Acme United

As of March 31, 2026, revolver borrowings were about 33.0 million with mortgage debt near 9.9 million; cash was ~4.2 million, for net debt around 38.6 to 38.8 million.

Covenants appear manageable, the current ratio stood at 4.57 and the long-term debt-to-equity ratio was ~36 percent. 2025 operating income was 14.7 million with interest expense of 1.56 million, suggesting healthy interest coverage. We note a 2024 material weakness in ICFR was remediated by year-end 2025 per the 2026 10-K auditor opinion.

Elevated capex in 2025–2026 reflects growth investments; free cash flow should improve as integration and capex normalize.