Art's-Way Manufacturing Co., Inc.
ARTW Industrials Farm & Heavy Construction Machinery
Art's-Way Manufacturing Co., Inc.’s revenue for fiscal 2025 (year ended November 2025) was $23.0 million, down 6.22% from fiscal 2024. In the quarter to August 2026, revenue fell 12.7%, EPS fell 153.8%, free cash flow grew 100.9% and total debt rose 21.4%, each against the same quarter a year earlier.
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Art's-Way Manufacturing Co., Inc. (ARTW) Piotroski F-score
Art's-Way Manufacturing Co., Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 7 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (4.00) |
| FY2024 | 7 | 1.00 |
| FY2023 | 6 | 2.00 |
| FY2022 | 4 | (1.00) |
| FY2021 | 5 | 3.00 |
| FY2020 | 2 | (3.00) |
| FY2019 | 5 | 3.00 |
| FY2018 | 2 | (2.00) |
| FY2017 | 4 | 1.00 |
| FY2016 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 4.73% | 1.35% | Pass | 1 |
| Positive operating cash flow | (904.10k) | 2.63m | Fail | 0 |
| Rising return on assets | 4.73% | 1.35% | Pass | 1 |
| Cash flow above net income | (1.94m) | 2.32m | Fail | 0 |
| Falling long-term leverage | 0.13 | 0.11 | Fail | 0 |
| Rising current ratio | 2.30 | 1.98 | Pass | 1 |
| No new shares issued | 5,092,000 | 5,052,000 | Fail | 0 |
| Rising gross margin | 27.28% | 29.84% | Fail | 0 |
| Rising asset turnover | 1.05 | 1.07 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
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 |
|---|---|
| GENC Gencor Industries Inc. compare | 6 |
| XOS Xos, Inc. compare | 4 |
| GP GreenPower Motor Company Inc. compare | 4 |
| ARTW Art's-Way Manufacturing Co., Inc. | 3 |
| HYFM Hydrofarm Holdings Group, Inc. compare | 3 |
| HCAI Huachen AI Parking Management Technology Holding Co., Ltd compare | 2 |
| LEVGQ The Lion Electric Company compare | 2 |
| BNC BNB Standard Corporation compare | — |
| SCAG Scage Future - Unsponsored ADR compare | — |
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