REX AMERICAN RESOURCES Corp
REX · Industrial Organic Chemicals · 32.9M shares · +77%/yr ↑ dilution · EDGAR filings ↗
Reference price $43.64 · est. market cap ~$1.4B — last insider sale, 2026-06-18 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B79Debt-free ethanol producer with a fortress balance sheet and strong, growing cash generation.
Strengths
- Net income +43% to $83M aided by 45Z credits; OCF margin 85th, FCF margin 81st pct
- Fortress liquidity (current ratio 92nd, $376M cash, no debt) plus One Earth expansion/CCS optionality
Risks
- Commodity ethanol with no real moat; gross margin only 47th pct and crush-spread volatility
- Earnings partly dependent on tax-credit policy continuity
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +77%/yr over 3y (dilution, book value/share -77%)
- Strong balance sheetStrong balance sheet — $376M cash & investments
- Insider sellingInsider selling — 9 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$5M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
14.4%
Net margin
14.6%
Return on equity
15.6%
Return on assets
11.9%
Revenue growth (QoQ)
-0.9%
Net-income growth
33.0%
Current ratio
5.9×
Free cash flow
$49M
Tangible book value
$611M
Cash & investments
$376M
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-18 | ROSE STUART A | Sell | 15K | $43.64 |
| 2026-06-17 | ROSE STUART A | Sell | 69K | $43.77 |
| 2026-06-15 | Bustos Cheryl Lea | Grant | 2.1K | — |
| 2026-06-15 | Bustos Cheryl Lea | Grant | 2.3K | — |
| 2026-06-15 | MacMillan Anne | Grant | 2.1K | — |
| 2026-06-15 | MacMillan Anne | Grant | 2.3K | — |
| 2026-06-15 | Alphonso Mervyn L | Grant | 2.1K | — |
| 2026-06-15 | Alphonso Mervyn L | Grant | 2.3K | — |
| 2026-06-15 | Rizvi Zafar A | Grant | 42K | — |
| 2026-06-15 | Rizvi Zafar A | Grant | 71K | — |
| 2026-06-15 | Rizvi Zafar A | Tax withheld | 14K | $42.97 |
| 2026-06-15 | BRUGGEMAN DOUGLAS | Grant | 21K | — |
| 2026-06-15 | BRUGGEMAN DOUGLAS | Grant | 29K | — |
| 2026-06-15 | ELCAN CHARLES A | Grant | 2.1K | — |
| 2026-06-15 | ELCAN CHARLES A | Grant | 2.3K | — |
| 2026-06-15 | KRESS EDWARD M | Grant | 2.1K | — |
| 2026-06-15 | KRESS EDWARD M | Grant | 2.3K | — |
| 2026-06-15 | FISHER LEE | Grant | 2.1K | — |
| 2026-06-15 | FISHER LEE | Grant | 2.3K | — |
| 2026-06-15 | HARRIS DAVID | Grant | 3.1K | — |
| 2026-06-15 | HARRIS DAVID | Grant | 2.9K | — |
| 2026-06-15 | ROSE STUART A | Grant | 23K | — |
| 2026-06-15 | ROSE STUART A | Grant | 29K | — |
| 2026-06-15 | ROSE STUART A | Tax withheld | 19K | $42.97 |
| 2026-06-11 | ROSE STUART A | Sell | 766 | $44.14 |
| 2026-06-10 | ROSE STUART A | Sell | 1.1K | $44.52 |
| 2026-06-08 | ROSE STUART A | Sell | 14K | $45.23 |
| 2026-06-02 | BRUGGEMAN DOUGLAS | Sell | 2.1K | $49.50 |
| 2026-06-02 | BRUGGEMAN DOUGLAS | Sell | 3.0K | $48.20 |
| 2026-04-02 | BRUGGEMAN DOUGLAS | Sell | 2.0K | $45.44 |
| 2026-03-31 | BRUGGEMAN DOUGLAS | Sell | 5.0K | $45.41 |
| 2026-03-30 | ROSE STUART A | Gift | 22K | — |
| 2026-01-27 | ROSE STUART A | Other | 235K | — |
| 2026-01-27 | ROSE STUART A | Other | 59K | — |
| 2025-12-31 | KRESS EDWARD M | Gift | 5.0K | — |
| 2025-09-15 | ROSE STUART A | Grant | 117K | — |
| 2025-09-15 | BRUGGEMAN DOUGLAS | Grant | 133K | — |
| 2025-09-15 | ROSE STUART A | Grant | 291K | — |
| 2025-09-15 | ROSE STUART A | Grant | 1.2M | — |
| 2025-09-15 | KRESS EDWARD M | Grant | 102K | — |
| 2025-09-08 | ROSE STUART A | Gift | 6.0K | — |
| 2025-09-03 | ROSE STUART A | Gift | 25K | — |
| 2025-06-16 | Bustos Cheryl Lea | Grant | 1.0K | — |
| 2025-06-16 | MacMillan Anne | Grant | 1.0K | — |
| 2025-06-16 | FISHER LEE | Grant | 1.0K | — |
| 2025-06-16 | Alphonso Mervyn L | Grant | 1.0K | — |
| 2025-06-16 | ELCAN CHARLES A | Grant | 1.0K | — |
| 2025-06-16 | HARRIS DAVID | Grant | 1.6K | — |
| 2025-06-16 | Rizvi Zafar A | Grant | 21K | — |
| 2025-06-16 | BRUGGEMAN DOUGLAS | Grant | 10K | — |
| 2025-06-16 | KRESS EDWARD M | Grant | 1.0K | — |
| 2025-06-16 | ROSE STUART A | Grant | 12K | — |
| 2025-04-04 | ROSE STUART A | Other | 117K | — |
| 2025-02-26 | Rizvi Zafar A | Grant | 67K | — |
| 2025-02-26 | BRUGGEMAN DOUGLAS | Grant | 33K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-12 | Exec/director changeExhibits | filing ↗ |
| 2026-06-03 | Exec/director change5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-28 | ResultsExhibits | filing ↗ |
| 2026-03-26 | ResultsExhibits | filing ↗ |
| 2025-12-04 | ResultsExhibits | filing ↗ |
| 2025-08-27 | ResultsOtherExhibits | filing ↗ |
| 2025-06-05 | Shareholder voteExhibits | filing ↗ |
| 2025-05-28 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-10 | 0000930413-26-001847 ↗ |
| 8-K | 2026-06-03 | 2026-05-28 | 0000930413-26-001789 ↗ |
| 10-Q | 2026-06-02 | 2026-04-30 | 0000930413-26-001786 ↗ |
| 8-K | 2026-05-28 | 2026-05-28 | 0000930413-26-001732 ↗ |
| 10-K | 2026-03-30 | 2026-01-31 | 0000930413-26-000937 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0000930413-26-000877 ↗ |
| 8-K | 2025-12-04 | 2025-12-04 | 0000930413-25-003564 ↗ |
| 10-Q | 2025-12-04 | 2025-10-31 | 0000930413-25-003566 ↗ |
| 10-Q | 2025-09-02 | 2025-07-31 | 0000930413-25-002856 ↗ |
| 8-K | 2025-08-27 | 2025-08-26 | 0000930413-25-002747 ↗ |
| 8-K | 2025-06-05 | 2025-06-04 | 0000930413-25-001949 ↗ |
| 10-Q | 2025-06-04 | 2025-04-30 | 0000930413-25-001941 ↗ |