Revenue volatility remains a primary concern as the company struggles with negative operating margins of -12.2% in 2026Q1, where SG&A expenses of $5.0M consistently exceed the $2.7M gross profit.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Jan'00 | Jan'99 | Jan'98 | Dec'96 |
|---|
| Sales/Revenue | 76.52M | 74.94M | 177.87M | 193.18M | 261.99M | 334.71M | 256M | 305.17M | 280.84M | 201.15M | 138.57M | 175.46M | 199.5M | 196.75M | 197.66M | 170.58M | 151.12M | 103.64M | 167.27M | 178.29M | 152.05M | 128.93M | 99.84M | 80.41M | 74.35M | 91.1M | 113.95M | 116.88M | 107.3M | 126.7M | 126.8M |
| Revenue Growth % | -37.72% | -57.87% | -7.92% | -26.27% | -21.73% | 30.75% | -16.11% | 8.66% | 39.62% | 45.16% | -21.03% | -12.05% | 1.4% | -0.46% | 15.88% | 12.87% | 45.81% | -38.04% | -6.18% | 17.26% | 17.93% | 29.13% | 24.17% | 8.15% | -18.39% | -20.05% | -2.51% | 8.93% | -15.31% | -0.08% | -13.92% |
| Cost of Goods Sold | 59.84M | 57.99M | 155.76M | 191.65M | 218.71M | 273.95M | 233.35M | 274.39M | 229.6M | 173.07M | 121.66M | 150.14M | 166.58M | 201.55M | 175.73M | 149.49M | 135.2M | 94.15M | 172.6M | 150.12M | 129.32M | 112.15M | 85.86M | 87.74M | 79.82M | 80.52M | 97.48M | 96.58M | 91.5M | 103.5M | 103M |
| COGS % of Revenue | - | 77.38% | 87.57% | 99.21% | 83.48% | 81.85% | 91.15% | 89.92% | 81.76% | 86.04% | 87.8% | 85.57% | 83.49% | 102.44% | 88.91% | 87.64% | 89.47% | 90.84% | 103.19% | 84.2% | 85.05% | 86.98% | 86% | 109.12% | 107.36% | 88.38% | 85.54% | 82.63% | 85.27% | 81.69% | 81.23% |
| Gross Profit | 16.68M | 16.95M | 22.11M | 1.53M | 43.29M | 60.77M | 22.65M | 30.77M | 51.24M | 28.08M | 16.9M | 25.32M | 32.93M | 19.2M | 19.73M | 21.09M | 15.92M | 9.49M | 19.88M | 28.16M | 22.72M | 16.78M | 13.98M | 11.07M | 5.64M | 10.58M | 16.47M | 20.31M | 15.8M | 23.2M | 23.8M |
| Gross Margin % | 21.8% | 22.62% | 12.43% | 0.79% | 16.52% | 18.15% | 8.85% | 10.08% | 18.24% | 13.96% | 12.2% | 14.43% | 16.51% | 9.76% | 9.98% | 12.36% | 10.53% | 9.16% | 11.88% | 15.8% | 14.95% | 13.02% | 14% | 13.76% | 7.59% | 11.62% | 14.46% | 17.37% | 14.73% | 18.31% | 18.77% |
| Gross Profit Growth % | - | -23.35% | 1349.15% | -96.47% | -28.76% | 168.26% | -26.39% | -39.94% | 82.46% | 66.12% | -33.23% | -23.11% | 71.49% | -2.69% | -6.44% | 32.51% | 67.73% | -52.26% | -29.42% | 23.94% | 35.41% | 20.07% | 26.27% | 96.2% | -46.7% | -35.75% | -18.88% | 28.52% | -31.9% | -2.52% | -36.7% |
| Operating Expenses | 24.16M | 23.66M | 27.21M | 38.96M | 28.74M | 33.42M | 53.72M | 32.48M | 30M | 26.02M | 25.04M | 38.35M | 16.83M | 17.39M | 14.14M | 12.28M | 9.72M | 8.79M | 10.93M | 11.71M | 9.97M | 10.37M | 9.43M | 8.67M | 10.18M | 10.57M | 17.02M | 15.07M | 15M | 13.5M | 11.8M |
| OpEx % of Revenue | - | 31.57% | 15.3% | 20.17% | 10.97% | 9.98% | 20.98% | 10.64% | 10.68% | 12.94% | 18.07% | 21.86% | 8.44% | 8.84% | 7.15% | 7.2% | 6.43% | 8.48% | 6.54% | 6.57% | 6.56% | 8.04% | 9.45% | 10.78% | 13.69% | 11.6% | 14.93% | 12.89% | 13.98% | 10.66% | 9.31% |
| Selling, General & Admin | 24.03M | 23.59M | 26.59M | 26.71M | 27.64M | 30.14M | 28.72M | 32.63M | 27.69M | 24.87M | 22.67M | 21.94M | 16.59M | 16.03M | 12.41M | 12.28M | 9.72M | 8.79M | 10.93M | 11.71M | 10.56M | 10.37M | 9.43M | 12.13M | 10.18M | 10.57M | 11.18M | 11.34M | 10.1M | 10M | 9.1M |
| SG&A % of Revenue | - | 31.47% | 14.95% | 13.83% | 10.55% | 9.01% | 11.22% | 10.69% | 9.86% | 12.37% | 16.36% | 12.5% | 8.31% | 8.15% | 6.28% | 7.2% | 6.43% | 8.48% | 6.54% | 6.57% | 6.95% | 8.04% | 9.45% | 15.09% | 13.69% | 11.6% | 9.81% | 9.7% | 9.41% | 7.89% | 7.18% |
| Research & Development | 134K | 71K | 0 | 0 | 0 | 0 | 0 | 600K | 548.46K | 600K | 603K | 548K | 531K | 558K | 612K | 352K | 392K | 289K | 348K | 413K | 312K | 566K | 551K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.09% | - | - | - | - | - | 0.2% | 0.2% | 0.3% | 0.44% | 0.31% | 0.27% | 0.28% | 0.31% | 0.21% | 0.26% | 0.28% | 0.21% | 0.23% | 0.21% | 0.44% | 0.55% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 624K | 12.24M | 1.1M | 3.27M | 25M | -746K | 1.76M | 549.41K | 1.77M | 15.86M | -288.53K | 795.43K | 1.12M | -352K | -392K | -289K | -348K | -413K | -907.6K | -566K | -551K | -3.46M | 0 | -30 | 5.83M | 3.73M | 4.9M | 3.5M | 2.7M |
| Operating Income | -7.48M | -6.71M | -5.1M | -37.43M | 14.54M | 27.35M | -31.07M | -1.71M | 21.24M | 2.06M | -8.25M | -13.03M | 16.1M | 1.81M | 7.32M | 8.81M | 6.19M | 702.24K | 8.82M | 16.46M | 12.76M | 6.41M | 4.54M | -277.73K | -2.31M | 11.88K | -543.43K | 5.24M | 800K | 9.7M | 12M |
| Operating Margin % | -9.78% | -8.95% | -2.86% | -19.38% | 5.55% | 8.17% | -12.14% | -0.56% | 7.56% | 1.02% | -5.95% | -7.43% | 8.07% | 0.92% | 3.71% | 5.16% | 4.1% | 0.68% | 5.27% | 9.23% | 8.39% | 4.97% | 4.55% | -0.35% | -3.1% | 0.01% | -0.48% | 4.48% | 0.75% | 7.66% | 9.46% |
| Operating Income Growth % | - | -31.65% | 86.39% | -357.37% | -46.82% | 188.03% | -1718.91% | -108.04% | 932.43% | 124.94% | 36.72% | -180.95% | 787.34% | -75.23% | -16.82% | 42.2% | 781.81% | -92.04% | -46.39% | 29% | 98.95% | 41.1% | 1736.3% | 87.97% | -19517.47% | 102.19% | -110.37% | 554.82% | -91.75% | -19.17% | -50.41% |
| EBITDA | -3.45M | -2.52M | 2.33M | -29.76M | 22.82M | 37.69M | -20.47M | 9.36M | 30.01M | 9.79M | -1.55M | -6.4M | 21.29M | 6.93M | 10.72M | 11.44M | 8.82M | 3.1M | 10.87M | 19.09M | 15.43M | 9.27M | 7.61M | 2.7M | 672.95K | 3.39M | 3.53M | 8.97M | 4.3M | 13.2M | 14.7M |
| EBITDA Margin % | -4.51% | -3.37% | 1.31% | -15.41% | 8.71% | 11.26% | -7.99% | 3.07% | 10.69% | 4.87% | -1.12% | -3.65% | 10.67% | 3.52% | 5.43% | 6.71% | 5.84% | 3% | 6.5% | 10.71% | 10.15% | 7.19% | 7.62% | 3.36% | 0.91% | 3.72% | 3.09% | 7.67% | 4.01% | 10.42% | 11.59% |
| EBITDA Growth % | -189.03% | -208.38% | 107.82% | -230.45% | -39.46% | 284.15% | -318.76% | -68.83% | 206.41% | 731.35% | 75.75% | -130.05% | 207.29% | -35.39% | -6.24% | 29.61% | 184.26% | -71.44% | -43.07% | 23.73% | 66.37% | 21.83% | 182.09% | 300.99% | -80.15% | -3.84% | -60.7% | 108.62% | -67.42% | -10.2% | -44.53% |
| D&A (Non-Cash Add-back) | 4.03M | 4.19M | 7.42M | 7.67M | 8.27M | 10.34M | 10.6M | 11.06M | 8.78M | 7.74M | 6.69M | 6.63M | 5.19M | 5.11M | 3.4M | 2.63M | 2.63M | 2.4M | 2.05M | 2.63M | 2.67M | 2.86M | 3.07M | 2.98M | 2.98M | 3.38M | 4.07M | 3.73M | 3.5M | 3.5M | 2.7M |
| EBIT | -7.48M | -6.71M | -4.65M | -36.84M | 14.75M | 26.98M | -29.86M | 55K | 18.68M | 2.46M | -8.26M | -7.12M | 19.1M | 3.52M | 6.94M | 8.89M | 6.2M | 702.02K | 8.64M | 16.48M | 12.76M | 8.2M | 4.54M | 212.27K | -2.43M | 11.88K | 1.22M | 5.24M | 2.2M | 9.74M | 12M |
| Net Interest Income | 1.12M | 712K | -418K | -4.24M | -2.74M | -1.49M | -2.11M | -3.82M | -2.21M | -985K | -932.57K | -1.35M | -1.09M | -1.36M | -600.89K | -140.78K | -54.24K | -350.4K | -684.94K | -1.15M | -793.88K | -919.81K | -1.07M | -996K | -846.19K | -918.03K | -1.18M | 0 | -700K | 0 | -800K |
| Interest Income | 1.12M | 712K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 366 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 418K | 4.24M | 2.74M | 1.49M | 2.11M | 3.82M | 2.21M | 985.37K | 932.57K | 1.35M | 1.09M | 1.36M | 600.89K | 140.78K | 54.24K | 350.4K | 684.94K | 1.15M | 793.88K | 919.81K | 1.07M | 996K | 846.19K | 918.03K | 1.18M | 0 | 700K | 0 | 800K |
| Other Income/Expense | 2.06M | 1.15M | 30K | -3.65M | -2.53M | -1.85M | -906K | -2.06M | -4.76M | -579K | -945.57K | 4.56M | 1.91M | 344.34K | -1.45M | -55.2K | -42.53K | -350.61K | -865.69K | -1.13M | -793.25K | 866.13K | -1.07M | -596.65K | -211.85K | -503.02K | -1.13M | -659.91K | -800K | -740.64K | -100K |
| Pretax Income | -5.42M | -5.56M | -5.07M | -41.08M | 12.01M | 25.5M | -31.97M | -3.76M | 16.47M | 1.48M | -9.19M | -8.47M | 18M | 4.11M | 5.88M | 8.75M | 6.15M | 351.63K | 7.96M | 15.32M | 11.96M | 7.28M | 3.48M | -874.38K | -2.52M | -491.13K | -1.67M | 4.58M | -1.9M | 9M | 11.9M |
| Pretax Margin % | -7.09% | -7.42% | -2.85% | -21.26% | 4.58% | 7.62% | -12.49% | -1.23% | 5.87% | 0.73% | -6.63% | -4.83% | 9.02% | 2.09% | 2.97% | 5.13% | 4.07% | 0.34% | 4.76% | 8.6% | 7.87% | 5.65% | 3.48% | -1.09% | -3.39% | -0.54% | -1.47% | 3.92% | -1.77% | 7.1% | 9.38% |
| Income Tax | 137K | 22K | 6.16M | -6.92M | -5.57M | 5.25M | -4.71M | -727K | 3.38M | 137.14K | -2.2M | 1.8M | 5.39M | 1.21M | 1.89M | 2.95M | 2.12M | 133K | 2.33M | 5.2M | 4.36M | 2.13M | 1.2M | -294K | -887K | -173K | -588K | 1.63M | 2.1M | 3.2M | 4.2M |
| Effective Tax Rate % | -2.53% | -0.4% | -121.58% | 16.86% | -46.36% | 20.6% | 14.72% | 19.32% | 20.49% | 9.28% | 23.91% | -21.24% | 29.91% | 29.45% | 32.23% | 33.75% | 34.41% | 37.82% | 29.23% | 33.93% | 36.41% | 29.28% | 34.59% | 33.62% | 35.2% | 35.22% | 35.18% | 35.64% | -110.53% | 35.56% | 35.29% |
| Net Income | 1.21M | -5.58M | -13.6M | -26.63M | 22.07M | 20.25M | -27.27M | -3.04M | 13.1M | 1.34M | -7.09M | -10.27M | 5.46M | 1.76M | 4.24M | 5.8M | 4.03M | 214.52K | 5.98M | 10.12M | 7.61M | 5.1M | 1.17M | -1.42M | -4.84M | -318.13K | -1.08M | 2.95M | 100K | 5.8M | 7.7M |
| Net Margin % | 1.58% | -7.45% | -7.64% | -13.78% | 8.42% | 6.05% | -10.65% | -0.99% | 4.66% | 0.67% | -5.12% | -5.85% | 2.74% | 0.89% | 2.14% | 3.4% | 2.67% | 0.21% | 3.58% | 5.68% | 5% | 3.95% | 1.18% | -1.77% | -6.51% | -0.35% | -0.95% | 2.52% | 0.09% | 4.58% | 6.07% |
| Net Income Growth % | 111.66% | 58.94% | 48.94% | -220.68% | 8.99% | 174.25% | -798.12% | -123.18% | 876.4% | 118.91% | 30.93% | -288.01% | 210.24% | -58.43% | -26.95% | 43.71% | 1780.43% | -96.41% | -40.91% | 33.08% | 49.3% | 334.02% | 182.65% | 70.67% | -1422.34% | 70.63% | -136.76% | 2846.65% | -98.28% | -24.68% | -46.9% |
| Net Income (Continuing) | -5.56M | -5.58M | -11.22M | -34.15M | 17.58M | 20.25M | -27.27M | -3.04M | 13.1M | 1.34M | -6.99M | -10.27M | 12.62M | 1.76M | 3.98M | 5.8M | 4.03M | 218.63K | 5.63M | 10.12M | 7.61M | 5.15M | 2.27M | -580.38K | -1.63M | -318.13K | -1.08M | 2.95M | 0 | 5.8M | 7.7M |
| Discontinued Operations | 0 | 0 | -2.37M | 7.52M | 4.49M | 0 | 0 | 0 | 0 | 0 | -99.33K | 0 | -7.16M | 0 | 0 | 0 | 0 | -4.11K | 351.59K | 0 | 0 | -51.41K | -1.1M | -840.27K | -2.98M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.13 | -0.58 | -1.34 | 2.63 | 2.12 | 2.14 | -3.00 | -0.34 | 1.48 | 0.15 | -0.82 | -1.18 | 0.63 | 0.25 | 0.66 | 0.91 | 0.64 | 0.03 | 0.95 | 1.60 | 1.22 | 0.83 | 0.19 | -0.24 | -0.81 | -0.05 | -0.18 | 0.45 | 0.01 | 0.83 | 1.09 |
| EPS Growth % | 109.7% | 56.72% | -150.95% | 24.06% | -0.93% | 171.33% | -782.35% | -122.97% | 886.67% | 118.29% | 30.51% | -287.3% | 152% | -62.12% | -27.47% | 42.19% | 2033.33% | -96.84% | -40.63% | 31.15% | 46.99% | 336.84% | 179.17% | 70.37% | -1520% | 72.22% | -140% | 4400% | -98.8% | -23.85% | -44.95% |
| EPS (Basic) | - | -0.58 | -1.34 | 2.63 | 2.16 | 2.17 | -3.00 | -0.34 | 1.49 | 0.15 | -0.82 | -1.18 | 0.63 | 0.25 | 0.67 | 0.92 | 0.64 | 0.03 | 0.96 | 1.63 | 1.24 | 0.84 | 0.20 | -0.24 | -0.81 | -0.05 | -0.18 | 0.45 | 0.01 | 0.84 | 1.10 |
| Diluted Shares Outstanding | 9.42M | 9.64M | 10.11M | 10.14M | 10.41M | 9.46M | 9.1M | 8.98M | 8.88M | 8.73M | 8.65M | 8.71M | 8.67M | 6.95M | 6.36M | 6.36M | 6.31M | 6.27M | 6.28M | 6.3M | 6.24M | 6.14M | 6.13M | 5.92M | 5.98M | 6.36M | 6.02M | 6.55M | 7.06M | 6.99M | 7.06M |
| Basic Shares Outstanding | 9.42M | 9.64M | 10.11M | 10.14M | 10.23M | 9.34M | 9.1M | 8.98M | 8.81M | 8.71M | 8.63M | 8.7M | 8.67M | 6.94M | 6.36M | 6.31M | 6.28M | 6.26M | 6.25M | 6.21M | 6.14M | 6.07M | 5.87M | 5.92M | 5.96M | 6.36M | 6.02M | 6.55M | 7.06M | 6.9M | 7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 16.91% | 85.62% | - | - | 48.2% | 128.35% | 37.69% | 27.26% | 78.48% | 294.2% | 26.18% | 9.16% | - | - | - | - | - | - | - | 44.42% | 2700% | 44.83% | 31.17% |
Persistent negative operating leverage
As indicated by the quarterly financial data, Ascent Industries has experienced a profound contraction in top-line performance, with revenue volatility highlighting a significant shift away from legacy high-volume steel distribution toward a more specialized, albeit currently smaller, operational footprint within the industrial materials and chemical sectors.
The sharp decline in quarterly revenue suggests that the company is actively shedding low-margin commodity business, which complicates year-over-year comparisons. Investors should monitor whether this reduced revenue base can eventually stabilize at a level that supports the company's specialized manufacturing capabilities.
Based on reported figures, gross margins have fluctuated significantly, ranging from a low of -5.2% in 2023Q4 to a peak of 29.3% in 2025Q3, suggesting that the company's value-added manufacturing model remains highly sensitive to raw material input costs and facility utilization rates.
The inconsistency in gross margin performance implies that the company lacks the pricing power necessary to fully pass through cost volatility in its specialty segments. This instability warrants further investigation into whether the current margin profile is a temporary byproduct of restructuring or a permanent feature of the business.
According to the income statement, Ascent Industries continues to struggle with negative operating margins, which reached -12.2% in 2026Q1, indicating that the current revenue scale is insufficient to cover the fixed costs associated with its specialized chemical and tubular manufacturing facilities.
The persistent inability to generate positive operating income suggests that the company's overhead structure is misaligned with its current output. Without a meaningful increase in throughput, the company may continue to face significant pressure on its bottom line regardless of improvements in gross margin.
Financial statements reveal that SG&A expenses have remained relatively sticky despite the massive contraction in revenue, leading to a situation where operating expenses frequently exceed gross profit, as seen in the most recent quarter where SG&A of $5.0M dwarfed the $2.7M gross profit.
This cost structure suggests that management has yet to successfully right-size the organization following its strategic pivot. The lack of expense discipline relative to the shrunken revenue base appears to be the primary driver of the company's ongoing operating losses.
While the company maintains a substantial cash position of $57.6 million, the persistent operating losses suggest that this capital is being slowly eroded, raising concerns about whether the current strategy of balance sheet preservation can effectively offset the ongoing decay in core operational profitability.
Short-term observers may focus on the cash-rich balance sheet as a valuation floor, but the fundamental analyst must question the sustainability of a business that consumes cash to maintain its current scale. The risk remains that the company may exhaust its liquidity before achieving a profitable operational inflection.
Quick answers to the most common questions about buying ACNT stock.
For fiscal year 2025, Ascent Industries Co. (ACNT) reported total revenue of $74.9M. This represents a 40.9% decline compared to $126.8M in 1996.
Ascent Industries Co. (ACNT) reported a net loss of $5.6M for the fiscal year ending 2025.
Ascent Industries Co. (ACNT) reported an operating income of $-6.7M, resulting in an operating profit margin of -9.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Ascent Industries Co. (ACNT) generated $16.9M in gross profit for the year, representing a gross profit margin of 22.6%. This demonstrates the company's core pricing power and production efficiency.