Ampco-Pittsburgh

Manufacturing - Metal Fabrication · Industrials

Price

$7.66

-0.16 (-2.05%)

Market Cap

$155.7M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+6.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 19.0M (2021) → 20.1M (2025)

Ampco-Pittsburgh makes specialty metal products used in heavy industries like steel mills, paper mills, and power plants. Its two main business segments produce forged and cast rolls — the large metal cylinders that flatten steel into sheets — as well as air and liquid processing equipment like pumps, heat exchangers, and fans. The company has been operating for over a century and serves industrial customers across North America, Europe, and Asia.

Ampco-Pittsburgh earns revenue by selling these engineered metal products directly to industrial customers, with pricing tied to raw material costs and manufacturing contracts. It is a small company with a market cap around $200 million, and its competitive position comes from technical expertise in metallurgy and long-standing customer relationships in niche markets. However, its razor-thin operating margin of around 0.2% leaves very little room for error, and the company's main challenge is improving profitability amid volatile steel and energy input costs.

Winston Score History

Growth Profile

For growth stock investors

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

Revenue Growth

-1.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-169.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

30.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~16 months

$9M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue declining

Ampco-Pittsburgh's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

0.0%

Thin — 0.0% gross margin

Operating Margin

2.5%

Thin — 2.5% operating margin

ROCE

1.5%

Weak — 1.5% 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

+5.0%

Slow sales growth (5.0% YoY)

EPS YoY

-1632.8%

Earnings shrinking (-1632.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-0.5%

Burning cash (-0.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

4.43

Heavy debt load (4.43)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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