Ampco-Pittsburgh Corporation (AP)
NYSE:AP
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Ampco-Pittsburgh
(NYSE:AP)
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Rating:54Neutral
Price Target:
$9.00
▲(120.05% Upside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weak financial performance (losses, leverage, and negative free cash flow) and limited valuation support from a negative P/E. This is partially offset by bullish technical trend signals and a moderately positive earnings-call outlook driven by strong ALP order/backlog momentum and expected EBITDA improvements, though near-term FCEP execution remains a key risk.
Positive Factors
ALP record orders, backlog and margin expansion
Sustained ALP demand across data centers, power, pharmaceuticals and Navy-funded projects plus capacity expansion and a materially larger backlog boost revenue visibility and higher-margin project mix. That structural segment strength should support outsized EBITDA contribution over coming quarters.
Negative Factors
High leverage and thin equity cushion
A ~4.4x debt-to-equity ratio leaves limited balance-sheet flexibility and increases refinancing and interest risks. With a thin equity base, operational setbacks could rapidly strain covenants or require asset sales or dilution, constraining strategic options over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
ALP record orders, backlog and margin expansion
Sustained ALP demand across data centers, power, pharmaceuticals and Navy-funded projects plus capacity expansion and a materially larger backlog boost revenue visibility and higher-margin project mix. That structural segment strength should support outsized EBITDA contribution over coming quarters.
Read all positive factors
Ampco-Pittsburgh (AP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$193.91M
Dividend YieldN/A
Average Volume (3M)152.30K
Price to Earnings (P/E)―
Beta (1Y)1.89
Revenue Growth6.27%
EPS Growth-1660.64%
CountryUS
Employees1,634
SectorIndustrials
Sector Strength72
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)-3.36
Shares Outstanding20,326,390
10 Day Avg. Volume170,366
30 Day Avg. Volume152,303
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)3.29
Price to Sales (P/S)0.25
P/FCF Ratio-13.32
Enterprise Value/Market Cap1.67
Enterprise Value/Revenue0.74
Enterprise Value/Gross Profit5.09
Enterprise Value/Ebitda11.36
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ampco-Pittsburgh Business Overview & Revenue Model
Company Description
Ampco-Pittsburgh Corporation, together with its subsidiaries, engages in manufacture and sale of specialty metal products and customized equipment to commercial and industrial users worldwide. It operates in two segments, Forged and Cast Engineere...
How the Company Makes Money
Ampco-Pittsburgh makes money primarily by manufacturing and selling engineered, made-to-order industrial products and related services through its operating segments.
1) Air and Liquid Processing segment revenue: This segment generates revenue fr...
Ampco-Pittsburgh Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call presented a mixed but constructive picture. The Air & Liquid Processing segment delivered exceptional results (record orders, backlog growth, double-digit revenue growth and a +52% adjusted EBITDA gain) that materially strengthen near-term revenue visibility and profitability. These positives largely offset a modest decline in consolidated adjusted EBITDA driven by temporary timing, mix and ramp-up issues in the Forged & Cast segment (estimated ~$3 million EBITDA impact). Management highlighted liquidity, a fully funded pension, planned debt reduction ($8M–$10M), tariff dynamics that favor future margins, and expected annual adjusted EBITDA improvement of $7M–$8M from prior actions. Given the strong ALP performance, improving FCEP outlook, and clear remediation steps, the overall tone is optimistic despite the short-term FCEP headwinds.Positive Updates
Air & Liquid Processing (ALP) Record Performance
ALP set records for adjusted EBITDA and customer orders. ALP Q1 revenue rose 17% year-over-year and adjusted EBITDA increased 52% versus prior year. Backlog in the segment grew $23.5 million (19%) during the quarter and customer orders were 40% higher than any prior quarter. Management cites strong end-market demand (data centers, power generation, nuclear heat exchangers, U.S. Navy, pharmaceuticals) and ongoing capacity expansion (equipment installed in 2024, Navy-funded equipment arriving in 2026) to support continued growth.
Negative Updates
Consolidated Adjusted EBITDA Decline
Consolidated adjusted EBITDA for Q1 was $8.0 million, down from $8.8 million in the prior year (a decrease of $0.8 million, roughly -9.1%), driven largely by segment timing and mix issues in Forged & Cast Engineered Products (FCEP).
Read all updates
Q1-2026 Updates
Positive
Negative
Air & Liquid Processing (ALP) Record Performance
ALP set records for adjusted EBITDA and customer orders. ALP Q1 revenue rose 17% year-over-year and adjusted EBITDA increased 52% versus prior year. Backlog in the segment grew $23.5 million (19%) during the quarter and customer orders were 40% higher than any prior quarter. Management cites strong end-market demand (data centers, power generation, nuclear heat exchangers, U.S. Navy, pharmaceuticals) and ongoing capacity expansion (equipment installed in 2024, Navy-funded equipment arriving in 2026) to support continued growth.
Read all positive updates
Company Guidance
Management's guidance emphasized a stronger remainder of 2026 after a Q1 that produced consolidated adjusted EBITDA of $8.0 million (down from $8.8M LY) and company net sales of $108.3M (+3.9% YoY); Air & Liquid set records with Q1 revenue up 17%, adjusted EBITDA up 52% YoY, backlog +$23.5M (+19% QoQ) and customer orders 40% higher than any prior quarter (company backlog +5%), while Forged & Cast reported Q1 sales of $70.8M (vs. $72.3M LY) and adjusted EBITDA of $5.7M (vs. $8.3M LY) with timing-related mix and inventory headwinds that management quantified as roughly a $3M EBITDA drag that should reverse; looking forward, management expects annual adjusted EBITDA to improve $7–8M from actions taken in H2 2025, plans modest 2026 debt reduction of roughly $8–10M, holds $9.2M cash and $30.8M undrawn on the revolver, benefits from a fully funded U.S. pension (D&A down ≈$400k), sees tariff dynamics (cast-roll tariffs reduced, FEP tariffs at 50%) as favorable, and cites additional Navy-funded equipment arriving early 2026 (more in H2) and only limited planned outages (July 4 maintenance and European summer holidays).Ampco-Pittsburgh Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
29
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 438.23M | 434.17M | 418.31M | 422.34M | 390.19M | 344.92M |
| Gross Profit | 63.71M | 58.18M | 81.50M | 74.56M | 62.19M | 66.11M |
| EBITDA | 28.55M | 27.84M | 31.42M | -12.26M | 28.40M | 20.48M |
| Net Income | -68.08M | -66.07M | 438.00K | -39.93M | 3.42M | -3.86M |
Balance Sheet | ||||||
| Total Assets | 497.21M | 495.36M | 530.90M | 565.65M | 502.77M | 505.96M |
| Cash, Cash Equivalents and Short-Term Investments | 9.23M | 10.70M | 15.43M | 7.29M | 8.73M | 10.34M |
| Total Debt | 138.74M | 138.30M | 133.17M | 133.42M | 108.99M | 64.97M |
| Total Liabilities | 449.63M | 447.39M | 459.81M | 494.08M | 389.38M | 393.83M |
| Stockholders Equity | 31.32M | 32.64M | 58.88M | 60.94M | 104.33M | 102.90M |
Cash Flow | ||||||
| Free Cash Flow | -2.32M | -8.06M | 5.83M | -24.13M | -43.90M | -31.10M |
| Operating Cash Flow | 8.27M | 1.34M | 18.03M | -3.69M | -27.21M | -15.87M |
| Investing Cash Flow | -10.75M | -9.22M | -8.24M | -19.68M | -16.31M | -14.73M |
| Financing Cash Flow | 4.12M | 2.21M | -1.35M | 21.69M | 42.59M | 24.40M |
Ampco-Pittsburgh Technical Analysis
Negative
4.09
Price Trends
9.07
Negative
7.96
Positive
5.32
Positive
Market Momentum
0.32
Positive
41.59
Neutral
22.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AP, the sentiment is Negative. The current price of 4.09 is below the 20-day moving average (MA) of 10.78, below the 50-day MA of 9.07, and below the 200-day MA of 5.32, indicating a neutral trend. The MACD of 0.32 indicates Positive momentum. The RSI at 41.59 is Neutral, neither overbought nor oversold. The STOCH value of 22.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AP.
Ampco-Pittsburgh Risk Analysis
Ampco-Pittsburgh disclosed 28 risk factors in its most recent earnings report. Ampco-Pittsburgh reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ampco-Pittsburgh Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.07B | 17.70 | 10.73% | ― | 10.67% | 30.61% | |
69 Neutral | $260.88M | 13.53 | 13.88% | ― | 7.75% | 276.72% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $510.71M | -11.22 | -6.76% | ― | -0.04% | -172.38% | |
54 Neutral | $193.91M | -39.21 | -145.82% | ― | 6.27% | -1660.64% | |
49 Neutral | $38.84M | -8.20 | -13.31% | ― | -0.36% | 87.31% |
* Industrials Sector Average
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Ampco-Pittsburgh Corporate Events
Executive/Board ChangesShareholder Meetings
Ampco-Pittsburgh Shareholders Reaffirm Board and Executive Compensation
Positive
May 12, 2026
Ampco-Pittsburgh Corporation held its annual meeting of shareholders on May 8, 2026, where investors voted on board composition, executive pay, and auditor selection. Shareholders re-elected J. Brett McBrayer and Darrell L. McNair as directors for...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.