Aemetis, Inc (NASDAQ: AMTX)

Sector: Basic Materials Industry: Specialty Chemicals CIK: 0000738214
Market Cap 92.37 Mn
P/B -0.30
P/E -1.05
P/S 0.46
ROIC (Qtr) -93.07
Div Yield % 0.00
Rev 1y % (Qtr) -27.32
Total Debt (Qtr) 353.50 Mn
Debt/Equity (Qtr) -1.16

About

Aemetis, Inc., often recognized by its stock symbol AMTX, operates in the renewable natural gas and renewable fuels industry. With its headquarters in Cupertino, California, the company was established in 2006 and is dedicated to the operation, acquisition, development, and commercialization of innovative technologies that produce low and negative carbon intensity renewable fuels, thereby replacing fossil-based products. The company's primary business activities revolve around the production and sale of various products, including ethanol, wet...

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Price action

Investment thesis

Bull case

  • Retained earnings of (634.61M) represent substantial 2.08x of equity (304.85M), indicating strong internal capital generation.
  • Tangible assets of 241.12M provide robust 9.01x coverage of other current liabilities 26.75M, indicating strong asset backing.
  • Cash reserves of 5.58M exceed inventory value of 4.78M by 1.17x, indicating strong liquidity and inventory management.
  • Tangible assets of 241.12M provide robust 146.22x coverage of receivables 1.65M, showing strong asset quality.

Bear case

  • The company's operating cash flow of (15.09M) shows concerning coverage of stock compensation expenses of 6.51M, with a -2.32 ratio indicating potential earnings quality issues.
  • Free cash flow of (33.95M) provides weak coverage of capital expenditures of 18.86M, with a -1.80 ratio suggesting additional external financing needs for growth initiatives.
  • Operating cash flow of (15.09M) provides minimal 0.77x coverage of tax expenses of (19.68M), suggesting potential tax planning inefficiencies or unsustainable tax positions.
  • Operating earnings of (55.93M) show weak coverage of depreciation charges of 9.25M, with a -6.04 ratio indicating high capital intensity and potential reinvestment needs.
  • Other non-current liabilities of 135.82M represent a high 0.56x of tangible assets 241.12M, suggesting significant long-term obligations without clear asset backing.

Segments Breakdown of Revenue (2024)

Segments Breakdown of Revenue (2024)

Peer comparison

Companies in the Specialty Chemicals
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 LIN Linde Plc 218.63 Bn 38.41 6.61 25.93 Bn
2 SHW Sherwin Williams Co 110.34 Bn 170.54 11.54 13.58 Bn
3 ECL Ecolab Inc. 80.35 Bn 80.18 5.93 8.67 Bn
4 APD Air Products & Chemicals, Inc. 56.37 Bn 48.29 5.86 18.31 Bn
5 PPG Ppg Industries Inc 34.00 Bn 31.05 2.58 7.91 Bn
6 LYB LyondellBasell Industries N.V. 17.46 Bn 5.03 0.49 13.22 Bn
7 DD DuPont de Nemours, Inc. 16.63 Bn 3.65 0.32 8.90 Bn
8 ALB Albemarle Corp 14.44 Bn 48.94 6.36 3.63 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.80 1.52
EV to Cash from Ops. EV/CFO -28.83 12.52
EV to Debt EV to Debt 1.23 13.65
EV to EBIT EV/EBIT -7.78 21.45
EV to EBITDA EV/EBITDA -11.16 14.82
EV to Free Cash Flow [EV/FCF] EV/FCF -12.81 29.24
EV to Market Cap EV to Market Cap 4.71 3.84
EV to Revenue EV/Rev 2.16 89.11
Price to Book Value [P/B] P/B -0.30 5.48
Price to Earnings [P/E] P/E -1.05 16.02
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 -5.31
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 -75.74
Dividend per Basic Share Div per Share (Qtr) 0.00 1.25
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 23.50
Interest Coverage Int. cover (Qtr) -1.08 -8.92
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 42.21 -1.67
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 1,786.49 72.99
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -3.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 10.49 -31.21
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -38.88 51.49
EBIT Growth (1y) % EBIT 1y % (Qtr) -12.21 0.57
EBT Growth (1y) % EBT 1y % (Qtr) -13.81 -80.35
EPS Growth (1y) % EPS 1y % (Qtr) 31.58 -90.82
FCF Growth (1y) % FCF 1y % (Qtr) -78.47 -50.40
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -553.23 219.02
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.83 0.70
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.41
Cash Ratio Cash Ratio (Qtr) 0.02 1.28
Current Ratio Curr Ratio (Qtr) 0.05 3.42
Debt to Equity Ratio Debt/Equity (Qtr) -1.16 0.92
Interest Cover Ratio Int Coverage (Qtr) -1.08 -8.92
Times Interest Earned Times Interest Earned (Qtr) -1.08 -8.92
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -23.20 -333.97
EBIT Margin % EBIT Margin % (Qtr) -27.78 -374.34
EBT Margin % EBT Margin % (Qtr) -53.42 -379.75
Gross Margin % Gross Margin % (Qtr) -5.20 29.26
Net Profit Margin % Net Margin % (Qtr) -43.60 -380.67