73 |
| Debt / FCF | — | -3.39 | — | -2.33 | -1.47 | -2.53 | — | -24.98 | -5.07 | -11.27 | -3.43 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($189M) exceeds total debt ($21M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.94 | 5.94 | 8.64 | 6.82 | 6.83 | 6.84 | 8.42 | 8.58 | 14.73 | 10.93 | 10.06 |
| Quick Ratio | 5.56 | 5.56 | 8.01 | 6.42 | 5.93 | 6.00 | 7.20 | 7.45 | 13.65 | 9.98 | 9.30 |
| Cash Ratio | 4.99 | 4.99 | 7.12 | 5.71 | 5.18 | 5.07 | 5.93 | 6.51 | 11.96 | 8.73 | 8.37 |
| Asset Turnover | — | 0.82 | 0.89 | 1.25 | 1.48 | 1.41 | 0.78 | 0.84 | 1.03 | 0.95 | 1.00 |
| Inventory Turnover | 19.59 | 19.59 | 17.40 | 27.24 | 16.54 | 16.04 | 9.44 | 11.44 | 24.70 | 19.68 | 22.44 |
| Days Sales Outstanding | — | 15.18 | 15.88 | 12.66 | 12.01 | 15.31 | 25.20 | 16.59 | 14.30 | 15.75 | 10.43 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 9.3% | 7.4% | 7.9% | 8.4% | 4.8% | 9.1% | 1.2% | 1.6% | 6.7% | 7.4% | 5.9% |
| FCF Yield | 5.3% | 4.4% | — | 12.4% | 6.8% | 15.0% | — | 1.4% | 7.9% | 3.1% | 10.0% |
| Buyback Yield | 2.6% | 3.0% | 2.0% | 0.0% | 2.3% | 1.1% | 4.2% | 0.0% | 4.7% | 0.0% | 0.9% |
| Total Shareholder Yield | 2.6% | 3.0% | 2.0% | 0.0% | 2.3% | 1.1% | 4.2% | 0.0% | 4.7% | 0.0% | 0.9% |
| Shares Outstanding | — | $33M | $35M | $35M | $35M | $36M | $37M | $38M | $39M | $40M | $40M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying REX stock.
REX American Resources Corporation's current P/E ratio is 10.8x. The historical average is 17.3x. This places it at the 38th percentile of its historical range.
REX American Resources Corporation's current EV/EBITDA is 9.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.8x.
REX American Resources Corporation's return on equity (ROE) is 12.3%. The historical average is 9.3%.
Based on historical data, REX American Resources Corporation is trading at a P/E of 10.8x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
REX American Resources Corporation has 14.4% gross margin and 9.4% operating margin.
REX American Resources Corporation's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Commodity Price Volatility
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Fortress Balance Sheet
REX trades at a significant premium to peers with a P/E of 16.58 and EV/EBITDA of 15.39, which appears to price in its superior balance sheet and potential for carbon capture upside rather than current earnings power.
The forward P/E of 53.50 suggests the market expects a significant earnings decline from the trailing twelve months, indicating the current profitability surge may be viewed as cyclical. The PEG ratio of 0.22 is misleadingly low due to the volatile earnings base, not a signal of deep value. Compared to peers like Green Plains (GPRE) with a negative P/E, REX's valuation premium is structurally justified by its near-zero leverage and cash generation, but the multiple leaves little room for operational missteps.
Crush Spread Drives Margin Volatility
Gross margin expanded dramatically to 28.5% in 2026Q2 from a low of 9.0% in early 2025, a swing that appears directly tied to a favorable corn-to-ethanol price differential and underscores the business's extreme sensitivity to input costs.
The operating margin of 20.2% in the latest quarter demonstrates strong operating leverage, as fixed costs are spread over a wider gross profit base. However, the 10-quarter average gross margin is approximately 15%, making the current level appear to be a cyclical peak rather than a new structural baseline. Net margin volatility, including the 27.7% reading in 2025Q4, suggests non-operating items like tax benefits or investment gains can significantly distort underlying operational profitability.
Returns on Capital Highly Cyclical
ROIC has swung from a low of 1.3% in 2025Q1 to 5.1% in 2025Q3, demonstrating that returns are dictated by commodity cycles rather than a consistent compounding of invested capital.
The recent ROIC of 4.3% in 2026Q2 is below the 2025Q3 peak, suggesting the current margin expansion has not yet fully translated into superior returns on the growing asset base. ROE is similarly volatile, ranging from 1.1% to 6.4% over the period, indicating that profitability, not financial leverage, is the primary driver of shareholder returns. The capital-intensive nature of the business, with PPE growing 70% over two years, means sustained high returns require consistently favorable crush spreads.
Near-Zero Leverage Provides Strategic Optionality
With a debt-to-equity ratio of just 0.02 as of 2026Q2, REX maintains a fortress balance sheet that insulates it from interest rate risk and positions it as a potential consolidator in a volatile sector.
The absence of reported interest coverage data is a direct result of the negligible debt load, which is a stark structural advantage over peers like Green Plains (D/E of 0.66). This financial flexibility allows REX to fund growth initiatives, such as carbon capture projects, from internal cash flows without diluting equity or taking on covenant risk. The primary risk is not financial distress but rather the opportunity cost of holding a large cash balance that could be deployed for more aggressive expansion.
Liquidity Buffer Remains Robust Despite Cash Deployment
The current ratio of 6.88 in 2026Q2, while down from a peak of 10.53, indicates an exceptionally strong liquidity position that can easily withstand severe operational stress or input cost spikes.
The quick ratio of 6.45 confirms that the company's liquidity is not dependent on inventory, which is critical given the commodity nature of its stock. The significant cash drawdown from $298.2M in 2024Q3 to $91.3M in 2026Q2, concurrent with a 70% increase in PPE, suggests a deliberate shift toward capital investment rather than a liquidity concern. This liquidity profile provides a substantial cushion to navigate periods of negative crush spreads where competitors may face financing challenges.
The Misleading Signal of the PEG Ratio
The PEG ratio of 0.22 is the most commonly misapplied metric for REX, as it falsely implies deep value by using volatile, cyclical earnings as the denominator in a formula designed for stable-growth companies.
This metric obscures the true risk profile by suggesting the stock is undervalued relative to its growth, when in reality the low PEG is an artifact of a temporary earnings peak. For a commodity producer like REX, the P/E ratio relative to the cycle or EV/EBITDA is a more meaningful gauge of valuation. Investors should instead focus on the sustainability of the current gross margin relative to the 10-quarter average and the company's ability to maintain its cash position while funding growth initiatives.