undamentalytics Newsletter
Sign in

Arq, Inc. (ARQ) stock

Add to watchlist

Add holding +

NASDAQ: ARQ Nasdaq Specialty Chemicals Next results ~November 4, 2026

D Fundamentals grade

Arq, Inc. is a US-listed company in the specialty chemicals industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$0.4

Revenue-to-maturity cash-flow model

Base case. Range —–$0.9 across our lower- and higher-growth cases (0%–9.9% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Arq, Inc. valuation: adjust assumptions and compare models →

Who’s trading

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

  • Insiders7 buying, 1 selling15 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds63 adding, 46 cuttingOf 22 active managers that changed their stake, 16 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Arq files

Where Arq stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $123m, up 4.9% on a year earlier, slower than the 6.7% growth a quarter earlier. Free-cash-flow margin rose to -4.1% from -46.2% a year earlier. Operating margin narrowed to -43.0% from 1.1%. The diluted share count is up 5.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 3 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.38 a share, against a share price of $1.78.

Source: 10-Q filed August 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Arq, Inc.'s trailing-twelve-month revenue grew 4.9% year on year, with a free-cash-flow margin of -4.1%. Where it stands out: long-term debt as % of assets of 3.5% ranks 7 of 36 specialty chemicals companies we cover. Where it lags: stock pay as % of revenue of 3.1% ranks 29 of 36 specialty chemicals companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 90.7% while net income fell 2374.1%: a 2465pp divergence.

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

Nothing in Arq, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -43.0%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 44.1 points on a year ago.
  • Burning cash. Free cash flow was -4.1% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 5.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 82% and a beta of 1.3 against the S&P 500.

Latest results: FY2026 Q2

Filed August 10, 2026
Earnings per share
$0.01 against an average estimate of -$0.03: beat by 130.3%
Revenue
$30m, up 4.5% on a year earlier
Share reaction
+9.1% in the first session after the results on August 10, 2026, against -0.3% for the S&P 500
Guidance given
revenue $120m to $125m (full year 2026); adjusted EBITDA $17m to $20m (full year 2026)
Next report
November 4, 2026; average EPS estimate $0.04

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

Price chart

  • 1 day+2.3%
  • 1 week+4.0%
  • 1 month-6.7%
  • This year-44.6%
  • 1 year-72.7%
  • 5 years-73.0%
  • 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)
$123M
Operating margin
-43.0%
Net margin
-42.6%
EPS (TTM, diluted)
$-1.27

Growth

Revenue growth
+4.9%
Change in growth rate
−1.8 pts
Share count change
+5.8%

Cash

Free cash flow (TTM)
-$5.1M
FCF margin
-4.1%
Stock pay % of revenue
3.1%

Earnings

Last results
August 10, 2026
Next results (est.)
November 4, 2026

News & updates

Updated October 31, 2026

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

  1. Leadership
  2. Results
  3. Guidance
  4. Leadership

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

Arq, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Arq, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.97 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$0.4 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$1.4 ~$2.2–$7.2 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$0.6 ~$0.4–$1.4 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Arq, Inc. with Specialty Chemicals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$5.41$7.00$7.89$9.50$10.29$5.50$6.62$2.43$2.98$7.57$3.27$1.81
Market value$118m$156m$169m$190m$189m$99m$122m$45m$87m$273m$136m$75m
+ Net debt (− = net cash)$17m−$13m−$31m−$19m−$12m$6m−$74m−$61m−$20m$25m$41m$51m
Enterprise value$135m$142m$138m$172m$177m$106m$49m−$16m$67m$298m$177m$126m
Multiples
Price / sales 1.9x3.1x3.7x7.9x2.7x1.5x1.2x0.4x0.9x2.5x1.1x0.6x
Price / earnings —1.6x6.1x5.4x5.3x—2.0x—————
Price / free cash flow ————3.5x2.1x6.2x—————
EV / EBITDA ——————3.8x——45.0x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Arq's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 10 / 20

    Net income has been a median 6.9% of total assets over 10 years.

  • Pricing power 4 / 20

    Gross margin has been a median 31.6%, moving by 17.3 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -19.8%; its worst year was -68.4%.

  • Cash conversion 4 / 20

    Free cash flow was positive in 4 of 10 years, at a median -16.4% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 127.4% over five years; stock-based pay has been a median 3.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $35m and EPS of $0.04 (range $0.03 to $0.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.01 +89% $124m +3%
Next $0.04 +400% $139m +12%

Next year's EPS estimate has moved 0.0% in 90 days, across 2 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −166.7% on 90 days ago. In the last 30 days, 0 analysts raised Arq, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Arq, Inc., last 90 days
−$0.02 $0.00 $0.02 $0.04 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.02 Current fiscal year, 60 days ago: $0.02 Current fiscal year, 30 days ago: $0.02 Current fiscal year, 7 days ago: $0.02 Current fiscal year, Now: −$0.01 −$0.01 Next fiscal year, 90 days ago: $0.04 Next fiscal year, 60 days ago: $0.04 Next fiscal year, 30 days ago: $0.04 Next fiscal year, 7 days ago: $0.04 Next fiscal year, Now: $0.04 $0.04

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.02$0.04
60 days ago $0.02$0.04
30 days ago $0.02$0.04
7 days ago $0.02$0.04
Now −$0.01$0.04

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.03 $0.01 +130.3%
Mar 2026 −$0.03 −$0.02 +25.0%
Dec 2025 −$0.05 −$0.11 −111.1%
Sept 2025 $0.02 −$0.01 −139.1%

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

Management guidance

Earnings release, August 10, 2026
  • revenue full year 2026 $120m to $125m Maintained
    “Reaffirmed full year 2026 guidance of revenue between $120 - $125 million and Adjusted EBITDA of $17 - $20 million” source
  • Adjusted EBITDA full year 2026 $17m to $20m Non-GAAP Maintained
    “Reaffirmed full year 2026 guidance of revenue between $120 - $125 million and Adjusted EBITDA of $17 - $20 million” source
  • capex full-year 2026 $8m to $10m Maintained
    “Reiterated full-year 2026 capex guidance of $8 to $10 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202644

Counts of recommendations published by analysts covering Arq, Inc., 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
1.3%
of tradable shares
Days to cover
2.09
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
36%
of shares
Held by insiders
26.0%
of shares
Employees
201
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

What moved the share price

Last 12 months −72.7%

$6.64 on October 31, 2025 to $1.81

ThenNowEffect
Revenue (last 12 months) $118m $123m +4.9%
P/S multiple 2.2x 0.6x −72.5%
Share count 39m 41m −5.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ARQ+20%−63%+23%+154%−57%−45%
Industry peers (median)+17%−25%−9%+6%−13%+6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ARQ42%25%42%58%25%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ARQ−27%−69%−66%−36%−59%−57%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 91% from September 30, 2019 to June 20, 2023. Getting back needed a 1037% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.64 – $6.60
From 52-week high
−72.6%
vs 50-day average
−9.8%
vs 200-day average
−26.6%
Volatility (1 year)
82%
Beta vs S&P 500
1.27

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
6 up, 6 down
typical move ±16.1%
After a week
7 up, 5 down
typical move ±20.0%
After a month
7 up, 5 down
typical move ±24.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 10, 2026 +9.1% −0.3% +11.1% +4.8%
May 6, 2026 +9.3% +1.1% +7.6% +9.7%
March 10, 2026 −44.4% −0.3% −40.9% −33.8%
November 5, 2025 −36.0% −0.7% −42.3% −41.2%
August 11, 2025 +8.8% +0.9% +8.6% +5.3%
May 7, 2025 −16.2% +1.1% −5.4% +24.7%
March 5, 2025 −0.6% −0.7% +6.2% −16.6%
February 7, 2025 −3.0% −0.2% −5.7% −19.8%
November 7, 2024 +15.0% +1.2% +12.1% +20.4%
August 12, 2024 +8.5% +1.7% +24.4% +6.2%
May 8, 2024 −3.4% +0.6% −7.9% −20.8%
March 12, 2024 +38.7% +0.9% +67.3% +88.0%

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.

Arq, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Arq, Inc.
$90M $100M $110M $120M $130M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $94.5M Revenue (TTM), FY23 Q4: $99.2M Revenue (TTM), FY24 Q1: $100.1M Revenue (TTM), FY24 Q2: $105.1M Revenue (TTM), FY24 Q3: $110M Revenue (TTM), FY24 Q4: $109M Revenue (TTM), FY25 Q1: $114.5M Revenue (TTM), FY25 Q2: $117.6M Revenue (TTM), FY25 Q3: $117.9M Revenue (TTM), FY25 Q4: $120.3M Revenue (TTM), FY26 Q1: $122.1M Revenue (TTM), FY26 Q2: $123.4M $123.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $94.5M
FY23 Q4 $99.2M
FY24 Q1 $100.1M
FY24 Q2 $105.1M
FY24 Q3 $110M
FY24 Q4 $109M
FY25 Q1 $114.5M
FY25 Q2 $117.6M
FY25 Q3 $117.9M
FY25 Q4 $120.3M
FY26 Q1 $122.1M
FY26 Q2 $123.4M
Revenue growth, TTM YoY Arq, Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -10.3% Revenue growth, TTM YoY, FY23 Q4: -3.7% Revenue growth, TTM YoY, FY24 Q1: 2.8% Revenue growth, TTM YoY, FY24 Q2: 12.9% Revenue growth, TTM YoY, FY24 Q3: 16.4% Revenue growth, TTM YoY, FY24 Q4: 9.9% Revenue growth, TTM YoY, FY25 Q1: 14.3% Revenue growth, TTM YoY, FY25 Q2: 12.0% Revenue growth, TTM YoY, FY25 Q3: 7.2% Revenue growth, TTM YoY, FY25 Q4: 10.4% Revenue growth, TTM YoY, FY26 Q1: 6.7% Revenue growth, TTM YoY, FY26 Q2: 4.9% 4.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -10.3%
FY23 Q4 -3.7%
FY24 Q1 2.8%
FY24 Q2 12.9%
FY24 Q3 16.4%
FY24 Q4 9.9%
FY25 Q1 14.3%
FY25 Q2 12.0%
FY25 Q3 7.2%
FY25 Q4 10.4%
FY26 Q1 6.7%
FY26 Q2 4.9%
Operating margin (TTM) Arq, Inc.
-60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -21.0% Operating margin (TTM), FY23 Q4: -13.4% Operating margin (TTM), FY24 Q1: -8.5% Operating margin (TTM), FY24 Q2: -3.6% Operating margin (TTM), FY24 Q3: 0.7% Operating margin (TTM), FY24 Q4: -1.8% Operating margin (TTM), FY25 Q1: 1.5% Operating margin (TTM), FY25 Q2: 1.1% Operating margin (TTM), FY25 Q3: -1.3% Operating margin (TTM), FY25 Q4: -44.2% Operating margin (TTM), FY26 Q1: -44.9% Operating margin (TTM), FY26 Q2: -43.0% -43.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -21.0%
FY23 Q4 -13.4%
FY24 Q1 -8.5%
FY24 Q2 -3.6%
FY24 Q3 0.7%
FY24 Q4 -1.8%
FY25 Q1 1.5%
FY25 Q2 1.1%
FY25 Q3 -1.3%
FY25 Q4 -44.2%
FY26 Q1 -44.9%
FY26 Q2 -43.0%
FCF margin (TTM) Arq, Inc.
-80% -60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -50.1% FCF margin (TTM), FY23 Q4: -44.5% FCF margin (TTM), FY24 Q1: -32.0% FCF margin (TTM), FY24 Q2: -41.7% FCF margin (TTM), FY24 Q3: -39.0% FCF margin (TTM), FY24 Q4: -68.6% FCF margin (TTM), FY25 Q1: -65.6% FCF margin (TTM), FY25 Q2: -46.2% FCF margin (TTM), FY25 Q3: -38.6% FCF margin (TTM), FY25 Q4: -9.4% FCF margin (TTM), FY26 Q1: -2.0% FCF margin (TTM), FY26 Q2: -4.1% -4.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -50.1%
FY23 Q4 -44.5%
FY24 Q1 -32.0%
FY24 Q2 -41.7%
FY24 Q3 -39.0%
FY24 Q4 -68.6%
FY25 Q1 -65.6%
FY25 Q2 -46.2%
FY25 Q3 -38.6%
FY25 Q4 -9.4%
FY26 Q1 -2.0%
FY26 Q2 -4.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. 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 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 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 LTM Jun 2026
Income
Revenue 16 13 17 63 51 45 24 70 67 100 103 99 109 120 123
Gross profit — — — — — — — — — — — 32 39 34 36
EBITDA −14 −31 −40 −40 −15 −3 −6 −8 −32 13 −6 −3 7 −41 −40
Operating income −15 −32 −42 −42 −16 −4 −6 −15 −41 5 −12 −13 −2 −53 −53
Net income −13 −16 1 −30 98 28 35 36 −20 60 −9 −12 −5 −53 −53
Diluted EPS −$0.65 −$0.78 $0.06 −$1.37 $4.34 $1.29 $1.76 $1.93 −$1.12 $3.27 −$0.48 −$0.42 −$0.14 −$1.27 −$1.27
Growth (year on year)
Revenue — −18.6% +27.4% +270.7% −19.3% −10.4% −47.2% +192.7% −3.9% +48.9% +2.7% −3.7% +9.9% +10.4% +4.9%
EBITDA — — — — — — — — — — −144.2% — — −721.1% −449.2%
Operating income — — — — — — — — — — −348.7% — — — —
Net income — — — <−999% — −71.5% +27.2% +0.2% −157.1% — −114.8% — — — —
Diluted EPS — — — <−999% — −70.3% +36.4% +9.7% −158.0% — −114.7% — — — —
Margins
Gross margin — — — — — — — — — — — 32.1% 36.2% 27.9% 28.8%
EBITDA margin −85.5% −230.4% −236.1% −63.4% −29.9% −7.4% −23.7% −10.7% −48.2% 12.7% −5.5% −2.8% 6.1% −34.2% −32.3%
Operating margin −91.0% −242.8% −247.1% −66.6% −31.8% −9.1% −26.7% −21.2% −60.8% 4.8% −11.7% −13.4% −1.8% −44.0% −43.0%
Net margin −80.5% −120.3% 8.2% −48.0% 193.0% 61.4% 148.1% 50.7% −30.1% 60.2% −8.7% −12.3% −4.7% −43.7% −42.6%
Free-cash-flow margin −124.6% −92.8% −246.6% −48.4% −36.6% −27.0% −43.2% 77.6% 70.3% 19.7% −14.5% −44.5% −68.6% −9.4% −4.1%
Cash flow
Cash from operations −16 −10 −40 −30 −18 −12 −10 62 54 26 −6 −17 10 −3 −0
Capital spending 4 2 2 1 0 0 0 8 7 6 9 28 85 9 5
Free cash flow −20 −12 −42 −30 −19 −12 −10 54 47 20 −15 −44 −75 −11 −5
Stock-based pay 1 2 5 7 3 2 2 2 2 2 2 3 3 3 4
Free cash flow after stock pay −21 −15 −46 −37 −21 −14 −13 52 45 18 −17 −47 −77 −15 −9
Balance sheet
Cash 8 38 25 9 13 31 19 12 36 79 66 45 14 7 1
Total debt 5 0 16 26 0 0 — — 42 5 6 26 39 48 52
Net debt (negative = net cash) −2 −38 −9 17 −13 −31 −19 −12 6 −74 −61 −20 25 41 51
Diluted shares 20m 20m 22m 22m 22m 21m 20m 18m 18m 18m 18m 29m 36m 42m 41m
Returned to shareholders
Dividends — — — 0 0 16 20 18 5 0 0 0 — — —
Buybacks — — — 0 0 16 25 6 0 0 — — — — —
Total returned — — — 0 0 32 46 24 5 0 0 0 — — —

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.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $233m
Short-term assets $47mLonger-term assets $186m
What it owes, and who funded it · $233m
Short-term liabilities $46mLonger-term liabilities $19mShareholders' equity $168m
  • Short-term assets cover short-term liabilities $47m of assets due within a year against $46m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $47m short-term assets against $19m of longer-dated liabilities.
  • More cash than debt $906,000 of cash against $31m of debt.
  • Debt below 40% of shareholders' equity Debt is 18% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 2% to 18% over five years.
  • A year's operating cash flow covers at least 20% of debt −$113,000 of operating cash flow against $31m of debt.
  • Operating profit covers interest at least five times over Operating income of −$53m against $3m of interest.

From Arq, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+5.8%
year over year
R&D spending
4.6%
of revenue
Sales & admin spending
20.0%
of revenue
Days sales outstanding
59 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in specialty chemicals
Last 12 months unless stated ARQ NL NTIC GEVO AMTX FTK Median
Revenue, last 12 months $123m $162m $92m $178m $220m $293m $906m
Revenue growth, last 12 months 4.9% 6.0% 7.7% 121.4% −1.7% 36.8% 5.4%
Revenue growth, 3-year average 9.9% 0.3% 5.0% 168.7% 5.8% 15.0% 0.9%
Revenue growth, latest quarter 4.5% 8.0% 12.6% 7.1% 20.0% 70.3% 8.3%
Gross margin 28.8% 32.1% 35.8% <−999% 10.9% 24.7% 28.8%
Operating margin −43.0% 9.2% 3.0% −102.8% −5.3% 12.8% 4.3%
Operating margin, 3-year average −15.2% 14.4% 5.8% −222.2% −13.1% 8.4% 5.5%
Net margin −42.6% −15.8% −1.3% −119.9% −27.4% 13.0% 0.8%
Cash from operations / revenue −0.1% 6.9% −2.3% −9.2% −1.6% −0.8% 6.9%
Free-cash-flow margin −4.1% 5.0% −3.5% −31.9% −17.9% −1.6% 4.3%
Free-cash-flow margin, 3-year average −30.7% 0.8% 1.9% −239.6% −14.3% −1.6% 5.1%
Stock pay / revenue 3.1% — 1.4% 5.5% 2.3% 1.1% 1.0%
Change in share count 5.8% 0.0% −2.4% 2.8% 28.8% 17.5% 0.1%

Median of all 42 companies we cover in specialty chemicals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

42 specialty chemicals companies
Measure Company Peer median Rank
Revenue growth Growth 4.9% 6.0% 22 of 42
Change in growth rate Growth -1.8pp +1.3pp 32 of 42
Gross margin Profitability 28.8% 31.5% 21 of 40
Operating margin Profitability -43.0% 3.8% 30 of 39
Net margin Profitability -42.6% 1.7% 32 of 42
Free-cash-flow margin Cash generation -4.1% 4.8% 31 of 42
Stock pay as % of revenue Cash generation 3.1% 1.0% 29 of 36
Long-term debt as % of assets Balance sheet 3.5% 26.8% 7 of 36
Change in share count Balance sheet 5.8% 0.0% 28 of 37
Days sales outstanding Balance sheet 59 days 59 days 16 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $111M 92.6% ▲ 10.2%
Canada $8.9M 7.4% ▲ 13.5%

From Arq, Inc.'s 10-K filed March 10, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$39.5M
Institutions reporting
97
Shares held vs prior quarter
▲ 5.7%
Positions opened / closed
27 / 23

Top buyers and sellers, Q2 2026: 63 institutions bought and 46 sold ; the biggest buyer was AQR Capital Management LLC (+728K shares) and the biggest seller Blackrock, Inc (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Royce & Associates LP $4.8M 1.9M 12.0% ▲ 6.5%
AQR Capital Management LLC $4.6M 1.8M 11.7% ▲ 67.1%
Vanguard Capital Management LLC $3.7M 1.5M 9.4% ▲ 2.3%
Marshall Wace, LLP $2.2M 880K 5.7% ▲ 8.7%
Peapod Lane Capital LLC $2M 788K 5.1% ▲ 1.6%
Dimensional Fund Advisors LP $1.5M 607K 3.9% ▼ 20.3%
Renaissance Technologies LLC $1.5M 598K 3.9% ▲ 45.7%
Jane Street Group, LLC $1.3M 509K 3.3% ▲ 168.2%
Blackrock, Inc. $1.3M 509K 3.3% ▼ 75.7%
Dcf Advisers, LLC $1.2M 462K 3.0% ▲ 40.8%
Truffle Hound Capital, LLC $1.1M 420K 2.7% New
Geode Capital Management, LLC $1M 400K 2.6% ▼ 50.1%

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 Arq, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $907,464 15 trades by 7 insiders, last 12 months Insider sales History → $37,929 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $869,535 net buying
Insider Date Trade Shares Price Value
Steinmetz Shimon Chief Financial Officer September 8, 2026 Buy 1,098 $2.34 $2,569
Steinmetz Shimon Chief Financial Officer September 8, 2026 Buy 1,874 $2.34 $4,385
Steinmetz Shimon Chief Financial Officer September 4, 2026 Buy 4,356 $2.27 $9,888
Steinmetz Shimon Chief Financial Officer September 4, 2026 Buy 1,402 $2.29 $3,211
Steinmetz Shimon Chief Financial Officer September 3, 2026 Buy 7,500 $2.22 $16,650
Steinmetz Shimon Chief Financial Officer September 3, 2026 Buy 8,770 $2.23 $19,557
Voncannon Jay Loring Chief Financial Officer May 4, 2026 Sell 16,709 $2.27 $37,929
Campbell-Breeden Richard Director March 23, 2026 Buy 150,000 $2.21 $331,500
Wong Joseph M Chief Technology Officer March 17, 2026 Buy 10,000 $1.89 $18,900
Smith Claiborne Benson Gen Counsel, Corp Secretary March 16, 2026 Buy 1,000 $1.92 $1,920
Eicher Carol S Director March 13, 2026 Buy 77,500 $1.95 $151,125
Smith Claiborne Benson Gen Counsel, Corp Secretary March 12, 2026 Buy 1,000 $1.92 $1,920

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 November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 10, 2026
  • May 6, 2026
  • March 10, 2026
  • November 5, 2025
  • August 11, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Arq, Inc. 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.

Arq, Inc. in brief

What does Arq, Inc. do?
Arq, Inc. is a US-listed company in the specialty chemicals industry. Its financial year ends in December.
What is Arq, Inc.'s stock ticker?
Arq, Inc. trades under the ticker ARQ on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Arq, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Arq, Inc. reported revenue of $123M, 4.9% higher than a year earlier, according to its SEC filings.
What is Arq, Inc.'s free cash flow?
Arq, Inc.'s free-cash-flow margin is -4.1% of revenue over the trailing twelve months, ranking 31 of the 42 specialty chemicals companies we cover.
Who are Arq, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Royce & Associates LP, AQR Capital Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Arq, Inc.'s market cap?
On November 2, 2026, Arq, Inc.'s market capitalisation was about $75.1M and net debt of $51.4M. Market figures come from third-party market data and may be delayed.
How much debt does Arq, Inc. have?
Arq, Inc.'s debt-to-equity ratio is 18.3%, from its latest balance sheet (2.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Arq, Inc.'s competitors?
In our Specialty Chemicals peer group, the companies closest to Arq, Inc. are NLI Holdings, Inc., Northern Technologies International Corp, Gevo, Inc., Aemetis, Inc and Flotek Industries Inc. The side-by-side comparison below sets their revenue, margins and growth against Arq, Inc.'s.
Are insiders buying or selling Arq, Inc. stock?
Over the last 12 months, Arq, Inc.'s directors and officers reported 15 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Arq, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Arq, Inc. announces its own schedule.