REX American Resources Corporation
- Open
- 46.01
- Day high
- 48.01
- Day low
- 45.68
- Prev close
- 46.10
- Volume
- 164K
- Mkt cap
- $1.6B
- P/E (TTM)
- 16.8
- EPS (TTM)
- $2.81
- P/B
- 2.5
- P/S
- 2.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$4.6M over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions accumulating (13F)
REX American Resources Corporation (REX) is a Basic Materials company listed on NYSE. The stock is up 77% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
REX American Resources Corporation (REX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
REX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 28, 2026 | $0.14 | $0.56 | +290.2% | $156M | -6.4% |
| Mar 26, 2026 | $0.14 | $1.32 | +810.3% | $158M | -2.5% |
| Dec 4, 2025 | $0.27 | $0.71 | +167.9% | $176M | +3.9% |
| Aug 27, 2025 | $0.19 | $0.22 | +15.8% | $159M | -3.9% |
| May 28, 2025 | $0.34 | $0.51 | +50.0% | $158M | -1.7% |
| Mar 26, 2025 | $0.27 | $0.63 | +133.3% | $158M | -1.7% |
| Dec 3, 2024 | $0.72 | $1.38 | +91.7% | $175M | +13.6% |
| May 22, 2024 | $0.40 | $0.58 | +45.0% | $161M | -6.4% |
| Nov 30, 2023 | $0.69 | $1.49 | +115.9% | $221M | +15.3% |
| Aug 30, 2023 | $0.66 | $0.52 | -21.2% | $212M | +8.6% |
| May 25, 2023 | $0.08 | $0.30 | +275.0% | $213M | +5.5% |
| Mar 23, 2023 | $0.31 | $0.47 | +51.6% | $200M | -7.0% |
REX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | ROSE STUART Adirector, officer: Executive COB | Sell | 15,186 | $43.64 |
| Jun 18, 2026 | ROSE STUART Adirector, officer: Executive COB | Sell | 69,335 | $43.77 |
| Jun 17, 2026 | Rizvi Zafar Adirector, officer: CEO, President | Grant | 41,514 | — |
| Jun 17, 2026 | ELCAN CHARLES Adirector | Grant | 2,327 | — |
| Jun 17, 2026 | FISHER LEEdirector | Grant | 2,096 | — |
| Jun 17, 2026 | Rizvi Zafar Adirector, officer: CEO, President | Tax | 13,838 | $42.97 |
| Jun 17, 2026 | KRESS EDWARD Mdirector, officer: Secretary | Grant | 2,327 | — |
| Jun 17, 2026 | Bustos Cheryl Leadirector | Grant | 2,327 | — |
| Jun 17, 2026 | FISHER LEEdirector | Grant | 2,327 | — |
| Jun 17, 2026 | HARRIS DAVIDdirector | Grant | 3,144 | — |
| Jun 17, 2026 | KRESS EDWARD Mdirector, officer: Secretary | Grant | 2,096 | — |
| Jun 17, 2026 | ELCAN CHARLES Adirector | Grant | 2,096 | — |
| Jun 17, 2026 | ROSE STUART Adirector, officer: Executive COB | Grant | 28,508 | — |
| Jun 17, 2026 | Alphonso Mervyn Ldirector | Grant | 2,327 | — |
| Jun 17, 2026 | HARRIS DAVIDdirector | Grant | 2,909 | — |
Source: REX SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full REX insider & 13F page →REX American Resources Corporation company profile
Overview
REX American Resources Corporation (NYSE:REX) is a specialty chemicals company that transitioned from retail operations to become a leading ethanol producer in the United States. Originally founded in 1980 as REX Stores Corporation, the company operated retail electronics and appliance stores before pivoting to the renewable fuels sector and rebranding in 2010. Today, REX operates ethanol production facilities and is investing heavily in carbon capture and sequestration technology to reduce the carbon intensity of its ethanol products. The company is headquartered in Dayton, Ohio, and has maintained profitability for 18 consecutive quarters as of 2024.
Business
REX American Resources operates in the renewable fuels industry, specifically focused on ethanol production and related agricultural byproducts. The company's core business revolves around converting corn into ethanol, a biofuel that is blended with gasoline to reduce emissions and extend fuel supplies. Ethanol Production represents the company's primary revenue stream, accounting for the majority of its business. Ethanol is a renewable fuel made from corn and other plant materials that serves as an oxygenate additive in gasoline. In the United States, most gasoline contains 10% ethanol (E10), though higher blends like E15 (15% ethanol) are becoming more common. REX produces approximately 290 million gallons of ethanol annually from its facilities, with plans to expand capacity to over 200 million gallons at its primary One Earth Energy facility. The company also generates significant revenue from agricultural byproducts created during ethanol production. Dry Distillers Grains with Solubles (DDGS) is a high-protein animal feed produced as a byproduct of ethanol manufacturing, with REX selling approximately 632,000 tons annually. Corn oil is another valuable byproduct, with the company selling around 88 million pounds per year. These byproducts are essential for the economics of ethanol production, as they help offset the costs of corn feedstock. REX is also investing heavily in carbon capture and sequestration (CCS) technology, which represents a strategic initiative rather than a current revenue source. This technology captures carbon dioxide emissions from ethanol production and stores them underground permanently, significantly reducing the carbon intensity of the ethanol produced. This positions REX to benefit from federal tax credits and premium pricing for low-carbon ethanol.
Revenue model
REX American Resources generates revenue primarily through product sales in commodity markets. The company sells ethanol to fuel blenders and distributors who mix it with gasoline for retail distribution. Ethanol pricing is influenced by gasoline prices, corn costs, and federal renewable fuel standards that mandate minimum ethanol blending levels. The company's customers include fuel distributors, gasoline blenders, and agricultural feed companies. Ethanol sales follow commodity market pricing, typically ranging between $1.60-$2.40 per gallon based on recent performance. The agricultural byproducts (DDGS and corn oil) are sold to animal feed manufacturers and food processing companies. Several factors significantly impact REX's profit margins. Corn prices represent the largest input cost, with corn typically accounting for 60-70% of production costs. When corn prices rise due to weather, crop yields, or export demand, margins compress significantly. Natural gas prices also affect margins, as ethanol production is energy-intensive. Gasoline prices positively correlate with ethanol demand and pricing, as higher gasoline prices make ethanol blending more economical. Federal renewable fuel standards (RFS) create mandatory demand for ethanol by requiring minimum blending levels in gasoline. Changes to these standards or new tax incentives like the 45Z credit (potentially $1 per gallon for low-carbon ethanol) can dramatically improve margins. Transportation costs and logistics also impact profitability, as rail delays and shipping bottlenecks can disrupt sales and increase costs. The company's planned carbon capture project represents a potential margin enhancement opportunity, as low-carbon ethanol commands premium pricing and qualifies for substantial federal tax credits under sections 45Q and 45Z of the tax code.
Competitive moat
REX American Resources operates in a commodity business with limited sustainable competitive advantages. The ethanol industry is characterized by relatively standardized production processes and commodity pricing, making it difficult to establish strong moats. The company's primary competitive position stems from operational efficiency and strategic location. REX's facilities are located in the Midwest corn belt, providing access to low-cost feedstock and proximity to major transportation networks. The company has maintained consistent profitability through operational excellence and conservative financial management, but these advantages are not insurmountable barriers to competition. REX's most significant potential moat lies in its carbon capture and sequestration investment. The company is among the first ethanol producers to implement comprehensive CCS technology, which could provide a meaningful competitive advantage if low-carbon fuel regulations tighten or carbon pricing becomes more prevalent. This technology investment of over $200 million creates a barrier to entry for smaller competitors and positions REX to capture premium pricing for low-carbon ethanol. However, the company faces substantial competitive threats. Large agricultural conglomerates like Archer Daniels Midland and Cargill have greater scale and integration advantages. Electric vehicle adoption represents a long-term existential threat to liquid fuel demand. Policy changes affecting renewable fuel standards or ethanol tax incentives could significantly impact the industry's economics. The ethanol industry also faces potential disruption from alternative renewable fuels like sustainable aviation fuel (SAF) or renewable diesel, which may capture investment and policy support. REX's relatively small scale compared to integrated agricultural giants limits its ability to influence commodity pricing or secure preferential supply agreements.
Risks & safety
REX American Resources demonstrates a strong margin of safety with exceptional financial strength and conservative capital structure. • Cash Position: $196 million in cash and short-term investments with an additional $163 million in longer-term investments, totaling approximately $359 million in liquid assets • Debt Level: Minimal debt with debt-to-equity ratio of only 3.8%, providing substantial financial flexibility • Current Ratio: 8.6x current ratio indicates strong short-term liquidity • Solvency Risk: Virtually no solvency risk given strong cash position and minimal debt obligations • Valuation Metrics: Trading at 16.6x P/E ratio and 8.5x EV/EBITDA, reasonable for a profitable commodity business • Graham Number: Stock price of $37.90 is well below Graham number of $48.56, suggesting potential undervaluation • Free Cash Flow: Generated $64 million in operating cash flow for fiscal 2024, though free cash flow was negative due to major capital investments • Other Considerations: Company has maintained profitability for 18 consecutive quarters and continues aggressive share buyback program, reducing share count by 3.7% in 2024
Recent development
Over the past several years, REX has executed a strategic transformation focused on carbon intensity reduction and capacity expansion. The company's most significant initiative is a comprehensive carbon capture and sequestration project at its One Earth Energy facility, representing a total investment of $222-230 million. This project involves constructing capture and compression equipment to permanently sequester carbon dioxide emissions underground, positioning REX to benefit from federal tax credits and premium pricing for low-carbon ethanol. The company has substantially completed the capture and compression portions of the CCS project and is awaiting EPA Class VI injection well permits, with approval expected by October 2025. This technology investment represents one of the first comprehensive CCS implementations in the ethanol industry and could provide REX with a significant competitive advantage in the evolving low-carbon fuel market. Simultaneously, REX has been expanding its ethanol production capacity at the One Earth Energy facility from 150 million gallons to an initial target of 175 million gallons annually, with equipment capable of reaching 200-220 million gallons. This expansion, originally targeted for completion by mid-2025, has been extended to ensure installation of more flexible, energy-efficient equipment that can accommodate future growth without additional major capital investments. The company has also been actively returning capital to shareholders through an aggressive share repurchase program, buying back 654,276 shares (3.7% of outstanding shares) in fiscal 2024. Management has indicated continued focus on organic growth opportunities while maintaining optionality for potential acquisitions or further capacity expansions at other facilities.
REX company profile · for informational purposes only — not investment advice.
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