Highwater Ethano Financials
This page shows Highwater Ethano (HEOL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
FY2025 became a cash-conversion story: reported profit stayed high, but core operations and reinvestment produced little cash.
Across the last three annual periods, cash conversion deteriorated sharply: operating cash flow fell from$29.1M to$3.5M even as revenue found a lower plateau. In the latest year, headline profit outran the core engine, with net income of$16.3M far above operating income of$5.0M .
The company still carries a self-funded balance sheet: no long-term debt, cash of
The business looks margin-sensitive rather than volume-protected: revenue was essentially flat, but gross margin only moved from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Highwater Ethano's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Highwater Ethano has an operating margin of 3.5%, meaning the company retains $4 of operating profit per $100 of revenue. This results in a moderate score of 32/100, indicating healthy but not exceptional operating efficiency. This is up from 3.3% the prior year.
Highwater Ethano's revenue declined 0.5% year-over-year, from $141.8M to $141.2M. This contraction results in a growth score of 7/100.
With a current ratio of 3.70, Highwater Ethano holds $3.70 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 72/100.
While Highwater Ethano generated $3.5M in operating cash flow, capex of $5.7M consumed most of it, leaving -$2.3M in free cash flow. This results in a low score of 35/100, reflecting heavy capital investment rather than weak cash generation.
Highwater Ethano passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Highwater Ethano generates $0.21 in operating cash flow ($3.5M OCF vs $16.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Highwater Ethano earns $23.5 in operating income for every $1 of interest expense ($5.0M vs $212K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Highwater Ethano generated $141.2M in revenue in fiscal year 2025. This represents a decrease of 0.5% from the prior year.
Highwater Ethano's EBITDA was $10.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.2% from the prior year.
Highwater Ethano reported $16.3M in net income in fiscal year 2025. This represents an increase of 167.0% from the prior year.
Highwater Ethano earned $3435.75 per diluted share (EPS) in fiscal year 2025. This represents an increase of 167.1% from the prior year.
Cash & Balance Sheet
Highwater Ethano generated -$2.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 126.3% from the prior year.
Highwater Ethano held $19.8M in cash against $0 in long-term debt as of fiscal year 2025.
Highwater Ethano had 4,752 shares outstanding in fiscal year 2025. This represents a decrease of 0.0% from the prior year.
Margins & Returns
Highwater Ethano's gross margin was 6.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.4 percentage points from the prior year.
Highwater Ethano's operating margin was 3.5% in fiscal year 2025, reflecting core business profitability. This is up 0.2 percentage points from the prior year.
Highwater Ethano's net profit margin was 11.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.3 percentage points from the prior year.
Capital Allocation
Highwater Ethano invested $5.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 3.9% from the prior year.
HEOL Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $34.4M-9.5% | $38.0M+9.0% | $34.9M-0.7% | $35.1M+5.6% | $33.2M+5.1% | $31.6M-15.6% | $37.4M+5.3% | $35.5M |
| Cost of Revenue | $30.9M | N/A | $32.4M-6.2% | $34.5M+7.1% | $32.2M | N/A | $32.0M-3.9% | $33.3M |
| Gross Profit | $3.5M-37.5% | $5.6M+130.2% | $2.5M+347.7% | $547K-43.6% | $970K-64.9% | $2.8M-49.0% | $5.4M+145.9% | $2.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $2.1M-53.7% | $4.5M+201.9% | $1.5M+321.8% | -$672K-107.6% | -$324K-121.7% | $1.5M-66.5% | $4.5M+378.6% | -$1.6M |
| Interest Expense | $60K | N/A | $50K-0.4% | $50K-18.1% | $62K | N/A | $52K-0.9% | $53K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $5.6M-62.9% | $15.1M+801.0% | $1.7M+449.8% | -$480K-5874.0% | $8K-99.6% | $2.1M-56.5% | $4.8M+400.1% | -$1.6M |
| EPS (Diluted) | $1180.54-62.9% | $3181.79+800.9% | $353.16+449.8% | $-100.95-5868.6% | $1.75-99.6% | $439.45-56.5% | $1009.49+400.1% | $-336.39 |
HEOL Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $87.4M-2.8% | $89.9M+25.4% | $71.7M+5.9% | $67.7M-5.9% | $71.9M-18.9% | $88.7M+8.9% | $81.5M+9.5% | $74.4M |
| Current Assets | $37.5M-13.8% | $43.4M+22.2% | $35.5M+10.6% | $32.1M-12.7% | $36.8M-30.4% | $52.9M+14.0% | $46.4M+20.5% | $38.5M |
| Cash & Equivalents | $19.8M-15.6% | $23.5M+69.3% | $13.8M+2.2% | $13.6M-12.2% | $15.4M-54.4% | $33.8M+11.6% | $30.3M+44.4% | $21.0M |
| Inventory | $14.7M-12.7% | $16.8M-7.9% | $18.3M+23.6% | $14.8M-15.5% | $17.5M+22.8% | $14.2M+4.5% | $13.6M+3.1% | $13.2M |
| Accounts Receivable | $2.0M+5.7% | $1.9M-31.8% | $2.8M-2.5% | $2.8M+5.9% | $2.7M-18.2% | $3.3M+104.6% | $1.6M-50.7% | $3.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | $10.1M-12.6% | $11.6M+37.6% | $8.4M+38.4% | $6.1M-37.9% | $9.8M-46.9% | $18.4M+39.3% | $13.2M+21.2% | $10.9M |
| Long-Term Debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HEOL Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.3M-61.1% | $11.0M+386.1% | $2.3M+4047.3% | -$57K+99.4% | -$9.7M-268.7% | $5.8M-47.2% | $10.9M+793.1% | -$1.6M |
| Capital Expenditures | $1.4M+3.1% | $1.3M-30.5% | $1.9M+0.7% | $1.9M+245.0% | $555K-73.4% | $2.1M+35.4% | $1.5M+341.9% | $349K |
| Free Cash Flow | $2.9M-70.0% | $9.6M+2817.0% | $330K+116.8% | -$2.0M+80.8% | -$10.3M-379.9% | $3.7M-60.8% | $9.4M+586.9% | -$1.9M |
| Investing Cash Flow | -$1.2M+6.7% | -$1.3M+30.5% | -$1.9M-7.7% | -$1.8M-222.4% | -$555K+74.7% | -$2.2M-42.1% | -$1.5M-529.6% | -$245K |
| Financing Cash Flow | -$6.7M-18706.0% | -$36K-1.4% | -$35K+21.3% | -$45K+99.5% | -$8.1M-24030.0% | -$34K-1.4% | -$33K-1.4% | -$33K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | $10K0.0% | $10K | N/A | N/A | N/A |
HEOL Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 10.2%-4.6pp | 14.8%+7.8pp | 7.0%+5.5pp | 1.6%-1.4pp | 2.9%-5.8pp | 8.8%-5.7pp | 14.5%+8.3pp | 6.2% |
| Operating Margin | 6.1%-5.8pp | 11.8%+7.6pp | 4.3%+6.2pp | -1.9%-0.9pp | -1.0%-5.7pp | 4.7%-7.2pp | 11.9%+16.4pp | -4.5% |
| Net Margin | 16.3%-23.5pp | 39.8%+35.0pp | 4.8%+6.2pp | -1.4%-1.4pp | 0.0%-6.6pp | 6.6%-6.2pp | 12.8%+17.3pp | -4.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 6.4%-10.4pp | 16.8%+14.5pp | 2.3%+3.0pp | -0.7%-0.7pp | 0.0%-2.4pp | 2.4%-3.5pp | 5.9%+8.0pp | -2.1% |
| Current Ratio | 3.70-0.0 | 3.75-0.5 | 4.23-1.1 | 5.29+1.5 | 3.77+0.9 | 2.87-0.6 | 3.51-0.0 | 3.53 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | 8.4%-17.0pp | 25.4%+24.4pp | 0.9%+6.6pp | -5.6%+25.3pp | -30.9%-42.5pp | 11.6%-13.4pp | 25.0%+30.4pp | -5.4% |
Frequently Asked Questions
What is Highwater Ethano's annual revenue?
Highwater Ethano (HEOL) reported $141.2M in total revenue for fiscal year 2025. This represents a -0.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Highwater Ethano's revenue growing?
Highwater Ethano (HEOL) revenue declined by 0.5% year-over-year, from $141.8M to $141.2M in fiscal year 2025.
Is Highwater Ethano profitable?
Yes, Highwater Ethano (HEOL) reported a net income of $16.3M in fiscal year 2025, with a net profit margin of 11.6%.
What is Highwater Ethano's EBITDA?
Highwater Ethano (HEOL) had EBITDA of $10.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Highwater Ethano have?
As of fiscal year 2025, Highwater Ethano (HEOL) had $19.8M in cash and equivalents against $0 in long-term debt.
What is Highwater Ethano's gross margin?
Highwater Ethano (HEOL) had a gross margin of 6.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Highwater Ethano's operating margin?
Highwater Ethano (HEOL) had an operating margin of 3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Highwater Ethano's net profit margin?
Highwater Ethano (HEOL) had a net profit margin of 11.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Highwater Ethano's free cash flow?
Highwater Ethano (HEOL) generated -$2.3M in free cash flow during fiscal year 2025. This represents a -126.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Highwater Ethano's operating cash flow?
Highwater Ethano (HEOL) generated $3.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Highwater Ethano's total assets?
Highwater Ethano (HEOL) had $87.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Highwater Ethano's capital expenditures?
Highwater Ethano (HEOL) invested $5.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Highwater Ethano's current ratio?
Highwater Ethano (HEOL) had a current ratio of 3.70 as of fiscal year 2025, which is generally considered healthy.
What is Highwater Ethano's return on assets (ROA)?
Highwater Ethano (HEOL) had a return on assets of 18.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Highwater Ethano's Piotroski F-Score?
Highwater Ethano (HEOL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Highwater Ethano's earnings high quality?
Highwater Ethano (HEOL) has an earnings quality ratio of 0.21x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Highwater Ethano cover its interest payments?
Highwater Ethano (HEOL) has an interest coverage ratio of 23.5x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Highwater Ethano?
Highwater Ethano (HEOL) scores 41 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.