Arq (ARQ)


Market Price (10/22/2026): $1.825 | Market Cap: $76.8 MilSector: Industrials | Industry: Environmental & Facilities Services

Arq (ARQ)


Market Price (10/22/2026): $1.825
Market Cap: $76.8 Mil
Sector: Industrials
Industry: Environmental & Facilities Services

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

0

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%

Megatrend and thematic drivers
Megatrends include Sustainable Resource Management, and Circular Economy & Recycling. Themes include Water Treatment Solutions, Resource Efficiency Solutions, Show more.

Weak multi-year price returns
2Y Excs Rtn is -98%, 3Y Excs Rtn is -78%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -8.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.6%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.1%

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 -73%

Key risks
ARQ key risks include [1] operational challenges with production ramp-ups and integrating its Legacy Arq acquisition, Show more.

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28%
1 Megatrend and thematic drivers
Megatrends include Sustainable Resource Management, and Circular Economy & Recycling. Themes include Water Treatment Solutions, Resource Efficiency Solutions, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -98%, 3Y Excs Rtn is -78%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -8.1 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.6%
4 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.1%
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 -73%
6 Key risks
ARQ key risks include [1] operational challenges with production ramp-ups and integrating its Legacy Arq acquisition, Show more.

ARQ in ETFs

Weight = ARQ's share of each fund

VTI0.00%
DFAS0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/15/2026

Arq (ARQ) stock has lost about 30% since 6/30/2026 because of the following key factors:

1. ARQ's fiscal Q2 2026 earnings fell short of analyst expectations.

On August 10, 2026, Arq reported its fiscal Q2 2026 results, which ended on June 30, 2026. The company posted an earnings per share (EPS) of -$0.02, missing the consensus analyst estimate of -$0.01 by $0.01 per share. While revenue for the quarter at $29.88 million exceeded the consensus estimate of $28.57 million, the earnings miss likely contributed to negative investor sentiment and selling pressure on the stock.

2. Persistent historical underperformance in meeting earnings estimates.

Arq has demonstrated a consistent pattern of failing to meet analyst earnings expectations, having beaten the consensus EPS estimate in only one of its last eight quarters. This long-standing trend of inconsistent profitability and missed forecasts may erode investor confidence, making the stock more susceptible to declines following any further negative financial news.

Show more
Updated on 10/15/2026

Arq (ARQ) stock has lost about 30% since 6/30/2026 because of the following key factors:

1. ARQ's fiscal Q2 2026 earnings fell short of analyst expectations.

On August 10, 2026, Arq reported its fiscal Q2 2026 results, which ended on June 30, 2026. The company posted an earnings per share (EPS) of -$0.02, missing the consensus analyst estimate of -$0.01 by $0.01 per share. While revenue for the quarter at $29.88 million exceeded the consensus estimate of $28.57 million, the earnings miss likely contributed to negative investor sentiment and selling pressure on the stock.

2. Persistent historical underperformance in meeting earnings estimates.

Arq has demonstrated a consistent pattern of failing to meet analyst earnings expectations, having beaten the consensus EPS estimate in only one of its last eight quarters. This long-standing trend of inconsistent profitability and missed forecasts may erode investor confidence, making the stock more susceptible to declines following any further negative financial news.

3. Absence of significant positive company-specific catalysts during fiscal Q3 2026.

Throughout fiscal Q3 2026 (July 1, 2026, to September 30, 2026), there were no major positive company announcements, such as new contracts, product breakthroughs, or strategic partnerships, that were strong enough to counteract the negative sentiment from the fiscal Q2 2026 earnings miss. The company's next earnings report for fiscal Q3 2026 is scheduled for November 4, 2026, which falls outside the specified period of analysis.

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Stock Movement Drivers

Fundamental Drivers

The -27.8% change in ARQ stock from 6/30/2026 to 10/21/2026 was primarily driven by a -28.0% change in the company's P/S Multiple.
(LTM values as of)630202610212026Change
Stock Price ($)2.551.84-27.8%
Change Contribution By: 
Total Revenues ($ Mil)1221231.1%
P/S Multiple0.90.6-28.0%
Shares Outstanding (Mil)4242-0.9%
Cumulative Contribution-27.8%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/21/2026
ReturnCorrelation
ARQ-27.8% 
Market (SPY)3.5%28.7%
Sector (XLI)-9.1%22.0%

Fundamental Drivers

The -28.1% change in ARQ stock from 3/31/2026 to 10/21/2026 was primarily driven by a -29.2% change in the company's P/S Multiple.
(LTM values as of)331202610212026Change
Stock Price ($)2.561.84-28.1%
Change Contribution By: 
Total Revenues ($ Mil)1201232.6%
P/S Multiple0.90.6-29.2%
Shares Outstanding (Mil)4242-1.1%
Cumulative Contribution-28.1%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/21/2026
ReturnCorrelation
ARQ-28.1% 
Market (SPY)19.2%17.8%
Sector (XLI)4.3%-0.3%

Fundamental Drivers

The -74.3% change in ARQ stock from 9/30/2025 to 10/21/2026 was primarily driven by a -75.2% change in the company's P/S Multiple.
(LTM values as of)930202510212026Change
Stock Price ($)7.161.84-74.3%
Change Contribution By: 
Total Revenues ($ Mil)1181234.9%
P/S Multiple2.50.6-75.2%
Shares Outstanding (Mil)4242-1.4%
Cumulative Contribution-74.3%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/21/2026
ReturnCorrelation
ARQ-74.3% 
Market (SPY)17.0%20.3%
Sector (XLI)10.1%10.2%

Fundamental Drivers

The 3.4% change in ARQ stock from 9/30/2023 to 10/21/2026 was primarily driven by a 32.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310212026Change
Stock Price ($)1.781.843.4%
Change Contribution By: 
Total Revenues ($ Mil)9312332.6%
P/S Multiple0.50.620.0%
Shares Outstanding (Mil)2742-35.0%
Cumulative Contribution3.4%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/21/2026
ReturnCorrelation
ARQ3.4% 
Market (SPY)87.1%24.1%
Sector (XLI)72.6%20.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ARQ Return20%-63%23%154%-57%-43%-66%
Peers Return22%-6%1%-4%24%-2%35%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
ARQ Win Rate42%25%42%58%25%30% 
Peers Win Rate57%38%50%52%48%46% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
ARQ Max Drawdown-27%-69%-66%-36%-59%-57% 
Peers Max Drawdown-20%-33%-37%-29%-32%-29% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CBT, NGVT, ALB, ECL, XYL.
[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 10/21/2026 (YTD)

How Low Can It Go

EventARQS&P 500
2025 US Tariff Shock
  % Loss-38.8%-18.8%
  % Gain to Breakeven63.5%23.1%
  Time to Breakeven85 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.9%-9.5%
  % Gain to Breakeven66.3%10.5%
  Time to Breakeven52 days24 days
2023 SVB Regional Banking Crisis
  % Loss-61.7%-6.7%
  % Gain to Breakeven160.8%7.1%
  Time to Breakeven223 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-59.4%-24.5%
  % Gain to Breakeven146.5%32.4%
  Time to Breakeven550 days427 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.9%-19.2%
  % Gain to Breakeven29.8%23.8%
  Time to Breakeven117 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-25.0%-17.9%
  % Gain to Breakeven33.3%21.8%
  Time to Breakeven31 days123 days

Compare to CBT, NGVT, ALB, ECL, XYL

In The Past

Arq's stock fell -38.8% during the 2025 US Tariff Shock. Such a loss loss requires a 63.5% 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.

EventARQS&P 500
2025 US Tariff Shock
  % Loss-38.8%-18.8%
  % Gain to Breakeven63.5%23.1%
  Time to Breakeven85 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-39.9%-9.5%
  % Gain to Breakeven66.3%10.5%
  Time to Breakeven52 days24 days
2023 SVB Regional Banking Crisis
  % Loss-61.7%-6.7%
  % Gain to Breakeven160.8%7.1%
  Time to Breakeven223 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-59.4%-24.5%
  % Gain to Breakeven146.5%32.4%
  Time to Breakeven550 days427 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.9%-19.2%
  % Gain to Breakeven29.8%23.8%
  Time to Breakeven117 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-25.0%-17.9%
  % Gain to Breakeven33.3%21.8%
  Time to Breakeven31 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-34.8%-15.4%
  % Gain to Breakeven53.4%18.2%
  Time to Breakeven182 days125 days
2008-2009 Global Financial Crisis
  % Loss-66.3%-53.4%
  % Gain to Breakeven196.3%114.4%
  Time to Breakeven362 days1085 days
Summer 2007 Credit Crunch
  % Loss-50.9%-8.6%
  % Gain to Breakeven103.6%9.5%
  Time to Breakeven1330 days47 days

Compare to CBT, NGVT, ALB, ECL, XYL

In The Past

Arq's stock fell -38.8% during the 2025 US Tariff Shock. Such a loss loss requires a 63.5% 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 Arq (ARQ)

Advanced Emissions Solutions, Inc. (ARQ) specializes in providing environmental technologies and specialty chemicals designed to reduce emissions and purify various substances. The company operates through two main segments: Refined Coal and Advanced Purification Technologies, addressing critical needs in emissions control and material purification.

The Refined Coal segment offers proprietary pre-combustion coal treatment technologies such as CyClean, M-45, and M-45-PC. These technologies are applied to enhance coal combustion and effectively reduce harmful emissions like nitrogen oxide and mercury from different types of coal-fired boilers, including cyclone, circulating fluidized bed, and pulverized coal systems. This segment primarily serves the coal-fired power generation and industrial boiler industries.

ARQ's Advanced Purification Technologies segment focuses on controlling mercury and other air contaminants, alongside producing and selling activated carbon products. Sourced from an associated lignite mine, these powdered and granular activated carbons are used for a broad spectrum of applications, including heavy metal removal, treatment of drinking and wastewater, industrial acid gas and odor control, automotive gasoline emission control, and purification in the food and beverage industries. This segment caters to a diverse customer base beyond power generation, encompassing various industrial and municipal purification needs.

AI Analysis | Feedback

Here are 1-3 brief analogies for Advanced Emissions Solutions, Inc. (ARQ):

  • Ecolab for industrial air pollution and purification solutions. (Like Ecolab helps industries with water and hygiene, ARQ provides technologies and chemicals to help heavy industries clean up their air emissions and purify air/water.)
  • A specialized 3M for industrial environmental technologies and purification products. (Similar to 3M's broad range of innovative specialty materials and industrial solutions, ARQ offers specific technologies for emission reduction and activated carbon for purification.)

AI Analysis | Feedback

  • CyClean Technology: A pre-combustion coal treatment process that enhances combustion and reduces emissions of nitrogen oxide and mercury from coals burned in cyclone boilers.
  • M-45 and M-45-PC Technologies: Pre-combustion coal treatment technologies used to control emissions from circulating fluidized bed boilers and pulverized coal boilers.
  • Activated Carbon Products: Includes powdered activated carbon (PAC) and granular activated carbon (GAC) used for various purification and contaminant removal applications.

AI Analysis | Feedback

Advanced Emissions Solutions, Inc. (ARQ) sells its products and services primarily to other companies, not individuals.

Based on the provided company description, specific names of major customer companies are not listed. However, the company clearly identifies the types of industries and operations that constitute its customer base. These major customer categories include:

  • Coal-fired power generation companies and industrial boiler operators: These customers utilize ARQ's pre-combustion coal treatment technologies (CyClean, M-45, M-45-PC) to enhance combustion and reduce emissions like nitrogen oxide and mercury. They also use ARQ's mercury and other air contaminants control solutions.
  • Water treatment facilities: Both municipal and industrial water treatment operations use ARQ's activated carbon products (powdered and granular) for the treatment of drinking and waste waters, including the removal of heavy metal pollutants.
  • Various industrial sectors requiring purification, remediation, and emission control: This broad category encompasses a range of industries that leverage ARQ's specialty chemicals and activated carbon for applications such as industrial acid gas and odor removal, automotive gasoline emission control, soil and ground water remediation, and food and beverage process and product purifications.

AI Analysis | Feedback

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Robert Rasmus

Chief Executive Officer, President & Director

Mr. Rasmus was appointed President and Chief Executive Officer of Arq (formerly Advanced Emissions Solutions, Inc.) on July 17, 2023. He is the founder and former Chief Executive Officer of Hi-Crush, Inc., a fully integrated provider of proppant and logistics services for hydraulic fracturing operations. He also co-founded and was a Managing Partner of Red Oak Capital Management. Previously, Mr. Rasmus was President of Thunderbolt Capital Corp., a venture firm focused on start-up and early-stage private equity investments, and held senior roles at Banc One Capital Markets, Inc. and First Chicago Ltd.

Stacia Hansen

Chief Accounting Officer and Principal Financial Officer

Ms. Hansen continues in her role as Chief Accounting Officer and, effective March 9, 2026, also serves as the principal financial officer of the company. She reports directly to the Chief Financial Officer (prior to the recent change).

Anthony Nathan

Vice President of Finance

Mr. Nathan was promoted to Vice President of Finance effective March 9, 2026. He has eight years of experience with Arq (ARQ) and has been crucial in managing the company's recent equity and credit financings, as well as the Arq Limited/ADES merger. In his current role, he oversees strategic planning, financial analysis, budgeting, and investor relations.

Jeremy “Deke” Williamson

Chief Operating Officer

Mr. Williamson was appointed Chief Operating Officer effective September 18, 2023.

Joe Wong

Chief Technology Officer

Mr. Wong serves as the Chief Technology Officer for Arq.

AI Analysis | Feedback

The key risks to Arq's business are:
  • Operational and Financial Challenges with Granular Activated Carbon (GAC) Production: Arq has encountered significant setbacks with its Granular Activated Carbon (GAC) facility, including design flaws, construction delays, and cost overruns, leading to a pause in GAC production and a substantial impairment charge of $44.8 million in 2025. This has delayed a major growth pillar for the company, and management does not expect material GAC revenue in 2026. The company is also engaged in litigation with its original engineering consultant regarding these design flaws. These issues necessitate a comprehensive engineering and process optimization review, and a failure to achieve nameplate capacity or address design flaws could jeopardize future growth and profitability.
  • Reliance on Declining Coal-Fired Power Generation Market and Regulatory/ESG Pressures: Although Arq is pursuing diversification, its business heavily relies on the coal-fired power generation market, which is experiencing a gradual decline due to the increasing availability and decreasing cost of alternative energy sources like natural gas, solar, and wind. This trend could decrease demand for Arq's products. Furthermore, growing environmental, social, and governance (ESG) concerns among institutional investors may limit the company's access to capital and reduce share liquidity, particularly given its exposure to fossil fuels. Changes in environmental regulations, especially those related to emissions and substances like PFAS, also pose a risk to product demand.
  • Significant Capital Requirements and Financial Instability: Arq has already exceeded its original budget for capital expenditures, with FY2025 capex reaching $9.1 million. Should further investments be necessary, the company may need to secure additional financing through equity or debt, which could dilute existing shareholders. The company has reported financial losses, including a GAAP loss per share of $1.20 for Q4 2025, and issued 2026 revenue guidance below analyst expectations, indicating ongoing financial distress and impacting investor confidence. The stock has also experienced significant volatility.

AI Analysis | Feedback

The clear emerging threat to Advanced Emissions Solutions, Inc. (ARQ) is the ongoing and accelerating global transition away from coal-fired power generation. A significant portion of ARQ's business, particularly its Refined Coal segment and associated emission control technologies, is directly tied to the continued operation of coal-fired power plants. As power grids increasingly shift towards renewable energy sources and natural gas, the demand for technologies designed to reduce emissions from coal combustion will diminish, potentially rendering a core part of ARQ's offerings obsolete over time.

AI Analysis | Feedback

Advanced Emissions Solutions, Inc. (ARQ) operates in several addressable markets related to environmental technologies and specialty chemicals.

Activated Carbon Market

The global activated carbon market was estimated at approximately USD 4.07 billion in 2025 and is projected to reach around USD 5.50 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.0% from 2026 to 2033. Other estimates place the global activated carbon market at over USD 5.58 billion in 2025, poised to exceed USD 13.45 billion by 2035, with a CAGR of 9.2% from 2026 to 2035. Another report estimates the global market size at USD 9.2 billion in 2025, projected to reach USD 16.4 billion by 2036, expanding at a CAGR of 11.2% from 2026 to 2036.

For the United States, the activated carbon market is projected to reach USD 2.00 billion by 2032. Another source indicates the U.S. activated carbon market was valued at USD 1.21 billion in 2024, with a CAGR of 8.8% from 2025–2034. The North American activated carbon market was estimated at USD 990.6 million in 2023 and is expected to grow to USD 1.27 billion by 2030, at a CAGR of 3.6% from 2024 to 2030.

Industrial Air Pollution Control Solutions Market

The global industrial air pollution control solutions market is substantial, expected to grow from USD 83.41 billion in 2025 to USD 88.18 billion in 2026 and is forecast to reach USD 116.46 billion by 2031, with a CAGR of 5.72% over 2026-2031. Another report states the global air pollution control systems market size reached USD 94.9 billion in 2025 and is expected to reach USD 158.0 billion by 2034, exhibiting a CAGR of 5.66% during 2026-2034. North America represents a significant portion of this market, holding approximately 40% of the global market share. The U.S. air pollution control equipment market was valued at USD 18.5 billion in 2023 and is anticipated to grow at a CAGR of over 5.1% from 2024 to 2032.

Activated Carbon for Mercury Control Market

A specialized segment, the global activated carbon mercury control market, was valued at USD 1.3 billion in 2025 and is projected to grow from USD 1.38 billion in 2026 to USD 2.27 billion by 2034, exhibiting a CAGR of 6.41% during the forecast period. Power generation is a dominant end-use industry in this segment, accounting for 45% of the market share.

AI Analysis | Feedback

Arq (NASDAQ: ARQ) anticipates several key drivers for its future revenue growth over the next two to three years, primarily stemming from the robust performance of its core powdered activated carbon (PAC) business and increasing demand driven by environmental regulations.

Here are the expected drivers of future revenue growth:

  1. Sustained Strength and Pricing Power in Powdered Activated Carbon (PAC) Business: Arq's PAC business has demonstrated consistent strength, serving as the primary driver for its record revenue in fiscal year 2025, which increased 10% year-over-year to approximately $120.3 million. The company has consistently achieved enhanced contract terms, including average selling price (ASP) growth for its PAC products, with a 7% year-over-year increase reported in Q3 2025. This trend of strong PAC volumes, improved product mix, and continued pricing strength is expected to persist through 2026.
  2. Increased Demand Driven by Environmental Regulations: New and anticipated environmental regulations, particularly those concerning PFAS (per- and polyfluoroalkyl substances) in drinking water, are expected to significantly boost demand for Arq's activated carbon products. As the only fully domestic vertically integrated activated carbon producer in the United States, Arq is uniquely positioned to benefit from these regulations, which will drive market growth for its existing and future purification solutions.
  3. Expansion into New and Adjacent Markets: Arq is actively focusing on broadening its market reach by expanding into adjacent markets and developing new products with enhanced pricing strategies. This diversification is aimed at reducing reliance on traditional markets and capturing higher-margin opportunities within the activated carbon sector, including applications in industrial acid gas and odor removal, automotive gasoline emission control, and soil and groundwater remediation, in addition to its established water treatment markets.
  4. Eventual Successful Commercialization of Granular Activated Carbon (GAC): While Arq has temporarily paused its Granular Activated Carbon (GAC) production to conduct a comprehensive engineering and process optimization review, the successful resolution of these challenges and the eventual ramp-up of GAC production remain a significant long-term revenue growth driver. Management is committed to optimizing the GAC line, and once operational, it is expected to contribute to future revenue growth, especially given the strong market demand for activated carbon. However, the company does not anticipate material GAC revenue in 2026.

AI Analysis | Feedback

Share Repurchases

  • On August 12, 2025, the Board terminated the existing stock repurchase plan.

Share Issuance

  • In February 2023, Advanced Emissions Solutions, Inc. (now Arq) issued common stock and a newly created series of preferred stock in exchange for 100% of the equity interests in all subsidiaries of Arq Limited as part of a merger.
  • A private placement of approximately $15.4 million of common stock was made concurrently with the merger from certain significant Arq shareholders and members of Arq management at a price of $4.00 per share.
  • The company intended to increase its authorized shares of common stock from 100 million to 125 million, subject to shareholder approval, as part of the merger with Arq Limited.

Inbound Investments

  • Advanced Emissions Solutions, Inc. completed the acquisition of all subsidiaries of Arq Limited on February 1, 2023.
  • A private placement of approximately $15.4 million of common stock was made by certain significant Arq shareholders and management during the merger.
  • A $10.0 million term debt facility was obtained by ADES concurrent with the merger with Arq Limited.

Capital Expenditures

  • For the full year 2025, Arq's capital expenditure forecast remained between $8 million and $12 million, with actual capital expenditures reaching $9.1 million for the year.
  • Capital expenditures in the first quarter of 2025 totaled $3.7 million.
  • The primary focus of recent and planned capital expenditures includes the commissioning of the first Granular Activated Carbon (GAC) line at the Red River facility and targeting a final investment decision for a second GAC line before the end of 2025. The company also plans an $8-10 million investment in a purpose-built thermal oxidizer.

Better Bets vs. Arq (ARQ)

Peer Outperformance in Environmental & Facilities Services

ARQ has trailed 68% of its 28 Environmental & Facilities Services peers over 5Y. Among the peers that beat it are WM, WCN and ROL. 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 ARQ has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
19%
of 32 industry peers · -73.7% return
3Y
43%
of 30 industry peers · 6.4% return
5Y
32%
of 28 industry peers · -72.2% return
Environmental & Facilities Services peers with revenue growth within 4pp of ARQ's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
ARQ Arq 9.9% -1.5x -73.7%6.4%-72.2% —
WM Waste Management 8.7% 258.5x 8.6%53.5%53.5% +126pp
WCN Waste Connections 8.4% 40.2x -2.3%26.1%31.3% +103pp
ROL Rollins 11.0% 30.3x -39.8%5.4%-7.3% +65pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Environmental & Facilities Services is ARQ'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 -4.6%113.1%155.6% STRL 1708% · FIX 1620% · AGX 746%
Marine Transportation 5 58.1%49.7%134.0% MATX 201% · KEX 142%
Construction Machinery & Heavy Transportation Equipment 13 0.9%59.6%87.4% CAT 299% · ALSN 241% · WAB 220%
Aerospace & Defense 52 -13.9%55.5%63.5% ATI 1007% · FTAI 759% · HWM 587%
Trading Companies & Distributors 19 8.9%38.3%45.6% DXPE 442% · AIT 253% · URI 204%
Industrial Machinery & Supplies & Components 72 8.7%57.9%40.6% CRS 1091% · MLI 412% · SYM 322%
Diversified Support Services 34 13.2%33.9%33.1% CXW 222% · OPLN 146% · CACI 120%
Rail Transportation 7 29.8%48.7%28.8% CSX 48% · UNP 39% · NSC 29%
Building Products 33 -12.8%11.6%22.0% GFF 331% · TT 177% · JCI 126%
Cargo Ground Transportation 16 31.0%6.0%19.8% XPO 264% · R 208% · ARCB 53%
Electrical Components & Equipment 37 -9.1%76.7%10.4% POWL 2043% · BE 1025% · VRT 796%
Industrial Conglomerates 17 10.0%3.6%-7.2% CSW 120% · DD 70% · CSL 64%
Agricultural & Farm Machinery 16 1.0%-3.1%-10.6% DE 98% · TTC 12% · AGCO -7%
Data Processing & Outsourced Services 6 -24.7%-3.5%-18.7% EXLS 67% · BR 7% · G -17%
Research & Consulting Services 13 -1.9%-18.0%-22.4% HURN 268% · FCN 5% · BAH 0%
Office Services & Supplies 9 17.4%19.4%-26.4% PBI 192% · TILE 136% · HNI 36%
Security & Alarm Services 9 -58.0%16.9%-26.8% BCO 85%
Environmental & Facilities Services ← 29 -27.8%26.1%-32.6% GEO 233% · CLH 180% · RSG 87%
Passenger Ground Transportation 3 -27.3%57.4%-38.2% UBER 46% · CAR -38% · LYFT -66%
Passenger Airlines 11 0.3%14.8%-38.5% LTM 3190% · UAL 118% · DAL 100%
Air Freight & Logistics 12 -28.9%-22.2%-39.9% FDX 77% · EXPD 74% · CHRW 61%
Human Resource & Employment Services 22 10.3%-15.2%-44.4% ADP 53% · PAYX 7% · FA 3%
Airport Services 4 -71.2%-69.2%-84.3% JOBY -47%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Arq Earnings Notes12/16/2025
2Can Arq Stock Recover If Markets Fall?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ARQCBTNGVTALBECLXYLMedian
NameArq Cabot Ingevity AlbemarleEcolab Xylem  
Mkt Price1.8273.7970.6391.10287.55105.2882.44
Mkt Cap0.13.82.510.780.724.97.3
Rev LTM1233,6341,1605,90816,8429,1264,771
Op Inc LTM-84932848113,0461,419652
FCF LTM-52811551,3421,874960620
FCF 3Y Avg-34343126-391,841910234
CFO LTM-04972111,8003,0571,301899
CFO 3Y Avg35911981,1862,8611,243889

Growth & Margins

ARQCBTNGVTALBECLXYLMedian
NameArq Cabot Ingevity AlbemarleEcolab Xylem  
Rev Chg LTM4.9%-4.7%-1.4%18.3%7.1%4.5%4.7%
Rev Chg 3Y Avg9.9%-3.8%-10.0%-12.5%4.5%15.7%0.4%
Rev Chg Q4.5%6.4%-5.2%31.1%9.7%1.5%5.5%
QoQ Delta Rev Chg LTM1.1%1.7%-1.5%7.5%2.4%0.4%1.4%
Op Inc Chg LTM-641.6%-22.2%0.6%456.1%12.1%22.4%6.3%
Op Inc Chg 3Y Avg-140.0%-1.2%-0.1%130.9%17.8%28.5%8.9%
Op Mgn LTM-6.6%13.6%24.5%13.7%18.1%15.5%14.6%
Op Mgn 3Y Avg-3.0%15.2%22.8%-3.2%17.0%13.3%14.2%
QoQ Delta Op Mgn LTM1.7%-2.2%1.8%6.4%-0.0%0.7%1.2%
CFO/Rev LTM-0.1%13.7%18.2%30.5%18.1%14.3%16.2%
CFO/Rev 3Y Avg2.8%15.5%17.4%19.7%17.8%14.2%16.5%
FCF/Rev LTM-4.1%7.7%13.3%22.7%11.1%10.5%10.8%
FCF/Rev 3Y Avg-30.7%9.0%10.9%0.6%11.5%10.4%9.7%

Valuation

ARQCBTNGVTALBECLXYLMedian
NameArq Cabot Ingevity AlbemarleEcolab Xylem  
Mkt Cap0.13.82.510.780.724.97.3
P/S0.61.02.11.84.82.72.0
P/Op Inc-9.57.78.613.226.517.510.9
P/EBIT-1.57.923.031.227.319.221.1
P/E-1.520.045.447.938.124.431.3
P/CFO-680.07.711.66.026.419.19.6
Total Yield-67.5%7.5%2.2%3.7%3.6%5.7%3.7%
Dividend Yield0.0%2.5%0.0%1.7%1.0%1.6%1.3%
FCF Yield 3Y Avg-15.4%7.4%6.7%-0.9%2.4%3.0%2.7%
D/E0.50.30.50.20.20.10.3
Net D/E0.50.30.50.00.10.10.2

Returns

ARQCBTNGVTALBECLXYLMedian
NameArq Cabot Ingevity AlbemarleEcolab Xylem  
1M Rtn-9.7%-3.7%2.4%-19.3%6.5%-1.8%-2.7%
3M Rtn-12.3%-17.2%-5.4%-22.2%8.0%-9.0%-10.6%
6M Rtn-18.2%-1.1%-5.3%-52.8%7.5%-12.7%-9.0%
12M Rtn-73.9%6.4%26.4%0.9%4.5%-27.5%2.7%
3Y Rtn5.5%15.5%74.1%-31.1%85.4%19.0%17.3%
1M Excs Rtn-10.5%-5.8%0.5%-20.7%5.5%-1.0%-3.4%
3M Excs Rtn-13.9%-20.1%-7.6%-25.1%6.2%-12.9%-13.4%
6M Excs Rtn-25.4%-8.4%-12.6%-59.9%0.2%-19.9%-16.2%
12M Excs Rtn-87.5%-6.7%12.0%-17.4%-9.9%-40.8%-13.7%
3Y Excs Rtn-78.5%-63.2%-5.6%-115.5%3.3%-55.5%-59.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Advanced Purification Technologies (APT)12010999103100
Total12010999103100


Operating Income by Segment
$ Mil20212020201920182017
Refined Coal8343836560
Advanced Purification Technologies (APT)6-40-14  
Power Generation and Industrials   -30
Total883706360


Assets by Segment
$ Mil20212020201920182017
Corporate975440  
Advanced Purification Technologies (APT)848190  
Refined Coal51244118
All Other and Corporate   6271
Power Generation and Industrials   864
Total18514717416083


Price Behavior

Price Behavior
Market Price$1.84 
Market Cap ($ Bil)0.1 
First Trading Date01/23/2004 
Distance from 52W High-73.7% 
   50 Days200 Days
DMA Price$2.09$2.54
DMA Trenddowndown
Distance from DMA-11.8%-27.6%
 3M1YR
Volatility48.1%82.2%
Downside Capture104.52285.97
Upside Capture11.5378.91
Correlation (S&P 500)24.6%20.1%
ARQ Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.090.901.240.731.261.20
Up Beta-5.570.591.670.821.000.82
Down Beta5.223.311.921.591.031.26
Up Capture99%70%32%7%60%268%
Bmk +ve Days6162766132424
Stock +ve Days8172251101345
Down Capture216%84%181%99%167%110%
Bmk -ve Days16263760120328
Stock -ve Days14254072141382

[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 ARQ
ARQ-73.9%82.2%-1.17-
Sector ETF (XLI)10.6%17.2%0.429.1%
Equity (SPY)16.2%12.7%0.9019.6%
Gold (GLD)-6.0%29.0%-0.221.4%
Commodities (DBC)50.2%20.7%1.85-3.8%
Real Estate (VNQ)3.1%13.8%-0.03-1.1%
Bitcoin (BTCUSD)-25.3%43.4%-0.558.8%

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 ARQ
ARQ-22.7%76.5%0.01-
Sector ETF (XLI)12.6%17.6%0.5421.9%
Equity (SPY)13.6%17.1%0.6123.7%
Gold (GLD)17.7%18.9%0.766.0%
Commodities (DBC)9.5%19.5%0.377.1%
Real Estate (VNQ)1.1%18.9%-0.0513.2%
Bitcoin (BTCUSD)7.6%51.7%0.339.2%

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 ARQ
ARQ-12.1%65.1%0.10-
Sector ETF (XLI)13.3%20.0%0.5829.1%
Equity (SPY)15.5%17.9%0.7329.7%
Gold (GLD)12.2%16.4%0.613.1%
Commodities (DBC)8.2%18.1%0.3711.7%
Real Estate (VNQ)5.2%20.7%0.2124.3%
Bitcoin (BTCUSD)62.6%66.2%1.029.0%

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

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity0.5 Mil
Short Interest: % Change Since 91520266.8%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest2.3 days
Basic Shares Quantity42.1 Mil
Short % of Basic Shares1.2%

Earnings Returns History

Updated 9/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/20269.7%11.6%5.3%
5/6/202612.1%10.4%12.6%
3/10/20268.5%15.2%29.3%
11/5/2025-35.4%-41.7%-42.0%
8/11/202510.1%9.9%6.6%
5/7/2025-13.3%-5.2%20.9%
3/5/2025-5.9%0.6%-21.0%
11/7/202411.6%18.1%21.1%
...
SUMMARY STATS   
# Positive131211
# Negative111213
Median Positive9.7%13.4%20.9%
Median Negative-10.9%-11.0%-21.0%
Max Positive46.7%76.9%98.8%
Max Negative-35.4%-41.7%-42.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/10/20269.7%11.6%5.3%
5/6/202612.1%10.4%12.6%
3/10/20268.5%15.2%29.3%
11/5/2025-35.4%-41.7%-42.0%
8/11/202510.1%9.9%6.6%
5/7/2025-13.3%-5.2%20.9%
3/5/2025-5.9%0.6%-21.0%
11/7/202411.6%18.1%21.1%
8/12/20244.6%20.0%2.5%
5/8/2024-5.2%-9.6%-22.3%
3/12/202446.7%76.9%98.8%
11/8/20237.2%20.1%38.7%
8/9/2023-17.6%-21.6%-32.9%
5/9/2023-23.3%-29.0%-30.1%
3/8/2023-9.9%-22.5%-25.8%
11/8/2022-10.9%-11.5%-17.9%
8/15/202220.6%-21.4%-29.1%
5/9/2022-6.5%-7.8%-7.2%
3/8/2022-10.9%-7.9%-3.3%
11/9/20214.3%1.0%-5.9%
8/9/2021-13.0%-10.5%-16.9%
5/10/202112.3%18.8%67.6%
3/10/20210.0%-0.2%-9.2%
11/9/20204.7%9.5%19.1%
SUMMARY STATS   
# Positive131211
# Negative111213
Median Positive9.7%13.4%20.9%
Median Negative-10.9%-11.0%-21.0%
Max Positive46.7%76.9%98.8%
Max Negative-35.4%-41.7%-42.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/06/202610-Q
12/31/202503/10/202610-K
09/30/202511/05/202510-Q
06/30/202508/11/202510-Q
03/31/202505/07/202510-Q
12/31/202403/05/202510-K
09/30/202411/07/202410-Q
06/30/202408/12/202410-Q
03/31/202405/08/202410-Q
12/31/202303/12/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/08/202310-K
09/30/202211/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/10/202610-Q
03/31/202605/06/202610-Q
12/31/202503/10/202610-K
09/30/202511/05/202510-Q
06/30/202508/11/202510-Q
03/31/202505/07/202510-Q
12/31/202403/05/202510-K
09/30/202411/07/202410-Q
06/30/202408/12/202410-Q
03/31/202405/08/202410-Q
12/31/202303/12/202410-K
09/30/202311/08/202310-Q
06/30/202308/09/202310-Q
03/31/202305/09/202310-Q
12/31/202203/08/202310-K
09/30/202211/08/202210-Q
06/30/202208/15/202210-Q
03/31/202205/09/202210-Q
12/31/202103/08/202210-K
09/30/202111/09/202110-Q
06/30/202108/09/202110-Q
03/31/202105/10/202110-Q
12/31/202003/10/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201903/16/202010-K
09/30/201911/12/201910-Q

Recent Forward Guidance

Updated 10/4/2026

Latest: Q2 2026 Earnings Reported 8/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported120.00 Mil122.50 Mil125.00 Mil0 AffirmedGuidance: 122.50 Mil for 2026
2026 Adjusted EBITDAReported17.00 Mil18.50 Mil20.00 Mil0 AffirmedGuidance: 18.50 Mil for 2026
2026 Capital ExpendituresReported8.00 Mil9.00 Mil10.00 Mil  Affirmed


Prior: Q1 2026 Earnings Reported 5/6/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported120.00 Mil122.50 Mil125.00 Mil0 AffirmedGuidance: 122.50 Mil for 2026
2026 Adjusted EBITDAReported17.00 Mil18.50 Mil20.00 Mil0 AffirmedGuidance: 18.50 Mil for 2026

Q4 2025 Earnings Reported 3/10/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 PAC Average Selling PriceReported0.880.90.91   
2026 PAC Production VolumesReported122.00 Mil123.50 Mil125.00 Mil   
2026 RevenueReported120.00 Mil122.50 Mil125.00 Mil   
2026 Adjusted EBITDAReported17.00 Mil18.50 Mil20.00 Mil   

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2025 Capital ExpendituresReported8.00 Mil10.00 Mil12.00 Mil0 AffirmedGuidance: 10.00 Mil for 2025

Insider Activity

Updated 9/10/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Steinmetz, ShimonChief Financial OfficerDirectBuy91020262.341,0982,569825,933Form
2Steinmetz, ShimonChief Financial OfficerSteinmetz Advisory Group LLCBuy91020262.341,8744,38435,090Form
3Steinmetz, ShimonChief Financial OfficerDirectBuy90920262.291,4023,209805,521Form
4Steinmetz, ShimonChief Financial OfficerSteinmetz Advisory Group LLCBuy90920262.274,3569,90429,845Form
5Steinmetz, ShimonChief Financial OfficerDirectBuy90820262.227,50016,634777,390Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Steinmetz, ShimonChief Financial OfficerDirectBuy91020262.341,0982,569825,933Form
2Steinmetz, ShimonChief Financial OfficerSteinmetz Advisory Group LLCBuy91020262.341,8744,38435,090Form
3Steinmetz, ShimonChief Financial OfficerDirectBuy90920262.291,4023,209805,521Form
4Steinmetz, ShimonChief Financial OfficerSteinmetz Advisory Group LLCBuy90920262.274,3569,90429,845Form
5Steinmetz, ShimonChief Financial OfficerDirectBuy90820262.227,50016,634777,390Form
6Steinmetz, ShimonChief Financial OfficerSteinmetz Advisory Group LLCBuy90820262.238,77019,51419,514Form
7Voncannon, Jay LoringChief Financial OfficerDirectSell50620262.2716,70937,929109,621Form
8Campbell-Breeden, Richard Omeshorn Holdings Limited.Buy32420262.21150,000331,665895,022Form
9Wong, Joseph MChief Technology OfficerDirectBuy31920261.8910,00018,900757,297Form
10Smith, Claiborne BensonGen Counsel, Corp SecretaryDirectBuy31620261.921,0001,918196,567Form
11Smith, Claiborne BensonGen Counsel, Corp SecretaryDirectBuy31620261.921,0001,918194,710Form
12Voncannon, Jay LoringChief Financial OfficerDirectBuy111320253.556,00021,310230,860Form
13Campbell-Breeden, Richard Omeshorn Holdings Limited.Buy111320253.5428,638101,487902,911Form
14Voncannon, Jay LoringChief Financial OfficerDirectBuy111320253.749,00033,660220,660Form
15Rasmus, Robert EChief Executive OfficerRER Investments LLCBuy111220253.7950,000189,590268,149Form
Core Cache Last Updated: 10/21/2026