Alto Ingredients, Inc.
ALTO · NASDAQEtanol y specialty alcoholsactualizado 2026-07-28Financieros XBRL verificados (EPS-check 22/22); EBITDA de press releases con cita; múltiplos de valoración = supuesto sectorial no optimizado.
Investment Thesis
Construida exclusivamente con hallazgos medidos del sistema (pilot-results.md)
Sin tesis direccional activa: el precio cotiza -44% respecto a nuestro valor prob-weighted, y el backtest muestra que en esta cíclica el gap naive es señal de posición de ciclo (invertida), no de oportunidad.
- MODELEl precio paga por encima del valor sobre EBITDA TTM — el mercado descuenta normalización o mejora del ciclo del etanol.evidencia: gap actual -44% (intrinsic_daily.csv)
- MODELLa dirección del margen del próximo trimestre es anticipable (82% en 2 nombres) vía la cadena crush→margen.evidencia: m13_card_summary.json dir_acc 0.82 · m12 GPRE 0.86 · 20/24 p≈0.0008
- MODELLa magnitud NO es aún predecible mejor que un trailing-4 (473 vs 437 bps).evidencia: m13_card_summary.json MAE
- MODELEl cuello de botella es el mapeo mercado→realizado (hedging/contratos), no el dato de mercado.evidencia: v5 (CARD diario) ≈ v4 (PPI mensual): 475 vs 473 bps
- HYPNo hay desacuerdo explotable identificado: sin consenso de analistas disponible (limitación legal documentada) el 'market view' se infiere solo del precio.evidencia: pilot-results.md — Fase 6 consenso
- HYPPara una tesis long: crush sostenido + confirmación direccional del modelo + valoración por debajo de mid-cycle.evidencia: iv_mid vs precio (intrinsic_daily.csv)
- HYPPara operar la señal direccional: resolver la magnitud (nota de derivados/hedging de los 10-Q — trabajo pendiente identificado).evidencia: pilot-results.md M13
¿Por qué existe el gap?
Puente precio → valor con los drivers reales; cada paso abre su evidencia
EV por EBITDA TTM × 5.5+$3.83AI+QUOTE▸
método: TTM(EX-99) × múltiplo base 5.5 (supuesto sectorial NO optimizado)impacto EV: $293.7Msensibilidad: ±0.5× múltiplo = ±$0.35/acc“Adjusted EBITDA de press releases, 4T point-in-time”mediaex99_extracted.csvas-of 2026-07-28Deuda neta$-0.69FACT▸
método: deuda LP+CP − caja (XBRL, último publicado)impacto EV: $-52.7Maltatruth_set_quarterly.csvas-of 2026-07-28Ajuste mid-cycle (peso 0.2)$-0.63MODEL▸
método: iv_mid − iv_base, ponderado 0.2sensibilidad: mediana rodante 8T de EBITDA trimestral ×4mediaintrinsic_daily.csvas-of 2026-07-28Ponderación bear/bull (0.2/0.2)+$0.01HYP▸
método: pw − base − ajuste midsensibilidad: pesos 0.2/0.4/0.2/0.2 — supuesto documentadobajam4_valuation.pyas-of 2026-07-28Valor intrínseco prob-weighted$2.52MODEL▸
método: suma de componentesmediaintrinsic_daily.csvas-of 2026-07-28
Los múltiplos (4.0/5.5/7.0×) y pesos (0.2/0.4/0.2/0.2) son supuestos sectoriales documentados, NO optimizados contra el histórico — ver m4_valuation_summary.json.
Conclusión: el backtest muestra que “precio por debajo del IV” ha sido señal de techo de ciclo en esta cíclica (corr −0.32 a 60d) — leer este gráfico como semáforo de compra rompe la tesis.
What Changed
Cambios con atribución cuando el sistema puede justificarla
- Precio$4.98 → $4.45Change detected, attribution unavailable.MKT
- Valuation gap-50% → -44%Change detected, attribution unavailable.MODEL
- Precio$5.19 → $4.45Change detected, attribution unavailable.MKT
- Valuation gap-52% → -44%Change detected, attribution unavailable.MODEL
- Etanol (CARD, $/gal)$1.78 → $1.79Change detected, attribution unavailable.MKT
- Maíz (CARD, $/bu)$4.03 → $4.15Change detected, attribution unavailable.MKT
- Margen modelo planta (CARD)$0.57 → $0.50Change detected, attribution unavailable.MKT
Economic Digital Twin
Cómo la operación se convierte en margen — con la cobertura real de cada eslabón
- Galones producidos: 28T extraídos [AI+QUOTE]
- Split specialty/fuel: 18T/13T (parcial)
- Fuel $/gal: 28T [AI+QUOTE]
- Specialty $/gal: 26T [AI+QUOTE]
- Maíz $/bushel: 25T [AI+QUOTE]
- Gas: serie diaria de mercado (CARD)
- GM trimestral: 33T XBRL [FACT]
- Adj. EBITDA: 34T EX-99 [AI+QUOTE]
Hallazgo del sistema: el crush realizado explica el margen (v3 bate al baseline 298 vs 359 bps) pero se publica CON el filing; la cadena de mercado→realizado predice la dirección (82%), no la magnitud. Ver Backtest.
Cycle & Commodities
Drivers reales del negocio (CARD Iowa State, diario 2007→) — percentil vs su propia historia
Earnings Nowcast — 2025Q4
Vintages point-in-time: qué creía el modelo a cada distancia del print
| Horizonte | MAE modelo | MAE trail-4 | Dirección |
|---|---|---|---|
| T-60d | 499 bps | 433 bps | 82% |
| T-30d | 475 bps | 437 bps | 82% |
| T-15d | 475 bps | 437 bps | 82% |
| T-7d | 475 bps | 437 bps | 82% |
| T-1d | 475 bps | 437 bps | 82% |
Comparable Intelligence
Lo medido: qué peers reducen (o no) el error del nowcast, y con cuánta antelación
Valuation & Scenarios
Nunca un único precio objetivo — rango con supuestos a la vista
Risks & Falsification
El sistema intenta demostrar que la tesis puede estar equivocada
El backtest muestra correlación NEGATIVA gap→retornos (−0.32 a 60d post-2021): EBITDA TTM alto + precio 'barato' ha coincidido con techo de ciclo. Leer el gap como oportunidad rompe la tesis.
Las acciones diluidas pasaron de 43M a 77M (+79%) desde 2018 — la era distress se resolvió emitiendo. En un nuevo valle, el riesgo de repetición es real.
Net debt $53M vs TTM Adj. EBITDA $53M (≈1.0×). Con EBITDA cíclico, el múltiplo real de estrés puede duplicarse en un valle.
La economía del etanol depende de programas regulatorios. El sistema AÚN NO ingiere series de RINs/45Z — riesgo identificado sin indicador cuantitativo conectado.
El Adjusted EBITDA proviene de regex sobre press releases: corr 0.57 con el proxy XBRL y 13 filas needs_review — un error aquí propaga a TTM, IV y gap.
Riesgos declarados por la empresa (Item 1A)
22 factores verbatim del 10-K de 2026-03-13, 1 nuevos frente al de 2025-03-13 — extracción por formato, sin LLM. Complementa los riesgos analíticos de arriba.
- Our results of operations and our ability to operate at a profit are largely dependent on our ability to manage the costs of corn, natural gas and other production inputs, with the prices of our alcohols and essential ingredients, all of which are subject to volatility and uncertainty.
- The prices of our products are volatile and subject to large fluctuations, which may cause our results of operations to fluctuate significantly.
- We may engage in hedging transactions and other risk mitigation strategies that could harm our results of operations and financial condition.
- Disruptions in our production or distribution, including from climate change and other weather effects, may adversely affect our business, results of operations and financial condition.
- Increased alcohol or essential ingredient production or higher inventory levels may cause a decline in prices for those products, and may have other negative effects, materially and adversely impacting our results of operations, cash flows and financial condition.
- We may suffer impairments in the value of our long-lived assets which may materially and adversely affect our results of operations.
- Our alcohol production relies on traditional corn-based feedstock and process technologies. New technologies could make corn-based alcohol production and traditional process technologies less competitive or even obsolete, materially and adversely harming our business.
- Inflation and sustained higher prices may adversely impact our results of operations and financial condition.
- Climate change, and governmental regulations aimed at addressing climate-related issues, may affect conditions to which our business is highly sensitive, many of which could materially and adversely harm our business, results of operations and financial condition.
- We have incurred significant losses and negative operating cash flow in the past and we may incur losses and negative operating cash flow in the future, which may hamper our operations and impede us from expanding our business.
- We regularly incur significant expenses to repair, maintain and upgrade our production facilities and operating equipment, and any interruption in our operations would harm our operating performance.
- nuevoWe may be unable to qualify for and receive anticipated Section 45Z tax credit benefits available to low carbon fuel producers.
- Our indebtedness may expose us to risks that could negatively impact our business, prospects, liquidity, cash flows and results of operations.
- Our ability to utilize net operating loss carryforwards and certain other tax attributes may be limited.
- We may be adversely affected by environmental, health and safety laws and regulations, as well as related liabilities that may not be adequately covered by insurance
- We may be adversely affected by food and drug laws and regulations, as well as related liabilities that may not be adequately covered by insurance.
- The United States fuel-grade ethanol industry is highly dependent upon various federal and state laws and regulations and any changes in or reinterpretations of those laws or regulations could have a material adverse effect on our results of operations, cash flows and financial condition.
- Future demand for fuel-grade ethanol is uncertain and may be affected by changes to federal mandates, public perception, consumer acceptance and overall consumer demand for transportation fuel, any of which could negatively affect demand for fuel-grade ethanol and our results of operations.
- Our stock price is highly volatile, which could result in substantial losses for investors purchasing shares of our common stock and in litigation against us.
- Because we do not plan to pay any cash dividends on our shares of common stock, our stockholders will not be able to receive a return on their shares unless and until they sell them.
accession 0001213900-26-027687
Backtest
Resultados del sistema sin sobreprometer — flags de muestra y régimen a la vista
| MAE modelo (T−7) | 475 bps |
| MAE trailing-4 | 437 bps |
| Precisión direccional | 82% (20/24 con GPRE, p≈0.0008) |
conclusión: Dirección: señal real. Magnitud: NO bate al baseline trivial.
| siempre long close(T−1)→close(T+1) | +1.39%/evento · hit 53% |
| siempre long →T+5 | +2.8%/evento · hit 41% |
| long solo si señal UP, T+1 (neto) | +0.54%/evento · hit 24% |
| long solo si señal UP, T+5 (neto) | +2.02%/evento · hit 29% |
| long/short según señal, T+1 (neto, ⚠) | -0.26%/evento · hit 35% |
conclusión: Siempre-long bate a la señal: predecir el margen ≠ predecir la reacción del precio.
| corr(gap, fwd 60d) post-2021 | −0.32 (señal INVERTIDA) |
| long gap>50% post-2021 (neto) | ≈+0.9% CAGR vs −5.8% B&H · 16 trades |
conclusión: El gap naive es indicador de posición de ciclo (invertido), no señal de compra.
Documents & Sources
122 filings indexados · 212 extracciones (174 verificadas con cita)
| Form | Filed | Accession | Datos extraídos | |
|---|---|---|---|---|
| 8-K | 2026-06-23 | 0001213900-26-071111 | — | EDGAR ↗ |
| 10-Q | 2026-05-08 | 0001213900-26-053870 | 6 | EDGAR ↗ |
| 8-Kresultados | 2026-05-06 | 0001213900-26-052830 | 1 | EDGAR ↗ |
| 10-K | 2026-03-13 | 0001213900-26-027687 | 6 | EDGAR ↗ |
| 8-Kresultados | 2026-03-04 | 0001213900-26-023650 | 1 | EDGAR ↗ |
| 8-K | 2025-11-26 | 0001213900-25-115108 | — | EDGAR ↗ |
| 10-Q | 2025-11-07 | 0001213900-25-107625 | 7 | EDGAR ↗ |
| 8-Kresultados | 2025-11-05 | 0001213900-25-106654 | 1 | EDGAR ↗ |
| 10-Q | 2025-08-08 | 0001213900-25-073660 | 7 | EDGAR ↗ |
| 8-Kresultados | 2025-08-06 | 0001213900-25-072564 | 1 | EDGAR ↗ |
| 8-K | 2025-06-27 | 0001213900-25-058625 | — | EDGAR ↗ |
| 8-K | 2025-06-25 | 0001213900-25-057814 | — | EDGAR ↗ |
| 8-K | 2025-05-23 | 0001213900-25-047350 | — | EDGAR ↗ |
| 10-Q | 2025-05-09 | 0001213900-25-041532 | — | EDGAR ↗ |
| 8-Kresultados | 2025-05-07 | 0001213900-25-040642 | 1 | EDGAR ↗ |
| 8-K | 2025-03-18 | 0001213900-25-024771 | — | EDGAR ↗ |
| 10-K | 2025-03-13 | 0001213900-25-023709 | 6 | EDGAR ↗ |
| 8-Kresultados | 2025-03-05 | 0001213900-25-020724 | 1 | EDGAR ↗ |
| 8-K | 2024-11-12 | 0001213900-24-096835 | — | EDGAR ↗ |
| 10-Q | 2024-11-08 | 0001213900-24-095907 | 7 | EDGAR ↗ |
| 8-Kresultados | 2024-11-06 | 0001213900-24-094999 | 2 | EDGAR ↗ |
| 10-Q | 2024-08-08 | 0001213900-24-066660 | 7 | EDGAR ↗ |
| 8-Kresultados | 2024-08-06 | 0001213900-24-065684 | 1 | EDGAR ↗ |
| 8-K | 2024-06-20 | 0001213900-24-054286 | — | EDGAR ↗ |
| 10-Q | 2024-05-08 | 0001213900-24-040876 | 1 | EDGAR ↗ |
| 8-Kresultados | 2024-05-06 | 0001213900-24-040099 | 1 | EDGAR ↗ |
| 8-K | 2024-03-26 | 0001213900-24-025790 | — | EDGAR ↗ |
| 8-K | 2024-03-21 | 0001213900-24-024519 | — | EDGAR ↗ |
| 10-K | 2024-03-14 | 0001213900-24-022351 | 6 | EDGAR ↗ |
| 8-Kresultados | 2024-03-11 | 0001213900-24-021413 | 1 | EDGAR ↗ |
| 8-K | 2024-03-06 | 0001213900-24-020254 | — | EDGAR ↗ |
| 10-Q | 2023-11-08 | 0001213900-23-084784 | 7 | EDGAR ↗ |
| 8-Kresultados | 2023-11-06 | 0001213900-23-083888 | 1 | EDGAR ↗ |
| 8-K | 2023-09-20 | 0001213900-23-078075 | — | EDGAR ↗ |
| 10-Q | 2023-08-08 | 0001213900-23-064551 | 7 | EDGAR ↗ |
| 8-Kresultados | 2023-08-07 | 0001213900-23-064073 | 1 | EDGAR ↗ |
| 8-K | 2023-06-22 | 0001213900-23-050987 | — | EDGAR ↗ |
| 10-Q | 2023-05-09 | 0001213900-23-037706 | 3 | EDGAR ↗ |
| 8-Kresultados | 2023-05-08 | 0001213900-23-037349 | 1 | EDGAR ↗ |
| 10-K | 2023-03-14 | 0001213900-23-019976 | 5 | EDGAR ↗ |
| 8-Kresultados | 2023-03-09 | 0001213900-23-018888 | 1 | EDGAR ↗ |
| 8-K | 2022-11-14 | 0001213900-22-072157 | — | EDGAR ↗ |
| 10-Q | 2022-11-09 | 0001213900-22-070278 | 7 | EDGAR ↗ |
| 8-Kresultados | 2022-11-07 | 0001213900-22-069768 | 1 | EDGAR ↗ |
| 10-Q | 2022-08-09 | 0001213900-22-045551 | 7 | EDGAR ↗ |
| 8-Kresultados | 2022-08-08 | 0001213900-22-045429 | 1 | EDGAR ↗ |
| 8-K | 2022-06-23 | 0001213900-22-034606 | — | EDGAR ↗ |
| 8-K | 2022-06-01 | 0001213900-22-030730 | — | EDGAR ↗ |
| 10-Q | 2022-05-10 | 0001213900-22-024981 | 7 | EDGAR ↗ |
| 8-Kresultados | 2022-05-09 | 0001213900-22-024871 | 1 | EDGAR ↗ |
| 10-K | 2022-03-15 | 0001213900-22-012260 | 3 | EDGAR ↗ |
| 8-Kresultados | 2022-03-10 | 0001213900-22-011585 | 1 | EDGAR ↗ |
| 10-Q | 2021-11-12 | 0001213900-21-058715 | 7 | EDGAR ↗ |
| 8-K | 2021-11-10 | 0001213900-21-058137 | — | EDGAR ↗ |
| 8-Kresultados | 2021-11-09 | 0001213900-21-057728 | 1 | EDGAR ↗ |
| 10-Q | 2021-08-10 | 0001213900-21-041394 | 7 | EDGAR ↗ |
| 8-Kresultados | 2021-08-03 | 0001213900-21-040101 | 1 | EDGAR ↗ |
| 8-K | 2021-06-17 | 0001213900-21-032967 | — | EDGAR ↗ |
| 10-Q | 2021-05-17 | 0001213900-21-026629 | 3 | EDGAR ↗ |
| 8-Kresultados | 2021-05-12 | 0001213900-21-025815 | 1 | EDGAR ↗ |
| 8-K | 2021-04-29 | 0001213900-21-023537 | — | EDGAR ↗ |
| 10-K | 2021-03-26 | 0001213900-21-017995 | 6 | EDGAR ↗ |
| 8-Kresultados | 2021-03-10 | 0001213900-21-014579 | 2 | EDGAR ↗ |
| 8-K | 2021-01-29 | 0001213900-21-005375 | — | EDGAR ↗ |
| 8-K | 2021-01-13 | 0001213900-21-001961 | — | EDGAR ↗ |
| 8-K | 2020-12-23 | 0001213900-20-044357 | — | EDGAR ↗ |
| 8-K | 2020-11-18 | 0001213900-20-037996 | — | EDGAR ↗ |
| 10-Q | 2020-11-16 | 0001213900-20-037366 | 5 | EDGAR ↗ |
| 8-K | 2020-11-09 | 0001213900-20-035717 | — | EDGAR ↗ |
| 8-Kresultados | 2020-11-09 | 0001213900-20-035909 | 1 | EDGAR ↗ |
| 8-K | 2020-10-28 | 0001213900-20-033751 | — | EDGAR ↗ |
| 8-K | 2020-10-26 | 0001213900-20-033199 | — | EDGAR ↗ |
| 8-K | 2020-10-23 | 0001213900-20-032937 | — | EDGAR ↗ |
| 8-K | 2020-10-05 | 0001213900-20-029980 | — | EDGAR ↗ |
| 10-Q | 2020-08-13 | 0001213900-20-021853 | 4 | EDGAR ↗ |
| 8-K | 2020-08-13 | 0001213900-20-021900 | — | EDGAR ↗ |
| 8-Kresultados | 2020-08-11 | 0001213900-20-021413 | 2 | EDGAR ↗ |
| 8-K | 2020-08-10 | 0001213900-20-021166 | — | EDGAR ↗ |
| 8-K | 2020-08-07 | 0001213900-20-020922 | — | EDGAR ↗ |
| 8-K | 2020-05-29 | 0001213900-20-013651 | — | EDGAR ↗ |
| 10-Q | 2020-05-14 | 0001213900-20-012307 | 4 | EDGAR ↗ |
| 8-Kresultados | 2020-05-12 | 0001213900-20-011828 | 2 | EDGAR ↗ |
| 8-K | 2020-05-11 | 0001213900-20-011650 | — | EDGAR ↗ |
| 8-K | 2020-05-07 | 0001213900-20-011295 | — | EDGAR ↗ |
| 10-K/A | 2020-04-29 | 0001213900-20-010440 | — | EDGAR ↗ |
| 8-K | 2020-04-23 | 0001213900-20-009941 | — | EDGAR ↗ |
| 8-K | 2020-04-21 | 0001213900-20-009749 | — | EDGAR ↗ |
| 10-K | 2020-03-30 | 0001213900-20-007976 | 3 | EDGAR ↗ |
| 8-Kresultados | 2020-03-26 | 0001213900-20-007524 | 2 | EDGAR ↗ |
| 8-K | 2020-03-12 | 0001213900-20-006140 | — | EDGAR ↗ |
| 8-K | 2020-03-05 | 0001213900-20-005515 | — | EDGAR ↗ |
| 8-K/A | 2020-01-24 | 0001213900-20-001683 | — | EDGAR ↗ |
| 8-K | 2020-01-22 | 0001213900-20-001489 | — | EDGAR ↗ |
| 8-K | 2020-01-03 | 0001213900-20-000147 | — | EDGAR ↗ |
| 8-K | 2019-12-26 | 0001213900-19-026890 | — | EDGAR ↗ |
| 8-K | 2019-12-26 | 0001213900-19-026892 | — | EDGAR ↗ |
| 8-K | 2019-11-19 | 0001213900-19-024066 | — | EDGAR ↗ |
| 10-Q | 2019-11-12 | 0001213900-19-022941 | 5 | EDGAR ↗ |
| 8-Kresultados | 2019-11-07 | 0001213900-19-022368 | 2 | EDGAR ↗ |
| 8-K | 2019-09-19 | 0001213900-19-018465 | — | EDGAR ↗ |
| 10-Q | 2019-08-07 | 0001213900-19-014812 | 4 | EDGAR ↗ |
| 8-K | 2019-08-06 | 0001213900-19-014702 | — | EDGAR ↗ |
| 8-Kresultados | 2019-07-31 | 0001213900-19-014179 | 2 | EDGAR ↗ |
| 8-K | 2019-07-19 | 0001213900-19-013195 | — | EDGAR ↗ |
| 8-K | 2019-07-19 | 0001213900-19-013198 | — | EDGAR ↗ |
| 8-K | 2019-06-20 | 0001213900-19-011147 | — | EDGAR ↗ |
| 10-Q | 2019-05-03 | 0001615774-19-007047 | 3 | EDGAR ↗ |
| 8-Kresultados | 2019-05-01 | 0001615774-19-006819 | 2 | EDGAR ↗ |
| 10-K/A | 2019-04-29 | 0001615774-19-006546 | — | EDGAR ↗ |
| 8-K | 2019-03-27 | 0001615774-19-004647 | — | EDGAR ↗ |
| 10-K | 2019-03-18 | 0001615774-19-004168 | — | EDGAR ↗ |
| 8-Kresultados | 2019-03-12 | 0001615774-19-003967 | 2 | EDGAR ↗ |
| 10-Q | 2018-11-02 | 0001615774-18-012003 | 4 | EDGAR ↗ |
| 8-Kresultados | 2018-10-31 | 0001615774-18-011700 | 2 | EDGAR ↗ |
| 10-Q | 2018-08-09 | 0001615774-18-007803 | 5 | EDGAR ↗ |
| 8-Kresultados | 2018-08-08 | 0001615774-18-007735 | 2 | EDGAR ↗ |
| 8-K | 2018-06-14 | 0001615774-18-005292 | — | EDGAR ↗ |
| 10-Q | 2018-05-10 | 0001615774-18-003578 | 4 | EDGAR ↗ |
| 8-Kresultados | 2018-05-08 | 0001615774-18-003478 | 2 | EDGAR ↗ |
| 8-K | 2018-04-05 | 0001615774-18-002437 | — | EDGAR ↗ |
| 10-K | 2018-03-15 | 0001615774-18-001920 | 2 | EDGAR ↗ |
| 8-Kresultados | 2018-02-28 | 0001615774-18-001525 | 2 | EDGAR ↗ |
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