Private company
AP Thailand
Logo: AP Thailand, Public domain, via Wikimedia Commons2
Thai property development company.1
Last updated Oct 16, 2026.
Overview
1991Founded1
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-13.1%Operating margin3
-15.9%Net margin3
3.3%Revenue growth, 20253
-202.4%Return on equity3
-$8.1MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Forged And Cast Mill Rolls brought in 63% of the revenue AP Thailand broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Forged And Cast Mill Rolls | $273.0M | $274.3M |
| Air Handling Systems | $46.4M | $50.0M |
| Heat Exchange Coils | $45.2M | $48.5M |
| Centrifugal Pumps | $40.1M | $43.1M |
| Forged Engineered Products | $13.5M | $18.4M |
Regions
United States brought in 59% of the revenue AP Thailand broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| United States | $259.3M | $258.2M |
| Outside the United States | $159.0M | $175.9M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development0¢$494.0K
- Selling, general and admin13¢$52.1M
- Other costs87¢$363.5M
- Income tax0¢$120.0K
Out of $416.3M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$9.4M
Out of $1.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.3
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net sales | $416.3M | $402.8M |
| Total net sales | $434.2M | $418.3M |
| Costs of products sold (excluding depreciation and amortization) | $354.2M | $336.8M |
| Selling and administrative | $52.1M | $54.9M |
| Depreciation and amortization | $21.8M | $18.6M |
| Charge (credit) for asbestos related costs, net | $12.4M | -$4.2M |
| Deconsolidation Charge (Note 2) | $41.4M | |
| Severance charge (Note2) | $6.3M | |
| Loss on disposal of assets | $489.0K | $22.0K |
| Total operating costs and expenses | $488.6M | $406.1M |
| (Loss) income from operations | -$54.5M | $12.2M |
| Interest expense | -$11.4M | -$11.6M |
| Other income - net | $2.4M | $4.5M |
| Total other expense - net | -$8.9M | -$7.1M |
| (Loss) income before income taxes | -$63.4M | $5.0M |
| Income tax provision | -$120.0K | -$2.7M |
| Net (loss) income | -$63.5M | $2.4M |
| Less: Net income attributable to noncontrolling interest | $2.5M | $1.9M |
| Net (loss) income attributable to Ampco-Pittsburgh | -$66.1M | $438.0K |
| Basic | -$3.28 | $0.02 |
| Diluted | -$3.28 | $0.02 |
| Basic | 20.1M shares | 19.9M shares |
| Diluted | 20.1M shares | 19.9M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $10.7M | $15.4M | |
| Receivables, less allowance for credit losses of $242 in 2025 and $906 in 2024 | $79.0M | $70.6M | |
| Inventories | $104.4M | $116.8M | |
| Insurance receivable - asbestos | $19.0M | $15.0M | |
| Contract assets | $9.8M | $8.5M | |
| Estimated recovery - UES-UK (Note 2) | $7.5M | ||
| Other current assets | $6.8M | $8.7M | |
| Total current assets | $239.6M | $236.8M | |
| Property, plant and equipment, net | $129.1M | $148.1M | |
| Operating lease right-of-use assets, net | $4.7M | $4.6M | |
| Insurance receivable - asbestos, less allowance for credit losses of $537 in 2025 and $656 in 2024 | $107.8M | $124.3M | |
| Deferred income tax assets | $3.9M | $2.9M | |
| Intangible assets, net | $4.6M | $4.3M | $4.9M |
| Investments in joint ventures | $835.0K | $2.2M | |
| Prepaid pensions | $0 | $3.7M | |
| Other noncurrent assets | $4.7M | $4.2M | |
| Total assets | $495.4M | $530.9M | |
| Accounts payable | $46.3M | $36.3M | |
| Accrued payrolls and employee benefits | $13.4M | $17.1M | |
| Debt current portion | $15.7M | $12.2M | |
| Operating lease liabilities current portion | $946.0K | $878.0K | |
| Asbestos liability current portion | $28.0M | $24.0M | |
| Customer-related liabilities | $16.5M | $25.6M | |
| Other current liabilities | $7.8M | $8.7M | |
| Total current liabilities | $130.5M | $125.2M | |
| Employee benefit obligations | $21.8M | $28.2M | |
| Asbestos liability | $170.3M | $183.1M | |
| Long-term debt | $117.9M | $116.4M | |
| Noncurrent operating lease liabilities | $3.7M | $3.7M | |
| Deferred income tax liabilities | $326.0K | $450.0K | |
| Other noncurrent liabilities | $2.8M | $2.7M | |
| Total liabilities | $447.4M | $459.8M | |
| Common stock - par value $1; authorized 40,000 shares; issued and outstanding 20,237 shares at December 31, 2025 and 19,980 shares at December 31, 2024 | $20.2M | $20.0M | |
| Additional paid-in capital | $179.2M | $178.3M | |
| Retained deficit | -$138.6M | -$72.6M | |
| Accumulated other comprehensive loss | -$28.2M | -$66.8M | |
| Total Ampco-Pittsburgh shareholders equity | $32.6M | $58.9M | |
| Noncontrolling interest | $15.3M | $12.2M | |
| Total shareholders equity | $48.0M | $71.1M | $71.6M |
| Total liabilities and shareholders equity | $495.4M | $530.9M | |
| Allowance for credit losses | $242.0K | $906.0K | |
| Allowance against estimated recoveries | $537.0K | $656.0K | |
| Common stock, par value | $1.00 | $1.00 | |
| Common stock, shares authorized | 40.0M shares | 40.0M shares | |
| Common stock, shares issued | 20.2M shares | 20.0M shares | |
| Common stock, shares outstanding | 20.2M shares | 20.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net (loss) income | -$63.5M | $2.4M |
| Deconsolidation Charge | $41.4M | |
| Non-cash severance charge | $5.9M | |
| Depreciation and amortization | $21.8M | $18.6M |
| Charge (credit) for asbestos-related costs, net | $12.4M | -$4.1M |
| Deferred income tax (benefit) provision | -$1.2M | $259.0K |
| Difference between net periodic pension and other postretirement costs and contributions | -$7.2M | -$11.4M |
| Stock-based compensation | $1.4M | $1.5M |
| Non-cash (benefit) provisions - net | -$975.0K | $253.0K |
| Sale-leaseback accretion | $1.3M | $1.3M |
| Loss on disposal of assets | $489.0K | $22.0K |
| Other net | $743.0K | $421.0K |
| Receivables | -$7.4M | $6.1M |
| Inventories | $7.4M | $4.8M |
| Contract assets | -$2.1M | -$4.2M |
| Other assets | -$107.0K | -$3.2M |
| Insurance receivable asbestos | $19.1M | $18.0M |
| Asbestos liability | -$27.8M | -$24.6M |
| Accounts payable | $11.4M | -$104.0K |
| Accrued payrolls and employee benefits | -$3.3M | $2.9M |
| Customer-related liabilities | -$8.0M | $6.2M |
| Other liabilities | -$199.0K | $3.0M |
| Net cash flows provided by operating activities | $1.3M | $18.0M |
| Purchases of property, plant and equipment | -$9.4M | -$12.2M |
| Proceeds from government grants, for purchase of equipment | $2.5M | $3.3M |
| Deconsolidation of UES-UK cash on hand | -$3.2M | |
| Proceeds from sale of property, plant and equipment | $207.0K | $10.0K |
| Purchases of long-term marketable securities | -$48.0K | -$372.0K |
| Proceeds from sale of long-term marketable securities | $664.0K | $1.0M |
| Net cash flows used in investing activities | -$9.2M | -$8.2M |
| Proceeds from Equipment Term Notes | $13.5M | |
| Proceeds from revolving credit facility | $37.6M | $24.0M |
| Payments on revolving credit facility | -$41.4M | -$24.0M |
| Repayment of debt principal | -$6.6M | -$2.4M |
| Proceeds from equipment financing facility | $1.7M | |
| Repayment of related party debt | -$664.0K | |
| Payment of debt issuance costs | -$891.0K | |
| Proceeds from shareholder exercise of warrants | $18.0K | |
| Net cash flows provided by (used in) financing activities | $2.2M | -$1.4M |
| Effect of exchange rate changes on cash and cash equivalents | $943.0K | -$289.0K |
| Net (decrease) increase in cash and cash equivalents | -$4.7M | $8.1M |
| Income tax payments (net of refunds) | $1.8M | $2.5M |
| Interest payments (net of amounts capitalized) | $9.8M | $10.2M |
| Purchases of property, plant and equipment in accounts payable | $2.3M | $1.1M |
| Finance lease right-of-use assets exchanged for lease liabilities | $499.0K | $148.0K |
| Operating lease right-of-use assets exchanged for lease liabilities | $737.0K | $694.0K |
Timeline
Links
- Websitewww.apthai.com1
- X (Twitter)x.com/AP_Inspire1
- Facebookwww.facebook.com/APthai1
- Instagramwww.instagram.com/ap_thai1
- YouTubewww.youtube.com/channel/UCH_fyLm5GjO787m1K6qI8pg1
- LinkedInwww.linkedin.com/company/asian-property-development-public-co-ltd1
- WikidataQ25539852
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataAP Thailand on Wikidata
- 2Wikimedia CommonsAP Thailand logo by AP Thailand, Public domain
- 3SEC EDGARAP Thailand 10-K for fiscal 2025
- 4SEC EDGARAP Thailand 10-K for fiscal 2019
- 5SEC EDGARAP Thailand 10-K for fiscal 2020
- 6SEC EDGARAP Thailand 10-K for fiscal 2021
- 7SEC EDGARAP Thailand 10-K for fiscal 2022
- 8SEC EDGARAP Thailand 10-K for fiscal 2023
- 9SEC EDGARAP Thailand 10-Q for fiscal 2026
- 10SEC EDGARAP Thailand 10-Q for fiscal 2026