American Resources (AREC)


Market Price (10/23/2026): $1.08 | Market Cap: $115.5 MilSector: Industrials | Industry: Environmental & Facilities Services

American Resources (AREC)


Market Price (10/23/2026): $1.08
Market Cap: $115.5 Mil
Sector: Industrials
Industry: Environmental & Facilities Services

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

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 40%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 35%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -60%

Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, Circular Economy & Recycling, and Advanced Materials. Themes include Rare Earth Elements, Show more.

Weak multi-year price returns
2Y Excs Rtn is -20%, 3Y Excs Rtn is -104%

Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.21, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -1

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -11 Mil

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -100%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -90%

Key risks
AREC key risks include [1] severe financial distress and a "going concern" warning due to minimal revenue and consistent losses, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 40%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 35%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -60%
2 Megatrend and thematic drivers
Megatrends include Battery Technology & Metals, Circular Economy & Recycling, and Advanced Materials. Themes include Rare Earth Elements, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -20%, 3Y Excs Rtn is -104%
4 Meaningful short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.21, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%
5 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -1
6 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -11 Mil
7 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -100%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -90%
8 Key risks
AREC key risks include [1] severe financial distress and a "going concern" warning due to minimal revenue and consistent losses, Show more.

AREC in ETFs

Weight = AREC's share of each fund

VTI0.00%
IWM0.00%
IWN0.81%
VTWO0.01%
AVUV0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/15/2026

American Resources (AREC) stock has lost about 50% since 6/30/2026 because of the following key factors:

1. Nasdaq Non-Compliance Due to Delayed Financial Filings.

American Resources Corporation (AREC) received a notification from Nasdaq on August 26, 2026, indicating non-compliance with listing rules for the delayed filing of its quarterly report for fiscal Q2 2026, which ended June 30, 2026. This compounded a prior non-compliance notice for the fiscal Q1 2026 report (ended March 31, 2026). Nasdaq subsequently granted an extension until November 16, 2026, for the company to file both delinquent reports. This ongoing delay in financial reporting has created significant investor uncertainty and contributed to a substantial discount in the stock's valuation, as highlighted by analysts who estimate AREC's equity NAV significantly below market due to these issues.

2. High Execution Risk and Uncertainty in Critical Mineral Transition.

The company's strategic pivot from metallurgical coal to critical mineral and rare earth refining, primarily through its ReElement Technologies subsidiary, is seen as a high-risk, high-reward endeavor with significant execution challenges. While there has been progress on the Marion, Indiana, rare earth and critical mineral refining campus, with the first germanium line targeting commercial operations in fiscal Q3 2026, the full Phase 1 capacity, including additional production lines, is not expected to be realized until fiscal Q1 2027. The commercial scalability of these new ventures, along with opaque market valuations of its affiliated private assets, remains a key concern for investors, increasing the speculative nature of the stock.

Show more
Updated on 10/15/2026

American Resources (AREC) stock has lost about 50% since 6/30/2026 because of the following key factors:

1. Nasdaq Non-Compliance Due to Delayed Financial Filings.

American Resources Corporation (AREC) received a notification from Nasdaq on August 26, 2026, indicating non-compliance with listing rules for the delayed filing of its quarterly report for fiscal Q2 2026, which ended June 30, 2026. This compounded a prior non-compliance notice for the fiscal Q1 2026 report (ended March 31, 2026). Nasdaq subsequently granted an extension until November 16, 2026, for the company to file both delinquent reports. This ongoing delay in financial reporting has created significant investor uncertainty and contributed to a substantial discount in the stock's valuation, as highlighted by analysts who estimate AREC's equity NAV significantly below market due to these issues.

2. High Execution Risk and Uncertainty in Critical Mineral Transition.

The company's strategic pivot from metallurgical coal to critical mineral and rare earth refining, primarily through its ReElement Technologies subsidiary, is seen as a high-risk, high-reward endeavor with significant execution challenges. While there has been progress on the Marion, Indiana, rare earth and critical mineral refining campus, with the first germanium line targeting commercial operations in fiscal Q3 2026, the full Phase 1 capacity, including additional production lines, is not expected to be realized until fiscal Q1 2027. The commercial scalability of these new ventures, along with opaque market valuations of its affiliated private assets, remains a key concern for investors, increasing the speculative nature of the stock.

3. Persistent Weak Financial Performance Amidst Operational Transition.

American Resources has experienced a "steep decline" in revenue, dropping from $39 million in fiscal 2022 to $13 million in fiscal 2023, and further to $380,000 in fiscal 2024, with the latest fiscal year showing zero revenue, as legacy coal operations are winding down. Despite reporting a $55 million net profit in a recent period, this was attributed to "one-time items" rather than recurring operations, with gross margins remaining negative and operating losses sizable. This indicates that the core business continues to burn cash as it invests in and builds out new capacity for its critical minerals segment, contributing to investor apprehension about its financial stability during this transition phase.

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Stock Movement Drivers

Fundamental Drivers

The -47.6% change in AREC stock from 6/30/2026 to 10/22/2026 was primarily driven by a -47.6% change in the company's P/E Multiple.
(LTM values as of)630202610222026Change
Stock Price ($)2.121.11-47.6%
Change Contribution By: 
Total Revenues ($ Mil)-0-00.0%
Net Income Margin (%)-4588460300.0%-4588460300.0%0.0%
P/E Multiple4.72.5-47.6%
Shares Outstanding (Mil)1031030.0%
Cumulative Contribution-47.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/22/2026
ReturnCorrelation
AREC-47.6% 
Market (SPY)2.3%37.5%
Sector (XLI)-10.0%32.1%

Fundamental Drivers

The -53.4% change in AREC stock from 3/31/2026 to 10/22/2026 was primarily driven by a -100.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)331202610222026Change
Stock Price ($)2.381.11-53.4%
Change Contribution By: 
Total Revenues ($ Mil)-0-0-100.0%
P/S Multiple-790.5-113,843,238.41.44011705E7%
Shares Outstanding (Mil)84103-17.8%
Cumulative Contribution-53.4%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/22/2026
ReturnCorrelation
AREC-53.4% 
Market (SPY)17.8%39.0%
Sector (XLI)3.3%26.1%

Fundamental Drivers

The -58.3% change in AREC stock from 9/30/2025 to 10/22/2026 was primarily driven by a -100.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510222026Change
Stock Price ($)2.661.11-58.3%
Change Contribution By: 
Total Revenues ($ Mil)-0-0-100.0%
P/S Multiple-11,679.0-113,843,238.4974668.9%
Shares Outstanding (Mil)83103-19.2%
Cumulative Contribution-58.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/22/2026
ReturnCorrelation
AREC-58.3% 
Market (SPY)15.6%31.9%
Sector (XLI)9.0%29.2%

Fundamental Drivers

The -32.5% change in AREC stock from 9/30/2023 to 10/22/2026 was primarily driven by a -2.277056848E9% change in the company's P/S Multiple.
(LTM values as of)930202310222026Change
Stock Price ($)1.641.11-32.5%
Change Contribution By: 
Total Revenues ($ Mil)25-0-100.0%
P/S Multiple5.0-113,843,238.4-2.277056848E9%
Shares Outstanding (Mil)76103-25.7%
Cumulative Contribution-32.5%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/22/2026
ReturnCorrelation
AREC-32.5% 
Market (SPY)84.8%18.1%
Sector (XLI)71.0%16.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AREC Return-8%-27%13%-32%146%-55%-43%
Peers Return273%61%37%-25%82%-26%738%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
AREC Win Rate33%42%50%50%50%20% 
Peers Win Rate60%50%52%40%57%40% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
AREC Max Drawdown-77%-66%-42%-76%-69%-74% 
Peers Max Drawdown-40%-36%-41%-45%-51%-49% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMR, HCC, METC, BTU, MP.
[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] 2026 data is for the year up to 10/22/2026 (YTD)

How Low Can It Go

EventARECS&P 500
2025 US Tariff Shock
  % Loss-31.4%-18.8%
  % Gain to Breakeven45.7%23.1%
  Time to Breakeven6 days79 days
2024 Yen Carry Trade Unwind
  % Loss-40.0%-7.8%
  % Gain to Breakeven66.6%8.5%
  Time to Breakeven45 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.1%-9.5%
  % Gain to Breakeven64.2%10.5%
  Time to Breakeven705 days24 days
2023 SVB Regional Banking Crisis
  % Loss-24.5%-6.7%
  % Gain to Breakeven32.4%7.1%
  Time to Breakeven10 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-38.8%-24.5%
  % Gain to Breakeven63.4%32.4%
  Time to Breakeven69 days427 days
2020 COVID-19 Crash
  % Loss-17.8%-33.7%
  % Gain to Breakeven21.7%50.9%
  Time to Breakeven3 days140 days

Compare to AMR, HCC, METC, BTU, MP

In The Past

American Resources's stock fell -31.4% during the 2025 US Tariff Shock. Such a loss loss requires a 45.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventARECS&P 500
2025 US Tariff Shock
  % Loss-31.4%-18.8%
  % Gain to Breakeven45.7%23.1%
  Time to Breakeven6 days79 days
2024 Yen Carry Trade Unwind
  % Loss-40.0%-7.8%
  % Gain to Breakeven66.6%8.5%
  Time to Breakeven45 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.1%-9.5%
  % Gain to Breakeven64.2%10.5%
  Time to Breakeven705 days24 days
2023 SVB Regional Banking Crisis
  % Loss-24.5%-6.7%
  % Gain to Breakeven32.4%7.1%
  Time to Breakeven10 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-38.8%-24.5%
  % Gain to Breakeven63.4%32.4%
  Time to Breakeven69 days427 days

Compare to AMR, HCC, METC, BTU, MP

In The Past

American Resources's stock fell -31.4% during the 2025 US Tariff Shock. Such a loss loss requires a 45.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About American Resources (AREC)

American Resources Corporation (AREC) is an integrated natural resources company specializing in the full lifecycle of metallurgical coal. This involves the extraction, processing, transportation, distribution, and sale of coal. Its primary offerings include high-quality metallurgical coal, which serves as a vital raw material, and coal specifically used for pulverized coal injections (PCI).

The company's main customer base is the global steel industry, which relies on AREC's coal products for steel production. AREC conducts its mining operations across strategic locations in the United States, specifically in Pike, Knott, and Letcher Counties in Kentucky, as well as Wyoming County, West Virginia.

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Analogy 1: It's like Albemarle for metallurgical coal, providing a critical raw material for the steel industry.

Analogy 2: Think of it as Freeport-McMoRan, but entirely focused on mining and supplying the specialized metallurgical coal needed to make steel.

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  • Metallurgical Coal: This type of coal is extracted, processed, and sold to the steel industries as a primary raw material.
  • Coal for Pulverized Coal Injections (PCI Coal): This is coal specifically sold for use in pulverized coal injection processes, often in blast furnaces.

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American Resources Corporation (AREC) primarily sells its products to other companies. Based on the company's description and common industry practices for raw material suppliers, specific customer names are generally not publicly disclosed due to confidentiality agreements.

However, the company explicitly states that its major customers are:

  • Steel producers (both domestic and international)
  • Raw material processors serving the steel industry

These customers utilize AREC's metallurgical coal for steel manufacturing processes and pulverized coal injections.

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Mark C. Jensen Chief Executive Officer & Chairman of Board

Mark C. Jensen was appointed CEO in January 2015. He has been a leader in the critical mineral and infrastructure supply chain with over 20 years of commodity experience. He is a founder of American Resources Corporation, serving as Chief Executive Officer and Chairman since June 2006. Mark also co-founded Land Betterment Corporation in February 2020, where he serves as Executive Chairman. He is a co-founder and Portfolio Manager of T Squared Capital LLC since April 2007, a private investment fund focused on small- and micro-cap companies. Mark has led over nine acquisitions, including four through 363 bankruptcy sales. He previously invested in or advised on over $1 billion of transactions across various asset classes. Mark Jensen and Thomas Sauve, co-runs investment firm T Squared Capital LLC. They were previously involved in lawsuits related to mismanaging investment funds and failing to follow through on debt guarantees for T Squared Investments LLC and Quest Energy Corporation. He holds Bachelor's degrees in Finance and International Studies from the Kelley School of Business at Indiana University.

Thomas M. Sauve President & Director

Thomas M. Sauve has over 12 years of experience leading and managing mining operations and over 15 years in investing, restructuring, and building businesses. He has a history of successfully identifying mining operations that align with the company's model of cost-cutting and efficiency, having managed the due diligence, closing, staffing, and ramp-up of three acquisitions in twelve months. Thomas Sauve and Mark Jensen, co-runs investment firm T Squared Capital LLC. He was previously involved in lawsuits concerning mismanaging investment funds and failing to follow through on debt guarantees for T Squared Investments LLC and Quest Energy Corporation. He is a graduate of the University of Rochester with an Economics degree and has additional business studies from the Simon School of Business.

Kirk P. Taylor Chief Financial Officer

Kirk P. Taylor is a Certified Public Accountant (CPA) with over 16 years of experience in accounting and auditing at various national public accounting firms, focusing on tax-advantaged business structuring. As Chief Financial Officer, he is responsible for the overall financial health and strategic financial planning of American Resources Corporation, overseeing financial operations including accounting, budgeting, financial reporting, treasury, and investor relations. He has also been involved in integrating three acquisitions in twelve months.

Mark LaVerghetta Vice President of Corporate Finance & Communications

Mark LaVerghetta serves as the Vice President of Corporate Finance and Communications for American Resources Corporation. In this role, he is involved in investor communications and often provides updates on the company's businesses.

Lisa Little Head of Human Resources

Lisa Little is the Head of Human Resources for American Resources Corporation.

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Key Risks to American Resources Corporation (AREC)

  1. Poor Financial Health and Profitability Issues: American Resources Corporation (AREC) faces significant financial challenges, including a poor financial strength rating, substantial accumulated losses, and consistently negative revenue growth. The company exhibits severe profitability issues with deeply negative operating and net margins. Furthermore, AREC has a low Altman Z-Score, placing it in the distress zone and suggesting a potential risk of bankruptcy. Its balance sheet indicates a weak financial position with a low current ratio and high leverage.
  2. Execution Risk and Minimal Current Revenue Base: Despite ambitious plans to expand into critical minerals and rare earth elements, AREC operates with a tiny current revenue base, reporting less than $400,000 in sales for 2024. The company faces considerable execution risks in transitioning from its negligible revenue to multi-million dollar contracts, which involves successfully establishing new facilities, navigating regulatory hurdles, and scaling up operations efficiently.
  3. Governance and Related Party Transaction Risks: AREC has encountered governance issues, including a Nasdaq non-compliance notice for failing to hold its annual shareholder meeting, which underscores procedural and governance risks. Historical reports have also highlighted instances of self-dealing and related-party transactions, raising concerns about whether management's actions consistently align with the best interests of shareholders.

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The global shift towards decarbonized steel production, specifically the adoption of hydrogen-based direct reduced iron (DRI) processes and increased reliance on electric arc furnaces (EAFs), poses a clear emerging threat. These technologies aim to significantly reduce or eliminate the need for metallurgical coal in primary steelmaking, directly impacting the core demand for American Resources Corporation's products from its steel industry customers.

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American Resources Corporation (AREC) operates in the metallurgical coal market, supplying raw materials, including coal for pulverized coal injections (PCI), to the steel industries.

Addressable Markets for American Resources Corporation (AREC)

Metallurgical Coal Market

  • The global metallurgical coal market size was valued at approximately USD 126.35 billion in 2025 and is projected to reach USD 166.34 billion by 2034.
  • The North American metallurgical coal market was valued at USD 23.72 billion in 2024 and is expected to reach USD 27.27 billion by 2030.

Pulverized Coal Injection (PCI) Systems Market (for coal used in PCI)

  • The global Pulverized Coal Injection (PCI) system market size was approximately USD 6.51 billion in 2024.
  • The North American market for Pulverized Coal Injection (PCI) systems held a market size of approximately USD 2.61 billion in 2024.

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American Resources Corporation (AREC) is expected to experience future revenue growth over the next 2-3 years driven by several key initiatives and market trends:

  1. Commercialization and Scaling of Rare Earth Element (REE) and Critical Mineral Production: American Resources has strategically pivoted towards the refinement of rare earth elements and critical minerals, a move aimed at capitalizing on the growing demand within the U.S. supply chain for electrification. This growth driver is significantly supported by the company's ReElement Technologies division, which focuses on advanced separation and refining capabilities for these essential materials. The ramp-up of production from ReElement's Marion facility is anticipated in late 2025 to 2026. Furthermore, the company's plan to extract and concentrate REEs from existing coal waste deposits, bolstered by a $33 million private investment, is expected to unlock a significant domestic source of these minerals with lower production costs.
  2. Expansion of Electrified Materials (EMCO) and Recycled Critical Minerals Processing: American Resources' wholly-owned subsidiary, Electrified Materials Corporation (EMCO), is expanding its processing capacity for aggregating and pre-processing recycled feedstocks. This expansion directly addresses the increasing volumes of recycled materials and the growing market demand for domestically produced high-purity rare earth oxides and critical minerals. There are also plans to position EMCO as an independent, publicly listed company to further support its growth initiatives.
  3. Continued Demand for Metallurgical Coal in the Steel Industry: Despite the company's pivot towards critical minerals, American Resources maintains its operations in the metallurgical coal sector, which is projected to see sustained growth. The global metallurgical coal market is forecasted to expand, primarily driven by the increasing demand for steel in various industries and ongoing global infrastructural development. American Resources aims to maintain its position as an efficient producer in this essential raw material segment.
  4. Strategic Investments and Partnerships in the Electrification Value Chain: American Resources plans to continue making strategic investments across the entire electrified value chain, encompassing both upstream and downstream opportunities. These investments may include areas such as magnet manufacturing and the acquisition and structuring of various assets, equity interests, royalty interests, and cashflow streams. The company also intends to leverage ReElement's refining technology to establish long-term offtake agreements and provide funding to miners, securing feedstock sources.

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Share Issuance

  • In October 2025, American Resources Corporation completed a private placement, issuing approximately 7.84 million shares (or pre-funded warrants) at $5.10 per share, generating estimated gross proceeds of $40 million.
  • Concurrently in October 2025, the company secured an additional $33.7 million through another private placement, selling 9,480,282 shares of its Class A common stock at $3.55 per share to institutional investors.
  • The company's total shares outstanding significantly increased from 26.78 million in 2020 to 84.3 million in 2025, and reached 106,925,819 as of February 17, 2026.

Inbound Investments

  • In November 2024, ReElement Technologies, an affiliate of American Resources, secured initial investments as part of a private financing round of up to $20 million through two-year convertible notes.
  • American Resources' wholly-owned subsidiary, Electrified Materials Corporation (EMCO), is exploring raising between $3 million and $20 million through the issuance of convertible preferred stock to support its expansion efforts.

Outbound Investments

  • American Resources is strategically investing in and developing upstream and downstream critical mineral operations, which include mining interests, recycling, and manufacturing activities.
  • Proceeds from capital raises, such as the $33 million PIPE transaction, are allocated to accelerate the company's strategy for extracting rare earth elements from coal waste and to develop regional coal waste processing hubs.

Capital Expenditures

  • ReElement Technologies, a portfolio company of American Resources, is expanding its Indiana facilities to boost production capacity for rare earth elements and critical minerals.
  • The Marion Supersite facility aims to process between 2,500 and 3,500 metric tons annually, while the Noblesville facility targets over 250 metric tons per year.
  • Planned capital expenditures include investment in domestic critical mineral processing, coal waste extraction technologies, and magnet manufacturing facilities.

Peer Outperformance in Environmental & Facilities Services

AREC has trailed 61% of its 28 Environmental & Facilities Services peers over 5Y. Environmental & Facilities Services ranks 18th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Environmental & Facilities Services constituents that AREC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
28%
of 32 industry peers · -69.7% return
3Y
37%
of 30 industry peers · -18.9% return
5Y
39%
of 28 industry peers · -56.5% return
No Environmental & Facilities Services peer with a comparable growth profile has beaten AREC by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Environmental & Facilities Services is AREC's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 30 -2.5%102.3%139.8% STRL 1538% · FIX 1451% · AGX 712%
Marine Transportation 5 53.7%50.1%131.4% MATX 188% · KEX 131%
Construction Machinery & Heavy Transportation Equipment 13 2.1%58.8%94.9% CAT 280% · ALSN 241% · WAB 208%
Aerospace & Defense 52 -12.6%59.4%57.0% ATI 913% · FTAI 721% · HWM 544%
Trading Companies & Distributors 19 12.5%32.3%51.1% DXPE 382% · AIT 233% · URI 213%
Industrial Machinery & Supplies & Components 72 5.8%55.2%38.4% CRS 867% · MLI 375% · SYM 308%
Diversified Support Services 34 11.3%38.9%36.6% CXW 226% · OPLN 155% · CTAS 120%
Rail Transportation 7 32.2%62.3%31.1% CSX 56% · UNP 40% · NSC 31%
Building Products 33 -7.3%12.9%24.5% GFF 344% · TT 164% · JCI 114%
Cargo Ground Transportation 16 33.6%6.9%19.4% XPO 262% · R 237% · ARCB 51%
Electrical Components & Equipment 37 -11.3%70.5%3.7% POWL 1786% · BE 979% · VRT 717%
Industrial Conglomerates 17 7.7%8.7%-5.9% CSW 121% · DD 72% · CSL 64%
Agricultural & Farm Machinery 16 1.5%-1.6%-10.6% DE 102% · TTC 15% · AGCO -6%
Data Processing & Outsourced Services 6 -21.6%0.4%-15.0% EXLS 73% · BR 11% · G -12%
Research & Consulting Services 13 4.1%-12.2%-15.9% HURN 290% · FCN 11% · BAH 5%
Security & Alarm Services 9 -52.1%12.7%-21.3% BCO 99%
Office Services & Supplies 9 19.4%18.4%-24.4% PBI 201% · TILE 148% · HNI 43%
Environmental & Facilities Services ← 29 -26.4%32.4%-32.4% GEO 231% · CLH 180% · RSG 93%
Passenger Airlines 11 5.1%20.4%-34.2% LTM 3130% · UAL 118% · DAL 107%
Passenger Ground Transportation 3 -25.1%60.5%-36.4% UBER 52% · CAR -36% · LYFT -64%
Air Freight & Logistics 12 -25.4%-18.7%-39.6% FDX 80% · EXPD 69% · CHRW 61%
Human Resource & Employment Services 22 17.2%-9.0%-42.0% ADP 58% · PAYX 12% · FA 10%
Airport Services 4 -69.6%-68.3%-83.5% JOBY -48%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ARECAMRHCCMETCBTUMPMedian
NameAmerican.Alpha Me.Warrior .Ramaco R.Peabody .MP Mater. 
Mkt Price1.11155.2282.017.3622.5537.9930.27
Mkt Cap0.12.04.30.52.86.82.4
Rev LTM-02,0651,6815154,0113051,098
Op Inc LTM-11-45229-73-154-104-59
FCF LTM-10-16-136-178-505-73
FCF 3Y Avg-12207-27-1113-313-11
CFO LTM-10138301-42219-8464
CFO 3Y Avg-938336768422-47217

Growth & Margins

ARECAMRHCCMETCBTUMPMedian
NameAmerican.Alpha Me.Warrior .Ramaco R.Peabody .MP Mater. 
Rev Chg LTM-100.0%-12.9%37.5%-17.7%-0.7%26.1%-6.8%
Rev Chg 3Y Avg-89.9%-15.1%4.6%-1.9%-10.0%3.9%-6.0%
Rev Chg Q84.9%-10.4%71.3%-5.3%12.7%89.0%42.0%
QoQ Delta Rev Chg LTM100.0%-2.7%14.4%-1.6%2.9%20.1%8.7%
Op Inc Chg LTM25.1%-101.5%789.7%-305.3%-193.0%33.9%-38.2%
Op Inc Chg 3Y Avg20.9%-83.7%225.5%-156.7%-109.6%-56.2%-70.0%
Op Mgn LTM--2.2%13.6%-14.1%-3.8%-34.1%-3.8%
Op Mgn 3Y Avg-4.3%14.4%-2.8%4.5%-56.4%4.3%
QoQ Delta Op Mgn LTM--0.7%3.9%-1.1%-1.6%16.9%-0.7%
CFO/Rev LTM-6.7%17.9%-8.2%5.5%-27.5%5.5%
CFO/Rev 3Y Avg-13.6%23.0%9.2%10.2%-17.6%10.2%
FCF/Rev LTM--0.1%0.4%-26.3%-4.4%-165.2%-4.4%
FCF/Rev 3Y Avg-6.9%-3.3%-3.9%0.3%-128.0%-3.3%

Valuation

ARECAMRHCCMETCBTUMPMedian
NameAmerican.Alpha Me.Warrior .Ramaco R.Peabody .MP Mater. 
Mkt Cap0.12.04.30.52.86.82.4
P/S-1.02.60.90.722.21.0
P/Op Inc-10.8-44.118.9-6.5-17.9-65.2-14.3
P/EBIT-7.1-29.117.9-6.7-15.8-128.2-11.5
P/E2.5-42.819.8-7.7-15.1-111.8-11.4
P/CFO-11.014.314.4-11.312.6-80.70.8
Total Yield40.3%-2.3%5.4%-13.2%-5.3%-0.9%-1.6%
Dividend Yield0.0%0.0%0.4%0.0%1.3%0.0%0.0%
FCF Yield 3Y Avg-14.7%7.6%-1.7%0.1%0.2%-6.7%-0.8%
D/E0.00.00.11.00.20.10.1
Net D/E-0.6-0.2-0.00.4-0.0-0.1-0.1

Returns

ARECAMRHCCMETCBTUMPMedian
NameAmerican.Alpha Me.Warrior .Ramaco R.Peabody .MP Mater. 
1M Rtn-45.1%-17.7%-11.0%-24.1%-15.8%-25.6%-20.9%
3M Rtn-36.0%8.4%1.3%-34.3%-5.0%-14.9%-10.0%
6M Rtn-48.4%-22.0%-7.3%-47.4%-17.1%-40.0%-31.0%
12M Rtn-69.6%1.4%32.0%-81.5%-19.5%-45.6%-32.5%
3Y Rtn-18.5%-28.7%78.6%-33.8%-6.1%128.2%-12.3%
1M Excs Rtn-40.2%-13.4%-8.5%-20.1%-14.0%-21.7%-17.0%
3M Excs Rtn-38.3%5.3%-0.8%-32.3%-4.1%-11.3%-7.7%
6M Excs Rtn-56.2%-29.5%-15.0%-55.2%-24.9%-47.6%-38.6%
12M Excs Rtn-87.0%-15.3%13.6%-96.3%-34.8%-62.3%-48.5%
3Y Excs Rtn-104.3%-108.3%-4.7%-114.1%-84.4%27.5%-94.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Corporate000  
Electrified Materials Corporation (EMC)00   
American Infrastructure (AIC)  12  
American Metals  0  
ReElements (RLMT)  0  
Coal Sales   398
Metal Recovery and Sales   00
Royalty Income   00
Total0012398


Operating Income by Segment
$ Mil202520242023
Electrified Materials Corporation (EMC)-1-1 
Corporate-11-13-22
American Infrastructure (AIC)  -12
American Metals  0
ReElements (RLMT)  -3
Total-11-14-36


Net Income by Segment
$ Mil2024
American Metals-0
ReElements (RLMT)-6
Corporate-15
American Infrastructure (AIC)-19
Total-40


Price Behavior

Price Behavior
Market Price$1.11 
Market Cap ($ Bil)0.1 
First Trading Date03/19/2018 
Distance from 52W High-74.2% 
   50 Days200 Days
DMA Price$2.02$2.39
DMA Trenddowndown
Distance from DMA-45.0%-53.5%
 3M1YR
Volatility80.6%98.5%
Downside Capture503.03436.81
Upside Capture184.81217.87
Correlation (S&P 500)40.2%37.9%
AREC Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta2.403.473.062.752.861.44
Up Beta-3.121.022.492.272.951.37
Down Beta7.389.752.833.052.770.49
Up Capture118%377%317%258%449%942%
Bmk +ve Days6162766132424
Stock +ve Days6172249111321
Down Capture484%333%322%268%180%112%
Bmk -ve Days16263760120328
Stock -ve Days15233872136404

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AREC
AREC-73.5%98.5%-0.90-
Sector ETF (XLI)8.6%17.2%0.3130.1%
Equity (SPY)14.8%12.7%0.8036.5%
Gold (GLD)-2.2%28.4%-0.0937.1%
Commodities (DBC)52.1%20.7%1.9111.2%
Real Estate (VNQ)4.7%13.9%0.087.2%
Bitcoin (BTCUSD)-22.4%43.4%-0.4729.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AREC
AREC-13.7%107.5%0.33-
Sector ETF (XLI)12.0%17.6%0.5122.8%
Equity (SPY)13.0%17.1%0.5724.0%
Gold (GLD)17.1%18.9%0.7219.4%
Commodities (DBC)9.3%19.5%0.3615.1%
Real Estate (VNQ)1.1%18.9%-0.0515.7%
Bitcoin (BTCUSD)8.0%51.7%0.3317.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AREC
AREC-12.3%110.4%0.34-
Sector ETF (XLI)13.2%20.0%0.5720.9%
Equity (SPY)15.4%17.9%0.7322.4%
Gold (GLD)11.9%16.4%0.5912.9%
Commodities (DBC)8.3%18.1%0.3714.9%
Real Estate (VNQ)5.2%20.7%0.2113.5%
Bitcoin (BTCUSD)63.0%66.2%1.0313.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity16.5 Mil
Short Interest: % Change Since 915202620.0%
Average Daily Volume1.6 Mil
Days-to-Cover Short Interest10.2 days
Basic Shares Quantity102.6 Mil
Short % of Basic Shares16.1%

Earnings Returns History

Updated 10/7/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/14/2024-13.3%3.8%11.5%
8/19/2024-5.3%-2.5%3.5%
5/21/20240.0%-2.3%-43.0%
11/14/202330.9%37.4%20.7%
8/14/2023-22.4%-20.1%-27.6%
5/15/2023-2.0%3.3%13.9%
3/30/20236.4%-5.7%-19.2%
11/15/20223.5%-7.5%-22.0%
...
SUMMARY STATS   
# Positive889
# Negative887
Median Positive5.5%8.9%13.9%
Median Negative-5.7%-5.8%-22.0%
Max Positive30.9%37.4%35.7%
Max Negative-22.4%-20.1%-43.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/14/2024-13.3%3.8%11.5%
8/19/2024-5.3%-2.5%3.5%
5/21/20240.0%-2.3%-43.0%
11/14/202330.9%37.4%20.7%
8/14/2023-22.4%-20.1%-27.6%
5/15/2023-2.0%3.3%13.9%
3/30/20236.4%-5.7%-19.2%
11/15/20223.5%-7.5%-22.0%
8/15/202212.2%6.5%35.7%
5/16/202213.8%17.4%7.2%
3/29/20224.5%16.8%-15.9%
11/15/2021-1.3%-16.5%-26.5%
8/16/20212.2%11.2%20.2%
5/12/2021-6.2%-1.5%3.6%
3/11/2021-1.4%1.8%-18.2%
10/30/2020-6.5%-5.8%16.9%
SUMMARY STATS   
# Positive889
# Negative887
Median Positive5.5%8.9%13.9%
Median Negative-5.7%-5.8%-22.0%
Max Positive30.9%37.4%35.7%
Max Negative-22.4%-20.1%-43.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202505/20/202610-K
09/30/202511/14/202510-Q
06/30/202508/19/202510-Q
03/31/202505/28/202510-Q
12/31/202405/19/202510-K
09/30/202411/19/202410-Q
06/30/202408/19/202410-Q
03/31/202405/20/202410-Q
12/31/202304/15/202410-K
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202305/15/202310-Q
12/31/202203/31/202310-K
09/30/202211/14/202210-Q
06/30/202208/15/202210-Q
03/31/202205/16/202210-Q
Collapse to Preview
Report DateFiling DateFiling
12/31/202505/20/202610-K
09/30/202511/14/202510-Q
06/30/202508/19/202510-Q
03/31/202505/28/202510-Q
12/31/202405/19/202510-K
09/30/202411/19/202410-Q
06/30/202408/19/202410-Q
03/31/202405/20/202410-Q
12/31/202304/15/202410-K
09/30/202311/14/202310-Q
06/30/202308/14/202310-Q
03/31/202305/15/202310-Q
12/31/202203/31/202310-K
09/30/202211/14/202210-Q
06/30/202208/15/202210-Q
03/31/202205/16/202210-Q
12/31/202103/30/202210-K
09/30/202111/15/202110-Q
06/30/202108/16/202110-Q
03/31/202105/12/202110-Q
12/31/202003/11/202110-K
09/30/202010/29/202010-Q
06/30/202007/23/202010-Q
03/31/202006/17/202010-Q
12/31/201905/29/202010-K
09/30/201911/18/201910-Q
06/30/201908/12/201910-Q
03/31/201905/16/201910-Q
Core Cache Last Updated: 10/22/2026