Sign in

ARTW on Nasdaq

ARTS WAY MANUFACTURING CO INC

ARTS WAY MANUFACTURING CO INC is an American farm machinery and equipment company based in Armstrong.2 Its shares trade on Nasdaq under the symbol ARTW.2

Price unavailable

Last updated Oct 21, 2026.

Overview

Compare with Nature's Miracle Holding Inc., Lindsay Manufacturing or Alamo Group, or pick any stock.

  • TickerARTW on Nasdaq2
  • IndustryFarm Machinery & Equipment2
  • HeadquartersArmstrong, United States2
  • Incorporated inNC3
  • Business address5556 Highway 9, Armstrong, Ia 505143
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI5493008146ZHRQG3XD362
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O COGENCY GLOBAL INC., 19904 Dover, United States2
  • Registered withDivision of Corporations, Department of State, 21874312

See how the biggest companies compare on our leaderboards

Art’s-Way Manufacturing Co., Inc., a Delaware corporation ("Art's-Way," “we,” “us,” “our,” and the “Company”), began operations as a farm equipment manufacturer in 1956. Since that time, we have become a worldwide manufacturer of agricultural equipment and specialized modular science and agricultural buildings. Our principal manufacturing plant and corporate headquarters is located in Armstrong, Iowa.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

27.3%Gross margin6
1.3%Operating margin6
4.5%Net margin6
-6.2%Revenue growth, 20256
7.8%Return on equity6
0.17×Debt to equity6
-$1.5MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Agricultural Products brought in 55% of the revenue ARTS WAY MANUFACTURING CO INC broke down this way in fiscal 2025.

  1. Agricultural Products$12.7M655%down 13% from 2024
  2. Modular Buildings$10.2M645%up 4% from 2024
Business segments by year
Business segments20242025
Agricultural Products$14.7M$12.7M
Modular Buildings$9.8M$10.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue73¢$16.7M
  • Research and development1¢$228.0K
  • Other costs20¢$4.6M
  • Income tax2¢$402.2K
  • Profit5¢$1.0M

Out of $23.0M in revenue.6

Financial statements

Revenue78910116$23.0M in 2025+0% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $22.9M$22.9M20192020: $22.4M$22.4M2020−2%2021: $25.0M$25.0M2021+11%2022: $25.6M$25.6M2022+3%2023: $30.3M$30.3M2023+18%2024: $24.5M$24.5M2024−19%2025: $23.0M$23.0M2025−6%
Gross profit78910116$6.3M in 2025+60% since 2019
0$2.5M$5.0M$7.5M$10.0M2019: $3.9M$3.9M20192020: $2.4M$2.4M2020−39%2021: $6.6M$6.6M2021+175%2022: $6.9M$6.9M2022+5%2023: $8.6M$8.6M2023+24%2024: $7.3M$7.3M2024−15%2025: $6.3M$6.3M2025−14%
Operating income78910116$289.5K in 2025
-$4.0M-$2.0M0$2.0M2019: -$1.5M-$1.5M20192020: -$3.9M-$3.9M2020+161%2021: $523.4K$523.4K20212022: $604.7K$604.7K2022+16%2023: $1.5M$1.5M2023+153%2024: $460.7K$460.7K2024−70%2025: $289.5K$289.5K2025−37%
Net income78910116$1.0M in 2025
-$3.0M-$2.0M-$1.0M0$1.0M$2.0M2019: -$1.4M-$1.4M20192020: -$2.1M-$2.1M2020+48%2021: $212.6K$212.6K20212022: $97.8K$97.8K2022−54%2023: $267.0K$267.0K2023+173%2024: $307.4K$307.4K2024+15%2025: $1.0M$1.0M2025+237%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-11-302024-11-30
Revenues$23.0M$24.5M
Cost of goods sold$16.7M$17.2M
Gross profit$6.3M$7.3M
Engineering$344.0K$432.6K
Selling$1.4M$1.6M
General and administrative$4.2M$4.8M
Total expenses$6.0M$6.8M
Income from operations$289.5K$460.7K
Interest expense-$366.7K-$599.4K
Other Nonoperating Income (Expense)$1.5M$3.2K
Total other income (expense)$1.1M-$596.2K
Income (loss) from continuing operations before income taxes$1.4M-$135.5K
Income tax expense (benefit)$402.2K-$41.0K
Income (loss) from continuing operations$1.0M-$94.5K
Income from discontinued operations before income taxes$0$517.2K
Income tax expense - discontinued operations$0$115.3K
Income from discontinued operations$0$401.8K
Net Income$1.0M$307.4K
Continuing Operations (in dollars per share)$0-$0
Discontinued Operations (in dollars per share)$0$0
Net income per share (in dollars per share)$0.20$0.06
Continuing Operations (in dollars per share)$0-$0
Discontinued Operations (in dollars per share)$0$0
Net income per share (in dollars per share)$0.20$0.06
Weighted average outstanding shares used to compute basic net income per share (in shares)5.1M shares5.1M shares
Weighted average outstanding shares used to compute diluted net income per share (in shares)5.1M shares5.1M shares

Compare ARTS WAY MANUFACTURING CO INC with another company

Corporate structure

ARTS WAY MANUFACTURING CO INC sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ARTS WAY MANUFACTURING CO INC

  • Larry M. Walther Filed SCHEDULE 13G/A on ARTS WAY MANUFACTURING CO INC, latest Oct 1, 2026 (5 filings since Feb 17, 2026)
  • ARTS WAY MANUFACTURING CO INC Armstrong, Iowa, United States
    • Art’s-Way Scientific, Inc. Subsidiary · Iowa, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ARTS WAY MANUFACTURING CO INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$19.4M6 Nov 30, 2025$19.1M6 Nov 30, 2024+1.7%
Accumulated depreciation$14.3M6 Nov 30, 2025$13.9M6 Nov 30, 2024+2.8%
Property and equipment, net$5.1M6 Nov 30, 2025$5.2M6 Nov 30, 2024−1.3%
Finance-lease assets$368.7K6 Nov 30, 2025$377.8K6 Nov 30, 2024−2.4%
Operating-lease assets (leased space)$13.8K6 Nov 30, 2024$22.4K11 Nov 30, 2023−38.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.8K6 Nov 30, 2025$1.9K6 Nov 30, 2024+160.7%

Inventory

ItemLatestA year beforeChange
Inventory, total$11.7M6 Nov 30, 2025$10.3M6 Nov 30, 2024+13.4%
Raw materials$8.3M6 Nov 30, 2025$7.9M6 Nov 30, 2024+5.0%
Work in process$387.3K6 Nov 30, 2025$160.2K6 Nov 30, 2024+141.8%
Finished goods$5.4M6 Nov 30, 2025$3.9M6 Nov 30, 2024+38.0%

Properties, in its own words

Our executive offices, as well as the primary production and warehousing facilities for our Agricultural Products segment, are located in Armstrong, Iowa. These facilities were constructed after 1965 and remain in fair condition. The facilities in Armstrong contain approximately 249,000 square feet of usable space. We have engaged in several building improvement projects during the last several years including most recently updating our office spaces and employee break room in 2021, new shop and office boilers and roofing improvements in 2022 and remodeling our production facility bathrooms in fiscal 2023. We also are in the process of a complete roof repair as of the date of this report with expected completion in fiscal 2026. In addition, we own approximately 30 acres of land west of Armstrong, on which the factory and inventory storage space is situated for our Agricultural Products segment.

Our facility in Monona, Iowa was constructed by us in 2007, and houses the manufacturing for our Modular Buildings segment. The facility was custom-designed to meet our production needs. It has approximately 50,000 square feet of usable space and accommodates a sprinkler system and crane. We own a second building to the east with approximately 12,000 square feet of space, which is used as our weld shop for building frames.

The rest of Item 2

All of our owned real property is subject to mortgages granted to Bank Midwest as security for our long-term debt and our line of credit. See “Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS – Liquidity and Capital Resources” for more information.

Item 2 of the 10-K filed Feb 12, 2026.5

Leadership

Who has led ARTS WAY MANUFACTURING CO INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael B. Hilderbrand2006
  2. Carrie L. Majeski2009–2020
  3. Marc H. McConnell2025–now

Chair

  1. Marc H. McConnell2025–now

President

  1. Michael B. Hilderbrand2006
  2. Carrie L. Majeski2009–2020
  3. Marc H. McConnell2025–now

Chief financial officer

  1. Carrie L. Majeski2009–2013
  2. Amber Murra2015–2018
2010201520202025
Board members and other officers (16)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Art’s-Way Scientific, Inc. Iowa4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 9, 20268-K Entered a material agreement; Results of operations; New debt or obligation36
  2. Aug 10, 20268-K Regulation FD disclosure37
  3. Jul 10, 20268-K Results of operations38
  4. Jun 29, 20268-K Entered a material agreement39
  5. Apr 22, 20268-K Shareholder vote40
  6. Apr 9, 20268-K Results of operations41
  7. Feb 4, 20268-K Results of operations42
  8. Dec 29, 20258-K Entered a material agreement43
  9. Oct 8, 20258-K Results of operations44
  10. Aug 28, 20258-K Shareholder vote45
  11. Jul 10, 20258-K Results of operations46
  12. Apr 25, 20258-K Shareholder vote47
  13. Jan 28, 2025New chief executive Marc H. McConnell becomes CEO15
  14. Jan 9, 2009New chief executive Carrie L. Majeski becomes CEO16
  15. Aug 7, 2006New chief executive Michael B. Hilderbrand becomes CEO17
  16. Feb 14, 1989Founded ARTS WAY MANUFACTURING CO INC is founded2

Calendar

Coming up

  1. Around Jan 8, 2027Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Oct 9, 2026Reported quarterly or annual results36
  2. Jul 10, 2026Reported quarterly or annual results38
  3. Apr 9, 2026Reported quarterly or annual results41
  4. Feb 4, 2026Reported quarterly or annual results42
  5. Oct 8, 2025Reported quarterly or annual results44
  6. Jul 10, 2025Reported quarterly or annual results46
  7. Apr 9, 2025Reported quarterly or annual results48
  8. Feb 11, 2025Reported quarterly or annual results49

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

243 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 36 major events, 163 insider forms, 5 large holders, 18 other. The latest 20:

  1. Oct 13, 202610-Q EDGAR
  2. Oct 9, 20268-K EDGAR
  3. Oct 1, 2026SCHEDULE 13G/A EDGAR
  4. Sep 2, 20264 EDGAR
  5. Sep 2, 20264 EDGAR
  6. Sep 2, 20264 EDGAR
  7. Sep 2, 20264 EDGAR
  8. Sep 2, 20264 EDGAR
  9. Aug 10, 20268-K EDGAR
  10. Jul 15, 202610-Q EDGAR
  11. Jul 10, 20268-K EDGAR
  12. Jul 6, 2026SCHEDULE 13G/A EDGAR
  13. Jul 6, 2026SCHEDULE 13G/A EDGAR
  14. Jun 29, 20268-K EDGAR
  15. Jun 1, 20264 EDGAR
  16. Jun 1, 20264 EDGAR
  17. Jun 1, 20264 EDGAR
  18. Jun 1, 20264 EDGAR
  19. Jun 1, 20264 EDGAR
  20. May 29, 2026SD EDGAR

The 243 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 10 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 7, 2025Woods Michael WilliamChief Financial OfficerSale5,525$4.05$22.4KForm 4
Aug 6, 2025Woods Michael WilliamChief Financial OfficerSale4,074$3.77$15.4KForm 4
Jul 29, 2025Woods Michael WilliamChief Financial OfficerSale7,592$3.31$25.1KForm 4
Apr 10, 2025Ramsey Randall C.DirectorBuy6,800$1.50$10.2KForm 4
Jul 29, 2022Ramsey Randall C.DirectorBuy8,800$2.20$19.4KForm 4
Jul 7, 2022Ramsey Randall C.DirectorBuy2,285$2.33$5.3KForm 4
May 13, 2022Ramsey Randall C.DirectorBuy2,000$2.30$4.6KForm 4
May 12, 2022Ramsey Randall C.DirectorBuy100$2.25$225Form 4
May 11, 2022Ramsey Randall C.DirectorBuy3,122$2.36$7.4KForm 4
May 10, 2022Ramsey Randall C.DirectorBuy1,378$2.43$3.3KForm 4
May 6, 2022Ramsey Randall C.DirectorBuy1,850$2.60$4.8KForm 4
May 2, 2022Ramsey Randall C.DirectorBuy5,400$2.75$14.8KForm 4
Apr 26, 2022Ramsey Randall C.DirectorBuy7,750$3.15$24.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Larry M. WaltherSCHEDULE 13G/A, 5 filings Feb 17, 2026 to Oct 1, 202650

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Marc McConnell$271.1K$381.7K51
2025Michael Woods$157.4K$215.1K51
2024ChairmanPresident and Chief Executive Officer$30.0K$349.4K51
2024Chief Financial Officer$151.7K$212.4K51

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Renaissance Technologies LLC134,074$352.6K0.0%−7,400
Citadel Advisors LLC47,384$124.6K0.0%+34,839
Dimensional Fund Advisors LP47,306$124.4K0.0%+2,627
Geode Capital Management, LLC34,422$90.5K0.0%No change
LPL Financial LLC25,200$66.3K0.0%+2,000
Vanguard Capital Management LLC23,194$61.0K0.0%No change
Susquehanna International Group, Llp19,664$51.7K0.0%+8,079
XTX Topco Ltd15,690$41.3K0.0%+729
State Street Corp12,077$31.8K0.0%No change
Osaic Holdings, Inc.10,540$27.7K0.0%+2,240
Tower Research Capital LLC (TRC)2,342$6.2K0.0%+503
Vanguard Fiduciary Trust Co1,700$4.5K0.0%No change
UBS Group AG605$1.6K0.0%−1,056
Quent Capital, LLC120$3160.0%New
Barclays PLC5$130.0%New
Morgan Stanley1$50.0%No change
Wells Fargo & Company/mn0$10.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ARTS WAY MANUFACTURING CO INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARARTS WAY MANUFACTURING CO INC1
  • CIK0000007623
  • Employer ID (EIN)42-09207255
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsNovember 301
  • Industry code (SIC)3523 Farm Machinery & Equipment1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address5556 Highway 9, Armstrong, IA 505141
  • Phone71220884671
  • Shares outstanding5,206,386 as of Oct 2, 202614
  • Public float$4.5M as of May 31, 20255
  • AuditorEide Bailly LLP, Denver, Colorado PCAOB ID 286; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJan 24, 19961
  • Filings947 in all: 4 (477), 8-K (174), 10-Q (75), DEF 14A (28), 10-K (27), SC 13G/A (18), 3 (16), 10QSB (15)1
    All 37 form types

    4/A (14), SD (12), ARS (9), 5 (8), 11-K (7), 144 (6), 8-K/A (6), SC 13D/A (6), S-8 (5), 10-Q/A (4), 10KSB (4), SCHEDULE 13G/A (4), UPLOAD (4), CORRESP (3), DEFN14A (3), SC 13G (3), 10-K/A (2), DEFR14A (2), EFFECT (2), PRE 14A (2), S-3 (2), SC 13D (2), 10QSB/A (1), 424B3 (1), DEFA14A (1), NT 10-Q (1), S-3/A (1), S-8 POS (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 12, 2026
    Quarterly report (10-Q) Oct 13, 2026
    Proxy statement (DEF 14A) Mar 12, 2026
    Latest 8-K (8-K) Oct 9, 2026

Securities registered for trading

ClassSymbolExchange
Common stock $.01 par valueARTWNasdaq

From the cover page of the 10-K filed Feb 12, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

Legal proceedings

From time to time in the ordinary course of business, we may be named as a defendant in legal proceedings incidental to the business, including without limitation, workers’ compensation claims, tort claims, or contractual disputes. We are not currently involved in any material legal proceedings, directly or indirectly, and we are not aware of any claims pending or threatened against us or any of the directors that could result in the commencement of material legal proceedings.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51