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REX, REX American Resources Corporation

Chemicals capital-intensive Cyclical

Revenue is Ethanol (78%), Dried Distillers Grains (14%) and Distillers Corn Oil (8%).

Latest annual: FY2026 10-K

REX · REX American Resources Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2026

$650M

+1.2% YoY · 12% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $649M 5-yr avg $751M

Operating margin 18.2% 5-yr avg 9.5%

ROIC 16% 5-yr avg 18%

Owner-earnings margin 16% 5-yr avg 10%

Free cash flow margin 7% 5-yr avg 7%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A chemicals business, converting feedstocks into products at a spread the cycle moves.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Gross margin has run about 10% and operating margin about 4.5% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. The margin is cyclical, swinging between 0.7% and 12% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Read this kind of business on the spread and utilization. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 13%, above 15% in 5 of 10 years). Owner earnings agree: roughly 8% of revenue reaches owners as cash, consistently. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Ethanol is 78% of revenue, with Dried Distillers Grains the other meaningful line at 14%.

Revenue by product line, FY2026

Ethanol78%$504M
Dried Distillers Grains14%$88M
Distillers Corn Oil8%$52M
Modified Distillers Grains1%$5M
Other0%$399K
Derivative Financial Instrument (Losses) Gains0%($254K)

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2017–2026

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	2026’26	TTMTTMApr 2026
											Income statement
$454M	$452M	$486M	$418M	$373M	$775M	$855M	$833M	$642M	$650M	$649M	RevenueRevenue
16%	10%	6%	5%	5%	12%	6%	12%	14%	14%	—	Gross marginGross mgn
5%	5%	4%	5%	5%	3%	3%	4%	4%	5%	6%	SG&A / revenueSG&A/rev
$50M	$20M	$9M	$5M	$2M	$71M	$37M	$83M	$80M	$76M	$118M	Operating incomeOp. inc.
11.0%	4.5%	1.8%	1.3%	0.7%	9.2%	4.4%	10.0%	12.4%	11.8%	18.2%	Operating marginOp. mgn
$32M	$40M	$32M	$7M	$3M	$52M	$28M	$61M	$58M	$83M	$93M	Net incomeNet inc.
35%	—	—	—	—	27%	26%	27%	27%	-9%	20%	Effective tax rateTax rate
											Cash flow & returns
$69M	$41M	$48M	$10M	$9M	$92M	$55M	$128M	$64M	$118M	$119M	Operating cash flowOp. cash
$20M	$21M	$25M	$20M	$18M	$18M	$18M	$18M	$16M	$15M	$16M	DepreciationDeprec.
$17M	($20M)	($9M)	($17M)	($12M)	$21M	$9M	$49M	($10M)	$20M	$10M	Working capital & otherWC & other
$14M	$24M	$11M	$4M	$10M	$5M	$16M	$38M	$71M	$68M	$73M	CapexCapex
3.1%	5.3%	2.2%	0.9%	2.8%	0.7%	1.8%	4.5%	11.1%	10.5%	11.3%	Capex / revenueCapex/rev
$55M	$17M	$37M	$7M	($2M)	$87M	$39M	$110M	$48M	$102M	$103M	Owner earningsOwner earn.
12.1%	3.7%	7.6%	1.6%	−0.5%	11.2%	4.6%	13.2%	7.5%	15.8%	15.9%	Owner earnings marginOE mgn
$55M	$17M	$37M	$7M	($2M)	$87M	$39M	$90M	($7M)	$49M	$46M	Free cash flowFCF
12.1%	3.7%	7.6%	1.6%	−0.5%	11.2%	4.6%	10.8%	−1.1%	7.6%	7.1%	Free cash flow marginFCF mgn
—	$12M	$12M	$12M	—	—	—	—	—	—	$12M	AcquisitionsAcquis.
$5M	—	$22M	—	$20M	$7M	$13M	$0	$15M	$33M	—	BuybacksBuybacks
21%	11%	4%	2%	1%	26%	7%	21%	16%	18%	16%	ROICROIC
9%	10%	8%	2%	1%	12%	6%	12%	10%	14%	15%	Return on equityROE
9%	10%	8%	2%	1%	12%	6%	12%	10%	14%	15%	Retained to equityRetained/eq
											Balance sheet
$189M	$191M	$204M	$206M	$181M	$256M	$281M	$379M	$359M	$376M	$364M	Cash & investmentsCash+inv
$12M	$13M	$11M	$13M	$20M	$26M	$25M	$23M	$22M	$15M	$22M	ReceivablesReceiv.
$17M	$21M	$18M	$36M	$37M	$42M	$49M	$27M	$32M	$28M	$27M	InventoryInvent.
$9M	$8M	$7M	$19M	$17M	$32M	$34M	$42M	$28M	$38M	$31M	Accounts payablePayables
$20M	$26M	$22M	$30M	$41M	$36M	$40M	$8M	$25M	$5M	$17M	Operating working capitalOper. WC
$227M	$239M	$251M	$271M	$259M	$345M	$373M	$452M	$436M	$448M	$442M	Current assetsCur. assets
$23M	$22M	$17M	$32M	$31M	$50M	$55M	$66M	$50M	$75M	$65M	Current liabilitiesCur. liab.
10.1×	10.9×	14.7×	8.6×	8.4×	6.8×	6.8×	6.8×	8.6×	5.9×	6.8×	Current ratioCurr. ratio
$454M	$479M	$471M	$501M	$479M	$550M	$580M	$665M	$720M	$798M	$808M	Total assetsAssets
$340M	$381M	$393M	$401M	$385M	$431M	$448M	$514M	$560M	$611M	$629M	Shareholders’ equityEquity
											Per share
39.5M	39.6M	38.6M	37.9M	37.0M	35.9M	35.3M	35.2M	35.3M	33.2M	33.1M	Shares out (diluted)Shares
$11.48	$11.42	$12.57	$11.02	$10.07	$21.59	$24.24	$23.71	$18.22	$19.59	$19.59	Revenue / shareRev/sh
$0.82	$1.00	$0.82	$0.20	$0.08	$1.46	$0.79	$1.73	$1.65	$2.50	$2.80	EPS (diluted)EPS
$1.39	$0.43	$0.96	$0.17	$-0.05	$2.41	$1.11	$3.13	$1.37	$3.09	$3.11	Owner earnings / shareOE/sh
$1.39	$0.43	$0.96	$0.17	$-0.05	$2.41	$1.11	$2.57	$-0.20	$1.49	$1.39	Free cash flow / shareFCF/sh
$0.36	$0.61	$0.28	$0.10	$0.28	$0.14	$0.44	$1.07	$2.02	$2.06	$2.21	Cap. spending / shareCapex/sh
$8.61	$9.64	$10.17	$10.58	$10.40	$12.00	$12.70	$14.62	$15.89	$18.39	$19.00	Book value / shareBVPS

Share counts before 2022 are restated ×3 for a stock split, so per-share figures sit on one basis.

Share counts before 2024 are restated ×2 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+6.1%/yr	+14.2%/yr
Owner earnings / share	+9.3%/yr	—
EPS	+13.2%/yr	+98.5%/yr
Capital spending / share	+21.4%/yr	+48.9%/yr
Book value / share	+8.8%/yr	+12.1%/yr

The record, charted

FY2017–2026

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

33Mpeak FY2018

ROIC

18%low FY2021

Gross margin

14%low FY2020

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$102Mowner earningsvs.$83Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2026

Owner-earnings bridge

FY2022–FY2026cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2026 the business earned $102M of owner earnings, the operating cash left after the $15M it takes just to hold its position. It put $53M more into growth; free cash flow, after that spending, was $49M.

Reported net income$83M

Owner earnings$102M · 16% of revenue

	FY2026	FY2025	FY2024	FY2023	FY2022
Reported net income	$83M	$58M	$61M	$28M	$52M
Depreciation & amortizationnon-cash charge added back	+$15M	+$16M	+$18M	+$18M	+$18M
Working capital & othertiming of cash in and out, other non-cash items	+$20M	−$10M	+$49M	+$9M	+$21M
Cash from operations	$118M	$64M	$128M	$55M	$92M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$15M	−$16M	−$18M	−$16M	−$5M
Owner earnings	$102M	$48M	$110M	$39M	$87M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−$53M	−$55M	−$20M	—	—
Free cash flow	$49M	($7M)	$90M	$39M	$87M
Owner-earnings marginowner earnings ÷ revenue	16%	8%	13%	5%	11%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about $15M, roughly its depreciation, the rate its assets wear out). The other $53M of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2026 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 37.9×

Comfortable

Operating income $79M ÷ interest expense $2M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$300M

Net cash

Cash $189M + ST investments $187M − debt $76M

What this means
Cash and short-term investments exceed every dollar of debt by $300M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 2d

Tight

DSO 8 + DIO 19 − DPO 25 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 11%

Solid through the cycle

10-yr median, range 1%–26%; 16% latest = NOPAT $79M ÷ invested capital $498M

Industry peers: median -1%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 10 years (it ran 16% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 8%

Solid through the cycle

10-yr median margin, range -0%–16%; latest $102M = operating cash $118M − maintenance capex $15M

Industry peers: median 6%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 16% of revenue this year, a 8% median across 10 years. It chose to put $53M more into growth, so free cash flow this year was $49M — the gap is investment, not weakness. Treating stock comp as the real expense it is (less $234K of SBC) leaves $102M.
Are earnings backed by cash? 1.42×

Cash-backed

Cash from ops $118M ÷ net income $83M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 33%

Reinvests most of it

Dividends + buybacks $33M ÷ Owner Earnings $102M

What this means
Of $102M Owner Earnings, $33M (33%) went back to shareholders, $0 dividends, $33M buybacks. Net of $234K stock comp, the real buyback was about $33M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 4.46×

Expanding

Capex $68M ÷ depreciation $15M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $650M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 5.94×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $76M vs $372M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +95%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $2.04/share (latest year $2.52), the averaged base the calculator's gate runs on, and book value is $18.54/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2017–2026

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 6% → 11% (3-yr avg ends)

In the filing’s words The margin widened even though the filing names price competition — the gain came from volume or cost, not pricing power. Read where.

What this means
Through the cycle the operating margin widened — about 6% early to 11% lately, median 4% — pricing power intact or improving.
Owner earnings growth +9%/yr

What this means
Owner earnings grew about 9% a year over the record.
Worst year 2021 · 0.7% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Apr 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$442M

Cash & short-term investments$364M
Receivables$22M
Inventory$27M
Other current assets$29M

Current liabilities$65M

Accounts payable$31M
Other current liabilities$34M

Current ratio6.76×all current assets ÷ what's due · Graham looked for 2×

Quick ratio6.35×stricter: inventory excluded

Cash ratio5.58×strictest: cash alone against what's due

Working capital$376Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago−1.2%the freshest read on whether the business is still growing

Current ratio, recent quarters8.1× → 6.8×

Deeper floors

Tangible book value$629Mequity stripped of goodwill & intangibles

Net current asset value$440MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$31M$16M of it operating leases

Deferred revenue$287Kcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2017–2026

Over the record, the business generated $633M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$261M · 41%
Buybacks$114M · 18%
Retained (debt / cash)$258M · 41%

Returned to owners$114M
23% of the owner earnings the business produced over the span, $0 as dividends and $114M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose $176M.
Average price paid for buybacks$4.81
Across the years where the filing reports a share count, 24M shares were bought for $114M, about $4.81 each. Year to year the price paid ranged from $1.49 (2017) to $20.22 (2026), and 2026, near the top of that range, was also its heaviest buyback year ($33M).
Net change in share count−16.2%
The diluted count fell from 40M to 33M, so the buybacks outran the stock issued to staff.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained18%
Of the earnings it kept rather than paid out ($282M over the span), annual owner earnings (first three years vs last three) grew $51M, so each retained $1 added about 0.18 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2022	Mr. Rizvi	$2.2M	$1.7M	$87M
2023	Mr. Rizvi	$4.0M	$4.6M	$39M
2024	Mr. Rizvi	$6.1M	$7.0M	$110M
2025	Mr. Rizvi	$4.2M	$4.0M	$48M
2026	Mr. Rizvi	$5.3M	$5.0M	$102M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership13.2%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$234K
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 0% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why REX American Resources Corporation is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2026.

None of the 4 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2026

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Chemicals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
SXTSensient Technologies	$1.6B	33%	12.3%	9%	6%
WLKPWestlake Chemical Partners LP Common	$1.2B	35%	32.0%	—	32%
ALTOAlto Ingredients Inc.	$918M	1%	-1.8%	-7%	0%
ECVTEcovyst Inc.	$724M	27%	11.8%	4%	12%
REXREX American Resources Corporation	$650M	11%	6.8%	13%	8%
LXULSB Industries Inc.	$615M	5%	-2.7%	-1%	-3%
UANCVR Partners LP Common	$606M	19%	12.0%	—	11%
GPREGreen Plains Inc.	$189M	—	-32.4%	-7%	-31%
Group median	—	19%	9.3%	1%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what REX American Resources Corporation has delivered.

REX American Resources Corporation’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, REX American Resources Corporation earns about $49M on its 7.6% median owner-earnings margin. This year’s 15.8% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($49M) Net of stock comp (−$234K) Steady-state · maintenance capex ($104M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’22→’26+5%/yr

Owner-earnings growth · ’17→’26−6%/yr

Owner-earnings yield—

P/E (3-yr earnings ’24–’26)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $46M on 33M shares outstanding, per the 10-Q cover, as of 2026-06-01; net cash $289M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. Capex ($73M) runs well above depreciation ($16M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $104M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh REX against another business →

The owners of REX: the meeting and the votes →

Cite: Owner Scorecard, "REX American Resources Corporation (REX), the owner's record," https://ownerscorecard.com/c/REX, data as of 2026-07-09.

Manual order: ← RES its page in the Manual REXR →

Industry order: ← PRM the Chemicals chapter ROG →