Operating margins have compressed to 1.3% in 2026Q1, reflecting the company's inability to scale fixed overhead costs during a period of contracting top-line performance.
| 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 |
|---|
| Sales/Revenue | 270.93M | 273.8M | 302.38M | 357.74M | 377.38M | 307.48M | 222.36M | 284.29M | 269.49M | 161.67M | 174.88M | 199.07M | 175.2M | 144.13M | 162.45M | 143.42M | 100.26M | 83.34M | 116.65M | 122.71M | 162.33M | 130.54M | 111.85M | 92.78M | 94.09M | 68.36M | 83.55M | 90.6M | 77.7M | 64.9M |
| Revenue Growth % | -5.16% | -9.45% | -15.47% | -5.2% | 22.73% | 38.28% | -21.79% | 5.49% | 66.69% | -7.55% | -12.15% | 13.62% | 21.56% | -11.28% | 13.27% | 43.05% | 20.3% | -28.56% | -4.94% | -24.41% | 24.35% | 16.72% | 20.54% | -1.39% | 37.63% | -18.17% | -7.79% | 16.61% | 19.72% | - |
| Cost of Goods Sold | 223.25M | 226.22M | 249.12M | 293.22M | 324.97M | 266.14M | 187.88M | 262.78M | 242.34M | 136.99M | 146.96M | 162.82M | 145.02M | 120.55M | 136.6M | 113.54M | 83.91M | 71.91M | 95.45M | 105.74M | 132.46M | 107.06M | 94.54M | 78.89M | 80.27M | 60.53M | 69.96M | 78.29M | 60.7M | 48.8M |
| COGS % of Revenue | - | 82.62% | 82.39% | 81.96% | 86.11% | 86.55% | 84.5% | 92.44% | 89.93% | 84.73% | 84.03% | 81.79% | 82.77% | 83.64% | 84.09% | 79.16% | 83.69% | 86.29% | 81.82% | 86.17% | 81.6% | 82.01% | 84.52% | 85.02% | 85.31% | 88.54% | 83.74% | 86.41% | 78.12% | 75.19% |
| Gross Profit | 47.69M | 47.58M | 53.26M | 64.52M | 52.4M | 41.34M | 34.47M | 21.51M | 27.14M | 24.68M | 27.92M | 36.25M | 30.19M | 23.57M | 25.85M | 29.88M | 16.35M | 11.43M | 21.21M | 16.97M | 29.87M | 23.48M | 17.31M | 13.9M | 13.82M | 7.83M | 13.58M | 12.31M | 17M | 16.1M |
| Gross Margin % | 17.6% | 17.38% | 17.61% | 18.04% | 13.89% | 13.45% | 15.5% | 7.56% | 10.07% | 15.27% | 15.97% | 18.21% | 17.23% | 16.36% | 15.91% | 20.84% | 16.31% | 13.71% | 18.18% | 13.83% | 18.4% | 17.99% | 15.48% | 14.98% | 14.69% | 11.46% | 16.26% | 13.59% | 21.88% | 24.81% |
| Gross Profit Growth % | - | -10.66% | -17.45% | 23.13% | 26.75% | 19.93% | 60.3% | -20.76% | 9.97% | -11.62% | -22.97% | 20.1% | 28.05% | -8.8% | -13.5% | 82.79% | 43.09% | -46.13% | 25% | -43.19% | 27.2% | 35.67% | 24.54% | 0.57% | 76.45% | -42.34% | 10.35% | -27.59% | 5.59% | - |
| Operating Expenses | 35.66M | 33.36M | 36.56M | 37.98M | 34.4M | 30.28M | 24.08M | 28.93M | 27.84M | 16.69M | 16.38M | 17.75M | 15.54M | 13.46M | 13.36M | 12.94M | 9.93M | 8.94M | 12.02M | 11.4M | 14.01M | 13.09M | 10.74M | 9.49M | 9.24M | 7.94M | 10.72M | 10.59M | 9.3M | 9.5M |
| OpEx % of Revenue | - | 12.19% | 12.09% | 10.62% | 9.12% | 9.85% | 10.83% | 10.18% | 10.33% | 10.32% | 9.37% | 8.92% | 8.87% | 9.34% | 8.22% | 9.02% | 9.91% | 10.73% | 10.3% | 9.29% | 8.63% | 10.03% | 9.6% | 10.23% | 9.82% | 11.61% | 12.83% | 11.69% | 11.97% | 14.64% |
| Selling, General & Admin | 35.66M | 33.36M | 36.56M | 37.76M | 34.4M | 30.28M | 24.08M | 28.93M | 27.84M | 16.69M | 16.38M | 17.75M | 15.54M | 13.46M | 13.36M | 12.94M | 9.93M | 8.94M | 12.02M | 11.4M | 14.01M | 13.09M | 10.74M | 9.49M | 9.24M | 7.94M | 9.05M | 9.14M | 7.8M | 7.5M |
| SG&A % of Revenue | - | 12.19% | 12.09% | 10.56% | 9.12% | 9.85% | 10.83% | 10.18% | 10.33% | 10.32% | 9.37% | 8.92% | 8.87% | 9.34% | 8.22% | 9.02% | 9.91% | 10.73% | 10.3% | 9.29% | 8.63% | 10.03% | 9.6% | 10.23% | 9.82% | 11.61% | 10.84% | 10.09% | 10.04% | 11.56% |
| Research & Development | 0 | 0 | 0 | 1.7M | 0 | 1.3M | 0 | 0 | 1.03M | 848K | 965K | 719K | 475K | 466K | 449K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.48% | - | 0.42% | - | - | 0.38% | 0.52% | 0.55% | 0.36% | 0.27% | 0.32% | 0.28% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -1.48M | 0 | -1.3M | 0 | 0 | 48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.67M | 1.45M | 1.5M | 2M |
| Operating Income | 12.03M | 14.22M | 16.7M | 26.54M | 18M | 11.07M | 10.39M | -11.53M | -3.1M | 7.99M | 11.54M | 18.5M | 14.65M | 10.11M | 12.49M | 16.94M | 6.42M | 2.49M | 9.19M | 5.57M | 15.86M | 10.39M | 6.57M | 4.4M | 4.58M | -108K | 2.86M | 1.72M | 7.7M | 6.6M |
| Operating Margin % | 4.44% | 5.19% | 5.52% | 7.42% | 4.77% | 3.6% | 4.67% | -4.06% | -1.15% | 4.94% | 6.6% | 9.29% | 8.36% | 7.02% | 7.69% | 11.81% | 6.4% | 2.98% | 7.88% | 4.54% | 9.77% | 7.96% | 5.88% | 4.75% | 4.87% | -0.16% | 3.43% | 1.9% | 9.91% | 10.17% |
| Operating Income Growth % | - | -14.84% | -37.09% | 47.4% | 62.66% | 6.53% | 190.13% | -271.87% | -138.8% | -30.79% | -37.59% | 26.29% | 44.82% | -19.02% | -26.29% | 164.04% | 158.19% | -72.95% | 65.01% | -64.88% | 52.55% | 58.16% | 49.25% | -3.92% | 4343.23% | -103.77% | 66.35% | -77.66% | 16.67% | - |
| EBITDA | 21.14M | 26.57M | 30.09M | 39.45M | 29.89M | 22.68M | 22.05M | -1.15M | 6.28M | 14.23M | 17.83M | 24.54M | 19.67M | 14.99M | 17.01M | 20.89M | 10.37M | 6.34M | 12.73M | 8.98M | 17.92M | 12.2M | 8.22M | 6.11M | 6.22M | 1.49M | 4.53M | 3.17M | 9.2M | 8.6M |
| EBITDA Margin % | 7.8% | 9.7% | 9.95% | 11.03% | 7.92% | 7.38% | 9.92% | -0.41% | 2.33% | 8.8% | 10.19% | 12.33% | 11.23% | 10.4% | 10.47% | 14.56% | 10.34% | 7.61% | 10.92% | 7.32% | 11.04% | 9.34% | 7.35% | 6.59% | 6.61% | 2.18% | 5.42% | 3.49% | 11.84% | 13.25% |
| EBITDA Growth % | -24.84% | -11.72% | -23.71% | 31.99% | 31.75% | 2.87% | 2014.24% | -118.33% | -55.84% | -20.18% | -27.35% | 24.75% | 31.2% | -11.88% | -18.54% | 101.47% | 63.48% | -50.2% | 41.82% | -49.9% | 46.96% | 48.37% | 34.5% | -1.7% | 317.86% | -67.15% | 43.06% | -65.58% | 6.98% | - |
| D&A (Non-Cash Add-back) | 9.11M | 12.35M | 13.4M | 12.91M | 11.88M | 11.62M | 11.66M | 10.38M | 9.38M | 6.24M | 6.28M | 6.04M | 5.02M | 4.88M | 4.52M | 3.94M | 3.95M | 3.86M | 3.54M | 3.41M | 2.07M | 1.8M | 1.65M | 1.71M | 1.64M | 1.6M | 1.67M | 1.45M | 1.5M | 2M |
| EBIT | 12.46M | 14.79M | 17.57M | 26.76M | 16.74M | 11.23M | 10.47M | -11.43M | -3.05M | 8.56M | 11.46M | 18.5M | 14.65M | 10.11M | 12.49M | 16.94M | 6.21M | 2.49M | 9.19M | 6.11M | 16.5M | 10.62M | 6.58M | 4.4M | 4.58M | -108.01K | 2.86M | 1.72M | 7.7M | 6.64M |
| Net Interest Income | -2K | -118K | 100K | -1.01M | -2.16M | -2.31M | -5.92M | -4.14M | -2.39M | -245K | -298K | -330K | -122K | -214K | -334K | -696K | -1.34M | -951.05K | -689.13K | -175K | 156.81K | -524.56K | -865.71K | -1.76M | -1.89M | -1.69M | -1.63M | 0 | -1.7M | 0 |
| Interest Income | 84K | 0 | 193K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 542.17K | 645.12K | 226.2K | 6.58K | 87.51K | 132.92K | 305K | 339.51K | 0 | 0 | 0 |
| Interest Expense | 86K | 118K | 93K | 1.01M | 2.16M | 2.31M | 5.92M | 4.14M | 2.39M | 245K | 298K | 330K | 122K | 214K | 334K | 696K | 1.34M | 951.05K | 689.13K | 717.16K | 488.31K | 750.76K | 872.3K | 1.85M | 2.03M | 2M | 1.97M | 0 | 1.7M | 0 |
| Other Income/Expense | 514K | 459K | 786K | -791K | -3.42M | -2.15M | -5.84M | -4.05M | -2.35M | -196K | -280K | -330K | -122K | -241K | -338K | -696K | -1.34M | -951.05K | -689.13K | -175K | 156.81K | -524.56K | -865.71K | -1.76M | -1.39M | -1.69M | -1.63M | -1.59M | -1.4M | -2.04M |
| Pretax Income | 12.54M | 14.68M | 17.48M | 25.75M | 14.59M | 8.92M | 4.55M | -15.58M | -5.45M | 7.75M | 11.25M | 18.17M | 14.53M | 9.9M | 12.16M | 16.25M | 5.08M | 1.53M | 8.5M | 5.39M | 16.01M | 9.87M | 5.71M | 2.64M | 3.19M | -1.8M | 1.23M | 128.98K | 6.3M | 4.6M |
| Pretax Margin % | 4.63% | 5.36% | 5.78% | 7.2% | 3.86% | 2.9% | 2.04% | -5.48% | -2.02% | 4.79% | 6.43% | 9.13% | 8.29% | 6.87% | 7.48% | 11.33% | 5.06% | 1.84% | 7.29% | 4.4% | 9.86% | 7.56% | 5.1% | 2.84% | 3.39% | -2.64% | 1.47% | 0.14% | 8.11% | 7.09% |
| Income Tax | 2.92M | 3.48M | 4.18M | 5.42M | 2.38M | 4.25M | -3.62M | -355K | -664K | 2.29M | 3.84M | 6.12M | 4.89M | 3.03M | 3.97M | 5.72M | 2.64M | 516.74K | 2.86M | 1.67M | 5.6M | 3.58M | 571.29K | 973.35K | 1.18M | 58K | 515.63K | 57.64K | 2.6M | 1.9M |
| Effective Tax Rate % | 23.3% | 23.72% | 23.92% | 21.06% | 16.33% | 47.63% | -79.57% | 2.28% | 12.19% | 29.52% | 34.11% | 33.67% | 33.67% | 30.65% | 32.63% | 35.22% | 52.06% | 33.68% | 33.61% | 30.92% | 34.98% | 36.31% | 10.01% | 36.89% | 37.11% | -3.22% | 41.89% | 44.69% | 41.27% | 41.3% |
| Net Income | 9.62M | 11.2M | 13.3M | 20.32M | 12.2M | 4.67M | 8.16M | -15.22M | -4.78M | 5.46M | 7.41M | 12.05M | 9.63M | 6.87M | 8.19M | 10.53M | 2.43M | 1.02M | 5.64M | 3.73M | 10.41M | 6.29M | 5.13M | 1.67M | 2.01M | -1.86M | 715.35K | 71.34K | 3.7M | 2.7M |
| Net Margin % | 3.55% | 4.09% | 4.4% | 5.68% | 3.23% | 1.52% | 3.67% | -5.35% | -1.77% | 3.38% | 4.24% | 6.05% | 5.5% | 4.76% | 5.04% | 7.34% | 2.43% | 1.22% | 4.84% | 3.04% | 6.41% | 4.82% | 4.59% | 1.79% | 2.13% | -2.72% | 0.86% | 0.08% | 4.76% | 4.16% |
| Net Income Growth % | -17.96% | -15.82% | -34.56% | 66.55% | 161.25% | -42.79% | 153.64% | -218.34% | -187.6% | -26.34% | -38.5% | 25.08% | 40.31% | -16.17% | -22.19% | 332.62% | 139.07% | -81.97% | 51.44% | -64.21% | 65.61% | 22.42% | 208.34% | -17% | 207.87% | -360.01% | 902.76% | -98.07% | 37.04% | - |
| Net Income (Continuing) | 9.62M | 11.2M | 13.3M | 20.32M | 12.2M | 4.67M | 8.16M | -15.22M | -4.78M | 5.46M | 7.41M | 12.05M | 9.63M | 6.87M | 8.19M | 10.53M | 2.43M | 1.02M | 5.64M | 3.73M | 10.41M | 6.29M | 5.13M | 1.67M | 2.01M | -1.86M | 715.35K | 71.34K | 3.7M | 2.7M |
| 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 |
| 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 |
| EPS (Diluted) | 1.11 | 1.29 | 1.51 | 2.31 | 1.44 | 0.55 | 0.98 | -1.94 | -0.62 | 0.70 | 0.97 | 1.58 | 1.28 | 0.92 | 1.11 | 1.44 | 0.34 | 0.16 | 0.81 | 0.41 | 1.00 | 0.60 | 0.52 | 0.17 | 0.21 | -0.19 | 0.07 | 0.01 | 0.37 | 0.28 |
| EPS Growth % | -16.95% | -14.57% | -34.63% | 60.42% | 161.82% | -43.88% | 150.52% | -212.9% | -188.57% | -27.84% | -38.61% | 23.44% | 39.13% | -17.12% | -22.92% | 323.53% | 112.5% | -80.25% | 97.56% | -59% | 66.67% | 15.38% | 205.88% | -19.05% | 210.53% | -371.43% | 600% | -97.3% | 32.14% | - |
| EPS (Basic) | - | 1.31 | 1.53 | 2.37 | 1.44 | 0.55 | 0.98 | -1.94 | -0.62 | 0.71 | 0.97 | 1.59 | 1.28 | 0.95 | 1.15 | 1.51 | 0.36 | 0.16 | 0.84 | 0.43 | 1.03 | 0.63 | 0.53 | 0.17 | 0.21 | -0.19 | 0.07 | 0.01 | 0.38 | 0.29 |
| Diluted Shares Outstanding | 8.69M | 8.69M | 8.79M | 8.77M | 8.47M | 8.06M | 7.94M | 7.83M | 7.75M | 7.75M | 7.66M | 7.62M | 7.55M | 7.43M | 7.38M | 7.3M | 7.07M | 6.82M | 6.99M | 9M | 10.39M | 10.41M | 9.82M | 9.78M | 9.78M | 9.78M | 10.22M | 9.82M | 9.98M | 9.64M |
| Basic Shares Outstanding | 8.56M | 8.56M | 8.69M | 8.55M | 8.47M | 8.06M | 7.94M | 7.83M | 7.71M | 7.69M | 7.62M | 7.58M | 7.51M | 7.22M | 7.1M | 6.95M | 6.85M | 6.77M | 6.74M | 8.69M | 10.08M | 9.91M | 9.78M | 9.78M | 9.78M | 9.78M | 10.22M | 9.78M | 9.71M | 9.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 14.4% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical heavy-truck demand exposure
As evidenced by the most recent quarterly data, CMT's top-line performance remains under pressure, with a 4.7% year-over-year revenue decline in 2026Q1, reflecting the ongoing volatility in the company's core heavy-duty truck and industrial end-markets that has persisted throughout the observed ten-quarter period.
The consistent revenue contraction suggests that the company is struggling to find a growth offset to the cyclical downturn in Class 8 truck builds. Investors should monitor whether the current project-based revenue model can stabilize as the company attempts to pivot toward more specialized, higher-margin industrial applications.
Based on the provided financial statements, CMT's gross margin has fluctuated significantly, ranging from a low of 14.8% in 2023Q4 to a peak of 20.4% in 2026Q1, indicating that the company's ability to manage input cost volatility remains highly sensitive to production volume levels.
The inability to maintain consistent gross margins suggests that the company's high fixed-cost manufacturing base is susceptible to under-absorption during periods of declining volume. This volatility implies that profitability is heavily dependent on achieving specific capacity utilization thresholds at their primary production facilities.
According to the income statement data, operating margins have compressed to 1.3% in 2026Q1, demonstrating that the company's operating leverage works against it when revenue declines, as fixed overhead costs are not being scaled down at a rate commensurate with the top-line contraction.
The sharp decline in operating income during periods of revenue weakness suggests that the company's cost structure is relatively rigid. This lack of operational flexibility may continue to weigh on earnings until management can successfully align its manufacturing footprint with current demand levels.
As reported in the quarterly filings, net income has been periodically impacted by stock-based compensation expenses, which reached as high as $766,000 in 2024Q2, potentially masking the underlying cash-generating capability of the core molding operations during periods of lower profitability.
The presence of non-cash compensation expenses warrants further investigation into the true economic earnings of the firm. Investors should be cautious of the lumpy nature of these charges, which can distort the reported EPS and complicate the assessment of the company's normalized profitability.
While the company maintains a low debt-to-equity ratio, the recent 72.2% year-over-year decline in EPS for 2026Q1 suggests that the business model may be more vulnerable to cyclical troughs than the current valuation might imply to some market participants.
Short-term observers may argue that the company's reliance on a single, cyclical end-market creates a structural risk that cannot be mitigated by balance sheet strength alone. The persistent revenue decline suggests that the company's competitive moat in specialized molding may not be sufficient to protect margins during a prolonged industrial downturn.
Quick answers to the most common questions about buying CMT stock.
For fiscal year 2025, Core Molding Technologies, Inc. (CMT) reported total revenue of $273.8M. This represents a 321.9% increase compared to $64.9M in 1997.
Core Molding Technologies, Inc. (CMT) is profitable, generating $11.2M in net income for the fiscal year ending 2025 with a net profit margin of 4.1%.
Core Molding Technologies, Inc. (CMT) reported an operating income of $14.2M, resulting in an operating profit margin of 5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Core Molding Technologies, Inc. (CMT) generated $47.6M in gross profit for the year, representing a gross profit margin of 17.4%. This demonstrates the company's core pricing power and production efficiency.