American Resources Corporation
AREC Basic Materials Coking Coal
In the quarter to December 2025, revenue grew 84.9%, EPS grew 774.2%, free cash flow fell 100.9% and total debt rose 47.4%, each against the same quarter a year earlier.
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American Resources Corporation (AREC) Piotroski F-score
American Resources Corporation's Piotroski F-score for fiscal 2024 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed, up from 2 in fiscal 2023.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2024 | 5 | 3.00 |
| FY2023 | 2 | (4.00) |
| FY2022 | 6 | 1.00 |
| FY2021 | 5 | 3.00 |
| FY2020 | 2 | 0.00 |
| FY2019 | 2 | (2.00) |
| FY2018 | 4 | — |
How fiscal 2024’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (22.59%) | (63.87%) | Fail | 0 |
| Positive operating cash flow | 1.99m | (19.52m) | Pass | 1 |
| Rising return on assets | (22.59%) | (63.87%) | Pass | 1 |
| Cash flow above net income | 41.11m | 19.01m | Pass | 1 |
| Falling long-term leverage | 0.03 | 0.15 | Pass | 1 |
| Rising current ratio | 0.56 | 0.48 | Pass | 1 |
| No new shares issued | 77,223,000 | 75,144,400 | Fail | 0 |
| Rising gross margin | (1,456.89%) | 35.92% | Fail | 0 |
| Rising asset turnover | 0.00 | 0.20 | Fail | 0 |
| Piotroski F-score | Mixed | 5 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| AREC American Resources Corporation | 5 |
| AMR Alpha Metallurgical Resources, Inc. compare | 4 |
| METCB Ramaco Resources, Inc. compare | 3 |
| METC Ramaco Resources, Inc. compare | 3 |
| HCC Warrior Met Coal compare | 3 |
| SXC SunCoke Energy, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover