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what it is
Ampco-Pittsburgh makes specialty steel rolls, heat-transfer equipment, air systems, and pumps for heavy industry.
how it gets paid
Last year Ampco-Pittsburgh made $403M in revenue. forged hardened steel rolls was the main engine at $145M, or 36% of sales.
what just happened
Revenue reached $312M, but the quarter still lost money at -$0.42 a share.
At a glance
C balance sheet — red flag territory — real financial stress
10/100 earnings predictability — expect surprises
183.5x trailing p/e — you're paying up for this one
3.6% return on capital — nothing to write home about
$0.02 fy2024 eps est
xvary composite: 25/100 — weak
What they do
Ampco-Pittsburgh makes specialty steel rolls, heat-transfer equipment, air systems, and pumps for heavy industry.
This is a parts business where failure is expensive. If your mill roll or heat-transfer system breaks, your line stops, and downtime costs more than the part. Ampco runs plants in the U.S., England, Sweden, and Slovenia, plus three joint ventures in China, and serves customers through 1,634 employees. That footprint helps when your customer wants a custom product fast, not a catalog item later.
How they make money
$403M
annual revenue
forged hardened steel rolls
$145M
ingot and forged products
$96M
heat exchange coils and finned tubes
$82M
air handling systems
$48M
pumps and liquid processing systems
$32M
The products that matter
engineered rolls and forged components
Forged and Cast Engineered Products
$265M · about 61% of segment revenue
It is the larger business at $265M, but it posted a $54.5M operating loss in 2025 after a $12.4M asbestos charge and a U.K. subsidiary insolvency. Size is not helping you if the biggest segment is where the damage lives.
loss center right now
custom coils and heat exchangers
Air and Liquid Processing
$169M · about 39% of segment revenue
This $169M segment saw orders rise 38% in early 2026. That is the cleanest internal growth signal on the page, because it offers a way to improve mix without pretending the bigger segment is fine.
turnaround lever
the actual investment bet
Turnaround execution
$167M market cap · $123M debt
At a roughly $167M market value with $123M of long-term debt, you are not buying smooth compounding. You are buying management's ability to shrink losses faster than the balance sheet loses patience.
high risk
Key numbers
183.5x
trailing p/e
P/E ratio → how many dollars you pay for $1 of earnings → so what: you are paying 183.5 times a year that produced just $0.02 per share.
$123M
long-term debt
Long-term debt → money owed for years → so what: debt equals 42% of capital, which is a lot for a business earning a 3.6% return on capital.
6.4%
operating margin
Operating margin → profit left after running the business → so what: each $100 of sales leaves about $6.40 before interest and taxes.
3.6%
return on capital
Return on capital → profit earned on the money tied up in the business → so what: most of the cash in this machine is not earning much.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $123M (42% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for AP right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue reached $312M, but the quarter still lost money at -$0.42 a share.
That is the whole AP story in one line. Sales were up 201% vs. prior year, but EPS swung hard negative versus the prior year — ignore feed-style triple-digit “EPS fell” labels and read dollar EPS in the filing. Trailing EPS still sits at -$0.44.
$312M
revenue
$0.42
eps
+201%
revenue vs. last year
the number that mattered
The number that mattered was -$0.42 EPS, because revenue growth means very little when the business still loses money.
source: company earnings report, 2026
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What could go wrong
the top risk is continued losses in forged and cast engineered products.
high
FCEP stays deeply unprofitable
The segment lost $54.5M in 2025. That is large enough to wipe out progress almost anywhere else in the company.
If FCEP does not narrow fast, Air and Liquid Processing growth becomes damage control instead of upside.
med
Steel demand weakens or tariffs move against them
Management flagged steel softness and tariff uncertainty, and the company only runs at a 6.4% operating margin.
Thin margins mean raw-material pressure or weaker orders can erase profit fast.
med
Legacy charges keep resetting the story
A $12.4M asbestos charge and a U.K. subsidiary insolvency were big enough to distort 2025. That makes cleanup risk a present-tense issue, not a footnote.
Even if operations improve, another legacy hit can keep pushing a clean recovery further out.
high
Debt shortens management's runway
Long-term debt sits at $123M against a market cap of roughly $167M after a $66.1M annual loss.
That does not mean a balance-sheet event is imminent. It does mean the company has less room for a slow fix than the stock price suggests.
A $66.1M annual loss on $434.2M of sales, plus $123M of long-term debt, leaves very little room for a turnaround that arrives late.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
You want to see whether the 38% order increase in Air and Liquid Processing starts showing up in revenue and whether FCEP losses narrow at the same time.
segment risk
FCEP profitability progress
Management made this the main 2026 focus. That is not optional. The thesis breaks if the biggest segment stays the biggest source of losses.
balance sheet
debt versus losses
Keep $123M of long-term debt next to the latest loss, not in separate mental buckets. A turnaround stock gets less forgiving when both numbers stay large.
macro
steel demand and tariff headlines
This is a cyclical industrial business with a 6.4% operating margin. When demand softens or input costs move the wrong way, the income statement feels it fast.
Analyst rankings
earnings predictability
10 / 100
That score says quarterly results are hard to trust. In human-speak: expect noise, charges, and revisions before you expect consistency.
risk profile
5 / 100 stability
The stock is unstable because the business is unstable. You are not paying for predictability here. You are paying for the chance that things get less bad.
source: institutional data
Institutional activity
institutional ownership data for AP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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