Alto Ingredients, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Alto Ingredients, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,625	1,632	1,515	1,425	897	1,208	1,336	1,223	965	918
Cost of revenue	1,570	1,626	1,531	1,435	844	1,140	1,363	1,207	956	883
Gross profit	54.4	5.93	-15.2	-9.94	52.9	67.8	-27.6	15.7	9.72	34.9
Selling, general and administrative	30.8	31.5	36.4	35.5	32	29.2	28.1	29.9	29.7	27.2
Operating income	23.5	-25.6	-51.5	-74.7	9.85	40.1	-61.4	-23.8	-51.7	7.36
Interest expense	22.4	12.9	17.1	20.2	17.9	3.59	1.83	7.43	7.64	10.8
Interest income							22.7
Other non-operating income					0.75	1.21	0.86	0.55	0.51	1.93
Pre-tax income	0.55	-38.4	-68.5	-101	-17.3	47.6	-39.7	-27.9	-58.8	12.7
Income tax	-0.98	-0.32	-0.56	-0.02	-0.02	1.47	1.93	0.1	0.17	-0.62
Net income to minority interests	0.11	-3.11	-7.66	-12.3	-2.17
Net income	1.42	-35	-60.3	-88.9	-15.1	46.1	-41.6	-28	-59	13.3
EBITDA	59	13.1	-10.7	-26.8	40.1	63.4	-36.3	-0.77	-27.3	32.6
EPS, basic	0.00	-0.85	-1.42	-1.90	-0.28	0.62	-0.60	-0.40	-0.82	0.16
EPS, diluted	0.00	-0.85	-1.42	-1.90	-0.28	0.61	-0.60	-0.40	-0.82	0.16
Shares, basic (weighted)	0.04	0.04	0.04	47.4	0.06	71.1	71.9	73.3	73.5	74.5
Shares, diluted (weighted)	0.04	0.04	0.04	47.4	0.06	72.2	71.9	73.3	73.5	75.7

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	64.3	49.5	26.6	19	47.7	50.6	36.5	30	35.5	23.4
Receivables	86.3	80.3	67.6	74.3	43.5	86.9	68.7	58.7	58.2	55.1
Inventory	60.1	61.6	57.8	60.6	37.9	54.4	66.6	52.6	49.9	61.7
Other current assets	7.94	6.84	11.9	4.43	9	10.3	9.34	9.54	5.46	5.47
Total current assets	235	203	169	232	214	230	199	169	153	156
Property, plant and equipment	465	508	483	333	229	223	239	249	215	199
Lease right-of-use assets				24.3	11	13.4	18.9	22.6	20.6	16.9
Goodwill							5.97
Intangible assets	2.68	2.68	2.68	2.68	2.68	2.68	9.09	8.5	4.51	7.57
Other non-current assets	5.17	6.02	5.84	4.38	7.9	5.15	6.14	5.63	8.52	9.86
Total assets	708	720	660	612	477	485	478	454	401	389
Accounts payable	37.1	39.7	48.2	29.3	13	23.3	28.1	20.8	20.4	14.5
Accrued liabilities	20.3	21.7	23.4	22.3	11.1	21.3	26.6	20.2	24.2	16.7
Short-term debt	10.5	20	147	63	25.5					16.6
Total current liabilities	78.8	90.7	232	160	86.9	69.6	78	65.3	57.8	59.1
Long-term debt	188	221	84.8	181	71.8	50.4	68.4	82.1	92.9	63
Lease liabilities							15.1	19	16.9	13
Other non-current liabilities	21.9	17	24	23.1	13.1	10.4	8.8	8.27	8.75	8.44
Total liabilities	290	337	341	385	181	140	170	175	176	144
Total debt	202	244	234	245	97.9	50.4	78.1	90.7	99.7	84.6
Paid-in capital	923	927	932	942	1,037	1,037	1,041	1,041	1,044	1,052
Retained earnings	-532	-568	-630	-720	-737	-692	-735	-764	-824	-812
Other comprehensive income	-2.62	-2.23	-2.46	-2.37	-3.88	-0.28	1.82	2.48	4.98	5.46
Shareholders' equity	388	356	319	227	296	345	308	280	225	245
Minority interests	30.4	27.3	19.6	7.27
Total equity	418	384	319	227	296	345	308	280	225	245
Total liabilities and equity	708	720	660	612	477	485	478	454	401	389
Shares outstanding	39.8	44	45.8	55.5	72.5	72.8	75.2	75.7	76.6	77.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1.53	-38.1	-67.9	-101	-17.3	46.1	-41.6	-28	-59	13.3
Depreciation and amortization	35.4	38.7	40.8	47.9	30.3	23.3	25.1	23.1	24.4	25.2
Stock-based compensation	2.62	3.83	3.44	2.81	2.68	2.88	3.33	3.9	4.36	3.02
Deferred income tax	-1.12	0.17	0.03	0	-0.02
Change in receivables	-25.2	17.6	12.7	-6.7	30.6	-43.6	24	9.5	0.56	3.31
Change in inventory	0.75	5.07	4.08	-2.78	19.1	-16.4	-15.5	11.8	4.48	-12.6
Change in payables	9.28	-5.54	4.11	-2.59	-19.8	13.2	20.5	-12.6	9.95	-2.83
Cash from operations	37.2	36.5	1.57	-31.2	71.7	26.8	6.05	22	-3.52	13.2
Capital expenditures	-19.2	-20.9	-15.2	-3.28	-6.58	-16.4	-37.7	-29.5	-11.1	-4.6
Acquisitions		-29.6					-14.7			-7.28
Cash from investing	-14.6	-50.4	-15.2	-3.28	23.3	27.1	-37.7	-33	-13.5	-7.43
Debt issued					9.86
Debt repaid	0		-2	-3.75	-40.2	-25.5				-5
Stock issued			2.06	3.67	75.8	0.46
Share buybacks							-1.33	-3.67
Cash from financing	-9.92	-0.84	-9.27	19	-66.4	-40	19	6.96	7.72	-16.4
Net change in cash	12.7	-14.8	-22.9	-15.5	28.6	13.9	-12.6	-4.05	-9.27	-10.5
Free cash flow	18.1	15.6	-13.6	-34.5	65.1	10.4	-31.7	-7.51	-14.6	8.65
Interest paid	11.2	11.1	15.1	18.8	17.5	3.49	2.21	7.92	8.32	9.02
Income taxes paid	4.78	5.61	0.74		-0.64	0.45	-2.26	-0.32	0.63	0.02

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.73 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	6.8%	Gross profit / revenue.
Operating margin	3.8%	Operating income / revenue.
EBITDA margin	6.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.4%	Pre-tax income / revenue.
Net margin	5.5%	Net income / revenue.
FCF margin	5.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.9%	Cash from operations / revenue.
Return on equity (ROE)	20.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	13.1%	Net income / average total assets.
Return on invested capital (ROIC)	9.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	3.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	259.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 5y	-8.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 5y	-5.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-4.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow CAGR, 3y	29.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-28.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-33.2%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	319.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.19x	Current assets / current liabilities.
Quick ratio	1.82x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.48x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.3%	Total debt / total assets.
Liabilities / assets	34.6%	Total liabilities / total assets.
Net debt	$40.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.66x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.79x	Operating income / interest expense.
Working capital	$110.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$252.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	2.38x	Revenue / average total assets.
Fixed asset turnover	4.78x	Revenue / average property, plant and equipment.
Inventory turnover	17.0x	Cost of revenue / average inventory.
Days inventory	21 days	365 x average inventory / cost of revenue.
Receivables turnover	13.9x	Revenue / average receivables.
Days sales outstanding	26 days	365 x average receivables / revenue.
Days payables	10 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	38 days	Days inventory + days sales outstanding - days payables.
FCF conversion	96.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	23.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.24	Revenue / diluted weighted shares.
FCF per share	$0.65	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.84	Cash from operations / diluted weighted shares.
Book value per share	$3.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.26	Tangible book value / shares outstanding.
Cash per share	$0.31	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$289.3M	Share price x shares outstanding.
Enterprise value	$329.9M	Market cap + total debt - cash - short-term investments.
P/E	5.57x	Market cap / net income. Only when net income is positive.
P/S	0.31x	Market cap / revenue.
P/B	1.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.15x	Market cap / tangible book value, when positive.
P/FCF	5.79x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.45x	Market cap / cash from operations, when positive.
EV/Sales	0.35x	Enterprise value / revenue.
EV/EBIT	9.27x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.41x	Enterprise value / EBITDA, when both are positive.
EV/FCF	6.61x	Enterprise value / free cash flow, when both are positive.
FCF yield	17.3%	Free cash flow / market cap.
Earnings yield	18.0%	Net income / market cap (the inverse of P/E).

What was Alto Ingredients, Inc.'s revenue in fiscal 2025?

Alto Ingredients, Inc. reported revenue of $917.9M for fiscal 2025, 4.9% lower than the year before.

Was Alto Ingredients, Inc. profitable in fiscal 2025?

Yes. Net income was $13.3M, a net margin of 1.5%.

How much free cash flow did Alto Ingredients, Inc. generate in fiscal 2025?

Cash from operations of $13.2M minus capital expenditures of $4.6M left free cash flow of $8.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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