Forensic Analysis · Materials / Mining & Chemicals · as of Sep 26, 2026
Futurefuel Corp. (FF)
A forensic read on Futurefuel Corp. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
7.2
Distress distance
Clean
Earnings quality
4
Forensic signals
-8.1
P / E (ttm)
-31.9%
ROE
$250M
Market cap
3.93%
Dividend yield
-60.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Futurefuel Corp. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 7.2, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
57d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 38 to 57 FY2024→FY2025 (against cost of goods sold; inventory +3% vs -40% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
-34.0%
FY2025
Return on invested capital.Return on invested capital is -34.0% in the latest fiscal year and slipping across FY2023–FY2025 from 23.2%. After-tax operating profit was $25M in FY2023 and ($42M) in FY2025, with operating income at 7.4% of revenue in FY2023, 2.6% in FY2024 and -55.3% in FY2025. The capital base behind it grew +16% across FY2023–FY2025, from $106M to $123M, while the return fell 57.2 points, so the dollars added over that window earned less than the 23.2% the older base was already earning.
FCF ($46M)
FY2025
Shareholder returns.Returned $11M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($46M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
-91%
FY2024→FY2025
Dividend — cut.The payout was CUT ~91% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$95.7M
Revenue Growth YoY-60.7%
Revenue CAGR (2yr)-49.0%
Net Margin-51.6%
Free Cash Flow-$46.0M
Return on Equity-31.9%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Futurefuel Corp.'s actual 10-K/10-Q/8-K filings?