Investment Thesis
Ampco Pittsburgh is in severe financial distress with massive operating losses (-$54.5M) and negative profitability across all margins despite modest revenue growth. The company is burning cash with negative free cash flow of -$8.1M while carrying excessive leverage (3.61x debt-to-equity) and an interest coverage ratio of -4.8x, indicating inability to service debt from operations. Without immediate operational turnaround, the company faces potential solvency crisis.
AP Strengths
- Revenue growth of 4.3% YoY shows modest top-line resilience in core markets
- Current ratio of 1.84x provides adequate short-term liquidity cushion
- Maintains $10.7M cash balance providing limited runway for operations
AP Risks
- Operating losses of -$54.5M and net losses of -$66.1M indicate fundamental business model failure
- Negative free cash flow of -$8.1M combined with $117.9M long-term debt creates refinancing risk
- Extremely poor profitability metrics (gross margin 4.8%, net margin -15.2%, ROE -202.4%) suggest structural cost issues
- Negative interest coverage ratio of -4.8x means company cannot service debt obligations from operating income
- Massive impairment or restructuring charges evident from gap between operating and net losses
Key Metrics to Watch
- Operating income trend - critical need to achieve positive operating cash generation
- Gross margin expansion - currently unsustainable at 4.8%
- Debt maturity schedule and refinancing capability given negative cash flows
- Working capital efficiency and inventory/receivables management
- Potential asset sales or restructuring announcements
AP Financial Metrics
AP Profitability Ratios
AP Balance Sheet & Liquidity
AP 5-Year Financial Trend
5-Year Trend Summary: AMPCO PITTSBURGH CORP's revenue has grown significantly by 21% over the 5-year period, indicating strong business expansion. The most recent EPS of $0.02 reflects profitable operations.
AP Growth Metrics (YoY)
AP Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $92.1M | -$2.0M | $-0.10 |
| Q2 2025 | $107.1M | -$705.0K | $-0.04 |
| Q1 2025 | $99.2M | $1.1M | $0.06 |
| Q3 2024 | $92.1M | $809.0K | $0.04 |
| Q2 2024 | $106.9M | $423.0K | $0.02 |
| Q1 2024 | $102.4M | $676.0K | $0.03 |
| Q3 2023 | $97.2M | $809.0K | $0.04 |
| Q2 2023 | $100.3M | $423.0K | $0.02 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AP Capital Allocation
AP SEC Filings
Access official SEC EDGAR filings for AMPCO PITTSBURGH CORP (CIK: 0000006176)