ALTO · Alto Ingredients, Inc.
Alto Ingredients, Inc. produces, distributes, and markets specialty alcohols, renewable fuel, and essential ingredients in the United States. The company operates in three segments: Marketing and Distribution, Pekin Campus Production, and Western Production. It offers specialty alcohols used in mouthwash, cosmetics, pharmaceuticals, hand sanitizers, disinfectants, and cleaners for health, home, and beauty markets; grain neutral spirits used in alcoholic beverages and vinegar, as well as corn germ used in corn oils in the food and beverage markets; alcohols and other products for paint applications and fertilizers in the industrial and agriculture markets; and essential ingredients, including dried yeast, corn protein meal, corn protein feed, corn germ, distillers grains, and liquid feed for commercial animal feed and pet food applications, as well as yeast and gas liquid CO2 for human consumption. The company also provides fuel-grade ethanol used as transportation fuel additives and distillers corn oil used as a renewable diesel and biodiesel feedstock, as well as fuel-grade ethanol produced by third parties. In addition, it offers transportation, storage, and delivery services through third-party service providers. Further, the company operates alcohol production facilities. It sells ethanol to integrated oil companies and gasoline marketers; essential ingredient feed products to dairies and feedlots; and corn oil to poultry, renewable diesel, and biodiesel customers. The company was formerly known as Pacific Ethanol, Inc. and changed its name to Alto Ingredients, Inc. in January 2021. Alto Ingredients, Inc. was founded in 2003 and is headquartered in Pekin, Illinois.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $4.06 |
| SO | 77.6M |
| Options | 0.1M |
| Warrants | 8.9M |
| FD SO | 86.5M |
| MC | $351.4M |
| Cash | $24.0M |
| Total debt | $64.5M |
| EV | $391.9M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.4x |
| EV / EBITDA | 6.4x |
| MC / Net Income | 9.1x |
| EV / FCF | 7.8x |
| MC / FCF | 7.0x |
| Ownership & coverage | |
|---|---|
| Institutional | 62.3% |
| Insiders | 6.2% |
| # Institutions | 182 |
| Analysts | 2 |
| Consensus | Strong Buy |
| Avg target | $9.00 |
| Short % float | 8.1% |
| Days to cover | 2.55 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-06. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-30; the float denominator can be unreliable on tiny floats.
Financial statements
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Total Revenue | 245.70 | 224.68 | 231.97 | 240.99 |
| Revenue YoY % | 12.5% | (0.8%) | (1.9%) | (4.3%) |
| Cost of Revenue | 229.06 | 215.46 | 216.80 | 217.49 |
| Gross Profit | 16.64 | 9.22 | 15.16 | 23.49 |
| Gross Profit YoY % | 958.9% | 610.2% | 1190.1% | 294.2% |
| Gross Margin % | 6.8% | 4.1% | 6.5% | 9.7% |
| SG&A | 8.02 | 6.70 | 7.33 | 6.51 |
| Operating Expense | 8.02 | 6.70 | 7.68 | 6.51 |
| Operating Income | 8.62 | 2.52 | 7.49 | 16.98 |
| Operating Income YoY % | 206.3% | 128.0% | 119.1% | 2458.3% |
| Operating Margin % | 3.5% | 1.1% | 3.2% | 7.0% |
| EBITDA | 15.07 | 8.89 | 13.81 | 23.24 |
| EBITDA Margin % | 6.1% | 4.0% | 6.0% | 9.6% |
| Interest Expense | 1.96 | 2.20 | 2.42 | 2.80 |
| Other Income / (Expense) | 5.04 | 3.95 | 3.42 | — |
| Pretax Income | 11.70 | 4.27 | 8.48 | 14.21 |
| Net Income | 11.70 | 4.27 | 8.48 | 14.21 |
| Net Margin % | 4.8% | 1.9% | 3.7% | 5.9% |
| Diluted EPS | $0.15 | $0.05 | $0.29 | $0.19 |
| Basic EPS | $0.15 | $0.05 | $0.29 | $0.19 |
| Diluted Avg Shares | 77.1 | 76.6 | — | 74.8 |
| Basic Avg Shares | 75.6 | 74.8 | — | 74.8 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 943.33 | 917.93 | 965.26 | 1,222.94 | 1,335.62 |
| Revenue YoY % | 2.8% | (4.9%) | (21.1%) | (8.4%) | — |
| Cost of Revenue | 878.82 | 883.01 | 955.54 | 1,207.29 | 1,363.17 |
| Gross Profit | 64.51 | 34.91 | 9.72 | 15.65 | (27.55) |
| Gross Profit YoY % | 84.8% | 259.1% | (37.9%) | 156.8% | — |
| Gross Margin % | 6.8% | 3.8% | 1.0% | 1.3% | (2.1%) |
| SG&A | 28.56 | 27.21 | 29.74 | 29.86 | 28.08 |
| Operating Expense | 28.91 | 27.55 | 61.40 | 39.50 | 33.81 |
| Operating Income | 35.61 | 7.36 | (51.67) | (23.85) | (61.36) |
| Operating Income YoY % | 383.6% | 114.2% | (116.7%) | 61.1% | — |
| Operating Margin % | 3.8% | 0.8% | (5.4%) | (2.0%) | (4.6%) |
| EBITDA | 61.01 | 32.58 | (27.27) | (0.77) | (36.26) |
| EBITDA Margin % | 6.5% | 3.5% | (2.8%) | (0.1%) | (2.7%) |
| Interest Expense | 9.38 | 10.77 | 7.64 | 7.42 | 1.83 |
| Other Income / (Expense) | 12.44 | 2.80 | 59.43 | 2.10 | 23.51 |
| Pretax Income | 38.66 | (0.61) | 0.11 | (29.17) | (39.67) |
| Tax Provision | — | (0.62) | 0.17 | 0.10 | 1.93 |
| Net Income | 38.66 | 0.01 | (0.06) | (29.27) | (41.60) |
| Net Income to Common | 38.66 | 0.01 | (0.06) | (29.27) | (42.86) |
| Net Margin % | 4.1% | 0.0% | (0.0%) | (2.4%) | (3.1%) |
| Diluted EPS | $0.68 | $0.16 | -$0.82 | -$0.40 | -$0.60 |
| Basic EPS | $0.68 | $0.16 | -$0.82 | -$0.40 | -$0.60 |
| Diluted Avg Shares | 77.1 | 75.7 | 0.1 | 73.3 | 71.9 |
| Basic Avg Shares | 75.6 | 74.5 | 0.1 | 73.3 | 71.9 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 23.96 | 20.31 | 23.41 | 32.52 |
| Receivables | 67.89 | 59.70 | 55.07 | 54.76 |
| Inventory | 51.61 | 52.83 | 61.68 | 53.39 |
| Other Current Assets | 17.36 | 25.71 | 15.76 | 10.26 |
| Total Current Assets | 160.82 | 158.55 | 155.92 | 150.92 |
| Net PPE | 197.48 | 193.20 | 198.50 | 203.53 |
| Operating Lease ROU | 21.49 | 17.21 | 16.93 | 18.00 |
| Intangible Assets | 7.26 | 7.42 | 7.57 | 7.73 |
| Other Assets | 10.01 | 9.91 | 9.86 | 8.29 |
| Total Assets | 397.07 | 386.29 | 388.79 | 388.47 |
| Accounts Payable | 24.22 | 19.30 | 14.51 | 15.52 |
| Current Debt | — | — | 16.60 | — |
| Current Lease Liabilities | 4.92 | 4.97 | 4.96 | 5.14 |
| Other Current Liabilities | 21.26 | 17.37 | 23.00 | 21.76 |
| Total Current Liabilities | 50.40 | 41.65 | 59.07 | 42.42 |
| Long-term Debt | 60.47 | 73.06 | 63.03 | 100.60 |
| Long-term Lease Liabilities | 17.55 | 13.24 | 13.01 | 13.96 |
| Other Liabilities | 8.77 | 8.47 | 8.44 | 9.10 |
| Total Liabilities | 137.19 | 136.41 | 143.54 | 166.07 |
| Retained Earnings | (796.75) | (808.13) | (812.09) | (833.58) |
| Total Equity | 259.88 | 249.88 | 245.24 | 222.40 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 23.96 | 23.41 | 35.47 | 30.01 | 36.46 |
| Receivables | 67.89 | 55.07 | 58.22 | 58.73 | 68.66 |
| Inventory | 51.61 | 61.68 | 49.91 | 52.61 | 66.63 |
| Other Current Assets | 17.36 | 15.76 | 9.52 | 27.42 | 27.38 |
| Total Current Assets | 160.82 | 155.92 | 153.12 | 168.77 | 199.12 |
| Net PPE | 197.48 | 198.50 | 214.74 | 248.75 | 239.07 |
| Operating Lease ROU | 21.49 | 16.93 | 20.55 | 22.60 | 18.94 |
| Goodwill | — | — | — | — | 5.97 |
| Intangible Assets | 7.26 | 7.57 | 4.51 | 8.50 | 9.09 |
| Other Assets | 10.01 | 9.86 | 8.52 | 5.63 | 6.14 |
| Total Assets | 397.07 | 388.79 | 401.44 | 454.24 | 478.32 |
| Accounts Payable | 24.22 | 14.51 | 20.37 | 20.75 | 28.11 |
| Current Debt | — | 16.60 | — | — | — |
| Current Lease Liabilities | 4.92 | 4.96 | 4.85 | 4.33 | 3.85 |
| Other Current Liabilities | 21.26 | 23.00 | 32.58 | 40.20 | 46.05 |
| Total Current Liabilities | 50.40 | 59.07 | 57.80 | 65.29 | 78.02 |
| Long-term Debt | 60.47 | 63.03 | 92.90 | 82.10 | 68.36 |
| Long-term Lease Liabilities | 17.55 | 13.01 | 16.91 | 19.03 | 15.06 |
| Other Liabilities | 8.77 | 8.44 | 8.75 | 8.27 | 8.80 |
| Total Liabilities | 137.19 | 143.54 | 176.38 | 174.68 | 170.23 |
| Retained Earnings | (796.75) | (812.09) | (824.17) | (763.91) | (734.64) |
| Total Equity | 259.88 | 245.24 | 225.06 | 279.56 | 308.09 |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Net Income | 11.70 | 4.27 | 8.48 | 14.21 |
| D&A | 6.45 | 6.37 | 6.33 | 6.26 |
| Stock-Based Comp | 0.81 | 0.70 | 0.84 | 0.71 |
| Δ Working Cap & Other | 9.51 | (7.13) | (6.11) | 1.61 |
| Operating Cash Flow | 28.48 | 4.21 | 9.54 | 22.78 |
| CapEx | (10.58) | (0.91) | (1.95) | (1.63) |
| Acquisitions | — | — | 0.00 | 0.00 |
| Other Investing | — | — | 6.69 | — |
| Investing Cash Flow | (10.58) | (0.91) | 4.74 | (1.63) |
| Debt Repayment | (8.50) | (16.60) | — | — |
| Other Financing | (7.08) | 9.27 | (21.75) | (18.50) |
| Financing Cash Flow | (15.58) | (7.33) | (21.75) | (18.50) |
| Free Cash Flow | 17.90 | 3.30 | 7.59 | 21.15 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 38.66 | 0.01 | (0.06) | (29.27) | (41.60) |
| D&A | 25.40 | 25.22 | 24.41 | 23.08 | 25.09 |
| Stock-Based Comp | 3.07 | 3.02 | 4.36 | 3.90 | 3.33 |
| Δ Working Cap & Other | (2.12) | (15.01) | (32.23) | 24.32 | 19.22 |
| Operating Cash Flow | 65.01 | 13.24 | (3.52) | 22.02 | 6.05 |
| CapEx | (15.07) | (4.60) | (11.07) | (29.53) | (37.74) |
| Acquisitions | — | (7.28) | — | — | (14.69) |
| Other Investing | 6.69 | 4.45 | (2.40) | (3.50) | 14.77 |
| Investing Cash Flow | (8.38) | (7.43) | (13.47) | (33.03) | (37.66) |
| Debt Repayment | — | (5.00) | — | — | — |
| Stock Buyback | — | — | — | (3.67) | (1.32) |
| Other Financing | (63.16) | (11.36) | 7.72 | 10.63 | 20.34 |
| Financing Cash Flow | (63.16) | (16.36) | 7.72 | 6.96 | 19.01 |
| Free Cash Flow | 49.94 | 8.65 | (14.59) | (7.51) | (31.70) |
| 6/30/26 | 3/31/26 | 12/31/25 | 9/30/25 | |
|---|---|---|---|---|
| Current Ratio | 3.19 | 3.81 | 2.64 | 3.56 |
| Quick Ratio | 2.17 | 2.54 | 1.60 | 2.30 |
| Debt / Equity | 0.53 | 0.55 | 0.59 | 0.75 |
| EBITDA Margin % | 6.1% | 4.0% | 6.0% | 9.6% |
| Working Capital | 110.43 | 116.90 | 96.85 | 108.50 |
| Net Debt | 36.51 | 52.75 | 39.61 | 68.08 |
| ROE % | 4.5% | 1.7% | 3.5% | 6.4% |
| ROA % | 2.9% | 1.1% | 2.2% | 3.7% |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 3.19 | 2.64 | 2.65 | 2.59 | 2.55 |
| Quick Ratio | 2.17 | 1.60 | 1.79 | 1.78 | 1.70 |
| Debt / Equity | 0.53 | 0.59 | 0.78 | 0.62 | 0.55 |
| EBITDA Margin % | 6.5% | 3.5% | (2.8%) | (0.1%) | (2.7%) |
| Working Capital | 110.43 | 96.85 | 95.31 | 103.48 | 121.10 |
| Net Debt | 36.51 | 39.61 | 57.44 | 52.08 | 31.90 |
| ROE % | 14.9% | 0.0% | (0.0%) | (10.5%) | (13.5%) |
| ROA % | 9.7% | 0.0% | (0.0%) | (6.4%) | (8.7%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-12 | NATHAN GILBERT E | Director | 2026-08-11 | P | 50,000 | $4.15 | $207,500 |
| 2026-06-25 | Nury Dianne S. | Director | 2026-06-23 | A | 23,605 | — | $0 |
| 2026-06-25 | NATHAN GILBERT E | Director | 2026-06-23 | A | 31,652 | — | $0 |
| 2026-06-25 | Tank Alan Robert | Director | 2026-06-23 | A | 23,605 | — | $0 |
| 2026-06-25 | Gray Maria G | Director | 2026-06-23 | A | 23,605 | — | $0 |
| 2026-05-18 | Graham Auste M | Officer (CLO & Secretary) | 2026-05-14 | G | (20,000) | — | $-0 |
| 2026-05-14 | NATHAN GILBERT E | Director | 2026-05-13 | P | 5,000 | $4.45 | $22,250 |
| 2026-05-14 | NATHAN GILBERT E | Director | 2026-05-12 | P | 20,000 | $4.61 | $92,200 |
| 2026-04-03 | Benton Todd E | Officer (COO) | 2026-04-01 | F | (25,359) | $4.79 | -$121,470 |
| 2026-04-03 | Olander Robert R. | Officer (Chief Financial Officer) | 2026-04-01 | F | (41,072) | $4.79 | -$196,735 |
| 2026-04-03 | Sneed James R | Officer (Chief Commercial Officer) | 2026-04-01 | F | (22,265) | $4.79 | -$106,649 |
| 2026-04-03 | McGregor Bryon T | Director, Officer (President & CEO) | 2026-04-01 | F | (73,062) | $4.79 | -$349,967 |
| 2026-04-03 | Graham Auste M | Officer (CLO & Secretary) | 2026-04-01 | F | (32,902) | $4.79 | -$157,601 |
| 2026-03-19 | Benton Todd E | Officer (COO) | 2026-03-17 | A | 35,730 | — | $0 |
| 2026-03-19 | Sneed James R | Officer (Chief Commercial Officer) | 2026-03-17 | A | 30,794 | — | $0 |
| 2026-03-19 | Olander Robert R. | Officer (Chief Financial Officer) | 2026-03-17 | A | 35,730 | — | $0 |
| 2026-03-19 | Graham Auste M | Officer (CLO & Secretary) | 2026-03-17 | A | 30,794 | — | $0 |
| 2026-03-19 | McGregor Bryon T | Director, Officer (President & CEO) | 2026-03-17 | A | 100,108 | — | $0 |
| 2025-08-14 | Sneed James R | Officer (Chief Commercial Officer) | 2025-08-13 | P | 3,176 | $1.06 | $3,364 |
| 2025-07-11 | Gray Maria G | Director | 2025-07-09 | A | 36,666 | — | $0 |
| 2025-07-11 | NATHAN GILBERT E | Director | 2025-07-09 | A | 49,166 | — | $0 |
| 2025-07-11 | Bezdek Jeremy | Director | 2025-07-09 | A | 36,666 | — | $0 |
| 2025-07-11 | Tank Alan Robert | Director | 2025-07-09 | A | 36,666 | — | $0 |
| 2025-07-11 | Nury Dianne S. | Director | 2025-07-09 | A | 36,666 | — | $0 |
| 2025-04-02 | Benton Todd E | Officer (COO) | 2025-04-01 | F | (15,353) | $1.12 | -$17,195 |
| 2025-04-02 | Olander Robert R. | Officer (Chief Financial Officer) | 2025-04-01 | F | (22,128) | $1.12 | -$24,783 |
| 2025-04-02 | McGregor Bryon T | Director, Officer (President & CEO) | 2025-04-01 | F | (58,929) | $1.12 | -$66,000 |
| 2025-04-02 | Graham Auste M | Officer (CLO & Secretary) | 2025-04-01 | F | (22,677) | $1.12 | -$25,398 |
| 2025-04-02 | Benton Todd E | Officer (COO) | 2025-03-31 | A | 55,500 | — | $0 |
| 2025-04-02 | Olander Robert R. | Officer (Chief Financial Officer) | 2025-03-31 | A | 55,500 | — | $0 |
| 2025-04-02 | Sneed James R | Officer (Chief Commercial Officer) | 2025-03-31 | A | 47,834 | — | $0 |
| 2025-04-02 | McGregor Bryon T | Director, Officer (President & CEO) | 2025-03-31 | A | 155,500 | — | $0 |
| 2025-04-02 | Graham Auste M | Officer (CLO & Secretary) | 2025-03-31 | A | 47,834 | — | $0 |
| 2024-11-15 | NATHAN GILBERT E | Director | 2024-11-13 | P | 25,000 | $1.34 | $33,475 |
| 2024-11-15 | NATHAN GILBERT E | Director | 2024-11-13 | P | 5,000 | $1.32 | $6,625 |
| 2024-11-13 | McGregor Bryon T | Director, Officer (President & CEO) | 2024-11-12 | P | 37,000 | $1.36 | $50,424 |
| 2024-11-13 | Olander Robert R. | Officer (Chief Financial Officer) | 2024-11-12 | P | 7,350 | $1.35 | $9,959 |