Arq, Inc. (ARQ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-359.1%

-$4.69

vs $1.81 price

Levered DCF

-$7.06

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.62

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.57×	-54.07×	-6.79×	-5.06×	2×	-4.87×	5.36×	5.93×
P/B	0.81×	1.26×	0.46×	0.32×	0.82×	1.16×	1.76×	3.09×
P/S	1.13×	2.5×	0.84×	0.44×	1.21×	1.47×	2.72×	8.77×
EV / EBITDA	-4.34×	44.66×	47.45×	4.68×	0.62×	-75.1×	3.67×	5.45×
Gross margin	27.9%	36.2%	32.1%	21.9%	34.6%	25.2%	29.5%	73.9%
Operating margin	-6.7%	-1.8%	-13.4%	-11.7%	4.8%	-60.8%	-21.2%	-26.7%
Net margin	-43.7%	-4.7%	-12.3%	-8.7%	60.2%	-30.1%	50.7%	148.1%
Current ratio	1.04×	1.17×	3.75×	4.42×	4.79×	1.46×	1.2×	1.47×
Debt / equity	0.22×	0.16×	0.18×	0.09×	0.07×	0.32×	0.46×	1.09×
Interest coverage	-3.31×	-0.6×	-4.42×	-35.92×	3.26×	-10.45×	-2.08×	-2.98×
Dividend yield	0.0%	0.0%	0.0%	0.1%	0.1%	5.0%	9.6%	9.6%
Payout ratio	0.0%	0.0%	0.0%	-0.5%	0.2%	-24.5%	51.4%	56.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-31.3%	-2.4%	-6.9%	-6.4%	41.0%	-23.8%	32.8%	52.2%
Return on invested capital	-3.8%	-0.7%	-6.1%	-7.5%	2.3%	-32.9%	-6.9%	-3.3%
Return on assets	-22.8%	-1.8%	-5.2%	-4.9%	32.6%	-13.8%	20.4%	21.1%
Free cash flow yield	-8.1%	-27.4%	-53.3%	-33.4%	16.4%	47.7%	28.5%	17.5%
Earnings yield	-38.7%	-1.9%	-14.8%	-19.9%	50.0%	-20.5%	18.6%	16.9%
Enterprise value	$166.6M	$293.8M	$69.3M	-$9.2M	$52.6M	$100.2M	$228.1M	$265.5M
Net debt / EBITDA	-0.8×	3.17×	-9.32×	27.6×	-0.8×	-0.71×	0.6×	1.14×
Cash conversion cycle (days)	48	41	87	57	7	105	116	1,119