Alpha Pro Tech, Ltd. (APT) 10-Year Financial Performance & Capital Metrics

APT • • Industrial / General

IndustrialsConstructionSpecialty Construction ProductsStructural & Fastening Systems

AboutAlpha Pro Tech, Ltd., together with its subsidiaries, develops, manufactures, and markets a range of disposable protective apparel, infection control, and building supply products in the United States and internationally. The company operates through two segments, Disposable Protective Apparel and Building Supply. The Disposable Protective Apparel segment provides shoe covers, bouffant caps, coveralls, frocks, lab coats, and gowns, hoods, as well as face masks and shields. The Building Supply segment offers construction weatherization products, such as housewrap and housewrap accessories, including window and door flashing, and seam tape, and synthetic roof underlayment, as well as other woven material. The company markets its products under the Alpha Pro Tech brand name, as well as under private labels. Its products are used primarily in cleanrooms; industrial safety manufacturing environments; health care facilities, such as hospitals, laboratories, and dental offices; building and re-roofing sites. The company distributes its products through a network of purchasing groups, distributors, and independent sales representatives, as well as through its sales and marketing force. Alpha Pro Tech, Ltd. was founded in 1983 and is headquartered in Markham, Canada.Show more

Revenue $58M -5.5%
EBITDA $4M -14.5%
Net Income $4M -6.2%
EPS (Diluted) 0.35
Gross Margin 39.65% +6.3%
EBITDA Margin 7.47% -9.5%
Operating Margin 5.96% -11.6%
Net Margin 6.79% -0.7%
ROE 6.35% -7.3%
ROIC 5.26% -21.7%
Debt/Equity 0.14 +79.1%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 5.2% through buybacks
✓Healthy 5Y average net margin of 11.0%
✓Trading at only 0.9x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.96%

5Y4.39%

3Y-5.55%

TTM-0.32%

Profit (Net Income) CAGR

10Y3.66%

5Y5.54%

3Y-16.53%

TTM-11.18%

EPS CAGR

10Y8.84%

5Y8.76%

3Y-11.21%

TTM-6.25%

ROCE

10Y Avg13.97%

5Y Avg19.07%

3Y Avg6.27%

Latest5.04%

Peer Comparison

Structural & Fastening Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AWIArmstrong World Industries, Inc.	8.47B	196.50	32.64	11.62%	19.09%	34.35%	2.17%	0.79
SSDSimpson Manufacturing Co., Inc.	7.79B	187.78	24.71	0.83%	14.9%	17.1%	2.03%	0.27
APTAlpha Pro Tech, Ltd.	48.8M	4.71	13.46	-5.54%	6.23%	5.88%	3.88%	0.14
ROCKGibraltar Industries, Inc.	1.72B	58.26	13.06	-5.01%	0.35%	0.44%	8.97%	0.04

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	44.95M	46.18M	44.02M	46.62M	46.66M	102.7M	68.64M	61.98M	61.23M	57.84M
Revenue Growth %	-0.06%	0.03%	-0.05%	0.06%	0%	1.2%	-0.33%	-0.1%	-0.01%	-0.06%
Cost of Goods Sold+	28.98M	29.19M	26.57M	28.91M	29.69M	52.22M	43.34M	40.3M	38.4M	34.91M
COGS % of Revenue	0.64%	0.63%	0.6%	0.62%	0.64%	0.51%	0.63%	0.65%	0.63%	0.6%
Gross Profit+	15.97M	16.98M	17.45M	17.71M	16.97M	50.48M	25.3M	21.68M	22.83M	22.93M
Gross Margin %	0.36%	0.37%	0.4%	0.38%	0.36%	0.49%	0.37%	0.35%	0.37%	0.4%
Gross Profit Growth %	-0.08%	0.06%	0.03%	0.01%	-0.04%	1.97%	-0.5%	-0.14%	0.05%	0%
Operating Expenses+	14.5M	13.31M	14.53M	13.84M	13.95M	18.9M	17.37M	17.03M	18.7M	19.48M
OpEx % of Revenue	0.32%	0.29%	0.33%	0.3%	0.3%	0.18%	0.25%	0.27%	0.31%	0.34%
Selling, General & Admin	13.79M	12.77M	13.96M	13.31M	13.35M	18.17M	16.55M	16.22M	17.77M	18.61M
SG&A % of Revenue	0.31%	0.28%	0.32%	0.29%	0.29%	0.18%	0.24%	0.26%	0.29%	0.32%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	703K	544K	571K	525K	602K	729K	817K	814K	925K	873K
Operating Income+	1.48M	3.67M	2.93M	3.87M	3.02M	31.58M	7.93M	4.65M	4.13M	3.45M
Operating Margin %	0.03%	0.08%	0.07%	0.08%	0.06%	0.31%	0.12%	0.08%	0.07%	0.06%
Operating Income Growth %	-0.54%	1.49%	-0.2%	0.32%	-0.22%	9.45%	-0.75%	-0.41%	-0.11%	-0.17%
EBITDA+	2.18M	4.22M	3.5M	4.4M	3.62M	32.31M	8.74M	5.46M	5.06M	4.32M
EBITDA Margin %	0.05%	0.09%	0.08%	0.09%	0.08%	0.31%	0.13%	0.09%	0.08%	0.07%
EBITDA Growth %	-0.45%	0.94%	-0.17%	0.26%	-0.18%	7.92%	-0.73%	-0.38%	-0.07%	-0.15%
D&A (Non-Cash Add-back)	703K	544K	571K	525K	602K	729K	817K	814K	925K	873K
EBIT	1.52M	4.17M	2.93M	3.87M	3.02M	31.58M	7.93M	4.65M	4.13M	3.45M
Net Interest Income+	14K	5K	4K	3K	68K	18K	2K	148K	816K	912K
Interest Income	14K	5K	4K	3K	68K	18K	2K	148K	816K	912K
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	46K	503K	744K	540K	658K	666K	573K	-255K	1.29M	1.57M
Pretax Income+	1.52M	4.17M	3.67M	4.41M	3.68M	32.25M	8.5M	4.39M	5.42M	5.02M
Pretax Margin %	0.03%	0.09%	0.08%	0.09%	0.08%	0.31%	0.12%	0.07%	0.09%	0.09%
Income Tax+	480K	1.01M	1.04M	789K	680K	5.36M	1.74M	1.11M	1.24M	1.09M
Effective Tax Rate %	0.68%	0.76%	0.72%	0.82%	0.82%	0.83%	0.79%	0.75%	0.77%	0.78%
Net Income+	1.04M	3.17M	2.63M	3.63M	3M	26.89M	6.76M	3.28M	4.19M	3.93M
Net Margin %	0.02%	0.07%	0.06%	0.08%	0.06%	0.26%	0.1%	0.05%	0.07%	0.07%
Net Income Growth %	-0.62%	2.04%	-0.17%	0.38%	-0.17%	7.96%	-0.75%	-0.51%	0.28%	-0.06%
Net Income (Continuing)	1.04M	3.17M	2.63M	3.63M	3M	26.89M	6.76M	3.28M	4.19M	3.93M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.06	0.19	0.18	0.26	0.23	1.92	0.50	0.26	0.35	0.35
EPS Growth %	-0.6%	2.17%	-0.05%	0.44%	-0.12%	7.35%	-0.74%	-0.48%	0.35%	0%
EPS (Basic)	0.06	0.19	0.18	0.26	0.23	2.00	0.51	0.26	0.35	0.35
Diluted Shares Outstanding	18.24M	16.84M	14.99M	13.96M	13.17M	13.97M	13.5M	12.78M	11.86M	11.24M
Basic Shares Outstanding	18.2M	16.84M	14.83M	13.91M	13.14M	13.45M	13.23M	12.71M	11.86M	11.14M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	33.08M	29.66M	26.98M	26.46M	26.07M	55.16M	53M	52.56M	53.06M	50.64M
Cash & Short-Term Investments	10.34M	10.06M	9.11M	7.26M	6.88M	23.29M	16.31M	16.29M	20.38M	18.64M
Cash Only	9.68M	9.46M	8.76M	7.01M	6.55M	23.29M	16.31M	16.29M	20.38M	18.64M
Short-Term Investments	656K	607K	343K	258K	335K	0	0	0	0	0
Accounts Receivable	2.77M	4.82M	4.96M	5.32M	4.29M	9.04M	4.78M	6.97M	6.54M	4.89M
Days Sales Outstanding	22.49	38.12	41.11	41.63	33.57	32.12	25.42	41.06	39.01	30.88
Inventory	16.4M	10.99M	10.25M	9.88M	11.3M	16.75M	24.97M	24.4M	20.13M	22.73M
Days Inventory Outstanding	206.51	137.46	140.78	124.7	138.94	117.07	210.29	220.98	191.33	237.7
Other Current Assets	484K	438K	0	0	0	0	0	0	0	0
Total Non-Current Assets+	6.05M	6.27M	7.15M	7.79M	12.03M	13.5M	14.02M	12.24M	15.7M	23.1M
Property, Plant & Equipment	2.91M	2.65M	3.16M	3.24M	7.12M	7.89M	8.71M	7.47M	10.4M	17.23M
Fixed Asset Turnover	15.46x	17.45x	13.94x	14.37x	6.55x	13.02x	7.88x	8.30x	5.89x	3.36x
Goodwill	55K	55K	55K	55K	55K	55K	55K	55K	55K	55K
Intangible Assets	51K	34K	21K	16K	11K	7K	3K	1K	0	0
Long-Term Investments	3.04M	3.54M	3.89M	4.48M	4.84M	5.55M	5.25M	4.72M	5.25M	5.81M
Other Non-Current Assets	-484K	-438K	0	-141K	0	0	0	0	0	0
Total Assets+	39.13M	35.94M	34.12M	34.26M	38.09M	68.66M	67.02M	64.8M	68.76M	73.74M
Asset Turnover	1.15x	1.28x	1.29x	1.36x	1.23x	1.50x	1.02x	0.96x	0.89x	0.78x
Asset Growth %	-0.07%	-0.08%	-0.05%	0%	0.11%	0.8%	-0.02%	-0.03%	0.06%	0.07%
Total Current Liabilities+	2.15M	2.46M	2.8M	1.92M	2.3M	5.85M	2.66M	2.41M	2.57M	3.12M
Accounts Payable	300K	101K	1.24M	578K	501K	1.98M	528K	674K	802K	1.28M
Days Payables Outstanding	3.78	1.26	16.98	7.3	6.16	13.86	4.45	6.1	7.62	13.42
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	209K	0	0	0	0
Other Current Liabilities	194K	904K	1.33M	1.07M	0	0	0	0	946K	947K
Current Ratio	15.35x	12.03x	9.63x	13.78x	11.32x	9.43x	19.92x	21.85x	20.68x	16.21x
Quick Ratio	7.74x	7.57x	5.97x	8.64x	6.41x	6.56x	10.53x	11.71x	12.83x	8.94x
Cash Conversion Cycle	225.22	174.32	164.91	159.04	166.35	135.33	231.26	255.93	222.73	255.17
Total Non-Current Liabilities+	867K	807K	0	141K	2.56M	3.28M	2.61M	1.64M	4.63M	8.38M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	2.34M	2.72M	1.82M	875K	4.19M	7.88M
Deferred Tax Liabilities	867K	807K	0	141K	224K	563K	791K	764K	442K	503K
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	3.02M	3.27M	2.8M	2.06M	4.86M	9.13M	5.27M	4.04M	7.2M	11.51M
Total Debt+	0	0	0	0	3.22M	3.59M	2.7M	1.77M	4.85M	8.78M
Net Debt	-9.68M	-9.46M	-8.76M	-7.01M	-3.33M	-19.71M	-13.61M	-14.52M	-15.53M	-9.86M
Debt / Equity	-	-	-	-	0.10x	0.06x	0.04x	0.03x	0.08x	0.14x
Debt / EBITDA	-	-	-	-	0.89x	0.11x	0.31x	0.32x	0.96x	2.03x
Net Debt / EBITDA	-4.44x	-2.24x	-2.51x	-1.59x	-0.92x	-0.61x	-1.56x	-2.66x	-3.07x	-2.28x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	36.11M	32.66M	31.32M	32.19M	33.23M	59.53M	61.75M	60.76M	61.57M	62.23M
Equity Growth %	-0.05%	-0.1%	-0.04%	0.03%	0.03%	0.79%	0.04%	-0.02%	0.01%	0.01%
Book Value per Share	1.98	1.94	2.09	2.31	2.52	4.26	4.57	4.75	5.19	5.54
Total Shareholders' Equity	36.11M	32.66M	31.32M	32.19M	33.23M	59.53M	61.75M	60.76M	61.57M	62.23M
Common Stock	178K	154K	143K	135K	129K	135K	132K	123K	114K	108K
Retained Earnings	19.56M	22.72M	26.22M	29.39M	32.39M	58.99M	62.49M	45.02M	46.55M	47.26M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-148K	-204K	-458K	0	0	0	-869K	-1.49M	-1.44M	-1.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.97M	6.83M	4.01M	2M	3.1M	18.27M	-480K	4.28M	8.46M	5.7M
Operating CF Margin %	0.13%	0.15%	0.09%	0.04%	0.07%	0.18%	-0.01%	0.07%	0.14%	0.1%
Operating CF Growth %	7.79%	0.14%	-0.41%	-0.5%	0.55%	4.89%	-1.03%	9.91%	0.98%	-0.33%
Net Income	1.04M	3.17M	2.63M	3.63M	3M	26.89M	6.76M	3.28M	4.19M	3.93M
Depreciation & Amortization	703K	544K	571K	525K	602K	729K	817K	814K	925K	873K
Stock-Based Compensation	24K	190K	296K	432K	451K	375K	315K	147K	170K	463K
Deferred Taxes	-48K	21K	-378K	159K	83K	47K	228K	-27K	-322K	61K
Other Non-Cash Items	-32K	-498K	-740K	-537K	114K	-1M	316K	836K	297K	240K
Working Capital Changes	4.28M	3.41M	1.63M	-2.2M	-1.15M	-8.76M	-8.91M	-775K	3.2M	132K
Change in Receivables	2.9M	-2.05M	-136K	-360K	1.03M	-4.75M	4.26M	-2.19M	428K	1.65M
Change in Inventory	146K	5.4M	745K	371K	-1.43M	-5.45M	-8.22M	572K	4.27M	-2.6M
Change in Payables	-139K	310K	336K	-881K	0	0	-4.74M	-271K	398K	325K
Cash from Investing+	-449K	-308K	-685K	-570K	-1.14M	-862K	-2.52M	-492K	-792K	-3.78M
Capital Expenditures	-274K	-267K	-1.22M	-606K	-1.3M	-1.14M	-2.52M	-492K	-792K	-3.81M
CapEx % of Revenue	0.01%	0.01%	0.03%	0.01%	0.03%	0.01%	0.04%	0.01%	0.01%	0.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-175K	-41K	537K	36K	0	0	0	0	0	30K
Cash from Financing+	-1.34M	-6.75M	-4.02M	-3.19M	-2.42M	-668K	-3.98M	-3.8M	-3.58M	-3.66M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	774K	23K	210K	394K	130K	2M	427K	80K	424K	788K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	5.7M	6.57M	2.79M	1.39M	1.8M	17.14M	-3M	3.79M	7.67M	1.89M
FCF Margin %	0.13%	0.14%	0.06%	0.03%	0.04%	0.17%	-0.04%	0.06%	0.13%	0.03%
FCF Growth %	4.12%	0.15%	-0.58%	-0.5%	0.29%	8.5%	-1.18%	2.26%	1.03%	-0.75%
FCF per Share	0.31	0.39	0.19	0.10	0.14	1.23	-0.22	0.30	0.65	0.17
FCF Conversion (FCF/Net Income)	5.74x	2.16x	1.52x	0.55x	1.03x	0.68x	-0.07x	1.30x	2.02x	1.45x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	303K	303K	-1.08M	908K	633K	4.14M	1.82M	443K	1.52M	1.44M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.81%	9.21%	8.23%	11.41%	9.17%	57.98%	11.14%	5.36%	6.85%	6.35%
Return on Invested Capital (ROIC)	3.76%	11.1%	9.59%	12.17%	8.23%	67.95%	13.52%	7.39%	6.72%	5.26%
Gross Margin	35.53%	36.78%	39.64%	37.99%	36.37%	49.15%	36.86%	34.98%	37.28%	39.65%
Net Margin	2.32%	6.86%	5.98%	7.78%	6.43%	26.18%	9.84%	5.3%	6.84%	6.79%
Debt / Equity	-	-	-	-	0.10x	0.06x	0.04x	0.03x	0.08x	0.14x
FCF Conversion	5.74x	2.16x	1.52x	0.55x	1.03x	0.68x	-0.07x	1.30x	2.02x	1.45x
Revenue Growth	-5.65%	2.72%	-4.66%	5.9%	0.09%	120.08%	-33.17%	-9.7%	-1.21%	-5.54%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2023	2024
UNITED STATES	43.75M	45.07M	43.17M	45.59M	45.75M	90.5M	65.84M	60.88M	57.21M
UNITED STATES Growth	-	3.01%	-4.21%	5.62%	0.34%	97.81%	-27.24%	-7.54%	-6.03%

Frequently Asked Questions

Valuation & Price

Alpha Pro Tech, Ltd. (APT) has a price-to-earnings (P/E) ratio of 13.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Alpha Pro Tech, Ltd. (APT) reported $59.1M in revenue for fiscal year 2024. This represents a 53% increase from $38.5M in 2011.

Alpha Pro Tech, Ltd. (APT) saw revenue decline by 5.5% over the past year.

Yes, Alpha Pro Tech, Ltd. (APT) is profitable, generating $3.7M in net income for fiscal year 2024 (6.8% net margin).

Dividend & Returns

Alpha Pro Tech, Ltd. (APT) has a return on equity (ROE) of 6.3%. This is below average, suggesting room for improvement.

Alpha Pro Tech, Ltd. (APT) generated $2.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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