FutureFuel Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FutureFuel Corp. 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	253	275	291	205	205	321	396	368	243	95.7
Cost of revenue	192	224	192
Gross profit	46.9	20.3	73.4	74.1	31.3	23.5	29	41	19.6	-39.4
Research and development	2.72	3.66	3.52	3.19	2.99	3.48	3.42	4.4	3.99	3.87
Selling, general and administrative							8.03	9.21	9.28	9.7
Operating expenses	10.3	10.4	9.96	8.83	8.97	10.6	11.4	13.6	13.3	13.6
Operating income	36.5	9.89	63.4	65.3	22.3	12.9	17.5	27.4	6.37	-53
Interest expense	0.17	0.17	0.17	0.17	0.15	0.13	0.13	0.14	0.14	0.15
Interest income	6.15	7.81	9.18	10.1	5.65	3.12	4.87	9.58	7.66	3.91
Other non-operating income	4.28	6.76	-3.26	14.5	9.44	3.03	-3.81	10	9.92	3.76
Pre-tax income	40.8	16.6	60.2	79.8	31.8	15.9	13.7	37.4	16.3	-49.2
Income tax	-15.5	-6.86	7.02	-8.39	-14.8	-10.3	-1.47	0	0.79	0.17
Net income	56.3	23.5	53.2	88.2	46.6	26.3	15.2	37.4	15.5	-49.4
EBITDA	47.3	21.5	74.7	77.4	33.5	23.4	28	37.7	15.6	-43.3
EPS, basic	1.29	0.54	1.22	2.02	1.06	0.60	0.35	0.85	0.35	-1.13
EPS, diluted	1.29	0.54	1.22	2.02	1.06	0.60	0.35	0.85	0.35	-1.13
Shares, basic (weighted)	43.5	43.7	43.7	43.7	43.7	43.8	43.8	43.8	43.8	43.9
Shares, diluted (weighted)	43.5	43.7	43.7	43.7	43.7	43.8	43.8	43.8	43.8	43.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	199	115	215	243	198	138	176	219	110	51.3
Short-term investments	106	121	79.9	73.6	64.4	47.2	37.1	0
Receivables	24.4	22	16.3	110	21.4	29.3	26.2	28.4	21.9	9.41
Inventory	52.1	43.8	39.3	37.6	33.9	26.9	26.8	25.4	20.6	29.3
Other current assets	0.67	0.39	1.4	1.49	1.74	1.48	2.38	11	8.68	14.4
Total current assets	405	310	362	481	343	256	274	291	165	109
Property, plant and equipment	118	110	104	98.6	91.5	82.9	76.9	72.7	78.5	86.8
Lease right-of-use assets							1.02	0.39	0	0
Intangible assets	1.41	1.41	1.41	1.41	1.41	0
Other non-current assets	3.88	3.88	3.84	5.61	5.75	5.6	5.25	3.82	4.37	4.92
Total assets	529	426	471	587	441	344	356	367	248	200
Accounts payable	22.8	18.4	20	61.3	12.5	14.9	28.5	22.2	10.5
Accrued liabilities	2.63	2.47	2.74	4.41	5.08	6.08	5.48	4.76	11.1	2.78
Deferred revenue	5.53	21	4.37	5.03	3.77	5.94	3.57	3.66	0.7	1.52
Total current liabilities	144	35.3	39.5	82.8	33	35.1	56.1	41.3	33.3	17.7
Lease liabilities							0.39	0	0	0
Other non-current liabilities	3.33	1.12	4.24	2.39	2.24	1.72	1.79	3.29	1.47	7.05
Total liabilities	196	74	82.1	119	69.4	55.4	73	57.2	41.9	37.7
Paid-in capital	281	282	282	282	282	282	282	282	205	204
Retained earnings	48.2	61.2	107	185	89.5	6.3	0.51	27.4	0.38	-41.1
Other comprehensive income	3.54	8.43	-0.02	0.3	0.21	0.18	-0	0
Shareholders' equity	333	352	389	467	372	289	283	310	206	163
Total equity	333	352	389	467	372	289	283	310	206	163
Total liabilities and equity	529	426	471	587	441	344	356	367	248	200
Shares outstanding	43.7	43.7	43.7	43.7	43.7	43.7	43.8	43.8	43.8	43.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	56.3	23.5	53.2	88.2	46.6	26.3	15.2	37.4	15.5	-49.4
Depreciation and amortization	10.8	11.6	11.2	12.1	11.2	10.5	10.5	10.3	9.21	9.66
Stock-based compensation	1.91	1	0.36	0.02	0.05	0	0.05	0	0.36	1.01
Deferred income tax	-5.27	-13.7	-1.25	-5.15	-0.61	-10.5	-1.82	0	0.77	0.14
Change in receivables	22	2.39	5.68	-94	88.9	-7.93	3.12	-2.21	6.51	12.5
Change in inventory	12.9	8.34	4.46	1.72	3.68	6.97	1.11	-4.45	4.74	-0.61
Change in payables	-11.6	-4.4	1.24
Cash from operations	91	39.3	85.6	34.6	96.4	44.1	52.5	21.3	24.8	-28.7
Capital expenditures	-4.5	-3.58	-4.87	-6.97	-4.46	-1.46	-4.78	-6.02	-14.7	-17.2
Purchases of investments	-60.7	-31	-19.7	-20.1	-5.07	-23.5	0	0
Sales and maturities of investments	30.5	23.3	48.2	31.4	9.8	40.7	1.29	37.7	0	0
Cash from investing	-35.2	-13.2	25.4	4.22	0.47	15	-3.83	33	-14.8	-18.6
Stock issued	0.21			0	0	0.23	0	0
Dividends paid	-10.5	-111	-10.5	-10.5	-142	-120	-10.5	-10.5	-120	-10.5
Cash from financing	-10.5	-111	-10.7	-10.5	-142	-120	-10.5	-10.5	-120	-10.9
Net change in cash	45.2	-84.6	100	28.4	-45.2	-60.6	38.1	43.8	-110	-58.2
Free cash flow	86.5	35.8	80.7	27.7	91.9	42.6	47.7	15.3	10.1	-46
Interest paid			0	0	0	0.05	0	0	0	0.07
Income taxes paid	0.99	0.06	9.18	2.37	0.66	0.08	0.07	0.02	0.46	0.03

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 $5.12 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	-8.3%	Gross profit / revenue.
Operating margin	-18.0%	Operating income / revenue.
EBITDA margin	-11.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-19.8%	Pre-tax income / revenue.
Net margin	-17.2%	Net income / revenue.
FCF margin	-33.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-19.4%	Cash from operations / revenue.
Return on equity (ROE)	-17.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-12.2%	Net income / average total assets.
Return on invested capital (ROIC)	-18.3%	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%.
R&D / revenue	2.0%	Research and development expense / revenue.
SG&A / revenue	7.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	13.8%	Capital expenditures / revenue.
D&A / revenue	6.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-60.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-37.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-14.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-300.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	-931.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-378.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-418.6%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-422.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-215.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-553.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-21.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.9%	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	-15.2%	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	-19.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-17.4%	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	-14.6%	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	0.2%	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	0.1%	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	0.1%	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	4.06x	Current assets / current liabilities.
Quick ratio	1.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.20x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	28.8%	Total liabilities / total assets.
Interest coverage	-184x	Operating income / interest expense.
Working capital	$87.6M	Current assets - current liabilities.
Tangible book value	$153.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.71x	Revenue / average total assets.
Fixed asset turnover	1.64x	Revenue / average property, plant and equipment.
Receivables turnover	7.62x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.60	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	$3.48	Revenue / diluted weighted shares.
FCF per share	-$1.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.68	Cash from operations / diluted weighted shares.
Book value per share	$3.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.49	Tangible book value / shares outstanding.
Cash per share	$0.78	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$224.6M	Share price x shares outstanding.
Enterprise value	$190.2M	Market cap + total debt - cash - short-term investments.
P/S	1.47x	Market cap / revenue.
P/B	1.47x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.47x	Market cap / tangible book value, when positive.
EV/Sales	1.24x	Enterprise value / revenue.
FCF yield	-22.7%	Free cash flow / market cap.
Earnings yield	-11.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.7%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.

What was FutureFuel Corp.'s revenue in fiscal 2025?

FutureFuel Corp. reported revenue of $95.7M for fiscal 2025, 60.7% lower than the year before.

Was FutureFuel Corp. profitable in fiscal 2025?

No. It reported a net loss of $49.4M.

How much free cash flow did FutureFuel Corp. generate in fiscal 2025?

Cash from operations of $28.7M minus capital expenditures of $17.2M left free cash flow of -$46.0M.

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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