Does ARQ, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores ARQ, INC. (ARQ) 29.3 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 49, pricing power 46, returns on capital 0, balance-sheet safety 28, capital allocation 24.

How has ARQ's Moat Score changed over time?

The record logs 28 readings since Jul 17, 2026; the latest reads 29.3 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

ARQ, INC.

ARQ · Materials · $79.3M mkt cap · FY2025 filings · as of Oct 16, 2026 · No moat ·

Doesn't clear the bar

No moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $100M to $120M, increasing; diluted EPS 3.27 to -1.27, decreasing.

Median gross margin 32.1% over 3y, stable.

Median ROIC -7.5%, above the 12% hurdle in 0% of years.

Net debt/EBITDA n/ax, interest coverage -22x.

Owner earnings changed trend unclear over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

No price data

: Not reported
: Unavailable — insufficient owner-earnings data
: Unavailable — insufficient growth-model data
: $1.85
: No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 255% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 16, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

15 years of fundamentals

The business, in plain English

ARQ, INC. booked $120M of revenue in FY2025 in the Materials sector and kept 27.9% of it as gross profit — a moderate-margin business by that measure. After every other cost, −43.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $16.3M (FY2012) to $120M (FY2025) — about 16.6% a year compounded over 13 years.

It earned −22.0% on invested capital in the latest filed year, FY2025. Across the full 10-year measurable filed record, median ROIC was −7.5%. Over the v3 recent window (10 measurable filed years), median ROIC was −7.5%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $28.5M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

Put together: Business Trend is the strongest of the five filters (49/100) and Returns on Capital the weakest (0/100), which is how ARQ lands at 29/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$120M FY2025

Revenue kept after cost of goods27.9% FY2025

Standard ROIC or separately labeled Operating ROICStandard ROIC −25.3% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.. Exact FY and FY-1 Operating Invested Capital inputs are required.

Cash an owner could take out−$49.4M FY2025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How ARQ, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$120M	100%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Cost of revenue	$86.8M	72%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
	$33.5M	28%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
	−$53M	−44%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Income before tax	−$52.6M	−44%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Income tax	$12000	0%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
	−$52.6M	−44%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Embed this chart

Flagship explainer

What ARQ, INC. owns — and owes

ARQ, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$231M	100%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Cash and equivalents	$6.6M	3%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
	$28.5M	12%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Stockholders’ equity	$168M	73%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Flagship explainer

What drives ARQ, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	−$52.6M	FY2025	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Income before tax	−$52.6M	FY2025	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Operating income	−$53M	FY2025	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
	$120M	FY2025	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Ending assets	$231M	FY2025	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Beginning assets	$284M	FY2024	10-K · FY 2024Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
	$168M	FY2025	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
	$217M	FY2024	10-K · FY 2024Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026

Source:

10-K · filed Mar 10, 2026Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Embed this chart

Flagship explainer

Where ARQ, INC.'s cash went

ARQ, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	−$2.7M	−100%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026
Depreciation and amortization	$11.7M	430%	10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001515156-26-000021 · filed Mar 10, 2026

· event Dec 31, 2025 · retrieved Oct 16, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding ARQ, INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 16, 2026

Flagship explainer

What ARQ, INC. insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale29.3 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (12 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

Insider					Shares owned after	Date	Filing detail
Steinmetz ShimonChief Financial Officer	Open-market or private purchase (P)Table I · Acquired · Common Stock	2,972	$2.3394	$6,953	See lot detail	Sep 8, 2026	2 filed lots Table I · Common Stock: 1,098 shares at $2.3396 · code P · owned after 353,023 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001515156-26-000129 · filed Sep 10, 2026 Table I · Common Stock: 1,874 shares at $2.3393 · code P · owned after 15,000 · FORM 4 · filed Sep 10, 2026Filing detailsAccession 0001515156-26-000129 · filed Sep 10, 2026
Steinmetz ShimonChief Financial Officer	Open-market or private purchase (P)Table I · Acquired · Common Stock	5,758	$2.2774	$13,113	See lot detail	Sep 4, 2026	2 filed lots Table I · Common Stock: 1,402 shares at $2.2889 · code P · owned after 351,925 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001515156-26-000127 · filed Sep 9, 2026 Table I · Common Stock: 4,356 shares at $2.2737 · code P · owned after 13,126 · FORM 4 · filed Sep 9, 2026Filing detailsAccession 0001515156-26-000127 · filed Sep 9, 2026
Steinmetz ShimonChief Financial Officer	Open-market or private purchase (P)Table I · Acquired · Common Stock	16,270	$2.2217	$36,148	See lot detail	Sep 3, 2026	2 filed lots Table I · Common Stock: 7,500 shares at $2.2178 · code P · owned after 350,523 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0001515156-26-000125 · filed Sep 8, 2026 Table I · Common Stock: 8,770 shares at $2.2251 · code P · owned after 8,770 · FORM 4 · filed Sep 8, 2026Filing detailsAccession 0001515156-26-000125 · filed Sep 8, 2026
Owino Peter OluochChief Accounting Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	161,047	—Grant, award, or other acquisition (A)	—	See lot detail	Sep 1, 2026	2 filed lots Table I · Common Stock: 100,000 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 100,000 · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001515156-26-000123 · filed Sep 3, 2026 Table I · Common Stock: 61,047 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 161,047 · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001515156-26-000123 · filed Sep 3, 2026
Owino Peter OluochChief Accounting Officer	Grant, award, or other acquisition (A)Table II · Acquired · Performance Share Units	61,047	—Grant, award, or other acquisition (A)	—	61,047	Sep 1, 2026	1 filed lot Table II · Performance Share Units: 61,047 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 61,047 · FORM 4 · filed Sep 3, 2026Filing detailsAccession 0001515156-26-000123 · filed Sep 3, 2026
Wong Joseph MChief Technology Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	55,000	—Grant, award, or other acquisition (A)	—	506,648	Aug 14, 2026	1 filed lot Table I · Common Stock: 55,000 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 506,648 · FORM 4 · filed Aug 18, 2026Filing detailsAccession 0001515156-26-000118 · filed Aug 18, 2026
Steinmetz ShimonChief Financial Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	93,023	—Grant, award, or other acquisition (A)	—	343,023	Aug 1, 2026	1 filed lot Table I · Common Stock: 93,023 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 343,023 · FORM 4 · filed Aug 4, 2026Filing detailsAccession 0001515156-26-000108 · filed Aug 4, 2026
Steinmetz ShimonChief Financial Officer	Grant, award, or other acquisition (A)Table II · Acquired · Performance Share Units	93,023	—Grant, award, or other acquisition (A)	—	93,023	Aug 1, 2026	1 filed lot Table II · Performance Share Units: 93,023 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 93,023 · FORM 4 · filed Aug 4, 2026Filing detailsAccession 0001515156-26-000108 · filed Aug 4, 2026
Smith Claiborne BensonGen Counsel, Corp Secretary	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	61,047	—Grant, award, or other acquisition (A)	—	155,513	Aug 1, 2026	1 filed lot Table I · Common Stock: 61,047 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 155,513 · FORM 4 · filed Aug 4, 2026Filing detailsAccession 0001515156-26-000107 · filed Aug 4, 2026
Smith Claiborne BensonGen Counsel, Corp Secretary	Grant, award, or other acquisition (A)Table II · Acquired · Performance Share Units	61,047	—Grant, award, or other acquisition (A)	—	61,047	Aug 1, 2026	1 filed lot Table II · Performance Share Units: 61,047 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 61,047 · FORM 4 · filed Aug 4, 2026Filing detailsAccession 0001515156-26-000107 · filed Aug 4, 2026
Wong Joseph MChief Technology Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	61,047	—Grant, award, or other acquisition (A)	—	451,648	Aug 1, 2026	1 filed lot Table I · Common Stock: 61,047 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 451,648 · FORM 4 · filed Aug 4, 2026Filing detailsAccession 0001515156-26-000106 · filed Aug 4, 2026
Wong Joseph MChief Technology Officer	Grant, award, or other acquisition (A)Table II · Acquired · Performance Share Units	61,047	—Grant, award, or other acquisition (A)	—	61,047	Aug 1, 2026	1 filed lot Table II · Performance Share Units: 61,047 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 61,047 · FORM 4 · filed Aug 4, 2026Filing detailsAccession 0001515156-26-000106 · filed Aug 4, 2026
Steinmetz ShimonChief Financial Officer	Grant, award, or other acquisition (A)Table I · Acquired · Common Stock	250,000	—Grant, award, or other acquisition (A)	—	250,000	Jul 31, 2026	1 filed lot Table I · Common Stock: 250,000 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 250,000 · FORM 4 · filed Aug 4, 2026Filing detailsAccession 0001515156-26-000108 · filed Aug 4, 2026
Steinmetz ShimonChief Financial Officer	Grant, award, or other acquisition (A)Table II · Acquired · Performance Share Units	150,000	—Grant, award, or other acquisition (A)	—	150,000	Jul 31, 2026	1 filed lot Table II · Performance Share Units: 150,000 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 150,000 · FORM 4 · filed Aug 4, 2026Filing detailsAccession 0001515156-26-000108 · filed Aug 4, 2026

Source-event as of Sep 8, 2026. Retrieved Oct 16, 2026.

Track record

How ARQ, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored ARQ on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, ARQ did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Materials context

#238 of 310 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

#236AREC AMERICAN RESOURCES CORPORATION29.8 out of 100, No moatNo moat
#237WBTN WEBTOON Entertainment Inc.29.5 out of 100, No moatNo moat
#239AVD AMERICAN VANGUARD CORPORATION29.2 out of 100, No moatNo moat
#240CC The Chemours Company29.2 out of 100, No moatNo moat

Compare ARQ with its nearest peers →All Materials companies on the Index →

Common questions about ARQ

Does ARQ, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores ARQ, INC. (ARQ) 29.3 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 49, pricing power 46, returns on capital 0, balance-sheet safety 28, capital allocation 24.
How has ARQ's Moat Score changed over time?: The record logs 28 readings since Jul 17, 2026; the latest reads 29.3 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ARQ. See the disclaimer.