At a glance
Astec Industries Inc is worth $897.3M, about 23 times its fiscal 2025 earnings. Revenue grew 8.1% to $1.41B in fiscal 2025, with 2.8% kept as profit; over 5 years it has grown 6.6% a year. It pays a 1.33% dividend yield, and returned $67.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −17.3% over the past year with dividends reinvested and −5.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.7% in the 2020 crash (S&P 500: 33.7%) and 56.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Astec Industries makes equipment used in every phase of road building, from quarrying and crushing rock (called aggregate) to laying the final asphalt surface. Its products include asphalt plants, concrete plants, asphalt pavers, milling machines and the "shuttle buggy," a vehicle that feeds hot asphalt to a paver so crews can pave continuously with fewer haul trucks. It also makes wood chippers and grinders, industrial burners and heaters, and control software that gathers data from connected machines.
Its customers include asphalt and concrete producers, highway and utility contractors, sand and gravel producers, mine and quarry operators, port authorities and government agencies. Astec earns money from selling new equipment and from replacement parts, which it calls an integral part of the business. It even sells parts for some competitors' machines.
Astec reports two segments. Infrastructure Solutions, which covers asphalt and concrete plants, paving equipment, burners and digital controls, brought in $857.4 million, or 60.8% of the $1.41 billion in revenue for the year ended December 31, 2025. Materials Solutions supplied the other 39.2%. The company added TerraSource, a maker of crushing, screening and separation equipment, on July 1, 2025, and CWMF, an asphalt plant maker, on January 1, 2026. Sales lean heavily on the United States, at 80.1% of revenue, followed by Canada at 4.9%.
Price history
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ASTE -17.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Infrastructure Solutions | $857.4M | 60.8% |
| Materials Solutions | $553.0M | 39.2% |
By geography
| United States | $1.13B | 80.1% |
| Canada | $69.8M | 4.9% |
| Australia and Oceania | $41.9M | 3% |
| Africa | $39.6M | 2.8% |
| Brazil | $35.9M | 2.5% |
| Other European Countries | $24.6M | 1.7% |
| South America (excluding Brazil) | $22.1M | 1.6% |
| Other Asian Countries | $13.5M | 1% |
| Mexico | $9.2M | 0.7% |
| Japan and Korea | $7.2M | 0.5% |
| West Indies | $5.5M | 0.4% |
| Middle East | $3.6M | 0.3% |
| Post-Soviet States (excluding Russia) | $3.0M | 0.2% |
| India | $2.4M | 0.2% |
| Central America (excluding Mexico) | $1.9M | 0.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $408.1M, up 23.6% from a year earlier, and net income was $10.5M (-37.1%).
- For fiscal 2025, revenue was $1.41B (+8.1% year over year; +6.6% a year from FY2020 to FY2025) with a 2.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.6% good |
|---|---|
| Operating margin | 4.7% weak |
| Free cash flow margin | 1.5% watch |
| Return on equity (FY2025) | 5.7% weak |
| Return on assets (FY2025) | 2.8% weak |
| Net cash (cash minus debt) | $-291.7M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.02B | $46.0M | $126.1M |
| FY2021 | $1.10B | $15.8M | $-12.7M |
| FY2022 | $1.27B | $-100K | $-114.6M |
| FY2023 | $1.34B | $33.5M | $-6.3M |
| FY2024 | $1.31B | $4.3M | $2.5M |
| FY2025 | $1.41B | $38.8M | $20.7M |
Valuation snapshot
| Market value | $897.3M |
|---|---|
| P/E ratio | 23.2 |
| Dividend yield | 1.33% |
Rank among 1514 US companies
Market value at each year end
Astec Industries’s market value went from $1.55B at the end of 2016 to $897.3M on Oct 28, 2026, down 42%; since the end of 2025 it is down 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $897.3M | -9.5% |
| 2025 | $991.0M | +29.3% |
| 2024 | $766.1M | -9.4% |
| 2023 | $845.9M | -8.4% |
| 2022 | $923.5M | -41.4% |
| 2021 | $1.58B | +20.5% |
| 2020 | $1.31B | +38.2% |
| 2019 | $946.9M | +37.6% |
| 2018 | $688.3M | -49.0% |
| 2017 | $1.35B | -13.2% |
| 2016 | $1.55B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ASTE price data to Oct 28, 2026 | -9.3% | -17.3% | +1.2% | -5.0% | -2.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -9.3% |
| 2025 | +30.6% |
| 2024 | -8.4% |
| 2023 | -7.3% |
| 2022 | -40.6% |
| 2021 | +20.5% |
| 2020 | +39.6% |
| 2019 | +40.9% |
| 2018 | -47.9% |
| 2017 | -12.7% |
| 2016 | +67.1% |
| 2015 | +4.6% |
| 2014 | +2.8% |
| 2013 | +16.8% |
| 2012 | +7.5% |
| 2011 | -0.6% |
| 2010 | +20.3% |
| 2009 | -14.0% |
| 2008 | -15.8% |
| 2007 | +6.0% |
| 2006 | +7.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64.3% over that stretch · deepest drop along the way 67.7%, back to its old high 91.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.3% over that stretch · deepest drop along the way 38.7%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 51.4% over that stretch · deepest drop along the way 56.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.5% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.95% | Mar 31, 2026 |
| Vanguard Capital Management | 5.08% | Mar 31, 2026 |
| Victory Capital Management, Inc. | 4.48% | Sep 30, 2025 |
ETFs with the most weight in ASTE
| FDM First Trust Dow Jones Select MicroCap Index Fund | 1.52% |
| IFRA iShares U.S. Infrastructure ETF | 0.52% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.46% |
| PSCI Invesco S&P SmallCap Industrials ETF | 0.35% |
| PAVE Global X US Infrastructure Development ETF | 0.34% |
| SEIS SEI Select Small Cap ETF | 0.29% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 0.19% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.13% |
What could go wrong
- Federal highway funding may shrink. Many customers depend on government road funding. The Infrastructure Investment and Jobs Act set aside $548 billion for new infrastructure through 2026. If Congress does not renew or fully fund it, demand could fall.
- Boom-and-bust orders for long-lasting machines. Road and utility construction runs in cycles, and Astec's machines last for years, so orders swing. Higher interest rates or tight customer credit can cut demand, and many costs cannot be trimmed quickly.
- Folding in TerraSource and CWMF. Astec acquired TerraSource on July 1, 2025, and CWMF on January 1, 2026. Combining the businesses could be harder than planned, and the expected benefits may be smaller or take longer to arrive.
- Debt limits room to maneuver. As of June 30, 2026, total debt was $393.4 million against $101.7 million in cash and investments. That debt could make it harder to borrow more, react to a downturn or meet its obligations.
- Software overhaul could disrupt operations. Astec is moving scattered financial systems onto one enterprise resource planning (ERP) system, the software behind ordering, production and accounting. Three manufacturing sites had switched by early 2026. A bumpy rollout could disrupt operations.
- Steel costs and tariffs. Astec depends on steel, parts and components whose prices and availability can change. Rising steel prices and surcharges, including those from tariffs, can raise its costs and also slow the construction work that drives demand.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Executive or board change
- Quarterly results released
- Quarterly results released
For income and retirement investors
Astec pays a modest dividend but has held it flat. Dividends per share rose from $0.44 in fiscal 2020 to $0.52 in fiscal 2023, then stayed at $0.52 through fiscal 2025. The yield was 1.33% as of October 28, 2026. In fiscal 2025, dividends used 30.7% of earnings and 57.5% of free cash flow (cash left after running the business and investing in equipment). Free cash flow was negative in fiscal 2021 through 2023, so those payouts were not covered by it. Buybacks were small: $10.1 million over fiscal 2021–2025, all in 2022.
The shares have fallen hard in past downturns. They dropped 67.7% in the 2008 financial crisis and took about 91 months to recover. In the 2020 COVID crash they fell 38.7% but recovered within three months. After a 56.1% drop in 2022, they had not regained their earlier peak as of October 28, 2026. A single stock like Astec carries more risk than a diversified fund.
Questions investors ask
How does Astec Industries make money?
Astec makes money by selling equipment used to build roads, plus replacement parts for that equipment. Its Infrastructure Solutions segment, which makes asphalt and concrete plants, pavers and related gear, brought in 60.8% of the $1.41 billion in revenue for the year ended December 31, 2025. Materials Solutions supplied the other 39.2%. Parts are an integral part of the business, and Astec even sells parts for some competitors' equipment. The United States accounted for 80.1% of sales.
Does Astec Industries raise its dividend every year?
No. Astec raised its dividend per share from $0.44 in fiscal 2020 to $0.52 in fiscal 2023, but held it at $0.52 in fiscal 2024 and 2025. That works out to about 3.4% growth a year over the five years. The yield (annual dividends as a share of the price) was 1.33% as of October 28, 2026. In fiscal 2025 the dividend used 30.7% of earnings and 57.5% of free cash flow, the cash left after running the business and investing in equipment.
What happens to Astec if the infrastructure bill isn't renewed?
Demand for Astec's equipment could decline, the company warns. Many of its customers depend on government funding for highway construction and maintenance. The Infrastructure Investment and Jobs Act, enacted in November 2021, set aside $548 billion for new infrastructure over five years ending in 2026. Astec's annual report flags the risk that Congress does not reauthorize or fully fund the law when it expires. Highway money is also subject to political decisions that can reduce or redirect it.
Is Astec Industries stock volatile?
Yes, more than the overall market. Its one-year beta was 1.35 as of October 28, 2026, meaning the shares have tended to move about 1.35 times as much as the market. Over the year to that date, the share price fell 17.3%, and at one point it was 41.3% below its high. It dropped 28.8% in the last three months of that span alone. Over longer stretches, the share price lost about 23% over five years and about 20% over ten years.
Is Astec Industries profitable?
Yes, but margins are thin and earnings have swung widely. For the year ended December 31, 2025, Astec earned $38.8 million on $1.41 billion of revenue, or $1.68 per share, for a net margin (profit as a share of sales) of 2.8%. That was up from $0.19 per share in fiscal 2024, and fiscal 2022 ended with a $0.1 million loss. In the quarter ended June 30, 2026, revenue rose 23.6% from a year earlier to $408.1 million, but net income fell 37.1% to $10.5 million.