Aemetis, Inc reports 485% EBITDA decline in 2020 and almost no change in EBITDA Margin of -0.34%
03/11/2021 • About Aemetis, Inc (
$AMTX) • By InTwits
Aemetis, Inc reported 2020 financial results today. Here are the key drivers of the company's long term financial model:
- The company operates at negative EBITDA Margin: -0.3%
- Aemetis, Inc spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for 2016-2020 is 0.0%. Average EBITDA Margin for the same period was -1.2%
- Aemetis, Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.9%. At the same time it's a lot of higher than industry average of 0.3%.
- CAPEX is quite volatile: $19m in 2020, $9m in 2019, $4m in 2018, $1m in 2017, $1m in 2016
- The company has unprofitable business model: ROIC is -15.4%
- It operates with high leverage: Net Debt/EBITDA is 8.4x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Aemetis, Inc's Revenue dropped on 18.0%. Revenue decline showed acceleration in 20Q4 - it was 28.4% YoY. During 2016-2020 Revenue growth topped in 2019 at 17.8%. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased slightly on 1.3 pp from 2.3% to 3.6% in 2020.
Gross Margin showed almost no change in 2020. During 2016-2020 Gross Margin bottomed in 2017 at 2.2% and was growing since that time. SG&A as a % of Revenue increased slightly on 1.6 pp from 8.6% to 10.2% in 2020.
Net Income margin decreased on 4.5 pp from -17.7% to -22.1% in 2020.
Investments (CAPEX, working capital and M&A)
In 2020 the company had CAPEX/Revenue of 11.7%. Aemetis, Inc showed fast CAPEX/Revenue growth of 10.9 pp from 0.74% in 2017 to 11.7% in 2020. For the last three years the average CAPEX/Revenue was 6.1%. CAPEX as a % of Revenue followed a growing trend at 2.6 pp per annum in 2016-2020.
Leverage (Debt)
Company's Net Debt / EBITDA is 8.4x and Debt / EBITDA is . Net Debt / EBITDA dropped on 1,203.0x from 1,203.0x to in 2020. Debt jumped on 34.6% while cash decreased on 9.8%.
Aemetis, Inc has short term refinancing risk: cash is only 0.9% of short term debt.
Management team
Aemetis, Inc's CEO Eric A Mcafee has spent 13 years with the company. The company's CFO is Todd A Waltz. Todd A Waltz has 11 years tenure at the company.
Financial and operational results
FY ended 12/31/2020
Aemetis, Inc ($AMTX) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 143.2 | 150.2 | 171.5 | 202.0 | 165.6 | -18.0% |
| Gross Profit | 11.6 | 3.4 | 5.4 | 12.7 | 11.0 | -13.2% |
| SG&A | 12.0 | 13.2 | 16.1 | 17.4 | 16.9 | -3.1% |
| EBITDA | 4.0 | -7.2 | -6.2 | 0.1 | -0.6 | -484.9% |
| Net Income | -15.6 | -30.3 | -33.0 | -35.7 | -36.7 | |
Balance Sheet
|
|---|
| Cash | 1.5 | 0.4 | 1.2 | 0.7 | 0.6 | -9.8% |
| Short Term Debt | 14.3 | 18.6 | 20.3 | 26.3 | 63.5 | 141.8% |
| Long Term Debt | 100.3 | 113.8 | 132.4 | 150.0 | 173.8 | 15.9% |
Cash flow
|
|---|
| Capex | 0.6 | 1.1 | 4.1 | 8.6 | 19.3 | 125.5% |
Ratios
|
|---|
| Revenue growth | -2.4% | 4.9% | 14.2% | 17.8% | -18.0% | |
| EBITDA growth | -207.1% | -278.6% | -13.4% | -102.4% | -484.9% | |
|
|---|
| Gross Margin | 8.1% | 2.2% | 3.2% | 6.3% | 6.7% | 0.4% |
| EBITDA Margin | 2.8% | -4.8% | -3.6% | 0.1% | -0.3% | -0.4% |
| SG&A, % of revenue | 8.4% | 8.8% | 9.4% | 8.6% | 10.2% | 1.6% |
| Net Income Margin | -10.9% | -20.2% | -19.2% | -17.7% | -22.1% | -4.5% |
| CAPEX, % of revenue | 0.4% | 0.7% | 2.4% | 4.2% | 11.7% | 7.4% |
|
|---|
| ROIC | -1.2% | -20.8% | -24.4% | -16.4% | -15.4% | 1.0% |
| Net Debt/EBITDA | 28.2x | | | 1,203.0x | |
Aemetis, Inc ($AMTX) key quoterly financial indicators
| mln. $ | 20Q1 | 20Q2 | 20Q3 | 20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 39 | 48 | 41 | 37 | | -5.7% | -5.5% | -28.7% | -28.4% |
| EBITDA | -3 | 11 | -2 | -6 | | - | 2,492.7% | -437.6% | -373.7% |
| Net Income | -12 | 2 | -12 | -15 | | - | - | - | - |
Balance Sheet
|
|---|
| Cash | 0 | 3 | 0 | 1 | | 604.7% | 874.3% | -91.4% | -9.8% |
| Short Term Debt | 27 | 27 | 63 | 64 | | 6.0% | 8.1% | 143.2% | 141.8% |
| Long Term Debt | 155 | 167 | 171 | 174 | | 15.1% | 19.6% | 18.4% | 15.9% |
Ratios
|
|---|
| Gross Margin | -1.1% | 29.4% | 1.9% | -9.0% | | -0.3% | 22.9% | -5.1% | -20.2% |
| EBITDA Margin | -8.1% | 23.7% | -5.8% | -17.0% | | -0.2% | 22.9% | -7.0% | -21.5% |
| Net Income Margin | -30.5% | 4.6% | -29.9% | -39.1% | | -7.3% | 30.1% | -18.8% | -26.2% |
Peers in Oil & Gas Refining & Marketing
Below we provide Aemetis, Inc benchmarking against other companies in Oil & Gas Refining & Marketing industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
