10-Q · August 10, 2026
The extracted 10-Q text does not include the statements of operations, balance sheets, cash-flow statements, MD&A, or segment disclosures needed to assess quarterly revenue, margins, EPS, liquidity, and cash generation;…
Earnings analysis · 10-K
AVD earnings analysis
Filed September 30, 2026 · Our reading of the company's report
The latest report
American Vanguard improved gross profitability and reduced its operating loss in 2025, but revenue continued to contract, the company remained unprofitable, and operating cash flow was negative $21.191 million. Growth…
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American Vanguard improved gross profitability and reduced its operating loss in 2025, but revenue continued to contract, the company remained unprofitable, and operating cash flow was negative $21.191 million. Growth is concentrated in U.S. non-crop products while U.S. crop and international sales declined, and the international reporting unit was fully impaired. The subsequent refinancing materially increases financial risk, while the product recall and planned Los Angeles production transfer add execution and cash-cost uncertainty.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.75
What stood out
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Broad specialty-solutions platform
The company describes a specialty-solutions strategy spanning synthetic, biological and biorational products for crops, turf, ornamental plants, and human and animal health protection. It operates as one reportable segment and allocates resources based on consolidated results.
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Gross profitability improved
FY2025 net sales declined to $515.114 million from $547.306 million in 2024 and $579.371 million in 2023, but gross profit increased to $147.561 million from $120.317 million in 2024. Gross margin therefore improved to approximately 28.6% from 22.0%.
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Losses narrowed year over year
Operating loss narrowed to $28.296 million in 2025 from $101.555 million in 2024, although the company remained loss-making versus $23.295 million of operating income in 2023. Diluted EPS improved to $(1.75) from $(4.50) but remained below the $0.26 reported in 2023.
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U.S. non-crop is a growth area
U.S. non-crop sales grew to $90.290 million from $82.400 million in 2024 and $75.287 million in 2023. This growth partly offset U.S. crop sales falling to $221.391 million from $228.327 million in 2024 and $269.229 million in 2023.
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International mix remains pressured
International sales declined to $203.433 million from $236.579 million in 2024, with notable declines in Asia to $28.397 million from $34.123 million, Australia and New Zealand to $15.718 million from $21.687 million, and Africa to $1.364 million from $5.646 million.
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Transformation costs are moderating
Transformation spending fell to $7.187 million in 2025 from $20.162 million in 2024, while research, product development and regulatory expense fell to $23.161 million from $32.662 million. The company also plans to transfer Los Angeles production to Axis or Marsing, targeting completion in Q2 2026.
What to watch
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Highly leveraged refinancing
On March 13, 2026, the company refinanced with a $225.000 million first-priority term loan and a $60.000 million second-priority term loan. The first-priority loan initially bears interest at SOFR plus 8.25%, includes a first-lien debt-to-EBITDA covenant beginning at 6.7x, and requires minimum liquidity of $20 million to $45 million through Q4 2027; substantially all assets are pledged as collateral.
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Product recall liability
A 2025 product recall involving up to four lots generated 272 claims totaling $9.063 million in estimated damages. The company validated 57 claims totaling approximately $2.050 million, paid approximately $1.414 million, and recorded a $7.649 million liability; its product-liability policy has a $5.000 million deductible and insurance coverage remains uncertain.
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International deterioration and impairment
International business deterioration led to a full impairment of the remaining international goodwill. The international reporting unit’s carrying value exceeded fair value by $23.816 million, resulting in a $21.040 million goodwill impairment in 2025; international sales declined by $33.146 million, or approximately 14%, year over year.
Management's outlook
The 10-K/A does not provide quantitative annual revenue or EPS guidance. The previously reported FY2026 outlook of $530 million-$550 million sales and $44 million-$48 million adjusted EBITDA was provided in the Q2 earnings materials, not this filing; annual outlook should be referenced to the earnings press release/call.
Earlier filings 4
10-Q · May 6, 2026
American Vanguard Corporation's Q1 2026 financial performance showed improvement over the prior year, with revenues rising 7% to $123.6 million. The net loss reduced significantly from $8.5 million to $4.1 million,…
10-K · March 16, 2026
American Vanguard Corporation's 2025 Annual Report shows nuanced financial performance amid ongoing market challenges. While net sales fell approximately 6% to $515.1 million, the company improved gross profit margins…
10-Q · November 10, 2025
AVD's Q3 2025 results show a modest increase in revenue from the prior year but a decline from estimates, driven by stronger domestic sales offset by a dip in international markets. Management highlights operational…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.