Forensic Analysis · Chemicals · as of Nov 8, 2026

Rex American Resources Corp (REX)

A forensic read on Rex American Resources Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

14.6

Distress distance

Clean

Earnings quality

Forensic signals

16.2%

ROE

1.2%

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 (auditor quality, say on pay, board independence, going concern). 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.

Rex American Resources Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 14.6, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).

What the filings flag

+13.7%

FY2025→FY2026

Accruals ratio (% of NOA). Net operating assets grew +13.7% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by PP&E up +29% against revenue +1%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 5% of net operating assets, against an accruals ratio of 13.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.

Key fundamentals

Latest Revenue$650.5M

Revenue Growth YoY+1.2%

Revenue CAGR (2yr)-11.7%

Net Margin14.6%

Free Cash Flow$49.4M

Return on Equity16.2%

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.