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olivLaw · US equity research

Alpha Pro Tech, Ltd. APT

Orthopedic, Prosthetic & Surgical Appliances & Supplies · SIC 3842 · Vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)

5.74USD+3.24% · 1 dayClose 04 Nov 2026

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.

Market cap
58.6 m USD
shares as of 03 Aug 2026
P/E (TTM)
14.1
Diluted EPS TTM 0.41 · TTM to 30 Jun 2026
E/P (TTM)
7.11%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.58
Volatility (1y) 53%
52-week range
4.346.64

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

CompanyS&P 500vs S&P 500Vertical 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—
Max drawdown (1y)
−27.3%
11 May 2026 → 08 Jul 2026
Max drawdown (5y)
−48.4%
27 Dec 2021 → 02 Jun 2023
Compound annual growth (5y)
+2.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
18.7 m USD
+12.0% YoY
Net income
1.8 m USD
+46.8% YoY
Diluted EPS
0.18
+50.0% YoY
net / operating
9.8% / 10.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue14.3 m13.8 m13.8 m16.7 m14.8 m13.9 m14.6 m18.7 m
Cost of revenue8.8 m8.6 m8.4 m10.5 m8.9 m8.7 m9.1 m11.7 m
Gross profit5.5 m5.2 m5.4 m6.1 m5.9 m5.1 m5.5 m7.0 m
SG&A4.5 m4.4 m4.7 m4.6 m4.6 m4.0 m4.7 m4.7 m
Operating income737.0 k674.0 k455.0 k1.3 m1.1 m952.0 k580.0 k2.0 m
Depreciation & amortisation245.0 k139.0 k243.0 k240.0 k203.0 k239.0 k250.0 k268.0 k
Income tax237.0 k233.0 k159.0 k367.0 k317.0 k295.0 k183.0 k558.0 k
Net income862.0 k847.0 k613.0 k1.2 m976.0 k698.0 k702.0 k1.8 m
Diluted EPS0.080.07 ≈0.060.120.090.07 ≈0.070.18
Operating cash flow5.3 m ≈2.4 m-4.0 m2.1 m ≈3.9 m ≈318.0 k12.0 k2.2 m ≈
Capex2.1 m ≈1.4 m135.0 k138.0 k ≈99.0 k ≈267.0 k117.0 k142.0 k ≈
Share repurchases1.0 m721.0 k1.2 m830.0 k624.0 k713.0 k099.0 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 year20182019202020212022202320242025
Revenue46.6 m46.7 m102.7 m68.6 m62.0 m61.2 m57.8 m59.1 m
Revenue YoY+5.9%+0.1%+120.1%−33.2%−9.7%−1.2%−5.5%+2.3%
Net income3.6 m3.0 m26.9 m6.8 m3.3 m4.2 m3.9 m3.5 m
Net income YoY+37.7%−17.2%+796.3%−74.9%−51.4%+27.6%−6.2%−10.1%
Diluted EPS0.260.231.920.500.260.350.350.33
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 flow1.4 m1.8 m17.1 m-3.0 m3.8 m7.7 m1.9 m1.7 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

Revenue
2023
61.2 m
2024
57.8 m
2025
59.1 m

SEC (XBRL)· 11 Mar 2026verified

Cost of revenue
2023
38.4 m
2024
34.9 m
2025
36.6 m

SEC (XBRL)· 11 Mar 2026verified

Gross profit
2023
22.8 m
2024
22.9 m
2025
22.5 m

SEC (XBRL)· 11 Mar 2026verified

SG&A
2023
17.8 m
2024
18.6 m
2025
17.8 m

SEC (XBRL)· 11 Mar 2026verified

Operating income
2023
4.1 m
2024
3.4 m
2025
3.8 m

SEC (XBRL)· 11 Mar 2026verified

Depreciation & amortisation
2023
925.0 k
2024
873.0 k
2025
925.0 k

SEC (XBRL)· 11 Mar 2026verified

EBITDA
2023
5.1 m ≈
2024
4.3 m ≈
2025
4.8 m ≈

SEC (XBRL)· 11 Mar 2026derived

Income tax
2023
1.2 m
2024
1.1 m
2025
1.1 m

SEC (XBRL)· 11 Mar 2026verified

Net income
2023
4.2 m
2024
3.9 m
2025
3.5 m

SEC (XBRL)· 11 Mar 2026verified

Diluted EPS
2023
0.35
2024
0.35
2025
0.33

SEC (XBRL)· 11 Mar 2026verified

Weighted average diluted shares
2023
11.9 m
2024
11.2 m
2025
10.6 m

SEC (XBRL)· 11 Mar 2026verified

Balance sheet · USD

Cash
2023
20.4 m
2024
18.6 m
2025
17.0 m

SEC (XBRL)· 11 Mar 2026verified

Receivables
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Mar 2023verified

Inventories
2023
20.1 m
2024
22.7 m
2025
23.6 m

SEC (XBRL)· 11 Mar 2026verified

Current assets
2023
53.1 m
2024
50.6 m
2025
52.5 m

SEC (XBRL)· 11 Mar 2026verified

Property, plant & equipment, net
2023
5.6 m
2024
8.5 m
2025
8.2 m

SEC (XBRL)· 11 Mar 2026verified

Goodwill
2023
55.0 k
2024
55.0 k
2025
55.0 k

SEC (XBRL)· 11 Mar 2026verified

Intangibles (excl. goodwill)
2023
0
2024
—
2025
—

SEC (XBRL)· 13 Mar 2024verified

Total assets
2023
68.8 m
2024
73.7 m
2025
74.1 m

SEC (XBRL)· 11 Mar 2026verified

Accounts payable
2023
802.0 k
2024
1.3 m
2025
2.0 m

SEC (XBRL)· 11 Mar 2026verified

Current liabilities
2023
2.6 m
2024
3.1 m
2025
4.1 m

SEC (XBRL)· 11 Mar 2026verified

Total liabilities
2023
7.2 m
2024
11.5 m
2025
11.7 m

SEC (XBRL)· 11 Mar 2026verified

Equity
2023
61.6 m †
2024
62.2 m †
2025
62.5 m †

SEC (XBRL)· 11 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
8.5 m
2024
5.7 m
2025
2.4 m

SEC (XBRL)· 11 Mar 2026verified

Capex
2023
792.0 k
2024
3.8 m
2025
639.0 k

SEC (XBRL)· 11 Mar 2026verified

Free cash flow
2023
7.7 m ≈
2024
1.9 m ≈
2025
1.7 m ≈

SEC (XBRL)· 11 Mar 2026derived

Investing cash flow
2023
-792.0 k
2024
-3.8 m
2025
-639.0 k

SEC (XBRL)· 11 Mar 2026verified

Financing cash flow
2023
-3.6 m
2024
-3.7 m
2025
-3.4 m

SEC (XBRL)· 11 Mar 2026verified

Share repurchases
2023
4.0 m
2024
4.5 m
2025
3.3 m

SEC (XBRL)· 11 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
2.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
-1.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-10.5%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
11.3%
computed by olivLawFY 2025
Net income growth (YoY)
-10.1%
computed by olivLawFY 2025
Net income CAGR 3Y
2.5%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-33.4%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-5.7%
computed by olivLawFY 2025
EPS CAGR 3Y
8.3%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-29.7%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-8.5%
computed by olivLawFY 2025

Profitability

Gross margin
38.0%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
9.0%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
7.5%
computed by olivLawTTM to 30 Jun 2026
Net margin
6.8%
computed by olivLawTTM to 30 Jun 2026
FCF margin
9.4%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
6.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
5.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
6.4%
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
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
17.0x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
11.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
5.9x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
6.5 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
625.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
5.8 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
139.0%
computed by olivLawTTM to 30 Jun 2026
Cash conversion
115.4%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
195 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
12 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
58.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
13.9x
computed by olivLawTTM to 30 Jun 2026
P/E (TTM)
14.1x
computed by olivLawTTM to 30 Jun 2026
Earnings yield
7.1%
computed by olivLawTTM to 30 Jun 2026
P/B
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
10.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
10.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
2.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 58.3% of at least 60%

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

Closing price

5.74 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 58.6 m USD

Key indicators

Market capitalisation
58.6 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
14.1x
computed by olivLawTTM to 30 Jun 2026
P/B
0.9x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
6.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
6.8%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
2.3%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

29/37 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: 03 Aug 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 2339derived 206

Score by group

58% · Insufficient data

Estimated value range

Low
10.97
USD per share
Mid
13.88
USD per share
High
19.61
USD per share
Price: 5.74 USD
The price is below the range
Potential to the central value: 141.8% (value / price − 1)
Margin of safety: 58.6% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 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: 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 – 48.1x
    ALGN, CDRE, EW, ISRG, MSA, SNN, STE, ZBH
  • Dividend discount (DDM)unavailable · input data missing
Multiple comparisons use the SIC vertical: Orthopedic, Prosthetic & Surgical Appliances & Supplies (SIC 3842)

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%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality6.8%68 (vs peers)11%
FCF conversion · Quality139.0%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth-1.6%0 (on a fixed band)14%
EPS CAGR 3Y · Growth8.3%55 (on a fixed band)14%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet17.0x100 (on a fixed band)7%
P/E (TTM) · Valuation14.1x100 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation10.0%100 (on a fixed band)14%
Shareholder yield (distributions) · Returns2.5%35 (on a fixed band)11%
Payout ratio (FCF) · Returnsunavailableunavailable—

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

P/E
14.1x
vertical median 38.0x
below median (−63.0%)
EV/EBITDA
—
vertical median 17.0x
P/S
0.9x
vertical median 3.7x
below median (−74.4%)
P/B
0.9x
vertical median 4.8x
below median (−81.1%)
ROE
6.6%
vertical median -33.6%
above median
Net margin
6.8%
vertical median -14.9%
above median
EBIT margin
7.5%
vertical median -5.9%
above median
Revenue YoY
2.3%
vertical median 7.1%
below median (−68.3%)
Net debt/EBITDA
—
vertical median 3.0x
Dividend yield
—
vertical median 1.1%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ISRGIntuitive Surgical, Inc.167.1 bn58.318.0%25.5%+20.5%−16% / +55%
EWEdwards Lifesciences Corporation57.1 bn56.29.7%15.3%+11.5%+15% / +47%
SNNSmith & Nephew plc28.5 bn45.311.8%10.1%+6.1%−2% / +25%
STESTERIS plc24.2 bn30.011.4%13.3%+8.7%−7% / +23%
ZBHZimmer Biomet Holdings, Inc.20.8 bn27.96.0%9.0%+7.2%+13% / −5%
ALGNAlign Technology, Inc.11.6 bn24.011.9%11.8%+0.9%+12% / −23%
MSAMsa Safety Inc6.8 bn22.822.1%15.0%+3.7%+10% / +2%
ESTAEstablishment Labs Holdings Inc.2.0 bn—-175.3%-15.8%+27.1%−3% / +161%
ENOVEnovis Corp1.4 bn—-54.3%-48.0%+6.7%−19% / −51%
CDRECadre Holdings, Inc.1.3 bn38.010.6%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 m309.04.1%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 m14.16.6%6.8%+2.3%+26% / +44%
CLGNCollPlant Biotechnologies Ltd54.2 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) Limited14.1 m—-1,115.0%-9,366.7%+9.2%−64% / unavailable
BBLGBone Biologics Corporation1.2 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.

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
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%
What moves the 3-year price the most
  • 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

  • The company carries no debt and holds substantial cash and working capital, giving it operational flexibility 3.
  • Its low exposure to imports from China could be an advantage against competitors who import from that country 1.

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.

Threats

  • New tariffs and trade disputes could raise costs and reduce competitiveness in international markets 1.
  • Losing a large customer could significantly hurt sales and operating results 1.
  • Intellectual property protection has weakened since patent expiry, and competitors could copy products 1.

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)

  • The company has no debt, grew sales in the second quarter of 2026 and outpaced the construction market 3.
  • Tariff refunds and improved margins could support profitability if the trend continues 3.
  • If the housing market recovers, the Building Supply segment could benefit from stronger demand 3.

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.

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 / Alpha Pro Tech, Ltd. · 11 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Alpha Pro Tech, Ltd. · 07 Aug 2026
  3. [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.