The objective of this study is to examine the state of financial condition of the corn-based ethanol enterprise in the U.S. from 2009 to 2014. Ethanol enterprises were categorized as small for 50 MGY and large for 100 MGY. Panel data from the annual financial reports submitted to the Securities and Exchange Commission (SEC) was used to calculate the financial ratios of profitability, asset turnover, leverage, liquidity and operating margin. Results have shown that the corn-ethanol enterprise is moving into the direction of positive returns of investment. Associated factors for the profitability were found in age/years of the operation, corn price, plant capacity, operating margin ratio and leverage ratio. Findings of this study have an implication to the development of the cellulosic ethanol enterprise, which suggests the utilization and valuation of its co-products for revenue generation to improve economic financial success.


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