Operating performance remains strained by structural margin compression, with gross margins oscillating between 17.2% and 24.1% over the last ten quarters.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Sales/Revenue | 789.81M | 757.35M | 717.68M | 683.07M | 650.31M | 540.78M | 535.83M | 472.8M | 428.07M | 421.25M | 368.97M | 301.71M | 258.67M | 406.27M | 363.69M | 161.28M | 147.22M | 134.87M | 133.34M | 136.32M | 112.1M | 95.78M | 152.64M | 167.57M | 172.04M | 160.7M | 194.29M | 112.95M | 86.87M | 44.91M |
| Revenue Growth % | 4.28% | 5.53% | 5.07% | 5.04% | 20.25% | 0.92% | 13.33% | 10.45% | 1.62% | 14.17% | 22.29% | 16.64% | -36.33% | 11.71% | 125.49% | 9.55% | 9.16% | 1.15% | -2.19% | 21.61% | 17.04% | -37.25% | -8.91% | -2.6% | 7.06% | -17.29% | 72.01% | 30.02% | 93.42% | 58.7% |
| Cost of Goods Sold | 629.9M | 603.53M | 585.13M | 569.11M | 532.44M | 431.32M | 417.43M | 383.62M | 322.2M | 306.21M | 268.05M | 220.14M | 177.1M | 350.54M | 335.98M | 109.9M | 105.9M | 95.32M | 96.12M | 115.04M | 84.19M | 68.73M | 129.5M | 150.18M | 151.47M | 148.73M | 188.1M | 91.32M | 69.25M | 31.52M |
| COGS % of Revenue | 79.75% | 79.69% | 81.53% | 83.32% | 81.88% | 79.76% | 77.9% | 81.14% | 75.27% | 72.69% | 72.65% | 72.96% | 68.47% | 86.28% | 92.38% | 68.14% | 71.93% | 70.68% | 72.09% | 84.39% | 75.1% | 71.76% | 84.84% | 89.62% | 88.04% | 92.55% | 96.81% | 80.85% | 79.72% | 70.18% |
| Gross Profit | 159.9M | 153.83M | 132.55M | 113.96M | 117.86M | 109.46M | 118.4M | 89.17M | 105.87M | 115.05M | 100.92M | 81.57M | 81.57M | 55.73M | 27.71M | 51.38M | 41.33M | 39.55M | 37.22M | 21.28M | 27.91M | 27.05M | 23.14M | 17.39M | 20.57M | 11.97M | 6.2M | 21.64M | 17.62M | 13.39M |
| Gross Margin % | 20.25% | 20.31% | 18.47% | 16.68% | 18.12% | 20.24% | 22.1% | 18.86% | 24.73% | 27.31% | 27.35% | 27.04% | 31.53% | 13.72% | 7.62% | 31.86% | 28.07% | 29.32% | 27.91% | 15.61% | 24.9% | 28.24% | 15.16% | 10.38% | 11.96% | 7.45% | 3.19% | 19.15% | 20.28% | 29.82% |
| Gross Profit Growth % | 3.95% | 16.05% | 16.31% | -3.31% | 7.68% | -7.55% | 32.77% | -15.77% | -7.97% | 13.99% | 23.72% | 0.01% | 46.36% | 101.13% | -46.08% | 24.33% | 4.5% | 6.25% | 74.88% | -23.76% | 3.19% | 16.93% | 33.03% | -15.48% | 71.92% | 93.16% | -71.36% | 22.81% | 31.54% | 50.48% |
| Operating Expenses | 102.99M | 113.91M | 86.43M | 77.52M | 89.16M | 62.83M | 101.66M | 73.53M | 56.25M | 47.07M | 62.64M | 47.99M | 49.46M | 59.87M | 53.45M | 25.12M | 23.02M | 26.71M | 24.47M | 23.76M | 19.11M | 15.22M | 12.17M | 10.45M | 9.33M | 11.44M | 14.73M | 9.26M | 7.46M | 6.56M |
| OpEx % of Revenue | 13.04% | 15.04% | 12.04% | 11.35% | 13.71% | 11.62% | 18.97% | 15.55% | 13.14% | 11.17% | 16.98% | 15.9% | 19.12% | 14.74% | 14.7% | 15.57% | 15.64% | 19.81% | 18.35% | 17.43% | 17.04% | 15.89% | 7.97% | 6.23% | 5.43% | 7.12% | 7.58% | 8.2% | 8.59% | 14.61% |
| Selling, General & Admin | 88.79M | 86.61M | 80.25M | 76.48M | 80.33M | 71.87M | 74.26M | 65.51M | 50.56M | 43.25M | 59.63M | 45.71M | 47.52M | 57.24M | 51.69M | 23.57M | 21.6M | 24.72M | 23.2M | 22.3M | 17.87M | 14.38M | 11.59M | 9.99M | 8.37M | 9.51M | 13.7M | 8.71M | 7.28M | 6.56M |
| SG&A % of Revenue | 11.24% | 11.44% | 11.18% | 11.2% | 12.35% | 13.29% | 13.86% | 13.86% | 11.81% | 10.27% | 16.16% | 15.15% | 18.37% | 14.09% | 14.21% | 14.61% | 14.67% | 18.33% | 17.4% | 16.36% | 15.94% | 15.01% | 7.6% | 5.96% | 4.87% | 5.92% | 7.05% | 7.72% | 8.38% | 14.61% |
| Research & Development | 14.2M | 11.4M | 9.99M | 10.32M | 10.5M | 8.56M | 9.2M | 8.01M | 5.69M | 3.82M | 3.01M | 2.27M | 1.94M | 2.63M | 1.76M | 1.55M | 1.42M | 1.99M | 1.27M | 1.46M | 1.23M | 836K | 565K | 564K | 552K | 472K | 714K | 549K | 185K | 0 |
| R&D % of Revenue | 1.8% | 1.51% | 1.39% | 1.51% | 1.61% | 1.58% | 1.72% | 1.7% | 1.33% | 0.91% | 0.82% | 0.75% | 0.75% | 0.65% | 0.49% | 0.96% | 0.97% | 1.48% | 0.95% | 1.07% | 1.1% | 0.87% | 0.37% | 0.34% | 0.32% | 0.29% | 0.37% | 0.49% | 0.21% | - |
| Other Operating Expenses | 0 | 15.89M | -3.81M | -9.29M | -1.67M | -17.61M | 18.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13K | -104K | 412K | 1.46M | 321K | 0 | 0 | 0 |
| Operating Income | 65.83M | 39.92M | 46.12M | 36.45M | 28.7M | 46.63M | 16.74M | 15.65M | 49.62M | 67.97M | 38.29M | 33.59M | 32.1M | -88.83M | -27.49M | 25.38M | 18.31M | 10.64M | 12.75M | -2.48M | 8.81M | 11.84M | 10.96M | 6.94M | 11.24M | -389K | -8.54M | 12.37M | 10.15M | 6.83M |
| Operating Margin % | 8.34% | 5.27% | 6.43% | 5.34% | 4.41% | 8.62% | 3.12% | 3.31% | 11.59% | 16.14% | 10.38% | 11.13% | 12.41% | -21.86% | -7.56% | 15.74% | 12.43% | 7.89% | 9.56% | -1.82% | 7.86% | 12.36% | 7.18% | 4.14% | 6.53% | -0.24% | -4.39% | 10.95% | 11.69% | 15.21% |
| Operating Income Growth % | 64.9% | -13.44% | 26.54% | 26.97% | -38.45% | 178.61% | 6.98% | -68.47% | -26.99% | 77.54% | 13.99% | 4.62% | 136.14% | -223.15% | -208.28% | 38.66% | 72.03% | -16.54% | 615.19% | -128.1% | -25.58% | 7.94% | 57.91% | -38.23% | 2989.72% | 95.44% | -168.99% | 21.85% | 48.61% | 100.94% |
| EBITDA | 65.83M | 50.32M | 57.74M | 48.89M | 41.59M | 57.78M | 26.3M | 22.98M | 54.13M | 71.69M | 41.22M | 36.11M | 34.85M | -83.54M | -20.14M | 29.28M | 22.19M | 13.58M | 15.19M | -670K | 10.77M | 13.77M | 13.33M | 9.33M | 14.13M | 2.58M | -5.52M | 13.61M | 10.87M | 7.26M |
| EBITDA Margin % | 8.34% | 6.64% | 8.05% | 7.16% | 6.4% | 10.68% | 4.91% | 4.86% | 12.65% | 17.02% | 11.17% | 11.97% | 13.47% | -20.56% | -5.54% | 18.16% | 15.07% | 10.07% | 11.39% | -0.49% | 9.61% | 14.37% | 8.74% | 5.57% | 8.21% | 1.61% | -2.84% | 12.05% | 12.51% | 16.17% |
| EBITDA Growth % | 30.82% | -12.84% | 18.1% | 17.55% | -28.02% | 119.69% | 14.47% | -57.56% | -24.49% | 73.9% | 14.17% | 3.62% | 141.71% | -314.86% | -168.76% | 31.98% | 63.36% | -10.6% | 2367.61% | -106.22% | -21.78% | 3.25% | 42.95% | -33.98% | 447.25% | 146.74% | -140.59% | 25.19% | 49.7% | 134.23% |
| D&A (Non-Cash Add-back) | 0 | 10.4M | 11.62M | 12.44M | 12.89M | 11.14M | 9.56M | 7.33M | 4.51M | 3.71M | 2.94M | 2.52M | 2.74M | 5.29M | 7.35M | 3.9M | 3.88M | 2.94M | 2.44M | 1.8M | 1.96M | 1.93M | 2.37M | 2.38M | 2.89M | 2.97M | 3.01M | 1.24M | 717K | 429K |
| EBIT | 0 | 39.86M | 46.97M | 36.45M | 28.7M | 46.63M | 16.74M | 15.65M | 50.83M | 69.81M | 36.47M | 33.59M | 33.72M | -88.83M | -27.49M | 25.38M | 19.64M | 10.66M | 12.82M | -2.48M | 6.32M | 13.44M | 80.35M | 83.97M | 11.47M | 89K | -8.54M | 12.37M | 10.15M | 6.83M |
| Net Interest Income | 0 | -55.55M | -60.04M | -39.55M | -15.55M | -15.77M | -25.04M | -23.23M | -15.45M | -13.09M | -16.24M | -13.06M | -18.29M | -12.32M | -4.84M | -5.36M | -4.71M | -4.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 240K | 0 | 19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 46.7M | 55.55M | 60.04M | 39.55M | 15.55M | 15.77M | 25.04M | 23.23M | 15.45M | 13.09M | 16.24M | 13.06M | 18.29M | 24.41M | 14.26M | 5.59M | 4.71M | 4.21M | 4 | 4 | 3 | 2 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | -55.61M | -59.19M | -39.55M | -15.55M | -15.77M | -25.04M | -23.23M | -15.45M | -13.09M | -16.24M | -13.06M | -18.29M | -147.54M | -14.26M | -6.4M | -3.38M | -4.2M | -5.45M | -5.91M | -2.95M | -1.69M | -931K | -1.34M | -3.56M | -3.7M | -3.18M | -1.58M | -1.09M | -833K |
| Pretax Income | 20.27M | -15.69M | -13.07M | -3.11M | 13.15M | 30.86M | -8.3M | -7.58M | 34.18M | 54.88M | 22.04M | 20.52M | 13.81M | -113.23M | -41.74M | 20.03M | 14.93M | 6.45M | 7.3M | -838.8K | 5.85M | 10.14M | 10.03M | 5.6M | 7.68M | -4.09M | -11.71M | 10.79M | 9.06M | 6M |
| Pretax Margin % | 2.57% | -2.07% | -1.82% | -0.46% | 2.02% | 5.71% | -1.55% | -1.6% | 7.98% | 13.03% | 5.97% | 6.8% | 5.34% | -27.87% | -11.48% | 12.42% | 10.14% | 4.78% | 5.48% | -0.62% | 5.22% | 10.59% | 6.57% | 3.34% | 4.47% | -2.54% | -6.03% | 9.56% | 10.43% | 13.36% |
| Income Tax | 7.88M | 3.78M | 36.18M | 1.1M | 5.79M | 9.39M | -1.01M | 268K | 17.86M | 17.3M | 11.48M | 9.07M | 7.33M | -21.72M | 6.77M | 7.81M | 5.28M | 2.59M | 2.7M | -3.43M | 2.19M | 3.86M | 3.55M | -5.03M | -4M | 13K | -1.17M | 4.19M | 3.53M | 2.35M |
| Effective Tax Rate % | 38.85% | -24.12% | -276.83% | -35.32% | 44.02% | 30.42% | 12.18% | -3.54% | 52.26% | 31.53% | 52.08% | 44.19% | 53.08% | 19.18% | -16.22% | 38.99% | 35.38% | 40.16% | 36.92% | 409.16% | 37.34% | 38.01% | 35.4% | -89.73% | -52.1% | -0.32% | 10.01% | 38.84% | 38.94% | 39.22% |
| Net Income | 12.39M | -19.47M | -49.24M | -4.21M | 7.36M | 21.48M | -7.29M | -7.85M | 16.32M | 37.57M | 10.56M | 11.45M | 107.36M | -91.51M | -48.51M | 12.22M | 9.65M | 3.86M | 4.61M | -4.96M | 3.67M | 6.29M | 6.48M | 10.63M | 11.69M | -4.1M | -28.24M | 6.6M | 5.53M | 3.65M |
| Net Margin % | 1.57% | -2.57% | -6.86% | -0.62% | 1.13% | 3.97% | -1.36% | -1.66% | 3.81% | 8.92% | 2.86% | 3.8% | 41.5% | -22.52% | -13.34% | 7.58% | 6.55% | 2.86% | 3.46% | -3.64% | 3.27% | 6.56% | 4.25% | 6.34% | 6.79% | -2.55% | -14.54% | 5.85% | 6.37% | 8.12% |
| Net Income Growth % | 163.66% | 60.46% | -1070.53% | -157.15% | -65.72% | 394.6% | 7.12% | -148.11% | -56.58% | 255.7% | -7.77% | -89.33% | 217.32% | -88.63% | -497% | 26.68% | 150.09% | -16.28% | 192.96% | -235.11% | -41.67% | -2.99% | -38.99% | -9.1% | 384.96% | 85.48% | -527.81% | 19.3% | 51.78% | 127.88% |
| Net Income (Continuing) | 12.39M | -19.47M | -49.24M | -4.21M | 7.36M | 21.48M | -7.29M | -7.85M | 19.26M | 37.57M | 10.56M | 11.45M | 6.48M | 14.56M | 14.35M | 12.22M | 9.65M | 3.86M | 4.61M | -4.96M | 2.08M | 6.29M | 5.4M | 10.99M | 11.83M | -3.81M | -10.54M | 6.6M | 5.53M | 3.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100.88M | 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) | 0.62 | -0.99 | -2.51 | -0.22 | 0.38 | 1.11 | -0.39 | -0.42 | 0.84 | 1.93 | 0.55 | 0.65 | 7.01 | -6.36 | -3.80 | 0.99 | 0.80 | 0.32 | 0.39 | -0.59 | 0.25 | 0.85 | 0.64 | 1.29 | 1.52 | -0.64 | -4.37 | 1.16 | 1.11 | 0.93 |
| EPS Growth % | 162.63% | 60.56% | -1040.91% | -157.89% | -65.77% | 384.62% | 7.14% | -150% | -56.48% | 250.91% | -15.38% | -90.73% | 210.22% | -67.37% | -483.84% | 23.75% | 150% | -17.95% | 166.1% | -336% | -70.59% | 32.81% | -50.39% | -15.13% | 337.5% | 85.35% | -476.72% | 4.5% | 19.35% | 89.8% |
| EPS (Basic) | 0.64 | -0.99 | -2.51 | -0.22 | 0.39 | 1.13 | -0.39 | -0.42 | 0.87 | 2.02 | 0.58 | 0.68 | 7.34 | -6.39 | -3.90 | 1.01 | 0.80 | 0.32 | 0.40 | -0.59 | 0.25 | 0.89 | 0.67 | 1.38 | 1.63 | -0.64 | -4.37 | 1.20 | 1.11 | 0.93 |
| Diluted Shares Outstanding | 19.98M | 19.68M | 19.6M | 19.34M | 19.56M | 19.39M | 18.91M | 18.85M | 19.51M | 19.42M | 19.07M | 17.61M | 15.32M | 14.39M | 12.76M | 12.33M | 12.12M | 12.09M | 11.81M | 8.35M | 8.48M | 8.57M | 8.44M | 8.52M | 7.78M | 6.46M | 6.46M | 5.69M | 5.01M | 3.94M |
| Basic Shares Outstanding | 19.3M | 19.68M | 19.6M | 19.34M | 19.12M | 19.02M | 18.91M | 18.69M | 18.85M | 18.61M | 18.23M | 16.73M | 14.63M | 14.33M | 12.44M | 12.04M | 11.99M | 12M | 11.52M | 8.35M | 8.25M | 8.18M | 8.06M | 7.97M | 7.26M | 6.46M | 6.46M | 5.52M | 5.01M | 3.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Thin margins and volatility
According to the provided quarterly data, MPAA's revenue growth has fluctuated significantly, ranging from a 9.9% year-over-year increase in 2026Q4 to a 9.9% contraction in 2026Q3, suggesting that top-line performance remains highly sensitive to seasonal demand and the inherent volatility of the automotive aftermarket cycle.
The inconsistent revenue trajectory indicates that the company struggles to maintain a steady growth baseline, likely due to the transactional nature of its core remanufacturing business. Investors should monitor whether the recent uptick in 2026Q4 represents a sustainable recovery or merely a temporary rebound from the prior quarter's sharp decline.
As reported in the financial statements, MPAA's gross margins have oscillated between 17.2% and 24.1% over the last ten quarters, reflecting the inherent difficulty in managing input costs and core return logistics within a highly competitive and price-sensitive automotive parts retail environment.
The inability to consistently expand gross margins suggests that the company lacks significant pricing power against its major retail partners. This structural limitation forces the firm to absorb commodity price fluctuations, which directly impacts the bottom line and limits the potential for meaningful net margin expansion.
Based on the income statement data, MPAA's operating income has failed to scale predictably with revenue, as evidenced by operating margins that dipped as low as -3.8% in 2025Q1, highlighting the company's struggle to manage its fixed cost base during periods of revenue volatility.
The lack of operating leverage implies that the company's SG&A expenses are relatively rigid, preventing the firm from capturing significant efficiencies during growth phases. This suggests that the current business model requires a higher revenue threshold to achieve consistent profitability, leaving the company vulnerable to even minor operational disruptions.
Analysis of the reported figures reveals that net income has been frequently negative or negligible, with significant quarterly swings such as the $47.2 million loss in 2024Q3, suggesting that non-operating items and accounting adjustments for core inventory may be distorting the true underlying earnings power.
The frequent divergence between operating income and net income warrants further investigation into the company's non-operating expenses and tax treatment. Investors should be cautious of relying on EPS as a performance metric given the high frequency of negative net income quarters and the potential for non-cash charges to mask operational realities.
While management points to EV diagnostic expansion, the data suggests that the core remanufacturing business remains the primary driver, with thin net margins of 1.57% in 2026Q4 indicating that the company is not yet successfully pivoting to higher-margin, technology-led revenue streams.
Short-term growth in revenue appears insufficient to offset the structural costs of the remanufacturing model, raising concerns about the company's long-term viability. The market may be overly optimistic about the EV transition, ignoring the reality that legacy ICE-related costs continue to weigh heavily on the income statement.
Quick answers to the most common questions about buying MPAA stock.
For fiscal year 2026, Motorcar Parts of America, Inc. (MPAA) reported total revenue of $789.8M. This represents a 1658.5% increase compared to $44.9M in 1996.
Motorcar Parts of America, Inc. (MPAA) is profitable, generating $12.4M in net income for the fiscal year ending 2026 with a net profit margin of 1.6%.
Motorcar Parts of America, Inc. (MPAA) reported an operating income of $65.8M, resulting in an operating profit margin of 8.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Motorcar Parts of America, Inc. (MPAA) generated $159.9M in gross profit for the year, representing a gross profit margin of 20.2%. This demonstrates the company's core pricing power and production efficiency.