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what it is
It makes farm equipment, modular science buildings, steel vessels, and cutting tools.
how it gets paid
Last year S-Way Manufact made $23M in revenue. Agricultural equipment was the main engine at $10.0M, or 44% of sales.
why growth slowed
Revenue fell 6.2% last year. The $18M quarter mattered because it was 178% higher than last year.
what just happened
The quarter printed $18M of revenue and $0.33 of EPS.
At a glance
C+ balance sheet — struggling to keep the lights on
30/100 earnings predictability — expect surprises
6.1x trailing p/e — the market's not buying it — or you found a deal
1.4% return on capital — nothing to write home about
-$0.02 fy2024 eps est
xvary composite: 29/100 — weak
What they do
It makes farm equipment, modular science buildings, steel vessels, and cutting tools.
This is a 68-employee shop, not a scale machine. It sells farm gear, modular labs, steel vessels, and cutting tools from the same floor. That gives you four revenue lines instead of one, which matters when one contract can move a $23M business.
How they make money
$23M
annual revenue · their business grew -6.2% last year
Agricultural equipment
$10.0M
Modular science buildings
$5.0M
Steel vessels & containment
$4.0M
Cutting tools
$2.5M
Services & other
$1.5M
The products that matter
manufactures farm machinery
Agricultural Products
$13.4M · 58% of revenue
this segment generated $13.4M last year, fell 8.5%, and still represents most of the company. if this line does not stabilize, the rest of the business is too small to hide it.
largest segment
builds modular facilities
Modular Buildings
$6.9M · +5.0% growth
this $6.9M segment is the only part of the company that grew. that makes it the bright spot and the burden. you need it to keep working while the larger farm business stops sliding.
only growth
produces industrial tools
Tools & Other
$2.7M · 12% of revenue
this $2.7M segment declined 15.0% last year. it is too small to drive a recovery and still big enough to drag on results.
shrinking fastest
Key numbers
$23M
Annual sales
This is the whole pond. A $23M base means one project can move the year.
$18M
Latest quarter
One quarter at $18M is almost the size of the full year, so the business can swing fast.
29.7%
Gross margin
Gross margin → sales left after direct costs → you keep 29.7 cents of each dollar before overhead.
$2M
Debt load
Debt → borrowed money → $2M is small in dollars and big for a $12M company.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $2M (17% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ARTW right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter printed $18M of revenue and $0.33 of EPS.
Revenue was up 178% from a year ago. Gross margin was 29.7%, so the company kept almost 30 cents of each sales dollar before overhead.
$18.0M
revenue
$0.33
eps
29.7%
gross margin
the number that mattered
The $18M quarter mattered because it was 178% higher than last year, which is huge for a company this small.
source: company earnings report, 2026
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What could go wrong
art's-way is small enough that one weak segment can run the whole script. right now that segment is Agricultural Products, which generated $13.4M and fell 8.5% last year.
high
the core segment is shrinking
Agricultural Products generated $13.4M, or 58% of revenue, and fell 8.5% last year. when your biggest segment contracts, the rest of the income statement usually follows it.
58% of revenue is tied to the line now moving the wrong way.
high
thin margins leave little room for mistakes
Gross margin is 29.7%, operating margin is 5.9%, and return on capital is 1.4%. In human-speak: there is not much extra profit here to absorb weaker orders, cost pressure, or a messy quarter.
small operating setbacks can do outsized damage to earnings.
med
the stock itself is part of the risk
At roughly $12M in market value, with price stability at 5/100 and the stock down 25% over the past year, volatility is not a side effect. it is part of what you are buying. the CEO also serves as chairman, which concentrates control.
your exit price can depend as much on liquidity as on business progress.
with $23M of revenue, a 5.9% operating margin, and only one segment growing, it does not take much slippage to pressure the entire $12M equity story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
watch whether revenue gets back above $23M
last year came in at $23M, down 6.2%. for a business this small, flat would already count as progress.
trend
modular buildings has to keep carrying the good news
it grew 5.0% to $6.9M and is the only segment moving up. if that slows, the recovery case gets thinner fast.
risk
agricultural products is still the swing factor
at $13.4M and 58% of revenue, this segment matters more than the rest combined. another decline would be hard to hide.
calendar
the next results need to show more than one healthy segment
the reported picture was mixed: $22.97M revenue, $0.20 non-gaap EPS, and only one business line growing. you want confirmation, not a one-period exception.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not see stable enough earnings to model this business with much confidence.
risk rank
5
that means it rates safer than only 5% of stocks in the dataset. you are not buying steadiness here.
source: institutional data
Institutional activity
institutional ownership data for ARTW is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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