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American Resources Corp (AREC) stock

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NASDAQ: AREC Nasdaq Coal & Consumable Fuels

American Resources Corp is a US-listed company in the coal & consumable fuels industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 87 sales by directors and officers, last 12 monthsInsider trades
  • Funds66 adding, 51 cuttingOf 22 active managers that changed their stake, 8 added; quarter to June 30, 2026Fund buyers and sellers

The Fundamentalytics view

American Resources Corp's trailing-twelve-month revenue fell 99.7% year on year, with a free-cash-flow margin of 68300.6%.

Current signal Operating margin expanding: TTM operating margin reached 36412.1%, up 37740.1pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 36412.1% of revenue is left as operating profit.
  • Margins widening. Operating margin is up 37740.1 points on a year ago.
  • Strong cash generation. 68300.6% of revenue turned into free cash flow.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 99.7% over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 490.3% of revenue: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 88.1% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 98% and a beta of 2.9 against the S&P 500.
  • Growth easing. The growth rate is 4.0 points lower than a quarter earlier.
  • Weak cash conversion. Free cash flow was -35% of net income over the last 12 months.

Latest results: FY2025 Q4

Filed May 20, 2026
Earnings per share
-$0.07 against an average estimate of -$0.15: beat by 50.6%
Next report
August 31, 2026; average EPS estimate -$0.12

American Resources' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-11.1%
  • 1 week-0.5%
  • 1 month-39.4%
  • This year-55.6%
  • 1 year-71.4%
  • 5 years-52.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
-$28,022
Operating margin
36412.1%
Net margin
123932.6%

Growth

Revenue growth
−99.7%
Change in growth rate
−4.0 pts

Earnings

Last results
November 14, 2024

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Announcement
  3. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

American Resources Corp valuation models and calculator

No model value for American Resources Corp at the moment. Current status: data-quality checks not passed. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.44 −223% $9m 0%
Next $0.84 +291% $327m +3533%

Next year's EPS estimate has moved 0.0% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is 0.0% on 90 days ago. In the last 30 days, 0 analysts raised American Resources Corp's forecast and 1 cut it.

Consensus EPS forecast American Resources Corp, last 90 days
−$0.50 $0.00 $0.50 $1.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.44 Current fiscal year, 60 days ago: −$0.44 Current fiscal year, 30 days ago: −$0.44 Current fiscal year, 7 days ago: −$0.44 Current fiscal year, Now: −$0.44 −$0.44 Next fiscal year, 90 days ago: $0.84 Next fiscal year, 60 days ago: $0.84 Next fiscal year, 30 days ago: $0.84 Next fiscal year, 7 days ago: $0.84 Next fiscal year, Now: $0.84 $0.84

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.44$0.84
60 days ago −$0.44$0.84
30 days ago −$0.44$0.84
7 days ago −$0.44$0.84
Now −$0.44$0.84

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2025 −$0.15 −$0.07 +50.6%
Mar 2025 −$0.10 −$0.08 +16.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

3 analysts, Oct 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026123
  2. Sep 2026123
  3. Aug 2026123
  4. Jul 202622

Counts of recommendations published by analysts covering American Resources Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
17.7%
of tradable shares
Days to cover
10.15
at average volume
Short interest, 1 month
+36%
to October 15, 2026
Held by institutions
26%
of shares
Held by insiders
19.2%
of shares
Employees
7
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AREC−8%−27%+13%−32%+146%−56%
Industry peers (median)+196%+73%+71%−11%+22%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AREC33%42%50%50%50%18%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AREC−78%−66%−42%−76%−69%−75%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since June 30, 2017: 97% from December 3, 2018 to April 8, 2025. Getting back needed a 3374% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.08 – $4.30
From 52-week high
−74.8%
vs 50-day average
−39.7%
vs 200-day average
−53.0%
Volatility (1 year)
98%
Beta vs S&P 500
2.85

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±10.7%
After a week
4 up, 8 down
typical move ±9.5%
After a month
5 up, 7 down
typical move ±17.2%
Results releasedNext dayS&P 500 next day5 days21 days
November 14, 2024 −26.7% −1.9% −12.2% −5.7%
August 19, 2024 −12.9% +0.8% −10.3% −4.8%
May 21, 2024 +1.2% 0.0% −1.2% −42.4%
March 28, 2024 −7.6% −0.2% −3.4% +1.4%
November 14, 2023 +24.8% +2.2% +31.0% +15.1%
August 14, 2023 −22.9% −0.6% −20.6% −28.0%
May 15, 2023 −0.7% −0.3% +4.7% +15.4%
March 30, 2023 +11.9% +2.0% −0.8% −14.9%
November 15, 2022 −3.5% +0.1% −1.2% −28.9%
August 15, 2022 +2.4% +0.6% −2.8% +23.8%
May 16, 2022 +12.1% +1.6% +15.7% +5.7%
March 29, 2022 −1.7% +0.6% +9.8% −20.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) American Resources Corp
-$20M $0 $20M $40M FY22 Q2 FY23 Q1 FY23 Q4 FY25 Q1 Revenue (TTM), FY22 Q2: $32.6M Revenue (TTM), FY22 Q3: $39.3M Revenue (TTM), FY22 Q4: $39.5M Revenue (TTM), FY23 Q1: $39.3M Revenue (TTM), FY23 Q2: $25M Revenue (TTM), FY23 Q3: $21.4M Revenue (TTM), FY23 Q4: $11.8M Revenue (TTM), FY24 Q1: $3M Revenue (TTM), FY24 Q2: $1.1M Revenue (TTM), FY24 Q3: -$4.5M Revenue (TTM), FY24 Q4: $34.1K Revenue (TTM), FY25 Q1: -$28K -$28K

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY22 Q2 $32.6M
FY22 Q3 $39.3M
FY22 Q4 $39.5M
FY23 Q1 $39.3M
FY23 Q2 $25M
FY23 Q3 $21.4M
FY23 Q4 $11.8M
FY24 Q1 $3M
FY24 Q2 $1.1M
FY24 Q3 -$4.5M
FY24 Q4 $34.1K
FY25 Q1 -$28K
Revenue growth, TTM YoY American Resources Corp
-2000% 0% 2000% 4000% 6000% FY21 Q4 FY22 Q3 FY23 Q2 FY24 Q4 Revenue growth, TTM YoY, FY21 Q4: 631.8% Revenue growth, TTM YoY, FY22 Q1: 2981.5% Revenue growth, TTM YoY, FY22 Q2: 4480.6% Revenue growth, TTM YoY, FY22 Q3: 1116.9% Revenue growth, TTM YoY, FY22 Q4: 409.0% Revenue growth, TTM YoY, FY23 Q1: 133.4% Revenue growth, TTM YoY, FY23 Q2: -23.3% Revenue growth, TTM YoY, FY23 Q3: -45.7% Revenue growth, TTM YoY, FY23 Q4: -70.1% Revenue growth, TTM YoY, FY24 Q1: -92.2% Revenue growth, TTM YoY, FY24 Q2: -95.7% Revenue growth, TTM YoY, FY24 Q4: -99.7% -99.7%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY21 Q4 631.8%
FY22 Q1 2981.5%
FY22 Q2 4480.6%
FY22 Q3 1116.9%
FY22 Q4 409.0%
FY23 Q1 133.4%
FY23 Q2 -23.3%
FY23 Q3 -45.7%
FY23 Q4 -70.1%
FY24 Q1 -92.2%
FY24 Q2 -95.7%
FY24 Q4 -99.7%
Operating margin (TTM) American Resources Corp
-40000% -20000% 0% 20000% 40000% FY22 Q2 FY23 Q1 FY23 Q4 FY25 Q1 Operating margin (TTM), FY22 Q2: -76.3% Operating margin (TTM), FY22 Q3: -55.1% Operating margin (TTM), FY22 Q4: -49.4% Operating margin (TTM), FY23 Q1: -46.2% Operating margin (TTM), FY23 Q2: -84.0% Operating margin (TTM), FY23 Q3: -71.7% Operating margin (TTM), FY23 Q4: -307.7% Operating margin (TTM), FY24 Q1: -1328.0% Operating margin (TTM), FY24 Q2: -3704.4% Operating margin (TTM), FY24 Q3: 1096.6% Operating margin (TTM), FY24 Q4: -35075.3% Operating margin (TTM), FY25 Q1: 36412.1% 36412.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY22 Q2 -76.3%
FY22 Q3 -55.1%
FY22 Q4 -49.4%
FY23 Q1 -46.2%
FY23 Q2 -84.0%
FY23 Q3 -71.7%
FY23 Q4 -307.7%
FY24 Q1 -1328.0%
FY24 Q2 -3704.4%
FY24 Q3 1096.6%
FY24 Q4 -35075.3%
FY25 Q1 36412.1%
FCF margin (TTM) American Resources Corp
-100000% -50000% 0% 50000% 100000% FY17 Q2 FY19 Q3 FY23 Q4 FY25 Q1 FCF margin (TTM), FY17 Q2: -40.2% FCF margin (TTM), FY17 Q3: -25.0% FCF margin (TTM), FY17 Q4: -27.9% FCF margin (TTM), FY19 Q3: -41.5% FCF margin (TTM), FY19 Q4: -79.8% FCF margin (TTM), FY20 Q1: -70.1% FCF margin (TTM), FY23 Q4: -195.7% FCF margin (TTM), FY24 Q1: -632.3% FCF margin (TTM), FY24 Q2: -2705.5% FCF margin (TTM), FY24 Q3: 765.6% FCF margin (TTM), FY24 Q4: -64387.1% FCF margin (TTM), FY25 Q1: 68300.6% 68300.6%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY17 Q2 -40.2%
FY17 Q3 -25.0%
FY17 Q4 -27.9%
FY19 Q3 -41.5%
FY19 Q4 -79.8%
FY20 Q1 -70.1%
FY23 Q4 -195.7%
FY24 Q1 -632.3%
FY24 Q2 -2705.5%
FY24 Q3 765.6%
FY24 Q4 -64387.1%
FY25 Q1 68300.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Sept 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 0 8 21 32 24 1 8 39 12 0 0
Gross profit 0 — 19 7 −2 −3 1 18 — — —
EBITDA −0 −24 −15 −9 −55 −15 −26 −17 −34 −14 −11
Operating income −0 −22 −13 −11 −60 −16 −28 −19 −36 −14 −11
Net income −0 −22 −13 −13 −71 −10 −33 −1 −39 −39 55
Diluted EPS −$0.01 $0.00 −$8.20 −$1.84 −$1.47 −$0.17 −$0.59 — −$0.51 −$0.51 $0.63
Growth (year on year)
Revenue — +>999% +173.9% +51.4% −22.4% −95.7% +631.8% +409.0% −70.1% −99.7% −100.0%
Margins
Gross margin 3.5% — 92.4% 20.7% −6.6% −253.8% 8.6% 45.1% — — —
EBITDA margin −595.6% −317.2% −70.5% −28.7% −226.2% <−999% −339.8% −43.9% −288.0% <−999% —
Operating margin −643.9% −287.5% −60.4% −36.5% −244.9% <−999% −365.3% −49.4% −307.7% <−999% —
Net margin −711.9% −290.6% −60.5% −40.5% −289.7% −967.8% −419.1% −3.7% −325.9% <−999% —
Free-cash-flow margin — −77.0% −27.9% −11.1% −79.8% — — — −195.7% <−999% —
Cash flow
Cash from operations — −6 −6 −3 −19 −14 −29 3 −20 −21 −10
Capital spending — 0 0 0 0 — — — 4 1 0
Free cash flow — −6 −6 −3 −20 — — — −23 −22 −10
Stock-based pay 0 0 0 1 0 — — 1 4 4 9
Free cash flow after stock pay — −6 −6 −4 −20 — — — −27 −26 −20
Balance sheet
Cash — 1 0 3 0 11 13 11 1 0 32
Total debt 0 9 15 36 48 20 14 12 46 46 1
Net debt (negative = net cash) — 8 14 34 48 8 1 1 45 46 −31
Diluted shares 44m — 2m 7m 48m 59m 55m 67m 75m 77m 87m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Who owns it

Funds buying and selling
Reported value
$59.2M
Institutions reporting
98
Shares held vs prior quarter
▼ 5.5%
Positions opened / closed
44 / 34

Top buyers and sellers, Q2 2026: 66 institutions bought and 51 sold ; the biggest buyer was Blackrock, Inc (+5.2M shares) and the biggest seller Driehaus Capital Management LLC (−2.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $14.8M 6.9M 24.9% ▲ 301.3%
Vanguard Capital Management LLC $9.2M 4.3M 15.6% ▲ 12.5%
Geode Capital Management, LLC $4.6M 2.1M 7.8% ▲ 139.1%
Susquehanna International Group, LLP $3.9M 1.8M 6.5% ▼ 23.6%
Citigroup Inc $2.9M 1.4M 4.9% ▼ 8.9%
UBS Group AG $2.6M 1.2M 4.5% ▲ 50.1%
Citadel Advisors LLC $2.4M 1.1M 4.1% ▼ 46.5%
State Street Corp $2.1M 958K 3.5% ▲ 161.0%
Northern Trust Corp $1.4M 668K 2.4% ▲ 322.1%
Vanguard Portfolio Management LLC $1.3M 597K 2.2% New
Vanguard Fiduciary Trust Co $1.2M 545K 2.0% ▲ 19.4%
Morgan Stanley $1.1M 530K 1.9% ▼ 16.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not American Resources Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $4.3M 87 trades by 1 insider · 0% under pre-set plans
Net ▼ $4.3M net selling
Insider Date Trade Shares Price Value
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.16 $41,600
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.14 $41,400
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.23 $42,300
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.21 $42,100
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.15 $41,500
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.07 $40,700
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.06 $40,600
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.08 $40,800
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.10 $41,000
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.09 $40,900
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.11 $41,100
Golden Properties Ltd. 10% owner November 10, 2025 Sell 10,000 $4.13 $41,300

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 12, 2025 estimated from the company's past filing pattern, not announced

  • November 14, 2024
  • August 19, 2024
  • May 21, 2024
  • March 28, 2024
  • November 14, 2023
  • August 14, 2023

Recent SEC filings

Data status

When each part of this page on American Resources Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

American Resources Corp in brief

What does American Resources Corp do?
American Resources Corp is a US-listed company in the coal & consumable fuels industry. Its financial year ends in December.
What is American Resources Corp's stock ticker?
American Resources Corp trades under the ticker AREC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is American Resources Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, American Resources Corp reported revenue of -$28,022, 99.7% lower than a year earlier, according to its SEC filings.
What is American Resources Corp's free cash flow?
American Resources Corp's free-cash-flow margin is 68300.6% of revenue over the trailing twelve months.
Who are American Resources Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Geode Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is American Resources Corp's market cap?
On December 31, 2025, American Resources Corp's market capitalisation was about $213M, with a price-to-earnings ratio of 3.8 and net debt of -$30.7M. Market figures come from third-party market data and may be delayed.
Are insiders buying or selling American Resources Corp stock?
Over the last 12 months, American Resources Corp's directors and officers reported 0 open-market purchases and 87 sales on Form 4. The insider trading page charts every trade.