American Resources
AREC on Nasdaq. American Resources sells coal to power plants and steelmakers. Market value $186m.
Figures from the annual report for the year ended 31 December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$1.74 a share, 18% above its 1-year low
Over the past year the price has ranged from $1.48 to $7.11.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $8m | $39m | $12m | $34,070 | $0 |
| Operating margin | |||||
| Operating margin | -365.3% | -49.4% | -307.7% | -41734.7% | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | 0.01 |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.08bn | 0.08bn | 0.10bn | 0.11bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)No
- Debt0.01× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 63% more shares since 2021
The quarter to December 2025
How the business did, compared with the same quarter a year earlier.
| Quarter to | Amount |
|---|---|
| December 2023 | -$5m |
| March 2024 | $94,019 |
| June 2024 | $4,095 |
| September 2024 | $235,443 |
| December 2024 | -$299,487 |
| March 2025 | $31,927 |
| September 2025 | $165 |
| December 2025 | Not reported |
| Quarter to | Amount |
|---|---|
| December 2023 | -$39m |
| March 2024 | -$7m |
| June 2024 | -$7m |
| September 2024 | -$11m |
| December 2024 | -$10m |
| March 2025 | -$7m |
| September 2025 | -$8m |
| December 2025 | $78m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 May 2026
- Next quarterly (estimated, 10-Q)
- 13 February 2026
Who owns it
None of the long-term investors we follow own it. 98 funds in all.
Largest holders overall
- BlackRock$15mAdded
- Vanguard Capital Management$9mAdded
- Geode Capital Management$5mAdded
- Susquehanna International Group, LLP$4mCut
- Citigroup$3mCut
- UBS Group AG$3mAdded
- Citadel Advisors$2mCut
- State Street$2mAdded
- Northern Trust$1mAdded
- Vanguard Portfolio Management$1mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor5.8%Since 30 June 2026
- Kenneth GriffinPassive investorat least 3.2%−6.8 pts(filed with 6 related holders)Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 5.8% | 30 June 2026 | |
Kenneth Griffin Passive investor | at least 3.2%−6.8 pts (filed with 6 related holders) | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
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.
2 serious warning signs in American Resources’ 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 20 May 2026, plus 5 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.
“Based on this evaluation, and because of the material weakness in internal control over financial reporting described below, management concluded that the Company’s disclosure controls and procedures were not effective as of December 31, 2025.”
From the 10-K filed 20 May 2026, Item 9A. Controls and Procedures. Read it in the filing
Its past accounts can't be relied on
SeriousIt told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.
8-K Item 4.02 filed 24 Jul 2026: the company said its earlier financial statements should no longer be relied on.
From an 8-K filed 24 July 2026: Previously issued accounts should no longer be relied on. Open the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On June 30, 2026, the Audit Committee (the “Audit Committee”) of the Board of Directors of American Resources Corporation (or the “Company”) approved the dismissal of GreenGrowth CPA’s (“GreenGrowth”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 24 July 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
- Profits run ahead of cash.
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
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
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.