Revenue performance remains inconsistent with quarterly fluctuations, while operating margins have struggled to maintain stability, recently hitting a low of -11.2% in 2025Q4.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 | Nov'99 | Nov'98 | Nov'97 | May'96 |
|---|
| Sales/Revenue | 24.47M | 22.98M | 24.5M | 30.28M | 25.65M | 24.97M | 22.41M | 22.89M | 19.73M | 20.72M | 21.56M | 26.33M | 36.17M | 34.23M | 36.46M | 27.62M | 28.95M | 26.3M | 32.04M | 25.52M | 19.85M | 14.62M | 12.78M | 11.41M | 10.9M | 10.89M | 14.23M | 17.2M | 23.6M | 11.1M | 13.8M |
| Revenue Growth % | 2.33% | -6.22% | -19.09% | 18.07% | 2.73% | 11.41% | -2.1% | 16.03% | -4.77% | -3.91% | -18.11% | -27.22% | 5.68% | -6.12% | 32% | -4.6% | 10.1% | -17.93% | 25.56% | 28.53% | 35.81% | 14.35% | 12.03% | 4.69% | 0.08% | -23.46% | -17.27% | -27.12% | 112.61% | -19.57% | -32.02% |
| Cost of Goods Sold | 17.88M | 17.05M | 17.19M | 21.7M | 18.71M | 18.37M | 20.01M | 18.96M | 16.22M | 16.63M | 16.24M | 20.95M | 27.45M | 25.86M | 26.42M | 20.61M | 22.14M | 20.92M | 24.08M | 17.84M | 14.15M | 10.21M | 9.19M | 8.04M | 8.13M | 8.77M | 11.35M | 12.4M | 18.1M | 7.5M | 9.7M |
| COGS % of Revenue | - | 74.22% | 70.16% | 71.65% | 72.94% | 73.58% | 89.29% | 82.84% | 82.2% | 80.29% | 75.32% | 79.59% | 75.88% | 75.56% | 72.48% | 74.63% | 76.48% | 79.57% | 75.15% | 69.9% | 71.26% | 69.87% | 71.86% | 70.42% | 74.59% | 80.51% | 79.77% | 72.09% | 76.69% | 67.57% | 70.29% |
| Gross Profit | 6.59M | 5.92M | 7.31M | 8.58M | 6.94M | 6.6M | 2.4M | 3.93M | 3.51M | 4.08M | 5.32M | 6.91M | 8.72M | 8.37M | 10.03M | 7.01M | 6.81M | 5.37M | 7.96M | 7.68M | 5.71M | 4.4M | 3.6M | 3.38M | 2.77M | 2.12M | 2.88M | 4.83M | 5.53M | 3.6M | 4.1M |
| Gross Margin % | 26.94% | 25.78% | 29.84% | 28.35% | 27.06% | 26.42% | 10.71% | 17.16% | 17.8% | 19.71% | 24.68% | 26.25% | 24.12% | 24.44% | 27.52% | 25.37% | 23.52% | 20.43% | 24.85% | 30.1% | 28.74% | 30.13% | 28.14% | 29.58% | 25.41% | 19.49% | 20.23% | 28.06% | 23.44% | 32.43% | 29.71% |
| Gross Profit Growth % | - | -18.98% | -14.84% | 23.71% | 5.19% | 174.9% | -38.91% | 11.86% | -13.98% | -23.27% | -23.03% | -20.78% | 4.28% | -16.6% | 43.17% | 2.91% | 26.75% | -32.53% | 3.67% | 34.63% | 29.51% | 22.45% | 6.56% | 21.89% | 30.48% | -26.27% | -40.35% | -12.76% | 53.69% | -12.2% | -21.15% |
| Operating Expenses | 5.98M | 5.63M | 6.85M | 7.05M | 6.33M | 6.07M | 6.31M | 5.42M | 6.02M | 5.73M | 5.75M | 6.99M | 7.06M | 6.55M | 5.7M | 5.08M | 4.91M | 4.66M | 5.2M | 3.92M | 3.93M | 2.72M | 2.51M | 2.33M | 1.97M | 4.04M | 3.79M | 4.8M | 5.3M | 2.5M | 4.4M |
| OpEx % of Revenue | - | 24.52% | 27.96% | 23.29% | 24.7% | 24.33% | 28.15% | 23.7% | 30.49% | 27.68% | 26.68% | 26.55% | 19.52% | 19.14% | 15.65% | 18.38% | 16.97% | 17.74% | 16.22% | 15.38% | 19.81% | 18.57% | 19.6% | 20.46% | 18.05% | 37.07% | 26.61% | 27.91% | 22.46% | 22.52% | 31.88% |
| Selling, General & Admin | 5.7M | 5.63M | 6.42M | 6.45M | 5.75M | 5.57M | 5.83M | 4.95M | 5.38M | 5.23M | 5.28M | 6.89M | 6.58M | 6.04M | 5.37M | 4.64M | 4.5M | 4.31M | 4.87M | 3.59M | 3.5M | 2.23M | 2.32M | 2.02M | 1.96M | 2.2M | 3.27M | 4.2M | 4.8M | 2.2M | 3.5M |
| SG&A % of Revenue | - | 24.52% | 26.19% | 21.32% | 22.43% | 22.3% | 26.03% | 21.61% | 27.25% | 25.26% | 24.48% | 26.16% | 18.19% | 17.63% | 14.74% | 16.81% | 15.53% | 16.37% | 15.21% | 14.05% | 17.65% | 15.26% | 18.11% | 17.73% | 18.02% | 20.2% | 22.97% | 24.42% | 20.34% | 19.82% | 25.36% |
| Research & Development | 365.28K | 228K | 432.59K | 598.07K | 580.54K | 505.08K | 476.72K | 479.35K | 640.43K | 501.18K | 429.91K | 500.82K | 482.06K | 514.09K | 331.06K | 433.77K | 417.52K | 358.13K | 323.26K | 338.29K | 428.34K | 483.83K | 189.59K | 310.71K | 4.28K | 208.38K | 0 | 0 | 0 | 0 | 300K |
| R&D % of Revenue | - | 0.99% | 1.77% | 1.98% | 2.26% | 2.02% | 2.13% | 2.09% | 3.25% | 2.42% | 1.99% | 1.9% | 1.33% | 1.5% | 0.91% | 1.57% | 1.44% | 1.36% | 1.01% | 1.33% | 2.16% | 3.31% | 1.48% | 2.72% | 0.04% | 1.91% | - | - | - | - | 2.17% |
| Other Operating Expenses | -87.28K | -228K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44.86K | -398.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.63M | 517.46K | 600K | 500K | 300K | 600K |
| Operating Income | 616.59K | 289K | 460.7K | 1.53M | 604.72K | 523.41K | -3.91M | -1.5M | -3.1M | -1.72M | -431.45K | -76.81K | 1.66M | 1.82M | 4.33M | 1.93M | 1.9M | 708.39K | 2.77M | 3.76M | 1.77M | 1.69M | 1.09M | 1.04M | 801.83K | -1.91M | -907.19K | 27K | 233K | 1.1M | -700K |
| Operating Margin % | 2.52% | 1.26% | 1.88% | 5.06% | 2.36% | 2.1% | -17.45% | -6.54% | -15.69% | -8.31% | -2% | -0.29% | 4.6% | 5.31% | 11.87% | 6.99% | 6.55% | 2.69% | 8.63% | 14.72% | 8.93% | 11.56% | 8.54% | 9.13% | 7.36% | -17.58% | -6.38% | 0.16% | 0.99% | 9.91% | -5.07% |
| Operating Income Growth % | - | -37.27% | -69.91% | 153.22% | 15.53% | 113.39% | -161.19% | 51.64% | -79.74% | -299.13% | -461.69% | -104.61% | -8.38% | -58.01% | 124.27% | 1.83% | 167.51% | -74.39% | -26.37% | 111.91% | 4.92% | 54.7% | 4.88% | 29.88% | 141.87% | -111.07% | -3459.96% | -88.41% | -78.82% | 257.14% | 36.36% |
| EBITDA | 1.44M | 1.08M | 1.45M | 2.34M | 1.27M | 1.14M | -3.09M | -493.34K | -2.13M | -1.02M | 240.52K | 852.37K | 2.56M | 2.52M | 5.18M | 2.71M | 2.61M | 1.36M | 3.36M | 4.2M | 2.02M | 1.91M | 1.39M | 1.34M | 1.11M | -1.46M | -241.27K | 627K | 733K | 1.5M | -100K |
| EBITDA Margin % | 5.87% | 4.71% | 5.92% | 7.71% | 4.94% | 4.55% | -13.8% | -2.16% | -10.82% | -4.92% | 1.12% | 3.24% | 7.08% | 7.37% | 14.21% | 9.81% | 9.02% | 5.19% | 10.49% | 16.44% | 10.19% | 13.08% | 10.89% | 11.76% | 10.2% | -13.42% | -1.7% | 3.65% | 3.11% | 13.51% | -0.72% |
| EBITDA Growth % | -19.23% | -25.47% | -37.91% | 84.56% | 11.34% | 136.77% | -526.63% | 76.89% | -109.34% | -523.95% | -71.78% | -66.72% | 1.57% | -51.33% | 91.18% | 3.79% | 91.34% | -59.4% | -19.91% | 107.33% | 5.83% | 37.38% | 3.7% | 20.71% | 176.11% | -505.63% | -138.48% | -14.46% | -51.13% | 1600% | 80% |
| D&A (Non-Cash Add-back) | 819.09K | 792.11K | 989.82K | 804.82K | 661.02K | 613.41K | 818.23K | 1M | 960.61K | 702.35K | 671.97K | 929.18K | 896.27K | 704.46K | 852.91K | 780.17K | 715.88K | 656.12K | 594.67K | 439.47K | 251.13K | 222.82K | 299.9K | 301.08K | 310.35K | 453.6K | 665.92K | 600K | 500K | 400K | 600K |
| EBIT | 2.16M | 1.8M | 463.9K | 1.68M | 845.13K | 580.38K | -2.66M | -1.41M | -3.54M | -1.47M | -274.2K | -208.22K | 1.65M | 2.5M | 4.4M | 2.01M | 1.98M | 1.72M | 3.21M | 3.76M | 1.77M | 1.69M | 1.09M | 1.04M | 801.83K | -285.87K | -907.19K | 27K | 233K | 1.1M | -700K |
| Net Interest Income | -401.77K | -366.68K | -599.4K | -590K | -404.19K | -313.49K | -304.61K | -358.17K | -304.57K | -319.62K | -248.58K | -302.28K | -351.9K | -296.64K | -413.59K | -428.54K | -423.27K | -508.14K | -461.41K | 0 | 0 | 0 | -180.01K | -156.11K | 0 | 0 | -559.78K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 401.77K | 366.68K | 599.4K | 590K | 404.19K | 313.49K | 304.61K | 358.17K | 304.57K | 319.62K | 248.58K | 302.28K | 351.9K | 296.64K | 413.59K | 428.54K | 423.27K | 508.14K | 461.41K | 371.43K | 303.37K | 169.58K | 180.01K | 156.11K | 287.14K | 3.65M | 559.78K | 900K | 1M | 400K | 1.4M |
| Other Income/Expense | 1.15M | 1.15M | -596.19K | -442.49K | -163.77K | -256.52K | 949.68K | -271.94K | -751.2K | -71.11K | -91.34K | -433.69K | -362.33K | 388.7K | -339.8K | -348.83K | -337.11K | 506.77K | -15.61K | -377.52K | -355.99K | -215.37K | -168.6K | -178.23K | -228.7K | -401.89K | -708.24K | -727K | -733K | -300K | -500K |
| Pretax Income | 1.76M | 1.44M | -135.49K | 1.09M | 440.94K | 266.89K | -2.96M | -1.77M | -3.85M | -1.79M | -522.78K | -510.5K | 1.3M | 2.21M | 3.99M | 1.58M | 1.56M | 1.22M | 2.75M | 3.38M | 1.42M | 1.47M | 923.64K | 863.21K | 573.13K | -2.32M | -1.62M | -700K | -500K | 800K | -1.2M |
| Pretax Margin % | 7.2% | 6.25% | -0.55% | 3.6% | 1.72% | 1.07% | -13.21% | -7.73% | -19.5% | -8.66% | -2.43% | -1.94% | 3.6% | 6.44% | 10.94% | 5.72% | 5.38% | 4.62% | 8.58% | 13.24% | 7.14% | 10.08% | 7.22% | 7.56% | 5.26% | -21.27% | -11.35% | -4.07% | -2.12% | 7.21% | -8.7% |
| Income Tax | 475.84K | 402.18K | -41.02K | 325.96K | 66.82K | 54.26K | -856.47K | -349.23K | -510.42K | -423.8K | -96.6K | -200.85K | 367.26K | 654.47K | 1.32M | 332.04K | 504.43K | 452.9K | 921.08K | 1.15M | 483.31K | 497K | -478.63K | -800.64K | 4.03K | 65.18K | 550.56K | -100K | -200K | 300K | -400K |
| Effective Tax Rate % | 26.99% | 27.99% | 30.28% | 29.94% | 15.15% | 20.33% | 28.94% | 19.74% | 13.27% | 23.63% | 18.48% | 39.34% | 28.2% | 29.67% | 33.17% | 21% | 32.38% | 37.27% | 33.49% | 33.9% | 34.11% | 33.71% | -51.82% | -92.75% | 0.7% | -2.81% | -34.08% | 14.29% | 40% | 37.5% | 33.33% |
| Net Income | 1.29M | 1.03M | 307.38K | 266.97K | 97.8K | 212.63K | -2.1M | -1.42M | -3.34M | -1.37M | -426.18K | -557.84K | 935.25K | 1.55M | 2.67M | 1.25M | 1.05M | 762.25K | 1.83M | 2.23M | 933.54K | 977.32K | 1.4M | 1.66M | 569.1K | -2.38M | -2.17M | -600K | -300K | 500K | -800K |
| Net Margin % | 5.26% | 4.5% | 1.25% | 0.88% | 0.38% | 0.85% | -9.39% | -6.2% | -16.91% | -6.61% | -1.98% | -2.12% | 2.59% | 4.53% | 7.31% | 4.52% | 3.64% | 2.9% | 5.71% | 8.75% | 4.7% | 6.69% | 10.97% | 14.58% | 5.22% | -21.87% | -15.22% | -3.49% | -1.27% | 4.5% | -5.8% |
| Net Income Growth % | 79.55% | 236.72% | 15.14% | 172.98% | -54.01% | 110.11% | -48.18% | 57.45% | -143.62% | -221.31% | 23.6% | -159.65% | -39.72% | -41.79% | 113.4% | 18.55% | 38.21% | -58.34% | -18.09% | 139.27% | -4.48% | -30.3% | -15.72% | 192.36% | 123.89% | -9.97% | -261% | -100% | -160% | 162.5% | 27.27% |
| Net Income (Continuing) | 1.29M | 1.03M | -94.47K | 762.79K | 374.12K | 212.63K | -2.1M | -1.42M | -3.34M | -1.37M | -426.18K | -309.65K | 935.25K | 1.55M | 2.67M | 1.25M | 1.05M | 762.25K | 1.83M | 2.23M | 933.54K | 977.32K | 1.4M | 1.66M | 569.1K | -2.38M | -2.17M | -600K | -300K | 500K | -800K |
| Discontinued Operations | 0 | 0 | 401.84K | -495.82K | -276.32K | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.25 | 0.20 | 0.06 | 0.05 | 0.02 | 0.05 | -0.48 | -0.33 | -0.79 | -0.33 | -0.10 | -0.14 | 0.23 | 0.38 | 0.66 | 0.31 | 0.26 | 0.19 | 0.46 | 0.56 | 0.24 | 0.25 | 0.36 | 0.43 | 0.16 | -0.93 | -0.86 | -0.24 | -0.12 | 0.20 | -0.36 |
| EPS Growth % | 3713.85% | 228.95% | 13.86% | 156.73% | -55.84% | 109.81% | -45.45% | 58.23% | -139.39% | -230% | 28.57% | -160.87% | -39.47% | -42.42% | 112.9% | 19.23% | 36.84% | -58.7% | -17.86% | 133.33% | -4% | -30.56% | -16.28% | 168.75% | 117.2% | -8.14% | -258.33% | -100% | -160% | 155.56% | 28% |
| EPS (Basic) | - | 0.20 | 0.06 | 0.05 | 0.02 | 0.05 | -0.48 | -0.33 | -0.80 | -0.33 | -0.10 | -0.14 | 0.23 | 0.38 | 0.66 | 0.31 | 0.26 | 0.19 | 0.46 | 0.56 | 0.24 | 0.25 | 0.36 | 0.43 | 0.16 | -0.93 | -0.86 | -0.24 | -0.12 | 0.20 | -0.36 |
| Diluted Shares Outstanding | 5.14M | 5.09M | 5.05M | 5M | 4.71M | 4.52M | 4.39M | 4.28M | 4.2M | 4.15M | 4.1M | 4.06M | 4.05M | 4.05M | 4.05M | 4.05M | 4.01M | 3.99M | 3.97M | 3.95M | 3.97M | 3.91M | 3.9M | 3.91M | 3.62M | 2.56M | 2.51M | 2.5M | 2.49M | 2.56M | 2.22M |
| Basic Shares Outstanding | 5.14M | 5.09M | 5.05M | 5M | 4.71M | 4.52M | 4.39M | 4.28M | 4.17M | 4.15M | 4.1M | 3.87M | 4.05M | 4.04M | 4.03M | 4.02M | 3.99M | 3.99M | 3.97M | 3.95M | 3.97M | 3.91M | 3.9M | 3.87M | 3.62M | 2.56M | 2.51M | 2.5M | 2.49M | 2.56M | 2.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 26.08% | 15.14% | 19.34% | 22.78% | 31.41% | 13.07% | 8.86% | 10.57% | 10.04% | - | - | - | - | - | - | - | - | - |
Liquidity and margin volatility
As evidenced by the quarterly data, ARTW's top-line performance remains highly inconsistent, with revenue fluctuating between $5.1M and $6.9M over the last ten quarters, ultimately failing to establish a clear growth trajectory in the face of shifting agricultural demand and lumpy modular project completions.
The revenue profile suggests a business heavily reliant on cyclical replacement cycles rather than secular expansion. Investors should monitor whether the recent 29.2% growth in 2026Q1 represents a sustainable pivot or merely a timing anomaly related to the recognition of modular building contracts.
According to the provided financial statements, ARTW's gross margin has demonstrated significant volatility, ranging from a low of 16.9% in 2025Q4 to a peak of 36.1% in 2024Q4, highlighting the company's vulnerability to commodity price fluctuations and the inherent difficulty in passing costs to customers.
The wide variance in gross profitability suggests that the company lacks the pricing power to insulate itself from steel price volatility or manufacturing inefficiencies. This margin instability complicates earnings predictability and warrants further investigation into the company's ability to maintain premium pricing in its niche agricultural segments.
Based on reported figures, ARTW's operating margin has frequently dipped into negative territory, reaching -11.2% in 2025Q4, which indicates that the company's fixed cost base is too high relative to its current revenue scale to generate meaningful operating leverage.
The inability to consistently scale operating income alongside gross profit suggests that SG&A expenses are not being managed with sufficient discipline. Without a significant increase in throughput, the company appears trapped in a cycle where incremental revenue gains are largely absorbed by overhead costs.
As reported in the income statement, the discrepancy between operating income and net income, particularly in 2025Q2 where net income reached $1.5M despite only $510K in operating income, suggests that non-operating items or tax adjustments are significantly inflating the bottom-line results.
Investors should exercise caution when evaluating EPS, as these non-operating gains do not reflect the core operational health of the business. The reliance on such items to achieve profitability may mask underlying weaknesses in the company's primary manufacturing segments.
Data from recent filings indicates that ARTW maintains a precarious cash position of only $4,849, which, when viewed alongside persistent quarterly net losses, suggests that the company may face significant liquidity constraints in the near term without access to external financing.
Short-sellers would likely focus on this lack of cash as a primary indicator of operational distress and potential insolvency risk. The company's inability to generate consistent free cash flow from its core operations leaves it with almost no margin for error in managing working capital requirements.
Quick answers to the most common questions about buying ARTW stock.
For fiscal year 2025, Art's-Way Manufacturing Co., Inc. (ARTW) reported total revenue of $23.0M. This represents a 66.5% increase compared to $13.8M in 1996.
Art's-Way Manufacturing Co., Inc. (ARTW) is profitable, generating $1.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.5%.
Art's-Way Manufacturing Co., Inc. (ARTW) reported an operating income of $0.3M, resulting in an operating profit margin of 1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Art's-Way Manufacturing Co., Inc. (ARTW) generated $5.9M in gross profit for the year, representing a gross profit margin of 25.8%. This demonstrates the company's core pricing power and production efficiency.