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Aemetis

AMTX on Nasdaq. Aemetis sells ethanol, animal feed, and carbon dioxide to dairies, feedlots, and industry. Market value $127m.

Watch this stockFree. We tell you when something changes.

Figures from the annual report for the year ended 31 December 2025.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
-17.6%low

For every $100 of what the whole company costs, it produced $-17.60 of spare cash last year. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
-31.0%five-year median

Each dollar kept in the business earns -31 cents a year. Above 10 is good.

Quality score: 14 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

Five years of cash, in billions

-0.0
-0.1
-0.0
-0.1
-0.0
20212022202320242025
Revenue
$212m$28m$77m$268m$198m
Operating margin
-7.5%-122.4%-48.5%-15.1%-18.8%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.04bn0.04bn0.05bn0.07bn0.07bn

Health checks

  • Free cash flow positive0 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)2 of 9
  • Profit backed by cash (accruals)No
  • DebtUnknown
  • Revenue growth, five yearsSlow, 3.6% a year
  • Buying back its own sharesNo, 106% more shares since 2021

Dates

Next results (estimated)
n/a
Last annual report (10-K)
16 March 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 88 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $20,500.

  • Simon Timothy Alan
    Director
    Sold
    Date
    10 June 2026
    Shares
    10,000
    Price
    $2.05
    Value
    $20,500

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Aemetis’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 3 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “Notwithstanding our plans to improve liquidity and the favorable recent events described above, based on the extent of our debt and reliance on our senior secured lender, along with expected near-term shortfalls in cash flow from operations, substantial doubt exists about our ability to continue as a going concern over the next twelve months.”

    From the 10-Q filed 6 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On March 10, 2026, the Audit Committee also dismissed RSM US LLP (“RSM”) as the Company’s independent registered public accounting firm, effective after the completion of its audit for the fiscal year ended December 31, 2025, and related non-audit services.”

    From an 8-K filed 16 March 2026: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.