MeritValue

AMPCO PITTSBURGH CORP

APdata completeness 88%17 fiscal years on file
The thesis, from the filings

AMPCO PITTSBURGH CORP earns about -40% on invested capital, but has diluted owners by 6% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$335.1M1$380.3M2$415.3M3$402.8M4$416.3M4
Net income−$3.86M5$3.42M6−$39.9M7$438,0008−$66.1M8
Operating cash flow−$15.9M9−$27.2M10−$3.69M11$18M12$1.34M12
Capital expenditure$15.2M13$16.7M14$20.4M15$12.2M16$9.41M16
Free cash flow (derived)−$31.1M9−$43.9M10−$24.1M11$5.83M12−$8.06M12
Total debt—————
Cash & equivalents$10.3M17$8.74M18$7.29M19$15.4M20$10.7M20
Diluted shares19.0M19.4M19.6M19.9M20.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$16.21
your share of equity
Profit it earned you last year
−$32.81
Free cash flow it threw off
−$4
Debt you’d be carrying
—

10 shares is a claim on $16.21 of net worth that earned you −$32.81 and generated −$4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-40% avg · 5y
FY21 2%FY22 8%FY23 -44%FY24 19%FY25 -187%

It earned an average -40% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 5y

Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-008972 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-036011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-040259 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-108598 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-008972 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-036011 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-040259 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-108598 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-008972 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-036011 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-040259 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-108598 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-008972 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-036011 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-040259 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-108598 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-008972 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-036011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-040259 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-108598 (CashAndCashEquivalentsAtCarryingValue)