Highwater Ethanol (HEOL) Financials
Newest figures come from the 10-Q for Q3 FY2026, filed Sep 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HEOL SEC filings page.
Highwater Ethanol LLC (HEOL) reported $149.9M in revenue over the twelve months to Jul 31, 2026, up 11.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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 shows a low-margin operation whose reported profit rose while capital spending and working capital drained operating cash.
Reported net income rose167.0% , even as EBITDA fell19.2% , making the earnings rebound unusually disconnected from operating earnings. Only21.3% of net income converted into operating cash flow; capital expenditures exceeded that cash flow, leaving free cash flow at-$2.3M .
Revenue fell
Long-term debt was
Financial Health Signals
We do not publish a peer-relative financial health score for Highwater Ethanol LLC, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Highwater Ethanol LLC passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
For every $1 of reported earnings, Highwater Ethanol LLC 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 Ethanol LLC earns $23.55 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 Ethanol LLC generated $39.1M in revenue in Q3 2026. This represents an increase of 12.1% from the same quarter a year earlier. Against the prior quarter it is up 1.9%.
Highwater Ethanol LLC's EBITDA was $7.2M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 147.1% from the same quarter a year earlier. Against the prior quarter it is up 13.3%.
Highwater Ethanol LLC reported $10.8M in net income in Q3 2026. This represents an increase of 545.7% from the same quarter a year earlier. Against the prior quarter it is up 30.3%.
Highwater Ethanol LLC earned $2281.82 per diluted share (EPS) in Q3 2026. This represents an increase of 546.1% from the same quarter a year earlier. Against the prior quarter it is up 30.4%.
Cash & Balance Sheet
Highwater Ethanol LLC generated $12.0M in free cash flow in Q3 2026, representing cash available after capex. This represents an increase of 3516.5% from the same quarter a year earlier. Against the prior quarter it is up 268.4%.
Highwater Ethanol LLC held $34.9M in cash against $0 in long-term debt as of Q3 2026.
Not reported for Q3 2026.
Margins & Returns
Highwater Ethanol LLC's gross margin was 19.1% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 12.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.
Highwater Ethanol LLC's operating margin was 14.5% in Q3 2026, reflecting core business profitability. This is up 10.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.
Highwater Ethanol LLC's net profit margin was 27.7% in Q3 2026, showing the share of revenue converted to profit. This is up 22.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.0 percentage points.
Not reported for Q3 2026.
Capital Allocation
Highwater Ethanol LLC invested $4.0M in capex in Q3 2026, funding long-term assets and infrastructure. This represents an increase of 109.8% from the same quarter a year earlier. Against the prior quarter it is up 13615.9%.
Not reported for Q3 2026.
Not reported for Q3 2026.
HEOL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Revenue | $39.1M+12.1% | $38.4M+9.4% | $34.4M+3.6% | $38.0M+20.3% | $34.9M-6.9% | $35.1M-1.3% | $33.2M-10.8% | $31.6M-35.3% |
| Cost of Revenue | $31.6M-2.4% | $31.9M-7.6% | $30.9M-4.2% | N/A | $32.4M+1.2% | $34.5M+3.6% | $32.2M-9.4% | N/A |
| Gross Profit | $7.5M+204.8% | $6.5M+1082.5% | $3.5M+263.1% | $5.6M+104.1% | $2.5M-54.8% | $547K-75.2% | $970K-40.7% | $2.8M-58.1% |
| Operating Income | $5.7M+279.5% | $4.8Mn/m | $2.1Mn/m | $4.5M+202.0% | $1.5M-66.5% | -$672Kn/m | -$324K-191.6% | $1.5M-73.3% |
| EBITDA | $7.2M+147.1% | $6.4M+753.0% | $3.7M+249.6% | $5.9M+113.5% | $2.9M-56.8% | $747K-8.1% | $1.0M-62.9% | $2.8M-65.2% |
| Interest Expense | $49K-2.9% | $49K-3.1% | $60K-2.6% | N/A | $50K-3.8% | $50K-4.2% | $62K-2.7% | N/A |
| Net Income | $10.8M+545.7% | $8.3Mn/m | $5.6M+67424.5% | $15.1M+623.8% | $1.7M-65.0% | -$480Kn/m | $8K-99.0% | $2.1M-64.9% |
| EPS (Basic) | $2281.82+546.1% | $1750.34n/m | $1180.54+67359.4% | $3181.79+624.0% | $353.16-65.0% | -$100.95n/m | $1.75-99.0% | $439.45-64.9% |
| EPS (Diluted) | $2281.82+546.1% | $1750.34n/m | $1180.54+67359.4% | $3181.79+624.0% | $353.16-65.0% | -$100.95n/m | $1.75-99.0% | $439.45-64.9% |
| Diluted Shares (Avg) | 4,749-0.1% | 4,7510.0% | 4,7520.0% | N/A | 4,7520.0% | 4,7520.0% | 4,7530.0% | N/A |
Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses, Income Tax.
HEOL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $103.9M+44.9% | $93.9M+38.7% | $87.4M+21.5% | $89.9M+1.4% | $71.7M-12.0% | $67.7M-9.0% | $71.9M-10.9% | $88.7M-12.2% |
| Current Assets | $57.4M+61.6% | $42.3M+31.6% | $37.5M+1.7% | $43.4M-17.9% | $35.5M-23.4% | $32.1M-16.6% | $36.8M-13.7% | $52.9M-15.0% |
| Cash & Equivalents | $34.9M+151.9% | $23.0M+69.5% | $19.8M+28.1% | $23.5M-30.7% | $13.8M-54.3% | $13.6M-35.4% | $15.4M-32.4% | $33.8M-18.5% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $19.2M+5.1% | $15.9M+7.8% | $14.7M-16.0% | $16.8M+18.1% | $18.3M+34.1% | $14.8M+11.8% | $17.5M+9.1% | $14.2M-11.6% |
| Accounts Receivable | $2.5M-8.6% | $2.6M-9.4% | $2.0M-25.6% | $1.9M-42.4% | $2.8M+72.7% | $2.8M-12.7% | $2.7M+1.8% | $3.3M+11.8% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Current Liabilities | $7.5M-10.3% | $8.4M+38.2% | $10.1M+3.4% | $11.6M-37.2% | $8.4M-36.4% | $6.1M-44.3% | $9.8M-37.4% | $18.4M-10.5% |
| Non-Current Liabilities | $378K-28.9% | $417K-26.6% | $455K-24.7% | $493K-23.0% | $531K-21.5% | $568K-20.1% | $605K-18.9% | $641K-17.9% |
| Long-Term Debt | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
Not reported in any period shown, so not listed: Goodwill, Total Liabilities, Total Equity, Retained Earnings.
HEOL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $16.0M+608.2% | $3.3Mn/m | $4.3Mn/m | $11.0M+90.8% | $2.3M-79.3% | -$57Kn/m | -$9.7Mn/m | $5.8M-72.4% |
| Depreciation & Amortization | $1.6M+9.0% | $1.6M+10.9% | $1.6M+15.2% | $1.4M+11.5% | $1.4M-38.2% | $1.4M-41.2% | $1.4M-44.4% | $1.3M-46.8% |
| Capital Expenditures | $4.0M+109.8% | $29K-98.5% | $1.4M+148.8% | $1.3M-35.8% | $1.9M+25.1% | $1.9M+448.9% | $555K-64.1% | $2.1M+622.9% |
| Free Cash Flow | $12.0M+3516.5% | $3.2Mn/m | $2.9Mn/m | $9.6M+162.9% | $330K-96.5% | -$2.0Mn/m | -$10.3Mn/m | $3.7M-82.1% |
| Investing Cash Flow | -$4.0Mn/m | -$28Kn/m | -$1.2Mn/m | -$1.3Mn/m | -$1.9Mn/m | -$1.8Mn/m | -$555Kn/m | -$2.2Mn/m |
| Financing Cash Flow | -$47Kn/m | -$57Kn/m | -$6.7Mn/m | -$36Kn/m | -$35Kn/m | -$45Kn/m | -$8.1Mn/m | -$34Kn/m |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $10K | $10K | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid.
HEOL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q3'2610-Q | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.1%+12.1pp | 16.9%+15.3pp | 10.2%+7.3pp | 14.8%+6.1pp | 7.0%-7.4pp | 1.6%-4.6pp | 2.9%-1.5pp | 8.8%-4.8pp |
| Operating Margin | 14.5%+10.2pp | 12.5%+14.4pp | 6.1%+7.0pp | 11.8%+7.1pp | 4.3%-7.6pp | -1.9%+2.6pp | -1.0%-1.9pp | 4.7%-6.7pp |
| Net Margin | 27.7%+22.9pp | 21.7%+23.0pp | 16.3%+16.3pp | 39.8%+33.2pp | 4.8%-8.0pp | -1.4%+3.1pp | 0.0%-2.2pp | 6.6%-5.6pp |
| Return on Assets | 10.4%+8.1pp | 8.8%+9.6pp | 6.4%+6.4pp | 16.8%+14.4pp | 2.3%-3.6pp | -0.7%+1.4pp | 0.0%-1.0pp | 2.4%-3.5pp |
| Current Ratio | 7.62+3.4x | 5.04-0.3x | 3.70-0.1x | 3.75+0.9x | 4.23+0.7x | 5.29+1.8x | 3.77+1.0x | 2.87-0.2x |
| Asset Turnover | 0.38-0.1x | 0.41-0.1x | 0.39-0.1x | 0.42+0.1x | 0.490.0x | 0.520.0x | 0.460.0x | 0.36-0.1x |
| FCF Margin | 30.6%+29.6pp | 8.5%+14.1pp | 8.4%+39.3pp | 25.4%+13.8pp | 0.9%-24.0pp | -5.6%-0.2pp | -30.9%-24.2pp | 11.6%-30.4pp |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, Liabilities-to-Equity.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Highwater Ethanol LLC HEOL | FY2025 | $141.2M | $16.3M | 11.6% | N/A | — |
| Blue Dolphin Energy Co BDCO | FY2025 | $279.4M | -$5.6M | -2.0% | $141.5M | — |
| Ferrellgas Partnrs LP New FGPR | FY2026 | $1.9B | $71.7M | 3.9% | $227.2M | — |
Where Highwater Ethanol LLC Ranks
Frequently Asked Questions
Highwater Ethanol LLC (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.
Highwater Ethanol LLC (HEOL) revenue declined by 0.5% year-over-year, from $141.8M to $141.2M in fiscal year 2025.
Yes, Highwater Ethanol LLC (HEOL) reported a net income of $39.9M over the trailing 12 months to July 31, 2026. In fiscal year 2025 it reported a net income of $16.3M, with a net profit margin of 11.6%.
Highwater Ethanol LLC (HEOL) had EBITDA of $10.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Highwater Ethanol LLC (HEOL) had $23.5M in cash and equivalents against $0 in long-term debt.
Highwater Ethanol LLC (HEOL) had a gross margin of 6.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
Highwater Ethanol LLC (HEOL) had an operating margin of 3.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Highwater Ethanol LLC (HEOL) had a net profit margin of 11.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Highwater Ethanol LLC (HEOL) recorded an outflow of $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.
Highwater Ethanol LLC (HEOL) generated $3.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Highwater Ethanol LLC (HEOL) had $89.9M in total assets as of fiscal year 2025, including both current and long-term assets.
Highwater Ethanol LLC (HEOL) invested $5.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Highwater Ethanol LLC (HEOL) had a current ratio of 3.75 as of fiscal year 2025, which is generally considered healthy.
Highwater Ethanol LLC (HEOL) had a return on assets of 18.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Highwater Ethanol LLC (HEOL) has a Piotroski F-Score of 6 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.
Highwater Ethanol LLC (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.
Highwater Ethanol LLC (HEOL) has an interest coverage ratio of 23.55x, 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.