olivLaw · US equity research
FutureFuel Corp. FF
Industrial Organic Chemicals · SIC 2860 · Vertical: Industrial Organic Chemicals (SIC 2860)
FutureFuel Corp. (NYSE: FF) makes custom and performance chemicals and biofuels at its integrated plant in Batesville, Arkansas. After a very weak 2025, with revenue of only 95.7 million USD, the company returned to growth in the second quarter of 2026, with revenue of 78.7 million USD, which matters because it shows how much the business depends on biofuel regulation.
At the close of 04 Nov 2026, FutureFuel Corp. (FF) stock was 5.62 USD (−1.23% on the day), with market capitalisation 246.5 m USD, dividend yield 3.38%, beta 0.43, 52-week range 3.10–6.37 USD. Latest reported quarter (Q2 2026): revenue of 78.7 m USD (+120.7% YoY), net income of 11.4 m USD, diluted EPS 0.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.3
- neutral
- Bollinger (20, 2)
- 5.15 – 5.96
- in the upper half of the band · %B 0.58 · band width 14.6%
- SMA 50 / 200
- 5.39 / 4.58
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.11 / 0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.2% | −1.1% | +11.3 pp | — |
| 3 months | +13.5% | −0.5% | +14.0 pp | — |
| 6 months | +17.3% | +4.4% | +12.9 pp | — |
| Year to date | +76.2% | +12.3% | +63.9 pp | — |
| 1 year | +49.5% | +13.5% | +35.9 pp | −5.5% |
| 3 years | −16.6% | +76.4% | −93.0 pp | −33.8% |
| 5 years | −28.0% | +63.7% | −91.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51.1 m | 61.5 m | 17.5 m | 35.7 m | 22.7 m | 19.8 m | 32.0 m | 78.7 m |
| Cost of revenue | — | — | 32.2 m | 47.4 m | — | — | — | — |
| Gross profit | 383.0 k | 5.6 m | -15.2 m | -12.4 m | -6.8 m | -9.3 m | -15.9 m | 15.0 m |
| Research & development | 981.0 k | 1.2 m | 1.4 m | 933.0 k | 855.0 k | 687.0 k | 840.0 k | 692.0 k |
| SG&A | 2.3 m | 2.8 m | 2.9 m | 2.2 m | 2.0 m | 2.5 m | 4.1 m | 3.1 m |
| Operating income | -2.9 m | 1.6 m | -19.5 m | -15.6 m | -9.7 m | -12.5 m | -20.8 m | 11.3 m |
| Interest expense | 35.0 k | 34.0 k | 36.0 k | 26.0 k | 126.0 k | -35.0 k | 29.0 k | 30.0 k |
| Pre-tax income | -1.2 m | 3.0 m | -18.3 m | -14.0 m | -9.4 m | -11.9 m | -20.6 m | 11.4 m |
| Income tax | -3.0 k | 157.0 k | -168.0 k | 183.0 k | -27.0 k | 151.0 k | 8.0 k | 69.0 k |
| Net income | -1.2 m | 2.8 m | -18.1 m | -14.2 m | -9.3 m | -12.0 m | -20.6 m | 11.4 m |
| Diluted EPS | -0.03 | 0.06 ≈ | -0.41 | -0.32 | -0.21 | -0.27 ≈ | -0.47 | 0.25 |
| Operating cash flow | 25.8 m ≈ | -16.6 m | -5.4 m | 5.2 m ≈ | -1.1 m ≈ | -27.4 m | -20.0 m | 18.8 m ≈ |
| Capex | 5.3 m ≈ | 4.1 m | 4.0 m | 5.5 m ≈ | 5.3 m ≈ | 2.4 m | 5.4 m | 8.0 m ≈ |
| Dividends paid | 2.6 m ≈ | 2.6 m | 2.6 m | 2.6 m ≈ | 2.6 m ≈ | 2.6 m | 2.6 m | 439.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 291.0 m | 205.2 m | 204.5 m | 321.4 m | 396.0 m | 368.3 m | 243.3 m | 95.7 m |
| Revenue YoY | +5.8% | −29.5% | −0.4% | +57.2% | +23.2% | −7.0% | −33.9% | −60.7% |
| Net income | 53.2 m | 88.2 m | 46.6 m | 26.3 m | 15.2 m | 37.4 m | 15.5 m | -49.4 m |
| Net income YoY | +126.1% | +65.9% | −47.2% | −43.6% | −42.1% | +145.8% | −58.5% | −418.6% |
| Diluted EPS | 1.22 | 2.02 | 1.06 | 0.60 | 0.35 | 0.85 | 0.35 | -1.13 |
| Diluted EPS YoY | +125.9% | +65.6% | −47.5% | −43.4% | −41.7% | +142.9% | −58.8% | −422.9% |
| net % | 18.3% | 43.0% | 22.8% | 8.2% | 3.8% | 10.2% | 6.4% | -51.6% |
| Free cash flow | 80.7 m | 27.7 m | 91.9 m | 42.6 m | 47.7 m | 15.3 m | 10.1 m | -46.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 51.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 162.6 m USD
- Total assets
- 200.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 6.12x
- ROE
- -26.8%
- ROA
- -22.1%
- FCF margin
- -48.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 204.5 m | 321.4 m | 396.0 m | 368.3 m | 243.3 m | 95.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Gross profit | 31.3 m | 23.5 m | 29.0 m | 41.0 m | 19.6 m | -39.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Research & development | 3.0 m | 3.5 m | 3.4 m | 4.4 m | 4.0 m | 3.9 m | SEC (XBRL)· 16 Mar 2026verified |
| SG&A | — | — | 8.0 m | 9.2 m | 9.3 m | 9.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Operating income | 22.3 m | 12.9 m | 17.5 m | 27.4 m | 6.4 m | -53.0 m | SEC (XBRL)· 16 Mar 2026verified |
| Depreciation & amortisation | 11.2 m | — | — | — | — | — | SEC (XBRL)· 16 Mar 2021verified |
| EBITDA | 33.5 m ≈ | — | — | — | — | — | SEC (XBRL)· 16 Mar 2021derived |
| Interest expense | 151.0 k | 131.0 k | 128.0 k | 138.0 k | 138.0 k | 153.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Pre-tax income | 31.8 m | 15.9 m | 13.7 m | 37.4 m | 16.3 m | -49.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Income tax | -14.8 m | -10.3 m | -1.5 m | 1.0 k | 792.0 k | 165.0 k | SEC (XBRL)· 16 Mar 2026verified |
| Net income | 46.6 m | 26.3 m | 15.2 m | 37.4 m | 15.5 m | -49.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Diluted EPS | 1.06 | 0.60 | 0.35 | 0.85 | 0.35 | -1.13 | SEC (XBRL)· 16 Mar 2026verified |
| Weighted average diluted shares | 43.7 m | 43.8 m | 43.8 m | 43.8 m | 43.8 m | 43.9 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 198.1 m | 137.5 m | 175.6 m | 219.4 m | 109.5 m | 51.3 m | SEC (XBRL)· 16 Mar 2026verified |
| Receivables | 21.4 m | 29.3 m | 26.2 m | 28.4 m | 21.9 m | 9.4 m | SEC (XBRL)· 16 Mar 2026verified |
| Inventories | 33.9 m | 26.9 m | 26.8 m | 25.4 m | 20.6 m | 29.3 m | SEC (XBRL)· 11 May 2026verified |
| Current assets | 342.6 m | 255.8 m | 273.8 m | 290.5 m | 164.8 m | 108.6 m | SEC (XBRL)· 11 May 2026verified |
| Property, plant & equipment, net | 91.5 m | 82.9 m | 76.9 m | 72.7 m | 78.5 m | 86.8 m | SEC (XBRL)· 16 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.4 m | 0 | — | — | — | — | SEC (XBRL)· 15 Mar 2022verified |
| Total assets | 441.3 m | 344.3 m | 356.0 m | 367.1 m | 247.7 m | 200.3 m | SEC (XBRL)· 11 May 2026verified |
| Accounts payable | 12.5 m | 14.9 m | 28.5 m | 22.2 m | 10.5 m | — | SEC (XBRL)· 12 May 2025verified |
| Current liabilities | 33.0 m | 35.1 m | 56.1 m | 41.3 m | 33.3 m | 17.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Total liabilities | 69.4 m | 55.4 m | 73.0 m | 57.2 m | 41.9 m | 37.7 m | SEC (XBRL)· 11 May 2026verified |
| Equity | 371.9 m † | 288.9 m † | 283.0 m † | 309.9 m † | 205.8 m † | 162.6 m † | SEC (XBRL)· 11 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 96.4 m | 44.1 m | 52.5 m | 21.3 m | 24.8 m | -28.7 m | SEC (XBRL)· 16 Mar 2026verified |
| Capex | 4.5 m | 1.5 m | 4.8 m | 6.0 m | 14.7 m | 17.2 m | SEC (XBRL)· 16 Mar 2026verified |
| Free cash flow | 91.9 m ≈ | 42.6 m ≈ | 47.7 m ≈ | 15.3 m ≈ | 10.1 m ≈ | -46.0 m ≈ | SEC (XBRL)· 16 Mar 2026derived |
| Investing cash flow | 474.0 k | 15.0 m | -3.8 m | 33.0 m | -14.8 m | -18.6 m | SEC (XBRL)· 16 Mar 2026verified |
| Financing cash flow | -142.1 m | -119.7 m | -10.5 m | -10.5 m | -119.9 m | -10.9 m | SEC (XBRL)· 16 Mar 2026verified |
| Dividends paid | 141.7 m | 119.9 m | 10.5 m | 10.5 m | 119.9 m | 10.5 m | SEC (XBRL)· 16 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 246.5 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -19.9% | 37 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -37.7% | 0 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -212.1x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 4.1x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -20.7% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 3.4% | 48 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial37/100 · 1/3 factors with a value
- Returns· partial48/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FUTUREFUEL CORP. (FF). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 95.7 m USD in 2025; YoY growth -60.7%; net margin -19.9%; ROE -18.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.1x
What contradicts it
- Revenue CAGR 3Y: -37.7%
- Interest coverage: -212.1x
- FCF yield: -20.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Industrial Organic Chemicals (SIC 2860) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IFFInternational Flavors & Fragrances Inc | 22.0 bn | 122.1 | 1.3% | 1.6% | −5.2% | +26% / +16% |
| LYBLyondellbasell Industries N.V. | 20.4 bn | 15.6 | 11.9% | 4.1% | −9.7% | +29% / −34% |
| WLKWestlake Corporation | 8.7 bn | — | -4.9% | -3.9% | −8.0% | +2% / −47% |
| NEUNewmarket Corporation | 6.7 bn | 14.7 | 25.3% | 16.5% | −2.2% | −5% / +37% |
| SXTSensient Technologies Corp | 5.4 bn | 31.7 | 13.7% | 9.7% | +3.5% | +29% / +117% |
| MEOHMethanex Corporation | 5.0 bn | 70.1 | 6.4% | 4.0% | −3.5% | +83% / +53% |
| REXRex American Resources Corporation | 1.3 bn | 10.5 | 22.5% | 20.9% | +1.2% | +20% / +62% |
| GPREGreen Plains Inc. | 957.5 m | 8.6 | 15.4% | 6.8% | −14.9% | +32% / −45% |
| WLKPWestlake Chemical Partners LP | 761.8 m | 12.9 | — | 4.8% | +2.7% | +14% / −5% |
| GEVOGevo, Inc. | 316.5 m | — | -57.0% | -119.9% | +849.3% | −40% / +13% |
| ALTOAlto Ingredients, Inc. | 271.5 m | 5.3 | 22.2% | 5.5% | −4.9% | +37% / +43% |
| FFFuturefuel Corp. | 246.5 m | — | -18.3% | -19.9% | −60.7% | +49% / −17% |
| CDXSCodexis, Inc. | 118.3 m | — | -69.4% | -39.6% | +18.6% | −38% / −54% |
| LODEComstock Inc. | 113.3 m | — | -38.2% | -3,680.5% | −48.5% | −58% / −68% |
| AMTXAemetis, Inc | 90.2 m | — | — | -27.4% | −26.2% | −28% / −72% |
| TANHTantech Holdings Ltd | 90.1 m | — | -25.7% | -80.9% | −10.7% | −76% / −100% |
| LNZALanzaTech Global, Inc. | 69.2 m | 0.4 | 146.4% | 295.7% | +12.6% | −63% / −99% |
| SAFXXcf Global, Inc. | 41.0 m | — | -246.1% | — | unavailable | −87% / unavailable |
| TOMZTomi Environmental Solutions, Inc. | 18.2 m | — | -168.8% | -49.8% | −27.2% | −6% / −26% |
| CNEYCn Energy Group. Inc. | 2.5 m | — | -11.2% | -31.3% | −30.2% | −65% / −99% |
| BAKBraskem SA | — | — | — | -14.6% | +9.7% | −61% / −86% |
1- and 3-year price returns: for FF from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
FutureFuel Corp. (NYSE: FF) makes custom and performance chemicals and biofuels at its integrated plant in Batesville, Arkansas. After a very weak 2025, with revenue of only 95.7 million USD 1, the company returned to growth in the second quarter of 2026, with revenue of 78.7 million USD 3, which matters because it shows how much the business depends on biofuel regulation.
SWOT
Strengths
- The company has integrated infrastructure at Batesville, with on-site utilities and wastewater treatment, which lowers costs and creates a barrier to entry for competitors.
- ISO 9001 and BQ-9000 certifications and a focus on safety support relationships with customers in regulated industries.
- The balance sheet is described as solid, providing stability for long-term investment in customer partnerships.
Weaknesses
- The biofuels segment was highly sensitive to regulatory uncertainty, which led to a sharp drop in production in 2025.
- A small number of customers account for a large share of chemicals sales, creating dependence on concentrated contracts.
- Quarterly results are affected by derivative accounting effects, which can make profit appear volatile.
Opportunities
- Expansion into pharmaceuticals and food ingredients, through GMP capabilities, could open higher-margin segments.
- Higher RFS obligations and clearer tax credit rules could support a recovery in biodiesel production.
- New capacity projects co-invested with customers could accelerate growth in the chemicals segment.
Threats
- Biodiesel imports from subsidized regions could reduce prices and margins in the US market.
- Renewable diesel and electric vehicles could reduce long-term demand for liquid combustion fuels.
- A possible excess of capacity in the biodiesel industry could lower prices and profitability.
Risks
- Dependence on government policyhigh
Biofuels rely on mandates and tax credits, and changes to the CFPC or RFS2 could seriously affect revenue and profit.
- Exposure to California LCFSmedium
A significant part of biofuels revenue has come from California, and a drop in the value of LCFS credits could affect results.
- Volatile raw material priceshigh
Feedstock and input costs are volatile, and the company reports that elevated input costs still weigh on margins.
- Customer concentrationmedium
Three chemical customers accounted for 48% of 2025 sales, so losing one important customer could significantly affect revenue.
- Operational interruptionsmedium
Turnarounds and plant outages, such as those in 2025 and in the second quarter of 2026, can reduce output and raise costs.
Investment thesis
What would need to be true (bull case)
- If higher RFS obligations translate into higher output, biofuels revenue could keep growing after the 2026 recovery.
- Rising chemicals demand and better use of capacity could improve margins in the Chemicals segment over the medium term.
- Integrated infrastructure and a solid balance sheet could allow the company to fund growth projects without heavy reliance on borrowing.
What would break the thesis
- If regulatory uncertainty persists, biodiesel output could remain below plant capacity and results could again be volatile.
- If raw material costs stay high, biofuels margins could stay compressed even with higher volumes.
- If renewable diesel or imports gain market share, demand for US biodiesel could decline.
What to watch
- Finalization of CFPC rules and their effect on biodiesel production2026
- Cash collected from monetizing tax credits, expected at 22 million USD grossH2 2026
- Delivery of the company's expectation of positive full-year 2026 Adjusted EBITDA2026
- Progress of chemicals capacity projects and customer partnershipsnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
FutureFuel operates mainly through its subsidiary FutureFuel Chemical Company and runs an integrated industrial platform in Batesville, Arkansas, where it manufactures inorganic chemicals, bio-based specialty chemicals and biofuels 1. The company has two reporting segments, Chemicals and Biofuels, and in 2025 the chemicals segment accounted for 62% of revenue 1. Its headquarters are at the Batesville facility, where the cost advantage of its integrated infrastructure is also located 1.
The 2025 revenue mix shows a company split between custom manufacturing and the biofuels market: custom manufacturing contributed 54%, biofuels 38% and performance chemicals 8% 1. The demonstrated capacity of the biodiesel plant is about 59 million gallons per year, yet actual output fell sharply from 45 million gallons in 2024 to 9 million gallons in 2025, due to the lack of regulatory guidance 1. The company presents itself as a long-term strategic partner for its customers rather than a transactional supplier 1.
On governance and principles, FutureFuel emphasizes a safety-first approach and holds ISO 9001 and BQ-9000 certifications for its products 1. The company aims to expand into regulated segments such as pharmaceutical intermediates and food ingredients by integrating GMP capabilities 1. These directions remain projects in progress, and their effect on revenue is not yet quantified in the sources reviewed.
Segments
Biofuels
The Biofuels segment produces biodiesel from vegetable oils, animal fats and used cooking oils, and its revenue is strongly linked to the Clean Fuel Production Credit and the EPA RFS2 program 1. After a decline of 122,836 thousand USD from lower volumes in 2025 1, segment revenue rose to 52.9 million USD in the second quarter of 2026, an increase of 178% 3. As with the other segments, performance depends on the stability of the regulatory framework 2.
Market context
FutureFuel operates in a market split between specialty chemicals, where competition comes from large multinational and small independent producers, and biofuels, where demand is driven by government mandates 1. For 2026, the EPA finalized the highest blending obligations in the program's history, targeting a 60% increase over 2025 2. At the same time, competition from renewable diesel remains a risk, and total US biodiesel capacity already exceeded RFS2 mandates for 2024 and 2025 1.
Trends
- Higher RFS blending mandatestailwind
EPA finalized RFS volumes that could support biodiesel demand in 2026 and 2027, and the company says clearer regulation supported higher production 23.
- Uncertainty over tax creditsheadwind
The CFPC is still in rulemaking, and the lack of a permanent extension of credits created an unstable fiscal environment that heavily affected 2025 production 1.
- Renewable diesel as a rivalmixed
New rules reduce renewable diesel's equivalency advantage from 1.7 to 1.5 by 2027, which changes the competitive structure, but competition remains intense 2.
- Higher chemicals demandtailwind
Demand from energy and industrial markets has grown and chemicals capacity has been expanded, supporting utilization of the Batesville assets 3.
Competitive position
FutureFuel competes with large multinational chemical companies that have internal divisions and greater resources, but are often slower and less personalized in service, and with smaller independent producers that are agile but lack the scale or financial depth needed for large contracts 1. In biofuels, competition also comes from imports from regions that may benefit from their own subsidies 1.
The company says it differentiates itself through scale, integrated infrastructure, technical sophistication and operational reliability, and competes mainly on price, quality, technical innovation and reliability 1. Still, pressure from producers in India and China remains an important factor, particularly in custom chemicals 1.
- Large multinational chemical manufacturers
Companies with specialty chemical divisions and greater resources, not named in the source.
- Small independent producers
Boutique firms with agility but limited technical infrastructure and financial depth.
- Producers in India and China
International competitors cited by the company as a source of intensifying pressure.
- Biodiesel importers from subsidized regions
Producers in Canada, South America, Europe or Asia that could sell cheaper into the US market.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report27 Oct 2026Other events · Financial statements and exhibits
- Current report23 Sept 2026Shareholder vote
- Current report31 Aug 2026Other events · Financial statements and exhibits
- Proxy statement12 Aug 2026
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report28 Jul 2026Other events · Financial statements and exhibits
- Current report30 Jun 2026Other events · Financial statements and exhibits
- Current report26 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report11 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FutureFuel Corp. · 16 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / FutureFuel Corp. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FutureFuel Corp. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.