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Alpha Pro Tech

APT
58
Construction · Industrials
Price
$5.25
+0.03 (+0.57%)
Market Cap
$53.6M
Exchange
New York Stock Exchange American
Winston Score
58
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count falling — buybacks

21.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 13.5M (2021) → 10.6M (2025)

Alpha Pro Tech makes protective gear and building products. Its main products include disposable face masks, protective clothing like coveralls and shoe covers, and housewrap used in home construction. Customers include hospitals, construction companies, and industrial workers who need protection from germs, dust, or harsh conditions.

The company earns money by selling these physical products to distributors, retailers, and direct customers across North America. It is a small company with a market cap under $100 million, which means it competes against much larger manufacturers with bigger budgets and wider distribution networks. Demand for its medical protective gear can spike sharply during health crises — as it did during COVID-19 — but can fall just as quickly when emergencies pass, making revenue unpredictable. The key challenge going forward is maintaining steady sales in its building products segment while managing the boom-and-bust nature of its protective equipment business.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+50.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

21.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$19M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Alpha Pro Tech is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
37.4%
Modest — 37.4% gross margin
Operating Margin
10.8%
Modest — 10.8% operating margin
ROCE
2.8%
Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+5.7%
Slow sales growth (+5.7% YoY)
EPS YoY
+22.9%
Earnings growing fast (+22.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
154%
Turns 154% of profit into real cash
FCF Margin
9.4%
Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.12
Conservative — low debt load (0.12)
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
12.8x
Attractive valuation — P/E 12.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+10.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (12.8 → 2.7)

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Dividends

Not applicable for this business.
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