Ampco-Pittsburgh Corporation (AP)
NYSE:AP
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Ampco-Pittsburgh
(NYSE:AP)
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Rating:46Neutral
Price Target:
$7.00
▲(71.15% Upside)
Action:ReiteratedDate:03/18/26
The score is held down primarily by weak financial performance (2025 loss, higher leverage, and negative free cash flow) and bearish near-term technicals (price below key moving averages with weak momentum). The latest earnings call provides some offset with credible profitability-improvement actions and improving order momentum, while valuation cannot be meaningfully supported with the provided P/E and missing dividend yield.
Positive Factors
Strong Air & Liquid segment
Record A&L revenue and adjusted EBITDA indicate a resilient, higher-margin franchise within the company. Durable strength in custom engineered equipment, aftermarket parts and services supports recurring margin and cash contribution, insulating consolidated results through industrial cycles.
Negative Factors
Elevated leverage
A materially higher debt/equity ratio weakens financial flexibility for a cyclical manufacturer. Reduced equity cushions raise refinancing and covenant risk during industry downturns, limiting ability to invest or absorb shocks over the coming 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Air & Liquid segment
Record A&L revenue and adjusted EBITDA indicate a resilient, higher-margin franchise within the company. Durable strength in custom engineered equipment, aftermarket parts and services supports recurring margin and cash contribution, insulating consolidated results through industrial cycles.
Read all positive factors
Ampco-Pittsburgh (AP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$145.74M
Dividend YieldN/A
Average Volume (3M)307.76K
Price to Earnings (P/E)―
Beta (1Y)1.64
Revenue Growth0.20%
EPS Growth88.39%
CountryUS
Employees1,634
SectorIndustrials
Sector Strength72
IndustryManufacturing - Metal Fabrication
Share Statistics
EPS (TTM)-2.85
Shares Outstanding20,326,390
10 Day Avg. Volume172,648
30 Day Avg. Volume307,762
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 Cap1.88
Enterprise Value/Revenue0.63
Enterprise Value/Gross Profit3.63
Enterprise Value/Ebitda9.22
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:Mar 16, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call presents a mixed but ultimately constructive picture: near-term noise and meaningful non-cash one-time charges materially depressed Q4 GAAP results and caused segment-level shortfalls, particularly in FCEP. However, core operations — led by a record-performing Air & Liquid segment, strong early-2026 order momentum (bookings +73% YTD), full-year adjusted EBITDA growth, planned asset removals expected to improve adjusted EBITDA by $7M–$8M, and operational ramps in Sweden — point to improving profitability and stronger 2026–2027 prospects. Given the combination of significant one-time charges (short-term negative impact) and multiple durable operational tailwinds and margin opportunities (long-term positive impact), the positives modestly outweigh the negatives.Positive Updates
Air & Liquid Record Revenue and Adjusted EBITDA
Air & Liquid Processing achieved record results in 2025: full-year revenue +7% vs prior year and Q4 revenue +10% vs prior year. Full-year adjusted EBITDA was $15.4M, a 21% increase over prior year, marking the highest adjusted EBITDA in the segment's history.
Negative Updates
Q4 Consolidated Adjusted EBITDA Decline
Consolidated adjusted EBITDA for Q4 2025 was $3.2M, down from $6.0M in Q4 2024 (a decline of ~$2.8M, ≈-46.7%), driven primarily by a pause in FCEP customer orders related to tariff announcements and lower operating days.
Read all updates
Q4-2025 Updates
Positive
Negative
Air & Liquid Record Revenue and Adjusted EBITDA
Air & Liquid Processing achieved record results in 2025: full-year revenue +7% vs prior year and Q4 revenue +10% vs prior year. Full-year adjusted EBITDA was $15.4M, a 21% increase over prior year, marking the highest adjusted EBITDA in the segment's history.
Read all positive updates
Company Guidance
Management guided that the strategic actions completed in Q4 should drive improved profitability — specifically, an expected improvement in adjusted EBITDA of $7–8 million annually — as the company exits underperforming assets and the steel market recovers; consolidated results to note: Q4 net sales $108.8M (up $7.8M), FY2025 net sales $434.2M (up $3.8M), Q4 adjusted EBITDA $3.2M (vs $6.0M prior year) and FY adjusted EBITDA $29.2M (up $1.1M y/y). Segment-level expectations include Air & Liquid, which posted Q4 revenue +10% and FY revenue +7%, Q4 adjusted EBITDA $3.3M (vs $3.7M) and record FY adjusted EBITDA $15.4M (+21%); backlog was down $8M in 2025 (including a $7.1M removal), but bookings in Jan–Feb 2026 were up 73% with U.S. Navy bookings >$9M. For Forged & Cast (FCEP), FY net sales were $292.6M (stable vs $280.6M), Q4 net sales $70.9M (vs $66.5M), FY adjusted EBITDA $24.4M (Q4 adjusted $2.2M vs $5.5M prior), GAAP operating loss $44.7M driven by a $41.4M U.K. deconsolidation charge; non‑cash exit and other costs totaled $42.4M in Q4 ($52.2M FY) and an $11.9M after‑tax asbestos revaluation was recorded in Q4. Management expects Sweden production to be ~20% higher in 2026, order book normalization by end of Q2 2026 with full margin realization starting Q3 2026, continued A&L capacity additions in 2026, and overall significant margin expansion in 2026 and full‑year 2027; liquidity at 12/31/2025 was $10.7M cash plus $25.5M undrawn revolver.Ampco-Pittsburgh Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
22
Negative
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 434.17M | 418.31M | 422.34M | 390.19M | 344.92M |
| Gross Profit | 58.18M | 81.50M | 74.56M | 62.19M | 66.11M |
| EBITDA | 27.84M | 31.42M | -12.26M | 28.40M | 20.48M |
| Net Income | -66.07M | 438.00K | -39.93M | 3.42M | -3.86M |
Balance Sheet | |||||
| Total Assets | 495.36M | 530.90M | 565.65M | 502.77M | 505.96M |
| Cash, Cash Equivalents and Short-Term Investments | 10.70M | 15.43M | 7.29M | 8.73M | 10.34M |
| Total Debt | 138.30M | 133.17M | 133.42M | 108.99M | 64.97M |
| Total Liabilities | 447.39M | 459.81M | 494.08M | 389.38M | 393.83M |
| Stockholders Equity | 32.64M | 58.88M | 60.94M | 104.33M | 102.90M |
Cash Flow | |||||
| Free Cash Flow | -8.06M | 5.83M | -24.13M | -43.90M | -31.10M |
| Operating Cash Flow | 1.34M | 18.03M | -3.69M | -27.21M | -15.87M |
| Investing Cash Flow | -9.22M | -8.24M | -19.68M | -16.31M | -14.73M |
| Financing Cash Flow | 2.21M | -1.35M | 21.69M | 42.59M | 24.40M |
Ampco-Pittsburgh Technical Analysis
Positive
4.09
Price Trends
7.63
Negative
5.71
Positive
4.23
Positive
Market Momentum
-0.30
Positive
46.59
Neutral
57.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AP, the sentiment is Positive. The current price of 4.09 is below the 20-day moving average (MA) of 7.63, below the 50-day MA of 7.63, and below the 200-day MA of 4.23, indicating a neutral trend. The MACD of -0.30 indicates Positive momentum. The RSI at 46.59 is Neutral, neither overbought nor oversold. The STOCH value of 57.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AP.
Ampco-Pittsburgh Risk Analysis
Ampco-Pittsburgh disclosed 27 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $762.87M | 16.91 | 9.20% | ― | 7.61% | 25.35% | |
64 Neutral | $282.57M | 10.47 | 16.65% | ― | -3.42% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $370.00M | -47.25 | -3.30% | ― | -12.38% | -0.71% | |
46 Neutral | $145.74M | -1.62 | -120.09% | ― | 0.20% | 88.39% | |
42 Neutral | $30.73M | -8.20 | -13.31% | ― | 1.15% | 94.58% |
* Industrials Sector Average
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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.