REXREX AMERICAN RESOURCES Corp

Industrial Organic Chemicals

Revenue: $650M; 1.2% YoY
Operating margin: —
EBITDA: —
Market cap: $1.3B
Employees: 132; $5M revenue each
Net debt / EBITDA: —; −$16M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
142% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
28% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$5M · 98th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$775M	$855M	$833M	$642M	$650M	1.2%
Net income	$52M	$28M	$61M	$58M	$83M	43%
Operating cash flow	$92M	$55M	$128M	$64M	$118M	84%
Capex	$5M	$16M	$38M	$71M	$68M	4.0%
Stock-based comp	$2M	$2M	$6M	$4M	$4M	16%
Buybacks	$7M	$13M	$0	$15M	$33M	126%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 10
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$5M	$5M	265	48
FY2025	$4M	$4M	164	36
FY2024	$6M	$7M	162	77
FY2023	$4M	$5M	128	130
FY2022	$2M	$2M	126	124