Latest Ratios: P/E Ratio 18.2x · EV/EBITDA 17.1x · 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 | $1.5B | $1.1B | $736M | $727M | $577M | $577M | $472M | $476M | $469M | $539M | $547M |
| Enterprise Value | $1.3B | $955M | $561M | $517M | $519M | $358M | $337M | $312M | $281M | $348M | $358M |
| P/E Ratio → | 18.20 | 13.52 | 12.64 | 11.93 | 20.84 | 11.01 | 85.00 | 64.41 | 14.82 | 13.54 | 16.88 |
| P/S Ratio | 2.30 | 1.73 | 1.15 | 0.87 | 0.67 | 0.74 | 1.27 | 1.14 | 0.96 | 1.19 | 1.21 |
| P/B Ratio | 2.15 | 1.60 | 1.14 | 1.24 | 1.13 | 1.18 | 1.08 | 1.05 | 1.05 | 1.25 | 1.41 |
| P/FCF | 30.34 | 22.73 | — | 8.05 | 14.72 | 6.66 | — | 72.50 | 12.64 | 31.77 | 9.96 |
| P/OCF | 12.72 | 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 | 17.10 | 12.27 | 6.52 | 5.62 | 10.58 | 3.86 | 13.28 | 15.35 | 8.15 | 8.23 | 5.18 |
| EV / EBIT | 21.79 | 15.64 | 8.72 | 7.51 | 20.15 | 5.18 | 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 | 5.5% | 7.4% | 7.9% | 8.4% | 4.8% | 9.1% | 1.2% | 1.6% | 6.7% | 7.4% | 5.9% |
| FCF Yield | 3.3% | 4.4% | — | 12.4% | 6.8% | 15.0% | — | 1.4% | 7.9% | 3.1% | 10.0% |
| Buyback Yield | 2.2% | 3.0% | 2.0% | 0.0% | 2.3% | 1.1% | 4.2% | 0.0% | 4.7% | 0.0% | 0.9% |
| Total Shareholder Yield | 2.2% | 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 |
Commodity crush spread volatility
According to recent market data, REX trades at a trailing P/E of 17.65, which appears to discount the inherent volatility of its commodity-linked earnings compared to the broader chemical sector, while the forward P/E of 56.93 suggests significant analyst skepticism regarding near-term margin sustainability.
The wide disparity between trailing and forward multiples indicates that the market is pricing in a potential contraction in the ethanol crush spread. Investors should monitor whether the current valuation adequately accounts for the company's substantial cash position, which provides a valuation floor that many pure-play commodity peers lack.
Based on reported financial figures, REX's ROIC has fluctuated between 1.3% and 6.3% over the last ten quarters, suggesting that the company's ability to compound capital is heavily tethered to the external commodity environment rather than internal operational improvements or structural competitive advantages.
The inconsistent ROIC trend highlights the difficulty of generating excess returns in a capital-intensive, commodity-based business model. While the company maintains a fortress balance sheet, the low return on capital suggests that management's conservative capital allocation may be a rational response to the limited opportunities for high-return reinvestment in the current ethanol market.
As reported in quarterly filings, REX maintains a lean cash conversion cycle, averaging between 6 and 27 days, which demonstrates superior working capital efficiency compared to more levered industry peers who often struggle with inventory liquidity during periods of commodity price volatility.
The company's ability to keep its CCC low suggests effective management of its inventory and payables, even as it navigates the inherent unpredictability of corn feedstock costs. This efficiency provides a critical operational buffer, allowing the firm to maintain liquidity without relying on external credit facilities.
As evidenced by the 2026Q1 current ratio of 6.76, REX maintains an exceptionally strong liquidity position, which, according to recent balance sheet data, provides a substantial buffer against the inherent volatility of commodity markets and the potential for sudden, adverse shifts in input costs.
This liquidity profile is significantly more robust than that of peers like Green Plains, positioning REX to withstand prolonged negative crush environments. Investors should interpret this high liquidity as a strategic choice that prioritizes survival and optionality over aggressive leverage-driven growth.
Based on an analysis of industry valuation metrics, the P/E ratio is frequently misapplied to REX, as it fails to account for the significant interest income generated by the company's large cash pile and the non-cash nature of certain equity-method earnings.
Analysts should instead focus on EV/EBITDA or a cash-adjusted P/E to better reflect the underlying operational performance of the ethanol plants. Relying solely on standard P/E multiples likely leads to an inaccurate assessment of the company's true earning power and its resilience during commodity downturns.
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 18.2x. The historical average is 17.3x. This places it at the 83th percentile of its historical range.
REX American Resources Corporation's current EV/EBITDA is 17.1x. 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 18.2x. This is at the 83th 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.