AMPCO PITTSBURGH CORP

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 2✗ 33▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Positive EPS (10 years)9/27 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)13/27 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-53.5%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)-12.5% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy$-53.7M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-176.9%

  ✗Lynch> 15%

  EBIT / Enterprise Value-19.8%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-19.8%, ROC=-23.9%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-13.34%

  ✗PiotroskiROA > 0

  ROA Change YoY0.08% -> -13.34% (delta: -13.42%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=0.27%, ROA=-13.34%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY19.5% -> 18.4%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue-12.4%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-176.9%

  ✗Dreman> 12%

  Margin of SafetyP/B=4.6x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-89.1% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency13/21 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue-10.2%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-176.9%

  ✗Ackman>= 15%

  5-Year EPS CAGR-56.1% CAGR over 4 years

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-8.2% (2023) -> -12.5% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 17.7% -> 18.4%, operating margin -8.2% -> -12.5%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-37.26%; #4920/6340 (top 77.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+16.14%; #2349/3702 (top 63.5%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-176.94%; #4830/5226 (top 92.4%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0540; #2670/5884 (top 45.4%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR-56.1% over 4 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation0% pass✗ 28▾

  All 13 investors flag AP's valuation

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio4.6x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value-19.8%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=-19.8%, ROC=-23.9%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)111.2x

  ✗Dreman< 8x

  Price / Book Value per Share4.6x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=-35.9%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldFCF Yield=-5.3%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=4.6x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low355% of trailing low ($2.07)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-37.26%; #4920/6340 (top 77.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.2106; #4139/6449 (top 64.2%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share5.33x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-61.6%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+2.8433; #845/5247 (top 16.1%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization+7.80%; #1036/4519 (top 22.9%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-9.71%; #3412/6202 (top 55.0%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Verdicts6% pass✓ 1✗ 15▾

  Split decision: 14 FAIL · 1 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #2340✓PiotroskiPASS (F-Score 4)✗DremanFAIL (1/11)✗MungerFAIL (0/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (2/9)✗TempletonFAIL (1/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1779/2370 (Top 75.1%))✗NeffFAIL (2/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage8% pass✓ 3✗ 12▾

  11 of 12 flag AP's debt & leverage — Graham, Buffett, Lynch +8 more

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 3.76, IC: -4.0x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity3.76

  ✗Lynch< 0.33

  Cash - Long-term Debt

  ✗LynchPositive preferred

  LT Debt / Total Assets Change0.00% -> 0.00%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.68

  ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity3.76

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels3.76

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=-4.0x, D/EBITDA=N/A

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity3.76

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-3.7623; #4012/4210 (top 95.3%)

  ✗AsnessTop 30% of eligible cross-section
• Growth13% pass✓ 2✗ 11▾

  7 of 8 flag AP's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -8.5% vs Rev: 1.3%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$2.71 (2009) -> $-3.28 (2025)

  ✗DremanPositive over recent years

  EPS CAGR-27.9% CAGR over 15 years

  ✗Dreman> 5% annualized

  Positive Net Income Frequency13/21 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth3.8%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency2/5 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR-56.1% CAGR over 4 years

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 17.7% -> 18.4%, operating margin -8.2% -> -12.5%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR5.7%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR-56.1% over 4 years

  ✗Neff7%-20% annualized
• Efficiency13% pass✓ 2✗ 9▾

  7 of 8 flag AP's efficiency — Graham, Buffett, Greenblatt +4 more

  Current Ratio1.68

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-7.7%

  ✗Buffett> 10%

  ROIC - WACC-17.7%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)-23.9%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.89 -> 1.84

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.79x -> 0.88x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities1.68

  ✓Dreman> 1.5

  Return on Invested Capital-22.9%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-14.4%; FY2024: ROIC=5.1%; FY2025: ROIC=-25.9%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest -25.9%)

  ✗SleepROIC > 12% in a majority of years
• Cash Flow40% pass✓ 6✗ 6▾

  6 of 10 flag AP's cash flow — Buffett, Dreman, Pabrai +3 more

  Free Cash Flow Proxy$-53.7M

  ✗BuffettPositive and growing

  FCF Positive and Growing$11.8M

  ✓LynchPositive and growing

  Operating Cash Flow$1.3M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=0.27%, ROA=-13.34%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)111.2x

  ✗Dreman< 8x

  P/E or FCF YieldFCF Yield=-5.3%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive9/17 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap7.9%

  ✓Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency11/17 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$11.8M

  ✓Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization+7.80%; #1036/4519 (top 22.9%)

  ✗OshaughnessyTop 10% of eligible cross-section