REX American Resources Corp. (REX; NYSE: REX) is an American producer and retailer of ethanol, distillers grains and natural gas as well as a holding company in energy entities. It was founded in 1980 and is headquartered in Dayton, Ohio. The company has the entire ownership of three affiliated corporations including Rex Radio and Television, Inc., Stereo Town, Inc. and Kelly & Cohen Appliances, Inc. As of 2012, the company has the ownership of 22 national retail stores and invested in five ethanol production entities nationwide.3Wikipedia text CC BY-SA 4.0
REX American Resources Corp. (REX; NYSE: REX) is an American producer and retailer of ethanol, distillers grains and natural gas as well as a holding company in energy entities. It was founded in 1980 and is headquartered in Dayton, Ohio. The company has the entire ownership of three affiliated corporations including Rex Radio and Television, Inc., Stereo Town, Inc. and Kelly & Cohen Appliances, Inc. As of 2012, the company has the ownership of 22 national retail stores and invested in five ethanol production entities nationwide. One of the plants the company invested in, One Earth Energy LLC, has an annual capacity of 100 million gallons of ethanol and 320,000 tons of dried distillers grains. The company exited the retail industry and transferred to energy investment in 2009 with changing the name from Rex Stores Corporation to its current name in the following year.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue101112134$650.5M in 2026+34% since 2019Gross profit141511121349$125.4M in 2026+315% since 2019Net income141511124$95.1M in 2026+200% since 2019
Revenue169$168.5M in Q2 FY2026+8% since Q1 FY2026Gross profit169$53.3M in Q2 FY2026+83% since Q1 FY2026Net income169$40.6M in Q2 FY2026+87% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.4
Period ending
2026-01-31
2025-01-31
2024-01-31
Net sales and revenue
$650.5M
$642.5M
$833.4M
Cost of sales (includes $86.4 million, $99.2 million and $117.0 million with related parties for the years ended January 31, 2026, 2025 and 2024, respectively)
$556.8M
$551.0M
$735.2M
Gross profit
$93.7M
$91.5M
$98.2M
Selling, general and administrative expenses
-$32.6M
-$27.1M
-$29.4M
Equity in income of unconsolidated affiliates
$12.5M
$9.4M
$13.9M
Interest and other income, net
$15.0M
$19.2M
$15.7M
Income before income taxes
$88.6M
$92.9M
$98.5M
Benefit (provision) for income taxes
$6.5M
-$21.4M
-$22.6M
Net income
$95.1M
$71.5M
$75.9M
Net income attributable to noncontrolling interests
-$12.1M
-$13.3M
-$15.0M
Net income attributable to REX common shareholders
$83.0M
$58.2M
$60.9M
Weighted average shares outstanding basic (in Shares)
33.2M shares
35.3M shares
35.0M shares
Basic net income per share attributable to REX common shareholders (in Dollars per share)
$2.50
$1.65
$1.74
Weighted average shares outstanding diluted (in Shares)
33.2M shares
35.3M shares
35.2M shares
Diluted net income per share attributable to REX common shareholders (in Dollars per share)
$2.50
$1.65
$1.73
Cost of sales, related parties
$86.4M
$99.2M
$117.0M
No quarter-by-quarter statement was filed.
Total assets1014151112134$797.7M in 2026+69% since 2019Shareholders’ equity1014151112134$610.7M in 2026+55% since 2019Cash14151112134$188.7M in 2026+0% since 2019
Total assets169$856.5M in Q2 FY2026+7% since Q1 FY2026Shareholders’ equity169$673.6M in Q2 FY2026+10% since Q1 FY2026Cash169$91.3M in Q2 FY2026−52% since Q1 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
Cash and cash equivalents
$188.7M
$196.3M
Short-term investments
$187.0M
$162.8M
Accounts receivable
$14.7M
$21.5M
$23.2M
Inventory
$28.4M
$31.7M
Refundable income taxes
$12.4M
$6.4M
Prepaid expenses and other
$16.6M
$17.1M
Total current assets
$447.8M
$435.8M
Property and equipment - net
$272.0M
$210.7M
Operating lease right-of-use assets
$17.6M
$21.0M
Finance lease right-of-use assets
$17.6M
Other assets
$5.0M
$16.7M
Equity method investments
$37.8M
$35.8M
TOTAL ASSETS
$797.7M
$720.0M
Accounts payable trade (includes $1.2 million and $1.4 million with related parties at January 31, 2026 and 2025, respectively)
$38.4M
$28.3M
Current operating lease liabilities
$6.9M
$5.7M
Current finance lease liabilities
$469.0K
Accrued expenses and other current liabilities
$29.6M
$16.4M
Total current liabilities
$75.4M
$50.4M
Deferred taxes
$4.1M
$3.6M
Long-term operating lease liabilities
$11.1M
$15.4M
Long-term finance lease liabilities
$2.7M
Long-term taxes payable
$4.3M
Other long-term liabilities
$2.4M
$2.7M
Total long-term liabilities
$20.3M
$26.0M
Common stock, at $0.01 par value; 45,000 shares authorized; 32,938 and 34,389 shares issued at January 31, 2026 and 2025, respectively
$329.0K
$344.0K
Paid in capital
$66.0K
Retained earnings
$610.3M
$560.0M
Total REX shareholders equity
$610.7M
$560.3M
Noncontrolling interests
$91.3M
$83.3M
Total equity
$702.0M
$643.6M
$587.6M
$511.0M
TOTAL LIABILITIES AND EQUITY
$797.7M
$720.0M
Common stock, par value (in Dollars per share)
$0.01
$0.01
Common stock, authorized (in Shares)
45.0M shares
45.0M shares
Common stock, issued (in Shares)
32.9M shares
34.4M shares
Period ending
2026-01-31
2025-01-31
2024-01-31
2023-01-31
Cash and cash equivalents
$188.7M
$196.3M
Short-term investments
$187.0M
$162.8M
Accounts receivable
$14.7M
$21.5M
$23.2M
Inventory
$28.4M
$31.7M
Refundable income taxes
$12.4M
$6.4M
Prepaid expenses and other
$16.6M
$17.1M
Total current assets
$447.8M
$435.8M
Property and equipment - net
$272.0M
$210.7M
Operating lease right-of-use assets
$17.6M
$21.0M
Finance lease right-of-use assets
$17.6M
Other assets
$5.0M
$16.7M
Equity method investments
$37.8M
$35.8M
TOTAL ASSETS
$797.7M
$720.0M
Accounts payable trade (includes $1.2 million and $1.4 million with related parties at January 31, 2026 and 2025, respectively)
$38.4M
$28.3M
Current operating lease liabilities
$6.9M
$5.7M
Current finance lease liabilities
$469.0K
Accrued expenses and other current liabilities
$29.6M
$16.4M
Total current liabilities
$75.4M
$50.4M
Deferred taxes
$4.1M
$3.6M
Long-term operating lease liabilities
$11.1M
$15.4M
Long-term finance lease liabilities
$2.7M
Long-term taxes payable
$4.3M
Other long-term liabilities
$2.4M
$2.7M
Total long-term liabilities
$20.3M
$26.0M
Common stock, at $0.01 par value; 45,000 shares authorized; 32,938 and 34,389 shares issued at January 31, 2026 and 2025, respectively
$329.0K
$344.0K
Paid in capital
$66.0K
Retained earnings
$610.3M
$560.0M
Total REX shareholders equity
$610.7M
$560.3M
Noncontrolling interests
$91.3M
$83.3M
Total equity
$702.0M
$643.6M
$587.6M
$511.0M
TOTAL LIABILITIES AND EQUITY
$797.7M
$720.0M
Common stock, par value (in Dollars per share)
$0.01
$0.01
Common stock, authorized (in Shares)
45.0M shares
45.0M shares
Common stock, issued (in Shares)
32.9M shares
34.4M shares
Cash from operations14151112134$117.8M in 2026+146% since 2019Capital spending14151112134$68.4M in 2026+535% since 2019Free cash flow14151112134$49.4M in 2026+33% since 2019Share buybacks141112134$33.4M in 2026+53% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.4
Period ending
2026-01-31
2025-01-31
2024-01-31
Net income
$95.1M
$71.5M
$75.9M
Depreciation
$15.3M
$15.9M
$17.8M
Noncash operating lease expense
$6.4M
$5.8M
$5.2M
Amortization of finance lease right-of-use assets
$1.4M
$0
$0
Stock-based compensation expense
$4.2M
$3.6M
$6.2M
Income from equity method investments
-$12.5M
-$9.4M
-$13.9M
Dividends received from equity method investments
$10.5M
$8.5M
$12.0M
Interest income from investments
-$4.8M
-$5.6M
-$10.0M
Loss on disposal of real estate and property and equipment
$192.0K
$50.0K
$243.0K
Deferred income tax
-$3.5M
$9.8M
$14.6M
Accounts receivable
$6.8M
$1.7M
$2.0M
Inventory
$3.3M
-$4.7M
$21.8M
Prepaid expenses and other assets
-$289.0K
-$14.9M
-$4.5M
Income taxes refundable
-$5.9M
-$717.0K
-$2.8M
Accounts payable trade
$8.4M
-$14.7M
$7.9M
Long-term taxes payable
-$4.3M
$4.3M
$0
Accrued expenses and other liabilities
-$2.5M
-$7.0M
-$4.5M
Net cash provided by operating activities
$117.8M
$64.2M
$128.0M
Capital expenditures
-$68.4M
-$71.3M
-$37.7M
Purchases of short-term investments
-$296.4M
-$372.3M
-$448.5M
Maturities of short-term investments
$277.0M
$370.4M
$514.6M
Proceeds from disposal of real estate and property and equipment
$7.0K
$262.0K
$29.0K
Deposits
$127.0K
$180.0K
-$43.0K
Net cash (used in) provided by investing activities
-$87.7M
-$72.9M
$28.4M
Treasury stock acquired
-$33.4M
-$14.7M
$0
Capital contributions from minority investor
$9.0K
$0
$22.0K
Payments to noncontrolling interests holders
-$4.1M
-$3.7M
-$4.3M
Principal paid on finance lease liabilities
-$181.0K
$0
$0
Net cash used in financing activities
-$37.7M
-$18.5M
-$4.3M
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
-$7.5M
-$27.1M
$152.1M
Non-cash investing activities-Accrued capital expenditures
$8.8M
$1.2M
$918.0K
Non-cash investing activities-Capital additions transferred from prepaid expenses
REX American Resources sits at the top of its group. 22 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of REX American Resources
VANGUARD GROUP INCFiled SCHEDULE 13G/A on REX American Resources, latest Mar 27, 2026 (5 filings since Feb 10, 2022)
RENAISSANCE TECHNOLOGIES LLCFiled SCHEDULE 13G/A on REX American Resources, latest Feb 12, 2026 (6 filings since Feb 11, 2022)
BlackRockFiled SCHEDULE 13G/A on REX American Resources, latest Oct 17, 2025 (6 filings since Jan 25, 2022)
DIMENSIONAL FUND ADVISORS LPFiled SCHEDULE 13G/A on REX American Resources, latest Oct 9, 2025 (5 filings since Feb 8, 2022)
State Street CorporationFiled SCHEDULE 13G on REX American Resources, latest Aug 11, 2025 (4 filings since Oct 17, 2024)
Stuart A. Rose Filed SC 13G/A on REX American Resources, latest Feb 20, 2024 (3 filings since Feb 9, 2022)
Alistar Enterprises, LLC Subsidiary · Delaware, United States
AVA Acquisition Corp. Subsidiary · Delaware, United States
Farmers Energy Big River Holding, LLC Subsidiary · Ohio, United States
Farmers Energy Big River, LLC Subsidiary · Ohio, United States
Farmers Energy Incorporated Subsidiary · Delaware, United States
Farmers Energy One Earth Holding, LLC Subsidiary · Ohio, United States
Farmers Energy One Earth, LLC Subsidiary · Ohio, United States
FE-II, LLC Subsidiary · Ohio, United States
FEI Investment Incorporated Subsidiary · Delaware, United States
Future Energy, LLC Subsidiary · Ohio, United States
NuGen Energy, LLC Subsidiary · South Dakota, United States
One Earth Energy, LLC Subsidiary · Illinois, United States
One Earth Sequestration, LLC Subsidiary · Illinois, United States
Rex Acquisition, LLC Subsidiary · Ohio, United States
REX Carbon, LLC Subsidiary · Ohio, United States
REX IP, LLC Subsidiary · Ohio, United States
REX Management, Inc. Subsidiary · Ohio, United States
REX Marketing Group, LLC Subsidiary · Ohio, United States
REX NuGen Holding, LLC Subsidiary · South Dakota, United States
REX NuGen, LLC Subsidiary · South Dakota, United States
RRC1, LLC Subsidiary · Ohio, United States
Built from 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 REX American Resources 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.
The company used to be engaged in the retail industry, but it transferred its business focus to energy in 2009 and changed its name to REX American Resources Corporation one year later. The company operates its business in two segments including Alternative Energy and Real Estate. In Alternative Energy segment, the company's properties include One Earth Energy, NuGen Energy, Patriot Renewable Fuels, Levelland Hockley County Ethanol and a portfolio group. Among the properties, only Levelland Hockley County Ethanol stopped operation now. As for Real Estate segment, the company is engaged in leasing its retail stores (281,000 square feet) to customers. As of March 2014, the company has a market capitalization of $418.23 million with an enterprise value of $412.31 million.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
218 filings to the SEC since October 2021: 5 annual reports, 18 quarterly reports, 31 major events, 106 insider forms, 31 large holders, 27 other. The latest 20:
33 open-market trades by officers, directors and large owners since October 2021: 0 buys and 33 sales. Grants, option exercises and gifts are left out.
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.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How REX American Resources is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).17
Risk factors and legal proceedings
The risks REX American Resources names in Item 1A of its 10-K filed Mar 30, 2026: 41 risks under these headings, as written.17
The financial returns on our ethanol investments are highly dependent on commodity prices, which are subject to significant volatility, uncertainty and regional supply shortages, so our results could fluctuate substantially.
Our returns on ethanol investments are highly sensitive to corn prices.
Our risk management strategies may be ineffective and may expose us to decreased profitability and liquidity.
The market for natural gas is subject to market conditions that create uncertainty in the price and availability of the natural gas that our ethanol plants use in their manufacturing process.
Fluctuations in the selling price of commodities may reduce profit margins at our ethanol plants.
Inflation could impact the cost and/or availability of material, labor and other input, which could adversely affect our operations.
The price of ethanol and distillers grains may decline as a result of trade restrictions, duties or tariffs on ethanol and distillers grains exports from the United States or from unfavorable foreign currency exchange rates.
Increased ethanol production or decreases in demand for ethanol may result in excess production capacity in the ethanol industry, which may cause the price of ethanol, distillers grains and distillers corn oil to decrease.
Future demand for ethanol is uncertain and changes in overall consumer demand for transportation fuel could affect demand.
We may not successfully develop our planned carbon sequestration facility near the One Earth Energy ethanol plant.
Carbon capture and sequestration projects are subject to federal, state, and local regulations.
Our ability to generate 45Z production tax credits involves regulatory and market uncertainties.
The other 29 risks
We depend on our partners to operate certain of our ethanol investments.
We may not successfully acquire or develop additional ethanol investments or expansion.
Our ethanol plants may be adversely affected by technological advances and efforts to anticipate and employ such technological advances may prove unsuccessful.
The U.S. ethanol industry is highly dependent upon a myriad of federal and state legislation and regulation and any changes in legislation or regulation could materially and adversely affect our results of operations and financial position.
The inability to generate or obtain RINs could adversely affect our operating results.
Various studies have criticized the efficiency of ethanol, in general, and corn-based ethanol in particular, which could lead to the reduction or repeal of incentives and tariffs that promote the use and domestic production of ethanol or otherwise negatively impact public perception and acceptance of ethanol as an alternative fuel.
Federal support of cellulosic ethanol may result in reduced incentives to corn-derived ethanol producers.
Our ethanol business is affected by environmental and other regulations which could impede or prohibit our ability to successfully operate our plants.
Our ethanol business may become subject to various environmental and health and safety and property damage claims and liabilities.
Our business is not diversified.
We may not be able to meet commitments to produce and sell ethanol.
We may not be able to meet commitments to purchase commodities.
Our revenue from the sale of distillers grains depends upon its continued market acceptance as an animal feed.
We face significant competition in the ethanol industry.
We may face competition from foreign producers.
We are exposed to credit risk from our sales of ethanol and distillers grains to customers.
We may not be able to hire and retain qualified personnel to operate our ethanol plants and carbon sequestration facility.
Our plants depend on an uninterrupted supply of energy and water to operate. Unforeseen plant shutdowns could harm our business.
We rely on information technology in our operations and financial reporting and any material failure, inadequacy, interruption or security breach of that technology could harm our ability to efficiently operate our business and report our financial results accurately and timely.
We are exposed to potential business disruption from factors outside our control, including natural disasters, severe weather conditions, accidents, pandemic diseases, wars and other conflicts, tariffs, and unforeseen operational failures any of which could negatively affect our transportation operations and could adversely affect our cash flows and operating results.
We ship much of our products and receive a portion of our corn via rail, which involves risks involving potential regulatory changes that could adversely affect our cash flows and operating results.
We operate in a capital intensive industry. Limitations on external financing could adversely affect our financial performance.
There is a risk of a pandemic that could spread into the United States and other countries.
Risks Related to our Former Refined Coal Operations
Our refined coal operation and its by-products may result in environmental and product liability claims and environmental compliance costs.
We used patented technology.
Risks Related to REX and General Risk Factors
We have concentrations of cash deposits at financial institutions that exceed federal insurance limits.
We may fail to realize the anticipated benefits of mergers, acquisitions, or other investments.
Rising focus on environmental, social and corporate governance matters from investors and regulators may increase our operating costs, bring down the value of our products and assets, and impact our ability to access capital markets.
Federal, state and local jurisdictions may challenge our tax return positions.
Legal proceedings
We are, from time to time, involved in various legal proceedings incidental to the conduct of our business. We believe that any current proceedings will not have a material adverse effect on our financial condition or results of operations.
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