Revenue growth remains largely stagnant with a recent 99.9% contraction in 2026Q1, though the company has maintained gross margins near 39% despite volume pressures.
| 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 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 150.64M | 196.54M | 194.49M | 191.5M | 193.96M | 182.09M | 164M | 142.46M | 137.32M | 130.55M | 124.57M | 109.81M | 107.22M | 89.58M | 84.37M | 73.3M | 63.15M | 59.15M | 68.72M | 63.17M | 56.86M | 49.95M | 43.38M | 34.97M | 30.88M | 36.16M | 34.41M | 34.59M | 36.5M | 46.3M | 47.5M |
| Revenue Growth % | -22.95% | 1.06% | 1.56% | -1.27% | 6.52% | 11.03% | 15.12% | 3.74% | 5.19% | 4.8% | 13.44% | 2.42% | 19.7% | 6.17% | 15.1% | 16.08% | 6.76% | -13.93% | 8.78% | 11.1% | 13.85% | 15.14% | 24.03% | 13.25% | -14.6% | 5.09% | -0.5% | -5.25% | -21.17% | -2.53% | -9% |
| Cost of Goods Sold | 91.12M | 119.13M | 118.14M | 119.29M | 130.4M | 117.29M | 104.41M | 90.46M | 86.67M | 82.65M | 79.02M | 70.25M | 69.04M | 57.75M | 54.62M | 46.98M | 39.78M | 37.08M | 41.06M | 36.68M | 32.28M | 27.59M | 23.73M | 21.84M | 20.45M | 22.33M | 22.24M | 26.09M | 28.8M | 34.2M | 35M |
| COGS % of Revenue | - | 60.61% | 60.74% | 62.29% | 67.23% | 64.41% | 63.66% | 63.5% | 63.12% | 63.31% | 63.43% | 63.97% | 64.39% | 64.47% | 64.74% | 64.09% | 63% | 62.68% | 59.75% | 58.06% | 56.77% | 55.24% | 54.7% | 62.45% | 66.22% | 61.74% | 64.61% | 75.45% | 78.9% | 73.87% | 73.68% |
| Gross Profit | 59.51M | 77.41M | 76.35M | 72.21M | 63.56M | 64.8M | 59.59M | 52M | 50.65M | 47.9M | 45.55M | 39.56M | 38.19M | 31.82M | 29.75M | 26.32M | 23.37M | 22.07M | 27.66M | 26.49M | 24.58M | 22.35M | 19.65M | 13.13M | 10.43M | 13.84M | 12.18M | 8.49M | 7.7M | 12.1M | 12.5M |
| Gross Margin % | 39.51% | 39.39% | 39.26% | 37.71% | 32.77% | 35.59% | 36.34% | 36.5% | 36.88% | 36.69% | 36.57% | 36.03% | 35.61% | 35.53% | 35.26% | 35.91% | 37% | 37.32% | 40.25% | 41.94% | 43.23% | 44.76% | 45.3% | 37.55% | 33.78% | 38.26% | 35.39% | 24.55% | 21.1% | 26.13% | 26.32% |
| Gross Profit Growth % | - | 1.39% | 5.73% | 13.61% | -1.92% | 8.74% | 14.6% | 2.67% | 5.74% | 5.15% | 15.15% | 3.6% | 19.99% | 6.98% | 13% | 12.67% | 5.85% | -20.19% | 4.39% | 7.77% | 9.97% | 13.75% | 49.65% | 25.87% | -24.6% | 13.63% | 43.42% | 10.27% | -36.36% | -3.2% | -6.72% |
| Operating Expenses | 47.21M | 62.69M | 62.21M | 59.02M | 57.28M | 52.03M | 48.18M | 43.57M | 43.19M | 40.1M | 37.11M | 32.21M | 30.79M | 25.95M | 24.39M | 22.04M | 20.39M | 19.05M | 20.78M | 19.74M | 17.87M | 15.51M | 14.16M | 10.65M | 9.53M | 11.37M | 9.75M | 7.61M | 8.5M | 11.3M | 12.7M |
| OpEx % of Revenue | - | 31.89% | 31.99% | 30.82% | 29.53% | 28.57% | 29.38% | 30.59% | 31.45% | 30.72% | 29.79% | 29.34% | 28.72% | 28.96% | 28.9% | 30.07% | 32.28% | 32.2% | 30.24% | 31.25% | 31.43% | 31.06% | 32.65% | 30.44% | 30.85% | 31.43% | 28.33% | 22% | 23.29% | 24.41% | 26.74% |
| Selling, General & Admin | 30.74M | 62.69M | 62.21M | 59.02M | 57.28M | 52.03M | 47.93M | 42.98M | 43.19M | 40.1M | 37.11M | 32.21M | 30.79M | 25.95M | 24.39M | 22.04M | 20.39M | 19.05M | 20.78M | 19.74M | 17.87M | 15.51M | 14.16M | 10.65M | 9.53M | 11.37M | 9.75M | 7.61M | 8.5M | 11.3M | 12.7M |
| SG&A % of Revenue | - | 31.89% | 31.99% | 30.82% | 29.53% | 28.57% | 29.23% | 30.17% | 31.45% | 30.72% | 29.79% | 29.34% | 28.72% | 28.96% | 28.9% | 30.07% | 32.28% | 32.2% | 30.24% | 31.25% | 31.43% | 31.06% | 32.65% | 30.44% | 30.85% | 31.43% | 28.33% | 22% | 23.29% | 24.41% | 26.74% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 251K | 596K | 734K | 752K | 750K | 690K | 665K | 602.99K | 572.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | 0.15% | 0.42% | 0.53% | 0.58% | 0.6% | 0.63% | 0.62% | 0.67% | 0.68% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.3M | 0 | -118 | 0 | -246K | -196K | 0 | 0 | -68K | 25K | -76K | -168K | -118K | -35K | -99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 12.8M | 14.72M | 14.14M | 13.19M | 6.27M | 12.77M | 11.41M | 8.43M | 7.46M | 7.88M | 8.44M | 7.35M | 7.39M | 5.88M | 5.36M | 4.28M | 2.98M | 3.03M | 6.88M | 6.75M | 6.71M | 5.34M | 5.49M | 2.49M | 556.01K | 2.47M | 2.43M | 600K | -1M | -1.9M | -2M |
| Operating Margin % | 8.5% | 7.49% | 7.27% | 6.89% | 3.23% | 7.01% | 6.96% | 5.92% | 5.43% | 6.04% | 6.78% | 6.69% | 6.9% | 6.56% | 6.35% | 5.85% | 4.72% | 5.12% | 10.01% | 10.69% | 11.81% | 10.7% | 12.66% | 7.11% | 1.8% | 6.83% | 7.06% | 1.73% | -2.74% | -4.1% | -4.21% |
| Operating Income Growth % | - | 4.14% | 7.21% | 110.23% | -50.87% | 11.89% | 35.39% | 13.04% | -5.4% | -6.62% | 14.9% | -0.64% | 25.77% | 9.66% | 25.11% | 43.78% | -1.55% | -56% | 1.88% | 0.58% | 25.66% | -2.7% | 120.82% | 347.18% | -77.49% | 1.67% | 304.83% | 160% | 47.37% | 5% | 73.33% |
| EBITDA | 19.39M | 21.07M | 20.21M | 18.26M | 10.81M | 16.98M | 15.25M | 11.88M | 10.69M | 10.78M | 10.86M | 9.4M | 9.09M | 7.08M | 6.45M | 5.26M | 3.85M | 3.94M | 7.89M | 7.62M | 7.55M | 5.99M | 6.01M | 2.94M | 1.12M | 3.19M | 3.18M | 1.6M | 300K | -800K | -600K |
| EBITDA Margin % | 12.87% | 10.72% | 10.39% | 9.53% | 5.57% | 9.32% | 9.3% | 8.34% | 7.78% | 8.26% | 8.72% | 8.56% | 8.48% | 7.91% | 7.65% | 7.18% | 6.1% | 6.67% | 11.48% | 12.07% | 13.27% | 12% | 13.86% | 8.42% | 3.62% | 8.83% | 9.23% | 4.63% | 0.82% | -1.73% | -1.26% |
| EBITDA Growth % | -3.6% | 4.27% | 10.7% | 68.91% | -36.33% | 11.32% | 28.36% | 11.18% | -0.85% | -0.79% | 15.57% | 3.36% | 28.38% | 9.82% | 22.55% | 36.71% | -2.4% | -49.98% | 3.46% | 0.99% | 25.91% | -0.3% | 104.21% | 163.25% | -64.98% | 0.49% | 98.62% | 433.33% | 137.5% | -33.33% | 89.29% |
| D&A (Non-Cash Add-back) | 4.85M | 6.35M | 6.07M | 5.07M | 4.54M | 4.21M | 3.84M | 3.45M | 3.23M | 2.89M | 2.42M | 2.05M | 1.7M | 1.2M | 1.09M | 978.84K | 870.16K | 917.89K | 1.01M | 871.25K | 835.13K | 652.77K | 522.35K | 458.05K | 562.49K | 724.01K | 748.94K | 1M | 1.3M | 1.1M | 1.4M |
| EBIT | 14.67M | 15.22M | 14.38M | 25.83M | 6.06M | 16.1M | 10.77M | 8.37M | 7.42M | 7.85M | 8.37M | 7.18M | 7.29M | 6M | 5.44M | 4.43M | 3.31M | 3.61M | 7.07M | 6.96M | 6.96M | 5M | 5.5M | 2.49M | 905.22K | 2.47M | 2.43M | 600K | -1M | -1.5M | -1.9M |
| Net Interest Income | -1.22M | -1.56M | -1.94M | -2.98M | -2.36M | -908.22K | -919.71K | -1.79M | -1.86M | -1.33M | -868.51K | -565.21K | -473.49K | -350.33K | -264.4K | -254.56K | -141.75K | -25.67K | -395.55K | -655.45K | -615.5K | -234.87K | -157.34K | -235.26K | -605.34K | -790.91K | -926.95K | 0 | -1.5M | 0 | -1.5M |
| Interest Income | 64.03K | 123K | 141.32K | 119.32K | 32K | 14K | 24.65K | 40K | 33K | 29K | 119 | 5K | 17K | 152K | 179K | 149.76K | 159.56K | 129K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.29M | 1.68M | 2.08M | 3.1M | 2.4M | 922K | 944.36K | 1.83M | 1.89M | 1.36M | 869K | 570K | 490K | 502K | 444K | 404.33K | 301.3K | 155K | 395.55K | 655.45K | 615.5K | 234.87K | 157.34K | 235.26K | 605.34K | 790.91K | 926.95K | 0 | 1.5M | 0 | 1.5M |
| Other Income/Expense | -1.8M | -1.61M | -1.85M | 9.55M | -2.61M | 2.4M | -1.59M | -1.89M | -1.93M | -1.39M | -945.35K | -732.61K | -591.74K | -385.2K | -363.47K | -258.94K | -69.31K | 426.33K | -202.69K | -449.09K | -363.94K | -576.13K | -150.13K | -144.09K | -458.73K | -758K | -1.33M | 0 | -1.4M | 0 | -2.6M |
| Pretax Income | 11M | 13.12M | 12.29M | 22.73M | 3.66M | 15.18M | 9.83M | 6.54M | 5.53M | 6.49M | 7.5M | 6.61M | 6.8M | 5.49M | 5M | 4.03M | 2.91M | 3.45M | 6.68M | 6.3M | 6.35M | 4.77M | 5.34M | 2.34M | 97.28K | 1.71M | 1.1M | -182.99K | -2.4M | -2.7M | -3.1M |
| Pretax Margin % | 7.3% | 6.67% | 6.32% | 11.87% | 1.89% | 8.33% | 5.99% | 4.59% | 4.03% | 4.97% | 6.02% | 6.02% | 6.34% | 6.13% | 5.92% | 5.49% | 4.61% | 5.84% | 9.72% | 9.98% | 11.17% | 9.54% | 12.31% | 6.7% | 0.32% | 4.73% | 3.18% | -0.53% | -6.58% | -5.83% | -6.53% |
| Income Tax | 2.47M | 2.93M | 2.27M | 4.94M | 628K | 1.52M | 1.73M | 1.03M | 933K | 2.44M | 1.65M | 1.82M | 2.01M | 1.49M | 1.45M | 1.21M | 337.88K | 611K | 2.21M | 2.28M | 2.46M | 1.83M | 2.1M | 1.12M | -562.22K | 431.82K | 35.21K | -26.55K | 0 | 100K | 100K |
| Effective Tax Rate % | 22.44% | 22.36% | 18.47% | 21.74% | 17.14% | 10.01% | 17.58% | 15.73% | 16.87% | 37.59% | 21.94% | 27.52% | 29.6% | 27.14% | 28.98% | 30.17% | 11.61% | 17.69% | 33.09% | 36.18% | 38.8% | 38.37% | 39.36% | 47.84% | -577.96% | 25.22% | 3.21% | 14.51% | 0% | -3.7% | -3.23% |
| Net Income | 8.53M | 10.19M | 10.02M | 17.79M | 3.03M | 13.66M | 8.1M | 5.51M | 4.6M | 4.05M | 5.85M | 4.79M | 4.79M | 4M | 3.55M | 2.81M | 2.57M | 2.84M | 4.47M | 4.02M | 3.89M | 2.94M | 3.24M | 1.22M | 659.49K | 1.28M | 1.06M | 2.17M | -1.7M | 200K | -3.2M |
| Net Margin % | 5.66% | 5.18% | 5.15% | 9.29% | 1.56% | 7.5% | 4.94% | 3.87% | 3.35% | 3.1% | 4.7% | 4.37% | 4.47% | 4.47% | 4.21% | 3.84% | 4.07% | 4.8% | 6.5% | 6.37% | 6.83% | 5.88% | 7.47% | 3.49% | 2.14% | 3.54% | 3.08% | 6.27% | -4.66% | 0.43% | -6.74% |
| Net Income Growth % | -15.02% | 1.62% | -43.67% | 486.31% | -77.78% | 68.61% | 46.89% | 19.91% | 13.47% | -30.75% | 22.05% | 0.1% | 19.64% | 12.79% | 26.25% | 9.26% | -9.47% | -36.38% | 11.06% | 3.52% | 32.29% | -9.3% | 165.05% | 85.27% | -48.49% | 20.72% | -51.09% | 227.55% | -950% | 106.25% | 63.22% |
| Net Income (Continuing) | 8.53M | 10.19M | 10.02M | 17.79M | 3.03M | 13.66M | 8.1M | 5.51M | 4.6M | 4.05M | 5.85M | 4.79M | 4.79M | 4M | 3.55M | 2.81M | 2.57M | 2.84M | 4.47M | 4.02M | 3.89M | 2.94M | 3.24M | 1.22M | 659.49K | 1.28M | 1.06M | -200K | -2.4M | -2.8M | -4.7M |
| Discontinued Operations | 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 |
| 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) | 2.05 | 2.49 | 2.45 | 4.86 | 0.82 | 3.45 | 2.31 | 1.60 | 1.30 | 1.09 | 1.64 | 1.30 | 1.36 | 1.22 | 1.13 | 0.91 | 0.81 | 0.85 | 1.24 | 1.09 | 1.05 | 0.78 | 0.85 | 0.34 | 0.19 | 0.36 | 0.30 | 0.64 | -0.49 | 0.06 | -0.98 |
| EPS Growth % | -5.31% | 1.63% | -49.59% | 492.68% | -76.23% | 49.35% | 44.38% | 23.08% | 19.27% | -33.54% | 26.15% | -4.41% | 11.48% | 7.96% | 24.18% | 12.35% | -4.71% | -31.45% | 13.76% | 3.81% | 34.62% | -8.24% | 150% | 78.95% | -47.22% | 20% | -53.13% | 230.61% | -916.67% | 106.12% | 61.87% |
| EPS (Basic) | - | 2.69 | 2.71 | 4.98 | 0.86 | 3.93 | 2.42 | 1.65 | 1.36 | 1.21 | 1.76 | 1.44 | 1.48 | 1.26 | 1.14 | 0.91 | 0.82 | 0.86 | 1.28 | 1.14 | 1.11 | 0.84 | 0.96 | 0.37 | 0.19 | 0.37 | 0.30 | 0.64 | -0.49 | 0.06 | -0.98 |
| Diluted Shares Outstanding | 4.16M | 4.09M | 4.1M | 3.66M | 3.72M | 3.96M | 3.51M | 3.45M | 3.54M | 3.73M | 3.58M | 3.69M | 3.53M | 3.28M | 3.13M | 3.1M | 3.19M | 3.35M | 3.61M | 3.7M | 3.7M | 3.77M | 3.81M | 3.59M | 3.47M | 3.56M | 3.54M | 3.38M | 3.47M | 3.35M | 3.26M |
| Basic Shares Outstanding | 3.81M | 3.79M | 3.7M | 3.66M | 3.53M | 3.47M | 3.34M | 3.35M | 3.37M | 3.36M | 3.33M | 3.33M | 3.24M | 3.17M | 3.12M | 3.1M | 3.13M | 3.29M | 3.49M | 3.54M | 3.5M | 3.5M | 3.37M | 3.3M | 3.47M | 3.46M | 3.54M | 3.28M | 3.47M | 3.35M | 3.26M |
| Dividend Payout Ratio | - | 23.01% | 22.17% | 11.2% | 62.72% | 13.13% | 19.81% | 29.18% | 32.29% | 34.76% | 22.78% | 25.01% | 22.22% | 18.2% | 30.7% | 27.45% | 25.49% | 23.31% | 13.31% | 13.16% | 11.04% | 12.97% | 4.42% | - | - | - | - | - | - | - | - |
Stagnant organic revenue growth
As reported in financial statements, ACU's revenue growth has remained largely flat, with quarterly fluctuations failing to establish a clear upward trend, evidenced by the 1.9% growth in 2025Q3 and the significant contraction observed in the most recent 2026Q1 period, suggesting limited organic expansion capacity.
The company's inability to consistently grow revenue suggests that its legacy cutting and office segments may be facing saturation or competitive displacement. Investors should monitor whether the reliance on tuck-in acquisitions is masking a lack of underlying demand for the core product portfolio.
Based on reported figures, ACU has maintained gross margins consistently near the 39% level, demonstrating a degree of pricing power that appears resilient despite the lack of significant top-line growth and the inherent volatility in raw material costs like stainless steel and plastic resins.
This margin stability suggests that the shift toward higher-margin safety and first aid replenishment is successfully offsetting the commoditized nature of the legacy hardware business. However, the company's ability to sustain these levels may be tested if inflationary pressures on medical-grade materials continue to escalate.
According to recent SEC filings, ACU's operating income has shown significant volatility, with operating margins ranging from 3.3% to 11.8% over the last ten quarters, indicating that SG&A expenses are not scaling efficiently with gross profit, thereby limiting the company's overall operating leverage potential.
The lack of consistent operating margin expansion implies that the company may be incurring high fixed costs to support its distribution and compliance infrastructure. This suggests that management's current strategy may prioritize market presence over immediate bottom-line scalability.
As indicated by the provided data, ACU's net income has experienced notable swings, including a significant outlier in 2023Q4, which warrants further investigation into the impact of non-operating items and the potential influence of stock-based compensation on the reported earnings per share figures.
The variability in net margins suggests that investors should look past headline EPS to understand the underlying cash-generating capability of the business. The presence of periodic, large-scale stock-based compensation charges may be diluting the quality of earnings and requires careful scrutiny in future reporting periods.
While the safety segment provides a defensive moat, the company's reliance on third-party manufacturing and potential exposure to US-China trade tensions, as noted in historical context, suggests that margin compression remains a credible risk if the company cannot pass through rising input costs effectively.
Short-term investors might focus on the stagnant revenue growth as a signal that the company's competitive advantage is weakening. If the safety replenishment cycle fails to scale, the company may be forced to rely on aggressive pricing, which could ultimately erode the brand equity of its legacy products.
Quick answers to the most common questions about buying ACU stock.
For fiscal year 2025, Acme United Corporation (ACU) reported total revenue of $196.5M. This represents a 313.8% increase compared to $47.5M in 1996.
Acme United Corporation (ACU) is profitable, generating $10.2M in net income for the fiscal year ending 2025 with a net profit margin of 5.2%.
Acme United Corporation (ACU) reported an operating income of $14.7M, resulting in an operating profit margin of 7.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Acme United Corporation (ACU) generated $77.4M in gross profit for the year, representing a gross profit margin of 39.4%. This demonstrates the company's core pricing power and production efficiency.