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Side-by-side financial comparison of REX AMERICAN RESOURCES Corp (REX) and TANTECH HOLDINGS LTD (TANH). Click either name above to swap in a different company.
REX AMERICAN RESOURCES Corp is the larger business by last-quarter revenue ($175.6M vs $21.5M, roughly 8.2× TANTECH HOLDINGS LTD). REX AMERICAN RESOURCES Corp runs the higher net margin — 15.6% vs 8.2%, a 7.4% gap on every dollar of revenue. On growth, REX AMERICAN RESOURCES Corp posted the faster year-over-year revenue change (0.4% vs -0.2%).
REX American Resources Corp. is an American producer and retailer of ethanol, distillers grains and natural gas as well as a holding company in energy entities. It was founded in 1980 and is headquartered in Dayton, Ohio. The company has the entire ownership of three affiliated corporations including Rex Radio and Television, Inc., Stereo Town, Inc. and Kelly & Cohen Appliances, Inc. As of 2012, the company has the ownership of 22 national retail stores and invested in five ethanol production...
Tantech Holdings Ltd is a China-based specialty manufacturing enterprise focused on R&D, production and distribution of bamboo-derived carbon products, high-performance clean energy materials and eco-friendly consumer goods, serving customers across Chinese and global markets in consumer goods, industrial materials and new energy segments.
REX vs TANH — Head-to-Head
Income Statement — Q3 2026 vs Q2 2025
| Metric | | |
|---|---|---|
| Revenue | $175.6M | $21.5M |
| Net Profit | $27.5M | $1.8M |
| Gross Margin | 20.6% | 22.2% |
| Operating Margin | 20.2% | 10.8% |
| Net Margin | 15.6% | 8.2% |
| Revenue YoY | 0.4% | -0.2% |
| Net Profit YoY | -8.7% | 59.8% |
| EPS (diluted) | $0.71 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $175.6M | — | ||
| Q3 25 | $158.6M | — | ||
| Q2 25 | $158.3M | $21.5M | ||
| Q1 25 | $158.2M | — | ||
| Q4 24 | $174.9M | — | ||
| Q3 24 | $148.2M | — | ||
| Q2 24 | $161.2M | $21.5M | ||
| Q1 24 | $187.6M | — |
| Q4 25 | $27.5M | — | ||
| Q3 25 | $9.3M | — | ||
| Q2 25 | $10.7M | $1.8M | ||
| Q1 25 | $14.1M | — | ||
| Q4 24 | $30.1M | — | ||
| Q3 24 | $15.0M | — | ||
| Q2 24 | $12.3M | $1.1M | ||
| Q1 24 | $25.3M | — |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 9.0% | — | ||
| Q2 25 | 9.1% | 22.2% | ||
| Q1 25 | 11.1% | — | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 9.0% | 22.3% | ||
| Q1 24 | 16.2% | — |
| Q4 25 | 20.2% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 10.8% | ||
| Q1 25 | 11.3% | — | ||
| Q4 24 | 22.6% | — | ||
| Q3 24 | 13.2% | — | ||
| Q2 24 | 9.9% | 8.0% | ||
| Q1 24 | 17.3% | — |
| Q4 25 | 15.6% | — | ||
| Q3 25 | 5.9% | — | ||
| Q2 25 | 6.7% | 8.2% | ||
| Q1 25 | 8.9% | — | ||
| Q4 24 | 17.2% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 7.6% | 5.1% | ||
| Q1 24 | 13.5% | — |
| Q4 25 | $0.71 | — | ||
| Q3 25 | $0.43 | — | ||
| Q2 25 | $0.51 | — | ||
| Q1 25 | $-0.32 | — | ||
| Q4 24 | $0.69 | — | ||
| Q3 24 | $0.70 | — | ||
| Q2 24 | $0.58 | $0.21 | ||
| Q1 24 | $-0.58 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $335.5M | $35.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $566.9M | $128.3M |
| Total Assets | $750.1M | $143.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $335.5M | — | ||
| Q3 25 | $310.5M | — | ||
| Q2 25 | $315.9M | $35.2M | ||
| Q1 25 | $359.1M | — | ||
| Q4 24 | $365.1M | — | ||
| Q3 24 | $346.0M | — | ||
| Q2 24 | $351.8M | $34.2M | ||
| Q1 24 | $378.7M | — |
| Q4 25 | $566.9M | — | ||
| Q3 25 | $545.8M | — | ||
| Q2 25 | $536.4M | $128.3M | ||
| Q1 25 | $560.3M | — | ||
| Q4 24 | $564.5M | — | ||
| Q3 24 | $539.6M | — | ||
| Q2 24 | $524.5M | $126.0M | ||
| Q1 24 | $513.9M | — |
| Q4 25 | $750.1M | — | ||
| Q3 25 | $700.6M | — | ||
| Q2 25 | $693.8M | $143.0M | ||
| Q1 25 | $720.0M | — | ||
| Q4 24 | $715.7M | — | ||
| Q3 24 | $680.0M | — | ||
| Q2 24 | $671.0M | $142.2M | ||
| Q1 24 | $664.8M | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $51.2M | — |
| Free Cash FlowOCF − Capex | $24.5M | — |
| FCF MarginFCF / Revenue | 14.0% | — |
| Capex IntensityCapex / Revenue | 15.2% | — |
| Cash ConversionOCF / Net Profit | 1.87× | — |
| TTM Free Cash FlowTrailing 4 quarters | $17.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $51.2M | — | ||
| Q3 25 | $16.3M | — | ||
| Q2 25 | $-3.5M | — | ||
| Q1 25 | $25.1M | — | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $8.0M | — | ||
| Q2 24 | $-2.3M | $4.4M | ||
| Q1 24 | $62.5M | — |
| Q4 25 | $24.5M | — | ||
| Q3 25 | $-5.7M | — | ||
| Q2 25 | $-10.4M | — | ||
| Q1 25 | $9.2M | — | ||
| Q4 24 | $18.2M | — | ||
| Q3 24 | $-7.4M | — | ||
| Q2 24 | $-27.1M | $4.4M | ||
| Q1 24 | $47.2M | — |
| Q4 25 | 14.0% | — | ||
| Q3 25 | -3.6% | — | ||
| Q2 25 | -6.6% | — | ||
| Q1 25 | 5.8% | — | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | -5.0% | — | ||
| Q2 24 | -16.8% | 20.6% | ||
| Q1 24 | 25.2% | — |
| Q4 25 | 15.2% | — | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 4.4% | — | ||
| Q1 25 | 10.0% | — | ||
| Q4 24 | 8.7% | — | ||
| Q3 24 | 10.4% | — | ||
| Q2 24 | 15.4% | 0.1% | ||
| Q1 24 | 8.2% | — |
| Q4 25 | 1.87× | — | ||
| Q3 25 | 1.75× | — | ||
| Q2 25 | -0.33× | — | ||
| Q1 25 | 1.78× | — | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.53× | — | ||
| Q2 24 | -0.18× | 4.01× | ||
| Q1 24 | 2.47× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
REX
| Ethanol | $136.0M | 77% |
| Dried Distillers Grains | $22.4M | 13% |
| Distillers Corn Oil | $16.4M | 9% |
| Modified Distillers Grains | $1.2M | 1% |
TANH
| Revenue from China | $20.9M | 97% |
| Revenue directly from foreign countries | $602.2K | 3% |
