FutureFuel (FF)
Market Price (6/22/2026): $4.24 | Market Cap: $186.7 MilSector: Materials | Industry: Specialty Chemicals
FutureFuel (FF)
Market Price (6/22/2026): $4.24Market Cap: $186.7 MilSector: MaterialsIndustry: Specialty Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Attractive yieldDividend Yield is 5.6% Low stock price volatilityVol 12M is 50% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Circular Economy & Recycling. Themes include Renewable Fuel Production, and Waste-to-Energy Solutions. | Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -96% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -55 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -50% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -46%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -35% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -56% 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 -27% Key risksFF key risks include [1] a critical dependence on uncertain government subsidies that has directly forced the company to idle its core biodiesel operations, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Attractive yieldDividend Yield is 5.6% |
| Low stock price volatilityVol 12M is 50% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, and Circular Economy & Recycling. Themes include Renewable Fuel Production, and Waste-to-Energy Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -96% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -55 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -50% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -46%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -35% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -56% |
| 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 -27% |
| Key risksFF key risks include [1] a critical dependence on uncertain government subsidies that has directly forced the company to idle its core biodiesel operations, Show more. |
Qualitative Assessment
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FutureFuel (FF) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Financial Performance.
FutureFuel reported an 82.2% increase in total revenue to $32.0 million in fiscal Q1 2026, driven by higher volumes and targeted price actions across both its Chemical and Biofuel segments. Specifically, the Biofuel segment's revenue grew 50.7% to $12.3 million, with a nearly 19% increase in biodiesel gallons sold compared to fiscal Q1 2025. However, this growth was overshadowed by a total gross loss of $15.9 million for the quarter, slightly higher than the $15.2 million gross loss in fiscal Q1 2025. The Biofuel segment notably contributed to this loss, reporting a gross loss of $13.3 million, an increase from $9.2 million in the prior-year period, primarily due to elevated feedstock costs.
2. Strategic Capital Reallocation through Dividend Reduction and Share Repurchases.
In March 2026, FutureFuel announced a significant reduction in its quarterly dividend from $0.06 to $0.01 per share, effective for fiscal Q2 2026. The company stated its intention to redirect this capital towards funding growth investments and opportunistic share repurchases. As of March 31, 2026, FutureFuel maintained the full authorization of its existing $25 million share repurchase program. This strategic shift aimed at long-term value creation by reinvesting in the company and supporting its stock through buybacks, rather than immediate higher cash dividends, contributed to a balanced sentiment around the stock.
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FutureFuel (FF) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Financial Performance.
FutureFuel reported an 82.2% increase in total revenue to $32.0 million in fiscal Q1 2026, driven by higher volumes and targeted price actions across both its Chemical and Biofuel segments. Specifically, the Biofuel segment's revenue grew 50.7% to $12.3 million, with a nearly 19% increase in biodiesel gallons sold compared to fiscal Q1 2025. However, this growth was overshadowed by a total gross loss of $15.9 million for the quarter, slightly higher than the $15.2 million gross loss in fiscal Q1 2025. The Biofuel segment notably contributed to this loss, reporting a gross loss of $13.3 million, an increase from $9.2 million in the prior-year period, primarily due to elevated feedstock costs.
2. Strategic Capital Reallocation through Dividend Reduction and Share Repurchases.
In March 2026, FutureFuel announced a significant reduction in its quarterly dividend from $0.06 to $0.01 per share, effective for fiscal Q2 2026. The company stated its intention to redirect this capital towards funding growth investments and opportunistic share repurchases. As of March 31, 2026, FutureFuel maintained the full authorization of its existing $25 million share repurchase program. This strategic shift aimed at long-term value creation by reinvesting in the company and supporting its stock through buybacks, rather than immediate higher cash dividends, contributed to a balanced sentiment around the stock.
3. Favorable Biofuel Regulatory Environment Offset by Elevated Input Costs.
The biofuels segment experienced a positive shift in its regulatory environment during the period. In February 2026, the U.S. Department of the Treasury issued proposed regulations for Section 45Z of the Clean Fuel Production Credit, expected to enhance the competitive landscape for biodiesel. Subsequently, in March 2026, the U.S. Environmental Protection Agency finalized the Renewable Fuel Standard 'Set 2' rule, projecting over 60% growth in domestic biodiesel and renewable diesel production for 2026 and 2027 from 2025 levels. Despite these significant regulatory tailwinds, including the accrual of $1.2 million in 45Z credits in fiscal Q1 2026, the segment's profitability remained constrained by persistently high feedstock costs, such as soybean oil.
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Stock Movement Drivers
Fundamental Drivers
The -0.2% change in FF stock from 2/28/2026 to 6/21/2026 was primarily driven by a -19.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.25 | 4.24 | -0.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 137 | 110 | -19.8% |
| P/S Multiple | 1.4 | 1.7 | 25.1% |
| Shares Outstanding (Mil) | 44 | 44 | -0.5% |
| Cumulative Contribution | -0.2% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FF | -0.2% | |
| Market (SPY) | 9.2% | 11.2% |
| Sector (XLB) | -2.6% | 23.0% |
Fundamental Drivers
The 32.9% change in FF stock from 11/30/2025 to 6/21/2026 was primarily driven by a 66.7% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.19 | 4.24 | 32.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 137 | 110 | -19.8% |
| P/S Multiple | 1.0 | 1.7 | 66.7% |
| Shares Outstanding (Mil) | 44 | 44 | -0.5% |
| Cumulative Contribution | 32.9% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FF | 32.9% | |
| Market (SPY) | 9.9% | 7.0% |
| Sector (XLB) | 17.0% | 20.0% |
Fundamental Drivers
The 14.5% change in FF stock from 5/31/2025 to 6/21/2026 was primarily driven by a 111.6% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.70 | 4.24 | 14.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 203 | 110 | -45.6% |
| P/S Multiple | 0.8 | 1.7 | 111.6% |
| Shares Outstanding (Mil) | 44 | 44 | -0.5% |
| Cumulative Contribution | 14.5% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FF | 14.5% | |
| Market (SPY) | 28.1% | 10.4% |
| Sector (XLB) | 22.4% | 21.3% |
Fundamental Drivers
The -17.2% change in FF stock from 5/31/2023 to 6/21/2026 was primarily driven by a -74.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.12 | 4.24 | -17.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 428 | 110 | -74.3% |
| P/S Multiple | 0.5 | 1.7 | 223.8% |
| Shares Outstanding (Mil) | 44 | 44 | -0.6% |
| Cumulative Contribution | -17.2% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| FF | -17.2% | |
| Market (SPY) | 85.7% | 19.3% |
| Sector (XLB) | 46.5% | 25.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FF Return | -27% | 10% | -23% | 31% | -36% | 35% | -30% |
| Peers Return | 57% | 13% | -8% | -24% | 8% | 39% | 86% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| FF Win Rate | 33% | 50% | 58% | 58% | 42% | 67% | |
| Peers Win Rate | 65% | 53% | 45% | 35% | 53% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| FF Max Drawdown | -52% | -44% | -43% | -29% | -43% | -31% | |
| Peers Max Drawdown | -24% | -34% | -31% | -37% | -38% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DAR, VLO, ADM, EMN, GPRE.
[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 6/18/2026 (YTD)
How Low Can It Go
| Event | FF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.5% | 23.1% |
| Time to Breakeven | 336 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.5% | -6.7% |
| % Gain to Breakeven | 25.8% | 7.1% |
| Time to Breakeven | 53 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.1% | -24.5% |
| % Gain to Breakeven | 30.0% | 32.4% |
| Time to Breakeven | 45 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.3% | -33.7% |
| % Gain to Breakeven | 32.1% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.4% | -19.2% |
| % Gain to Breakeven | 18.3% | 23.8% |
| Time to Breakeven | 37 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.8% | -6.8% |
| % Gain to Breakeven | 46.7% | 7.3% |
| Time to Breakeven | 55 days | 15 days |
In The Past
FutureFuel's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.5% gain to breakeven.
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Asset Allocation
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| Event | FF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.3% | -18.8% |
| % Gain to Breakeven | 25.5% | 23.1% |
| Time to Breakeven | 336 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.5% | -6.7% |
| % Gain to Breakeven | 25.8% | 7.1% |
| Time to Breakeven | 53 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.1% | -24.5% |
| % Gain to Breakeven | 30.0% | 32.4% |
| Time to Breakeven | 45 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -24.3% | -33.7% |
| % Gain to Breakeven | 32.1% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.8% | -6.8% |
| % Gain to Breakeven | 46.7% | 7.3% |
| Time to Breakeven | 55 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -22.1% | -17.9% |
| % Gain to Breakeven | 28.4% | 21.8% |
| Time to Breakeven | 58 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -28.3% | -53.4% |
| % Gain to Breakeven | 39.5% | 114.4% |
| Time to Breakeven | 141 days | 1085 days |
In The Past
FutureFuel's stock fell -20.3% during the 2025 US Tariff Shock. Such a loss loss requires a 25.5% 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 FutureFuel (FF)
FutureFuel Corp. (FF) is a diversified manufacturing company that operates through two primary segments: Chemicals and Biofuels. Headquartered in Saint Louis, Missouri, the company focuses on producing and selling a wide range of specialized chemical products alongside bio-based fuels and refined petroleum products across the United States.
In its Chemicals segment, FutureFuel manufactures and sells both custom and performance chemicals. These products include polymer modifiers, glycerin offerings, and various specialty chemicals and solvents. The company’s chemical solutions serve a broad industrial customer base, including the agricultural chemical, coatings, chemical intermediates, industrial and consumer cleaning, oil and gas, and specialty polymers industries.
The Biofuels segment is dedicated to the production and sale of biodiesel and petrodiesel blends. Additionally, this segment is involved in the buying, selling, and shipping of refined petroleum products via common carrier pipelines. FutureFuel markets its biodiesel products directly to customers, utilizing trucks, rail, and barges for distribution, primarily serving markets focused on renewable energy and petroleum supply chains.
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It's like a company that's a specialty chemicals manufacturer (similar to Ashland Global) combined with a biofuel producer and refined fuels trader (akin to a smaller Valero).
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- Custom Chemicals: Tailored chemicals for diverse industries such as agricultural, coatings, and industrial cleaning.
- Performance Chemicals: Specialty chemicals including polymer modifiers, glycerin products, and various solvents.
- Biodiesel: Bio-based fuel produced and sold.
- Petrodiesel Blends: Mixtures of petrodiesel, produced and sold.
- Refined Petroleum Products: Petroleum products bought, sold, and shipped via pipelines.
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FutureFuel (FF) primarily sells its products to other companies rather than individuals. Based on the company's description, its major customers are businesses operating within various industrial sectors.
The company's customer base includes entities in the following industries:
- Companies in the agricultural chemical industry, utilizing FutureFuel's custom chemicals.
- Manufacturers within the coatings industry.
- Businesses in the chemical intermediates industry that use FutureFuel's products as foundational components.
- Producers of cleaning products for the industrial and consumer cleaning industry.
- Companies operating within the oil and gas industry.
- Manufacturers specializing in the specialty polymers industries.
- For its Biofuels segment, customers include various fuel distributors, transportation companies (e.g., trucking, rail, marine), and industrial users who purchase biodiesel, petrodiesel blends, and refined petroleum products.
FutureFuel's public description does not disclose the specific names of its major customer companies or their public symbols. Public companies generally do not reveal specific B2B customer names unless a single customer represents a material portion of their revenue, requiring disclosure in regulatory filings.
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Roeland Polet, Chairman and Chief Executive Officer
Mr. Polet was appointed Chief Executive Officer in September 2024 and assumed the role of Chairman of the Board in December 2025. Prior to joining FutureFuel, he served as the Chief Executive Officer of DSM Materials Businesses for Koninklijke DSM N.V., a Dutch multinational corporation, from 2019 to 2023. During his tenure at DSM, which began in 2015, he held several senior leadership positions, including President and Chief Executive Officer of both the Protective Materials and Engineering Materials divisions. Earlier in his career, Mr. Polet held executive roles at Valspar Corporation, Celanese Corporation, and Carbolite Foods, Inc. He possesses extensive global business experience across the United States, Asia, and Europe. He continues to serve as a Non-Executive Director at Envalior, a joint venture between Lanxess and Advent International, indicating involvement with a private equity-backed entity.
Rose M. Sparks, Chief Financial Officer
Ms. Sparks is the Chief Financial Officer of FutureFuel Corp. and its wholly-owned subsidiary FutureFuel Chemical Company, a role she has held since 2013. Prior to this, she held several positions at FutureFuel, including principal financial officer, treasurer, and principal accounting officer. She served as a director on the FutureFuel Corp. Board of Directors from 2019 until July 2024. Ms. Sparks is a finance and controllership executive with over 32 years of experience. She began her career with FutureFuel's predecessor company, Eastman Chemical Company, as the Batesville plant controller, continuing in this role after FutureFuel's formation.
Kyle Gaither, Chief Operations Officer
Mr. Gaither serves as the Chief Operations Officer of FutureFuel Corp. and its wholly-owned subsidiary FutureFuel Chemical Company since July 2022. He previously held the position of the Company's General Manager starting in 2018. Mr. Gaither is a manufacturing operations executive with over 32 years of experience. He began his career with FutureFuel's predecessor company, Eastman Kodak Company, and has advanced through numerous executive leadership roles in engineering and manufacturing.
Paul Anthony Novelly, Chairman Emeritus and Founder
Mr. Novelly founded FutureFuel Corp. in 2005 as Viceroy Acquisition Corp., a special-purpose acquisition company, and led its formation and financing. He served as Chairman of the Board since the company's inception in 2005 and as its Chief Executive Officer from 2013 until July 2022. Mr. Novelly was also an oil and gas mogul who owned and managed Apex Oil, a privately held petroleum products distribution, storage, and transportation firm, and became its sole owner after it emerged from bankruptcy in the early 1990s. His holdings also included World Point Terminals, which owns oil storage terminals, and AIC Ltd., a Bermuda-based oil trading firm. He stepped down as CEO of Apex Oil and FutureFuel in 2022.
Paul Anthony Novelly, II, Vice Chair of the Board
Mr. Novelly, II serves as the Vice Chair of the Board at FutureFuel. He is the Chief Executive Officer of Apex Holding Co. and its subsidiary, Apex Oil Company, Inc., a privately held company involved in the trading, storage, marketing, and transportation of petroleum products. Since 2005, he has been a registered broker at Stifel, Nicolaus & Co., Inc. Additionally, he manages St. Albans Global Management, LLC, which offers corporate management services, and is the owner and president of St. Albans Construction Company. Mr. Novelly, II also serves as a director of World Point Terminals, Inc.
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The key risks for FutureFuel Corp. (FF) primarily stem from its significant involvement in the biofuels industry and its exposure to commodity markets.
- Changes in Government Regulations and Incentives for Biofuels: The profitability and demand for FutureFuel's biodiesel products are heavily dependent on government policies, mandates, and tax credits, such as the U.S. Renewable Fuel Standard. Any adverse changes to these regulations or the expiration of critical incentives could significantly reduce demand, depress prices, and negatively impact the financial performance of the Biofuels segment.
- Volatility in Commodity Prices: FutureFuel is exposed to significant price fluctuations in both its Biofuels and Chemicals segments. For biofuels, this includes the cost of feedstocks (e.g., vegetable oils, animal fats) and the selling price of biodiesel and refined petroleum products, which are often linked to crude oil prices. In the Chemicals segment, volatility in raw material costs can impact production expenses and profit margins. Unfavorable movements in these commodity prices can materially affect the company's profitability.
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The accelerating global transition towards electrification and alternative fuel sources (e.g., electric vehicles, hydrogen fuel cells) in transportation poses a clear emerging threat to FutureFuel's Biofuels segment. As demand for internal combustion engine vehicles (trucks, rail, barges, which are FutureFuel's marketing channels) diminishes over time, so too will the demand for diesel and biodiesel blends that FutureFuel produces and sells.
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FutureFuel Corp. (FF) operates in several addressable markets through its Chemicals and Biofuels segments. The market sizes for its main products and services are as follows:
Biofuels Segment
- Biodiesel:
- Globally, the biodiesel market size was estimated at USD 45.87 billion in 2025 and is predicted to increase to approximately USD 92.45 billion by 2034.
- In the U.S., the biodiesel market size was calculated at USD 16.08 billion in 2025 and is anticipated to reach around USD 24.63 billion by 2034.
Chemicals Segment
- Specialty Chemicals (including Custom Chemicals and various Specialty Chemicals and Solvents):
- The global specialty chemicals market size was valued at USD 940.72 billion in 2025 and is expected to grow to approximately USD 1,377.32 billion by 2035.
- The U.S. specialty chemicals market size was valued at USD 198.41 billion in 2024 and is expected to be worth USD 260.01 billion by 2033.
- Performance Chemicals:
- The global performance chemicals market size was estimated at USD 320.96 billion in 2025 and is expected to increase to USD 582.98 billion by 2035.
- In the Americas, the performance chemicals market is projected to grow from USD 210.4 billion in 2025 to USD 312.6 billion by 2032.
- Polymer Modifiers:
- The global polymer modifiers market was valued at US$ 11.1 billion in 2024 and is expected to reach US$ 17.9 billion in 2033.
- In North America, the impact modifiers market (a key type of polymer modifier) generated over USD 1.9 billion in revenue in 2023.
- Glycerin Products:
- The global glycerol (glycerin) market size was estimated at USD 5.19 billion in 2025 and is predicted to increase to approximately USD 6.28 billion by 2035.
- The U.S. glycerin market size was estimated at USD 307.5 million in 2024 and is projected to grow to USD 638.78 million by 2035.
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Expected Drivers of Future Revenue Growth for FutureFuel (FF)
Over the next 2-3 years, FutureFuel (FF) is expected to drive revenue growth through several key initiatives across its Chemicals and Biofuels segments:- Restart and Optimization of Biodiesel Production: Following strategic maintenance and turnaround activities at its Batesville facility from December 2024 through March 2025, FutureFuel initiated the restart of its biodiesel plant. This return to production, coupled with a clearer understanding of regulatory support under IRA 45Z for biodiesel, is anticipated to improve performance and contribute to revenue growth in the Biofuels segment.
- Revenue Contribution from New Custom Chemical Plant: FutureFuel completed the construction of a new custom chemical plant in the third quarter of 2025. This new, backward-integrated capacity project is expected to begin contributing revenue by late summer 2025, or by the end of the third quarter of 2025, bolstering the Chemicals segment's sales.
- Expansion of Chemical Segment Market Share and New Product Development: The company is focused on strategic investments in plant reliability and other critical areas aimed at driving chemical segment market share and sustainable revenue growth. Additionally, FutureFuel emphasizes the growth of new products within its Chemicals segment to meet evolving customer needs and market demands.
- Enhanced Plant Reliability and Operational Excellence: FutureFuel's commitment to investing in plant reliability across both its Chemicals and Biofuels segments is expected to lead to more consistent production volumes and operational efficiency. This focus on operational excellence helps navigate industry cyclicality and positions the company for improved revenue generation.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- FutureFuel Corp. extended its previously authorized share repurchase program of up to $25 million for an additional 24 months, now set to expire in March 2028.
Share Issuance
- As of September 30, 2025, and December 31, 2024, FutureFuel Corp. had 43,803,243 shares issued and outstanding.
- The Chief Financial Officer received a grant of 5,012 restricted shares of common stock on December 11, 2025.
- The Chief Operations Officer was granted 5,012 restricted shares of common stock on December 11, 2025.
Capital Expenditures
- Capital expenditures for the first nine months of 2025 increased to $14.8 million, driven by the completion of a major custom chemical plant.
- In 2024, capital expenditures were $15 million, representing a significant increase from $6 million in 2023.
- A primary focus of capital expenditures has been the construction of a new backward-integrated custom chemical plant, which was targeted for completion by mid-2025 and is expected to contribute to revenue generation by the third quarter of 2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| FutureFuel Earnings Notes | 12/16/2025 | |
| How Low Can FutureFuel Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 63.08 |
| Mkt Cap | 8.4 |
| Rev LTM | 7,473 |
| Op Inc LTM | 653 |
| FCF LTM | 525 |
| FCF 3Y Avg | 518 |
| CFO LTM | 982 |
| CFO 3Y Avg | 1,043 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -5.8% |
| Rev Chg 3Y Avg | -8.9% |
| Rev Chg Q | 4.3% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 20.6% |
| Op Inc Chg 3Y Avg | -6.6% |
| Op Mgn LTM | 3.2% |
| Op Mgn 3Y Avg | 3.5% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 7.0% |
| CFO/Rev 3Y Avg | 5.3% |
| FCF/Rev LTM | 5.5% |
| FCF/Rev 3Y Avg | 4.2% |
Price Behavior
| Market Price | $4.24 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 07/14/2008 | |
| Distance from 52W High | -14.7% | |
| 50 Days | 200 Days | |
| DMA Price | $4.32 | $3.81 |
| DMA Trend | up | up |
| Distance from DMA | -1.9% | 11.3% |
| 3M | 1YR | |
| Volatility | 56.6% | 49.5% |
| Downside Capture | 0.55 | 59.15 |
| Upside Capture | 99.23 | 53.50 |
| Correlation (SPY) | 4.7% | 12.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.24 | 1.09 | 0.71 | 0.38 | 0.49 | 0.61 |
| Up Beta | -1.49 | -0.04 | -0.13 | 0.00 | 0.35 | 0.44 |
| Down Beta | 1.22 | 2.70 | 0.79 | 0.63 | 0.60 | 0.81 |
| Up Capture | -15% | 111% | 80% | 70% | 40% | 19% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 24 | 33 | 66 | 127 | 362 |
| Down Capture | 574% | 298% | 142% | 21% | 61% | 89% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 17 | 29 | 53 | 111 | 349 |
[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 FF | |
|---|---|---|---|---|
| FF | 2.2% | 49.6% | 0.21 | - |
| Sector ETF (XLB) | 21.2% | 17.5% | 0.94 | 23.2% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 12.4% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 12.6% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | 3.6% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 22.6% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 6.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FF | |
|---|---|---|---|---|
| FF | -6.1% | 46.3% | 0.03 | - |
| Sector ETF (XLB) | 5.9% | 19.0% | 0.20 | 33.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 27.3% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 13.2% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 17.2% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 27.2% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 8.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FF | |
|---|---|---|---|---|
| FF | 3.5% | 44.6% | 0.24 | - |
| Sector ETF (XLB) | 10.2% | 20.7% | 0.44 | 41.0% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 34.9% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 7.1% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 18.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 28.7% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 6.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/12/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -15.9% | -12.8% | -5.4% |
| 3/16/2026 | -6.8% | -20.1% | -6.3% |
| 11/10/2025 | -11.3% | -16.2% | -9.2% |
| 8/11/2025 | -4.0% | -0.5% | 5.3% |
| 5/12/2025 | 3.5% | 0.5% | -0.2% |
| 11/8/2024 | -17.9% | -15.9% | -13.6% |
| 8/9/2024 | 17.4% | 30.5% | 17.9% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 2 |
| # Negative | 5 | 5 | 5 |
| Median Positive | 10.4% | 15.5% | 11.6% |
| Median Negative | -11.3% | -15.9% | -6.3% |
| Max Positive | 17.4% | 30.5% | 17.9% |
| Max Negative | -17.9% | -20.1% | -13.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -15.9% | -12.8% | -5.4% |
| 3/16/2026 | -6.8% | -20.1% | -6.3% |
| 11/10/2025 | -11.3% | -16.2% | -9.2% |
| 8/11/2025 | -4.0% | -0.5% | 5.3% |
| 5/12/2025 | 3.5% | 0.5% | -0.2% |
| 11/8/2024 | -17.9% | -15.9% | -13.6% |
| 8/9/2024 | 17.4% | 30.5% | 17.9% |
| SUMMARY STATS | |||
| # Positive | 2 | 2 | 2 |
| # Negative | 5 | 5 | 5 |
| Median Positive | 10.4% | 15.5% | 11.6% |
| Median Negative | -11.3% | -15.9% | -6.3% |
| Max Positive | 17.4% | 30.5% | 17.9% |
| Max Negative | -17.9% | -20.1% | -13.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/16/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/15/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/16/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 03/13/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Capital Repair Costs | 1.00 Mil | ||||||
| 2026 Customer Deposits | 27.00 Mil | ||||||
| 2026 Customer Investment | 25.00 Mil | ||||||
| 2027 Customer Investment | 17.00 Mil | ||||||
| 2026 Capital Spending (Customer-funded) | 0.65 | ||||||
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Specialty Chemicals Resources |
| SpecialChem |
| Chemical Week |
| ICIS |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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