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Aemetis (AMTX) USD

At a glance: strengths & risks
✗Revenue declining (-26%)✗Loss-making last FY

Sector: Oil refining

Geography: USA

COMM_AMTX

Price chart

1.77 USDDay 1.72%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1.77 USD · 1.72%
Market cap
106 mln USD

Growth

Δ revenue y/y
20.0%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
—
P/B (FY)
—
P/E (ann.)
<0
EV/EBITDA (LTM)
—
EV/EBITDA (ann.)
12.1x

Cash return

Dividend yield
—
FCF yield (LTM)
-27.9%

Liquidity

Daily turnover (listing)
0.9 mln USD

Shares: yahoo_fundamentals_timeseries/AMTX

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK62.7
y/y 20.0%
5.8
y/y —
3.9
y/y 66.3%
9.7
y/y —
-9.4
y/y —
-1.9-8.5289.2
y/y 20.5%
322.1
y/y —
-7733.3%364.1Link
2026-03-31Q1 2026 (3M)OK54.6
y/y 27.4%
-6.3
y/y —
2.5
y/y 7.0%
-3.8
y/y —
-21.7
y/y —
-10.6-6.5270.3
y/y 4.0%
-321.1
y/y —
27.7%743.3Link
2025-12-31Q4 2025 (3M)OK43.3
y/y -7.9%
-2.5
y/y 81.6%
2.6
y/y 14.7%
0.1
y/y 100.7%
-5.3
y/y 67.1%
5.8-16.6259.8
y/y 0.2%
-306.8
y/y —
25.2%382.3Link
2025-09-30Q3 2025 (3M)OK59.2
y/y -27.3%
-8.5
y/y —
2.3
y/y 2.3%
-6.2
y/y —
-23.7
y/y —
3.1-4.1241.1
y/y -7.0%
-304.9
y/y —
10.7%635.4Link
2025-06-30Q2 2025 (3M)OK52.2
y/y -21.5%
-10.7
y/y —
2.4
y/y 14.6%
-8.3
y/y —
-23.4
y/y —
-5.7-3.5240.0
y/y -7.4%
-289.3
y/y —
32.8%614.0Link
2025-03-31Q1 2025 (3M)OK42.9
y/y -41.0%
-15.6
y/y —
2.4
y/y 30.9%
-13.2
y/y —
-24.5
y/y —
0.2-1.8259.8
y/y 0.2%
-280.7
y/y —
36.0%341.0Link
2024-12-31Q4 2024 (3M)OK47.0
y/y -60.2%
-13.5
y/y 36.2%
2.2
y/y 26.6%
-11.2
y/y 41.9%
-16.2
y/y 79.0%
-12.6-6.8259.3
y/y 6.5%
-263.9
y/y —
33.5%342.4Link
2024-09-30Q3 2024 (3M)OK81.4
y/y 245.4%
-3.9
y/y —
2.3
y/y 30.0%
-1.6
y/y —
-17.9
y/y -132.0%
-5.0-4.5259.3
y/y -6.5%
-258.9
y/y —
9.4%327.1Link
2024-06-30Q2 2024 (3M)OK66.6
y/y 54.9%
-13.6
y/y -414.0%
2.1
y/y 22.5%
-11.5
y/y -291.9%
-29.2
y/y -2679.5%
-5.1-5.4259.3
y/y 22.0%
-249.0
y/y —
48.5%313.8Link
2024-03-31Q1 2024 (3M)OK72.6
y/y 3276.8%
-9.5
y/y —
1.8
y/y 0.4%
-7.7
y/y —
-24.2
y/y —
-10.3-3.6259.3
y/y 23.3%
-232.1
y/y —
43.2%305.6Link
2023-12-31Q4 2023 (3M)OK118.0
y/y —
-21.1
y/y —
1.8
y/y —
-19.3
y/y —
-77.1
y/y —
34.0-14.5243.4
y/y —
-217.0
y/y —
22.3%297.0Link
2023-09-30Q3 2023 (3M)OK23.6
y/y —
-8.5
y/y —
1.8
y/y —
-6.7
y/y —
56.0
y/y —
-6.2-8.8277.4
y/y —
-200.0
y/y —
-34.0%284.9Link
2023-06-30Q2 2023 (3M)OK43.0
y/y —
4.3
y/y —
1.7
y/y —
6.0
y/y —
1.1
y/y —
-2.7-2.2212.6
y/y —
-238.9
y/y —
-2.0%266.6Link
2023-03-31Q1 2023 (3M)OK2.2
y/y —
-12.1
y/y —
1.8
y/y —
-10.3
y/y —
-26.4
y/y —
-11.3-7.6210.4
y/y —
-222.4
y/y —
—260.3Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)303
Long-term debt (incl. LT leases)62
− Cash & equivalents1
Net debt364

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-200204060802024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-30-20-100102024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
year20212022202320242025
cash flow / profit—————
accruals, % of assets-16.5%-41.0%-24.8%-21.1%-30.9%
EBIT covers interest -0.7x · capex 4.0x of depreciation · share count +18.2% a year
● Diluted share count grew 18.2% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Brent

Current 89spot vs LTM +16%

Commodity-player potential

Target equity value is NEGATIVE: net debt exceeds target EV — over-levered at conservative EBITDA, so the upside is negative.

Upside: -437.2%

Main driver: Brent +16% vs LTM; revenue ×1.09 vs costs ×1.04; EBITDA -0→5; at 12.0× EV/EBITDA → -437%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+60%88.5276.5180.43+16%+5%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue220
LTM EBITDA-0
LTM cash costs (revenue − EBITDA)220
2 · Revenue projection
Revenue multiplier — spot×1.094 (+9%)
= Spot revenue241
Revenue multiplier — 3y price×1.031 (+3%)
= 3-year-price revenue227
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs229
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs229
4 · EBITDA projection (revenue − costs)
= Spot EBITDA12
= 3-year-price EBITDA-2
Conservative EBITDA = min(spot, avg)5
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA57
Net debt415
Target market cap = EV − net debt-358
Current market cap106

Upside = target market cap ÷ current − 1 = -437.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q32446-48.2%-7-6—
2023 Q411834+250.3%-19-6—
2024 Q17346+56.3%-8-9—
2024 Q26766+1.4%-12-7—
2024 Q38168+20.5%-2-16—
2024 Q44780-41.0%-11-17—
2025 Q14364-33.5%-13-12—
2025 Q25254-3.8%-8-16—
2025 Q35953+10.9%-6-13—
2025 Q44347-7.9%0-15—
2026 Q15554+1.9%-4-4—
2026 Q26365-3.6%107+44.5%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -26% vs +43% the year before — a -69.5 pp move. 3-year CAGR -8%.
revenue growth by year: 2023 -27% · 2024 +43% · 2025 -26%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 17.9x · target 75th pct (3y) 18.6x · LTM avg 41.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Aemetis (AMTX) — from primary filings.

Aemetis, Inc. produces renewable natural gas from dairy waste and operates ethanol and biodiesel production facilities, focusing on low-carbon fuels to replace fossil fuel products.

Frequently asked questions

What is Aemetis (AMTX)'s return on equity (ROE)?
Aemetis (AMTX)'s ROE is 27.7%.
What is Aemetis (AMTX)'s market capitalization?
Aemetis (AMTX)'s market cap is 106 mln USD.

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