The sharp deterioration in operating profit and cash flow overshadows modest EPS growth. Watch for further margin pressure from fixed-price contracts and rising inventory levels. The one-time gain is non-recurring; normalize earnings for a clearer picture.
Price Chart
Executive Summary
APWC reported mixed Q4 and full-year 2025 results: full-year revenue grew 4% to $489.7M and EPS rose 6% to $0.18, but operating profit plunged 36% to $6.4M and operating cash flow turned deeply negative at -$7.8M. Q4 revenue declined 2% YoY and gross margin compressed to 8.2%, with earnings boosted by a one-time gain of $0.7M.
Key Facts
- FY2025 revenue up 4% YoY to $489.7M; Q4 revenue down 2% YoY to $133.8M
- FY2025 EPS up 6% to $0.18; Q4 EPS up 31% to $0.17 (includes one-time gain of $0.7M)
- FY2025 operating profit down 36% to $6.4M; Q4 operating profit down 49% to $2.8M
- Q4 gross margin fell to 8.2% from 9.1% a year ago
- FY2025 operating cash flow was -$7.8M vs +$24.3M in 2024; inventory up $24.7M to $151.5M
Financial Impact
Revenue growth of 4% offset by 36% operating profit decline; Q4 revenue decline of 2% YoY; net income supported by one-time gain
Risk Factors
- Continued margin compression from copper price passthrough lag
- Negative operating cash flow may strain liquidity given high inventory and debt
- Slowing public sector order pipeline could pressure revenue growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-028185 |
| Document: apwc-form6xkfor2025q4earni.htm | 0001628280-26-028185 |
| Document: 0001628280-26-028185-index-headers.html | 0001628280-26-028185 |
| Document: 0001628280-26-028185-index.html | 0001628280-26-028185 |
| Document: 0001628280-26-028185.txt | 0001628280-26-028185 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 6w ago | 6-K | $1.36 $1.29 | ▼ −5.15% | ▼ −7.87% | $1.22 (−10.29%) |
Sep 14, 2026 6w ago | Press Release | $1.36 $1.29 | ▼ −5.15% | ▼ −7.87% | $1.22 (−10.29%) |
Aug 14, 2026 10w ago | 6-K | $1.52 $1.31 | ▼ −13.82% | ▼ −11.82% | $1.22 (−19.74%) |
Aug 14, 2026 10w ago | Press Release | $1.52 $1.31 | ▲ +13.82% | ▲ +11.82% | $1.22 (+19.74%) |
May 14, 2026 23w ago | 6-K | $1.42 $1.37 | ▼ −3.52% | ▼ −2.66% | $1.22 (−14.08%) |
May 14, 2026 23w ago | Press Release | $1.42 $1.37 | ▼ −3.52% | ▼ −2.66% | $1.22 (−14.08%) |
May 1, 2026 25w ago | 6-K | $1.53 $1.45 | ▼ −5.36% | ▼ −10.64% | $1.22 (−20.26%) |
Apr 29, 2026 25w ago | 20-F | $1.57 $1.44 | ▼ −8.28% | ▼ −13.74% | $1.22 (−22.29%) |
Apr 29, 2026 25w ago | 6-K | $1.57 $1.44 | ▼ −8.28% | ▼ −13.74% | $1.22 (−22.29%) |
Apr 29, 2026 25w ago | Press Release | $1.57 $1.44 | ▼ −8.28% | ▼ −13.74% | $1.22 (−22.29%) |
US Market Status
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