One-glance verdict
Overvalued
$0.86 our estimate vs market $2.19
Wall Street consensus: $7.00 (710.4% higher than our fair-value estimate)
154% above our estimate, beyond the bull case
Fundamentals snapshot
AmpliTech Group, Inc.
AMPG · NCM · Technology · Communication Equipment
Current price
$2.19
52-week range
$1.64 - $10.11
Market cap
$65.98M
Balance sheet
Healthy
-562.51x Concerning
Net cash $9.03M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
3 Risks
1 rewards · 3 risks
- Reward Free cash flow was positive in 1/10 years.
- Risk Operating margin compressed from 1.4% to -39.6% over 3 years.
- Risk Return on equity was -19.4% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 10.6% (peer median: 12.6%).
What this company does
AmpliTech Group, Inc.
AmpliTech Group makes fancy radio signal boosters for important industries like defense and satellites. Their main money comes from selling these specialized electronic parts through their manufacturing and engineering business. This matters because these components are crucial for advanced communication systems, meaning their sales directly reflect demand in these high-tech sectors.
How the company got here
AmpliTech Group, Inc. was founded in 2002 with a focus on designing and building specialized microwave amplifiers. Over the past two decades, the company has expanded its capabilities and now operates as a multi-division signal technology group. This growth has been driven by a commitment to pushing the boundaries of connectivity for applications in space, defense, and telecommunications. AmpliTech's hardware is now used in demanding environments, and its products are trusted by major organizations like the U.S. Air Force, Lockheed Martin, and IBM.
What it actually does
AmpliTech Group designs, develops, engineers, and assembles advanced radio frequency (RF) and microwave components. These components are crucial for signal processing in various high-tech industries. Think of them as the specialized building blocks that allow devices to send and receive signals, whether it's for satellite communication, 5G networks, or defense systems. The company's products include a range of amplifiers, filters, and other integrated assemblies that are essential for the performance of complex electronic systems.
AGMDC (AmpliTech's Group MMIC Design Center)
This division is where AmpliTech's innovation begins at the most fundamental level. AGMDC designs proprietary Monolithic Microwave Integrated Circuit (MMIC) chips, which are essentially tiny, complex electronic circuits on a single piece of semiconductor material. These custom-designed chips are the core of many of AmpliTech's products, providing a performance advantage across applications like 5G, defense, satellite communications, space exploration, and even quantum computing. By designing these chips in-house, AmpliTech maintains a high degree of control over the performance and capabilities of its final products.
Specialty Microwave
This is AmpliTech's original division, focusing on precision RF and microwave components. They build specialized amplifiers, including low-noise amplifiers (LNAs) that are designed to detect very weak signals without adding much of their own noise. These components are critical for applications where signal sensitivity is paramount, such as in satellite communications and advanced defense systems. Specialty Microwave serves customers with challenging requirements, providing solutions that meet the industry's benchmark for low noise figures.
5G (AGTGSS)
This division has evolved from a precision RF engineering company into a 5G infrastructure provider. AGTGSS is notable for being the only American company to have designed and commercialized an Open RAN (Radio Access Network)-compliant 64T64R Massive MIMO cellular radio unit. Massive MIMO (Multiple-Input Multiple-Output) is a technology that uses many antennas to improve wireless communication efficiency and capacity. This division is focused on building the infrastructure for next-generation wireless networks, including carrier-grade radios and private 5G solutions for various environments.
Spectrum Semiconductor Materials
Spectrum Semiconductor Materials is a distributor of integrated circuit (IC) packages and lids, which are essential components used in assembling semiconductor devices. They act as a crucial link in the supply chain, ensuring that manufacturers have access to the necessary materials for packaging and protecting microchips. This division serves a wide range of customers in commercial, military, and aerospace sectors, emphasizing quick delivery and a reliable inventory to prevent disruptions in production.
What management is betting on now
AmpliTech's management is focused on leveraging the company's vertically integrated structure, where different divisions work together to create complete solutions. They are emphasizing the synergy between their chip-level design capabilities (AGMDC) and their product manufacturing across various sectors like 5G, defense, and satellite communications. The company is betting on its ability to innovate and deliver high-performance, American-made components and systems, particularly in the rapidly growing 5G infrastructure market and for critical defense applications where supply chain origin and performance are paramount.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-1.75M
FY2024 Q4
$-1.18M
FY2025 Q2
$-2.38M
FY2025 Q3
$-1.44M
FY2025 Q4
$-3.51M
FY2026 Q2
$-6.09M
Revenue
$8.07M
Net income
$-3.09M
Diluted EPS
-0.12
Operating cash flow
$-5.54M
Free cash flow
$-6.09M
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Sources
Revenue
$5.35M
Net income
$-1.52M
Diluted EPS
-0.06
Operating cash flow
$-3.14M
Free cash flow
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Sources
Revenue
$4.48M
Net income
$-3.21M
Diluted EPS
-0.14
Operating cash flow
$-3.42M
Free cash flow
$-3.51M
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Sources
Revenue
$6.09M
Net income
$-188.37K
Diluted EPS
-0.01
Operating cash flow
$-999.35K
Free cash flow
$-1.44M
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Sources
Revenue
$11.03M
Net income
$-1.77M
Diluted EPS
-0.09
Operating cash flow
$-2.25M
Free cash flow
$-2.38M
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Sources
Revenue
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Net income
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Diluted EPS
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Operating cash flow
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Free cash flow
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Sources
Revenue
$1.85M
Net income
$-3.82M
Diluted EPS
-0.32
Operating cash flow
$-1.17M
Free cash flow
$-1.18M
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Sources
Revenue
$2.83M
Net income
$-1.19M
Diluted EPS
-0.12
Operating cash flow
$-1.73M
Free cash flow
$-1.75M
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Sources
Is it cheap or expensive?
Fair value $0.86 vs current price $2.19
Wall Street consensus is the average analyst price target: $7.00 (710.4% higher than our fair-value estimate).
Our most-likely fair value is $0.86 a share — about 60.6% below today's price of $2.19, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $9.0M - more cash than debt. Interest coverage -562.5x.
Net debt
$-9.03M
Interest coverage
-562.51x
AmpliTech Group, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
AMPG
BASELINE
AmpliTech Group, Inc.
Total debt $3.93M Interest coverage -562.51x This is the baseline the peer rows are being compared against.
Total debt $132.00K Interest coverage 935.55x This peer still has a real interest-payment cushion, while AMPG does not.
Total debt $53.70M Interest coverage 1.25x This peer still has a real interest-payment cushion, while AMPG does not.
Total debt $4.47M Interest coverage -24.17x Neither company has much profit cushion over interest right now.
Total debt $3.52M Interest coverage 10.35x This peer still has a real interest-payment cushion, while AMPG does not.
What you should know
The case for and against AMPG
1 Reward
3 Risks
Rewards
-
Free cash flow was positive in 1/10 years.
Risks
-
Operating margin compressed from 1.4% to -39.6% over 3 years.
-
Return on equity was -19.4% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 10.6% (peer median: 12.6%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
4.06x
P/B
1.20x
P/S
2.75x
EV/EBITDA
-10.34x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
36.7%
Operating margin
-39.6%
Net margin
-33.4%
ROE
-19.4%
ROA
-9.7%
Health
Liquidity and balance-sheet strength
Debt / equity
0.08x
Current ratio
3.76x
Quick ratio
2.31x
Total debt
$3.93M
Total cash
$12.95M
Growth
How the business has been compounding
Revenue TTM
$23.99M
Revenue 5Y CAGR
47.8%
EPS TTM
-0.34
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-13.10M
Free CF TTM
$-9.70M
FCF margin
-40.4%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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