Art's-Way Manufacturing (ARTW)
Market Price (11/6/2026): $2.81 | Market Cap: $14.6 MilSector: Industrials | Industry: Agricultural & Farm Machinery
Art's-Way Manufacturing (ARTW)
Market Price (11/6/2026): $2.81Market Cap: $14.6 MilSector: IndustrialsIndustry: Agricultural & Farm Machinery
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Agricultural Innovation & Efficiency. Themes include Specialty Agricultural Machinery, and Livestock Feed & Grain Processing. | Weak multi-year price returns3Y Excs Rtn is -46% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -21,816, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.1% Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 250x Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.3%, Rev Chg QQuarterly Revenue Change % is -13% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.1% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.5% Key risksARTW key risks include [1] elevated debt and thin profit margins, Show more. |
| Megatrend and thematic driversMegatrends include Agricultural Innovation & Efficiency. Themes include Specialty Agricultural Machinery, and Livestock Feed & Grain Processing. |
| Weak multi-year price returns3Y Excs Rtn is -46% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -21,816, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -0.1% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 250x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.3%, Rev Chg QQuarterly Revenue Change % is -13% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.1% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.5% |
| Key risksARTW key risks include [1] elevated debt and thin profit margins, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 11/5/2026
Art's-Way Manufacturing (ARTW) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Substantial Increase in Modular Buildings Segment Backlog. Art's-Way Manufacturing (ARTW) experienced a significant boost from an announced increase in its Modular Buildings segment backlog on August 10, 2026. The backlog for this segment surged to over $19.0 million, a considerable rise from the $1.3 million reported at the end of fiscal Q2 2026 (which ended May 31, 2026). This news directly contributed to a +30.75% daily stock price increase on August 10, 2026.
2. Strong Year-to-Date Consolidated Sales Growth. Despite reporting a net loss for fiscal Q3 2026 (ended August 31, 2026), the company's consolidated sales for the first nine months of fiscal 2026 increased by 12.3% to $20.11 million, compared to the same period in fiscal 2025. This indicated a positive overall sales trajectory over a longer period, suggesting underlying business strength despite quarterly fluctuations.
Show more
Art's-Way Manufacturing (ARTW) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Substantial Increase in Modular Buildings Segment Backlog. Art's-Way Manufacturing (ARTW) experienced a significant boost from an announced increase in its Modular Buildings segment backlog on August 10, 2026. The backlog for this segment surged to over $19.0 million, a considerable rise from the $1.3 million reported at the end of fiscal Q2 2026 (which ended May 31, 2026). This news directly contributed to a +30.75% daily stock price increase on August 10, 2026.
2. Strong Year-to-Date Consolidated Sales Growth. Despite reporting a net loss for fiscal Q3 2026 (ended August 31, 2026), the company's consolidated sales for the first nine months of fiscal 2026 increased by 12.3% to $20.11 million, compared to the same period in fiscal 2025. This indicated a positive overall sales trajectory over a longer period, suggesting underlying business strength despite quarterly fluctuations.
Show more
Updated on 11/5/2026
Art's-Way Manufacturing (ARTW) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Substantial Increase in Modular Buildings Segment Backlog. Art's-Way Manufacturing (ARTW) experienced a significant boost from an announced increase in its Modular Buildings segment backlog on August 10, 2026. The backlog for this segment surged to over $19.0 million, a considerable rise from the $1.3 million reported at the end of fiscal Q2 2026 (which ended May 31, 2026). This news directly contributed to a +30.75% daily stock price increase on August 10, 2026.
2. Strong Year-to-Date Consolidated Sales Growth. Despite reporting a net loss for fiscal Q3 2026 (ended August 31, 2026), the company's consolidated sales for the first nine months of fiscal 2026 increased by 12.3% to $20.11 million, compared to the same period in fiscal 2025. This indicated a positive overall sales trajectory over a longer period, suggesting underlying business strength despite quarterly fluctuations.
3. Optimistic Management Outlook for Future Performance. Management commentary accompanying the fiscal Q3 2026 earnings release (announced October 13, 2026) emphasized strong demand for livestock equipment within the Agricultural Products segment. Furthermore, the company reiterated that the significant projects in the Modular Buildings segment represented the largest backlog in its history, providing a positive outlook for continued strong performance into fiscal 2027.
Show less
Art's-Way Manufacturing (ARTW) stock has gained about 25% since 7/31/2026 because of the following key factors:
1. Substantial Increase in Modular Buildings Segment Backlog. Art's-Way Manufacturing (ARTW) experienced a significant boost from an announced increase in its Modular Buildings segment backlog on August 10, 2026. The backlog for this segment surged to over $19.0 million, a considerable rise from the $1.3 million reported at the end of fiscal Q2 2026 (which ended May 31, 2026). This news directly contributed to a +30.75% daily stock price increase on August 10, 2026.
2. Strong Year-to-Date Consolidated Sales Growth. Despite reporting a net loss for fiscal Q3 2026 (ended August 31, 2026), the company's consolidated sales for the first nine months of fiscal 2026 increased by 12.3% to $20.11 million, compared to the same period in fiscal 2025. This indicated a positive overall sales trajectory over a longer period, suggesting underlying business strength despite quarterly fluctuations.
3. Optimistic Management Outlook for Future Performance. Management commentary accompanying the fiscal Q3 2026 earnings release (announced October 13, 2026) emphasized strong demand for livestock equipment within the Agricultural Products segment. Furthermore, the company reiterated that the significant projects in the Modular Buildings segment represented the largest backlog in its history, providing a positive outlook for continued strong performance into fiscal 2027.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The 26.9% change in ARTW stock from 7/31/2026 to 11/5/2026 was primarily driven by a 31.3% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.16 | 2.74 | 26.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26 | 25 | -3.1% |
| P/S Multiple | 0.4 | 0.6 | 31.3% |
| Shares Outstanding (Mil) | 5 | 5 | -0.3% |
| Cumulative Contribution | 26.9% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ARTW | 26.9% | |
| Market (SPY) | -1.9% | 15.8% |
| Sector (XLI) | -9.7% | 22.2% |
Fundamental Drivers
The 1.5% change in ARTW stock from 4/30/2026 to 11/5/2026 was primarily driven by a 2.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.70 | 2.74 | 1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24 | 25 | 2.9% |
| P/S Multiple | 0.6 | 0.6 | -0.2% |
| Shares Outstanding (Mil) | 5 | 5 | -1.2% |
| Cumulative Contribution | 1.5% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ARTW | 1.5% | |
| Market (SPY) | 2.3% | 16.4% |
| Sector (XLI) | -6.7% | 22.4% |
Fundamental Drivers
The 10.9% change in ARTW stock from 10/31/2025 to 11/5/2026 was primarily driven by a 8.1% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.47 | 2.74 | 10.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24 | 25 | 4.5% |
| P/S Multiple | 0.5 | 0.6 | 8.1% |
| Shares Outstanding (Mil) | 5 | 5 | -1.8% |
| Cumulative Contribution | 10.9% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ARTW | 10.9% | |
| Market (SPY) | 8.4% | 26.2% |
| Sector (XLI) | 5.7% | 25.1% |
Fundamental Drivers
The 37.0% change in ARTW stock from 10/31/2023 to 11/5/2026 was primarily driven by a 69.8% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.00 | 2.74 | 37.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30 | 25 | -16.2% |
| P/S Multiple | 0.3 | 0.6 | 69.8% |
| Shares Outstanding (Mil) | 5 | 5 | -3.7% |
| Cumulative Contribution | 37.0% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ARTW | 37.0% | |
| Market (SPY) | 81.3% | 9.9% |
| Sector (XLI) | 71.8% | 11.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ARTW Return | 23% | -45% | 7% | 5% | 8% | 17% | -5% |
| Peers Return | 42% | 6% | 18% | -4% | 1% | 7% | 84% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ARTW Win Rate | 58% | 42% | 50% | 33% | 42% | 55% | |
| Peers Win Rate | 68% | 50% | 48% | 40% | 48% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ARTW Max Drawdown | -33% | -75% | -32% | -40% | -54% | -30% | |
| Peers Max Drawdown | -19% | -34% | -23% | -26% | -33% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DE, AGCO, ALG, WSC, CVCO.
[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 11/5/2026 (YTD)
How Low Can It Go
| Event | ARTW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.2% | -18.8% |
| % Gain to Breakeven | 20.8% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.5% | -9.5% |
| % Gain to Breakeven | 36.0% | 10.5% |
| Time to Breakeven | 409 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.8% | -6.7% |
| % Gain to Breakeven | 31.3% | 7.1% |
| Time to Breakeven | 6 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -49.0% | -24.5% |
| % Gain to Breakeven | 96.1% | 32.4% |
| Time to Breakeven | 818 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -22.2% | -33.7% |
| % Gain to Breakeven | 28.6% | 50.9% |
| Time to Breakeven | 86 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.7% | -19.2% |
| % Gain to Breakeven | 34.6% | 23.8% |
| Time to Breakeven | 41 days | 105 days |
In The Past
Art's-Way Manufacturing's stock fell -17.2% during the 2025 US Tariff Shock. Such a loss loss requires a 20.8% 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.
| Event | ARTW | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.5% | -9.5% |
| % Gain to Breakeven | 36.0% | 10.5% |
| Time to Breakeven | 409 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.8% | -6.7% |
| % Gain to Breakeven | 31.3% | 7.1% |
| Time to Breakeven | 6 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -49.0% | -24.5% |
| % Gain to Breakeven | 96.1% | 32.4% |
| Time to Breakeven | 818 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -22.2% | -33.7% |
| % Gain to Breakeven | 28.6% | 50.9% |
| Time to Breakeven | 86 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.7% | -19.2% |
| % Gain to Breakeven | 34.6% | 23.8% |
| Time to Breakeven | 41 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -43.3% | -12.2% |
| % Gain to Breakeven | 76.4% | 13.9% |
| Time to Breakeven | 2266 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -52.6% | -6.8% |
| % Gain to Breakeven | 110.9% | 7.3% |
| Time to Breakeven | 2270 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -38.8% | -17.9% |
| % Gain to Breakeven | 63.3% | 21.8% |
| Time to Breakeven | 91 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.9% | -15.4% |
| % Gain to Breakeven | 29.7% | 18.2% |
| Time to Breakeven | 73 days | 125 days |
In The Past
Art's-Way Manufacturing's stock fell -17.2% during the 2025 US Tariff Shock. Such a loss loss requires a 20.8% 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 Art's-Way Manufacturing (ARTW)
```html
Art's-Way Manufacturing Co., Inc. (ARTW) is a diversified manufacturer operating through three primary segments: Agricultural Products, Modular Buildings, and Tools. The company produces a variety of specialized equipment and structures, catering to a broad range of customers from farming operations to advanced scientific research facilities and industrial manufacturers.
The Agricultural Products segment offers specialized farm machinery, including portable and stationary animal feed processing equipment, hay and forage tools, manure spreaders, and sugar beet harvesting equipment, which it sells primarily through independent farm equipment dealers to farmers. Separately, the Modular Buildings segment designs, manufactures, sells, and leases specialized structures such as swine buildings and complex containment research laboratories. Its clientele for these custom facilities includes academic research institutions, government research and diagnostic centers, public health institutions, and private research and pharmaceutical companies.
Art's-Way's Tools segment manufactures various steel cutting tools, including standard single point brazed carbide tipped tools, polycrystalline diamond and cubic boron nitride inserts, and OEM specialty tools. These precision tools are supplied to industrial sectors such as the automotive, aerospace, oil and gas piping, and appliances industries. The company markets its diverse product portfolio through a combination of independent dealers, manufacturers' representatives, and direct and OEM sales channels.
```AI Analysis | Feedback
Imagine a niche John Deere, but that also builds specialized modular research labs and industrial cutting tools.
A very focused, small-scale industrial manufacturer, similar to Illinois Tool Works (ITW), producing specialized equipment for agriculture, scientific research, and manufacturing.
AI Analysis | Feedback
- Agricultural Equipment: Specialized farm machinery including feed processing equipment, hay and forage equipment, manure spreaders, sugar beet harvesters, and dirt work equipment.
- Modular Science Buildings: Swine buildings, complex containment research laboratories, and other research facilities for various institutions, available for sale or lease.
- Steel Cutting Tools: Standard and specialty tools such as brazed carbide tipped tools, polycrystalline diamond inserts, and cubic boron nitride inserts for industrial applications.
AI Analysis | Feedback
Major Customers for Art's-Way Manufacturing (ARTW)
Art's-Way Manufacturing (ARTW) primarily sells its products and services to other companies and institutions across its three segments. The provided company description outlines categories of customers rather than specific named major customer companies with their symbols. Therefore, the major customer types served by Art's-Way Manufacturing are:
- Agricultural Products Segment: The company markets and sells its specialized farm machinery and equipment through independent farm equipment dealers and manufacturers' representatives. Additionally, direct sales are made, presumably to larger agricultural operations or farmers.
- Modular Buildings Segment: Customers for modular science buildings and research facilities include academic research institutions, government research and diagnostic centers, public health institutions, and private research and pharmaceutical companies.
- Tools Segment: This segment supplies standard and OEM specialty tools to companies within various industries, including the automotive, aerospace, oil and gas piping, and appliances industries.
AI Analysis | Feedback
null
AI Analysis | Feedback
Marc McConnell, President, Chief Executive Officer, and Chairman of the Board of Directors
Marc McConnell assumed the role of President, Chief Executive Officer, and Chairman of the Board of Directors of Art's-Way Manufacturing in October 2024. He has served on Art's Way's Board of Directors since 2001, as Vice Chairman from January 2008 to April 2015, and as Chairman of the Board since 2015. McConnell also served as President of the Farm Equipment Manufacturers Association from 2013-2014. His father, Ward McConnell, after selling his Marc McConnell Tractor business to AGCO in 1994, purchased Logan Potato Equipment and merged it with Art's Way in 1996, subsequently joining the board. Ward McConnell became Chairman in 2002, a role his son Marc assumed in 2015.
Michael Woods, Chief Financial Officer
Michael Woods was promoted to Chief Financial Officer of Art's-Way Manufacturing effective February 1, 2020. Prior to this role, he served as the Vice President of Finance for Art's Way. Woods joined Art's Way in April 2016 and has eight years of experience in various financial and accounting positions. He began his career in public accounting at Brinkman and Reed, CPAs, and also worked at XPO Logistics. Woods graduated from Iowa State University in December 2010 with Bachelor of Science degrees in Accounting and Finance, and he earned his CPA designation in October 2013.
AI Analysis | Feedback
The key risks to Art's-Way Manufacturing (ARTW) are:
- Volatility of Agricultural Market Conditions: The company's Agricultural Products segment is highly susceptible to fluctuations in farm income, which is directly impacted by lower commodity prices, high interest rates, and extreme weather events (such as droughts and floods). This volatility leads farmers to postpone large equipment purchases, shifting capital expenditure from new machinery to essential maintenance, thus creating a direct headwind for Art's-Way's sales pipeline and contributing to declining sales in this segment.
- Technological Lag and Competition: Art's-Way Manufacturing faces the risk of falling behind competitors in the agricultural equipment and modular construction sectors that are moving faster on automation, sensors, and electrification. This technological lag poses a serious near-term risk to the Agricultural Products segment's gross margin.
- Supply Chain Disruptions and Raw Material Cost Volatility: The company experiences challenges related to tariffs and rising raw material costs, particularly steel, which can impact profitability. Ongoing supply chain backlogs, increased demand, and labor shortages also create operational hurdles and necessitate proactive, long-term sourcing strategies for components.
AI Analysis | Feedback
null
AI Analysis | Feedback
Art's-Way Manufacturing Co., Inc. operates in three main segments: Agricultural Products, Modular Buildings, and Tools. The addressable markets for these segments are sized globally.
Agricultural Products Segment
- The global agricultural equipment market was estimated at approximately USD 169.55 billion in 2024, USD 171.80 billion in 2024, and USD 172 billion in 2024. This market is projected to grow to about USD 295.28 billion by 2033 or USD 402.18 billion by 2034.
- For hay and forage equipment, the global market was valued at around USD 9.1 billion in 2024 and USD 12.95 billion in 2024, with another estimate putting it at USD 9.5 billion in 2025. It is projected to reach USD 13.8 billion by 2034.
- The global animal feed processing equipment market was valued at USD 24.76 billion in 2025 and is projected to grow to USD 31.02 billion by 2034. Another report estimated the global feed processing equipment market size at USD 57.21 billion in 2025, expecting it to reach USD 71.34 billion by 2030.
Modular Buildings Segment
This segment includes specialized modular science buildings, complex containment research laboratories, and research facilities.
- The global modular construction market was valued at approximately USD 105.24 billion in 2024 and USD 111.07 billion in 2025, with another report valuing it at USD 171.1 billion in 2025. It is projected to reach USD 180.14 billion by 2032 or USD 207.82 billion by 2033.
- Specifically for the healthcare sector, the modular construction market is forecasted to increase by USD 10.86 billion between 2023 and 2028.
- The global modular pharmaceutical construction market was estimated at USD 2.8 billion in 2025 and USD 2.83 billion in 2026, with projections to reach USD 7.7 billion by 2035.
- The broader prefabricated buildings market was valued at USD 157.3 billion in 2025 and USD 292.31 billion in 2026, and is projected to reach USD 291.6 billion by 2035.
Tools Segment
This segment includes steel cutting tools, standard single point brazed carbide tipped tools, polycrystalline diamond and cubic boron nitride inserts and tools, and OEM specialty tools.
- The global cutting tools market was valued at USD 9.1 billion in 2024, USD 24.23 billion in 2024, and USD 26.11 billion in 2025. It is expected to reach USD 13.26 billion by 2028, USD 16.4 billion by 2034, or USD 44.87 billion by 2034.
- The global carbide tools market was valued at USD 9.89 billion in 2024, USD 12.15 billion in 2025, and USD 12.14 billion in 2025. This market is projected to reach USD 15.93 billion by 2032, USD 17.36 billion by 2032, or USD 22.42 billion by 2034.
- The global PCD (Polycrystalline Diamond) and PCBN (Polycrystalline Cubic Boron Nitride) for cutting tools market was valued at USD 303 million in 2024 and USD 301.65 million in 2024. It is projected to grow to USD 455 million by 2032 or USD 434.28 million by 2031.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Art's-Way Manufacturing (ARTW) over the next 2-3 years:
- Sustained Growth in the Modular Buildings Segment: Art's-Way Manufacturing anticipates continued strong demand and success in its Modular Buildings segment, particularly within research markets. This segment has shown consistent performance, with increased net sales and improved gross profit margins. The company is actively focusing on moving projects from the engineering phase to signed construction contracts and has appointed a Director of Business Development and Sales to further capitalize on this momentum.
- Improvement in Agricultural Market Conditions: Despite recent headwinds such as below-average commodity prices and high interest rates, management expresses optimism for an improving agricultural market. They expect potential interest rate relief and commodity price increases to drive demand for agricultural products in the near term and into 2026, believing fiscal 2024 represented the bottom of the agricultural cycle.
- Strategic Price Increases for Agricultural Products: Art's-Way Manufacturing plans to implement a 3-5% price increase for its agricultural products. This measure is intended to offset rising costs, which could contribute to revenue growth.
- New Product Development and Integration of Precision Agriculture: The company aims to drive future growth through the development of new products that enhance customer utility. There is also a recognized opportunity and imperative to integrate precision agriculture technologies, such as GPS guidance and variable-rate seeding, into its next generation of specialized agricultural implements to capture a share of this growing market. An investment from Alumni Capital LP is also earmarked to facilitate new product development.
AI Analysis | Feedback
Share Repurchases
- Art's-Way Manufacturing Co., Inc. has a stock repurchase program in place.
- There was no activity under the company's stock repurchase program during the three and nine months ended October 26, 2025, and October 27, 2024.
Share Issuance
- The company utilizes stock-based compensation incentives for employees and non-employee directors and officers as part of its compensation philosophy.
- At the annual meeting on June 14, 2024, stockholders approved an increase of 233,333 shares of common stock available for issuance under the 2021 Stock Incentive Plan, bringing the total to 312,296 shares.
- Director Thomas E. Buffamante received a grant of 1,000 shares of common stock on November 30, 2025, as part of the director compensation plan. Similarly, Director Randall C. Ramsey and CEO Marc H. McConnell each received 1,000 shares on February 28, 2026, as fully-vested restricted stock grants under the director compensation plan.
Inbound Investments
- On April 4, 2022, Alumni Capital LP made a minority investment of up to $3,000,000 in Art's-Way Manufacturing Co., Inc.
- This investment was intended to support Art's-Way's strategic direction and efforts to acquire capital equipment for improving plant efficiency and product quality.
Capital Expenditures
- Proceeds from the Alumni Capital LP investment in April 2022 were expected to be used for general corporate expenses, working capital, acquisitions of assets, businesses or operations, and specifically for acquiring capital equipment such as a CNC break press, finished goods lift, and high-def plasma to improve plant efficiency and product quality.
- For fiscal year 2026, the company anticipates relying on cash from financing activities to supplement operational cash flows and meet liquidity and capital expenditure needs.
- The company is exploring opportunities to acquire equipment that enhances manufacturing efficiency.
Peer Outperformance in Agricultural & Farm Machinery
ARTW has outperformed 53% of its 15 Agricultural & Farm Machinery peers over 5Y. Among the peers that beat it is DE. Agricultural & Farm Machinery ranks 16th of 23 industries in Industrials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Agricultural & Farm Machinery constituents that ARTW has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
60%
of 15 industry peers · 10.9% return
3Y
80%
of 15 industry peers · 37.0% return
5Y
53%
of 15 industry peers · -26.9% return
Agricultural & Farm Machinery peers with revenue growth within 4pp of ARTW'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 | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ARTW | Art's-Way Manufacturing | -5.3% | -34.3x | 10.9% | 37.0% | -26.9% | — |
| DE | Deere | -7.3% | 36.7x | 41.6% | 82.5% | 99.3% | +126pp |
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. Agricultural & Farm Machinery is ARTW's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 25.1% | 30.2% | 102.9% | MATX 155% · KEX 103% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 6.3% | 55.5% | 95.0% | ALSN 255% · WAB 204% · CAT 192% |
| Construction & Engineering | 29 | -21.3% | 79.9% | 94.8% | FIX 895% · STRL 799% · AGX 526% |
| Aerospace & Defense | 54 | -12.6% | 55.7% | 49.5% | ATI 849% · FTAI 756% · HWM 509% |
| Trading Companies & Distributors | 19 | 5.6% | 30.7% | 33.8% | DXPE 276% · AIT 184% · URI 177% |
| Industrial Machinery & Supplies & Components | 71 | 0.3% | 46.1% | 29.7% | CRS 797% · MLI 298% · SYM 249% |
| Rail Transportation | 7 | 34.9% | 53.7% | 27.8% | CSX 54% · UNP 40% · NSC 28% |
| Diversified Support Services | 33 | 14.8% | 36.8% | 21.3% | CXW 195% · OPLN 143% · CTAS 115% |
| Building Products | 34 | -6.6% | 9.3% | 10.6% | MOD 714% · GFF 345% · TT 126% |
| Cargo Ground Transportation | 16 | 27.9% | 14.6% | 4.8% | XPO 269% · R 250% · ARCB 25% |
| Industrial Conglomerates | 17 | 14.8% | -1.6% | -1.3% | CSW 103% · CSL 72% · DD 65% |
| Office Services & Supplies | 10 | 20.8% | 22.5% | -2.6% | PBI 158% · TILE 140% · HNI 40% |
| Electrical Components & Equipment | 39 | -14.2% | 56.2% | -12.1% | POWL 1360% · VRT 543% · BE 424% |
| Data Processing & Outsourced Services | 6 | -11.8% | 5.0% | -12.7% | EXLS 59% · BR 22% · G -12% |
| Research & Consulting Services | 13 | 4.9% | -15.5% | -22.6% | HURN 227% · FCN 36% · BAH 14% |
| Agricultural & Farm Machinery ← | 16 | 7.2% | -7.4% | -27.4% | BLBD 171% · DE 99% · TTC 15% |
| Security & Alarm Services | 9 | -51.2% | 10.7% | -28.0% | BCO 65% |
| Environmental & Facilities Services | 29 | -31.2% | 25.5% | -28.1% | GEO 163% · CLH 162% · RSG 100% |
| Passenger Airlines | 11 | 2.6% | 64.1% | -34.8% | LTM 3100% · UAL 110% · DAL 100% |
| Air Freight & Logistics | 12 | -28.8% | -7.3% | -39.1% | FDX 80% · EXPD 60% · CHRW 54% |
| Human Resource & Employment Services | 22 | 19.2% | -6.0% | -42.4% | ADP 50% · FA 22% · PAYX 13% |
| Passenger Ground Transportation | 3 | -14.1% | 42.9% | -57.4% | UBER 46% · CAR -57% · LYFT -67% |
| Airport Services | 4 | -49.1% | -62.8% | -86.2% | 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
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Art's-Way Manufacturing Earnings Notes | 12/16/2025 | |
| Would You Still Hold Art's-Way Manufacturing Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 123.37 |
| Mkt Cap | 4.1 |
| Rev LTM | 2,346 |
| Op Inc LTM | 348 |
| FCF LTM | 264 |
| FCF 3Y Avg | 273 |
| CFO LTM | 425 |
| CFO 3Y Avg | 461 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.2% |
| Rev Chg 3Y Avg | -2.8% |
| Rev Chg Q | -0.1% |
| QoQ Delta Rev Chg LTM | -0.0% |
| Op Inc Chg LTM | -11.7% |
| Op Inc Chg 3Y Avg | -12.4% |
| Op Mgn LTM | 8.2% |
| Op Mgn 3Y Avg | 9.4% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 11.2% |
| CFO/Rev 3Y Avg | 10.6% |
| FCF/Rev LTM | 7.6% |
| FCF/Rev 3Y Avg | 8.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Agricultural Products | 13 | 15 | 22 | 21 | 17 |
| Modular Buildings | 10 | 10 | 8 | 5 | 6 |
| Tools | 3 | 2 | |||
| Total | 23 | 24 | 30 | 28 | 25 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Modular Buildings | 2 | 2 | 1 | -1 | 0 |
| Agricultural Products | -1 | -2 | 1 | 1 | 1 |
| Tools | -0 | -0 | |||
| Total | 0 | 0 | 2 | 0 | 1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Agricultural Products | 19 | 18 | 21 | 18 | 15 |
| Modular Buildings | 3 | 3 | 3 | 3 | 3 |
| Current assets of discontinued operations | 0 | ||||
| Other assets of discontinued operations | 1 | ||||
| Tools | 3 | 2 | |||
| Total | 22 | 21 | 24 | 24 | 21 |
Price Behavior
Price Behavior
| Market Price | $2.74 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -25.3% | |
| 50 Days | 200 Days | |
| DMA Price | $3.09 | $2.65 |
| DMA Trend | up | up |
| Distance from DMA | -11.4% | 3.4% |
| 3M | 1YR | |
| Volatility | 92.8% | 66.3% |
| Downside Capture | -126.77 | 123.69 |
| Upside Capture | 19.21 | 126.73 |
| Correlation (S&P 500) | 14.9% | 26.2% |
ARTW Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.64 | 1.78 | 1.68 | 1.07 | 1.44 | 0.49 |
| Up Beta | 10.01 | 2.44 | 2.98 | 0.33 | 0.76 | 0.31 |
| Down Beta | 6.50 | 6.26 | 8.13 | 3.80 | 2.89 | 0.49 |
| Up Capture | -38% | 34% | 32% | 35% | 130% | 36% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 20 | 27 | 53 | 109 | 329 |
| Down Capture | 168% | 47% | -118% | 47% | 115% | 89% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 22 | 34 | 66 | 121 | 363 |
[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 ARTW | |
|---|---|---|---|---|
| ARTW | 14.1% | 66.5% | 0.45 | - |
| Sector ETF (XLI) | 7.4% | 17.8% | 0.24 | 24.5% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 25.8% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 11.9% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -7.9% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 5.3% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 13.2% |
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 ARTW | |
|---|---|---|---|---|
| ARTW | -4.9% | 70.6% | 0.22 | - |
| Sector ETF (XLI) | 10.8% | 17.7% | 0.45 | 10.8% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 8.6% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 5.2% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 4.9% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 2.5% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 2.1% |
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 ARTW | |
|---|---|---|---|---|
| ARTW | -0.9% | 74.1% | 0.30 | - |
| Sector ETF (XLI) | 12.9% | 20.1% | 0.56 | 11.5% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 8.5% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 3.4% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 5.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 5.1% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 3.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/9/2026 | -0.3% | -10.6% | |
| 7/10/2026 | -2.2% | -9.8% | 14.6% |
| 4/9/2026 | 0.9% | 16.5% | 13.4% |
| 2/4/2026 | -14.8% | -14.8% | -16.7% |
| 10/8/2025 | 6.2% | -4.6% | -23.8% |
| 7/10/2025 | -5.1% | 19.0% | 82.4% |
| 4/9/2025 | -1.7% | 6.3% | 16.9% |
| 2/11/2025 | -0.5% | -11.2% | -11.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 7 | 7 |
| # Negative | 15 | 18 | 17 |
| Median Positive | 3.1% | 16.5% | 14.6% |
| Median Negative | -2.1% | -5.7% | -7.1% |
| Max Positive | 13.3% | 25.9% | 82.4% |
| Max Negative | -14.8% | -16.3% | -41.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/9/2026 | -0.3% | -10.6% | |
| 7/10/2026 | -2.2% | -9.8% | 14.6% |
| 4/9/2026 | 0.9% | 16.5% | 13.4% |
| 2/4/2026 | -14.8% | -14.8% | -16.7% |
| 10/8/2025 | 6.2% | -4.6% | -23.8% |
| 7/10/2025 | -5.1% | 19.0% | 82.4% |
| 4/9/2025 | -1.7% | 6.3% | 16.9% |
| 2/11/2025 | -0.5% | -11.2% | -11.2% |
| 10/4/2024 | -3.2% | -9.8% | -11.4% |
| 7/3/2024 | 4.3% | -2.5% | -7.5% |
| 4/9/2024 | 0.0% | -4.8% | -11.0% |
| 2/22/2024 | -0.9% | -6.7% | -0.5% |
| 10/12/2023 | -0.7% | -2.7% | -1.7% |
| 7/12/2023 | 1.9% | -0.4% | -0.4% |
| 4/6/2023 | 7.7% | 17.9% | 11.9% |
| 2/15/2023 | -0.4% | -1.3% | -11.9% |
| 10/5/2022 | -1.9% | -2.4% | -0.5% |
| 7/6/2022 | -5.9% | -7.6% | -3.8% |
| 4/4/2022 | 1.3% | -16.3% | -41.2% |
| 2/8/2022 | 12.1% | 6.4% | 35.8% |
| 10/13/2021 | -2.8% | -1.4% | 5.3% |
| 7/12/2021 | -6.7% | -13.4% | -5.2% |
| 4/7/2021 | 0.9% | -1.8% | -6.8% |
| 2/8/2021 | 13.3% | 25.9% | -0.6% |
| 10/8/2020 | -2.1% | 2.8% | -7.1% |
| SUMMARY STATS | |||
| # Positive | 10 | 7 | 7 |
| # Negative | 15 | 18 | 17 |
| Median Positive | 3.1% | 16.5% | 14.6% |
| Median Negative | -2.1% | -5.7% | -7.1% |
| Max Positive | 13.3% | 25.9% | 82.4% |
| Max Negative | -14.8% | -16.3% | -41.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 08/31/2026 | 10/13/2026 | 10-Q |
| 05/31/2026 | 07/15/2026 | 10-Q |
| 02/28/2026 | 04/13/2026 | 10-Q |
| 11/30/2025 | 02/12/2026 | 10-K |
| 08/31/2025 | 10/14/2025 | 10-Q |
| 05/31/2025 | 07/14/2025 | 10-Q |
| 02/28/2025 | 04/10/2025 | 10-Q |
| 11/30/2024 | 02/18/2025 | 10-K |
| 08/31/2024 | 10/10/2024 | 10-Q |
| 05/31/2024 | 07/11/2024 | 10-Q |
| 02/29/2024 | 04/11/2024 | 10-Q |
| 11/30/2023 | 02/28/2024 | 10-K |
| 08/31/2023 | 10/13/2023 | 10-Q |
| 05/31/2023 | 07/13/2023 | 10-Q |
| 02/28/2023 | 04/13/2023 | 10-Q |
| 11/30/2022 | 02/16/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 08/31/2026 | 10/13/2026 | 10-Q |
| 05/31/2026 | 07/15/2026 | 10-Q |
| 02/28/2026 | 04/13/2026 | 10-Q |
| 11/30/2025 | 02/12/2026 | 10-K |
| 08/31/2025 | 10/14/2025 | 10-Q |
| 05/31/2025 | 07/14/2025 | 10-Q |
| 02/28/2025 | 04/10/2025 | 10-Q |
| 11/30/2024 | 02/18/2025 | 10-K |
| 08/31/2024 | 10/10/2024 | 10-Q |
| 05/31/2024 | 07/11/2024 | 10-Q |
| 02/29/2024 | 04/11/2024 | 10-Q |
| 11/30/2023 | 02/28/2024 | 10-K |
| 08/31/2023 | 10/13/2023 | 10-Q |
| 05/31/2023 | 07/13/2023 | 10-Q |
| 02/28/2023 | 04/13/2023 | 10-Q |
| 11/30/2022 | 02/16/2023 | 10-K |
| 08/31/2022 | 10/14/2022 | 10-Q |
| 05/31/2022 | 07/15/2022 | 10-Q |
| 02/28/2022 | 04/14/2022 | 10-Q |
| 11/30/2021 | 02/17/2022 | 10-K |
| 08/31/2021 | 10/14/2021 | 10-Q |
| 05/31/2021 | 07/12/2021 | 10-Q |
| 02/28/2021 | 04/09/2021 | 10-Q |
| 11/30/2020 | 02/09/2021 | 10-K |
| 08/31/2020 | 10/09/2020 | 10-Q |
| 05/31/2020 | 07/10/2020 | 10-Q |
| 02/29/2020 | 04/14/2020 | 10-Q |
| 11/30/2019 | 02/06/2020 | 10-K |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Agricultural & Farm Machinery Resources |
| Farm Equipment |
| AgEquipment Intelligence |
| Implement & Tractor |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 11/5/2026