Private company

Cardinal Ethanol LLC

Last updated Oct 16, 2026.

Overview

$425.6MRevenue, fiscal 20232
$69.8MNet income, fiscal 20232
  • IndustryIndustrial Organic Chemicals
  • HeadquartersIN
  • Incorporated inIN3
  • Business address1554 N. 600 E., Union City, In 473903
  • Filer categoryNon-accelerated filer3

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

17.8%Gross margin2
15.7%Operating margin2
16.4%Net margin2
-5.8%Revenue growth, 20232
40.5%Return on equity2
0.17×Debt to equity2

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue86¢$427.0M
  • Profit14¢$69.8M

Out of $425.6M in revenue.2

Where each dollar of operating cash went, fiscal 2023

  • Dividends paid51¢$42.4M
  • Kept or used elsewhere49¢$41.0M

Out of $83.4M of cash from operations.2

Financial statements

Revenue456782$425.6M in 2023+91% since 2016
0$200.0M$400.0M$600.0M2016: $222.9M$222.9M20162017: $228.5M$228.5M2017+3%2018: $266.9M$266.9M2018+17%2019: $222.2M$222.2M2019−17%2020: $211.7M$211.7M2020−5%2021: $328.4M$328.4M2021+55%2022: $451.8M$451.8M2022+38%2023: $425.6M$425.6M2023−6%
Gross profit456782$75.7M in 2023+301% since 2016
0$25.0M$50.0M$75.0M$100.0M2016: $18.9M$18.9M20162017: $19.3M$19.3M2017+2%2018: $15.2M$15.2M2018−21%2019: $35.6K$35.6K2019−100%2020: $5.3M$5.3M2020+14747%2021: $34.6M$34.6M2021+554%2022: $86.4M$86.4M2022+149%2023: $75.7M$75.7M2023−12%
Operating income456782$66.7M in 2023+389% since 2016
-$25.0M0$25.0M$50.0M$75.0M$100.0M2016: $13.6M$13.6M20162017: $13.7M$13.7M2017+1%2018: $8.4M$8.4M2018−39%2019: -$6.9M-$6.9M20192020: -$1.5M-$1.5M2020−79%2021: $27.4M$27.4M20212022: $78.3M$78.3M2022+185%2023: $66.7M$66.7M2023−15%
Net income456782$69.8M in 2023+416% since 2016
-$25.0M0$25.0M$50.0M$75.0M$100.0M2016: $13.5M$13.5M20162017: $13.4M$13.4M2017−1%2018: $7.6M$7.6M2018−43%2019: -$6.6M-$6.6M20192020: -$1.1M-$1.1M2020−83%2021: $27.1M$27.1M20212022: $85.7M$85.7M2022+216%2023: $69.8M$69.8M2023−19%
Fiscal year20162017201820192020202120222023
Revenue$222.9M4$228.5M5$266.9M6$222.2M7$211.7M8$328.4M2$451.8M2$425.6M2
Cost of revenue$204.0M4$209.2M5$251.7M6$260.6M7$239.4M8$369.4M2$460.3M2$427.0M2
Gross profit$18.9M4$19.3M5$15.2M6$35.6K7$5.3M8$34.6M2$86.4M2$75.7M2
Operating income$13.6M4$13.7M5$8.4M6-$6.9M7-$1.5M8$27.4M2$78.3M2$66.7M2
Interest$185.9K4$362.2K5$858.7K6$358.9K7$180.3K8$133.6K2$36.6K2$02
Net income$13.5M4$13.4M5$7.6M6-$6.6M7-$1.1M8$27.1M2$85.7M2$69.8M2
Earnings per share-$452.007-$78.008$1,856.002$5,868.002$4,780.002
Earnings per share (diluted)-$452.007-$78.008$1,856.002$5,868.002$4,780.002

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Recent filings

  1. Oct 23, 20243 PRIMARY DOCUMENT
  2. Oct 3, 20244 PRIMARY DOCUMENT
  3. Oct 1, 20248-K
  4. Oct 1, 20244 PRIMARY DOCUMENT
  5. Oct 1, 20244 PRIMARY DOCUMENT
  6. Sep 23, 20248-K
  7. Sep 12, 20248-K
  8. Sep 6, 20244 PRIMARY DOCUMENT
  9. Aug 21, 20248-K
  10. Aug 13, 202410-Q
  11. Aug 1, 2024DEF 14A
  12. Jul 25, 20248-K
  13. Jun 26, 20248-K
  14. May 31, 20248-K
  15. May 22, 20248-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.1

Sources

The numbers on this page point here. Each one links to the record it came from.

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