1971 – 2026 · Defense vehicle manufacturer · Private — KPS Capital Partners (2020) · No current SEC filings

AM General Financials

AM General — the South Bend, Indiana maker of the HMMWV (Humvee) and, since its February 2023 recompete win, the JLTV A2 — is privately held by KPS Capital Partners and discloses no current income statement. This page reconstructs what the public record actually shows, from three independent, separately-dated windows: the audited financials AM General filed with the SEC through fiscal 2001 (when it carried registered public debt), the rated debt that financed the 2020 buyout, and the live federal-contract obligations that proxy its present-day scale. Every figure is dated and cited; the unsourced revenue estimates that fill the rest of the internet are not asserted here.

Sibling pages: AM General Leadership (who runs and controls it) · AM General Federal Contracts (the live USAspending procurement record). Reconstructed-financials siblings: Cognition · SpaceX. Roster row: AM General on /orgs/.

Last reported annual revenue

$549.8M

FY2001 — the last year AM General filed with the SEC. Net income was $9.6M. Reporting stopped when its public notes matured in 2002. Filed

Current rated debt

$600M

9.500% senior secured notes due 2028, issued by PM General Purchaser LLC to finance the 2020 KPS buyout (plus a $75M revolver). Rated

Moody's rating

B3 · neg.

Corporate family rating. B2 at the 2020 issuance; downgraded to B3 with a negative outlook in June 2022. Rated

Federal prime-contract obligations

~$1.19B

FY2025 — a present-day scale proxy, not disclosed revenue. The JLTV A2 award is worth up to $8.66B. Confirmed

AM General files no current financials — so this page reconstructs the picture from three public windows. The company publishes no income statement, EBITDA, margin, enterprise value, or 2020 deal price, and it is not a public filer today. But it leaves a real, citable trail: (1) the audited 10-Ks it filed with the SEC through fiscal 2001 under legacy CIK 0000946642, while it carried publicly-registered 12-7/8% Senior Notes; (2) the rated debt that capitalized the 2020 KPS Capital Partners buyout — $600M of 9.5% senior secured notes that Moody's opines on; and (3) the live federal-contract record as a present-day revenue proxy. Each window carries its own date. The single most important thing on this page is to not blur the eras: the $549.8M below is what AM General earned two decades ago, not what it earns now. Unsourced third-party revenue estimates (Tracxn, Craft, ZoomInfo) are surfaced only as flagged Estimate context, never in a counter or chart axis.

Historical financials — the SEC-filing era FY1997–FY2001 · last public filing

AM General Corp filed full annual reports with the SEC because it had publicly-registered 12-7/8% Senior Notes outstanding. The figures below are drawn straight from the five-year Selected Financial Data in its fiscal-2001 Form 10-K405 (fiscal years end October 31; dollars in millions). This is a genuine audited snapshot of the company at its Hummer-civilian peak that essentially no estimate aggregator surfaces — and it is two decades old. Read every number here as history, dated to the era it describes.

$ millions, FY ending Oct 31	FY2001	FY2000	FY1999	FY1998	FY1997
Net sales	549.8	448.2	348.2	392.8	468.2
Gross profit	89.3	64.6	37.4	48.5	43.2
Gross margin	16.2%	14.4%	10.7%	12.3%	9.2%
Operating income (loss)	32.8	20.7	(2.0)	2.4	0.7
Net income (loss)	9.6	2.3	(10.2)	(8.3)	(9.5)

Source: AM General Corp Form 10-K405 for fiscal year ended October 31, 2001 (SEC accession 0000950131-02-000289, filed January 29, 2002), Item 6 Selected Financial Data. Filed

Net sales and net income, FY1997–FY2001

Net sales (left axis)

Net income (right axis)

The series is bounded by design: it begins with the earliest year in the five-year table and ends at fiscal 2001 because AM General's public reporting stopped when its 12-7/8% Senior Notes matured on May 1, 2002. There is no audited income statement after this point. The shape itself is the story: three years of net losses through fiscal 1999, then a swing to profitability as net sales climbed past $549M on rising HUMVEE demand and the start of the GM Hummer H2 build-out.

FY2001 net sales by segment

HUMMER/HUMVEE$410.0M

Service parts (SPLO)$87.0M

GEP Engine$68.5M

Special Test Services / Other$17.8M

Inter-segment eliminations($33.5M)

Total net sales$549.8M

The HUMMER/HUMVEE segment shipped 5,670 units at a $72,310 average selling price in fiscal 2001, up on higher U.S. military demand. The fast-growing GEP Engine line (up from $4.8M the prior year) reflects the new V8 engine plant standing up for the Hummer H2.

FY2001 balance sheet & debt

Total assets$542.0M

Property, plant & equipment, net$236.6M

GM Loan (H2 plant financing)$165.8M

12-7/8% Senior Notes$47.5M

Revolving credit facility$27.9M

The standout is the $165.8M GM Loan: General Motors financed the Mishawaka plant where AM General built the civilian Hummer H2 for GM, which is why net PP&E more than tripled to $236.6M in a single year. The publicly-registered 12-7/8% Senior Notes — the reason these filings exist at all — were down to $47.5M and matured May 1, 2002.

From that last filing to today, the business was remade. The civilian Hummer brand AM General sold to GM in 1999 was discontinued by GM in 2010, so the H2 line and the GM Loan that defined the fiscal-2001 balance sheet are gone. What replaced them is a defense-only manufacturer: HUMVEE recapitalization, foreign military sales, and — after the February 2023 JLTV A2 recompete win — a new flagship program. The federal-contract record below shows the result: roughly $1.19 billion in FY2025 prime-contract obligations, more than double the $549.8M the company last reported as revenue in fiscal 2001. The two figures are not comparable line-for-line (one is audited GAAP revenue, the other is a federal-obligations proxy), which is exactly why they sit in separate, separately-dated sections.

Capital structure & credit — the 2020 KPS buyout rated debt · current

AM General files nothing today, but its debt is rated — so there is a current, public read on how it is capitalized. When KPS Capital Partners acquired the company in 2020, the buyout was financed through an acquisition vehicle, PM General Purchaser LLC (doing business as AM General), which issued rated notes and entered a revolver. Because those notes are rated, Moody's publishes a credit opinion and a rating history on the entity even though AM General itself discloses no financials.

9.500% senior secured notes $600M, due 2028 · Rule 144A / Reg S Rated

PM General Purchaser LLC issued $600 million of 9.500% senior secured notes due 2028 in a Rule 144A / Regulation S offering (CUSIP USU72644AA28), alongside a $75 million revolving credit facility — a roughly $675 million debt package in total. This is a financing figure (what was borrowed to fund the buyout), not an enterprise value or a purchase price; KPS did not disclose the equity check or the deal's total value.

Source: Davis Polk and Kirkland & Ellis deal records for the KPS acquisition financing. Confirmed

Moody's rating history B2 (2020) → B3, negative (Jun 2022) Rated

Moody's assigned PM General Purchaser a B2 corporate family rating at the 2020 issuance and affirmed it in an April 2021 periodic review. On June 15, 2022 it downgraded the corporate family rating to B3 with a negative outlook. As of this page's last update, B3/negative is the standing rating; no later rating action has been published.

The published thesis rests on AM General's position as the sole manufacturer of the HUMVEE and its exposure to U.S. Army vehicle modernization, set against a single-customer concentration and the leverage from the buyout. We cite the rating letters, dates, and the publicly-reported thesis; the specific revenue, EBITDA, and leverage figures inside Moody's opinion sit behind its paywall and are not reproduced here.

Source: Moody's rating action “Moody's downgrades PM General Purchaser's CFR to B3; outlook negative,” June 15, 2022, and the April 2021 periodic-review release. Rated

A rating downgrade is the single most likely real change to this page between refreshes; the monthly refresh task re-checks Moody's (and any S&P / Fitch) action on PM General Purchaser LLC.

Federal-contract scale — a present-day revenue proxy as of FY2025

With no current income statement, the closest public read on AM General's size today is its federal-contract record — the U.S. government's own accounting of what it obligates to the company. This is a proxy, not disclosed revenue: it counts U.S. federal prime-contract obligations (including foreign military sales contracted through the Army) and excludes direct commercial and direct-foreign sales, and obligations are not the same as recognized revenue. The full live record — by program, agency, and fiscal year — lives on the sibling AM General Federal Contracts page, which owns the number; the figures here are an as-of snapshot.

FY2025 prime obligations

~$1.19B

Up ~5% from ~$1.13B in FY2024. Revenue proxy, not GAAP revenue.

JLTV A2 program

up to $8.66B

Feb 2023 recompete win over Oshkosh; up to 20,682 vehicles + 9,883 trailers over a five-year base plus five-year option.

Versus last-reported revenue

2.2×

FY2025 obligations vs. the $549.8M AM General last reported as revenue in FY2001 — different measures, two decades apart.

Source: USAspending.gov prime-contract obligations (public domain, DATA Act), via the live federal-contracts page; JLTV A2 program value per the U.S. Army's February 2023 follow-on-production award announcement. Confirmed

Ownership & control — who has owned AM General

Newest first. AM General has changed hands several times; the transaction figures that are public are sparse and non-comparable, so this is an ownership timeline, not a valuation series. Each row carries a Confirmed / Reported / Undisclosed pill on its transaction terms.

Oct 1, 2020 → KPS Capital Partners (current owner) Undisclosed

KPS Capital Partners completed its acquisition of AM General on October 1, 2020, buying the company from an affiliate of MacAndrews & Forbes. The purchase price was not disclosed. What is public is the financing: the $600M 9.5% notes + $75M revolver above. KPS still lists AM General as an active portfolio investment.

Sources: AM General / KPS newsroom announcements (deal completed October 1, 2020); Bloomberg, July 22, 2020, on the sale. Confirmed (that the deal closed) · Undisclosed (price).

2004 – 2020 MacAndrews & Forbes (Ronald Perelman) Reported

In August 2004, Ronald Perelman's MacAndrews & Forbes took a controlling stake — reported at roughly 70%, for a figure reported at close to $1 billion — in a transaction with then-owner the Renco Group. M&F held the company until selling it to KPS in 2020. The amount and stake come from contemporaneous reporting, not a company disclosure.

Sources: Automotive News (August 2004) and subsequent reporting. The ~$1B / ~70% figures are Reported, not company-confirmed.

… – 2004 The Renco Group (Ira Rennert) Filed

During the SEC-filing era, AM General's stock was wholly owned by The Renco Group, Inc., controlled by Ira Leon Rennert — a fact stated plainly in the fiscal-2001 10-K, where Rennert is listed as Chairman and sole director. Renco held the company until the 2004 MacAndrews & Forbes transaction. This is the one ownership step the page can source to a primary filing rather than to reporting.

Source: AM General Corp Form 10-K405 (fiscal 2001), ownership disclosure. Filed

1971 Origin — American Motors Corporation Confirmed

AM General was formed in 1971, when American Motors Corporation made its General Products Division a wholly owned subsidiary. It went on to win the original HMMWV production award in 1983 and has built the Humvee for the U.S. Army ever since.

Source: AM General corporate history (company “Who we are”). Confirmed

What AM General does not disclose

The honest counterpart to the three windows above. For a privately held PE portfolio company, the list of what is not public is long — and naming it is the point, because the gaps are exactly where unsourced estimates rush in.

No current income statement. AM General publishes no current revenue, gross margin, EBITDA, operating income, or net income. The most recent audited figures are the fiscal-2001 numbers above — two decades old. Anyone quoting a current “AM General revenue” number is quoting an estimate, not a disclosure.

No enterprise value or deal price. Neither the 2020 KPS purchase price nor a current enterprise value is public. The $675M debt package is a financing amount, not a valuation; the ~$1B / ~70% figures for the 2004 transaction are reported, not confirmed.

No segment, backlog, or headcount detail today. The segment splits and backlog disclosures that the fiscal-2001 10-K carried have no modern equivalent; AM General reports none of it now.

Third-party estimates are not asserted here. Sites such as Tracxn, Craft, ZoomInfo, and PitchBook publish revenue estimates for AM General. They are not primary sources and are not company disclosures; this page surfaces them only as flagged Estimate context and never places one in a counter or on a chart axis. Where the page shows a number, it is filed, rated, or confirmed — and dated.

Read these primary sources

The page assembles numbers that no single source compiles. Here is where each window comes from, so the work is auditable: AM General's own historical SEC filings, the public record of the 2020 buyout financing and its rating, the live federal-contract data, and the company / owner newsroom.

SEC EDGAR — AM General Corp historical filings (legacy CIK 0000946642)

The load-bearing, distinctive source: the audited 10-Ks AM General filed while it carried registered 12-7/8% Senior Notes, fiscal years ending October 31. The fiscal-2001 10-K405 is the last annual report; reporting ends with the final 10-Q/A in March 2002 as the notes matured. The current AM General entity files nothing — this CIK is historical only.

# All AM General Corp annual reports (FY1996–FY2001)
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000946642&type=10-K&dateb=&owner=include&count=40
# The fiscal-2001 10-K405 — the last audited annual report (Selected Financial Data, segments, debt schedule)
https://www.sec.gov/Archives/edgar/data/946642/000095013102000289/d10k405.txt

The 2020 KPS buyout financing & its rating

PM General Purchaser LLC's $600M 9.5% senior secured notes due 2028 and $75M revolver, documented in the deal-counsel record; and Moody's rating action on the entity (B2 2020 → B3 negative June 2022). The Moody's page is paywalled — the rating letters and dates are public, the underlying opinion text is not.

# $675M financing for the KPS acquisition (notes + revolver)
https://www.davispolk.com/experience/675-million-financing-kps-capital-partners-acquisition-am-general
# Moody's rating action — CFR downgraded to B3, outlook negative (Jun 15, 2022)
https://www.moodys.com/research/Moodys-downgrades-PM-General-Purchasers-CFR-to-B3-outlook-negative--PR_466990

USAspending & the company / owner newsroom

The federal-contract proxy is public-domain procurement data; the live, by-program record is on the sibling page. KPS and AM General's newsrooms carry the current-ownership facts and the October 1, 2020 deal completion.

# Live federal prime-contract obligations, by program / agency / FY
/orgs/am-general/federal-contracts/
https://www.usaspending.gov/
# Current ownership — KPS portfolio page + AM General deal-completion release
https://www.kpsfund.com/investments/active-investments/am-general
https://www.amgeneral.com/kps-capital-partners-lp-completes-acquisition-of-am-general/

Sibling Mungomash pages

Governance and people on the leadership page; the live procurement dashboard on the federal-contracts page. Ownership-as-finance (the transaction timeline) lives here; the leadership page carries the KPS-control fact and points back.

/orgs/am-general/leadership/
/orgs/am-general/federal-contracts/

Methodology & data sources

The “financial archaeology” approach. AM General is a mature private company that discloses nothing directly yet leaves a rich primary-source trail. This page reconstructs its financial picture from three independent public windows, each separately dated: the historical SEC filings (fiscal 1997–2001), the rated debt of the 2020 buyout (current), and the live federal-contract record (current). The structure — three clearly separated, separately-dated sections — exists to keep visitors from reading the two-decade-old filed revenue as a current figure.

Source-discipline pills. Every value-bearing claim is labeled: Filed (AM General's own SEC 10-K via EDGAR — the historical figures and the Renco ownership step), Rated (a credit-agency opinion — the notes and the Moody's rating history), Confirmed (a company / KPS announcement or public-domain USAspending data), Reported (contemporaneous reporting only — e.g. the ~$1B 2004 transaction), and Undisclosed / Estimate (not asserted — surfaced only as flagged context). The Filed-versus-Estimate contrast is the page's backbone.

Historical figures. The fiscal-1997–2001 income statement, segment split, balance-sheet highlights, and debt schedule are taken from AM General Corp's Form 10-K405 for the fiscal year ended October 31, 2001 (SEC accession 0000950131-02-000289), Item 6 Selected Financial Data and the MD&A segment tables. These filings are frozen — they will not change — so this section is static and is verified once at build, not on a cadence.

Federal-contract data is a proxy, not revenue. The FY2025 ~$1.19B figure is U.S. federal prime-contract obligations from USAspending.gov, used as a present-day scale indicator. Obligations are not the same as recognized revenue, and the proxy excludes direct commercial sales and direct foreign sales. The live, exact, by-program record is owned by the sibling federal-contracts page; the snapshot here is dated and cross-linked rather than re-fetched, to keep this page static.

Credit figures. The page states Moody's rating letters and action dates (B2 at the 2020 issuance, affirmed April 2021; B3 with a negative outlook from June 15, 2022) and the publicly-reported credit thesis (sole HUMVEE manufacturer; single-customer concentration; buyout leverage). The specific revenue / EBITDA / leverage metrics inside the rating opinion are paywalled and are not reproduced.

What's intentionally not here. A current revenue / EBITDA / margin figure (none is disclosed). A fabricated valuation arc (the transaction figures are sparse and non-comparable, so the page shows an ownership timeline, not a valuation series, and never interpolates a company valuation). Computed deal multiples or “what's it worth” framing. Speculation about a future KPS exit, IPO, or sale. Deep procurement detail (that lives on the federal-contracts page). Editorial framing about private-equity ownership of defense manufacturers.

Refresh cadence. The current-era windows are re-verified monthly: re-check Moody's (and any S&P / Fitch) rating actions on PM General Purchaser LLC (a rating change is the most likely real update), refresh the federal-contract proxy, watch for any KPS exit / sale or refinancing (a refinancing or new registered offering could re-open SEC reporting), and re-run an EDGAR check for any new AM General filing. The historical section is static.

Cross-references. AM General Leadership for the people and governance; AM General Federal Contracts for the live procurement record; AM General's row on the Orgs index.

Last updated: 2026-06-26. Historical-figures anchor: AM General Corp FY2001 Form 10-K405 (the load-bearing primary source).