Alto Ingredients, Inc.
ALTO · Industrial Organic Chemicals · 77.5M shares · +12%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$222K (gross $4M, SBC $4M)
Reference price $4.45 · est. market cap ~$345M — last insider purchase, 2026-05-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C65Commodity ethanol/specialty-alcohol producer with thin but positive margins and a clean balance sheet.
Strengths
- Returned to profitability: net margin 1.5% (77th pct), ROA 3.4% (83rd pct), positive FCF
- Solid liquidity (current ratio 2.6) and modest leverage (debt/equity 0.26)
- Growing specialty-alcohol and essential-ingredients mix diversifies away from fuel ethanol
Risks
- Razor-thin absolute economics (operating margin 0.8%, ROE 5.4%) exposed to volatile corn/ethanol crush spreads
- Magic Valley plant cold-idled all of 2025; commodity price swings can quickly turn margins negative
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~11% of revenue from one customer/distributor — Our specialty alcohols for the Industry & Agriculture, Food & Beverage and Health, Home & Beauty markets represented approximately 11%, 6% and 2%, respectively, of our sales in 2025 to customers in th
- Chronic dilutionShare count +12%/yr over 4y (dilution, book value/share -54%)
- Insider buyingInsider buying — 2 open-market buy(s) by 1 insider(s) (~$114,450, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
3.8%
Operating margin
0.8%
Net margin
1.5%
Return on equity
5.4%
Return on assets
3.4%
ROIC
1.9%
Revenue growth (QoQ)
-3.1%
Debt / equity
0.3×
Net debt / EBITDA
1.2×
Current ratio
2.6×
Free cash flow
$9M
EBITDA
$33M
Tangible book value
$238M
Cash & investments
$23M
Stock comp / revenue
0.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | NATHAN GILBERT E | Grant | 32K | — |
| 2026-06-23 | Tank Alan Robert | Grant | 24K | — |
| 2026-06-23 | Gray Maria G | Grant | 24K | — |
| 2026-06-23 | Nury Dianne S. | Grant | 24K | — |
| 2026-05-14 | Graham Auste M | Gift | 20K | — |
| 2026-05-13 | NATHAN GILBERT E | Buy | 5.0K | $4.45 |
| 2026-05-12 | NATHAN GILBERT E | Buy | 20K | $4.61 |
| 2026-04-01 | Benton Todd E | Tax withheld | 25K | $4.79 |
| 2026-04-01 | Olander Robert R. | Tax withheld | 41K | $4.79 |
| 2026-04-01 | Sneed James R | Tax withheld | 22K | $4.79 |
| 2026-04-01 | McGregor Bryon T | Tax withheld | 73K | $4.79 |
| 2026-04-01 | Graham Auste M | Tax withheld | 33K | $4.79 |
| 2026-03-17 | McGregor Bryon T | Grant | 100K | — |
| 2026-03-17 | Benton Todd E | Grant | 36K | — |
| 2026-03-17 | Sneed James R | Grant | 31K | — |
| 2026-03-17 | Olander Robert R. | Grant | 36K | — |
| 2026-03-17 | Graham Auste M | Grant | 31K | — |
| 2025-08-13 | Sneed James R | Buy | 3.2K | $1.06 |
| 2025-07-09 | Gray Maria G | Grant | 37K | — |
| 2025-07-09 | NATHAN GILBERT E | Grant | 49K | — |
| 2025-07-09 | Bezdek Jeremy | Grant | 37K | — |
| 2025-07-09 | Tank Alan Robert | Grant | 37K | — |
| 2025-07-09 | Nury Dianne S. | Grant | 37K | — |
| 2025-04-01 | Graham Auste M | Tax withheld | 23K | $1.12 |
| 2025-04-01 | Benton Todd E | Tax withheld | 15K | $1.12 |
| 2025-04-01 | Olander Robert R. | Tax withheld | 22K | $1.12 |
| 2025-04-01 | McGregor Bryon T | Tax withheld | 59K | $1.12 |
| 2025-03-31 | Sneed James R | Grant | 48K | — |
| 2025-03-31 | McGregor Bryon T | Grant | 156K | — |
| 2025-03-31 | Benton Todd E | Grant | 56K | — |
| 2025-03-31 | Olander Robert R. | Grant | 56K | — |
| 2025-03-31 | Graham Auste M | Grant | 48K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-03-04 | ResultsExhibits | filing ↗ |
| 2025-11-26 | Exec/director changeExhibits | filing ↗ |
| 2025-11-05 | ResultsExhibits | filing ↗ |
| 2025-08-06 | ResultsExhibits | filing ↗ |
| 2025-06-27 | Other | filing ↗ |
| 2025-06-25 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-23 | 0001213900-26-071111 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001213900-26-053870 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001213900-26-052830 ↗ |
| 10-K | 2026-03-13 | 2025-12-31 | 0001213900-26-027687 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001213900-26-023650 ↗ |
| 8-K | 2025-11-26 | 2025-11-24 | 0001213900-25-115108 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001213900-25-107625 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001213900-25-106654 ↗ |
| 10-Q | 2025-08-08 | 2025-06-30 | 0001213900-25-073660 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001213900-25-072564 ↗ |
| 8-K | 2025-06-27 | 2025-06-23 | 0001213900-25-058625 ↗ |
| 8-K | 2025-06-25 | 2025-06-25 | 0001213900-25-057814 ↗ |