At a glance
REX American Resources Corporation is worth $1.29B, about 16 times its fiscal 2026 earnings. Revenue grew 1.2% to $650.5M in fiscal 2026, with 12.8% kept as profit; over 5 years it has grown 11.8% a year. It pays no dividend; it spent $67.8M buying back its shares over FY2022–FY2026. The stock returned +21.2% over the past year with dividends reinvested and +5.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.2% in the 2020 crash (S&P 500: 33.7%) and 28.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 11 months after the lows.
The business in plain English
REX American Resources is a holding company based in Dayton, Ohio. It was formerly called REX Stores, and it makes its money from corn-based ethanol. It began investing in ethanol in 2006. As of January 31, 2026, it owned 76.1% of One Earth Energy in Gibson City, Illinois, and 99.7% of NuGen Energy in Marion, South Dakota. It also held effective stakes of 5.7% to 10.3% in four Big River Resources plants in Iowa, Illinois and Wisconsin. The six plants shipped about 722 million gallons in the year to January 31, 2026, and REX's share was about 294 million gallons.
The plants grind and ferment corn, then distill the alcohol. That alcohol is blended into gasoline to raise its octane and to meet federal renewable fuel mandates. What is left over becomes distillers grains, a protein-rich animal feed, and distillers corn oil, which is sold for animal feed and biodiesel. Of $650.5 million in revenue for the fiscal year ended January 31, 2026, ethanol made up 77.5%, dried distillers grains 13.6% and distillers corn oil 8.1%.
Profit depends on the “crush spread,” the gap between ethanol prices and corn costs. A bushel of corn yields about 2.9 gallons of ethanol. Wider spreads and federal 45Z production tax credits lifted net income to about $83.0 million, up from $58.2 million the year before. REX is also developing a carbon capture and storage project near One Earth to get the most from those credits.
Price history
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REX +21.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Ethanol | $504.4M | 77.5% |
| Dried Distillers Grains | $88.2M | 13.6% |
| Distillers Corn Oil | $52.4M | 8.1% |
| Modified Distillers Grains | $5.4M | 0.8% |
| Other | $399K | 0.1% |
Latest results
- In Q2 FY2027 (ended Jul 31, 2026), revenue was $168.5M, up 6.3% from a year earlier, and net income was $34.9M (+391.4%).
- For fiscal 2026, revenue was $650.5M (+1.2% year over year; +11.8% a year from FY2021 to FY2026) with a 12.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +11.8% good |
|---|---|
| Free cash flow margin | 7.6% watch |
| Return on equity (FY2026) | 13.6% watch |
| Return on assets (FY2026) | 10.4% good |
| Cash and investments | $379.5M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $372.7M | $3.0M | $-1.8M |
| FY2022 | $774.8M | $52.4M | $86.6M |
| FY2023 | $855.0M | $27.7M | $39.2M |
| FY2024 | $833.4M | $60.9M | $90.3M |
| FY2025 | $642.5M | $58.2M | $-7.1M |
| FY2026 | $650.5M | $83.0M | $49.4M |
Valuation snapshot
| Market value | $1.29B |
|---|---|
| P/E ratio | 15.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
REX American Resources’s market value went from $1.66B at the end of 2023 to $1.29B on Oct 28, 2026, down 22%; since the end of 2025 it is up 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.29B | +20.8% |
| 2025 | $1.06B | -27.3% |
| 2024 | $1.46B | -11.5% |
| 2023 | $1.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| REX price data to Oct 28, 2026 | +19.9% | +21.2% | +1.7% | +5.7% | +3.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +19.9% |
| 2025 | -22.5% |
| 2024 | -11.9% |
| 2023 | +48.5% |
| 2022 | -0.4% |
| 2021 | +30.7% |
| 2020 | -10.4% |
| 2019 | +20.3% |
| 2018 | -17.7% |
| 2017 | -16.2% |
| 2016 | +82.6% |
| 2015 | -12.8% |
| 2014 | +38.6% |
| 2013 | +131.8% |
| 2012 | -12.8% |
| 2011 | +44.0% |
| 2010 | +9.3% |
| 2009 | +74.2% |
| 2008 | -48.8% |
| 2007 | -11.1% |
| 2006 | +17.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62.6% over that stretch · deepest drop along the way 71.5%, back to its old high 34.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36% over that stretch · deepest drop along the way 54.2%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.3% over that stretch · deepest drop along the way 28.2%, back to its old high 10.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (23 read): 0 open-market purchases and 10 sales ($7.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 17, 2026 | Stuart A Rose Executive COB, Director | sell | $3.0M |
| Sep 30, 2026 | Stuart A Rose Executive COB, Director | sell | $2.1M |
| Jun 18, 2026 | Stuart A Rose Executive COB, Director | sell | $663K |
| Jun 8, 2026 | Stuart A Rose Executive COB, Director | sell | $614K |
| Mar 31, 2026 | Douglas Bruggeman CFO, VP-Finance, Treasurer | sell | $227K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.3% | Sep 30, 2025 |
| Dimensional Fund Advisors LP | 13% | Sep 30, 2025 |
| ROSE STUART A | 8.6% | Sep 30, 2026 |
| Renaissance Technologies LLC | 4.84% | Dec 31, 2025 |
| STATE STREET CORPORATION | 4.8% | Jun 30, 2025 |
ETFs with the most weight in REX
| PBW Invesco WilderHill Clean Energy ETF | 2.03% |
| GRPZ Invesco S&P SmallCap 600 GARP ETF | 1.96% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.22% |
| ACES ALPS Clean Energy ETF | 1.12% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.36% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.33% |
| XSHQ Invesco S&P SmallCap Quality ETF | 0.25% |
| SFLO VictoryShares Small Cap Free Cash Flow ETF | 0.24% |
What could go wrong
- Profits hinge on corn and ethanol prices. Results depend on the gap between ethanol and corn prices. In the year to January 2026, corn swung from $3.72 to $5.02 a bushel. A narrow or negative gap can mean losses or idled plants.
- A one-industry business. Nearly all revenue comes from ethanol and its by-products. With no other business to fall back on, a weak stretch for ethanol hits results directly.
- Short hedges, little visibility on profits. REX usually fixes ethanol sale prices no more than four months ahead, so it cannot forecast profits further out. Its hedges can also lose money when prices move the wrong way.
- Tax credits and carbon project are uncertain. Federal 45Z tax credits boosted net income in the year to January 2026, but rule changes could reduce them. A planned carbon storage project near the One Earth plant, meant to maximize them, may not succeed.
- Reliance on federal fuel mandates. Ethanol demand leans on the Environmental Protection Agency's renewable fuel mandates. Waivers for small refineries, such as the 63 full exemptions granted in August 2025, cut required blending and can weigh on prices.
- Too much supply, softer fuel demand. U.S. plants can make about 18.5 billion gallons a year but produced 16.4 billion in 2025. Extra supply, export tariffs or falling gasoline demand could push ethanol prices down.
Recent events
- Quarterly results released
- Executive or board change
- Executive or board change
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
REX pays no dividend. It paid none in the five fiscal years through January 31, 2026, so it offers no regular income, and income seekers would need to raise cash by selling shares. The company repurchases its own stock instead. It spent $67.8 million on buybacks over those five years, including $33.4 million in the year ended January 31, 2026. In that year, free cash flow (cash left after capital spending) was $49.4 million. REX says it typically repurchases when it judges shares to trade below the value of its net assets. Adjusted for splits, shares outstanding fell 6.6% between April 2022 and September 2026.
In past market downturns, REX fell 71.5% from March 2008 to January 2009 and took about 34 months to recover. It dropped 54.2% in the 2020 COVID crash and recovered in about eight months. It fell 28.2% in the 2022 bear market and recovered in about 10.5 months. Like any single stock, REX carries more risk than a diversified fund.
Questions investors ask
Does REX American Resources pay a dividend?
No. REX paid no dividends in the five fiscal years through January 31, 2026. It returns cash by repurchasing its own stock instead. It spent $67.8 million on buybacks over that stretch, including $33.4 million in the fiscal year ended January 31, 2026. It says it typically repurchases shares when it judges them to trade below the value of its net assets. For an income investor, any return would come from the share price, and drawing income would mean selling shares.
How does REX American Resources make money?
REX makes money by producing and selling corn-based ethanol and its by-products. Most of it comes from its majority-owned One Earth Energy plant in Illinois and NuGen Energy plant in South Dakota. In the fiscal year ended January 31, 2026, ethanol supplied 77.5% of its $650.5 million revenue. Dried distillers grains, an animal feed, added 13.6% and distillers corn oil 8.1%. Profit depends mainly on the crush spread: the gap between what ethanol sells for and what the corn to make it costs.
Why did REX American Resources' profits rise?
Two reasons: tax credits and wider crush spreads (the gap between ethanol prices and corn costs). Net income rose to about $83.0 million in the fiscal year ended January 31, 2026, from $58.2 million a year earlier. Revenue grew only 1.2% over the same period. Federal 45Z production tax credits earned on its ethanol cut REX's effective tax rate, and higher crush spreads lifted gross profit. Its annual report cautions that 45Z credits carry regulatory and market uncertainty.
Is REX stock volatile?
Yes. As of October 28, 2026, the stock's one-year volatility, a measure of how widely its price swings, was 32.4%. Its price rose 48.5% in 2023 and fell 22.5% in 2025. It fell 71.5% in the 2008 financial crisis. Its one-year beta was 0.12, meaning it moved only loosely with the broad stock market. Its profits depend more on corn and ethanol prices. Over the 10 years to October 28, 2026, the share price rose 3.9% a year on average.
Who owns REX American Resources stock?
Large asset managers and the company's executive chairman hold the biggest reported stakes. BlackRock reported owning 14.3% and Dimensional Fund Advisors 13% as of September 30, 2025. Executive Chairman Stuart A. Rose reported 8.6% as of September 30, 2026. In the year to October 29, 2026, insiders made 10 sales worth about $7.1 million and no purchases. Rose made the largest sales, including one of about $3.0 million in June 2026.