Revenue performance remains highly cyclical, with growth rates swinging from a 30.1% contraction in 2024Q2 to a 3.6% expansion in 2026Q1, while gross margins demonstrate extreme sensitivity to feedstock costs by fluctuating between 9.0% and 22.7%.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 656.2M | 650.49M | 642.49M | 833.38M | 855M | 774.8M | 372.66M | 418.03M | 486.67M | 452.59M | 453.8M | 436.49M | 572.23M | 666.09M | 657.74M | 409.95M | 301.67M | 170.26M | 230.63M | 223.97M | 347.33M | 244.83M | 379.02M | 405.41M | 428.63M | 464.5M | 475.42M | 464.3M | 416.7M | 411M | 427.4M |
| Revenue Growth % | 2.59% | 1.24% | -22.91% | -2.53% | 10.35% | 107.91% | -10.85% | -14.1% | 7.53% | -0.27% | 3.97% | -23.72% | -14.09% | 1.27% | 60.44% | 35.89% | 77.18% | -26.17% | 2.97% | -35.52% | 41.87% | -35.4% | -6.51% | -5.42% | -7.72% | -2.3% | 2.39% | 11.42% | 1.39% | -3.84% | -3.35% |
| Cost of Goods Sold | 547.76M | 556.78M | 551.01M | 735.17M | 806.4M | 677.24M | 353.13M | 407.75M | 456.46M | 408.43M | 382.76M | 385.65M | 430.29M | 601.94M | 644.2M | 376.12M | 271.3M | 150.53M | 183.55M | 158.02M | 254M | 173.75M | 272.5M | 286.27M | 292.18M | 330.11M | 341.11M | 333.95M | 299.7M | 294.8M | 314.9M |
| COGS % of Revenue | - | 85.59% | 85.76% | 88.21% | 94.32% | 87.41% | 94.76% | 97.54% | 93.79% | 90.24% | 84.35% | 88.35% | 75.2% | 90.37% | 97.94% | 91.75% | 89.93% | 88.41% | 79.59% | 70.55% | 73.13% | 70.97% | 71.89% | 70.61% | 68.17% | 71.07% | 71.75% | 71.93% | 71.92% | 71.73% | 73.68% |
| Gross Profit | 108.44M | 93.71M | 91.48M | 98.22M | 48.6M | 97.56M | 19.53M | 10.28M | 30.21M | 44.16M | 71.04M | 50.83M | 141.94M | 64.15M | 13.54M | 33.84M | 30.37M | 19.73M | 47.08M | 65.95M | 93.33M | 71.08M | 106.53M | 119.14M | 136.45M | 134.39M | 134.31M | 130.35M | 117M | 116.2M | 112.5M |
| Gross Margin % | 16.52% | 14.41% | 14.24% | 11.79% | 5.68% | 12.59% | 5.24% | 2.46% | 6.21% | 9.76% | 15.65% | 11.65% | 24.8% | 9.63% | 2.06% | 8.25% | 10.07% | 11.59% | 20.41% | 29.45% | 26.87% | 29.03% | 28.11% | 29.39% | 31.83% | 28.93% | 28.25% | 28.07% | 28.08% | 28.27% | 26.32% |
| Gross Profit Growth % | - | 2.44% | -6.86% | 102.09% | -50.18% | 399.46% | 89.94% | -65.96% | -31.58% | -37.84% | 39.75% | -64.19% | 121.26% | 373.93% | -60% | 11.4% | 53.92% | -58.09% | -28.62% | -29.33% | 31.31% | -33.28% | -10.59% | -12.69% | 1.53% | 0.06% | 3.04% | 11.41% | 0.69% | 3.29% | -3.85% |
| Operating Expenses | 36.4M | 32.62M | 27.15M | 29.38M | 22.83M | 28.48M | 17.66M | 19.26M | 20.55M | 24.06M | 21.39M | 19.81M | 19.42M | 17.85M | 12.54M | 10.38M | 9.72M | 6.03M | 53.8M | 61.29M | 91.03M | 71.08M | 100.82M | 119.14M | 123.59M | 112.16M | 110.18M | 104.06M | 117M | 116.2M | 112.5M |
| OpEx % of Revenue | - | 5.01% | 4.23% | 3.53% | 2.67% | 3.68% | 4.74% | 4.61% | 4.22% | 5.32% | 4.71% | 4.54% | 3.39% | 2.68% | 1.91% | 2.53% | 3.22% | 3.54% | 23.33% | 27.36% | 26.21% | 29.03% | 26.6% | 29.39% | 28.84% | 24.15% | 23.18% | 22.41% | 28.08% | 28.27% | 26.32% |
| Selling, General & Admin | 36.4M | 32.62M | 27.15M | 29.38M | 22.83M | 28.48M | 17.64M | 19.26M | 20.55M | 24.06M | 21.39M | 19.81M | 19.42M | 17.85M | 12.54M | 10.38M | 9.72M | 6.03M | 53.8M | 61.29M | 91.03M | 101.61M | 99.41M | 105.56M | 103.14M | 112.16M | 108.66M | 100.59M | 93.6M | 94.1M | 91.9M |
| SG&A % of Revenue | - | 5.01% | 4.23% | 3.53% | 2.67% | 3.68% | 4.73% | 4.61% | 4.22% | 5.32% | 4.71% | 4.54% | 3.39% | 2.68% | 1.91% | 2.53% | 3.22% | 3.54% | 23.33% | 27.36% | 26.21% | 41.5% | 26.23% | 26.04% | 24.06% | 24.15% | 22.86% | 21.66% | 22.46% | 22.9% | 21.5% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.58M | 0 | 0 | 3.92M | 3.47M | 3.2M | 3M | 2.9M |
| Operating Income | 72.03M | 61.09M | 64.33M | 68.84M | 25.77M | 69.08M | 1.89M | -8.97M | 9.66M | 20.79M | 49.65M | 31.02M | 122.52M | 46.44M | 1.27M | 24.45M | 24.75M | 14.54M | -5.43M | 4.58M | 562K | 4.41M | 7.12M | 13.58M | 20.46M | 22.24M | 21.73M | 26.29M | 20.2M | 19.1M | 17.7M |
| Operating Margin % | 10.98% | 9.39% | 10.01% | 8.26% | 3.01% | 8.92% | 0.51% | -2.15% | 1.99% | 4.59% | 10.94% | 7.11% | 21.41% | 6.97% | 0.19% | 5.97% | 8.2% | 8.54% | -2.36% | 2.04% | 0.16% | 1.8% | 1.88% | 3.35% | 4.77% | 4.79% | 4.57% | 5.66% | 4.85% | 4.65% | 4.14% |
| Operating Income Growth % | - | -5.04% | -6.55% | 167.08% | -62.69% | 3547.52% | 121.11% | -192.86% | -53.52% | -58.12% | 60.06% | -74.68% | 163.81% | 3559.73% | -94.81% | -1.17% | 70.13% | 367.62% | -218.8% | 714.06% | -87.26% | -38.01% | -47.56% | -33.64% | -8% | 2.32% | -17.35% | 30.16% | 5.76% | 7.91% | -38.11% |
| EBITDA | 88.79M | 77.85M | 86.04M | 91.88M | 49.08M | 92.67M | 25.37M | 20.34M | 34.49M | 42.25M | 69.17M | 49.66M | 139.3M | 63.73M | 17.87M | 36.54M | 42.69M | 25.15M | -374K | 7M | 4.75M | 9.06M | 11.28M | 17.57M | 24.78M | 26.43M | 25.65M | 29.76M | 23.4M | 22.1M | 20.6M |
| EBITDA Margin % | 13.53% | 11.97% | 13.39% | 11.02% | 5.74% | 11.96% | 6.81% | 4.86% | 7.09% | 9.34% | 15.24% | 11.38% | 24.34% | 9.57% | 2.72% | 8.91% | 14.15% | 14.77% | -0.16% | 3.13% | 1.37% | 3.7% | 2.98% | 4.33% | 5.78% | 5.69% | 5.39% | 6.41% | 5.62% | 5.38% | 4.82% |
| EBITDA Growth % | 10.19% | -9.52% | -6.35% | 87.2% | -47.04% | 265.32% | 24.74% | -41.04% | -18.37% | -38.91% | 39.29% | -64.35% | 118.6% | 256.59% | -51.09% | -14.4% | 69.75% | 6824.06% | -105.34% | 47.37% | -47.54% | -19.68% | -35.82% | -29.1% | -6.25% | 3.06% | -13.82% | 27.19% | 5.88% | 7.28% | -33.55% |
| D&A (Non-Cash Add-back) | 16.75M | 16.76M | 21.71M | 23.04M | 23.3M | 23.59M | 23.47M | 29.31M | 24.83M | 21.46M | 19.52M | 18.64M | 16.79M | 17.28M | 16.6M | 12.09M | 17.94M | 10.6M | 5.06M | 2.43M | 4.19M | 4.64M | 4.16M | 3.99M | 4.33M | 4.2M | 3.92M | 3.47M | 3.2M | 3M | 2.9M |
| EBIT | 72.03M | 61.09M | 64.33M | 68.84M | 25.77M | 69.08M | 1.89M | -1.17M | 9.66M | 20.79M | 49.65M | 31.15M | 154.88M | 63.81M | 1.23M | 52.24M | 37.58M | 19.19M | -5.65M | 4.58M | 562K | 4.41M | 6.42M | 13.58M | 20.46M | 22.24M | 21.73M | 26.29M | 20.2M | 19.1M | 17.7M |
| Net Interest Income | 13.98M | 15M | 19.16M | 15.72M | 12.96M | 130K | 1.82M | 4.21M | 3.39M | 1.56M | 434K | 625K | -1.71M | -3.7M | -4.62M | -3.07M | -2.5M | -4.3M | -1.13M | 0 | 481K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 13.98M | 15M | 19.16M | 15.72M | 12.96M | 130K | 1.82M | 4.21M | 3.39M | 1.56M | 434K | 625K | 368K | 195K | 166K | 417K | 447K | 445K | 2.04M | 0 | 2.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.07M | 3.9M | 4.83M | 3.48M | 2.94M | 4.74M | 3.17M | 0 | 1.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 29.03M | 27.48M | 28.54M | 29.64M | 21.7M | 6.75M | 2.32M | 7.8M | 4.92M | 4.6M | 7.26M | 20.5M | 30.29M | 13.33M | -5.13M | 23.37M | 9.9M | -934K | -2.38M | 35.94M | 15.68M | 29.47M | 14.34M | 12.47M | 9.97M | 7.77M | 3.25M | -933K | -5M | -6.9M | -5.5M |
| Pretax Income | 101.06M | 88.57M | 92.87M | 98.48M | 47.48M | 75.84M | 4.21M | -1.17M | 14.59M | 25.39M | 56.91M | 51.52M | 152.8M | 59.77M | -3.86M | 47.83M | 34.65M | 13.61M | -7.81M | 40.52M | 16.24M | 33.88M | 21.46M | 26.05M | 30.43M | 30.01M | 24.98M | 25.36M | 15.2M | 12.2M | 12.2M |
| Pretax Margin % | 15.4% | 13.62% | 14.46% | 11.82% | 5.55% | 9.79% | 1.13% | -0.28% | 3% | 5.61% | 12.54% | 11.8% | 26.7% | 8.97% | -0.59% | 11.67% | 11.48% | 7.99% | -3.39% | 18.09% | 4.68% | 13.84% | 5.66% | 6.43% | 7.1% | 6.46% | 5.25% | 5.46% | 3.65% | 2.97% | 2.85% |
| Income Tax | -5.02M | -6.5M | 21.39M | 22.56M | 9.54M | 19.03M | -546K | -12.81M | -22.92M | -19.52M | 17.39M | 14.11M | 49.65M | 20.75M | -1.64M | 15.9M | -3.02M | 4.5M | -2.39M | 14.69M | 4.89M | 6.63M | -6.84M | -1.73M | 7.37M | 7.45M | 6.25M | 6.35M | 4M | 4.8M | 4.8M |
| Effective Tax Rate % | -4.97% | -7.34% | 23.03% | 22.91% | 20.1% | 25.09% | -12.96% | 1096.07% | -157.13% | -76.87% | 30.56% | 27.38% | 32.49% | 34.72% | 42.51% | 33.25% | -8.71% | 33.04% | 30.55% | 36.25% | 30.1% | 19.55% | -31.88% | -6.62% | 24.2% | 24.84% | 25% | 25.04% | 26.32% | 39.34% | 39.34% |
| Net Income | 92.72M | 82.95M | 58.17M | 60.94M | 27.7M | 52.36M | 3M | 7.43M | 31.64M | 39.71M | 32.33M | 31.44M | 87.34M | 35.07M | -2.42M | 27.83M | 5.07M | 8.65M | -3.3M | 33.87M | 10.24M | 28.06M | 27.55M | 27.44M | 22.93M | 22.31M | 18.74M | 18.29M | 11.2M | 7.4M | 7.4M |
| Net Margin % | 14.13% | 12.75% | 9.05% | 7.31% | 3.24% | 6.76% | 0.81% | 1.78% | 6.5% | 8.77% | 7.12% | 7.2% | 15.26% | 5.27% | -0.37% | 6.79% | 1.68% | 5.08% | -1.43% | 15.12% | 2.95% | 11.46% | 7.27% | 6.77% | 5.35% | 4.8% | 3.94% | 3.94% | 2.69% | 1.8% | 1.73% |
| Net Income Growth % | 63.67% | 42.61% | -4.54% | 120.01% | -47.11% | 1644.88% | -59.59% | -76.53% | -20.3% | 22.8% | 2.85% | -64.01% | 149.01% | 1546.91% | -108.71% | 449.04% | -41.41% | 362.42% | -109.74% | 230.57% | -63.49% | 1.85% | 0.4% | 19.66% | 2.79% | 19.07% | 2.42% | 63.33% | 51.35% | 0% | -49.32% |
| Net Income (Continuing) | 106.08M | 95.07M | 71.49M | 75.92M | 37.94M | 56.81M | 4.76M | 11.64M | 37.51M | 44.91M | 39.52M | 37.41M | 103.15M | 39.08M | -2.05M | 31.92M | 22.29M | 9.06M | -5.43M | 25.08M | 10.87M | 27.26M | 28.36M | 27.77M | 23.07M | 22.55M | 18.74M | 19.01M | 11.2M | 7.4M | 7.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 4.79M | 1.12M | 0 | 0 | 0 | 0 | 0 | 561K | 1.07M | 465K | 1.14M | 0 | 893K | 0 | 1.31M | -620K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 94.52M | 91.29M | 83.27M | 73.68M | 63.01M | 56.77M | 52.4M | 52.6M | 52.33M | 50.43M | 47.84M | 44.5M | 42.99M | 31.47M | 27.93M | 29.33M | 25.03M | 28.47M | 24.57M | 27.73M | 11.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.80 | 2.50 | 1.65 | 1.74 | 0.79 | 1.46 | 0.15 | 0.20 | 0.82 | 1.01 | 0.82 | 0.72 | 1.80 | 0.72 | -0.05 | 0.52 | 0.09 | 0.15 | -0.06 | 0.48 | 0.17 | 0.39 | 0.36 | 0.36 | 0.27 | 0.28 | 0.20 | 0.15 | 0.11 | 0.07 | 0.06 |
| EPS Growth % | 74.53% | 51.52% | -4.9% | 121.02% | -46.23% | 873.33% | -23.08% | -76.22% | -18.41% | 22.56% | 14.69% | -60.17% | 151.05% | 1645.95% | -108.98% | 505.88% | -43.33% | 372.73% | -111.46% | 190.91% | -57.14% | 6.94% | 0% | 33.33% | -1.82% | 37.5% | 33.33% | 42.86% | 61.54% | 8.33% | -47.83% |
| EPS (Basic) | - | 2.50 | 1.65 | 1.75 | 0.79 | 1.46 | 0.08 | 0.20 | 0.82 | 1.01 | 0.82 | 0.72 | 1.80 | 0.72 | -0.05 | 0.52 | 0.09 | 0.16 | -0.06 | 0.54 | 0.19 | 0.44 | 0.42 | 0.42 | 0.32 | 0.32 | 0.22 | 0.17 | 0.11 | 0.07 | 0.06 |
| Diluted Shares Outstanding | 33.12M | 33.21M | 35.27M | 35.15M | 35.28M | 35.89M | 37M | 37.91M | 38.64M | 39.58M | 39.52M | 43.84M | 48.71M | 49.08M | 49.63M | 55.12M | 58.95M | 57.31M | 61.02M | 70.33M | 69.46M | 73.32M | 76.28M | 75.87M | 85.46M | 81.12M | 92.91M | 115.03M | 105.63M | 111M | 131.12M |
| Basic Shares Outstanding | 33.12M | 33.21M | 35.27M | 34.96M | 35.28M | 35.89M | 37M | 37.91M | 38.64M | 39.58M | 39.52M | 43.78M | 48.65M | 48.82M | 49.63M | 54.7M | 57.91M | 55.52M | 61.02M | 62.52M | 61.75M | 64.13M | 66.38M | 65.08M | 72.8M | 70.08M | 85.16M | 108.67M | 100.03M | 105.71M | 124.46M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity crush spread volatility
As reported in recent financial filings, REX's top-line performance exhibits significant volatility, with revenue growth fluctuating between a 30.1% contraction in 2024Q2 and a modest 3.6% expansion in 2026Q1, reflecting the company's inherent sensitivity to commodity-based ethanol pricing and regional supply-demand dynamics in the Midwest.
The revenue trajectory appears tethered to the unpredictable nature of the ethanol crush spread rather than consistent volume expansion. Investors should monitor whether the recent shift toward carbon capture initiatives can eventually decouple top-line results from these cyclical commodity price swings.
Based on the company's reported figures, gross margins have demonstrated extreme variance, ranging from a low of 9.0% in early 2025 to a peak of 22.7% in 2024Q3, underscoring the firm's vulnerability to the high variable cost of corn feedstock which typically consumes the majority of revenue.
The 14.41% average gross margin suggests that REX lacks significant pricing power, as it operates as a price-taker in a commodity market. Future margin stability may depend on the successful integration of carbon sequestration technologies to lower the carbon intensity of its output.
According to historical income statements, REX maintains disciplined SG&A management, with operating margins scaling from 5.1% to 17.9% during periods of favorable crush spreads, indicating that the company effectively leverages its fixed cost base when commodity market conditions provide sufficient room for operational profitability.
The ability to keep SG&A relatively contained while gross profit fluctuates suggests management prioritizes cost control during lean periods. However, the lack of consistent operating leverage implies that the company remains fundamentally reliant on external market factors to drive bottom-line growth.
As evidenced by the 2025Q4 net margin spike to 27.7%, REX's reported net income is frequently influenced by non-operating items, including equity method investment earnings, which may not always align with the underlying cash-generating capacity of the company's core ethanol production facilities during specific reporting periods.
The discrepancy between operating income and net income warrants further investigation into the timing of equity distributions from minority-owned plants. Investors should be cautious of relying solely on net income as a proxy for operational performance given these accounting nuances.
While REX maintains a fortress balance sheet, the company's reliance on transactional commodity sales, as shown in recent filings, suggests that short-sellers may focus on the risk of margin compression if corn prices spike or if regulatory support for ethanol demand faces significant legislative headwinds.
The market's tendency to trade REX in tandem with corn prices may be rational given the lack of product differentiation. Unless the company successfully transitions into a lower-carbon infrastructure play, it may continue to struggle with a valuation multiple that reflects commodity risk rather than industrial growth.
Quick answers to the most common questions about buying REX stock.
For fiscal year 2025, REX American Resources Corporation (REX) reported total revenue of $650.5M. This represents a 52.2% increase compared to $427.4M in 1996.
REX American Resources Corporation (REX) is profitable, generating $83.0M in net income for the fiscal year ending 2025 with a net profit margin of 12.8%.
REX American Resources Corporation (REX) reported an operating income of $61.1M, resulting in an operating profit margin of 9.4%. This margin reflects the operational efficiency of the business before interest and taxes.
REX American Resources Corporation (REX) generated $93.7M in gross profit for the year, representing a gross profit margin of 14.4%. This demonstrates the company's core pricing power and production efficiency.