Arq Inc
ARQ—
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Arq Inc AI Insights
Informational only. Not investment advice.Snapshot
- CapEx of 50.8M TTM is 43% of revenue - heavy investment phase driving -45.5M FCF despite positive 9.5M EBITDA[Capital Expenditure TTM]
- Gross profit down 25% YoY while maintaining 33% gross margin - volume decline, not pricing erosion[Gross Profit 1Y Growth]
- P/B of 0.65x with tangible book of 209.9M vs 136M market cap - trading below liquidation value[Price to Book Ratio]
Watch Triggers
- Capital Expenditure TTM: Falls below 20M (17% of revenue) — Signals investment phase ending, FCF inflection imminent
- Gross Profit TTM: Returns to positive YoY growth — Confirms demand recovery and validates capacity expansion
- Cash and Equivalents: Falls below 5M without credit facility draw — Would indicate potential dilutive equity raise or covenant risk
Bull Case
Trading at 0.65x book with 198M PPE infrastructure in place - market assigns near-zero value to growth optionality
Price to Book RatioPPETangible Book Value
R&D spend of 6.8M (5.8% of revenue) vs 37.6M industry median signals differentiated product development
Research and Development TTMTotal Revenue TTM
Bear Case
Gross profit down 25% YoY with negative operating income (-1M) - demand deterioration before CapEx payback
Gross Profit 1Y GrowthOperating Income TTM
Cash of 7M vs current debt of 17M and current liabilities of 40M - liquidity stress if revenue doesn't recover
Cash and EquivalentsCurrent DebtCurrent Liabilities
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
CapEx cycle completion should flip FCF positive within 12-18 months
1-3ymed
- CapEx at 43% of revenue is unsustainable long-term
- PPE of 198M now 71% of total assets - build-out maturing
- Positive EBITDA of 9.5M shows underlying operational viability
FCF -45.5M driven by CapEx, not operationsOperating cash flow positive at 5.2M TTMDebt/equity only 0.16x - capacity to fund transition
Valuation Context
Caveats
ARQ Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$88.43M | — | ||
$122.09M | — | ||
0.00 | — | ||
$122.14M | +6.7% | — | |
$-1.29 | — | ||
-8.10% | -9.8% | — | |
-43.9% | -42.6% | — | |
$-2.47M | — | ||
-27.8% | -27.0% | — | |
Beta 5Y (Monthly) | unknown | — |
ARQ Dividend History
12 dividends
2020
$0.250002/20/20$0.2500
2019
$1.000011/25/19$0.2500
08/16/19$0.2500
05/17/19$0.2500
02/15/19$0.2500
2018
$1.000011/19/18$0.2500
08/17/18$0.2500
05/21/18$0.2500
02/20/18$0.2500
2017
$0.750011/16/17$0.2500
08/17/17$0.2500
06/26/17$0.2500
ARQ Stock Splits
1 stock split
03/17/140.5:1 split
ARQ SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/06/26 | 03/31/26 | 10-Q | |
03/10/26 | 12/31/25 | 10-K | |
11/05/25 | 09/30/25 | 10-Q | |
08/11/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
03/05/25 | 12/31/24 | 10-K | |
11/07/24 | 09/30/24 | 10-Q | |
08/12/24 | 06/30/24 | 10-Q | |
05/08/24 | 03/31/24 | 10-Q | |
03/12/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
03/08/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/15/22 | 06/30/22 | 10-Q | |
05/09/22 | 03/31/22 | 10-Q | |
03/08/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
08/09/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
03/10/21 | 12/31/20 | 10-K | |
11/09/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/11/20 | 03/31/20 | 10-Q | |
03/16/20 | 12/31/19 | 10-K | |
11/12/19 | 09/30/19 | 10-Q | |
08/05/19 | 06/30/19 | 10-Q | |
05/06/19 | 03/31/19 | 10-Q | |
03/18/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/06/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
03/12/18 | 12/31/17 | 10-K | |
11/06/17 | 09/30/17 | 10-Q | |
08/07/17 | 06/30/17 | 10-Q | |
05/08/17 | 03/31/17 | 10-Q | |
03/13/17 | 12/31/16 | 10-K | |
11/08/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
05/10/16 | 03/31/16 | 10-Q | |
04/19/16 | 12/31/15 | 10-K | |
04/19/16 | 09/30/15 | 10-Q | |
04/19/16 | 06/30/15 | 10-Q | |
04/19/16 | 03/31/15 | 10-Q | |
02/29/16 | 12/31/14 | 10-K | |
04/19/16 | 09/30/14 | 10-Q | |
04/19/16 | 06/30/14 | 10-Q | |
04/19/16 | 03/31/14 | 10-Q | |
04/19/16 | 12/31/13 | 10-K | |
11/12/13 | 09/30/13 | 10-Q | |
08/09/13 | 06/30/13 | 10-Q | |
05/10/13 | 03/31/13 | 10-Q | |
03/18/13 | 12/31/12 | 10-K | |
03/17/16 | 12/31/12 | 10-K/A | |
11/09/12 | 09/30/12 | 10-Q | |
08/09/12 | 06/30/12 | 10-Q | |
05/10/12 | 03/31/12 | 10-Q | |
03/15/12 | 12/31/11 | 10-K | |
11/14/11 | 09/30/11 | 10-Q | |
08/12/11 | 06/30/11 | 10-Q | |
10/19/12 | 06/30/11 | 10-Q/A | |
05/13/11 | 03/31/11 | 10-Q | |
10/19/12 | 03/31/11 | 10-Q/A | |
03/28/11 | 12/31/10 | 10-K | |
11/12/10 | 09/30/10 | 10-Q | |
10/19/12 | 09/30/10 | 10-Q/A | |
08/16/10 | 06/30/10 | 10-Q | |
10/19/12 | 06/30/10 | 10-Q/A | |
05/13/10 | 03/31/10 | 10-Q | |
10/19/12 | 03/31/10 | 10-Q/A | |
10/19/12 | 12/31/09 | 10-K/A | |
03/29/10 | 12/31/09 | 10-K | |
11/16/09 | 09/30/09 | 10-Q | |
08/13/09 | 06/30/09 | 10-Q | |
05/14/09 | 03/30/09 | 10-Q | |
03/27/09 | 12/31/08 | 10-K | |
09/30/08 | 09/30/08 | Unknown | -- |
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12/31/03 | 12/31/03 | Unknown | -- |
11/14/03 | 09/30/03 | 10QSB | |
11/04/04 | 09/30/03 | 10QSB | |
08/07/03 | 06/30/03 | 10QSB | |
08/05/04 | 06/30/03 | 10QSB | |
05/13/04 | 03/30/03 | 10QSB |