Investment Thesis
Albany International is experiencing significant operational distress with negative operating and net income, declining revenues, and negative ROE/ROA despite maintaining adequate liquidity. While positive operating cash flow provides near-term breathing room, the company's inability to generate profits at current revenue levels raises fundamental concerns about business model sustainability and capital allocation efficiency.
AIN Strengths
- Solid liquidity position with 2.10x current ratio and $112.3M cash providing near-term solvency
- Positive operating cash flow of $152.5M and free cash flow of $82.6M despite unprofitable GAAP results
- Moderate leverage with 0.63x debt-to-equity ratio providing debt capacity if operational performance improves
AIN Risks
- Operating margin of -3.1% and net margin of -4.8% indicating structural profitability crisis across all revenue
- Revenue decline of 3.9% YoY combined with negative operating leverage suggests market share loss or pricing pressure in core business
- Negative interest coverage of -1.8x means operating income cannot service debt, creating refinancing and covenant risk as debt matures
Key Metrics to Watch
- Operating margin recovery toward positive territory and gross margin stability above 20%
- Revenue stabilization and return to growth, particularly in relation to competitor performance
- Free cash flow sustainability and management's capital allocation decisions regarding debt reduction vs. reinvestment
AIN Financial Metrics
AIN Profitability Ratios
AIN Balance Sheet & Liquidity
AIN 5-Year Financial Trend
5-Year Trend Summary: ALBANY INTERNATIONAL CORP /DE/'s revenue has grown significantly by 17% over the 5-year period, indicating strong business expansion. The most recent EPS of $3.55 reflects profitable operations.
AIN Growth Metrics (YoY)
AIN Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $261.4M | $18.0M | $0.57 |
| Q2 2025 | $311.4M | $9.2M | $0.31 |
| Q1 2025 | $288.8M | $17.4M | $0.56 |
| Q3 2024 | $281.1M | $18.0M | $0.57 |
| Q2 2024 | $274.1M | $24.6M | $0.79 |
| Q1 2024 | $269.1M | $26.9M | $0.86 |
| Q3 2023 | $260.6M | $10.7M | $0.34 |
| Q2 2023 | $261.4M | $26.7M | $0.85 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AIN Capital Allocation
AIN SEC Filings
Access official SEC EDGAR filings for ALBANY INTERNATIONAL CORP /DE/ (CIK: 0000819793)