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Produces ethanol and byproducts (distillers grains, corn oil) from corn at Midwest biorefineries.
Produces ethanol and byproducts (distillers grains, corn oil) from corn at Midwest biorefineries.
Earns the spread between what it gets for ethanol, distillers grains and corn oil and what it pays for corn, so crop conditions and gasoline demand matter more than volume. It holds its plants through a mix of full ownership and partnerships with other investors.
Moat: narrow (scale, process know-how). Efficient, well-invested ethanol plants, but ethanol is a commodity tied to corn and gasoline prices.
Headquarters: Dayton, Ohio, US · Founded: 1984 · Employees: 132
Size REX American Resources (REX) is a United States Materials company (Chemicals: Specialty) with a market value of $1.31B, the 2078th largest of 3,117 United States companies the cockpit tracks. Shares closed at $39.38 on 6 Nov 2026.
Performance Over six months the shares fell 20.7%, against -22.3% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 5.7% over the last twelve months (peer median +10.7%); the operating margin is 15.2% (peer median 5.9%).
Valuation It trades at 26.2× forward earnings against a peer median of 17.4× (6th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.4 points above its cost of capital (7.8% WACC).
Short interest Short interest is 2.6% of the free float (15 Oct 2026).
Next results Next results expected around 26 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $687M | $651M | $642M | $833M | $856M |
| Revenue growth | — | +1% | -23% | -3% | — |
| Gross profit | $150M | $88.6M | $93.8M | $83.2M | $62.3M |
| EBITDA | $130M | $79.1M | $88.4M | $76.9M | $62.8M |
| Net income | $121M | $83.0M | $58.2M | $60.9M | $27.7M |
| Free cash flow | $68.6M | $49.4M | -$7.13M | $90.3M | $39.2M |
| Capital expenditure | $74.5M | $68.4M | $71.3M | $37.7M | $15.6M |
| Total debt | $17.8M | $21.3M | $21.1M | $12.8M | $15.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| REX American Resources REX | $1.31B | -21% | +6% | 15% | 26.2× | -3.8% |
| Green Plains GPRE | $927M | -27% | -22% | 7% | 7.4× | -1.0% |
| Archer Daniels Midland ADM | $33.3B | -9% | +1% | 3% | 12.0× | 8.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | REX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.2% | -11.8% | 11th highest of 21 |
| 6-month return | -20.7% | -22.3% | 9th highest of 21 |
| Distance from 52-week high | -26.2% | -48.3% | 2nd highest of 21 |
| Revenue growth (TTM) | +5.7% | +10.7% | 10th lowest of 21 |
| Operating margin | 15.2% | 5.9% | 5th highest of 21 |
| Forward P/E | 26.2× | 17.4× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -3.8% | 5.5% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +11.7% | +9.9% | 4th highest of 10 |
| Hurdle (Req g minus delivered) | -15.5 pp | -2.6 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | +8.4 pp | -2.1 pp | 2nd highest of 21 |
| EV / EBITDA | 8.0× | 12.2× | 2nd cheapest of 6 |
| Net debt / EBITDA | -2.8× | 0.2× | least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| REX American Resources REX | United States | $1.31B | -21% | +6% | 15% | 26.2× | -3.8% | +11.7% |
| Industrie De Nora DNR.MI | Italy | $1.31B | -23% | -2% | 14% | 16.0× | n/a | n/a |
| Dawei Technology (Guangdong) 600589.SS | China | $1.32B | -38% | +29% | -10% | n/a | n/a | n/a |
| Beijing Haixin Energy Technology 300072.SZ | China | $1.30B | -20% | +61% | -9% | 121.7× | n/a | n/a |
| Global New Material International 6616.HK | Hong Kong | $1.32B | -3% | +165% | 0% | 14.1× | n/a | n/a |
| Shiny Chemical Industrial 1773.TW | Taiwan | $1.29B | -20% | +20% | 22% | 15.1× | 5.5% | +8.1% |
| COFCO Biotechnology 000930.SZ | China | $1.32B | -21% | -9% | -2% | n/a | n/a | n/a |
| Chengzhi 000990.SZ | China | $1.29B | -43% | -7% | 7% | 10.6× | -2.8% | +2.2% |
| Shandong Kaisheng New Materials 301069.SZ | China | $1.28B | -19% | +20% | 13% | 47.0× | 29.2% | +10.4% |
| Jiangyin Jianghua Micro-electronics Materials 603078.SS | China | $1.33B | -7% | +18% | 7% | 79.3× | 32.0% | +17.0% |
| Wankai New Materials 301216.SZ | China | $1.35B | -48% | +5% | 4% | 8.3× | n/a | n/a |
| BASF India BASF.NS | India | $1.35B | -23% | +13% | 4% | 17.4× | n/a | n/a |
| Guizhou Redstar Developing 600367.SS | China | $1.25B | +14% | +1% | 7% | n/a | 26.8% | +9.1% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | n/a | n/a | n/a |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | n/a | -0.4% | +9.9% |
| GCH Technology 688625.SS | China | $1.38B | -32% | +8% | 18% | 19.2× | 27.6% | +16.3% |
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% | +8.3% |
| Zhejiang Jiahua Energy Chemical Industry 600273.SS | China | $1.23B | -22% | +4% | 5% | 7.8× | -6.3% | +12.9% |
| Guangdong Guanghua Sci-Tech 002741.SZ | China | $1.40B | -9% | +61% | 4% | 58.4× | n/a | n/a |
| Shandong Dawn Polymer 002838.SZ | China | $1.40B | -35% | +31% | 6% | 19.3× | n/a | n/a |
| Shanghai Skychem Technology 688603.SS | China | $1.22B | -29% | +38% | 19% | 44.6× | n/a | n/a |