Astec Industries

ASTE · Nasdaq · Industrials · Financials, fiscal 2016 to 2025

ASTE · Last close · November 6, 2026

$35.71

Astec Industries' revenue rose 8.1% to $1.4 billion in fiscal 2025. Its operating margin was 4.7%, up from 1.8% a year earlier. Free cash flow was $21 million, up 728.0%. It paid out $12 million in dividends and buybacks, 57% of free cash flow. The diluted share count rose 1.1%.

Astec Industries, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0000792987-26-000011 Updated November 6, 2026

Revenue

$1.4B

8.1%

Operating margin

4.7%

2.9 pts

Net income

$39M

802.3%

Free cash flow

$21M

728.0%

Return on capital

6.0%

4.2 pts

Market cap

$821M

Nov 6 close

P/E

71.4x

On $0.50 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 Astec Industries does

Astec Industries designs and builds equipment for building roads and for related construction work. Its machines are used at every step, from crushing rock and aggregate to mixing asphalt and laying the road surface. It also makes industrial automation controls and telematics software, and equipment for mining, quarrying, demolition, recycling, forestry and energy, as well as industrial heat transfer equipment and burners.

It sells to asphalt and concrete producers, highway and heavy equipment contractors, utility contractors, sand and gravel producers, mine and quarry operators, port authorities and government agencies, in the United States and abroad. It has two reportable segments, Infrastructure Solutions and Materials Solutions.

Besides selling new equipment, it makes and sells replacement parts for its own product lines and for some competitors' equipment, which it describes as an integral part of its business. It runs the company under a model it calls OneASTEC.

Its biggest risks, as it describes them

Weak spending on roads, infrastructure and construction, or delays in government highway funding.
The cyclical nature of its industry and the mix of equipment it sells.
Customers' difficulty getting credit when interest rates rise.
Larger competitors with more money to invest.
Changes in the supply and price of parts, components and raw materials.

From Astec Industries's annual report on Form 10-K, filed February 25, 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 2025, earnings per share fell 3.8% a year and net income 3.8% a year, with the share count about the same.

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	143	70	69	94	74
Debt incl. finance leases	3	88	83	118	348
Net debt (negative means net cash)	−140	18	14	24	274
Net debt to EBITDA	−2.8x	0.5x	0.2x	0.5x	2.7x
Debt to equity	0.0x	0.1x	0.1x	0.2x	0.5x
Interest coverage	18.1x	3.0x	5.5x	2.2x	3.6x
Current ratio	2.9x	2.5x	2.4x	2.7x	2.5x
Quick ratio	1.5x	1.1x	0.9x	1.1x	1.1x

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 Astec Industries' 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 Astec Industries' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Astec Industries shares on the open market, and 1 insider sold $59,543.

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
Mar 3, 2026	Edward Terrell Gilbert JrGC & Corporate Secretary	Sold	975	$61.07	$59,543	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	6 of 9	5 of 9	6 of 9
Rule of 40	4.5%	−2.3%	9.5%
Altman Z''	6.30	6.33	5.07
Accruals ratio	0.6%	−1.8%	−1.9%

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	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	6 of 9	5 of 9	6 of 9

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

Compare

Put Astec Industries 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
Astec Industries	FY25	8.1%	4.7%	1.5%	6.0%	2.7x	6
Alamo Group	FY25	−1.5%	9.4%	9.2%	10.8%	−0.5x	5	Compare
GATX	FY25	9.8%	—	—	4.0%	10.6x	—	Compare
Trinity Industries	FY25	−29.9%	30.1%	14.6%	—	—	—	Compare
Federal Signal	FY25	17.1%	15.6%	10.4%	16.2%	1.2x	8	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	1,147	1,185	1,172	1,170	1,024	1,096	1,274	1,338	1,305	1,410
Revenue growth	16.7%	3.2%	−1.1%	−0.2%	−12.4%	6.9%	16.3%	5.0%	−2.5%	8.1%
Gross profit	265	243	136	239	238	250	264	331	328	374
Research and development	25	27	28	27	22	26	32	22	24	27
Operating income	87	56	−86	25	40	20	8	49	23	66
Net income	55	38	−60	22	46	16	−0	34	4	39
Diluted EPS (US$)	2.38	1.63	−2.64	0.98	2.01	0.69	0.00	1.47	0.19	1.68
Diluted shares (millions)	23	23	23	23	23	23	23	23	23	23
Cash flow
Cash from operations	135	42	−30	113	142	7	−74	28	23	61
Capital expenditure	27	20	27	23	15	20	41	34	20	41
Free cash flow	107	22	−57	89	126	−13	−115	−6	2	21
Dividends paid	9	9	10	10	10	10	11	12	12	12
Share buybacks	0	0	24	0	0	0	10	0	0	0
Acquisitions	40	26	0	0	32	0	18	0	0	249
Stock-based compensation	3	3	2	3	5	6	7	4	5	7
Balance sheet at fiscal year end
Cash and short-term investments	83	64	28	50	163	143	70	69	94	74
Debt incl. finance leases	11	4	60	2	2	3	88	83	118	348
Total assets	844	890	856	800	847	906	1,014	1,059	1,044	1,367
Total liabilities	195	203	270	198	205	254	388	406	406	686
Shareholders' equity	648	686	585	602	642	651	627	653	638	682
Margins and ratios
Gross margin	23.1%	20.5%	11.6%	20.5%	23.2%	22.8%	20.7%	24.7%	25.1%	26.5%
Operating margin	7.6%	4.7%	−7.4%	2.1%	4.0%	1.8%	0.6%	3.6%	1.8%	4.7%
Net margin	4.8%	3.2%	−5.2%	1.9%	4.5%	1.4%	−0.0%	2.5%	0.3%	2.8%
Free cash flow margin	9.4%	1.8%	−4.9%	7.6%	12.3%	−1.2%	−9.0%	−0.5%	0.2%	1.5%
Rule of 40 (growth + FCF margin)	26.1%	5.1%	−6.0%	7.5%	−0.1%	5.8%	7.3%	4.5%	−2.3%	9.5%
Return on capital	9.4%	6.1%	−11.0%	3.8%	7.8%	4.0%	0.7%	5.8%	1.7%	6.0%
Return on equity	8.8%	5.7%	−9.5%	3.8%	7.4%	2.4%	−0.0%	5.2%	0.7%	5.9%
Return on assets	6.8%	4.4%	−6.9%	2.7%	5.6%	1.8%	−0.0%	3.2%	0.4%	3.2%
Net debt to EBITDA	−0.6x	−0.7x	—	−0.9x	−2.4x	−2.8x	0.5x	0.2x	0.5x	2.7x

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