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By Brandon Hornback
REX American Resources Corp. (NYSE: REX) continued its long-running winning of streak, making it 21 straight profitable quarters. Ethanol volumes edged higher and operational discipline helped offset softer pricing, reinforcing REX’s position as one of the sector’s most reliable performers.
Growth investments remain firmly on track: The One Earth Energy expansion, aiming to expand capacity to 200 million gallons, is progressing well toward the targeted 2026 completion. Additionally, REX has advanced the much-anticipated carbon capture strategy with ongoing 45Z readiness work. The updated Class VI permit timeline now points to June 2026, and capital deployment toward both the expansion and carbon capture remains within budget.
Industry conditions continue to improve. U.S. ethanol exports are trending higher and are on pace for a new record in 2025. Strong corn production in key states is expected to ease input costs, adding to the strengthening macro backdrop. Early tariff disruptions have begun to open new export channels—particularly in Europe—broadening REX’s market opportunity heading into next year.
A bulletproof balance sheet adds another layer of strength. With more than $335 million in cash and no bank debt, REX has substantial flexibility to fund growth initiatives and pursue strategic opportunities as they arise.
Valuation remains reasonable. Despite a recent re-rating, the stock still trades below its historical peak multiples, leaving room for further upside as expansion, export momentum, and carbon initiatives come together.
Download the full report to explore our analysis on policy framework, export outlook, and how REX’s expansion strategy may convert industry tailwinds into meaningful earnings power in 2026.
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