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what it is
FutureFuel makes biodiesel, petrodiesel blends, and specialty chemicals in Arkansas.
how it gets paid
Last year Futurefuel made $243M in revenue. Biofuels was the main engine at $163M, or 67% of sales.
what just happened
Revenue hit $76M, but EPS was -$0.85 and gross margin was -39.7%.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
9.3x trailing p/e — the market's not buying it — or you found a deal
5.7% dividend yield — cash in your pocket every quarter
7.5% return on capital — nothing to write home about
xvary composite: 47/100 — below average
What they do
FutureFuel makes biodiesel, petrodiesel blends, and specialty chemicals in Arkansas.
67% of 2024 revenue came from biofuels. That is a real cash engine, not a software story. 537 employees run the whole thing. Your results swing with one fuel line.
How they make money
$243M
annual revenue
Biofuels
$163M
Custom manufacturing
$44M
Performance chemicals
$36M
The products that matter
custom chemical manufacturing
custom & performance chemicals
$59.3M · 62% of revenue
it generated $59.3M of the company's $95.7M in 2025 revenue. if you own FF, this is now the base business whether management planned it that way or not.
current base
idled fuel production
biodiesel
$36.4M · 38% of revenue
it still produced $36.4M of revenue in the snapshot data, but output fell to 9M gallons in 2025 before operations were suspended. that is what a segment unwinding looks like before it disappears from the numbers.
shutdown risk
Key numbers
$243M
2024 revenue
That is the whole top line. On a $185M market cap, you are paying less than one year of sales.
67%
biofuels mix
Two-thirds of revenue came from fuel, so one weak biodiesel year hits most of the business.
39.7%
gross margin
The company lost $39.70 before overhead on every $100 sold.
5.7%
dividend yield
Income is part of the pitch, but the payout sits next to a business with a B balance sheet grade.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for FF right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $76M, but EPS was -$0.85 and gross margin was -39.7%.
Sales were up 235% vs. prior year. Profitability went the other way, which is the whole story.
$76M
revenue
-$0.85
eps
39.7%
gross margin
gross margin
The -39.7% gross margin says the company sold product below its direct cost.
source: company earnings report, 2026
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What could go wrong
the top risk is the biodiesel shutdown becoming a lasting impairment instead of a temporary pause.
high
biodiesel never returns in useful size
biodiesel was still 38% of revenue in the snapshot data, output fell to 9M gallons in 2025, and the plant is now idled. if that segment stays down, the old scale does not come back by itself.
this leaves a large hole in the historical revenue base and makes the old earnings power less relevant.
high
losses keep consuming the margin of safety
futurefuel reported a $49.4M net loss and -$38.3M of adjusted EBITDA in 2025. no debt buys time. repeated losses spend that time.
a clean balance sheet can turn into a smaller cushion fast when the business keeps posting negative earnings.
med
the chemicals segment is smaller than the hole it is filling
custom and performance chemicals generated $59.3M of revenue in 2025. that is now the core business, but it did not absorb the loss of biodiesel scale this year.
even if revenue stabilizes, earnings can stay weak if fixed costs and product mix do not improve with it.
med
the dividend competes with the repair job
the company kept paying a $0.06 quarterly dividend despite a loss year. that may support sentiment, but it also sends cash out while the business is trying to reset.
roughly $10.5M a year of payouts reduces flexibility if weak operating conditions last longer than management expects.
this is a $185M equity tied to a $95.7M revenue base that just lost $49.4M in a year. the balance sheet reduces immediate balance-sheet risk. it does not remove business-model risk.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
whether biodiesel stays idled
this is the biggest unresolved issue on the page. a restart matters. a permanent fade-out matters more.
calendar
the next earnings report
you want to see whether the chemicals business can hold the line after a year that erased $147M of revenue.
metric
adjusted EBITDA moving back toward break-even
2025 adjusted EBITDA was -$38.3M. if that number improves first, net income usually follows later.
trend
capital returns versus business repair
the dividend supports the stock today. you should care more about whether management is keeping enough flexibility for a longer repair cycle.
Analyst rankings
earnings predictability
30 / 100
the business is volatile enough that forecasts break easily. in human-speak, analysts do not trust the earnings stream.
balance sheet strength
B
no net debt is the reason this grade is respectable. the operating business is doing its best to pull it lower.
risk rank
3
safer than roughly half the market. not a bunker stock, not an obvious blowup either.
source: institutional data
Institutional activity
institutional ownership data for FF is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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