Revenue growth remains highly erratic with a 20.3% surge in 2026Q1, yet operating margins remain strained, frequently falling into low single digits or negative territory.
| 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 | 1.48B | 1.41B | 1.31B | 1.34B | 1.27B | 1.1B | 1.02B | 1.17B | 1.17B | 1.18B | 1.15B | 983.16M | 975.6M | 933M | 936.27M | 955.73M | 771.34M | 738.09M | 973.7M | 869.03M | 710.61M | 616.07M | 504.55M | 426.61M | 480.59M | 455.84M | 520.69M | 449.6M | 363.9M | 265.4M | 221.4M |
| Revenue Growth % | 11.47% | 8.07% | -2.47% | 5% | 16.34% | 6.94% | -12.41% | -0.17% | -1.11% | 3.25% | 16.71% | 0.78% | 4.57% | -0.35% | -2.04% | 23.91% | 4.5% | -24.2% | 12.05% | 22.29% | 15.35% | 22.1% | 18.27% | -11.23% | 5.43% | -12.45% | 15.81% | 23.55% | 37.11% | 19.87% | -8.74% |
| Cost of Goods Sold | 1.09B | 1.04B | 977.2M | 1.01B | 1.01B | 846M | 786.8M | 930.2M | 1.04B | 941.61M | 882.16M | 764.31M | 760.28M | 725.88M | 729.33M | 736.93M | 592.29M | 585.67M | 739.84M | 659.25M | 542.32M | 482.76M | 401.48M | 355.75M | 396.66M | 364.92M | 382.43M | 323.8M | 263.9M | 194M | 166.3M |
| COGS % of Revenue | - | 73.47% | 74.88% | 75.26% | 79.28% | 77.22% | 76.81% | 79.53% | 88.56% | 79.48% | 76.88% | 77.74% | 77.93% | 77.8% | 77.9% | 77.11% | 76.79% | 79.35% | 75.98% | 75.86% | 76.32% | 78.36% | 79.57% | 83.39% | 82.54% | 80.05% | 73.45% | 72.02% | 72.52% | 73.1% | 75.11% |
| Gross Profit | 385.2M | 374.2M | 327.9M | 331.1M | 264.1M | 249.5M | 237.6M | 239.4M | 134.08M | 243.13M | 265.27M | 218.84M | 215.32M | 207.12M | 206.94M | 218.79M | 179.05M | 152.43M | 233.86M | 209.78M | 168.29M | 133.31M | 103.07M | 70.86M | 83.93M | 90.92M | 138.25M | 125.8M | 100M | 71.4M | 55.1M |
| Gross Margin % | 26.07% | 26.53% | 25.12% | 24.74% | 20.72% | 22.78% | 23.19% | 20.47% | 11.44% | 20.52% | 23.12% | 22.26% | 22.07% | 22.2% | 22.1% | 22.89% | 23.21% | 20.65% | 24.02% | 24.14% | 23.68% | 21.64% | 20.43% | 16.61% | 17.46% | 19.95% | 26.55% | 27.98% | 27.48% | 26.9% | 24.89% |
| Gross Profit Growth % | - | 14.12% | -0.97% | 25.37% | 5.85% | 5.01% | -0.75% | 78.55% | -44.85% | -8.35% | 21.21% | 1.64% | 3.96% | 0.09% | -5.42% | 22.2% | 17.46% | -34.82% | 11.48% | 24.66% | 26.24% | 29.34% | 45.45% | -15.57% | -7.69% | -34.23% | 9.9% | 25.8% | 40.06% | 29.58% | -0.72% |
| Operating Expenses | 331M | 308.7M | 304.7M | 282.5M | 256.6M | 229.6M | 197.1M | 211.15M | 209.13M | 187.59M | 178.12M | 168.86M | 163.62M | 151.44M | 156.84M | 161.27M | 131.62M | 125.48M | 141.54M | 123.05M | 107.94M | 87.05M | 79.86M | 94.03M | 83.31M | 79.14M | 91.12M | 73.4M | 59.6M | 46.7M | 47M |
| OpEx % of Revenue | - | 21.89% | 23.35% | 21.11% | 20.13% | 20.96% | 19.24% | 18.05% | 17.85% | 15.83% | 15.52% | 17.17% | 16.77% | 16.23% | 16.75% | 16.87% | 17.06% | 17% | 14.54% | 14.16% | 15.19% | 14.13% | 15.83% | 22.04% | 17.34% | 17.36% | 17.5% | 16.33% | 16.38% | 17.6% | 21.23% |
| Selling, General & Admin | 243.7M | 308.7M | 217.4M | 219.7M | 190.6M | 191.9M | 166.4M | 183.93M | 209.13M | 187.59M | 178.12M | 168.86M | 163.62M | 151.44M | 156.84M | 161.27M | 131.62M | 125.48M | 122.62M | 107.1M | 94M | 81.97M | 71.01M | 69.46M | 72.41M | 71.69M | 69.01M | 56.3M | 46.8M | 36.1M | 35.3M |
| SG&A % of Revenue | - | 21.89% | 16.66% | 16.42% | 14.95% | 17.52% | 16.24% | 15.73% | 17.85% | 15.83% | 15.52% | 17.17% | 16.77% | 16.23% | 16.75% | 16.87% | 17.06% | 17% | 12.59% | 12.32% | 13.23% | 13.31% | 14.07% | 16.28% | 15.07% | 15.73% | 13.25% | 12.52% | 12.86% | 13.6% | 15.94% |
| Research & Development | 0 | 0 | 23.8M | 22M | 31.5M | 26.5M | 22.1M | 27.2M | 28.33M | 26.82M | 24.97M | 23.68M | 22.13M | 18.1M | 20.52M | 22.42M | 17.48M | 18.03M | 18.92M | 15.45M | 13.56M | 11.32M | 8.58M | 8.31M | 7.63M | 7.45M | 6.73M | 5.4M | 4.7M | 3.7M | 5.9M |
| R&D % of Revenue | - | - | 1.82% | 1.64% | 2.47% | 2.42% | 2.16% | 2.33% | 2.42% | 2.26% | 2.18% | 2.41% | 2.27% | 1.94% | 2.19% | 2.35% | 2.27% | 2.44% | 1.94% | 1.78% | 1.91% | 1.84% | 1.7% | 1.95% | 1.59% | 1.63% | 1.29% | 1.2% | 1.29% | 1.39% | 2.66% |
| Other Operating Expenses | 900K | 0 | 63.5M | 40.8M | 34.5M | 11.2M | 8.6M | 0 | -28.33M | 2.73M | 1.51M | 4.43M | 2.88M | 2.81M | 2.93M | 0 | 0 | 0 | 0 | 504.9K | 383.79K | -6.24M | 266.46K | 16.26M | 3.28M | 0 | 15.38M | 11.7M | 8.1M | 6.9M | 5.8M |
| Operating Income | 54.3M | 65.5M | 23.2M | 48.6M | 7.5M | 19.9M | 40.5M | 28.95M | -75.05M | 55.54M | 87.15M | 49.99M | 51.7M | 55.68M | 50.1M | 57.53M | 47.42M | 9.91M | 92.32M | 86.73M | 60.34M | 46.26M | 23.21M | 23.17M | 615.78K | 11.78M | 47.14M | 52.4M | 40.4M | 24.7M | 8.1M |
| Operating Margin % | 3.68% | 4.64% | 1.78% | 3.63% | 0.59% | 1.82% | 3.95% | 2.48% | -6.41% | 4.69% | 7.6% | 5.08% | 5.3% | 5.97% | 5.35% | 6.02% | 6.15% | 1.34% | 9.48% | 9.98% | 8.49% | 7.51% | 4.6% | 5.43% | 0.13% | 2.59% | 9.05% | 11.65% | 11.1% | 9.31% | 3.66% |
| Operating Income Growth % | - | 182.33% | -52.26% | 548% | -62.31% | -50.86% | 39.89% | 138.58% | -235.13% | -36.28% | 74.35% | -3.31% | -7.16% | 11.15% | -12.92% | 21.3% | 378.69% | -89.27% | 6.44% | 43.73% | 30.44% | 99.3% | 0.18% | 3662.46% | -94.77% | -75% | -10.04% | 29.7% | 63.56% | 204.94% | -16.49% |
| EBITDA | 84.2M | 101.8M | 50M | 74.2M | 35.4M | 50.1M | 67.4M | 54.8M | -47.51M | 80.91M | 111.53M | 74.06M | 76.07M | 77.95M | 73.14M | 76.79M | 66.15M | 28.58M | 109.66M | 101.81M | 72.23M | 57.11M | 34.33M | 36.29M | 15.83M | 28.83M | 62.52M | 64.1M | 48.5M | 31.6M | 13.9M |
| EBITDA Margin % | 5.7% | 7.22% | 3.83% | 5.54% | 2.78% | 4.57% | 6.58% | 4.69% | -4.06% | 6.83% | 9.72% | 7.53% | 7.8% | 8.35% | 7.81% | 8.03% | 8.58% | 3.87% | 11.26% | 11.72% | 10.17% | 9.27% | 6.8% | 8.51% | 3.29% | 6.32% | 12.01% | 14.26% | 13.33% | 11.91% | 6.28% |
| EBITDA Growth % | 31.36% | 103.6% | -32.61% | 109.6% | -29.34% | -25.67% | 23% | 215.34% | -158.72% | -27.45% | 50.59% | -2.64% | -2.4% | 6.57% | -4.74% | 16.08% | 131.44% | -73.93% | 7.71% | 40.94% | 26.48% | 66.35% | -5.41% | 129.32% | -45.1% | -53.89% | -2.47% | 32.16% | 53.48% | 127.34% | -9.74% |
| D&A (Non-Cash Add-back) | 29.9M | 36.3M | 26.8M | 25.6M | 27.9M | 30.2M | 26.9M | 25.84M | 27.54M | 25.38M | 24.38M | 24.08M | 24.38M | 22.27M | 23.05M | 19.26M | 18.73M | 18.68M | 17.34M | 15.08M | 11.89M | 10.85M | 11.12M | 13.13M | 15.21M | 17.05M | 15.38M | 11.7M | 8.1M | 6.9M | 5.8M |
| EBIT | 49.9M | 71.6M | 24.6M | 89.4M | 42M | 31.1M | 49.1M | 26.55M | -84.93M | 58.06M | 88.49M | 53.58M | 54.33M | 58.66M | 54.04M | 60.36M | 50.83M | 11.78M | 98.91M | 89.26M | 60.34M | 46.3M | 23.5M | -24.85M | -2.26M | 11.78M | 47.14M | 52.4M | 40.4M | 24.7M | 8.1M |
| Net Interest Income | -6.4M | -15.2M | -8.7M | -6.8M | -1.5M | -600K | 100K | -200K | -93K | 462K | -589K | -1.07M | 702K | 624K | 806K | 693K | 614K | 197K | 37K | 1.88M | -202.37K | -3.56M | -3.56M | -6.54M | -8.84M | -7.78M | -6.41M | 0 | -2.7M | 0 | -1.7M |
| Interest Income | 2.7M | 3.3M | 2M | 2.1M | 1M | 500K | 800K | 1.2M | 952K | 1.3M | 806K | 542K | 1.42M | 1.05M | 1.15M | 883K | 956K | 734K | 887.6K | 2.73M | 1.47M | 644.28K | 333K | 750.62K | 1.63M | 1.59M | 2.24M | 0 | 0 | 0 | 0 |
| Interest Expense | 9.1M | 18.5M | 10.7M | 8.9M | 2.5M | 1.1M | 700K | 1.4M | 1.04M | 840K | 1.4M | 1.61M | 720K | 423K | 339K | 193K | 352K | 537K | 851.1K | 852.99K | 1.67M | 4.21M | 3.89M | 7.29M | 10.47M | 9.37M | 8.65M | 0 | 2.7M | 0 | 1.7M |
| Other Income/Expense | -11.9M | -12.4M | -9.3M | -5.8M | -3.1M | -6.1M | 4M | -3.77M | -10.93M | 1.68M | -60K | 1.99M | 1.91M | 2.56M | 1.58M | 903K | -541K | 1.33M | 5.75M | 1.68M | -35.21K | -3.31M | -3.6M | -59.32M | -10.75M | -8.19M | -4.41M | -900K | -900K | -1.7M | -1.1M |
| Pretax Income | 36.2M | 53.1M | 13.9M | 42.8M | 4.4M | 13.8M | 44.5M | 25.19M | -85.98M | 57.42M | 87.27M | 52.8M | 53.86M | 58.07M | 52.69M | 59.3M | 48.7M | 11.24M | 98.06M | 88.41M | 60.31M | 42.95M | 19.61M | -33.42M | -7.12M | 3.6M | 42.72M | 51.5M | 39.5M | 23M | 7M |
| Pretax Margin % | 2.45% | 3.76% | 1.07% | 3.2% | 0.35% | 1.26% | 4.34% | 2.15% | -7.34% | 4.85% | 7.61% | 5.37% | 5.52% | 6.22% | 5.63% | 6.2% | 6.31% | 1.52% | 10.07% | 10.17% | 8.49% | 6.97% | 3.89% | -7.83% | -1.48% | 0.79% | 8.21% | 11.45% | 10.85% | 8.67% | 3.16% |
| Income Tax | 10.4M | 14.3M | 9.8M | 9.1M | 5M | -2.1M | -1.5M | 3M | -25.23M | 19.63M | 32.11M | 20.01M | 19.4M | 19.03M | 19.1M | 19.28M | 16.13M | 8.13M | 34.77M | 31.4M | 20.64M | 14.75M | 7.02M | -4.49M | -2.51M | 1.48M | 16.44M | 19.8M | 15.1M | 9.2M | 2.7M |
| Effective Tax Rate % | 28.73% | 26.93% | 70.5% | 21.26% | 113.64% | -15.22% | -3.37% | 11.91% | 29.35% | 34.18% | 36.79% | 37.89% | 36.02% | 32.77% | 36.25% | 32.51% | 33.12% | 72.37% | 35.45% | 35.52% | 34.22% | 34.34% | 35.79% | 13.43% | 35.25% | 41.17% | 38.48% | 38.45% | 38.23% | 40% | 38.57% |
| Net Income | 25.8M | 38.8M | 4.3M | 33.5M | -100K | 15.8M | 46M | 22.3M | -60.45M | 37.8M | 55.16M | 32.8M | 34.46M | 39.04M | 40.21M | 39.92M | 32.43M | 3.07M | 63.13M | 56.8M | 39.59M | 28.09M | 20.21M | -28.96M | -4.71M | 1.99M | 26.28M | 31.7M | 24.4M | 13.8M | 4.3M |
| Net Margin % | 1.75% | 2.75% | 0.33% | 2.5% | -0.01% | 1.44% | 4.49% | 1.91% | -5.16% | 3.19% | 4.81% | 3.34% | 3.53% | 4.18% | 4.29% | 4.18% | 4.2% | 0.42% | 6.48% | 6.54% | 5.57% | 4.56% | 4.01% | -6.79% | -0.98% | 0.44% | 5.05% | 7.05% | 6.71% | 5.2% | 1.94% |
| Net Income Growth % | 69.74% | 802.33% | -87.16% | 33600% | -100.63% | -65.65% | 106.28% | 136.89% | -259.94% | -31.48% | 68.18% | -4.82% | -11.74% | -2.9% | 0.72% | 23.09% | 957.04% | -95.14% | 11.15% | 43.47% | 40.91% | 39.02% | 169.77% | -515.48% | -336.19% | -92.42% | -17.09% | 29.92% | 76.81% | 220.93% | -6.52% |
| Net Income (Continuing) | 25.8M | 38.8M | 4.1M | 33.7M | -600K | 15.9M | 46M | 22.17M | -60.7M | 37.59M | 54.99M | 31.97M | 34.21M | 39.21M | 33.59M | 40.02M | 33.84M | 3.11M | 63.29M | 57.01M | 39.59M | 28.2M | 12.59M | -30.71M | -6.64M | 1.99M | 26.28M | 31.7M | 24.4M | 13.8M | 4.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -621K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -110.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -200K | 300K | 0 | 500K | 500K | 500K | 710K | 1.09M | 1.01M | 1.79M | 4.19M | 3.63M | 1.64M | 606K | 598K | 357K | 807.8K | 883.41K | 699.2K | 591.84K | 575.18K | 489.66K | 460.21K | 349.61K | 448.19K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.11 | 1.68 | 0.19 | 1.47 | -0.03 | 0.69 | 2.05 | 0.98 | -2.64 | 1.63 | 2.38 | 1.42 | 1.49 | 1.69 | 1.74 | 1.74 | 1.42 | 0.14 | 2.80 | 2.53 | 1.81 | 1.34 | 0.95 | -1.52 | -0.31 | 0.10 | 1.33 | 1.59 | 1.26 | 0.71 | 0.22 |
| EPS Growth % | 69.7% | 784.21% | -87.07% | 5689.35% | -103.81% | -66.34% | 109.18% | 137.12% | -261.96% | -31.51% | 67.61% | -4.7% | -11.83% | -2.87% | 0% | 22.54% | 914.29% | -95% | 10.67% | 39.78% | 35.07% | 41.05% | 162.5% | -390.32% | -410% | -92.48% | -16.35% | 26.19% | 77.46% | 222.73% | -4.35% |
| EPS (Basic) | - | 1.70 | 0.19 | 1.47 | -0.03 | 0.70 | 2.08 | 0.99 | -2.64 | 1.64 | 2.40 | 1.43 | 1.51 | 1.72 | 1.77 | 1.77 | 1.44 | 0.14 | 2.83 | 2.59 | 1.85 | 1.38 | 0.96 | -1.52 | -0.31 | 0.10 | 1.37 | 1.66 | 1.30 | 0.73 | 0.22 |
| Diluted Shares Outstanding | 23.25M | 23.2M | 22.85M | 22.78M | 22.79M | 22.95M | 22.88M | 22.67M | 22.9M | 23.18M | 23.14M | 23.12M | 23.11M | 23.08M | 23.05M | 22.98M | 22.83M | 22.72M | 22.59M | 22.44M | 21.92M | 20.98M | 20.08M | 19.03M | 15.13M | 19.91M | 19.76M | 19.93M | 19.44M | 19.44M | 20.33M |
| Basic Shares Outstanding | 22.94M | 22.89M | 22.8M | 22.72M | 22.79M | 22.73M | 22.59M | 22.52M | 22.88M | 23.02M | 22.99M | 22.93M | 22.82M | 22.75M | 22.68M | 22.59M | 22.52M | 22.45M | 22.29M | 21.97M | 21.43M | 20.33M | 19.74M | 19.03M | 15.13M | 19.91M | 19.18M | 19.06M | 18.8M | 18.9M | 20.09M |
| Dividend Payout Ratio | - | 30.67% | 276.74% | 35.22% | - | 64.56% | 21.74% | 44.47% | - | 24.41% | 16.71% | 28.03% | 26.6% | 17.56% | 56.68% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Operating Leverage Sensitivity
According to the provided quarterly data, Astec's revenue growth has fluctuated significantly, peaking at 20.3% in 2026Q1 while experiencing periods of contraction, suggesting that top-line performance remains highly sensitive to project-based cycles and the timing of large-scale infrastructure equipment deliveries across its primary business segments.
The volatility in quarterly revenue growth indicates that Astec's business model is heavily reliant on the lumpy nature of capital equipment orders rather than a steady stream of recurring revenue. Investors should monitor whether the recent growth spikes are sustainable or merely reflective of backlog conversion timing, as the lack of consistent expansion complicates long-term forecasting.
As reported in financial statements, Astec's gross margins have struggled to maintain stability, hovering around the 25% to 28% range, which suggests that the company faces persistent challenges in passing through inflationary raw material costs to customers in a competitive industrial machinery landscape.
The inability to consistently expand gross margins despite revenue growth suggests that Astec may lack the pricing power necessary to offset rising input costs. This margin profile warrants further investigation into whether the company's manufacturing footprint is optimized for current demand levels or if it remains burdened by excess capacity.
Based on the reported figures, Astec's operating margins have frequently dipped into low single digits or negative territory, demonstrating that the company has yet to achieve the operating leverage required to translate top-line revenue gains into meaningful bottom-line profitability for its shareholders.
The high variability in operating income relative to gross profit suggests that SG&A expenses are not scaling efficiently with revenue growth. This lack of operating leverage appears to be a structural hurdle, potentially indicating that the OneASTEC transformation has not yet fully mitigated the costs associated with the company's decentralized legacy operations.
Analysis of the income statement reveals that net income is subject to extreme swings, with EPS dropping from $0.92 in 2024Q4 to $0.06 in 2026Q1, a trend that appears driven by inconsistent operating performance and the impact of non-operating charges on the bottom line.
The significant variance in quarterly net income suggests that reported earnings may not be a reliable indicator of underlying operational health. Investors should be cautious of the frequent fluctuations, which may be exacerbated by project-based accounting adjustments and the ongoing integration of centralized corporate functions.
While management pursues operational efficiencies, the company's high fixed-cost structure poses a significant risk, as evidenced by the rapid margin erosion observed in 2024Q3 when operating margins turned negative, suggesting that any downturn in infrastructure spending could lead to severe bottom-line deterioration.
Short-term investors should focus on the risk that Astec's high fixed-cost base will continue to amplify the impact of cyclical demand shifts. If the company cannot decouple its cost structure from volume fluctuations, it may remain vulnerable to persistent earnings volatility regardless of broader infrastructure funding trends.
Quick answers to the most common questions about buying ASTE stock.
For fiscal year 2025, Astec Industries, Inc. (ASTE) reported total revenue of $1.41B. This represents a 537.0% increase compared to $221.4M in 1996.
Astec Industries, Inc. (ASTE) is profitable, generating $38.8M in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.
Astec Industries, Inc. (ASTE) reported an operating income of $65.5M, resulting in an operating profit margin of 4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Astec Industries, Inc. (ASTE) generated $374.2M in gross profit for the year, representing a gross profit margin of 26.5%. This demonstrates the company's core pricing power and production efficiency.