Saturday 17 October 2026 Export ARQ’s income statement to Excel — free account

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. In the quarter to June 2026, revenue grew 4.54%, EPS grew 60.0%, free cash flow grew 46.2% and total debt rose 6.99%, each against the same quarter a year earlier. Dividend growth for three consecutive years; insiders bought in the last twelve months.

1.79 0.07 −3.76%

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Market cap: $81.0M
P/E: 0.0×
Fwd P/E: 78.0×
Dividend yield: —
F-score: 3/9
Altman Z: 1.16
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.91

Total sells 0.04

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	3	—	—	—	4	—	—	—	—	—	3	—
Sell	—	—	—	—	—	—	1	—	—	—	—	—

Insider Ownership 24.45%

Capital & Financial Ratios $m

Market Cap 81.00

Revenue 123.44

Net Income (52.08)

Free Cash Flow (0.11)

Net Debt 29.80

Current Ratio 1.03

Debt/Equity 0.18

P/E ratio 0.00

Fwd P/E 78.00

P/S ratio 0.61

P/B ratio 0.45

Past 5Y EPS Growth —

This Y EPS Growth 99.15%

Next Y EPS Growth 253.56%

Next Y revenue growth 3.13%

Next 5Y EPS Growth 82.62%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 9.80%

10-year low 10-year high

P/B against its own 10 years 12.52%

10-year low 10-year high

EV/Sales against its own 10 years 17.86%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2022	Powerpack
2021	Powerpack
2020	0.25	0.25
2019	1.00	0.25 0.25 0.25 0.25
2018	1.00	0.25 0.25 0.25 0.25
2017	0.75	0.25 0.25 0.25

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	45	14	7	1
Receivables	—	—	—	20
Inventory	20	19	16	19
Other	—	—	—	—
	86	52	44	47

	2023	2024	2025	Q'26
Payables	15	21	15	15
ST’ Debt	3	15	20	23
Other	6	8	7	8
	23	45	42	46

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	29	30	—	—	—
’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)	—	—	—
’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)	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.02)	(0.02)	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	3.20	7.65	7.00	9.17	3.52	4.60	2.11	1.17	2.50	3.18	Analyst estimates 2026–2028 Powerpack
	High	9.89	12.25	12.37	15.34	12.63	8.41	7.25	3.78	8.26	7.89
People
People	Employees	25	29	128	133	136	139	147	173	203	205
	Revenue/emp, $m	2.02	1.56	0.19	0.53	0.50	0.72	0.70	0.57	0.54	0.59
Income, $m
Income, $m	Revenue	51	45	24	70	67	100	103	99	109	120
	Gross margin, %	21.34	29.71	73.89	29.45	25.18	34.62	21.87	32.12	36.20	27.87
	EBT	37	52	46	48	(14)	76	(9)	(12)	(5)	(53)
	EBT margin, %	72.58	114.68	191.59	67.83	(20.47)	75.85	(8.46)	(12.20)	(4.84)	(43.71)
	Net income	98	28	35	36	(20)	60	(9)	(12)	(5)	(53)
	Depreciation	5	1	1	9	10	9	6	11	9	57
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
	Earnings	4.40	1.30	1.78	1.96	(1.12)	3.31	(0.48)	(0.42)	(0.14)	(1.27)
	Cash flow	(0.83)	(0.55)	(0.50)	3.43	3.00	1.42	(0.33)	(0.57)	0.29	(0.07)
	Capex	(0.01)	(0.02)	(0.02)	(0.43)	(0.37)	(0.29)	(0.42)	(0.95)	0.00	0.00
	Free cash flow	(0.84)	(0.57)	(0.52)	3.00	2.62	1.13	(0.74)	(1.52)	0.29	(0.07)
	Book value	3.47	3.44	3.41	5.97	4.72	8.07	7.59	6.13	6.03	4.05
	Shares, m	22	21	20	18	18	18	18	29	36	42
Valuation, ×
Valuation, ×	P/E	2.14	7.31	5.96	5.36	0.00	1.99	0.00	0.00	0.00	0.00
	P/S	4.13	4.47	8.77	2.72	1.47	1.21	0.42	0.84	2.50	1.13
	P/B	2.75	2.76	3.09	1.76	1.16	0.82	0.31	0.46	1.26	0.81
	EV/Sales	3.90	4.14	11.09	3.18	1.37	0.46	(0.18)	0.59	2.61	1.31
	EV/FCF	(10.69)	(15.41)	(25.64)	4.10	1.95	2.24	1.33	(1.32)	26.74	(13.12)
Cash, $m
Cash, $m	Operating cash flow	(18)	(12)	(10)	62	54	26	(6)	(17)	10	(3)
	Capex	0	0	0	(8)	(7)	(5)	(8)	(28)	0	0
	Free cash flow	(18)	(12)	(10)	54	47	21	(14)	(44)	11	(3)
Balance, $m
Balance, $m	Working capital	15	30	19	8	19	86	82	63	8	2
	Total debt	—	—	74	44	24	4	5	21	25	28
	Net debt	(27)	(31)	56	32	(7)	(75)	(62)	(24)	11	22
	Shareholders’ equity	76	73	68	108	85	147	140	178	217	168
Returns, %
Returns, %	ROA	116.23	29.35	29.27	21.31	(12.67)	36.37	(4.86)	(5.88)	(1.97)	(20.43)
	ROIC	(20.44)	(6.05)	(3.24)	(6.62)	(32.77)	4.17	(9.65)	(5.41)	(0.54)	(17.43)
	ROE	381.65	37.26	50.15	40.33	(20.98)	51.96	(6.21)	(7.69)	(2.58)	(27.31)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ADUR Aduro Clean Technologies Inc.	$357.0M	— (loss-making)	—	−97.97% (below 0%: shrinking)	n/m	+31.19% (above 0%: growing)	100.00%	(309,633.33%)	Compare
ERII Energy Recovery, Inc.	$338.9M	22.9×	— (loss-making)	−57.24% (below 0%: shrinking)	n/m	+284.72% (above 0%: growing)	74.67%	(49.05%)	Compare
ARQ Arq, Inc.	$81.0M	— (loss-making)	78.0×	+4.54% (above 0%: growing)	n/m	+46.21% (above 0%: growing)	38.52%	(0.23%)
ZONE Zone Frontier Inc.	$60.6M	— (loss-making)	—	−0.40% (below 0%: shrinking)	n/m	−2,753.59% (below 0%: shrinking)	49.85%	(1,129.57%)	Compare
FTEK Fuel Tech, Inc.	$44.3M	— (loss-making)	— (loss-making)	+16.68% (above 0%: growing)	n/m	−1,603.51% (below 0%: shrinking)	41.25%	(24.13%)	Compare
SCWO 374Water Inc.	$43.9M	— (loss-making)	—	+280.17% (above 0%: growing)	n/m	+85.28% (above 0%: growing)	87.67%	(71.70%)	Compare
BCHT Birchtech Corp.	$31.8M	— (loss-making)	— (loss-making)	+16.50% (above 0%: growing)	n/m	−68.00% (below 0%: shrinking)	27.24%	(42.81%)	Compare
CLIR ClearSign Technologies Corporation	$16.7M	— (loss-making)	— (loss-making)	+321.05% (above 0%: growing)	n/m	−137.48% (below 0%: shrinking)	40.71%	(267.50%)	Compare
LIQT LiqTech International, Inc.	$12.3M	— (loss-making)	— (loss-making)	−11.98% (below 0%: shrinking)	n/m	−99.23% (below 0%: shrinking)	8.38%	(53.44%)	Compare
Median of peers	$44.1M	—	—	+8.05%	—	−83.61%	45.55%	(62.57%)

All 18 Pollution & Treatment Controls stocks →

Arq, Inc. (ARQ) key facts

Strength: Arq, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $120.3 million, up 10.4% from fiscal 2024.
Arq, Inc. (ARQ) is a Pollution & Treatment Controls company in the Industrials sector, listed on Nasdaq.
As of October 16, 2026, ARQ traded at $1.79, a market capitalization of $81.0 million.
Return on equity was −27.3% and debt-to-equity 0.18.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 1.16 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.