Tearsheet

Alto Ingredients (ALTO)

Market Price (12/28/2025): $3.03 | Market Cap: $226.6 Mil
Sector: Materials | Industry: Specialty Chemicals

Alto Ingredients (ALTO)

Market Price (12/28/2025): $3.03
Market Cap: $226.6 Mil
Sector: Materials
Industry: Specialty Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization. Themes include Renewable Fuel Production.	Trading close to highs Dist 52W High is -1.6%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -6.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.7%
1		Weak multi-year price returns 2Y Excs Rtn is -39%, 3Y Excs Rtn is -76%	Stock price has recently run up significantly 6M Rtn6 month market price return is 166%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%, Rev Chg QQuarterly Revenue Change % is -4.3%
3			Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.1%
4			Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 167%
5			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26%
6			Key risks ALTO key risks include [1] significant exposure to the volatility of commodity prices for its raw materials and finished products and [2] uncertainty surrounding its ability to secure crucial tax credits, Show more.

0	Megatrend and thematic drivers Megatrends include Energy Transition & Decarbonization. Themes include Renewable Fuel Production.
1	Trading close to highs Dist 52W High is -1.6%
2	Weak multi-year price returns 2Y Excs Rtn is -39%, 3Y Excs Rtn is -76%
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -6.8 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.7%
4	Stock price has recently run up significantly 6M Rtn6 month market price return is 166%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%, Rev Chg QQuarterly Revenue Change % is -4.3%
6	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.1%
7	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 167%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -26%
9	Key risks ALTO key risks include [1] significant exposure to the volatility of commodity prices for its raw materials and finished products and [2] uncertainty surrounding its ability to secure crucial tax credits, Show more.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$3.03	$1.56	$2.66	$2.88	$4.81
Market Cap CYE ($ Mil)	226.6	115.2	194.1	208.3	343.4
Total Debt ($ Mil)	119.7	114.7	105.5	87.3	63.7
Total Cash ($ Mil)	32.5	35.5	30.0	36.5	50.6
Enterprise Value ($ Mil)	313.8	229.9	299.6	295.6	407.1
Valuation Ratios
P/S TTM	0.2	0.1	0.2	0.2	0.3
P/EBIT TTM	-5.8	-2.2	-9.5	-5.5	6.7
P/E TTM	-4.5	-1.9	-7.0	-5.0	7.4
P/FCF TTM	-22.6	-7.9	-26.0	-6.5	32.8
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4	1.2	1.5
P/EBIT TTM (Sector)	8.1	6.8	6.6	5.1	5.8
P/E TTM (Sector)	-0.2	6.1	7.1	4.8	6.8
P/FCF TTM (Sector)	6.9	5.8	5.0	2.7	5.7

	12/28/25	2024	2023
Share Price CYE	$3.03	$1.56	$2.66
Market Cap CYE ($ Mil)	226.6	115.2	194.1
Total Debt ($ Mil)	119.7	114.7	105.5
Total Cash ($ Mil)	32.5	35.5	30.0
Enterprise Value ($ Mil)	313.8	229.9	299.6
Valuation Ratios
P/S TTM	0.2	0.1	0.2
P/EBIT TTM	-5.8	-2.2	-9.5
P/E TTM	-4.5	-1.9	-7.0
P/FCF TTM	-22.6	-7.9	-26.0
Sector Ratios
P/S TTM (Sector)	1.5	1.3	1.4
P/EBIT TTM (Sector)	8.1	6.8	6.6
P/E TTM (Sector)	-0.2	6.1	7.1
P/FCF TTM (Sector)	6.9	5.8	5.0

	ALTO	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.9
Rev Chg Q	-4.3%	7.3%
Rev Chg LTM	-8.0%	6.1%
Rev Chg 3Y Avg	-12.6%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.1
Op Mgn LTM	-0.7%	18.8%
CFO/Rev LTM	-0.7%	20.4%
Net Inc Mgn	-5.4%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.3
P/CFO	-37.2	15.8
P/FCF	-22.6	20.7
P/E	-4.5	23.7
STABILITY	FAIR
Debt/Equity	0.53	0.21
Cash/Assets	0.08	0.07

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Metric	Value	Date	Source
Annual Alcohol Production Capacity	350 million gallons	12312023	Link
Annual Specialty Alcohol Production Capacity	up to 110 million gallons	12312023	Link
Total Alcohol Gallons Marketed and Distributed	383 million gallons	12312023	Link
Total Tons of Essential Ingredients Marketed and Distributed	1.5 million tons	12312023	Link
Pekin Campus Renewable Fuel Gallons Sold	32.6 million gallons	3312025	Link
Western Production Renewable Fuel Gallons Sold	8.3 million gallons	3312025	Link
Third Party Renewable Fuel Gallons Sold	24.4 million gallons	3312025	Link
Number of Alcohol Customers	88	12312023	Link
Protein Content of High Protein Products	50% or greater	10152024	Link
Protein Production Yields	over three pounds per bushel	10152024	Link

Upcoming
3/04/2026	Earnings Release	Rev: - EPS: -

ALTO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are key points that could explain a significant movement in Alto Ingredients' stock:
1. Strategic Cost-Cutting and Restructuring Efforts

Alto Ingredients implemented significant cost-saving initiatives, including the cold idling of its Magic Valley plant and a 16% reduction in total company headcount. These measures are expected to generate approximately $8 million in annual savings starting in the second quarter of 2025.
2. Accretive Acquisition of CO2 Processor

On January 1, 2025, Alto Ingredients acquired a beverage-grade liquid carbon dioxide (CO2) processor adjacent to its Columbia facility. This acquisition is anticipated to be immediately accretive, bolstering economics and increasing asset valuation, with a compelling payback period of less than two years.
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Stock Movement Drivers

Fundamental Drivers

The 178.0% change in ALTO stock from 9/28/2025 to 12/28/2025 was primarily driven by a 181.9% change in the company's P/S Multiple.

	9282025	12282025	Change
Stock Price ($)	1.09	3.03	177.98%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	933.14	922.31	-1.16%
P/S Multiple	0.09	0.25	181.87%
Shares Outstanding (Mil)	74.61	74.78	-0.22%
Cumulative Contribution			177.98%

LTM = Last Twelve Months as of date shown

Market Drivers

9/28/2025 to 12/28/2025

	Return	Correlation
ALTO	178.0%
Market (SPY)	4.3%	4.5%
Sector (XLB)	3.8%	21.0%

Fundamental Drivers

The 165.8% change in ALTO stock from 6/29/2025 to 12/28/2025 was primarily driven by a 177.6% change in the company's P/S Multiple.

	6292025	12282025	Change
Stock Price ($)	1.14	3.03	165.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	951.17	922.31	-3.03%
P/S Multiple	0.09	0.25	177.60%
Shares Outstanding (Mil)	73.84	74.78	-1.27%
Cumulative Contribution			165.75%

LTM = Last Twelve Months as of date shown

Market Drivers

6/29/2025 to 12/28/2025

	Return	Correlation
ALTO	165.8%
Market (SPY)	12.6%	6.1%
Sector (XLB)	5.4%	21.0%

Fundamental Drivers

The 80.4% change in ALTO stock from 12/28/2024 to 12/28/2025 was primarily driven by a 98.5% change in the company's P/S Multiple.

	12282024	12282025	Change
Stock Price ($)	1.68	3.03	80.36%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1002.54	922.31	-8.00%
P/S Multiple	0.12	0.25	98.55%
Shares Outstanding (Mil)	73.83	74.78	-1.28%
Cumulative Contribution			80.33%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2024 to 12/28/2025

	Return	Correlation
ALTO	80.4%
Market (SPY)	17.0%	16.3%
Sector (XLB)	10.2%	21.2%

Fundamental Drivers

The 6.3% change in ALTO stock from 12/29/2022 to 12/28/2025 was primarily driven by a 64.4% change in the company's P/S Multiple.

	12292022	12282025	Change
Stock Price ($)	2.85	3.03	6.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	1392.68	922.31	-33.77%
P/S Multiple	0.15	0.25	64.42%
Shares Outstanding (Mil)	73.01	74.78	-2.42%
Cumulative Contribution			6.25%

LTM = Last Twelve Months as of date shown

Market Drivers

12/29/2023 to 12/28/2025

	Return	Correlation
ALTO	13.9%
Market (SPY)	48.4%	14.2%
Sector (XLB)	11.4%	20.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ALTO Return	735%	-11%	-40%	-8%	-41%	97%	374%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
ALTO Win Rate	58%	33%	50%	50%	42%	50%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
ALTO Max Drawdown	-65%	-18%	-44%	-58%	-55%	-50%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	ALTO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-84.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	559.0%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-72.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	259.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	78 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-95.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	2037.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	329 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-98.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	8013.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Alto Ingredients's stock fell -84.8% during the 2022 Inflation Shock from a high on 2/10/2021. A -84.8% loss requires a 559.0% gain to breakeven.

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About Alto Ingredients (ALTO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Alto Ingredients, Inc. produces and markets specialty alcohols and essential ingredients in the United States. The company operates in three segments: Marketing and Distribution, Pekin Production, and Other Production. It offers specialty alcohols used in mouthwash, cosmetics, pharmaceuticals, hand sanitizers, disinfectants, and cleaners for health, home, and beauty markets; grain neutral spirits used in alcoholic beverages, flavor extracts, and vinegar, as well as corn germ used in corn oils and carbon dioxide for food and beverage markets; and essential ingredients include dried yeast, corn gluten meal, corn gluten feed, distillers grains, and liquid feed for commercial animal feed and pet food applications. The company also provides fuel-grade ethanol used as transportation fuel and distillers corn oil used as a biodiesel feedstock, as well as fuel-grade ethanol produced by third parties. In addition, it offers transportation, storage, and delivery services through third-party service providers. The company sells ethanol to integrated oil companies and gasoline marketers; essential ingredient feed products to dairies and feedlots; and corn oil to poultry and biodiesel customers. It operates five alcohol production facilities, including three plants in the Midwestern states of Illinois; and two facilities located in the Western states of Oregon and Idaho. The company was formerly known as Pacific Ethanol, Inc. and changed its name to Alto Ingredients, Inc. in January 2021. Alto Ingredients, Inc. was founded in 2003 and is headquartered in Pekin, Illinois.

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Here are 1-2 brief analogies for Alto Ingredients (ALTO):

Like a specialized ADM or Bunge for alcohols and essential ingredients derived from corn.
Think of them as a Darling Ingredients for corn-based specialty alcohols and industrial ingredients.

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Specialty Alcohols: High-purity ethanol products used in health, beauty, food, and beverage industries.
Renewable Fuel Ethanol: Ethanol primarily produced for blending with gasoline as a clean-burning, high-octane fuel.
Distillers Grains: A high-protein co-product from ethanol production, widely used as animal feed.
Corn Oil: A valuable co-product from corn processing, utilized in animal feed, food, and biodiesel applications.

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Alto Ingredients (ALTO) Major Customers

Alto Ingredients primarily sells its products to other companies (Business-to-Business model).

Based on the company's latest annual report (10-K), its most significant major customer is:

Marathon Petroleum Corporation (Symbol: MPC)

Marathon Petroleum Corporation accounted for approximately 40% of Alto Ingredients' total revenues in 2023, and approximately 30% in 2022, primarily through the sale of renewable fuel ethanol. While Alto Ingredients serves a diverse customer base across various industries for its specialty alcohols and essential ingredients (such as health, home and beauty, food and flavors, industrial applications, and agricultural markets), specific other major customer companies representing a comparable percentage of revenue are not individually named in public filings.

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Bryon McGregor, President, Chief Executive Officer, and Director

Bryon McGregor was named President and Chief Executive Officer of Alto Ingredients in August 2023, after serving as Chief Financial Officer since 2009. He joined the company in 2008 as Vice President Finance/Treasurer. During his tenure as CFO, Mr. McGregor led multiple financings, integrated acquisitions, strengthened the company's balance sheet, and implemented cost reduction programs. Prior to joining Alto Ingredients, he served as Brokerage Treasurer for E*TRADE Financial, overseeing European and Asian treasury operations, international and U.S. brokerage treasury operations, corporate finance, and investor relations. Before E*TRADE, he was the Manager, Global Head of Project Finance at BP (formerly ARCO), where he was responsible for the development and management of investments in global industrial and infrastructure projects, including large-scale LNG and heavy-oil projects. He also held a Director position at Credit Suisse, where he developed limited-recourse financing opportunities and facilitated M&A for clients in various sectors.

Rob Olander, Chief Financial Officer

Rob Olander was appointed Chief Financial Officer in 2023, having served Alto Ingredients for over 16 years with increasing responsibilities, most recently as Vice President, Corporate Controller. Before his time at Alto Ingredients, Mr. Olander was a Controller and Business Manager at Hampton Distribution Companies. He also supervised audit and consulting at James Marta and Company. Mr. Olander began his career in audit and assurance at Deloitte & Touche, where he worked with clients such as ConAgra, Berkshire Hathaway, and Union Pacific.

Todd Benton, Chief Operating Officer

Todd Benton serves as the Chief Operating Officer of Alto Ingredients. Further details of his background were not prominently available in the search results.

Auste Graham, Chief Legal Officer & Secretary

Auste Graham holds the position of Chief Legal Officer & Secretary at Alto Ingredients. Further details of her background were not prominently available in the search results.

James Sneed, VP & Chief Commercial Officer

James Sneed is the Vice President & Chief Commercial Officer for Alto Ingredients. He has over 20 years of experience in various senior management and executive positions within the ethanol industry. Before joining Alto Ingredients in 2012, Mr. Sneed was the Vice President – Ethanol Marketing & Trading for Hawkeye Gold, LLC.

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The key risks to Alto Ingredients' business include:

Commodity Price Volatility: Alto Ingredients is significantly exposed to fluctuations in the price of raw materials, such as corn and natural gas, as well as the market prices for its finished products, including renewable fuels, specialty alcohols, oil, and gasoline. These price swings can materially impact the company's financial performance and gross profit margins.
Regulatory and Governmental Policy Changes: The company faces risks associated with changes in laws, regulations, and governmental policies, particularly those affecting the renewable fuels industry and the availability of tax credits, such as the Section 45Z tax credit. The ability to successfully pursue and secure opportunities under existing and new legislation, and to realize anticipated credit amounts, is crucial to Alto Ingredients' financial outlook.
Adverse Economic and Market Conditions: General adverse economic and market conditions, including those specific to renewable fuels, specialty alcohols, and essential ingredients, pose a significant risk. Factors such as inflation, supply chain constraints, and overall market demand can negatively affect the company's business and financial results.

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The accelerating global adoption of electric vehicles (EVs), which reduces overall demand for gasoline and, consequently, the ethanol that Alto Ingredients produces for fuel blending.

Emerging competition and technological disruption in the specialty alcohol and essential ingredients markets from advancements in synthetic biology and precision fermentation, which allow for the production of these materials with potentially greater efficiency, purity, and sustainability.

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Alto Ingredients (NASDAQ: ALTO) operates in several key markets, producing renewable fuels, specialty alcohols, and essential ingredients. The addressable market sizes for their main products and services are as follows:

Renewable Fuels (Fuel Ethanol)

U.S. Ethanol Fuel Market: The U.S. ethanol market is estimated to be valued at USD 32.76 billion in 2025. It is expected to reach USD 60.66 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.20% from 2025 to 2032.
Global Fuel Ethanol Market: The global fuel ethanol market size was valued at USD 111.64 billion in 2025 and is projected to reach approximately USD 174.98 billion by 2034, expanding at a CAGR of 5.12% from 2025 to 2034. North America dominated the global fuel ethanol market in 2024 with a 57% market share.

Specialty Alcohols

Alto Ingredients produces specialty alcohols for diverse applications, including health, home & beauty; food & beverage; and industrial & agriculture markets.

Global Specialty Spirits Market (primarily for food & beverage, and health & beauty applications): The global specialty spirits market size was valued at USD 32.57 billion in 2024. It is estimated to reach USD 47.84 billion by 2033, exhibiting a CAGR of 4.15% during 2025-2033. North America holds a significant market share, with the United States accounting for over 88.30% of the North American specialty spirits market in 2024.
Global Industrial Alcohol Market (for pharmaceuticals, solvents, etc.): The global industrial alcohol market size was valued at USD 198.31 billion in 2024. It is projected to grow to USD 404.09 billion by 2033, exhibiting a CAGR of 8.23% during the forecast period (2025-2033). The U.S. industrial alcohol market is projected to reach USD 73.15 billion by 2027. In 2024, the United States controlled more than 75.7% of the North American industrial alcohol market.

Essential Ingredients/Co-products

Distillers Grains: The global Distillers Dried Grains with Solubles (DDGS) market size was estimated at USD 17.15 billion in 2024 and is projected to expand at a CAGR of 7.60% from 2024 to 2031. North America held a major share of the global revenue with a market size of USD 6.86 billion in 2024, and the U.S. market size for DDGS was USD 5.41 billion in 2024.
Corn Oil (as renewable diesel and biodiesel feedstock): Corn oil feedstock usage for biomass-based diesel (which includes renewable diesel and biodiesel) exceeded 4 billion pounds in 2023. A specific market size in USD for corn oil exclusively as a renewable diesel/biodiesel feedstock is not readily available.
Liquid CO2 (Food Grade): The global Food Grade Liquid Carbon Dioxide market size was valued at USD 1.45 billion in 2024 and is projected to reach USD 2.35 billion by 2032, growing at a CAGR of 6.2% during the forecast period 2026-2032. North America exhibits the highest demand for liquid CO2 in industries such as beverage carbonation, food freezing, and modified atmosphere packaging. The U.S. carbon dioxide market (which includes food grade) is forecast to reach USD 451.5 million in 2025.
Dried Yeast, Corn Protein Meal, Corn Germ, Liquid Feed: Market sizes for these specific co-products are not readily available in the provided information.

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Here are 3-5 expected drivers of future revenue growth for Alto Ingredients (ALTO) over the next 2-3 years:

Increased Renewable Fuel Export Sales: Alto Ingredients has reported robust improvements in its business segments, specifically citing increased renewable fuel export sales as a contributing factor to its strong Q3 2025 performance. Management continues to adjust its product mix to manage evolving market conditions and has increased fuel ethanol production and sales volumes in response to higher export demand and better pricing. This focus on the export market, particularly for high-quality alcohols and ethanol to Europe, which currently yield the highest margins, is expected to continue driving revenue growth.
Growing Demand for Liquid CO2 and Expansion of CO2 Utilization: The company has highlighted greater demand for liquid CO2 as a driver of improved financial performance. Alto Ingredients' 2025 Carbonic acquisition and related investments are specifically aimed at expanding its CO2 utilization to capture this growing demand for premium liquid CO2. The company is exploring CO2 market expansion at its Oregon and Pekin sites, with potential for increased capture and storage, recognizing rising CO2 demand, especially on the West Coast for food and beverage markets.
Section 45Z Tax Credits: Alto Ingredients remains optimistic about generating Section 45Z tax credits from domestic renewable fuel sales. These tax credits are extended from 2025–2029 and reward low-carbon intensity production. The Columbia and Pekin facilities are expected to qualify, potentially adding significant annual value. The company is also evaluating additional methods to lower its carbon intensity to further boost tax credit values, which will directly enhance profitability and, by extension, revenue.
Strategic Product Mix Adaptation and Focus on High-Return Market Segments: Alto Ingredients is committed to adapting its product mix to market conditions and prioritizing projects based on cost, timing, and return on investment to sustain its growth trajectory. The company's 2025 initiatives specifically target high-return market segments and aim to boost operational efficiency and achieve cost savings. This strategic shift, including rationalizing unprofitable business activities and focusing on specialty alcohols and essential ingredients beyond fuel ethanol, positions the company for improved performance and revenue generation.

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Share Repurchases

On September 12, 2022, Alto Ingredients announced a share repurchase program authorizing up to $50 million of its common stock, with an initial purchase authorization of $10 million.
The share repurchase program has no expiration date and the amount and timing of repurchases depend on market conditions and corporate needs.
As of March 2025, the company's lender had limited the purchase authorization to $5 million, with amounts in excess of $10 million requiring additional board and preferred stockholder authorization.

Share Issuance

No significant share issuances for capital raising purposes were identified in the last 3-5 years.

Inbound Investments

In late 2022, Alto Ingredients secured a $125 million senior secured credit facility with a private credit provider. This financing was intended for plant upgrades to support a shift towards a higher-margin product mix and to capitalize on carbon capture sequestration opportunities.

Outbound Investments

On January 14, 2022, Alto Ingredients acquired Eagle Alcohol, a specialty alcohol distributor, for $15.3 million in cash plus an earnout of up to $14.0 million (comprising $9 million in cash and $5 million in common stock).
In 2025, the company completed the acquisition of Carbonic, a beverage-grade liquid carbon dioxide processor, to expand its CO2 utilization. This acquisition, along with the final payment for Eagle Alcohol and other capital expenditures, utilized $10.5 million in cash for investing activities during the first half of 2025.

Capital Expenditures

Capital expenditures were approximately $4 million in 2022 and $5 million in 2023 and 2024 respectively.
Expected capital expenditures for 2025 are focused on scaling production capacity for key product lines, improving plant reliability, enhancing ethanol production rates, increasing CO2 throughput, and adding storage capacity.
The company reported using $1.6 million for capital expenditures in Q3 2025 and $0.5 million in H1 2025. Capital projects are prioritized based on cost, timing, and anticipated return on investment, with a focus on lowering carbon intensity and increasing CO2 utilization to capture benefits from Section 45Z tax credits.

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		Best Bets In Materials Sector
	ALTO	SCCO	USLM	CF	NEU	EXP	LIN	NEM	SMG	CBT	B
What You Pay
P/E	-4.5	32.2	27.8	9.0	14.8	15.5	29.8	16.1	23.1	10.7	22.0
P/EBIT	-5.8	19.4	23.7	5.6	10.7	11.4	21.4	11.1	9.6	5.5	11.3
What You Get
Rev Chg Q	-4.3%	15.2%	14.1%	21.1%	-4.8%	2.5%	2.8%	20.0%	-6.6%	-10.2%	23.2%
Rev Chg LTM	-8.0%	12.7%	20.3%	12.6%	-1.1%	1.5%	1.3%	26.6%	-3.9%	-7.0%	18.4%
Rev Chg 3Y Avg	-12.6%	7.1%	17.8%	-13.5%	1.1%	4.1%	0.6%	23.9%	-4.5%	-4.8%	8.5%
FCF/Rev 3Y Avg	-0.8%	27.0%	25.6%	22.3%	17.5%	16.7%	15.4%	13.8%	12.3%	10.3%	10.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Alto Ingredients Earnings Notes
2	Alto Ingredients Stock Jump Looks Great, But How Secure Is That Gain?	Return

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ALTO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
DD_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	DD	DuPont de Nemours	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.6%	7.6%	-0.2%
CF_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	CF	CF Industries	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.4%	-1.4%	-3.1%
HL_11212025_Quality_Momentum_RoomToRun_10%	11212025	HL	Hecla Mining	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	51.0%	51.0%	0.0%
CDE_11072025_Dip_Buyer_ValueBuy	11072025	CDE	Coeur Mining	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	30.6%	30.6%	-5.7%
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.2%	6.2%	-2.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Alto Ingredients

Peers to compare with:

Financials

	ALTO	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Alto Ing.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	3.03	23.30	24.36	305.09	78.02	273.00	51.19
Mkt Cap	0.2	21.9	32.5	284.9	308.6	4,068.5	158.7
Rev LTM	922	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	-7	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-10	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-10	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	-6	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	9	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	ALTO	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Alto Ing.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	-8.0%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	-12.6%	-3.9%	6.5%	2.6%	3.7%	1.8%	2.2%
Rev Chg Q	-4.3%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-1.2%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	-0.7%	6.6%	4.8%	17.7%	22.5%	31.9%	12.1%
Op Mgn 3Y Avg	-1.7%	7.4%	7.2%	16.4%	24.2%	30.8%	11.9%
QoQ Delta Op Mgn LTM	2.0%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.2%
CFO/Rev LTM	-0.7%	6.7%	8.5%	20.6%	23.8%	26.6%	14.6%
CFO/Rev 3Y Avg	0.8%	6.8%	12.7%	21.4%	26.1%	28.4%	17.1%
FCF/Rev LTM	-1.1%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-0.8%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	ALTO	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Alto Ing.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	0.2	21.9	32.5	284.9	308.6	4,068.5	158.7
P/S	0.2	0.4	0.9	4.4	5.3	10.0	2.7
P/EBIT	-5.8	6.8	19.8	25.1	22.4	31.2	21.1
P/E	-4.5	8.7	569.7	36.0	29.9	41.0	33.0
P/CFO	-37.2	5.9	11.1	21.1	22.5	37.5	16.1
Total Yield	-22.1%	14.1%	2.3%	5.0%	5.4%	2.8%	3.9%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-5.5%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.5	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	0.4	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	ALTO	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Alto Ing.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	18.8%	-3.5%	12.1%	-1.1%	1.4%	-2.1%	0.1%
3M Rtn	178.0%	-11.7%	2.1%	7.9%	16.8%	7.0%	7.4%
6M Rtn	165.8%	-3.9%	33.8%	6.6%	15.0%	36.1%	24.4%
12M Rtn	80.4%	-26.9%	15.5%	40.5%	34.3%	7.3%	24.9%
3Y Rtn	6.3%	-3.6%	66.4%	141.3%	79.3%	113.8%	72.9%
1M Excs Rtn	21.2%	-5.5%	12.3%	-2.2%	-0.2%	-3.9%	-1.2%
3M Excs Rtn	173.7%	-16.0%	-2.2%	3.6%	12.5%	2.7%	3.1%
6M Excs Rtn	153.5%	-16.1%	21.6%	-5.7%	2.8%	23.8%	12.2%
12M Excs Rtn	68.8%	-42.8%	-1.3%	25.0%	19.7%	-8.5%	9.2%
3Y Excs Rtn	-76.5%	-83.5%	-11.7%	59.6%	-1.4%	28.2%	-6.6%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/7/2025	3/13/2025	3/14/2024	3/14/2023	3/15/2022	3/26/2021	3/30/2020
Key Financials
Total Revenue	922	965	1,223	1,336	1,208	897	1,425
EBITDA	-14	-27	3	-13	74	31	-33
Operating Income	-7	-20	-11	-33	39	21	-45
Net Income	-50	-59	-28	-42	46	-15	-89
EPS	-0.69	-0.82	-0.40	-0.60	0.62	-0.28	-1.90
Growth Rates
Total Revenue Growth	-8.0%	-21.1%	-8.4%	10.6%	34.7%	-37.0%	-6.0%
EBITDA Growth	-161.2%	-1130.4%	120.4%	-117.1%	140.8%	193.1%	-215.6%
Operating Income Growth	68.0%	-75.6%	65.4%	-185.4%	84.9%	146.0%	11.9%
Net Income Growth	-38.6%	-110.6%	32.7%	-190.3%	404.9%	83.0%	-47.6%
Margins
EBITDA Margin	-1.5%	-2.8%	0.2%	-1.0%	6.2%	3.4%	-2.3%
Operating Income Margin	-0.7%	-2.1%	-0.9%	-2.5%	3.2%	2.3%	-3.2%
Net Income Margin	-5.4%	-6.1%	-2.3%	-3.1%	3.8%	-1.7%	-6.2%
Cash & Debt
Total Cash	33	35	30	36	51	48	19
Total Debt	120	115	105	87	64	108	268
Net Debt / (Cash)	87	79	75	51	13	61	249
Cash Flows
Net Cash from Operations	-6	-4	22	6	27	72	-31
Free Cash from Operations	-10	-15	-8	-32	10	65	-35
Returns to Shareholders
Dividends	0	1	1	1	3	-0	1
Share Repurchases	-0	-0	4	1	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/7/2025	8/8/2025	5/9/2025	3/13/2025	11/8/2024	8/8/2024	5/8/2024	3/14/2024	11/8/2023	8/8/2023	5/9/2023	3/14/2023
Key Financials Quarterly
Total Revenue	241	218	227	236	252	236	241	274	318	317	314	328
Ebitda	23	-2	-3	-33	5	5	-4	-11	4	15	-6	-24
Operating Income	17	-8	-9	-7	-2	-1	-10	-8	-2	9	-11	-25
Net Income	14	-11	-12	-42	-2	-3	-12	-19	-3	8	-13	-33
EPS	0.19	-0.15	-0.16	-0.57	-0.04	-0.05	-0.17	-0.26	-0.05	0.10	-0.18	-0.46
Key Financials TTM
Total Revenue TTM	922	933	951	965	1,003	1,069	1,150	1,223	1,278	1,297	1,341	1,336
Ebitda TTM	-14	-32	-25	-27	-5	-7	4	3	-11	-36	-22	-13
Operating Income TTM	-7	-25	-19	-20	-21	-21	-11	-11	-29	-54	-41	-33
Net Income TTM	-50	-67	-59	-59	-36	-37	-27	-28	-42	-67	-52	-42
Growth Rates Quarterly
Total Revenue Growth	-4.3%	-7.6%	-5.9%	-13.6%	-20.8%	-25.5%	-23.3%	-16.7%	-5.6%	-12.4%	1.9%	-14.8%
EBITDA Growth	324.2%	-139.3%	38.5%	-195.0%	31.9%	-69.1%	21.3%	54.5%	119.4%	-48.5%	-248.6%	-155.5%
Operating Income Growth	1195.5%	-475.9%	12.9%	17.1%	-2.3%	-115.2%	6.5%	68.1%	94.4%	-58.8%	-286.8%	-177.6%
Net Income Growth	682.1%	-254.1%	0.4%	-120.2%	30.0%	-140.9%	10.9%	42.7%	87.6%	-65.7%	-406.0%	-191.5%
Margins Quarterly
EBITDA Margin	9.7%	-0.8%	-1.2%	-13.8%	2.2%	2.0%	-1.8%	-4.0%	1.3%	4.7%	-1.8%	-7.4%
Operating Income Margin	7.0%	-3.7%	-4.0%	-2.8%	-0.6%	-0.6%	-4.3%	-3.0%	-0.5%	2.9%	-3.5%	-7.7%
Net Income Margin	5.9%	-5.0%	-5.2%	-17.6%	-1.0%	-1.3%	-4.9%	-6.9%	-1.1%	2.4%	-4.2%	-10.1%
Cash & Debt
Total Cash	33	30	27	35	34	27	29	30	26	23	21	36
Total Debt	120	139	131	115	104	112	106	105	100	107	107	87
Net Debt / (Cash)	87	109	104	79	70	85	77	75	74	84	86	51
Cash Flows Quarterly
FCF from Operations	23	-1	-18	-10	19	-14	1	12	23	10	-23	4
Cash Flows TTM
FCF from Operations TTM	-6	-10	-23	-4	18	23	47	22	14	-28	-28	6
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	1	-0	1	2	0
Return on Invested Capital (ROIC) Quarterly
ROIC	5.9%	-2.8%	-3.1%	-2.4%	-0.6%	-0.5%	-3.7%	-2.9%	-0.5%	3.3%	-3.9%	-9.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-0.6%	-2.2%	-1.6%	-1.8%	-1.9%	-1.9%	-1.0%	-1.0%	-2.6%	-4.8%	-3.6%	-3.0%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Pekin Campus production	251	257	266	234	229
Marketing and distribution	101	115	130	89	130
Western production	58	52	57	102	230
Corporate and other	44	55	31
Corporate assets				51	24
Total	454	478	485	477	612

Price Behavior

Price Behavior

Market Price	$3.03
Market Cap ($ Bil)	0.2
First Trading Date	03/24/2005
Distance from 52W High	-1.6%
	50 Days	200 Days
DMA Price	$2.00	$1.30
DMA Trend	up	up
Distance from DMA	51.8%	133.0%
	3M	1YR
Volatility	91.6%	79.6%
Downside Capture	-204.86	58.04
Upside Capture	332.03	107.66
Correlation (SPY)	5.2%	16.8%

ALTO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.39	0.19	0.23	0.49	0.68	1.03
Up Beta	4.68	2.14	3.85	2.64	0.21	0.49
Down Beta	0.95	-1.28	-1.46	-2.41	1.20	1.49
Up Capture	828%	439%	244%	273%	98%	71%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	14	23	33	62	109	336
Down Capture	-624%	-261%	-262%	-48%	65%	105%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	4	14	21	48	117	353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of ALTO With Other Asset Classes (Last 1Y)
	ALTO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	104.7%	9.9%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	80.0%	19.9%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	1.24	0.36	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		21.4%	16.9%	4.6%	12.3%	15.0%	5.1%

ETFs used for asset classes: Sector ETF = XLB, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of ALTO With Other Asset Classes (Last 5Y)
	ALTO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-12.2%	7.2%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	76.1%	18.9%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.21	0.29	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		29.8%	26.0%	8.4%	20.2%	24.3%	14.0%

Based On 10-Year Data

		Comparison of ALTO With Other Asset Classes (Last 10Y)
	ALTO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-3.8%	10.1%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	89.8%	20.7%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.38	0.44	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		25.8%	21.7%	6.8%	21.3%	17.0%	7.7%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	641,656
Short Interest: % Change Since 11302025	8.7%
Average Daily Volume	1,378,496
Days-to-Cover Short Interest	1
Basic Shares Quantity	74,777,000
Short % of Basic Shares	0.9%

Returns Analyses

	Title
0	Alto Ingredients Stock Jump Looks Great, But How Secure Is That Gain?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	22.4%	64.2%	104.3%
8/6/2025	-3.8%	1.9%	12.5%
3/5/2025	6.8%	-5.4%	-29.9%
11/6/2024	-37.6%	-32.5%	-22.7%
8/6/2024	5.8%	5.8%	4.3%
3/11/2024	-9.5%	-14.4%	-7.2%
11/6/2023	-60.7%	-55.2%	-48.7%
8/7/2023	17.5%	8.6%	0.0%
...
SUMMARY STATS
# Positive	7	6	7
# Negative	11	12	11
Median Positive	6.8%	7.2%	12.5%
Median Negative	-14.1%	-13.4%	-22.7%
Max Positive	22.4%	64.2%	104.3%
Max Negative	-60.7%	-55.2%	-50.9%

	Forward Returns
11/5/2025	22.4%	64.2%	104.3%
8/6/2025	-3.8%	1.9%	12.5%
3/5/2025	6.8%	-5.4%	-29.9%
11/6/2024	-37.6%	-32.5%	-22.7%
8/6/2024	5.8%	5.8%	4.3%
3/11/2024	-9.5%	-14.4%	-7.2%
11/6/2023	-60.7%	-55.2%	-48.7%
8/7/2023	17.5%	8.6%	0.0%
3/9/2023	-32.5%	-35.7%	-50.9%
11/7/2022	-11.3%	-12.3%	-24.3%
8/8/2022	-1.2%	-1.0%	-20.3%
3/10/2022	5.0%	1.9%	13.2%
11/9/2021	3.0%	-6.6%	-15.9%
8/3/2021	-14.1%	-6.0%	-13.3%
3/10/2021	-16.8%	-17.7%	-28.0%
11/9/2020	-0.9%	-1.9%	4.3%
8/11/2020	16.0%	44.6%	30.9%
3/26/2020	-20.0%	-33.4%	-11.2%
SUMMARY STATS
# Positive	7	6	7
# Negative	11	12	11
Median Positive	6.8%	7.2%	12.5%
Median Negative	-14.1%	-13.4%	-22.7%
Max Positive	22.4%	64.2%	104.3%
Max Negative	-60.7%	-55.2%	-50.9%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	8082025	10-Q 6/30/2025
3312025	5092025	10-Q 3/31/2025
12312024	3132025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	3142024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	3142023	10-K 12/31/2022
9302022	11092022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5102022	10-Q 3/31/2022
12312021	3152022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Sneed James R	Chief Commercial Officer	8142025	Buy	1.06	3,176	3,364	458,038	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Alto Ingredients (ALTO)

Market Price (12/28/2025): $3.03 | Market Cap: $226.6 MilSector: Materials | Industry: Specialty Chemicals

Alto Ingredients (ALTO)

Market Price (12/28/2025): $3.03Market Cap: $226.6 MilSector: MaterialsIndustry: Specialty Chemicals

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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ALTO Stock

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About Alto Ingredients (ALTO)

Alto Ingredients (ALTO) Major Customers

Renewable Fuels (Fuel Ethanol)

Specialty Alcohols

Essential Ingredients/Co-products

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Better Bets than Alto Ingredients (ALTO)

INDUSTRY: Specialty Chemicals

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALTO: -12.6% | 0.2x)

Higher Rev Chg LTM (Value for ALTO: -8.0%)

Higher Rev Chg 3Y Avg (Value for ALTO: -12.6%)

Higher Op Mgn LTM (Value for ALTO: -0.7%)

Higher CFO/Rev LTM (Value for ALTO: -0.7%)

Higher FCF/Rev LTM (Value for ALTO: -1.1%)

Higher Total Yield (Value for ALTO: -22.1%)

SECTOR: Materials

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALTO: -12.6% | 0.2x)

Higher Rev Chg LTM (Value for ALTO: -8.0%)

Higher Rev Chg 3Y Avg (Value for ALTO: -12.6%)

Higher Op Mgn LTM (Value for ALTO: -0.7%)

Higher CFO/Rev LTM (Value for ALTO: -0.7%)

Higher FCF/Rev LTM (Value for ALTO: -1.1%)

Higher Total Yield (Value for ALTO: -22.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ALTO: -12.6% | 0.2x)

Higher Rev Chg LTM (Value for ALTO: -8.0%)

Higher Rev Chg 3Y Avg (Value for ALTO: -12.6%)

Higher Op Mgn LTM (Value for ALTO: -0.7%)

Higher CFO/Rev LTM (Value for ALTO: -0.7%)

Higher FCF/Rev LTM (Value for ALTO: -1.1%)

Higher Total Yield (Value for ALTO: -22.1%)

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Market Price (12/28/2025): $3.03 | Market Cap: $226.6 Mil
Sector: Materials | Industry: Specialty Chemicals

Market Price (12/28/2025): $3.03
Market Cap: $226.6 Mil
Sector: Materials
Industry: Specialty Chemicals