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olivLaw · US equity research

Ampco-Pittsburgh Corporation AP

Pumps & Pumping Equipment · SIC 3561 · Vertical: Pumps & Pumping Equipment (SIC 3561)

6.91USD−8.36% · 1 dayClose 04 Nov 2026

Ampco-Pittsburgh makes forged and cast rolls for steel and aluminum mills, plus air and liquid processing equipment including centrifugal pumps. The company posted an operating loss in 2025, but orders and backlog rose in the second quarter of 2026, making the trend in demand relevant for the coming quarters. Net sales were 434.2 million USD in fiscal 2025, and backlog reached 385.4 million USD at June 30, 2026.

At the close of 04 Nov 2026, Ampco-Pittsburgh Corporation (AP) stock was 6.91 USD (−8.36% on the day), with market capitalisation 142.8 m USD, dividend yield 0.00%, beta 1.64, 52-week range 1.85–12.20 USD. Latest reported quarter (Q2 2026): revenue of 102.9 m USD (−9.0% YoY), net income of 1.5 m USD, diluted EPS 0.07 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
142.8 m USD
shares as of 06 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.93 · TTM to 30 Jun 2026
E/P (TTM)
-42.39%
TTM to 30 Jun 2026
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
1.64
Volatility (1y) 87%
52-week range
1.8512.20

Price history

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Technical reading

RSI (14)
32.5
weak (30–45)
Bollinger (20, 2)
7.02 – 9.52
below the lower band · %B -0.05 · band width 30.1%
SMA 50 / 200
8.52 / 8.79
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.34 / -0.22
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−28.4%−1.1%−27.3 pp—
3 months−26.8%−0.5%−26.3 pp—
6 months−42.6%+4.4%−47.0 pp—
Year to date+29.6%+12.3%+17.3 pp—
1 year+238.7%+13.5%+225.2 pp+11.5%
3 years+155.9%+76.4%+79.5 pp+50.8%
5 years+37.6%+63.7%−26.0 pp—
Max drawdown (1y)
−43.4%
08 May 2026 → 04 Nov 2026
Max drawdown (5y)
−88.6%
10 Mar 2022 → 01 Jul 2024
Compound annual growth (5y)
+6.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
102.9 m USD
−9.0% YoY
Net income
1.5 m USD
unavailable YoY
Diluted EPS
0.07
unavailable YoY
net / operating
1.4% / 4.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue96.2 m100.9 m104.3 m113.1 m108.0 m108.8 m108.3 m102.9 m
Cost of revenue76.4 m80.2 m82.1 m92.0 m86.7 m93.5 m86.8 m80.7 m
SG&A13.3 m15.0 m13.7 m13.0 m12.7 m12.8 m13.9 m12.9 m
Operating income1.9 m5.2 m3.9 m-3.1 m1.1 m-56.4 m2.6 m5.1 m
Depreciation & amortisation4.6 m4.7 m4.6 m5.4 m7.1 m4.7 m4.3 m4.2 m
Interest expense3.0 m2.9 m2.7 m2.8 m3.0 m2.8 m2.7 m2.8 m
Pre-tax income-818.0 k4.2 m2.0 m-6.1 m-1.1 m-58.1 m435.0 k2.8 m
Income tax636.0 k742.0 k59.0 k592.0 k525.0 k-1.1 m585.0 k677.0 k
Net income-2.0 m3.1 m1.1 m-7.3 m-2.2 m-57.7 m-867.0 k1.5 m
Diluted EPS-0.100.16 ≈0.06-0.36-0.11-2.85 ≈-0.040.07
Operating cash flow11.4 m ≈7.5 m-5.3 m-2.3 m ≈6.3 m ≈2.7 m1.6 m286.0 k ≈
Capex2.9 m ≈3.8 m2.2 m1.5 m ≈3.0 m ≈2.8 m3.4 m5.7 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue419.4 m397.9 m328.5 m344.9 m390.2 m422.3 m418.3 m434.2 m
Revenue YoY+8.9%−5.1%−17.4%+5.0%+13.1%+8.2%−1.0%+3.8%
Net income-69.3 m-21.0 m8.0 m-3.9 m3.4 m-39.9 m438.0 k-66.1 m
Net income YoYunavailableunavailableunavailable−148.4%unavailable−1,268.9%unavailable−15,183.8%
Diluted EPS-5.57-1.670.54-0.200.18-2.040.02-3.28
Diluted EPS YoYunavailableunavailableunavailable−137.0%unavailable−1,233.3%unavailable−16,500.0%
net %-16.5%-5.3%2.4%-1.1%0.9%-9.5%0.1%-15.2%
Free cash flowunavailableunavailable25.2 m-31.1 m-43.9 m-24.1 m5.8 m-8.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
10.7 m USD
Financial debt
15.7 m USD
Net debt
5.0 m USD
Equity
48.0 m USD
Total assets
495.4 m USD
Debt / equity
0.33x
Current ratio
1.84x
ROE
-111.0%
ROA
-12.9%
FCF margin
-1.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
422.3 m
2024
418.3 m
2025
434.2 m

SEC (XBRL)· 16 Mar 2026verified

Cost of revenue
2023
347.8 m
2024
336.8 m
2025
354.2 m

SEC (XBRL)· 16 Mar 2026verified

Gross profit
2023
74.6 m ≈
2024
81.5 m ≈
2025
80.0 m ≈

SEC (XBRL)· 16 Mar 2026derived

Research & development
2023
662.0 k
2024
441.0 k
2025
494.0 k

SEC (XBRL)· 16 Mar 2026verified

SG&A
2023
50.9 m
2024
54.9 m
2025
52.1 m

SEC (XBRL)· 16 Mar 2026verified

Operating income
2023
-34.6 m
2024
12.2 m
2025
-54.5 m

SEC (XBRL)· 16 Mar 2026verified

Depreciation & amortisation
2023
17.7 m
2024
18.6 m
2025
21.8 m

SEC (XBRL)· 16 Mar 2026verified

EBITDA
2023
-16.9 m ≈
2024
30.8 m ≈
2025
-32.7 m ≈

SEC (XBRL)· 16 Mar 2026derived

Interest expense
2023
9.3 m
2024
11.6 m
2025
11.4 m

SEC (XBRL)· 16 Mar 2026verified

Pre-tax income
2023
-39.3 m
2024
5.0 m
2025
-63.4 m

SEC (XBRL)· 16 Mar 2026verified

Income tax
2023
-1.2 m
2024
2.7 m
2025
120.0 k

SEC (XBRL)· 16 Mar 2026verified

Net income
2023
-39.9 m
2024
438.0 k
2025
-66.1 m

SEC (XBRL)· 16 Mar 2026verified

Diluted EPS
2023
-2.04
2024
0.02
2025
-3.28

SEC (XBRL)· 16 Mar 2026verified

Weighted average diluted shares
2023
19.6 m
2024
19.9 m
2025
20.1 m

SEC (XBRL)· 16 Mar 2026verified

Balance sheet · USD

Cash
2023
7.3 m
2024
15.4 m
2025
10.7 m

SEC (XBRL)· 16 Mar 2026verified

Receivables
2023
78.9 m
2024
70.6 m
2025
79.0 m

SEC (XBRL)· 16 Mar 2026verified

Inventories
2023
124.7 m
2024
116.8 m
2025
104.4 m

SEC (XBRL)· 16 Mar 2026verified

Current assets
2023
236.7 m
2024
236.8 m
2025
239.6 m

SEC (XBRL)· 16 Mar 2026verified

Property, plant & equipment, net
2023
158.7 m
2024
148.1 m
2025
129.1 m

SEC (XBRL)· 16 Mar 2026verified

Intangibles (excl. goodwill)
2023
4.9 m
2024
4.3 m
2025
4.6 m

SEC (XBRL)· 16 Mar 2026verified

Total assets
2023
565.7 m
2024
530.9 m
2025
495.4 m

SEC (XBRL)· 16 Mar 2026verified

Accounts payable
2023
36.8 m
2024
36.3 m
2025
46.3 m

SEC (XBRL)· 16 Mar 2026verified

Short-term debt
2023
12.3 m
2024
12.2 m
2025
15.7 m

SEC (XBRL)· 16 Mar 2026verified

Current liabilities
2023
116.9 m
2024
125.2 m
2025
130.5 m

SEC (XBRL)· 16 Mar 2026verified

Total liabilities
2023
494.1 m
2024
459.8 m
2025
447.4 m

SEC (XBRL)· 16 Mar 2026verified

Equity
2023
71.6 m
2024
71.1 m
2025
48.0 m

SEC (XBRL)· 16 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-3.7 m
2024
18.0 m
2025
1.3 m

SEC (XBRL)· 16 Mar 2026verified

Capex
2023
20.4 m
2024
12.2 m
2025
9.4 m

SEC (XBRL)· 16 Mar 2026verified

Free cash flow
2023
-24.1 m ≈
2024
5.8 m ≈
2025
-8.1 m ≈

SEC (XBRL)· 16 Mar 2026derived

Investing cash flow
2023
-19.7 m
2024
-8.2 m
2025
-9.2 m

SEC (XBRL)· 16 Mar 2026verified

Financing cash flow
2023
21.7 m
2024
-1.4 m
2025
2.2 m

SEC (XBRL)· 16 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
3.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
3.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
5.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-547.7%
computed by olivLawFY 2025
Net income growth (YoY)
-15,183.8%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-16,500.0%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
-238.2%
computed by olivLawFY 2025

Profitability

Gross margin
18.8%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-6.4%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-11.1%
computed by olivLawTTM to 30 Jun 2026
Net margin
-13.8%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-0.9%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-126.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-11.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-55.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-13.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
10.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-4.2x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
1.8x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
10.9 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
14.9 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-4.0 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
73 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
125 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
48 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
150 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
142.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
153.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-42.4%
computed by olivLawTTM to 30 Jun 2026
P/B
4.6x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.3x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-2.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
0.0%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
0.62
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

6.91 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 142.8 m USD

Key indicators

Market capitalisation
142.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
4.6x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-126.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-13.8%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
3.8%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 06 Aug 2026
Source: SEC (XBRL)published 11 Aug 2026
verified 2414derived 173

Score by group

44% · Insufficient data

Estimated value range

Low
2.17
USD per share
Mid
2.65
USD per share
High
3.41
USD per share
Price: 6.91 USD
The price is above the range
Potential to the central value: -61.6% (value / price − 1)
Margin of safety: -160.6% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.18 – 5.23 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)3.15 – 5.23 (Mid 3.95)
    WACC 8.8% · starting FCFF 5.5 m USD · terminal value share of EV 74%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 27.8%
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)1.18 – 1.59 (Mid 1.36)
Multiple comparisons use the SIC vertical: Pumps & Pumping Equipment (SIC 3561)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-55.6%0 (vs peers)24%
Net margin · Quality-13.8%0 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth3.6%30 (on a fixed band)19%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-4.2x0 (on a fixed band)14%
Current ratio · Balance sheet1.8x81 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-2.8%0 (on a fixed band)19%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet33/100 · 2/3 factors with a value
  • Growth· partial30/100 · 1/2 factors with a value
  • Quality0/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AMPCO-PITTSBURGH CORP (AP). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 434.2 m USD in 2025; YoY growth 3.8%; net margin -13.8%; ROE -126.3%.

The estimated value range is 2.17–3.41 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.65 USD, the price of 6.91 USD leaves a potential of -61.6% (value / price − 1) and a margin of safety of -160.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 1.8x

What contradicts it

  • ROIC: -55.6%
  • Net margin: -13.8%
  • Interest coverage: -4.2x
  • FCF yield: -2.8%
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Pumps & Pumping Equipment (SIC 3561) · same industry (4-digit SIC) · compared with 6 companies

Multiples and returns vs the median

P/E
—
vertical median 29.4x
EV/EBITDA
—
vertical median 15.7x
P/S
0.3x
vertical median 3.8x
below median (−91.2%)
P/B
4.6x
vertical median 4.3x
above median (+7.9%)
ROE
-126.3%
vertical median 12.4%
below median (−1,118.6%)
Net margin
-13.8%
vertical median 11.9%
below median (−215.9%)
EBIT margin
-11.1%
vertical median 16.1%
below median (−168.9%)
Revenue YoY
3.8%
vertical median 5.8%
below median (−34.3%)
Net debt/EBITDA
—
vertical median 1.4x
Dividend yield
0.0%
vertical median 1.2%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
XYLXylem Inc.23.2 bn22.310.1%11.9%+5.5%−28% / −4%
ITTItt Inc.18.0 bn39.411.5%8.9%+8.5%+9% / +86%
IEXIdex Corp17.2 bn32.413.3%14.6%+5.8%+34% / +16%
GGGGraco Inc.11.2 bn22.520.4%22.4%+5.8%−15% / −14%
FLSFlowserve Corp10.3 bn40.711.1%—unavailable+14% / +112%
GRCThe Gorman-Rupp Company2.0 bn26.317.0%10.2%+3.4%+59% / +134%
APAmpco-Pittsburgh Corp142.8 m—-126.3%-13.8%+3.8%+239% / +156%

1- and 3-year price returns: for AP from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Ampco-Pittsburgh makes forged and cast rolls for steel and aluminum mills, plus air and liquid processing equipment including centrifugal pumps. The company posted an operating loss in 2025, but orders and backlog rose in the second quarter of 2026, making the trend in demand relevant for the coming quarters. Net sales were 434.2 million USD in fiscal 2025 1, and backlog reached 385.4 million USD at June 30, 2026 3.

    SWOT

    Strengths

    • The company holds recognized positions in the industrial niches it serves and benefits from significant barriers to entry 1.
    • The ALP segment has steady demand from energy and defense and has gained market share 1.
    • Second quarter 2026 results show improving margins and a rising backlog 3.

    Weaknesses

    • The company posted an operating loss in 2025, affected by deconsolidation and exit charges 1.
    • Net debt remains high and available liquidity is limited 3.
    • The company is exposed to asbestos claims whose final cost is uncertain 1.

    Opportunities

    • If the steel demand recovery continues, the FCEP segment could raise volumes and margins 3.
    • Onshoring of manufacturing in the United States could raise demand for ALP products 1.
    • Ramping the Sweden facility could support FCEP operating efficiency 3.

    Threats

    • Excess global steel capacity could push prices and margins lower 1.
    • Changes in tariffs could again reduce orders and demand 1.
    • Currency swings and economic conditions in export markets could affect results 1.

    Risks

    • Liquidity and debthigh

      The company relies on its revolving credit facility, capped at 100 million USD, and on market access; a weaker credit profile could raise borrowing costs 1.

    • Asbestos litigationhigh

      Subsidiaries face numerous personal injury claims from asbestos exposure, and ultimate liability could exceed current estimates 1.

    • Cyclical demandmedium

      Demand for rolls and FEP products is cyclical, and an economic slowdown could reduce orders and prices 1.

    • Currency exposuremedium

      Foreign revenues and assets are denominated in other currencies, and exchange rate moves could affect reported results in U.S. dollars 1.

    • Trade policymedium

      Tariffs and possible retaliation could affect costs, customers and volumes, particularly for exports from Europe 1.

    Investment thesis

    What would need to be true (bull case)

    • Backlog rose in the second quarter of 2026 and orders reached a high level, which could support future revenue 3.
    • The ALP segment benefits from energy and defense demand, and if that demand persists it could support margins 1.
    • Exiting loss-making UK operations could reduce recurring losses in future periods 1.

    What would break the thesis

    • The company posted an operating loss in 2025 and net debt remains high, which could limit financial flexibility 13.
    • Excess capacity in the steel industry could keep prices under pressure and weigh on FCEP margins 1.
    • Asbestos and tariff risks remain unresolved and could bring additional costs 1.

    What to watch

    • Orders and backlog trend in FCEPQ3 2026
    • Adjusted EBITDA margin and ALP sales trendQ3 2026
    • Net debt and liquidity development2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company has reduced its exposure to loss-making activities: UES-UK entered administration on October 14, 2025, and is no longer consolidated 1. The Ohio steel distribution facility was also closed, and AUP was merged into Union Electric Steel Corporation in December 2025 1. Ampco-Pittsburgh now reports rising orders and backlog, with a stronger second quarter of 2026 than the previous one 3.

    Trends

    • Trade tariffsmixed

      U.S. tariffs on steel, aluminum and coated products have affected costs and orders, but the company passed most incremental costs on to customers 1. Tariffs also supported demand for FEP products 1. Future changes could again slow customer orders 1.

    • Steel demand recoverytailwind

      In the second quarter of 2026 orders for North American roll products improved as steel markets recovered from 2025 lows 3. If this continues, it could support FCEP volumes.

    • Energy and defense demandtailwind

      The ALP segment benefits from higher demand in power generation and U.S. military markets 1. Pump orders for power generation and U.S. Navy programs helped lift backlog in the second quarter of 2026 3.

    • Production cost inflationheadwind

      The ALP segment faces rising production costs from inflation, and the company is raising prices to offset these effects 1. If price increases cannot be sustained, margins could come under pressure.

    Competitive position

    The company reports considerable competition from many firms in both segments, but believes its subsidiaries are significant participants in the niche markets they serve 1. Competition is based on quality, service, price and delivery, and significant barriers to entry exist 1. In FCEP it competes with European, Asian, and North and South American companies 1.

    In ALP the company has several major competitors and sells through an independent network of sales offices in the United States and Canada 1. The strong second quarter of 2026 suggests ALP can hold its position, but competitive pressure remains 3.

    • European and Asian roll producers

      The filing refers to European and Asian competitors in FCEP without naming them, so no confirmed US ticker.

    • North and South American roll producers

      The company cites competitors in North and South America in the FCEP segment without naming them.

    • Major ALP competitors

      The sources indicate several major competitors in ALP but do not name them.

    • Asian cast and forged roll manufacturers

      Asian producers are described as competing in domestic and foreign markets, without identification.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ampco-Pittsburgh Corporation · 16 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ampco-Pittsburgh Corporation · 11 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Ampco-Pittsburgh Corporation · 11 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.