Gevo
GEVO on Nasdaq. Gevo sells renewable fuels and chemicals to fuel distributors and airlines. Market value $319m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
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.
For every $100 of what the whole company costs, it produced $-17.76 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -19 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.29 a share, at its 1-year low
Over the past year the price has ranged from $1.27 to $2.97.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $711,000 | $1m | $17m | $17m | $161m |
| Operating margin | |||||
| Operating margin | -8476.5% | -8739.2% | -475.8% | -536.9% | -12.6% |
| Debt to equity | |||||
| Debt to equity | 0.16 | 0.11 | 0.12 | 0.14 | 0.35 |
| Shares outstanding | |||||
| Shares outstanding | 0.24bn | 0.24bn | 0.24bn | 0.24bn | 0.25bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 9
- Profit backed by cash (accruals)Yes
- Debt0.35× equity
- Revenue growth, five yearsStrong, 96.1% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $47 million last quarter, up 7% on a year ago.
- A loss of $177 million, after a profit of $2 million a year ago.
- It loses 103 cents on each $1 of sales, compared with 72 cents a year earlier.
- Over the past 12 months it spent $57 million more cash than it brought in, compared with $92 million a year earlier.
- About the same number of shares as a year ago.
- Debt is $110 million more than cash, down from $112 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2m |
| December 2024 | $6m |
| March 2025 | $29m |
| June 2025 | $43m |
| September 2025 | $43m |
| December 2025 | $45m |
| March 2026 | $43m |
| June 2026 | $47m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$21m |
| December 2024 | -$18m |
| March 2025 | -$22m |
| June 2025 | $2m |
| September 2025 | -$8m |
| December 2025 | -$6m |
| March 2026 | -$22m |
| June 2026 | -$177m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 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. 148 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GMOJeremy Grantham | $2m | <0.1% | Cut |
Largest holders overall
- BlackRock$27mAdded
- State Street$20mAdded
- Vanguard Capital Management$15m
- Geode Capital Management$9mAdded
- Invesco$8mAdded
- Vanguard Portfolio Management$8mAdded
- UBS Group AG$5mAdded
- First Bank & Trust$5m
- Nuveen$4mCut
- Bank of America$3m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor6.7%Since 30 June 2025
- STATE STREET CORPORATIONPassive investor5.5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 6.7% | 30 June 2025 | |
STATE STREET CORPORATION Passive investor | 5.5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $96,369 of shares on the open market. 11 sold $3m, $3m of it under preset trading plans.
- Bowron Kimberly TChief of StaffSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 1,221
- Price
- $1.71
- Value
- $2,088
- Bloom Paul DCEO, DirectorSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 1,514
- Price
- $1.71
- Value
- $2,589
- Gruber Patrick R.DirectorSoldunder a preset trading plan
- Date
- 3 September 2026
- Shares
- 3,333
- Price
- $1.70
- Value
- $5,671
- Kettner David MichaelChief Legal & Emrg Biz OfficerBought
- Date
- 21 August 2026
- Shares
- 12,500
- Price
- $1.55
- Value
- $19,369
- Barber James JDirectorBought
- Date
- 21 August 2026
- Shares
- 50,000
- Price
- $1.54
- Value
- $77,000
- Gruber Patrick R.DirectorSoldunder a preset trading plan
- Date
- 6 August 2026
- Shares
- 247,642
- Price
- $1.51
- Value
- $373,816
- Bowron Kimberly TChief of StaffSoldunder a preset trading plan
- Date
- 6 August 2026
- Shares
- 10,257
- Price
- $1.55
- Value
- $15,855
- Agiri Oluwagbemileke YusufCFOSoldunder a preset trading plan
- Date
- 6 August 2026
- Shares
- 18,223
- Price
- $1.54
- Value
- $28,034
- Bloom Paul DCEO, DirectorSoldunder a preset trading plan
- Date
- 6 August 2026
- Shares
- 31,096
- Price
- $1.55
- Value
- $48,068
- Agiri Oluwagbemileke YusufCFOSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 63,028
- Price
- $1.40
- Value
- $88,239
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 3 September 2026 | Bowron Kimberly T Chief of Staff | Sold under a preset trading plan | 1,221 | $1.71 | $2,088 |
| 3 September 2026 | Bloom Paul D CEO, Director | Sold under a preset trading plan | 1,514 | $1.71 | $2,589 |
| 3 September 2026 | Gruber Patrick R. Director | Sold under a preset trading plan | 3,333 | $1.70 | $5,671 |
| 21 August 2026 | Kettner David Michael Chief Legal & Emrg Biz Officer | Bought | 12,500 | $1.55 | $19,369 |
| 21 August 2026 | Barber James J Director | Bought | 50,000 | $1.54 | $77,000 |
| 6 August 2026 | Gruber Patrick R. Director | Sold under a preset trading plan | 247,642 | $1.51 | $373,816 |
| 6 August 2026 | Bowron Kimberly T Chief of Staff | Sold under a preset trading plan | 10,257 | $1.55 | $15,855 |
| 6 August 2026 | Agiri Oluwagbemileke Yusuf CFO | Sold under a preset trading plan | 18,223 | $1.54 | $28,034 |
| 6 August 2026 | Bloom Paul D CEO, Director | Sold under a preset trading plan | 31,096 | $1.55 | $48,068 |
| 12 June 2026 | Agiri Oluwagbemileke Yusuf CFO | Sold under a preset trading plan | 63,028 | $1.40 | $88,239 |
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 Gevo’s 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 5 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 9 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“As a result, certain automated controls and IT-dependent manual controls were ineffective.”
Show the full paragraph
As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2025, management identified a material weakness in the Company’s internal control over financial reporting related to information technology general controls within certain financial systems of a recently acquired entity. Specifically, deficiencies were identified in controls over privileged access management, change management, and certain IT operations processes. As a result, certain automated controls and IT-dependent manual controls were ineffective. A material weakness is defined as a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
From the 10-Q filed 6 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
One big customer
Worth knowingOne customer brings in a big share of sales: 80% last year. Losing that customer would hurt.
“As of December 31, 2025, and 2024, one customer accounted for 46% and 86% of trade accounts receivable, net, and 80% and 93% of total revenue, respectively.”
From the 10-K filed 5 March 2026, Item 8. Financial Statements and Notes. 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
Cheap for a reason is the question the numbers cannot answer.
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
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.