Revenue growth remains highly inconsistent, fluctuating between a 15.6% expansion in 2023Q4 and a 6.6% contraction in 2024Q4, while gross margins have compressed from 21.3% in 2025Q1 to 16.1% by 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 |
|---|
| Sales/Revenue | 438.23M | 434.17M | 418.31M | 422.34M | 390.19M | 344.92M | 328.54M | 397.9M | 419.43M | 385.15M | 331.87M | 238.48M | 272.86M | 281.05M | 292.9M | 344.82M | 326.89M | 299.18M | 394.51M | 346.83M | 301.78M | 247M | 202.86M | 180.23M | 187.76M | 191.84M | 228.03M | 214.2M | 190.1M | 173.9M | 162.4M |
| Revenue Growth % | 6.27% | 3.79% | -0.96% | 8.24% | 13.12% | 4.98% | -17.43% | -5.13% | 8.9% | 16.06% | 39.16% | -12.6% | -2.91% | -4.05% | -15.05% | 5.49% | 9.26% | -24.17% | 13.75% | 14.93% | 22.18% | 21.76% | 12.55% | -4.01% | -2.13% | -15.87% | 6.46% | 12.68% | 9.32% | 7.08% | 12.93% |
| Cost of Goods Sold | 374.52M | 375.99M | 336.81M | 347.78M | 328M | 278.81M | 257.51M | 326.16M | 351.84M | 316.98M | 276.5M | 196.09M | 218.6M | 217.34M | 225.91M | 256.03M | 229.53M | 202.77M | 280.09M | 243.81M | 221.88M | 194.98M | 169.82M | 141.74M | 145.38M | 148.81M | 167.78M | 152.9M | 131.6M | 120.1M | 113.9M |
| COGS % of Revenue | - | 86.6% | 80.52% | 82.35% | 84.06% | 80.83% | 78.38% | 81.97% | 83.88% | 82.3% | 83.32% | 82.23% | 80.11% | 77.33% | 77.13% | 74.25% | 70.22% | 67.78% | 71% | 70.3% | 73.52% | 78.94% | 83.71% | 78.64% | 77.43% | 77.57% | 73.58% | 71.38% | 69.23% | 69.06% | 70.14% |
| Gross Profit | 63.71M | 58.18M | 81.5M | 74.56M | 62.19M | 66.11M | 71.03M | 71.75M | 67.59M | 68.17M | 55.37M | 42.39M | 54.26M | 63.71M | 67M | 88.79M | 97.36M | 96.41M | 114.42M | 103.03M | 79.9M | 52.02M | 33.04M | 38.49M | 42.38M | 43.03M | 60.24M | 61.3M | 58.5M | 53.8M | 48.5M |
| Gross Margin % | 14.54% | 13.4% | 19.48% | 17.65% | 15.94% | 19.17% | 21.62% | 18.03% | 16.12% | 17.7% | 16.68% | 17.77% | 19.89% | 22.67% | 22.87% | 25.75% | 29.78% | 32.22% | 29% | 29.7% | 26.48% | 21.06% | 16.29% | 21.36% | 22.57% | 22.43% | 26.42% | 28.62% | 30.77% | 30.94% | 29.86% |
| Gross Profit Growth % | - | -28.61% | 9.3% | 19.88% | -5.93% | -6.92% | -1% | 6.15% | -0.85% | 23.12% | 30.62% | -21.88% | -14.83% | -4.91% | -24.54% | -8.8% | 0.99% | -15.74% | 11.06% | 28.95% | 53.59% | 57.46% | -14.18% | -9.17% | -1.52% | -28.57% | -1.72% | 4.79% | 8.74% | 10.93% | 19.16% |
| Operating Expenses | 62.97M | 52.13M | 69.33M | 109.13M | 59.41M | 70.9M | 64.58M | 82.66M | 112.48M | 81.94M | 109.9M | 37.34M | 54.18M | 34.74M | 50.71M | 52.31M | 72.63M | 49.68M | 100.81M | 45.61M | 68.33M | 37.32M | 35.26M | 33.43M | 31.34M | 41.73M | 38.16M | 38.4M | 35.2M | 31.9M | 30.4M |
| OpEx % of Revenue | - | 12.01% | 16.57% | 25.84% | 15.23% | 20.55% | 19.66% | 20.77% | 26.82% | 21.27% | 33.12% | 15.66% | 19.86% | 12.36% | 17.31% | 15.17% | 22.22% | 16.6% | 25.55% | 13.15% | 22.64% | 15.11% | 17.38% | 18.55% | 16.69% | 21.75% | 16.73% | 17.93% | 18.52% | 18.34% | 18.72% |
| Selling, General & Admin | 38.77M | 0 | 0 | 50.88M | 43.53M | 46M | 45.54M | 53.64M | 58.07M | 60.16M | 58.17M | 39.51M | 37.38M | 39.68M | 40.53M | 41.89M | 44.17M | 39.72M | 93.89M | 38.97M | 36.28M | 30.79M | 28.82M | 27.21M | 25.83M | 28.09M | 30.73M | 30.8M | 27.7M | 25.2M | 24.2M |
| SG&A % of Revenue | - | - | - | 12.05% | 11.16% | 13.34% | 13.86% | 13.48% | 13.84% | 15.62% | 17.53% | 16.57% | 13.7% | 14.12% | 13.84% | 12.15% | 13.51% | 13.28% | 23.8% | 11.24% | 12.02% | 12.46% | 14.21% | 15.1% | 13.76% | 14.64% | 13.48% | 14.38% | 14.57% | 14.49% | 14.9% |
| Research & Development | 0 | 0 | 441K | 0 | 0 | 0 | 2.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.11% | - | - | - | 0.62% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 52.13M | 68.89M | 58.25M | 15.89M | 24.9M | 17M | 29.01M | 54.42M | 21.78M | 51.73M | -2.17M | 16.8M | -4.94M | 10.18M | 10.43M | 28.46M | 9.96M | 6.93M | 6.64M | 32.04M | 6.53M | 6.44M | 6.22M | 5.51M | 13.64M | 7.42M | 7.6M | 7.5M | 6.7M | 6.2M |
| Operating Income | 739K | 6.05M | 12.17M | -34.57M | 2.78M | -4.78M | 6.45M | -10.91M | -44.89M | -13.77M | -54.53M | 5.05M | 80K | 28.97M | 16.29M | 36.47M | 24.73M | 46.73M | 13.61M | 57.42M | 11.57M | 14.7M | -2.22M | 5.06M | 11.03M | 1.3M | 22.09M | 22.9M | 23.3M | 21.9M | 18.1M |
| Operating Margin % | 0.17% | 1.39% | 2.91% | -8.19% | 0.71% | -1.39% | 1.96% | -2.74% | -10.7% | -3.57% | -16.43% | 2.12% | 0.03% | 10.31% | 5.56% | 10.58% | 7.56% | 15.62% | 3.45% | 16.55% | 3.83% | 5.95% | -1.1% | 2.81% | 5.88% | 0.68% | 9.69% | 10.69% | 12.26% | 12.59% | 11.15% |
| Operating Income Growth % | - | -50.27% | 135.2% | -1344.56% | 158.09% | -174.19% | 159.09% | 75.7% | -226.04% | 74.75% | -1180.44% | 6208.75% | -99.72% | 77.8% | -55.33% | 47.51% | -47.09% | 243.41% | -76.3% | 396.17% | -21.28% | 761.02% | -143.94% | -54.13% | 749.42% | -94.12% | -3.56% | -1.72% | 6.39% | 20.99% | 27.46% |
| EBITDA | 21.9M | 27.84M | 30.78M | -16.9M | 20.19M | 13.1M | 25.02M | 8.06M | -23.51M | 7.61M | -34.07M | 16.83M | 11.9M | 40.31M | 26.95M | 46.63M | 33.29M | 53.88M | 20.6M | 64.08M | 18.08M | 21.27M | 4.05M | 11.28M | 17.2M | 7.47M | 29.51M | 30.5M | 30.8M | 28.6M | 24.3M |
| EBITDA Margin % | 5% | 6.41% | 7.36% | -4% | 5.17% | 3.8% | 7.62% | 2.03% | -5.61% | 1.98% | -10.27% | 7.06% | 4.36% | 14.34% | 9.2% | 13.52% | 10.18% | 18.01% | 5.22% | 18.47% | 5.99% | 8.61% | 2% | 6.26% | 9.16% | 3.9% | 12.94% | 14.24% | 16.2% | 16.45% | 14.96% |
| EBITDA Growth % | -36.55% | -9.56% | 282.13% | -183.72% | 54.15% | -47.66% | 210.47% | 134.27% | -409.1% | 122.33% | -302.37% | 41.49% | -70.48% | 49.55% | -42.19% | 40.05% | -38.21% | 161.61% | -67.86% | 254.42% | -15% | 425.31% | -64.09% | -34.44% | 130.12% | -74.68% | -3.25% | -0.97% | 7.69% | 17.7% | 22.11% |
| D&A (Non-Cash Add-back) | 21.16M | 21.79M | 18.61M | 17.67M | 17.41M | 17.88M | 18.57M | 18.97M | 21.38M | 21.38M | 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 | 6.16M | 6.17M | 7.42M | 7.6M | 7.5M | 6.7M | 6.2M |
| EBIT | 7.39M | 6.05M | 12.8M | -29.93M | 10.99M | 2.6M | 12.81M | -3.02M | -39.68M | -14.36M | -55.12M | 4.75M | -656K | 27.43M | 15.41M | 35.04M | 24.95M | 45.2M | 15.33M | 57.42M | 11.57M | 14.7M | -2.22M | 5.06M | 10.99M | 8.58M | 22.09M | 22.9M | 23.3M | 21.9M | 18.1M |
| Net Interest Income | -11.11M | -11.37M | -11.62M | -9.35M | -5.43M | -3.6M | -4.11M | -5.34M | -4.13M | -3.08M | -2.4M | -226K | -236K | -245K | -246K | -315K | -324K | -312K | -511K | 2.84M | 1.46M | -547K | -312K | -332K | -424K | -659K | -922K | 0 | 0 | 0 | 0 |
| Interest Income | 257K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.58M | 2.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 11.37M | 11.37M | 11.62M | 9.35M | 5.43M | 3.6M | 4.11M | 5.34M | 4.13M | 3.08M | 2.4M | 226K | 236K | 245K | 246K | 315K | 324K | 312K | 511K | 736K | 706K | 547K | 312K | 332K | 424K | 659K | 922K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -65.68M | -69.47M | -7.12M | -4.7M | 2.78M | 3.79M | 2.25M | 2.54M | 1.08M | -3.67M | -2.99M | -527K | -972K | -1.79M | -1.13M | -1.75M | -105K | -1.84M | 1.21M | 946K | 1.56M | 137K | -359K | -419K | -53K | -1M | -143K | -300K | 400K | 4M | 700K |
| Pretax Income | -64.94M | -63.42M | 5.05M | -39.28M | 5.56M | -995K | 8.7M | -8.37M | -43.81M | -17.44M | -57.52M | 4.52M | -892K | 27.18M | 15.17M | 34.73M | 24.62M | 44.89M | 14.81M | 58.36M | 13.13M | 14.84M | -2.58M | 4.64M | 10.98M | 297K | 21.94M | 22.6M | 23.7M | 25.9M | 18.8M |
| Pretax Margin % | -14.82% | -14.61% | 1.21% | -9.3% | 1.42% | -0.29% | 2.65% | -2.1% | -10.44% | -4.53% | -17.33% | 1.9% | -0.33% | 9.67% | 5.18% | 10.07% | 7.53% | 15% | 3.76% | 16.83% | 4.35% | 6.01% | -1.27% | 2.58% | 5.85% | 0.15% | 9.62% | 10.55% | 12.47% | 14.89% | 11.58% |
| Income Tax | 646K | 120K | 2.69M | -1.16M | 1.58M | 2.31M | -470K | 2.11M | -268K | -1.35M | 22.71M | 2.63M | -766K | 5.81M | 5.22M | 12.92M | 8.69M | 17.05M | 2.24M | 19.13M | -3.5M | -198K | 16K | 2.09M | 5.02M | 1.14M | 5.75M | 7.5M | 8M | 9.4M | 6.4M |
| Effective Tax Rate % | -0.99% | -0.19% | 53.41% | 2.95% | 28.37% | -231.66% | -5.4% | -25.19% | 0.61% | 7.77% | -39.49% | 58.25% | 85.87% | 21.39% | 34.4% | 37.19% | 35.28% | 37.98% | 15.12% | 32.78% | -26.68% | -1.33% | -0.62% | 45.09% | 45.71% | 383.84% | 26.21% | 33.19% | 33.76% | 36.29% | 34.04% |
| Net Income | -68.08M | -66.07M | 438K | -39.93M | 3.42M | -3.86M | 7.97M | -20.99M | -69.33M | -12.09M | -79.82M | 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 |
| Net Margin % | -15.53% | -15.22% | 0.1% | -9.45% | 0.88% | -1.12% | 2.43% | -5.27% | -16.53% | -3.14% | -24.05% | 0.58% | -0.43% | 4.43% | 2.85% | 6.18% | 4.73% | 9.25% | 3.19% | 11.31% | 5.51% | 6.09% | -1.28% | -1.41% | 1.2% | -0.51% | 7.1% | 7.05% | 8.26% | 9.49% | 7.64% |
| Net Income Growth % | -1684.27% | -15183.79% | 101.1% | -1268.85% | 188.47% | -148.44% | 137.98% | 69.73% | -473.54% | 84.85% | -5913.55% | 215.67% | -109.54% | 48.86% | -60.79% | 37.87% | -44.16% | 120.1% | -67.95% | 135.83% | 10.63% | 678.53% | -1.96% | -212.74% | 330.01% | -106.07% | 7.23% | -3.82% | -4.85% | 33.06% | 36.26% |
| Net Income (Continuing) | -65.58M | -63.54M | 2.35M | -38.12M | 3.98M | -3.3M | 9.17M | -10.47M | -43.58M | -15.05M | -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 | 5.96M | -843K | 16.19M | 15.1M | 15.7M | 16.5M | 12.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.09M | -23.9M | 3.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.1M | -807K | -140K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 16.25M | 15.32M | 12.21M | 10.63M | 9.07M | 9.23M | 8.44M | 6.72M | 5.37M | 2.82M | 1.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.36 | -3.28 | 0.02 | -2.04 | 0.18 | -0.20 | 0.54 | -1.67 | -5.57 | -0.98 | -6.68 | 0.13 | -0.11 | 1.20 | 0.80 | 2.05 | 1.50 | 2.71 | 1.24 | 3.88 | 1.67 | 1.53 | -0.27 | -0.26 | 0.27 | -0.10 | 1.68 | 1.58 | 1.64 | 1.73 | 1.29 |
| EPS Growth % | -1638.33% | -15009.09% | 101.08% | -1233.33% | 190% | -137.04% | 132.34% | 70.02% | -468.37% | 85.33% | -5238.46% | 218.18% | -109.17% | 50% | -60.98% | 36.67% | -44.65% | 118.55% | -68.04% | 132.34% | 9.15% | 666.67% | -3.85% | -196.3% | 370% | -105.95% | 6.33% | -3.66% | -5.2% | 34.11% | 37.23% |
| EPS (Basic) | - | -3.28 | 0.02 | -2.04 | 0.18 | -0.20 | 0.56 | -1.67 | -5.57 | -0.98 | -6.68 | 0.13 | -0.11 | 1.20 | 0.81 | 2.07 | 1.51 | 2.71 | 1.24 | 3.90 | 1.69 | 1.54 | -0.27 | -0.26 | 0.27 | -0.10 | 1.68 | 1.58 | 1.64 | 1.73 | 1.29 |
| Diluted Shares Outstanding | 20.24M | 20.14M | 19.89M | 19.62M | 19.44M | 18.95M | 14.64M | 12.59M | 12.45M | 12.33M | 11.95M | 10.45M | 10.4M | 10.41M | 10.39M | 10.39M | 10.29M | 10.2M | 10.18M | 10.11M | 9.97M | 9.82M | 9.71M | 9.64M | 9.63M | 9.61M | 9.6M | 9.59M | 9.58M | 9.54M | 9.61M |
| Basic Shares Outstanding | 20.24M | 20.14M | 19.89M | 19.62M | 19.32M | 18.95M | 14.27M | 12.59M | 12.45M | 12.33M | 11.95M | 10.44M | 10.4M | 10.36M | 10.34M | 10.32M | 10.25M | 10.2M | 10.18M | 10.05M | 9.83M | 9.76M | 9.71M | 9.64M | 9.63M | 9.61M | 9.6M | 9.59M | 9.58M | 9.54M | 9.61M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 547.12% | - | 59.94% | 89.07% | 34.86% | 47.74% | 26.52% | 55.84% | 14.06% | 23.61% | 25.96% | - | - | 170.19% | - | 23.72% | 25.17% | 21.66% | 20% | 11.29% |
Liquidity and margin volatility
According to the provided quarterly data, Ampco-Pittsburgh has experienced highly erratic revenue growth, fluctuating between a 15.6% expansion in 2023Q4 and a 6.6% contraction in 2024Q4, suggesting that the company's top-line performance remains heavily dependent on volatile industrial replacement cycles rather than consistent organic demand.
The lack of a clear growth trajectory indicates that the company is struggling to maintain momentum in its core forged products segment. Investors should monitor whether the recent 3.9% growth in 2026Q1 represents a sustainable recovery or merely a temporary fluctuation in project-based revenue.
As reported in financial statements, gross margins have demonstrated significant instability, peaking at 21.3% in 2025Q1 before compressing to 16.1% by 2026Q1, which highlights the company's limited ability to pass through rising input costs to its industrial customer base during periods of market volatility.
This margin compression suggests that the company's high fixed-cost manufacturing base is not being utilized efficiently enough to absorb raw material price swings. The inability to maintain double-digit operating margins warrants further investigation into the company's pricing power and operational cost control measures.
Based on the income statement history, operating income has failed to scale with revenue, as evidenced by the 2025Q4 period where a 7.8% revenue increase was accompanied by a negative operating margin of 0.9%, indicating a lack of meaningful operating leverage within the current cost structure.
The company's inability to convert revenue gains into operating profit suggests that SG&A and production costs are rising in tandem with, or faster than, top-line growth. This trend implies that the firm may be trapped in a cycle of high overhead requirements that prevent meaningful profitability improvements.
Analysis of the reported figures reveals that net income has been consistently pressured by non-operating items and periodic charges, culminating in a significant net loss of $57.7 million in 2025Q4, which raises concerns regarding the sustainability of the company's bottom-line performance over the long term.
The wide variance between operating income and net income suggests that legacy obligations or one-time asset impairments are frequently distorting the company's true economic performance. Investors should be cautious of relying on EPS as a metric for valuation given the recurring nature of these bottom-line adjustments.
Data indicates that with a cash position of only $10.7 million against $434 million in annual revenue, the company faces a precarious liquidity profile that may limit its ability to fund necessary capital expenditures or navigate prolonged periods of industrial downturn without seeking external financing.
While the company maintains a niche position in specialized metallurgical products, the current cash-to-revenue ratio suggests that the firm has little room for error. This vulnerability may force management to prioritize short-term cash preservation over long-term strategic investments, potentially hindering future competitive positioning.
Quick answers to the most common questions about buying AP stock.
For fiscal year 2025, Ampco-Pittsburgh Corporation (AP) reported total revenue of $434.2M. This represents a 167.3% increase compared to $162.4M in 1996.
Ampco-Pittsburgh Corporation (AP) reported a net loss of $66.1M for the fiscal year ending 2025.
Ampco-Pittsburgh Corporation (AP) reported an operating income of $6.1M, resulting in an operating profit margin of 1.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ampco-Pittsburgh Corporation (AP) generated $58.2M in gross profit for the year, representing a gross profit margin of 13.4%. This demonstrates the company's core pricing power and production efficiency.