Revenue growth remains muted at 5.5% as of 2026Q1, with operating margins of 4.0% indicating that fixed overheads continue to constrain profitability despite a 37.8% gross margin.
| 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 | 59.91M | 59.14M | 57.84M | 61.23M | 61.98M | 68.64M | 102.7M | 46.66M | 46.62M | 44.02M | 46.18M | 44.95M | 47.65M | 43.81M | 41.06M | 38.5M | 41.89M | 59.7M | 35.79M | 35.45M | 37.34M | 31.09M | 24.84M | 26.96M | 21.35M | 21.33M | 21.13M | 20.2M | 17.98M | 17.82M | 14.86M |
| Revenue Growth % | 2.97% | 2.25% | -5.54% | -1.21% | -9.7% | -33.17% | 120.08% | 0.09% | 5.9% | -4.66% | 2.72% | -5.65% | 8.77% | 6.69% | 6.64% | -8.09% | -29.83% | 66.82% | 0.94% | -5.05% | 20.08% | 25.18% | -7.86% | 26.26% | 0.1% | 0.96% | 4.6% | 12.32% | 0.91% | 19.92% | - |
| Cost of Goods Sold | 37.24M | 36.6M | 34.91M | 38.4M | 40.3M | 43.34M | 52.22M | 29.69M | 28.91M | 26.57M | 29.19M | 28.98M | 30.2M | 27.57M | 26.6M | 24.46M | 25.47M | 30.82M | 20.31M | 19.01M | 20.02M | 16.95M | 12.55M | 13.3M | 10.83M | 12.25M | 12.24M | 12.2M | 10.73M | 11.59M | 9.66M |
| COGS % of Revenue | - | 61.89% | 60.35% | 62.72% | 65.02% | 63.14% | 50.85% | 63.63% | 62.01% | 60.36% | 63.22% | 64.47% | 63.37% | 62.95% | 64.78% | 63.52% | 60.8% | 51.63% | 56.74% | 53.62% | 53.61% | 54.5% | 50.54% | 49.33% | 50.72% | 57.41% | 57.92% | 60.4% | 59.68% | 65.05% | 65.03% |
| Gross Profit | 22.66M | 22.54M | 22.93M | 22.83M | 21.68M | 25.3M | 50.48M | 16.97M | 17.71M | 17.45M | 16.98M | 15.97M | 17.45M | 16.23M | 14.46M | 14.05M | 16.42M | 28.87M | 15.48M | 16.44M | 17.32M | 14.15M | 12.29M | 13.66M | 10.52M | 9.09M | 8.89M | 8M | 7.25M | 6.23M | 5.2M |
| Gross Margin % | 37.83% | 38.11% | 39.65% | 37.28% | 34.98% | 36.86% | 49.15% | 36.37% | 37.99% | 39.64% | 36.78% | 35.53% | 36.63% | 37.05% | 35.22% | 36.48% | 39.2% | 48.37% | 43.26% | 46.38% | 46.39% | 45.5% | 49.46% | 50.67% | 49.28% | 42.59% | 42.08% | 39.6% | 40.32% | 34.95% | 34.97% |
| Gross Profit Growth % | - | -1.73% | 0.46% | 5.29% | -14.29% | -49.89% | 197.44% | -4.17% | 1.48% | 2.76% | 6.34% | -8.48% | 7.52% | 12.25% | 2.95% | -14.47% | -43.13% | 86.52% | -5.85% | -5.07% | 22.43% | 15.15% | -10.06% | 29.81% | 15.82% | 2.18% | 11.15% | 10.31% | 16.42% | 19.83% | - |
| Operating Expenses | 18.7M | 18.7M | 19.48M | 18.7M | 17.03M | 17.37M | 18.9M | 13.95M | 13.84M | 14.53M | 13.31M | 14.5M | 14.23M | 13.84M | 13.64M | 13.14M | 14.68M | 15.37M | 13.22M | 13.04M | 11.39M | 10.29M | 9.43M | 9.11M | 7.88M | 7.96M | 7.24M | 6.8M | 6.74M | 6.85M | 2.66M |
| OpEx % of Revenue | - | 31.62% | 33.69% | 30.53% | 27.48% | 25.31% | 18.4% | 29.89% | 29.68% | 32.99% | 28.83% | 32.25% | 29.87% | 31.59% | 33.23% | 34.13% | 35.05% | 25.74% | 36.96% | 36.77% | 30.5% | 33.11% | 37.95% | 33.79% | 36.91% | 37.3% | 34.26% | 33.66% | 37.49% | 38.43% | 17.9% |
| Selling, General & Admin | 17.77M | 17.77M | 18.61M | 17.77M | 16.22M | 16.55M | 18.17M | 13.35M | 13.31M | 13.96M | 12.77M | 13.79M | 13.51M | 13.12M | 12.88M | 12.32M | 13.84M | 14.7M | 12.64M | 12.54M | 10.94M | 9.8M | 8.93M | 8.6M | 7.43M | 7.48M | 6.83M | 6.4M | 6.34M | 6.53M | 4.61M |
| SG&A % of Revenue | - | 30.05% | 32.18% | 29.02% | 26.17% | 24.12% | 17.69% | 28.6% | 28.55% | 31.7% | 27.65% | 30.68% | 28.36% | 29.94% | 31.37% | 32.01% | 33.04% | 24.63% | 35.32% | 35.37% | 29.3% | 31.5% | 35.93% | 31.91% | 34.82% | 35.07% | 32.34% | 31.68% | 35.26% | 36.64% | 31.02% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 932K | 925K | 873K | 925K | 814K | 817K | 729K | 602K | 525K | 571K | 544K | 703K | 721K | 722K | 764K | 818K | 844K | 665K | 586K | 494K | 448K | 499K | 503K | 509K | 447K | 476K | 405K | 400K | 402K | 319K | -1.95M |
| Operating Income | 3.96M | 3.84M | 3.45M | 4.13M | 4.65M | 7.93M | 31.58M | 3.02M | 3.87M | 2.93M | 3.67M | 1.48M | 3.22M | 2.4M | 817K | 905K | 1.74M | 13.51M | 2.25M | 3.41M | 5.93M | 3.85M | 2.86M | 4.55M | 2.64M | 1.13M | 1.65M | 1.2M | 509K | -621K | -1.87M |
| Operating Margin % | 6.62% | 6.49% | 5.96% | 6.75% | 7.5% | 11.55% | 30.75% | 6.48% | 8.31% | 6.65% | 7.95% | 3.28% | 6.75% | 5.47% | 1.99% | 2.35% | 4.15% | 22.63% | 6.3% | 9.61% | 15.89% | 12.39% | 11.51% | 16.87% | 12.37% | 5.29% | 7.82% | 5.94% | 2.83% | -3.48% | -12.58% |
| Operating Income Growth % | - | 11.31% | -16.53% | -11.14% | -41.34% | -74.9% | 945.07% | -21.99% | 32.4% | -20.32% | 148.95% | -54.16% | 34.36% | 193.15% | -9.72% | -47.96% | -87.13% | 499.02% | -33.81% | -42.58% | 54.02% | 34.78% | -37.17% | 72.25% | 133.92% | -31.7% | 37.75% | 135.76% | 181.96% | 66.79% | - |
| EBITDA | 5.14M | 4.76M | 4.32M | 5.06M | 5.46M | 8.74M | 32.31M | 3.62M | 4.4M | 3.5M | 4.22M | 2.18M | 3.94M | 3.12M | 1.58M | 1.72M | 2.58M | 14.17M | 2.84M | 3.9M | 6.38M | 4.35M | 3.38M | 5.06M | 3.09M | 1.6M | 2.06M | 1.6M | 911K | -302K | -1.62M |
| EBITDA Margin % | 8.58% | 8.06% | 7.47% | 8.26% | 8.82% | 12.74% | 31.46% | 7.77% | 9.44% | 7.94% | 9.13% | 4.84% | 8.27% | 7.12% | 3.85% | 4.48% | 6.17% | 23.74% | 7.94% | 11% | 17.09% | 13.99% | 13.59% | 18.76% | 14.46% | 7.52% | 9.74% | 7.92% | 5.07% | -1.69% | -10.87% |
| EBITDA Growth % | 15.53% | 10.23% | -14.53% | -7.45% | -37.51% | -72.94% | 791.58% | -17.62% | 25.79% | -17.05% | 93.57% | -44.71% | 26.37% | 97.15% | -8.24% | -33.29% | -81.78% | 398.87% | -27.17% | -38.87% | 46.66% | 28.92% | -33.27% | 63.8% | 92.4% | -22.01% | 28.63% | 75.63% | 401.66% | 81.31% | - |
| D&A (Non-Cash Add-back) | 1.18M | 925K | 873K | 925K | 814K | 817K | 729K | 602K | 525K | 571K | 544K | 703K | 721K | 722K | 764K | 818K | 844K | 665K | 586K | 494K | 448K | 499K | 517K | 509K | 447K | 476K | 405K | 400K | 402K | 319K | 254K |
| EBIT | 4.16M | 3.84M | 3.45M | 4.13M | 4.65M | 7.93M | 31.58M | 3.02M | 3.87M | 2.93M | 4.17M | 1.52M | 3.22M | 2.4M | 1.31M | 905K | 1.74M | 13.51M | 2.52M | 3.41M | 5.93M | 3.85M | 2.84M | 4.55M | 2.64M | 1.13M | 1.65M | 1.2M | 509K | -621K | 2.54M |
| Net Interest Income | 622K | 648K | 912K | 816K | 148K | 2K | 18K | 68K | 3K | 4K | 5K | 14K | 16K | 9K | 10K | 41K | 25K | 17K | 75K | 94K | 36K | 24K | 7K | -20K | -24K | -21K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 622K | 648K | 912K | 816K | 148K | 2K | 18K | 68K | 3K | 4K | 5K | 14K | 16K | 9K | 10K | 41K | 0 | 25K | 76K | 94K | 36K | 24K | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25K | 8K | 75K | 0 | 0 | 0 | 0 | 20K | 24K | 21K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 818K | 830K | 1.57M | 1.29M | -255K | 573K | 666K | 658K | 540K | 744K | 503K | 46K | 725K | 569K | 490K | 576K | 342K | -315K | 260K | 308K | 96K | 8K | 14K | -20K | -21K | 77K | 6K | 0 | -193K | -308K | -279K |
| Pretax Income | 4.78M | 4.67M | 5.02M | 5.42M | 4.39M | 8.5M | 32.25M | 3.68M | 4.41M | 3.67M | 4.17M | 1.52M | 3.94M | 2.96M | 1.31M | 1.48M | 2.08M | 13.86M | 2.52M | 3.71M | 6.03M | 3.86M | 2.86M | 4.53M | 2.62M | 1.21M | 1.66M | 0 | 316K | -929K | -2.15M |
| Pretax Margin % | 7.98% | 7.89% | 8.68% | 8.86% | 7.09% | 12.38% | 31.4% | 7.89% | 9.47% | 8.34% | 9.04% | 3.38% | 8.28% | 6.77% | 3.18% | 3.85% | 4.97% | 23.21% | 7.03% | 10.48% | 16.15% | 12.41% | 11.51% | 16.8% | 12.27% | 5.65% | 7.85% | - | 1.76% | -5.21% | -14.46% |
| Income Tax | 1.16M | 1.14M | 1.09M | 1.24M | 1.11M | 1.74M | 5.36M | 680K | 789K | 1.04M | 1.01M | 480K | 1.2M | 885K | 330K | 548K | 780K | 4.82M | 951K | 1.3M | 2.29M | 1.41M | 1.01M | 1.52M | 955K | 420K | 199K | 100K | 0 | 0 | 0 |
| Effective Tax Rate % | 24.3% | 24.37% | 21.73% | 22.78% | 25.32% | 20.52% | 16.62% | 18.48% | 17.87% | 28.26% | 24.12% | 31.56% | 30.46% | 29.86% | 25.25% | 37% | 37.48% | 34.76% | 37.81% | 34.94% | 37.98% | 36.53% | 35.37% | 33.52% | 36.45% | 34.83% | 12% | - | 0% | 0% | 0% |
| Net Income | 3.62M | 3.53M | 3.93M | 4.19M | 3.28M | 6.76M | 26.89M | 3M | 3.63M | 2.63M | 3.17M | 1.04M | 2.74M | 2.08M | 977K | 933K | 1.3M | 9.04M | 1.56M | 2.42M | 3.74M | 2.45M | 1.85M | 3.01M | 1.67M | 786K | 1.46M | 1.1M | 316K | -929K | -2.15M |
| Net Margin % | 6.04% | 5.97% | 6.79% | 6.84% | 5.3% | 9.84% | 26.18% | 6.43% | 7.78% | 5.98% | 6.86% | 2.32% | 5.75% | 4.75% | 2.38% | 2.42% | 3.11% | 15.14% | 4.37% | 6.82% | 10.01% | 7.88% | 7.44% | 11.17% | 7.8% | 3.68% | 6.91% | 5.45% | 1.76% | -5.21% | -14.43% |
| Net Income Growth % | -8.72% | -10.13% | -6.21% | 27.64% | -51.42% | -74.87% | 796.27% | -17.24% | 37.68% | -16.89% | 204.32% | -62.03% | 31.89% | 112.79% | 4.72% | -28.29% | -85.61% | 478.07% | -35.29% | -35.36% | 52.61% | 32.65% | -38.66% | 80.84% | 111.83% | -46.16% | 32.73% | 248.1% | 134.02% | 56.69% | - |
| Net Income (Continuing) | 3.62M | 3.53M | 3.93M | 4.19M | 3.28M | 6.76M | 26.89M | 3M | 3.63M | 2.63M | 3.17M | 1.04M | 2.74M | 2.08M | 977K | 933K | 1.3M | 9.04M | 1.38M | 2.2M | 3.74M | 2.45M | 1.85M | 3.01M | 1.67M | 786K | 1.46M | 1.1M | 316K | -929K | -2.15M |
| 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) | 0.35 | 0.33 | 0.35 | 0.35 | 0.26 | 0.50 | 1.92 | 0.23 | 0.26 | 0.18 | 0.19 | 0.06 | 0.15 | 0.11 | 0.05 | 0.04 | 0.06 | 0.39 | 0.06 | 0.09 | 0.15 | 0.10 | 0.08 | 0.13 | 0.07 | 0.03 | 0.06 | 0.05 | 0.01 | -0.04 | -0.12 |
| EPS Growth % | -3.58% | -5.71% | 0% | 34.62% | -48% | -73.96% | 734.78% | -11.54% | 44.44% | -5.26% | 216.67% | -60% | 36.36% | 120% | 25% | -33.33% | -84.62% | 550% | -33.33% | -40% | 50% | 25% | -38.46% | 85.71% | 133.33% | -50% | 20% | 400% | 125.19% | 66.92% | - |
| EPS (Basic) | - | 0.34 | 0.35 | 0.35 | 0.26 | 0.51 | 2.00 | 0.23 | 0.26 | 0.18 | 0.19 | 0.06 | 0.15 | 0.11 | 0.05 | 0.04 | 0.06 | 0.40 | 0.06 | 0.10 | 0.15 | 0.10 | 0.08 | 0.13 | 0.07 | 0.03 | 0.06 | 0.05 | 0.01 | -0.04 | -0.12 |
| Diluted Shares Outstanding | 10.33M | 10.55M | 11.24M | 11.86M | 12.78M | 13.5M | 13.97M | 13.17M | 13.96M | 14.99M | 16.84M | 18.24M | 18.72M | 19.23M | 20.7M | 22.08M | 22.69M | 23.45M | 24.77M | 25.62M | 25.13M | 25.25M | 24.62M | 24.06M | 23.77M | 24.45M | 25.58M | 24.45M | 24.24M | 23.39M | 17.84M |
| Basic Shares Outstanding | 10.13M | 10.44M | 11.14M | 11.86M | 12.71M | 13.23M | 13.45M | 13.14M | 13.91M | 14.83M | 16.84M | 18.2M | 18.41M | 19.2M | 20.7M | 22.08M | 22.42M | 22.81M | 24.77M | 25.32M | 24.14M | 23.68M | 23.22M | 22.52M | 23.26M | 23.81M | 24.05M | 24.11M | 24.11M | 23.39M | 17.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical construction demand sensitivity
According to the most recent quarterly filings, Alpha Pro Tech's revenue growth has decelerated to a modest 2.25% year-over-year, reflecting the broader challenges within the US residential construction sector and the normalization of demand for protective apparel following the heightened activity of previous fiscal periods.
The company's top-line performance appears heavily tethered to the seasonal and interest-rate-sensitive nature of the US housing market. Investors should monitor whether the current revenue plateau represents a structural ceiling or merely a temporary lull as the firm navigates a high-rate environment that discourages new residential starts.
As reported in financial statements, the company maintains a gross margin of 38.11%, which suggests a degree of pricing power in its specialized product lines, though this figure remains susceptible to volatility in petroleum-based resin costs that underpin the firm's non-woven textile manufacturing processes.
The fluctuation in gross margins across the last ten quarters indicates that APT may struggle to fully pass through inflationary input costs to its distributor network. This vulnerability warrants further investigation into the company's ability to maintain its niche-specialist positioning against larger, more diversified industrial competitors.
Based on the provided income statement data, the operating margin of 6.49% significantly trails the gross margin, suggesting that a substantial portion of the company's gross profit is absorbed by fixed administrative and distribution overheads that do not scale efficiently with current revenue levels.
The lack of meaningful operating leverage implies that the firm's cost structure is relatively rigid, making it difficult to protect net income during periods of stagnant top-line growth. Analysts should consider whether management's current expense discipline is sufficient to offset the potential for margin compression in a slowing industrial economy.
Data from recent quarterly reports reveals that Alpha Pro Tech holds $16.9 million in cash, which, when viewed against the company's $59 million in annual revenue, suggests that interest income may be providing a non-operating cushion that potentially inflates the perceived profitability of core manufacturing operations.
The reliance on interest income from a large cash balance may obscure the underlying performance of the core business segments. Investors should evaluate whether this conservative capital allocation strategy is truly value-preserving or if it reflects a lack of viable internal reinvestment opportunities to drive future growth.
Quick answers to the most common questions about buying APT stock.
For fiscal year 2025, Alpha Pro Tech, Ltd. (APT) reported total revenue of $59.1M. This represents a 297.9% increase compared to $14.9M in 1996.
Alpha Pro Tech, Ltd. (APT) is profitable, generating $3.5M in net income for the fiscal year ending 2025 with a net profit margin of 6.0%.
Alpha Pro Tech, Ltd. (APT) reported an operating income of $3.8M, resulting in an operating profit margin of 6.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Alpha Pro Tech, Ltd. (APT) generated $22.5M in gross profit for the year, representing a gross profit margin of 38.1%. This demonstrates the company's core pricing power and production efficiency.