Albany International

AIN · NYSE · Industrials · Financials, fiscal 2016 to 2025

AIN · Last close · November 6, 2026

$67.28

Albany International's revenue fell 3.9% to $1.2 billion in fiscal 2025. Its operating margin was −3.0%, down from 10.7% a year earlier. Free cash flow was $83 million, down 40.2%. It paid out $218 million in dividends and buybacks, 264% of free cash flow. The diluted share count fell 5.7%.

ALBANY INTERNATIONAL CORP. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001628280-26-012906 Updated November 5, 2026

Revenue

$1.2B

3.9%

Operating margin

−3.0%

13.7 pts

Net income

−$57M

$88M a year earlier

Free cash flow

$83M

40.2%

Return on capital

−2.6%

10.8 pts

Market cap

$1.9B

Nov 6 close

P/E

22.1x

On $3.05 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Albany International does

Albany International makes engineered products for industrial customers through two segments. Machine Clothing makes the fabrics and belts that paper mills use to form, press and dry paper, board, tissue and towel. These are consumable parts that wear out and are replaced. The segment also makes specialty fabrics for other industries such as nonwovens and fiber cement.

Albany Engineered Composites makes lightweight composite parts for aerospace and defense customers. Its biggest program supplies fan blades and fan cases for the LEAP jet engine under a long-term contract, used on the Airbus A320neo and Boeing 737 MAX. Safran, the engine maker and its largest aerospace customer, owns part of the venture that makes these parts. Other programs include a military helicopter and a fighter jet.

Machine Clothing is the larger segment by revenue. The company sells to customers directly and says some of its competitors in paper machine clothing also make paper machines and other fabrics. It operates factories in many countries.

Its biggest risks, as it describes them

Demand for paper products, and so for its machine clothing, could keep falling.
Its composites sales depend heavily on the LEAP engine program and on aircraft production rates.
Defective or non-conforming aerospace parts could bring costly claims and harm its reputation.
Rising raw material, energy and labor costs may not be passed on to customers.
Plant closures and reorganizations in the shrinking paper business can be costly.

From Albany International's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2024, earnings per share grew 6.9% a year and net income 6.6% a year, as buybacks cut the share count by 3%. Albany International then lost money in fiscal 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	302	292	173	115	112
Debt incl. finance leases	366	439	457	318	456
Net debt (negative means net cash)	64	147	284	203	343
Net debt to EBITDA	0.2x	0.6x	1.2x	0.9x	6.6x
Debt to equity	0.4x	0.5x	0.5x	0.3x	0.6x
Interest coverage	10.2x	10.2x	8.3x	7.9x	−1.4x
Current ratio	3.6x	4.0x	3.5x	3.2x	2.1x
Quick ratio	3.1x	3.3x	2.9x	2.6x	1.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Albany International's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Albany International's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $96,692 of Albany International shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 17, 2025	Gunnar KlevelandPresident and CEO, Director	Bought	2,300	$42.04	$96,692	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	7 of 9	4 of 9	4 of 9
Rule of 40	16.5%	18.4%	3.1%
Altman Z''	5.83	6.07	4.35
Accruals ratio	−2.1%	−7.5%	−12.5%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	7 of 9	4 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Albany International side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Albany International	FY25	−3.9%	−3.0%	7.0%	−2.6%	6.6x	4
Tennant	FY25	−6.5%	5.7%	3.6%	6.9%	1.3x	5	Compare
EnPro Industries	FY25	9.0%	14.1%	13.9%	5.8%	2.0x	6	Compare
ESCO Technologies	FY25	19.2%	15.6%	18.8%	8.8%	0.4x	4	Compare
Kadant	FY25	−0.1%	14.9%	14.7%	9.9%	1.2x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	780	864	982	1,054	901	929	1,035	1,148	1,231	1,183
Revenue growth	9.9%	10.8%	13.8%	7.3%	−14.6%	3.2%	11.4%	10.9%	7.2%	−3.9%
Gross profit	301	296	350	398	371	378	390	424	402	244
Research and development	29	31	30	27	26	39	40	41	—	—
Operating income	94	79	137	194	166	178	181	168	131	−36
Net income	53	33	83	132	99	118	96	111	88	−57
Diluted EPS (US$)	1.64	1.03	2.57	4.10	3.05	3.65	3.04	3.55	2.80	−1.94
Diluted shares (millions)	32	32	32	32	32	32	32	31	31	30
Cash flow
Cash from operations	81	64	132	200	140	218	128	148	218	152
Capital expenditure	71	86	82	67	42	53	94	84	80	70
Free cash flow	10	−21	51	133	99	165	35	64	138	83
Dividends paid	22	22	22	23	25	26	26	31	32	32
Share buybacks	0	0	0	0	0	23	85	0	14	186
Acquisitions	187	0	0	31	0	0	0	134	0	0
Stock-based compensation	—	—	—	—	—	—	—	7	5	10
Balance sheet at fiscal year end
Cash and short-term investments	182	184	198	196	241	302	292	173	115	112
Debt incl. finance leases	485	516	551	449	416	366	439	457	318	456
Total assets	1,263	1,361	1,418	1,474	1,550	1,556	1,642	1,835	1,649	1,719
Total liabilities	752	788	810	772	730	678	775	868	700	987
Shareholders' equity	508	570	605	699	816	874	863	961	944	726
Margins and ratios
Gross margin	38.6%	34.3%	35.6%	37.7%	41.2%	40.7%	37.7%	36.9%	32.6%	20.6%
Operating margin	12.1%	9.1%	14.0%	18.4%	18.4%	19.2%	17.5%	14.6%	10.7%	−3.0%
Net margin	6.8%	3.8%	8.4%	12.6%	10.9%	12.8%	9.2%	9.7%	7.1%	−4.8%
Free cash flow margin	1.2%	−2.5%	5.2%	12.6%	11.0%	17.7%	3.3%	5.6%	11.2%	7.0%
Rule of 40 (growth + FCF margin)	11.1%	8.3%	18.9%	19.9%	−3.6%	20.9%	14.7%	16.5%	18.4%	3.1%
Return on capital	9.1%	5.5%	10.6%	15.1%	11.9%	13.2%	13.5%	10.3%	8.2%	−2.6%
Return on equity	10.5%	6.2%	14.1%	20.3%	13.0%	14.0%	11.0%	12.2%	9.2%	−6.9%
Return on assets	4.6%	2.5%	6.0%	9.2%	6.5%	7.6%	6.0%	6.4%	5.0%	−3.4%
Net debt to EBITDA	1.9x	2.2x	1.6x	1.0x	0.7x	0.2x	0.6x	1.2x	0.9x	6.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Albany International's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Albany International.