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Arq, Inc.

ARQ Industrials Pollution & Treatment Controls

Arq, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $120.3 million, up 10.4% from fiscal 2024.

Revenue
+8.94%
EPS
+395.5%
Free cash flow
+106.4%
Total debt
+9.14%

Quarter to September 2026, against a year earlier

2.49 0.09 +3.75%
Market cap
$104.8M
P/E
0.0×
Fwd P/E
−88.5×
Dividend yield
—
F-score
3/9
Altman Z
1.16
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.56
Sold, $m 0.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 4 — — — — — 3 — —
Sell — — — — — 1 — — — — — —
Insider Ownership 24.85%

Capital & Financial Ratios $m

Size
Market Cap 104.81
Revenue ttm 126.58
Net income ttm (48.69)
Free cash flow ttm 4.93
Net debt Q 20.47
Valuation
P/E 0.00
Forward P/E (88.50) (negative: loss-making)
Price / sales 0.83
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.61
Financial health
Current ratio Q 1.20
Debt / equity Q 0.16 (at or below 0.5: strong)
Interest coverage Q 4.05
Growth
Revenue growth Q +8.94% (above 0%: growing)
Operating income growth Q +390.70% (above 0%: growing)
EPS, this year +98.75% (at or above 15%: strong)
EPS, next year A +173.59% (at or above 15%: strong)
Revenue, next year A +3.13%
EPS, past 5 yrs —
EPS, next 5 yrs A +82.62% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.8×; over the ten years it ranged from −0.2× in 2022 to 13.1× in 2018.
P/S against its own 10 years 17.85%
10-year low 10-year high
P/B against its own 10 years 22.58%
10-year low 10-year high
EV/Sales against its own 10 years 23.27%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–22
−100.0%/yr
  1. 0.75 ’17
  2. 1.00 ’18 +33
  3. 1.00 ’19 +0
  4. 0.25 ’20 −75
  5. 0.00 ’21 −100
  6. 0.00 ’22
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 45 14 7 8
Receivables — — — 20
Inventory 20 19 16 17
Other — — — —
86 52 44 51
2023 2024 2025 Q'26
Payables 15 21 15 15
ST’ Debt 3 15 20 20
Other 6 8 7 7
23 45 42 42

Compound Annual Growth %

10y 5y 3y
Sales 6.73% 12.30% 5.33%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 14.54% 6.26%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.04 Actual 0.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.05 −0.07 Miss by 0.02
Q1 FY26 −0.02 −0.02 Met by 0.00
Q2 FY26 0.01 0.00 Miss by 0.01
Q3 FY26 0.04 0.06 Beat by 0.02
Q4 FY26 −0.01 — Reports 8 March 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.02) (0.02) 0.06 — —
’25 0.00 (0.05) (0.02) (1.20) (1.27)
’24 (0.09) (0.06) 0.04 (0.03) (0.14)
’23 (0.32) (0.21) (0.07) 0.10 (0.42)
’22 (0.17) (0.02) (0.13) (0.17) (0.48)
’21 0.75 0.90 1.31 0.31 3.27
’20 (0.11) (1.32) 0.27 0.02 (1.12)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 29 30 38 — —
’25 27 29 35 29 120
’24 22 25 35 27 109
’23 21 20 30 28 99
’22 26 25 28 23 103
’21 23 21 31 26 100
’20 12 11 19 24 67
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 0 (3) 10 — —
’25 (6) 1 5 (3) (3)
’24 1 (3) 8 5 10
’23 (18) (3) 0 4 (17)
’22 2 0 (1) (6) (6)
’21 22 (4) 7 1 26
’20 13 11 11 19 54
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 0 (3) 10 — —
’25 (10) (5) 5 (2) (3)
’24 (9) (22) 36 5 11
’23 (21) (10) (7) (6) (44)
’22 1 (1) (5) (9) (14)
’21 21 (7) 6 1 21
’20 12 8 10 17 47
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 51 45 24 70 67 100 103 99 109 120 127 +10.1% 124 139 160 +10.0%
Gross margin, % 21.34 29.71 73.89 29.45 25.18 34.62 21.87 32.12 36.20 27.87 32.08 +6.5 pt
EBT 37 52 46 48 (14) 76 (9) (12) (5) (53) (49) n/m
EBT margin, % 72.58 114.68 191.59 67.83 (20.47) 75.85 (8.46) (12.20) (4.84) (43.71) (38.41) (116.3) pt
Net income 98 28 35 36 (20) 60 (9) (12) (5) (53) (49) n/m
Per share, $
Per share, $ Revenue 2.31 2.12 1.20 3.86 3.73 5.49 5.58 3.41 3.02 2.90 2.99 +2.6%
Earnings 4.40 1.30 1.78 1.96 (1.12) 3.31 (0.48) (0.42) (0.14) (1.27) (1.18) n/m
Cash flow (0.83) (0.55) (0.50) 3.43 3.00 1.42 (0.33) (0.57) 0.29 (0.07) 0.12 (24.6%)
Capex (0.01) (0.02) (0.02) (0.43) (0.37) (0.29) (0.42) (0.95) 0.00 0.00 0.00 n/m
Free cash flow (0.84) (0.57) (0.52) 3.00 2.62 1.13 (0.74) (1.52) 0.29 (0.07) 0.12 (24.7%)
Book value 3.47 3.44 3.41 5.97 4.72 8.07 7.59 6.13 6.03 4.05 4.06 +1.7%
Shares, m 22 21 20 18 18 18 18 29 36 42 42 +7.4%
Valuation, ×
Valuation, × P/E 2.14 7.31 5.96 5.36 0.00 1.99 0.00 0.00 0.00 0.00 0.00 2.3
P/S 4.13 4.47 8.77 2.72 1.47 1.21 0.42 0.84 2.50 1.13 0.83 2.8
P/B 2.75 2.76 3.09 1.76 1.16 0.82 0.31 0.46 1.26 0.81 0.61 1.5
EV/Sales 3.90 4.14 11.09 3.18 1.37 0.46 (0.18) 0.59 2.61 1.31 0.99 2.8
EV/FCF (10.69) (15.41) (25.64) 4.10 1.95 2.24 1.33 (1.32) 26.74 (13.12) (28.86) (3.0)
Cash, $m
Cash, $m Operating cash flow (18) (12) (10) 62 54 26 (6) (17) 10 (3) 5 (19.0%)
Capex 0 0 0 (8) (7) (5) (8) (28) 0 0 (9) n/m
Free cash flow (18) (12) (10) 54 47 21 (14) (44) 11 (3) 5 (19.2%)
Balance, $m
Balance, $m Working capital 15 30 19 8 19 86 82 63 8 2 8 (22.4%)
Net debt (27) (31) 56 32 (7) (75) (62) (24) 11 22 20 n/m
Shareholders’ equity 76 73 68 108 85 147 140 178 217 168 172 +9.2%
Returns, %
Returns, % ROA 116.23 29.35 29.27 21.31 (12.67) 36.37 (4.86) (5.88) (1.97) (20.43) (19.02) (136.7) pt
ROIC (20.44) (6.05) (3.24) (6.62) (32.77) 4.17 (9.65) (5.41) (0.54) (17.43) (15.82) +3.0 pt
ROE 381.65 37.26 50.15 40.33 (20.98) 51.96 (6.21) (7.69) (2.58) (27.31) (25.00) (409.0) pt
People
People Employees 25 29 128 133 136 139 147 173 203 205 — +26.3%
Revenue/emp, $m 2.02 1.56 0.19 0.53 0.50 0.72 0.70 0.57 0.54 0.59 — (12.9%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Arq, Inc. vs peers in Pollution & Treatment Controls (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PCT PureCycle Technologies, Inc. $377.7M — (loss-making) — (loss-making) −3.33% (below 0%: shrinking) n/m +7.59% (above 0%: growing) (1,209.58%) (1,594.68%) Compare
ERII Energy Recovery, Inc. $342.5M 74.3× — (loss-making) −65.01% (below 0%: shrinking) n/m −166.25% (below 0%: shrinking) 37.49% (87.49%) Compare
ADUR Aduro Clean Technologies Inc. $325.6M — (loss-making) — −97.97% (below 0%: shrinking) n/m +23.13% (above 0%: growing) 100.00% 0.00% Compare
CDZI Cadiz, Inc. $306.1M — (loss-making) — (loss-making) −76.27% (below 0%: shrinking) n/m −66.49% (below 0%: shrinking) (2.45%) (902.45%) Compare
ARQ Arq, Inc. $104.8M — (loss-making) — (loss-making) +8.94% (above 0%: growing) n/m +106.38% (above 0%: growing) 39.70% 8.18%
SCWO 374Water Inc. $42.8M — (loss-making) — +280.17% (above 0%: growing) n/m +85.28% (above 0%: growing) 87.67% (71.70%) Compare
FTEK Fuel Tech, Inc. $41.5M — (loss-making) — (loss-making) +15.83% (above 0%: growing) n/m −159.84% (below 0%: shrinking) 45.01% (6.03%) Compare
BCHT Birchtech Corp. $27.1M — (loss-making) — (loss-making) +16.50% (above 0%: growing) n/m −68.00% (below 0%: shrinking) 27.24% (42.81%) Compare
TOMZ TOMI Environmental Solutions, Inc. $17.8M — (loss-making) — (loss-making) +117.91% (above 0%: growing) n/m −531.53% (below 0%: shrinking) 61.65% (10.86%) Compare
Median of peers $174.5M — — +6.25% — −67.24% 41.25% (57.25%)

All 16 Pollution & Treatment Controls stocks →

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 142.98k 71.21k 134.57
2023 2.09m 1.43m 122.63

Ownership

Directors and executive officers, together 20.10%
Julian McIntyre 7.58%
Allard Services Limited 7.44%
Jeremy Blank 5.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Arq, Inc. (ARQ) Latest News

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire
Impact 3 · · GuruFocus.com
Impact 3 · · Moby
Impact 3 · · Zacks

4 Nov

Impact 3 · · GlobeNewswire

13 Oct

Impact 3 · · Zacks

30 Sep

Impact 3 · · GlobeNewswire

17 Aug

Impact 3 · · The Motley Fool transcript

11 Aug

Impact 4 · transcript
Impact 3 · · Moby transcript

10 Aug

Impact 4 ·

6 Jun

Impact 3 · · Simply Wall St.

1 Jun

Impact 3 · · The Motley Fool transcript

6 May

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

14 Apr

Impact 3 · · TMX Newsfile

10 Mar

Impact 4 · · GuruFocus.com
Impact 3 · · Simply Wall St.

9 Mar

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks

23 Feb

Impact 4 · · Simply Wall St.

8 Feb

Impact 3 · · Simply Wall St.

23 Jan

Impact 4 · · Simply Wall St.

9 Jan

Impact 4 · · Simply Wall St.Simply Wall St.Simply Wall St.Insider MonkeySimply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

24 Dec

Impact 4 · · Insider MonkeyInsider MonkeySimply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Insider Monkey

22 Dec

Impact 4 · · Simply Wall St.Simply Wall St.Simply Wall St.Insider MonkeySimply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

10 Dec

Impact 4 · · Insider Monkey

8 Dec

Impact 4 ·

7 Nov

Impact 4 · · GuruFocus.com transcript
stockrow.com/ARQ · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com