Cash generation remains unreliable, highlighted by a negative OCF/NI ratio of -4.62 in 2025Q1 and a precarious cash balance of only $9.2 million as of 2026Q1.
| 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 |
|---|
| Cash from Operations | 8.27M | 1.34M | 18.03M | -3.69M | -27.21M | -15.87M | 33.63M | -7.1M | -6.72M | -15.84M | -5.63M | 20.5M | 19.98M | 37.77M | 25.44M | 22.29M | 42.95M | 39.67M | 46.5M | 28.5M | 26.71M | 10.99M | 9.41M | 4.1M | 21.38M | 9.89M | 15.8M | 20M | 25.7M | 14.2M | 17.8M |
| Operating CF Margin % | - | 0.31% | 4.31% | -0.87% | -6.97% | -4.6% | 10.24% | -1.78% | -1.6% | -4.11% | -1.7% | 8.6% | 7.32% | 13.44% | 8.69% | 6.46% | 13.14% | 13.26% | 11.79% | 8.22% | 8.85% | 4.45% | 4.64% | 2.28% | 11.38% | 5.16% | 6.93% | 9.34% | 13.52% | 8.17% | 10.96% |
| Operating CF Growth % | 78.65% | -92.54% | 589.09% | 86.45% | -71.49% | -147.17% | 573.93% | -5.55% | 57.55% | -181.13% | -127.48% | 2.65% | -47.12% | 48.46% | 14.17% | -48.11% | 8.27% | -14.68% | 63.12% | 6.7% | 143.16% | 16.77% | 129.41% | -80.81% | 116.06% | -37.37% | -21.02% | -22.18% | 80.99% | -20.22% | 1.14% |
| Net Income | -68.08M | -63.54M | 2.35M | -38.12M | 3.98M | -12.13M | 7.97M | -10.47M | -43.58M | -11.3M | -79.81M | 1.37M | -1.19M | 12.44M | 8.36M | 21.31M | 15.46M | 27.68M | 12.57M | 39.23M | 16.64M | 15.04M | -2.6M | 2.55M | 2.26M | -983K | 16.19M | 15.1M | 15.7M | 16.5M | 12.4M |
| Depreciation & Amortization | 16.73M | 21.79M | 18.61M | 17.67M | 17.41M | 17.88M | 18.6M | 18.97M | 21.38M | 22.39M | 20.46M | 11.79M | 11.82M | 11.34M | 10.66M | 10.15M | 8.56M | 7.15M | 6.99M | 6.66M | 6.51M | 6.57M | 6.27M | 6.21M | 7.63M | 7.75M | 7.42M | 7.6M | 7.5M | 6.7M | 6.2M |
| Stock-Based Compensation | 0 | 1.35M | 1.48M | 2.15M | 1.67M | 2.44M | 0 | 1.42M | 2.12M | 2.4M | 2.33M | 1.33M | 1.1M | 1.2M | 1.26M | 1.95M | 3.27M | 1.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -1.21M | 259K | -2.96M | 468K | 1.3M | 958K | 559K | -1.81M | 3.18M | 23.41M | -2.3M | -4.56M | 111K | 2.54M | 5.97M | 2.35M | 7.18M | -14.07M | 3.15M | -12.01M | -2.88M | -60K | 2.05M | 2.96M | 2.01M | 2.21M | 600K | 1M | 3.6M | 3.8M |
| Other Non-Cash Items | 1.95M | 53.97M | -13.59M | 35.09M | -14.46M | 1.64M | -6.64M | -1.02M | 9.73M | -1.03M | 29.61M | 7.14M | 13.59M | -457K | 12.43M | 2.17M | 23.34M | -490K | 43.23M | -3.65M | 25.06M | -1.47M | 1.7M | -723K | 676K | 5.7M | -1.82M | 200K | 600K | 100K | 400K |
| Working Capital Changes | 0 | -11.01M | 8.91M | -17.51M | -36.26M | -26.99M | 12.74M | -16.55M | 5.44M | -31.47M | -1.63M | 1.18M | -792K | 13.14M | -9.81M | -19.28M | -10.02M | -3.65M | 506K | -15.75M | -9.48M | -6.27M | 4.1M | -5.99M | 7.85M | -4.58M | -8.21M | -4.1M | 900K | -9.5M | -4.5M |
| Change in Receivables | 0 | 11.72M | 20.04M | 7.79M | -11.63M | -8.27M | 20.87M | -15.04M | 8.92M | -12.92M | 5.7M | 9.39M | -6.86M | 4.2M | 5.19M | -12.85M | -7.48M | 2.32M | -4.43M | -4.43M | -5.58M | 1.96M | 1.96M | 6.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 7.37M | 4.76M | -1.4M | -17.9M | -18.4M | 10.22M | 10.8M | -5.4M | -20.36M | 8.31M | -4.53M | 7.13M | 7.06M | -1.1M | 301K | 385K | -5.34M | -205K | -13.41M | -5.16M | 3.98M | -5.12M | -1.68M | 93K | -1.11M | -3.31M | -100K | 300K | -2.2M | 0 |
| Change in Payables | 0 | 11.38M | -104K | -6.36M | 1.56M | 17.6M | -7.78M | -5.29M | 5.22M | 7.82M | -8.82M | -3M | 1.59M | -183K | -3.89M | -732K | 4.2M | -1M | 3.55M | 3.55M | 325K | 3.95M | 3.95M | -2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -10.75M | -9.22M | -8.24M | -19.68M | -16.31M | -14.73M | -7.93M | -2.82M | -3.37M | -13.18M | -40.88M | -14.3M | -13.22M | -11.93M | -9.37M | -15.37M | -33.16M | -50.2M | -24.89M | -14.37M | 24.1M | -10.89M | -5.11M | 6.86M | -3.01M | -8.21M | -12.17M | -35M | -10.9M | -14.6M | -17.6M |
| Capital Expenditures | -10.59M | -9.4M | -12.19M | -20.45M | -16.69M | -15.24M | -8.47M | -10.96M | -9.72M | -14.9M | -10.57M | -9.41M | -13.31M | -11.8M | -9.67M | -15.78M | -35M | -39.24M | -22.64M | -13.11M | -7.84M | -4.87M | -7.15M | -8.53M | -5.65M | -9.42M | -13.17M | -35.9M | -13M | -15.1M | -8.9M |
| CapEx % of Revenue | 2.42% | 2.17% | 2.92% | 4.84% | 4.28% | 4.42% | 2.58% | 2.76% | 2.32% | 3.87% | 3.18% | 3.94% | 4.88% | 4.2% | 3.3% | 4.58% | 10.71% | 13.12% | 5.74% | 3.78% | 2.6% | 1.97% | 3.53% | 4.73% | 3.01% | 4.91% | 5.78% | 16.76% | 6.84% | 8.68% | 5.48% |
| Acquisitions | 1.33M | 0 | 0 | 0 | 17K | -272K | 271K | 7.99M | 7.7M | 1.5M | -30.3M | -5M | 0 | 0 | 0 | 0 | 0 | -8.82M | 0 | 102K | 0 | 0 | 0 | 0 | 0 | 0 | -2.46M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.08M | -435K | 3.31M | 128K | -1K | 502K | 266K | 152K | -1.55M | -1.89M | -16K | 11K | 185K | 18K | 375K | 489K | 1.88M | -2.04M | -2.73M | -3.36M | 382K | 67K | 2.04M | 15.39M | 2.64M | 1.22M | 408K | 900K | 2.1M | -4.4M | -8.7M |
| Cash from Financing | 4.12M | 2.21M | -1.35M | 21.69M | 42.59M | 24.4M | -17.22M | -3.78M | 11.25M | 9.65M | -8.88M | -7.51M | -6.85M | -7.24M | -7.3M | -7.21M | -5.91M | -6.15M | -7.02M | 1.29M | -3.12M | -3.7M | -2.9M | -3.64M | -4.96M | -5.83M | -1.72M | -1.6M | -3.4M | -3.3M | 9.8M |
| Debt Issued (Net) | 4.1M | 2.19M | -1.42M | 11.36M | 36.34M | 21.09M | -35.03M | -8.27M | 11.76M | 19.79M | -2.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.35M | -2M | 2M | 2.1M | 0 | 0 | 11.2M |
| Equity Issued (Net) | 18K | 18K | 0 | 0 | 193K | 3.31M | 18.14M | 0 | 0 | 0 | 0 | 0 | 581K | 214K | 123K | 167K | 790K | 912K | 0 | 3.63M | 807K | 204K | 978K | 216K | 238K | 16K | 125K | 100K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35K | -2.24M | -5.21M | -7.51M | -7.49M | -7.46M | -7.44M | -7.43M | -7.38M | -7.34M | -7.02M | -5.51M | -3.93M | -3.88M | -3.88M | -3.85M | -3.85M | -3.84M | -3.84M | -3.8M | -3.4M | -3.3M | -1.4M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 63K | 10.33M | 6.05M | 0 | -329K | 4.49M | -477K | -7.91M | -1.25M | 0 | 60K | 5K | 16K | 47K | 681K | 276K | 0 | 3.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -7.13M | -4.72M | 8.14M | -1.45M | -1.6M | -6.5M | 9.88M | -13.88M | 137K | -17.88M | -56.54M | -1.98M | -812K | 19.02M | 9M | -133K | 3.58M | -15.17M | 9.98M | 15.54M | 48.17M | -3.43M | 1.06M | 7.95M | 14.17M | -4.35M | 1.54M | -16.8M | -3.4M | -3.8M | 9.9M |
| Free Cash Flow | -2.32M | -8.06M | 5.83M | -24.13M | -43.9M | -31.1M | 25.17M | -18.06M | -16.44M | -30.74M | -16.2M | 11.1M | 6.67M | 25.97M | 15.78M | 6.51M | 7.95M | 426K | 23.86M | 15.4M | 18.88M | 6.12M | 2.26M | -4.42M | 15.73M | 470K | 2.63M | -15.9M | 12.7M | -900K | 8.9M |
| FCF Margin % | -0.53% | -1.86% | 1.39% | -5.71% | -11.25% | -9.02% | 7.66% | -4.54% | -3.92% | -7.98% | -4.88% | 4.65% | 2.44% | 9.24% | 5.39% | 1.89% | 2.43% | 0.14% | 6.05% | 4.44% | 6.26% | 2.48% | 1.11% | -2.45% | 8.38% | 0.24% | 1.15% | -7.42% | 6.68% | -0.52% | 5.48% |
| FCF Growth % | 30.65% | -238.17% | 124.17% | 45.02% | -41.14% | -223.57% | 239.36% | -9.84% | 46.51% | -89.74% | -245.97% | 66.49% | -74.33% | 64.61% | 142.45% | -18.15% | 1766.2% | -98.21% | 54.96% | -18.43% | 208.51% | 171.11% | 151.02% | -128.13% | 3245.96% | -82.1% | 116.52% | -225.2% | 1511.11% | -110.11% | -31.54% |
| FCF per Share | -0.11 | -0.40 | 0.29 | -1.23 | -2.26 | -1.64 | 1.72 | -1.43 | -1.32 | -2.49 | -1.36 | 1.06 | 0.64 | 2.50 | 1.52 | 0.63 | 0.77 | 0.04 | 2.34 | 1.52 | 1.89 | 0.62 | 0.23 | -0.46 | 1.63 | 0.05 | 0.27 | -1.66 | 1.33 | -0.09 | 0.93 |
| FCF Conversion (FCF/Net Income) | 0.03x | -0.02x | 41.16x | 0.09x | -7.96x | 4.11x | 4.22x | 0.34x | 0.10x | 1.31x | 0.07x | 14.93x | -16.83x | 3.04x | 3.05x | 1.05x | 2.78x | 1.43x | 3.70x | 0.73x | 1.61x | 0.73x | -3.62x | -1.61x | 9.45x | -10.06x | 0.98x | 1.32x | 1.64x | 0.86x | 1.44x |
| Interest Paid | 0 | 0 | 10.17M | 7.92M | 5.92M | 2.9M | 0 | 4.25M | 1.95M | 1.28M | 957K | 225K | 237K | 246K | 246K | 316K | 324K | 326K | 534K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 535K | 0 | 2.51M | 2.33M | 896K | 1.63M | 0 | 1.76M | 1.42M | 844K | 4.4M | 3.25M | 3.42M | 2.9M | 4.46M | 5.71M | 8.36M | 11.43M | 13.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and margin volatility
As reported in recent financial filings, Ampco-Pittsburgh exhibits a chronic inability to convert net income into operating cash flow, evidenced by an OCF/NI ratio that frequently swings into negative territory, such as the -4.62 reading observed during the 2025Q1 period of reported operations.
The consistent divergence between accounting losses and operating cash flow suggests that non-cash charges and working capital fluctuations are masking the underlying cash-generative capacity of the business. Investors should monitor whether this disconnect reflects structural inefficiencies in the manufacturing process or merely the impact of lumpy, project-based revenue recognition.
Based on the provided quarterly data, the company's free cash flow trajectory remains highly erratic, with margins fluctuating between a peak of 8.8% in 2024Q3 and a trough of -7.2% in 2025Q1, indicating a lack of predictable cash generation across the industrial cycle.
The inability to maintain positive free cash flow suggests that the company's capital-intensive operations are struggling to cover both maintenance requirements and operational overhead. This volatility may imply that the business is highly sensitive to minor shifts in mill utilization rates, which directly impacts the cash-conversion cycle.
According to historical cash flow statements, Ampco-Pittsburgh maintains a capital expenditure-to-revenue ratio averaging roughly 3%, a level that appears burdensome given the company's current negative net margins and limited cash reserves of approximately $10.7 million as of the most recent reporting period.
The ongoing commitment to capital spending, while necessary for maintaining aging forge infrastructure, appears to be outpacing the company's ability to generate internal funding. This capital intensity warrants further investigation into whether these expenditures are truly growth-oriented or merely essential maintenance required to prevent operational failure.
As indicated by the quarterly cash flow data, working capital changes have been inconsistent, with a notable $11.2 million outflow in 2023Q4 followed by a $9.0 million inflow in 2024Q4, suggesting that inventory and receivables management is subject to significant, non-linear swings in industrial demand.
The lack of stability in working capital suggests that the company may be struggling to align its production schedules with actual customer delivery requirements. This variability may indicate that the firm is carrying excess inventory during periods of softening demand, which further pressures the already strained liquidity position.
Quick answers to the most common questions about buying AP stock.
Ampco-Pittsburgh Corporation (AP) generated $1.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ampco-Pittsburgh Corporation (AP) reported negative free cash flow of $8.1M in 2025, indicating capital requirements exceeded cash from operations.
Ampco-Pittsburgh Corporation (AP) spent $9.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.