olivLaw · US equity research
Alpha Pro Tech, Ltd. APT
Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)
Alpha Pro Tech makes disposable protective apparel and building weatherization products, selling mainly in the United States. In the second quarter of 2026 sales rose to 18.7 million USD and the company carries no debt, while the housing market remains weak.
At the close of 04 Nov 2026, Alpha Pro Tech, Ltd. (APT) stock was 5.74 USD (+3.24% on the day), with market capitalisation 58.6 m USD, P/E 14.1 on diluted EPS of 0.41 USD over the last 12 months, beta 0.58, 52-week range 4.34–6.64 USD. Latest reported quarter (Q2 2026): revenue of 18.7 m USD (+12.0% YoY), net income of 1.8 m USD (+46.8% YoY), diluted EPS 0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.6
- strong (55–70)
- Bollinger (20, 2)
- 5.30 – 5.90
- in the upper half of the band · %B 0.74 · band width 10.8%
- SMA 50 / 200
- 5.41 / 5.20
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.04 / 0.04
- 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.2% | −1.1% | +0.9 pp | — |
| 3 months | +17.1% | −0.5% | +17.6 pp | — |
| 6 months | +22.1% | +4.4% | +17.7 pp | — |
| Year to date | +29.3% | +12.3% | +17.0 pp | — |
| 1 year | +25.6% | +13.5% | +12.1 pp | −2.5% |
| 3 years | +44.2% | +76.4% | −32.2 pp | −4.2% |
| 5 years | +11.2% | +63.7% | −52.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.3 m | 13.8 m | 13.8 m | 16.7 m | 14.8 m | 13.9 m | 14.6 m | 18.7 m |
| Cost of revenue | 8.8 m | 8.6 m | 8.4 m | 10.5 m | 8.9 m | 8.7 m | 9.1 m | 11.7 m |
| Gross profit | 5.5 m | 5.2 m | 5.4 m | 6.1 m | 5.9 m | 5.1 m | 5.5 m | 7.0 m |
| SG&A | 4.5 m | 4.4 m | 4.7 m | 4.6 m | 4.6 m | 4.0 m | 4.7 m | 4.7 m |
| Operating income | 737.0 k | 674.0 k | 455.0 k | 1.3 m | 1.1 m | 952.0 k | 580.0 k | 2.0 m |
| Depreciation & amortisation | 245.0 k | 139.0 k | 243.0 k | 240.0 k | 203.0 k | 239.0 k | 250.0 k | 268.0 k |
| Income tax | 237.0 k | 233.0 k | 159.0 k | 367.0 k | 317.0 k | 295.0 k | 183.0 k | 558.0 k |
| Net income | 862.0 k | 847.0 k | 613.0 k | 1.2 m | 976.0 k | 698.0 k | 702.0 k | 1.8 m |
| Diluted EPS | 0.08 | 0.07 ≈ | 0.06 | 0.12 | 0.09 | 0.07 ≈ | 0.07 | 0.18 |
| Operating cash flow | 5.3 m ≈ | 2.4 m | -4.0 m | 2.1 m ≈ | 3.9 m ≈ | 318.0 k | 12.0 k | 2.2 m ≈ |
| Capex | 2.1 m ≈ | 1.4 m | 135.0 k | 138.0 k ≈ | 99.0 k ≈ | 267.0 k | 117.0 k | 142.0 k ≈ |
| Share repurchases | 1.0 m | 721.0 k | 1.2 m | 830.0 k | 624.0 k | 713.0 k | 0 | 99.0 k |
≈ 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.
Today's P/E sits at the 49 percentile of its own 39-quarter history (min 5.3, median 14.5, max 23.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 46.6 m | 46.7 m | 102.7 m | 68.6 m | 62.0 m | 61.2 m | 57.8 m | 59.1 m |
| Revenue YoY | +5.9% | +0.1% | +120.1% | −33.2% | −9.7% | −1.2% | −5.5% | +2.3% |
| Net income | 3.6 m | 3.0 m | 26.9 m | 6.8 m | 3.3 m | 4.2 m | 3.9 m | 3.5 m |
| Net income YoY | +37.7% | −17.2% | +796.3% | −74.9% | −51.4% | +27.6% | −6.2% | −10.1% |
| Diluted EPS | 0.26 | 0.23 | 1.92 | 0.50 | 0.26 | 0.35 | 0.35 | 0.33 |
| Diluted EPS YoY | +44.4% | −11.5% | +734.8% | −74.0% | −48.0% | +34.6% | 0.0% | −5.7% |
| net % | 7.8% | 6.4% | 26.2% | 9.8% | 5.3% | 6.8% | 6.8% | 6.0% |
| Free cash flow | 1.4 m | 1.8 m | 17.1 m | -3.0 m | 3.8 m | 7.7 m | 1.9 m | 1.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 62.5 m USD
- Total assets
- 74.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 12.94x
- ROE
- 5.7%
- ROA
- 4.8%
- FCF margin
- 2.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 102.7 m | 68.6 m | 62.0 m | 61.2 m | 57.8 m | 59.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Cost of revenue | 52.2 m | 43.3 m | 40.3 m | 38.4 m | 34.9 m | 36.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Gross profit | 50.5 m | 25.3 m | 21.7 m | 22.8 m | 22.9 m | 22.5 m | SEC (XBRL)· 11 Mar 2026verified |
| SG&A | 18.2 m | 16.6 m | 16.2 m | 17.8 m | 18.6 m | 17.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Operating income | 31.6 m | 7.9 m | 4.7 m | 4.1 m | 3.4 m | 3.8 m | SEC (XBRL)· 11 Mar 2026verified |
| Depreciation & amortisation | 729.0 k | 817.0 k | 814.0 k | 925.0 k | 873.0 k | 925.0 k | SEC (XBRL)· 11 Mar 2026verified |
| EBITDA | 32.3 m ≈ | 8.7 m ≈ | 5.5 m ≈ | 5.1 m ≈ | 4.3 m ≈ | 4.8 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Income tax | 5.4 m | 1.7 m | 1.1 m | 1.2 m | 1.1 m | 1.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Net income | 26.9 m | 6.8 m | 3.3 m | 4.2 m | 3.9 m | 3.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Diluted EPS | 1.92 | 0.50 | 0.26 | 0.35 | 0.35 | 0.33 | SEC (XBRL)· 11 Mar 2026verified |
| Weighted average diluted shares | 14.0 m | 13.5 m | 12.8 m | 11.9 m | 11.2 m | 10.6 m | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 23.3 m | 16.3 m | 16.3 m | 20.4 m | 18.6 m | 17.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Receivables | 8.1 m | 3.4 m | 5.4 m | — | — | — | SEC (XBRL)· 16 Mar 2023verified |
| Inventories | 16.7 m | 25.0 m | 24.4 m | 20.1 m | 22.7 m | 23.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Current assets | 55.2 m | 53.0 m | 52.6 m | 53.1 m | 50.6 m | 52.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Property, plant & equipment, net | 4.4 m | 6.1 m | 5.7 m | 5.6 m | 8.5 m | 8.2 m | SEC (XBRL)· 11 Mar 2026verified |
| Goodwill | 55.0 k | 55.0 k | 55.0 k | 55.0 k | 55.0 k | 55.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Intangibles (excl. goodwill) | 7.0 k | 3.0 k | 1.0 k | 0 | — | — | SEC (XBRL)· 13 Mar 2024verified |
| Total assets | 68.7 m | 67.0 m | 64.8 m | 68.8 m | 73.7 m | 74.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Accounts payable | 2.0 m | 528.0 k | 674.0 k | 802.0 k | 1.3 m | 2.0 m | SEC (XBRL)· 11 Mar 2026verified |
| Current liabilities | 5.9 m | 2.7 m | 2.4 m | 2.6 m | 3.1 m | 4.1 m | SEC (XBRL)· 11 Mar 2026verified |
| Total liabilities | 9.1 m | 5.3 m | 4.0 m | 7.2 m | 11.5 m | 11.7 m | SEC (XBRL)· 11 Mar 2026verified |
| Equity | 58.8 m † | 61.8 m † | 60.8 m † | 61.6 m † | 62.2 m † | 62.5 m † | SEC (XBRL)· 11 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 18.3 m | -480.0 k | 4.3 m | 8.5 m | 5.7 m | 2.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Capex | 1.1 m | 2.5 m | 492.0 k | 792.0 k | 3.8 m | 639.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Free cash flow | 17.1 m ≈ | -3.0 m ≈ | 3.8 m ≈ | 7.7 m ≈ | 1.9 m ≈ | 1.7 m ≈ | SEC (XBRL)· 11 Mar 2026derived |
| Investing cash flow | -862.0 k | -2.5 m | — | -792.0 k | -3.8 m | -639.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Financing cash flow | -668.0 k | -4.0 m | -3.8 m | -3.6 m | -3.7 m | -3.4 m | SEC (XBRL)· 11 Mar 2026verified |
| Share repurchases | 2.7 m | 4.4 m | 3.9 m | 4.0 m | 4.5 m | 3.3 m | SEC (XBRL)· 11 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 58.6 m USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
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: 10.97 – 19.61 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)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E10.97 – 19.61 (Mid 13.88)8 companies used · median multiple 34.0x · quartiles 26.9x – 48.1xALGN, CDRE, EW, ISRG, MSA, SNN, STE, ZBH
- Dividend discount (DDM)unavailable · input data missing
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: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 6.8% | 68 (vs peers) | 11% |
| FCF conversion · Quality | 139.0% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -1.6% | 0 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 8.3% | 55 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 17.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 14.1x | 100 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.0% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 2.5% | 35 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth28/100 · 2/2 factors with a value
- Quality84/100 · 2/3 factors with a value
- Returns· partial35/100 · 1/2 factors with a value
- Valuation100/100 · 2/3 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
Alpha Pro Tech, Ltd. (APT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 59.1 m USD in 2025; YoY growth 2.3%; net margin 6.8%; ROE 6.6%.
The estimated value range is 10.97–19.61 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.88 USD, the price of 5.74 USD leaves a potential of 141.8% (value / price − 1) and a margin of safety of 58.6% (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: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 139.0%
- Current ratio: 17.0x
- P/E (TTM): 14.1x
- FCF yield: 10.0%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -1.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842) · same industry (4-digit SIC) · compared with 23 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ISRGIntuitive Surgical, Inc. | 167.1 bn | 58.3 | 18.0% | 25.5% | +20.5% | −16% / +55% |
| EWEdwards Lifesciences Corporation | 57.1 bn | 56.2 | 9.7% | 15.3% | +11.5% | +15% / +47% |
| SNNSmith & Nephew plc | 28.5 bn | 45.3 | 11.8% | 10.1% | +6.1% | −2% / +25% |
| STESTERIS plc | 24.2 bn | 30.0 | 11.4% | 13.3% | +8.7% | −7% / +23% |
| ZBHZimmer Biomet Holdings, Inc. | 20.8 bn | 27.9 | 6.0% | 9.0% | +7.2% | +13% / −5% |
| ALGNAlign Technology, Inc. | 11.6 bn | 24.0 | 11.9% | 11.8% | +0.9% | +12% / −23% |
| MSAMsa Safety Inc | 6.8 bn | 22.8 | 22.1% | 15.0% | +3.7% | +10% / +2% |
| ESTAEstablishment Labs Holdings Inc. | 2.0 bn | — | -175.3% | -15.8% | +27.1% | −3% / +161% |
| ENOVEnovis Corp | 1.4 bn | — | -54.3% | -48.0% | +6.7% | −19% / −51% |
| CDRECadre Holdings, Inc. | 1.3 bn | 38.0 | 10.6% | 5.3% | +7.5% | −28% / −4% |
| AVRAnteris Technologies Global Corp. | 596.4 m | — | -75.1% | -4,619.3% | −29.2% | +49% / unavailable |
| COCHEnvoy Medical, Inc. | 549.6 m | — | — | -11,304.8% | +7.1% | +749% / +216% |
| ZJYLJin Medical International Ltd. | 483.7 m | 309.0 | 4.1% | 5.8% | −12.0% | −39% / −87% |
| SMTISanara Medtech Inc. | 297.0 m | — | -147.7% | -29.2% | +19.0% | +55% / −0% |
| INGNInogen, Inc. | 191.6 m | — | -13.1% | -6.9% | +3.9% | +2% / +24% |
| LAKELakeland Industries, Inc. | 88.7 m | — | -19.6% | -14.0% | +15.2% | −41% / −39% |
| NTRBNutriband Inc. | 73.9 m | — | -100.7% | -430.4% | −4.8% | +23% / +140% |
| APTAlpha Pro Tech, Ltd. | 58.6 m | 14.1 | 6.6% | 6.8% | +2.3% | +26% / +44% |
| CLGNCollPlant Biotechnologies Ltd | 54.2 m | — | -117.6% | -484.6% | +360.4% | −81% / −92% |
| MYOMyomo, Inc. | 51.5 m | — | -123.8% | -33.5% | +25.7% | +46% / −58% |
| MLSSMilestone Scientific Inc. | 29.2 m | — | -121.7% | -44.0% | +4.0% | +6% / −61% |
| LFWDLifeward Ltd. | 17.2 m | — | -225.6% | -141.3% | −14.1% | −13% / −90% |
| CUPRCuprina Holdings (Cayman) Limited | 14.1 m | — | -1,115.0% | -9,366.7% | +9.2% | −64% / unavailable |
| BBLGBone Biologics Corporation | 1.2 m | — | -47.5% | — | 0.0% | −77% / −98% |
1- and 3-year price returns: for APT 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.22 Total return -44% · Per year -44% | 5.70 Total return -1% · Per year -1% | 8.62 Total return 50% · Per year 50% |
| 3 years | 2.75 Total return -52% · Per year -22% | 5.53 Total return -4% · Per year -1% | 9.22 Total return 61% · Per year 17% |
| 5 years | 2.36 Total return -59% · Per year -16% | 5.36 Total return -7% · Per year -1% | 9.87 Total return 72% · Per year 11% |
- Exit P/E± 1.38
- Net margin± 0.97
- Annual revenue growth± 0.84
- Annual dilution± 0.08
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
Alpha Pro Tech makes disposable protective apparel and building weatherization products, selling mainly in the United States. In the second quarter of 2026 sales rose to 18.7 million USD and the company carries no debt, while the housing market remains weak 3.
SWOT
Strengths
Weaknesses
- Sales depend heavily on a few large customers, who are not contractually bound to buy fixed quantities 1.
- The company is small relative to competitors with far larger marketing and development budgets 1.
- Its India operations run through a minority joint venture, which limits control over operations 1.
Opportunities
- A recovery in home construction could support Building Supply demand if financing improves 3.
- Demand for protective equipment in pharmaceutical, electronics and medical sectors could grow if new customers are won 1.
- Further recovery of tariffs paid could add unexpected income if the legal processes resolve favorably 3.
Risks
- Customer concentrationhigh
A small number of customers generate a large share of revenue, and one customer made up over half of receivables at year-end 2025 1.
- Tariffs and international tradehigh
Tariffs and retaliatory measures could raise costs, disrupt supply and limit access to some markets 12.
- Dependence on Asian and Indian productionmedium
Contract production in Asia, Mexico and through the India joint venture could be affected by political instability, currency moves or logistics disruptions 1.
- Residential construction cyclemedium
Building product sales depend on new housing, and high mortgage rates could prolong weak demand 3.
- Intellectual property protectionlow
Patents have expired and protection is weak in some countries, which could reduce the competitive edge 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Sales depend on a few large customers, and losing one could significantly reduce results 1.
- Second-quarter growth was partly driven by higher prices from tariffs, and gross margin excluding the refund declined 3.
- The construction industry remains weak, and management expects only a modest increase in 2027 3.
What to watch
- Sales trend in the Building Supply segment and single-family housing startsQ3 2026
- Further recovery of IEEPA tariffs and effect on profitnext 10-Q
- Share of sales and receivables held by largest customersnext 10-K
- Supply chain constraints and production costs2027
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
Alpha Pro Tech, Ltd. is the parent of Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc., with executive offices in Aurora, Ontario, Canada 1. The company develops, manufactures and markets disposable protective apparel and infection control products for cleanroom, industrial, pharmaceutical, medical and dental markets, plus construction weatherization products 1. Net sales in fiscal 2025 were 59.142 million USD, almost all in the United States 1.
Production is split between its own plants in Nogales and Valdosta, its 41.66% stake in the Harmony Plastics joint venture in India, and contract manufacturers in Asia and Mexico 1. Supply chain constraints in raw materials, labor and shipping have at times limited the company's ability to meet demand 1.
Market context
Demand for building products depends on new housing starts, and single-family starts fell 4.2% in the second quarter of 2026 after a 6.5% decline in the first quarter 3. The company describes the outlook for the rest of 2026 as soft but generally stable, with a modest increase in 2027 possible if economic and financing conditions improve 3.
Demand for protective apparel is tied to pharmaceutical, medical device, electronics and healthcare users, and sales depend heavily on a few large customers and distributors 1. Roofing industry shipments fell 10.0% in the second quarter of 2026 versus the prior year 3.
Trends
- US tariff policymixed
Tariffs on imports could raise costs and disrupt supply, but the company says it sources very little from China, which could be a relative advantage against competitors 1. In 2026 it received partial refunds of IEEPA tariffs, and further recovery remains uncertain 3.
- Residential construction cyclemixed
Mortgage rates, construction costs and affordability have constrained new housing, which weighs on housewrap and underlayment sales 3. A rebound in construction could support the Building Supply segment if financing conditions improve 3.
- Demand for protective equipmenttailwind
Demand for protective apparel rose in 2026, partly due to sales to a large international partner and distributors, and the company notes that pandemics have strongly affected mask demand in the past 13.
- Customer and sourcing concentrationheadwind
One customer represented 24% of revenue in 2025, and reliance on outside suppliers and the India joint venture could raise risk if those relationships change 1.
Competitive position
The company says it faces competitors with far greater marketing and financial resources; its named rivals include DuPont and Berry Global in housewrap, Owens Corning and GAF in roof underlayment, and Kimberly-Clark, 3M, Johnson & Johnson and large distributors in medical and industrial markets 1. Alpha Pro Tech says it competes on brand, quality, innovation and product breadth 1.
Competition centers on brand recognition, innovation, quality, price and distribution, and the expiry of its patents in 2024 could make defending its technological edge harder 1.
- DuPontDD
Competitor named for housewrap in the Building Supply segment 1.
- Owens CorningOC
Competitor named for synthetic roof underlayment 1.
- Kimberly-ClarkKMB
Main competitor in medical and dental markets and in industrial and cleanroom markets 1.
- 3M CompanyMMM
Competitor named across industrial, medical and cleanroom markets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report16 Sept 2026Item 4.01 · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 Jun 2026Shareholder vote
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Annual report11 Mar 2026
- Current report11 Mar 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Alpha Pro Tech, Ltd. · 11 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Alpha Pro Tech, Ltd. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Alpha Pro Tech, Ltd. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.