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Advanced Emissions Solutions

ADES
26
Industrial - Pollution & Treatment Controls · Industrials
Price
$3.36
+0.10 (+3.07%)
Market Cap
$111.7M
Exchange
NASDAQ
Winston Score
26
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Sep 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Data not available
Dividends
Good
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Share count rising — dilution

+124.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 18.5M (2021) → 41.5M (2025)

§Winston Score History

The full picture

Operating across the United States, Advanced Emissions Solutions, Inc. (ADES) and its subsidiaries specialize in offering environmental technologies and bespoke chemical solutions. The company's operations are divided into two main divisions: Refined Coal and Advanced Purification Technologies. Within its Refined Coal segment, ADES provides advanced pre-combustion coal treatment technologies designed to minimize environmental impact. This includes the CyClean technology, which improves combustion efficiency and cuts nitrogen oxide and mercury emissions from cyclone boilers. Additionally, the M-45 and M-45-PC technologies are employed for emission control in circulating fluidized bed and pulverized coal boilers. The Advanced Purification Technologies segment focuses on controlling mercury and various other airborne pollutants. This division also produces a range of activated carbon products, encompassing both powdered and granular forms. To support its activated carbon production, the company operates its own lignite mine, which supplies the essential raw materials for its powdered activated carbon facility. These offerings find diverse applications, including the elimination of heavy metal contaminants, purification of potable and wastewater, neutralization of industrial acid gases and odors, control of automotive gasoline emissions, cleanup of contaminated soil and groundwater, and refinement processes for the food and beverage industry. Its client base primarily consists of facilities involved in coal-fired power generation and industrial boiler operations. Established in 1996, Advanced Emissions Solutions, Inc. is headquartered in Greenwood Village, Colorado.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+60.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$7M/ year

↑ Rising (+81% vs prior year)

6.1% of revenue

R&D investment increasing — building for the future

Cash Runway

~1 months

$906,000 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Advanced Emissions Solutions has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
38.5%
Modest — 38.5% gross margin
Profit after running costs
Operating Margin
-0.2%
Losing money on operations — -0.2%
Return on the money invested
ROCE
-29.9%
Weak — -29.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+1.9%
Nearly flat sales (+1.9% YoY)
Profit growth
EPS YoY
<−1,000%
Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-2.5%
Burning cash (-2.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.06
Conservative — low debt load (0.06)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
29.76%
Healthy income — 29.76% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+0.0%
Dividend flat

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