At a glance
Albany International Corporation is worth $1.77B. Revenue fell 3.9% to $1.18B in fiscal 2025, at a loss; over 5 years it has grown 5.6% a year. It pays a 1.79% dividend yield, raised every year for at least 8 years, and returned $456.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +7.6% over the past year with dividends reinvested and −3.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.6% in the 2020 crash (S&P 500: 33.7%) and 20.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 1 month after the lows.
The business in plain English
Albany International, founded in 1895, makes engineered fabrics and composite parts. Its larger segment, Machine Clothing, brought in $708 million, about 60% of the $1.18 billion in net revenue for fiscal 2025, which ended December 31, 2025. It custom-designs the fabrics and belts that run through paper machines making paper, paperboard, tissue and pulp. These wear out, so mills must replace them regularly. Fabrics for nonwovens, fiber cement and other industries make up less than 20% of segment sales.
The remaining $475 million came from Albany Engineered Composites, which makes carbon-fiber composite parts for aerospace and defense. Through Albany Safran Composites, 10% owned by customer Safran, it is the exclusive supplier of composite fan blades and fan cases for the LEAP engine, used on the Airbus A320neo and A321neo, Boeing 737 MAX and COMAC 919. Safran accounted for about 15% of company revenue in fiscal 2025. Other programs include the F-35 fighter and CH-53K helicopter, and about 35% of segment revenue was tied to U.S. government programs.
The United States supplied about 54% of fiscal 2025 revenue, Switzerland about 9%, and Germany and France about 6.5% each. In the fourth quarter of 2025, Albany announced it was exploring a possible sale of all or part of its structures assembly business in Salt Lake City.
Price history
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AIN +7.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Machine Clothing | $708.1M | 59.9% |
| Other AEC | $301.7M | 25.5% |
| ASC | $173.1M | 14.6% |
By geography
| United States | $638.1M | 53.9% |
| Switzerland | $110.8M | 9.4% |
| Other countries | $90.9M | 7.7% |
| Germany | $77.4M | 6.5% |
| France | $76.4M | 6.5% |
| Brazil | $68.6M | 5.8% |
| China | $62.3M | 5.3% |
| Mexico | $58.4M | 4.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $349.5M, up 33.7% from a year earlier, and net income was $41.7M.
- For fiscal 2025, revenue was $1.18B (-3.9% year over year; +5.6% a year from FY2020 to FY2025) with a -4.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.6% good |
|---|---|
| Operating margin | -3.1% weak |
| Free cash flow margin | 7% watch |
| Return on equity (FY2025) | -7.9% weak |
| Return on assets (FY2025) | -3.3% weak |
| Net cash (cash minus debt) | $-343.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $900.6M | $98.6M | $98.8M |
| FY2021 | $929.2M | $118.5M | $164.7M |
| FY2022 | $1.03B | $95.8M | $34.5M |
| FY2023 | $1.15B | $111.1M | $64.5M |
| FY2024 | $1.23B | $87.6M | $138.2M |
| FY2025 | $1.18B | $-57.3M | $82.6M |
Valuation snapshot
| Market value | $1.77B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.79% |
Rank among 1514 US companies
Market value at each year end
Albany International’s market value went from $3.06B at the end of 2023 to $1.77B on Oct 28, 2026, down 42%; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.77B | +21.9% |
| 2025 | $1.46B | -41.9% |
| 2024 | $2.50B | -18.3% |
| 2023 | $3.06B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AIN price data to Oct 28, 2026 | +25.1% | +7.6% | -5.8% | -3.5% | +5.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +25.1% |
| 2025 | -35.5% |
| 2024 | -17.6% |
| 2023 | +0.7% |
| 2022 | +12.6% |
| 2021 | +21.6% |
| 2020 | -1.9% |
| 2019 | +22.8% |
| 2018 | +2.7% |
| 2017 | +34.5% |
| 2016 | +28.8% |
| 2015 | -2.0% |
| 2014 | +8.3% |
| 2013 | +62.3% |
| 2012 | +0.7% |
| 2011 | -0.2% |
| 2010 | +8.0% |
| 2009 | +82.4% |
| 2008 | -64.7% |
| 2007 | +14.0% |
| 2006 | -8.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 86.5% over that stretch · deepest drop along the way 86.9%, back to its old high 51.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.2% over that stretch · deepest drop along the way 57.6%, back to its old high 9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.9% over that stretch · deepest drop along the way 20.1%, back to its old high 1.4 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (21 read): 1 open-market purchases ($97K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Nov 17, 2025 | Gunnar Kleveland President and CEO, Director | buy | $97K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.4% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.33% | Mar 31, 2026 |
| Vanguard Capital Management | 5.3% | Mar 31, 2026 |
| American Century Investment Management, Inc. | 4.8% | Dec 31, 2025 |
ETFs with the most weight in AIN
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.47% |
| TPSC Timothy Plan US Small Cap Core ETF | 0.24% |
| QIDX Indexperts Quality Earnings Focused ETF | 0.23% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.22% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
| QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF | 0.19% |
| CSA VictoryShares US Small Cap Volatility Wtd ETF | 0.19% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.18% |
What could go wrong
- Heavy reliance on Safran and LEAP engine. Sales to Safran, mostly LEAP fan blades and cases, were about 15% of fiscal 2025 revenue. LEAP revenue peaked above $210 million in 2019, then fell sharply when Boeing production problems and COVID hit.
- Paper industry shifts reduce fabric demand. Digital media has cut demand for newsprint and printing paper, and lighter packaging is slowing box-paper growth. Longer-lasting fabrics also mean mills need fewer pieces, and customers keep pressing for lower prices.
- Costly defects in aircraft parts. Albany's composite parts go into commercial and military aircraft. A defect or quality slip could force recalls or replacements, trigger large contract damages or warranty claims, and delay customer deliveries.
- Competitors that bundle fabrics with machines. Some Machine Clothing competitors also make paper machines and could bundle fabrics with new equipment and services. In China, customers and government buyers prefer domestic suppliers, making sales there harder.
- Exposure to U.S. defense contracts. About 35% of the composites segment's fiscal 2025 revenue was tied to U.S. government programs. These contracts carry their own risks, and new Defense Department cybersecurity certification rules, known as CMMC, add compliance demands.
- Debt load and the Heimbach deal. Long-term debt was $456 million at December 31, 2025. Albany may not get all expected benefits from acquiring Heimbach, and goodwill (the premium paid for acquisitions) could be written down.
Recent events
- Quarterly results released
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Albany International raised its dividend per share for 8 straight years through fiscal 2025, when it paid $1.09, up from $0.77 in fiscal 2020, about 7.2% a year. A fiscal 2025 net loss of $1.94 per share meant earnings did not cover the dividend, though dividends used 39.3% of free cash flow (cash after capital spending). The yield was 1.79% as of October 28, 2026. Buybacks outpaced dividends: $308 million versus $148 million over fiscal 2021–2025, and the share count fell 9% between July 2023 and July 2026.
The stock has fallen hard in downturns. It dropped 86.9% in the 2008 financial crisis and took about 52 months to recover, fell 57.6% in the 2020 COVID crash before recovering in 9 months, and lost 20.1% in the 2022 bear market. It also fell 35.5% in calendar 2025. Albany warns it may not keep paying cash dividends. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Albany International make money?
Albany makes money by selling engineered products in two segments. Machine Clothing, which brought in $708 million of the company's $1.18 billion in fiscal 2025 revenue, sells custom fabrics and belts that paper mills wear out and replace. Albany Engineered Composites, with $475 million, makes composite parts for aircraft and defense programs, including fan blades and fan cases for the LEAP jet engine on the Airbus A320neo and Boeing 737 MAX.
Does Albany International raise its dividend every year?
It did for 8 straight years through fiscal 2025. Albany's dividend per share reached $1.09 in fiscal 2025, up from $0.77 in fiscal 2020. The yield was 1.79% as of October 28, 2026. Dividends used 39.3% of fiscal 2025 free cash flow, but the company posted a net loss that year, and its annual report warns that it may not pay cash dividends in the future.
Is Albany International profitable?
Not in fiscal 2025. Albany reported a net loss of $57.3 million, or $1.94 per diluted share, on revenue of $1.18 billion, down 3.9% from fiscal 2024. It still produced $82.6 million of free cash flow, the cash left after capital spending. The quarter ended June 30, 2026, looked better: revenue rose 5.8% from a year earlier to $329.5 million, and net income was $17.4 million, up 89.6%.
Who is Albany International's biggest customer?
Safran. It is Albany's largest aerospace customer, and sales to Safran, mostly composite fan blades and fan cases for CFM's LEAP engine, made up about 15% of fiscal 2025 revenue. By contrast, no Machine Clothing customer reached 10% of that segment's revenue. Safran also owns 10% of Albany Safran Composites, the unit that makes the LEAP parts under a long-term supply contract. LEAP revenue peaked above $210 million in 2019, then fell sharply amid Boeing production problems and the COVID-19 pandemic.
How much debt does Albany International have?
Albany had about $451 million of total debt as of June 30, 2026, against $77 million in cash and investments, for net debt of about $373 million. Shareholders' equity was $746 million on the same date. Long-term debt was $456 million at December 31, 2025, and the company lists its substantial debt as a risk factor. Interest and repayments compete with dividends and buybacks for the company's cash.