Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Arq, Inc.ARQ · chemicals | |
|---|---|
| Grade |  Dfourth fifth of 331 graded peers; percentile 64.2, sampling error 2.7 points; lower is stronger |
| Rank | 202 of 331 |
| Profitability | B/Cpercentile 39.4 |
| Solvency | D/Epercentile 77.9 |
| Growth and financing | Cpercentile 46.7 |
| Reliability | 0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025 |
| Peer failure rate | 1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $120M to $591M assetstotal assets $230.6M[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Mar 10, 2026213 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $2.102026-10-08; market equity $91.9M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 10, 2026; the document on sec.gov.
Arq, Inc., together with its consolidated subsidiaries ("Arq", the "Company," "we," "us", or "our") is an environmental technology company principally engaged in the sale of consumable air, water, and soil treatment solutions, primarily based on activated carbon ("AC"). Our proprietary AC products enable customers to reduce air, water, and soil contaminants, including mercury, per - and polyfluoroalkyl substances ("PFAS") and other pollutants, to meet the challenges of existing and pending air quality and water regulations.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 39.4 | |||||||
| Gross profitability | 14.5% | [1-3] | 21.3% | 69.0 | 359 | 2025-12-31 | |
| Return on invested capital | not computable | 9.5% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Accruals ratio | (19.4%) | [1,4-6] | (4.2%) | 9.8 | 400 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.2 pts | |||||
| five annual gross margins are required; found 2 | |||||||
| Solvency, sleeve percentile 77.9 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 1.51 | [1,7-12] | 3.41 | 65.7 | 301 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.88x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | 4.16x | |||||
| latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.04x | [7-8] | 2.20x | 90.0 | 423 | 2025-12-31 | |
| Growth and financing, sleeve percentile 46.7 | |||||||
| Revenue growth, three-year compound | 5.3% | [2,13-15] | 1.2% | 30.7 | 350 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 12.6% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 24.3% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | 8.4% | [1,6,16-17] | 2.9% | 26.9 | 369 | 2025-12-31 | |
| Net share issuance, one year | 2.0% | [18-19] | 0.0% | 82.5 | 321 | 2026-03-05 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.107; sampling error 2.7 percentile points on 331 peers.
Among 331 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 197 | Rocket Lab Corp. (RKLB) Rocket Lab Corp. (RKLB) C/Don the C/D boundary; percentile 62.6 Nasdaq · Guided Missiles & Space Vehicles & Parts market equity $40.9B; last close $68.40 Warnings: fortress balance sheet; 10 of 14 inputs | 62.6 | C/D | fortress balance sheet |
| 198 | Materion Corp. (MTRN) Materion Corp. (MTRN) Dfourth fifth; percentile 63.0 NYSE · Metal Forgings & Stampings market equity $5.8B; last close $278.25 No active warnings; 9 of 14 inputs | 63.0 | D | |
| 199 | Reynolds Consumer Products Inc. (REYN) Reynolds Consumer Products Inc. (REYN) Dfourth fifth; percentile 63.4 Nasdaq · Plastics, Foil & Coated Paper Bags market equity $4.6B; last close $21.98 No active warnings; 8 of 14 inputs | 63.4 | D | |
| 200 | Yunhong Green CTI Ltd. (YHGJ) Yunhong Green CTI Ltd. (YHGJ) Dfourth fifth; percentile 63.8 Nasdaq · Fabricated Rubber Products, NEC market equity $6.9M; last close $2.76 Warnings: late filer; 8 of 14 inputs | 63.8 | D | late filer |
| 201 | Amtech Systems Inc. (ASYS) Amtech Systems Inc. (ASYS) Dfourth fifth; percentile 64.2 Nasdaq · Special Industry Machinery, NEC market equity $283.8M; last close $16.21 Warnings: fortress balance sheet; 9 of 14 inputs | 64.2 | D | fortress balance sheet |
| 202 | Arq, Inc. (ARQ) Arq, Inc. (ARQ) Dfourth fifth; percentile 64.2 Nasdaq · Miscellaneous Chemical Products market equity $91.9M; last close $2.10 No active warnings; 7 of 14 inputs | 64.2 | D | |
| 203 | Myers Industries Inc. (MYE) Myers Industries Inc. (MYE) Dfourth fifth; percentile 64.6 NYSE · Plastics Products, NEC market equity $1.2B; last close $30.66 No active warnings; 12 of 14 inputs | 64.6 | D | |
| 204 | Manitowoc Co. Inc. (MTW) Manitowoc Co. Inc. (MTW) Dfourth fifth; percentile 65.0 NYSE · Construction Machinery & Equip market equity $783.3M; last close $21.75 No active warnings; 10 of 14 inputs | 65.0 | D | |
| 205 | Helios Technologies, Inc. (HLIO) Helios Technologies, Inc. (HLIO) Dfourth fifth; percentile 65.4 NYSE · Miscellaneous Fabricated Metal Products market equity $2.2B; last close $67.91 No active warnings; 12 of 14 inputs | 65.4 | D | |
| 206 | Insteel Industries Inc. (IIIN) Insteel Industries Inc. (IIIN) Dfourth fifth; percentile 65.7 NYSE · Steel Works, Blast Furnaces & Rolling & Finishing Mills market equity $571.1M; last close $29.67 No active warnings; 7 of 14 inputs | 65.7 | D | |
| 207 | Chicago Rivet & Machine Co. (CVR) Chicago Rivet & Machine Co. (CVR) Dfourth fifth; percentile 66.1 NYSE · Metalworkg Machinery & Equipment market equity $11.2M; last close $10.20 Warnings: fortress balance sheet; 8 of 14 inputs | 66.1 | D | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C | 54.7 | 2204 |
| sector peers, equal sleeves (the grade) | D | 64.2 | 331 |
| same exchange, equal sleeves | C | 54.5 | 1219 |
| sector peers, equal inputs | C/D | 59.7 | 331 |
Each letter is one fifth of the 331 graded peers, about 66 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (70.4%) | 13.8% | 2 | hotter than 2 of 100 peers |
| Distance from 52-week high | (70.8%) | (24.2%) | 5 | closer to its high than 5 of 100 peers |
| EBIT to enterprise value | (43.4%) | 3.9% | 2 | pricier than 98 of 100 peers |
| Free cash flow yield | (12.3%) | 3.2% | 10 | pricier than 90 of 100 peers |
| Book value to price | 1.83 | 0.39 | 96 | pricier than 4 of 100 peers |
| Sales to price | 1.31 | 0.57 | 75 | pricier than 25 of 100 peers |
| Composite equity issuance, five years | 85.8% | (9.9%) | 95 | more equity-funded than 95 of 100 peers |
| Relative strength against the sector, log excess return | (1.39) | (0.02) | 2 | ahead of 2 of 100 peers |
Inputs: market equity $91.9M; EBIT -$53.0M; free cash flow -$11.3M; book equity $168.2M; sales $120.3M; debt $30.9M; cash $906,000[20].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 2 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (18.5%) | ✗ fail[4,6] |
| Operating cash flow above zero | -$2.7M | ✗ fail[5] |
| Return on assets improved | (16.3 pts) | ✗ fail[4,6,16,21] |
| Operating cash flow exceeds net income | $49.9M | ✓ pass[4-5] |
| Long-term leverage fell | (0.3 pts) | ✓ pass[1,6,16,22-23] |
| Current ratio improved | (13.6 pts) | ✗ fail[7-8,24-25] |
| No new shares issued | 2.0% | ✗ fail[18-19] |
| Gross margin improved | (8.3 pts) | ✗ fail[2-3,13,26] |
| Asset turnover improved | (3.9 pts) | ✗ fail[2,6,13,16] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $906,000[27] |
| Operating cash flow, four quarters | -$113,000[5,27-31] |
| Months of runway | 96.2 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 60 |
| 10-Q received Aug 10, 2026 | |
| Median daily dollar volume | $400,493 |
| 63 sessions | |
| Days since newest grade input | 213 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $230.6M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $120.3M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $86.8M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | -$52.6M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$2.7M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $284.4M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 7 | current assets | us-gaap:AssetsCurrent | $43.9M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 8 | current liabilities | us-gaap:LiabilitiesCurrent | $42.3M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 9 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $13.8M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 10 | operating income | us-gaap:OperatingIncomeLoss | -$53.0M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 11 | book equity | us-gaap:StockholdersEquity | $168.0M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 12 | liabilities | us-gaap:Liabilities | $62.6M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $109.0M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $99.2M | 2023-12-31 | 2025-03-05 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax | $103.0M | 2022-12-31 | 2024-03-12 | 10-K | filing · viewer · series |
| 16 | assets | us-gaap:Assets | $235.5M | 2023-12-31 | 2025-03-05 | 10-K | filing · viewer · series |
| 17 | assets | us-gaap:Assets | $181.2M | 2022-12-31 | 2024-03-12 | 10-K | filing · viewer · series |
| 18 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 42,849,251 | 2026-03-05 | 2026-03-10 | 10-K | filing · viewer · series |
| 19 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 42,014,263 | 2025-03-03 | 2025-03-05 | 10-K | filing · viewer · series |
| 20 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 43,668,483 | 2026-08-06 | 2026-08-10 | 10-Q | filing · viewer · series |
| 21 | net income | us-gaap:NetIncomeLoss | -$5.1M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 22 | long term debt | us-gaap:LongTermDebtNoncurrent | $8.5M | 2025-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 23 | long term debt | us-gaap:LongTermDebtNoncurrent | $9.4M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 24 | current assets | us-gaap:AssetsCurrent | $52.4M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 25 | current liabilities | us-gaap:LiabilitiesCurrent | $44.7M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 26 | cost of revenue | us-gaap:CostOfGoodsAndServicesSold | $69.5M | 2024-12-31 | 2026-03-10 | 10-K | filing · viewer · series |
| 27 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $906,000 | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$2.7M | 2026-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $64,000 | 2026-03-31 | 2026-05-06 | 10-Q | filing · viewer · series |
| 30 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $28,000 | 2025-09-30 | 2025-11-05 | 10-Q | filing · viewer · series |
| 31 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$5.3M | 2025-06-30 | 2026-08-10 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 64.2 is 4.2 points from the nearest band edge; sampling error is 2.7 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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