ARTS WAY MANUFACTURING CO INC ARTW

Industrials SIC 3523 - Farm Machinery & Equipment NAICS Manufacturing › Machinery Manufacturing › Agriculture, Construction, and Mining Machinery Manufacturing › Agricultural Implement Manufacturing › Farm Machinery and Equipment Manufacturing derived Nasdaq

Art's-Way Manufacturing Co., Inc., a Delaware corporation ("Art's-Way," "we," "us," "our," and the "Company"), began operations as a farm equipment manufacturer in 1956. Since that time, we have become a worldwide manufacturer of agricultural equipment and specialized modular science and agricultural buildings. Our principal manufacturing plant and corporate headquarters is located in Armstrong, Iowa.

We have organized our business into two operating segments. Management separately evaluates the financial results of each segment because each is a strategic business unit offering different products and requiring different technology and marketing strategies. Our Agricultural Products segment manufactures and distributes farm equipment under the Art's-Way name. Our Modular Buildings segment manufactures modular buildings for various uses, commonly animal containment and research laboratories, through our wholly owned subsidiary, Art's-Way Scientific, Inc., an Iowa corporation. During the third quarter of fiscal 2023, the Company ceased operations of its Tools business, which was reported in discontinued operations for the twelve months ended November 30, 2024. The remaining components of the Tools segment were disposed prior to the twelve months ended November 30, 2025. For detailed financial information relating to segment reporting, see Note 18, "Segment Information," to our financial statements in "Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA" of this report.

Last close 2.91 2026-10-23
Market cap $15.1M 2026-05-31 share count
52-week range 2.05 - 4.17

Valuation FY2025 figures against the last close

P/S0.7x
P/E14.6x
P/FCF—
EV/EBITDA16.3x
Dividend yield—
Diluted EPS0.20

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $23.0M$24.5M$30.3M$25.6M$25.0M$22.4M$22.9M$19.7M$20.7M$21.6M
Cost of revenue $16.7M$17.2M$21.7M$18.7M$18.4M$20.0M$19.0M$16.2M$16.6M$16.2M
Gross profit $6.3M$7.3M$8.6M$6.9M$6.6M$2.4M$3.9M$3.5M$4.1M$5.3M
R&D $228.0K$216.0K$204.0K$193.0K$152.0K$199.0K$149.0K$178.0K$183.0K$140.0K
SG&A $4.2M$4.8M$4.3M$3.8M$3.6M$4.2M$3.3M$3.4M$3.3M$3.4M
Total operating expenses $6.0M$6.8M$7.1M$6.3M$6.1M$6.3M$5.4M$6.6M$5.8M$5.8M
Operating income $289.5K$460.7K$1.5M$604.7K$523.4K-$3.9M-$1.5M-$3.1M-$1.7M-$431.4K
Interest expense $366.7K$599.4K$590.0K$404.2K$313.5K$304.6K$358.2K$304.6K$319.6K$248.6K
Pre-tax income $1.4M-$135.5K$1.1M$440.9K$266.9K-$3.0M-$1.8M-$3.8M-$1.8M-$522.8K
Income tax $402.2K$41.0K$326.0K$66.8K$54.3K$856.5K$349.2K$510.4K$423.8K$96.6K
Net income $1.0M$307.4K$267.0K$97.8K$212.6K-$2.1M-$1.4M-$3.4M-$1.6M-$821.3K
EPS, basic 0.200.060.050.020.05-0.48-0.33-0.81-0.39-0.20
EPS, diluted 0.200.060.050.020.05-0.48-0.33-0.81-0.39-0.20
Shares, diluted (wtd. avg.) 5.1M5.1M5.0M4.7M4.5M4.4M4.3M4.2M4.2M4.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $4.8K$1.9K$4.0K$5.1K$2.7K$2.7K$3.1K$3.5K$212.4K$1.1M
Receivables $2.2M$2.4M$3.4M$2.5M$2.7M$2.4M$1.7M$1.5M$1.9M$1.4M
Inventory $11.7M$10.3M$11.0M$9.6M$9.2M$7.8M$8.8M$10.3M$12.0M$13.5M
Total current assets $14.8M$13.1M$15.1M$14.1M$12.2M$10.3M$11.4M$12.1M$14.4M$17.6M
Property, plant and equipment $5.1M$5.2M$5.1M$4.9M$5.2M$5.2M$5.4M$5.6M$5.9M$7.4M
Goodwill ————————$375.0K$375.0K
Total assets $22.5M$21.2M$24.4M$23.9M$20.9M$18.8M$19.3M$21.3M$24.4M$27.2M
Accounts payable $902.3K$944.4K$2.3M$2.5M$1.7M$2.0M$1.2M$802.1K$673.7K$469.5K
Short-term debt $165.3K$119.7K$109.2K$94.8K$99.5K$95.0K$85.4K$227.5K$221.2K$1.8M
Total current liabilities $6.4M$6.6M$9.4M$9.3M$7.7M$6.2M$5.2M$5.8M$5.0M$7.1M
Long-term debt $2.3M$2.0M$2.6M$2.7M$2.6M$2.7M$2.4M$2.5M$2.7M$1.4M
Total liabilities $9.2M$9.1M$12.8M$12.8M$10.5M$8.9M$7.6M$8.3M$8.4M$9.8M
Retained earnings $8.4M$7.3M$7.0M$6.8M$6.7M$6.4M$8.5M$10.0M$13.4M$15.0M
Total equity $13.3M$12.1M$11.6M$11.2M$10.4M$9.9M$11.8M$13.0M$16.0M$17.5M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$904.1K$2.6M-$55.2K$951.7K-$985.9K-$856.3K$807.8K-$1.1M$747.4K$2.4M
Depreciation and amortisation $792.1K$868.0K$774.4K$661.0K$613.4K$818.2K$1.0M$960.6K$702.3K$672.0K
Stock-based compensation $179.1K$182.8K$292.2K$287.7K$265.5K$247.6K$195.4K$197.2K$113.0K$80.0K
Capital expenditure $627.6K$724.7K$841.8K$1.7M$620.3K$693.4K$447.0K$434.5K$513.6K$274.1K
Investing cash flow -$580.5K$961.1K-$453.5K-$1.3M-$599.5K-$501.6K$452.7K$707.0K-$429.2K$916.5K
Financing cash flow $1.5M-$3.6M$507.7K$394.5K$1.6M$1.4M-$1.3M$202.7K-$1.2M-$2.7M
Buybacks $1.5K$37.7K$68.5K$92.4K$30.5K$31.0K$19.3K$21.3K$6.4K—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-003904.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -10M 0 10M 20M 30M 40M Revenue, FY2016: 21.6M Gross profit, FY2016: 5.3M Net income, FY2016: -821.3K Revenue, FY2017: 20.7M Gross profit, FY2017: 4.1M Net income, FY2017: -1.6M Revenue, FY2018: 19.7M Gross profit, FY2018: 3.5M Net income, FY2018: -3.4M Revenue, FY2019: 22.9M Gross profit, FY2019: 3.9M Net income, FY2019: -1.4M Revenue, FY2020: 22.4M Gross profit, FY2020: 2.4M Net income, FY2020: -2.1M Revenue, FY2021: 25M Gross profit, FY2021: 6.6M Net income, FY2021: 212.6K Revenue, FY2022: 25.6M Gross profit, FY2022: 6.9M Net income, FY2022: 97.8K Revenue, FY2023: 30.3M Gross profit, FY2023: 8.6M Net income, FY2023: 267K Revenue, FY2024: 24.5M Gross profit, FY2024: 7.3M Net income, FY2024: 307.4K Revenue, FY2025: 23M Gross profit, FY2025: 6.3M Net income, FY2025: 1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $21.6M $20.7M $19.7M $22.9M $22.4M $25.0M $25.6M $30.3M $24.5M $23.0M
Gross profit $5.3M $4.1M $3.5M $3.9M $2.4M $6.6M $6.9M $8.6M $7.3M $6.3M
Net income -$821.3K -$1.6M -$3.4M -$1.4M -$2.1M $212.6K $97.8K $267.0K $307.4K $1.0M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Material agreement signed Item 1.01
  • Results announced Item 2.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02
  • Shareholder vote Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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