Astec Industries (ASTE)
Market Price (11/8/2026): $35.71 | Market Cap: $822.9 MilSector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment
Astec Industries (ASTE)
Market Price (11/8/2026): $35.71Market Cap: $822.9 MilSector: IndustrialsIndustry: Construction Machinery & Heavy Transportation Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42% Attractive yieldFCF Yield is 6.7% Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Water Infrastructure, and Sustainable Infrastructure. Themes include Advanced Recycling Technologies, Show more. | Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -55% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 71x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% Key risksASTE key risks include [1] its declining operating performance and shrinking backlog, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -42% |
| Attractive yieldFCF Yield is 6.7% |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Water Infrastructure, and Sustainable Infrastructure. Themes include Advanced Recycling Technologies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -15%, 3Y Excs Rtn is -55% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 71x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% |
| Key risksASTE key risks include [1] its declining operating performance and shrinking backlog, Show more. |
Qualitative Assessment
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Astec Industries (ASTE) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Astec Industries significantly missed analyst expectations for its fiscal Q3 2026 earnings.
The company reported an adjusted Earnings Per Share (EPS) of -$0.01, falling substantially short of the analyst consensus estimate of $0.47, a miss of $0.48 per share. Additionally, Q3 2026 revenue was $352.4 million, missing the consensus estimate of $375.5 million by 6.1%. Adjusted EBITDA also underperformed, reaching $18.9 million against an estimated $31.37 million, representing a 39.7% miss. The operating margin declined to -0.9% from 4.1% in fiscal Q3 2025.
2. The company lowered its full-year 2026 Adjusted EBITDA guidance.
Astec Industries revised its fiscal year 2026 Adjusted EBITDA forecast downward to a range of $140 million to $150 million, from its previous guidance of $160 million to $175 million. This reduction signals a weaker expected profitability for the remainder of the fiscal year.
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Astec Industries (ASTE) stock has lost about 30% since 7/31/2026 because of the following key factors:
1. Astec Industries significantly missed analyst expectations for its fiscal Q3 2026 earnings.
The company reported an adjusted Earnings Per Share (EPS) of -$0.01, falling substantially short of the analyst consensus estimate of $0.47, a miss of $0.48 per share. Additionally, Q3 2026 revenue was $352.4 million, missing the consensus estimate of $375.5 million by 6.1%. Adjusted EBITDA also underperformed, reaching $18.9 million against an estimated $31.37 million, representing a 39.7% miss. The operating margin declined to -0.9% from 4.1% in fiscal Q3 2025.
2. The company lowered its full-year 2026 Adjusted EBITDA guidance.
Astec Industries revised its fiscal year 2026 Adjusted EBITDA forecast downward to a range of $140 million to $150 million, from its previous guidance of $160 million to $175 million. This reduction signals a weaker expected profitability for the remainder of the fiscal year.
3. Macroeconomic uncertainty and inflationary pressures negatively impacted financial performance.
Management cited ongoing macroeconomic uncertainty, which led to a pause in orders from select asphalt plant customers earlier in the year. Furthermore, inflationary headwinds, specifically $7 million to $8 million of inflation outpacing pricing in fiscal Q3 2026, impacted sales, mix, absorption, and margins.
4. A delay in asphalt shipments contributed to weaker results.
Approximately $5 million to $10 million of asphalt shipments shifted from fiscal Q3 2026 into fiscal Q4 2026 or even into fiscal year 2027. This shift in delivery timing contributed to the lower-than-expected financial results for the quarter and the revised guidance.
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Stock Movement Drivers
Fundamental Drivers
The -29.3% change in ASTE stock from 7/31/2026 to 11/7/2026 was primarily driven by a -57.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.51 | 35.71 | -29.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,477 | 1,557 | 5.4% |
| Net Income Margin (%) | 1.7% | 0.7% | -57.4% |
| P/E Multiple | 44.9 | 71.0 | 58.0% |
| Shares Outstanding (Mil) | 23 | 23 | -0.5% |
| Cumulative Contribution | -29.3% |
Market Drivers
7/31/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ASTE | -29.3% | |
| Market (SPY) | -1.6% | 45.1% |
| Sector (XLI) | -9.5% | 52.7% |
Fundamental Drivers
The -44.8% change in ASTE stock from 4/30/2026 to 11/7/2026 was primarily driven by a -72.9% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.66 | 35.71 | -44.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,410 | 1,557 | 10.4% |
| Net Income Margin (%) | 2.8% | 0.7% | -72.9% |
| P/E Multiple | 38.2 | 71.0 | 86.0% |
| Shares Outstanding (Mil) | 23 | 23 | -0.7% |
| Cumulative Contribution | -44.8% |
Market Drivers
4/30/2026 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ASTE | -44.8% | |
| Market (SPY) | 2.6% | 37.6% |
| Sector (XLI) | -6.6% | 46.5% |
Fundamental Drivers
The -22.4% change in ASTE stock from 10/31/2025 to 11/7/2026 was primarily driven by a -78.7% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.04 | 35.71 | -22.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,310 | 1,557 | 18.9% |
| Net Income Margin (%) | 3.5% | 0.7% | -78.7% |
| P/E Multiple | 22.9 | 71.0 | 209.2% |
| Shares Outstanding (Mil) | 23 | 23 | -0.7% |
| Cumulative Contribution | -22.4% |
Market Drivers
10/31/2025 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ASTE | -22.4% | |
| Market (SPY) | 8.7% | 45.4% |
| Sector (XLI) | 5.8% | 59.2% |
Fundamental Drivers
The -7.3% change in ASTE stock from 10/31/2023 to 11/7/2026 was primarily driven by a -59.2% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11072026 | Change |
|---|---|---|---|
| Stock Price ($) | 38.51 | 35.71 | -7.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,363 | 1,557 | 14.3% |
| Net Income Margin (%) | 1.8% | 0.7% | -59.2% |
| P/E Multiple | 35.1 | 71.0 | 101.9% |
| Shares Outstanding (Mil) | 23 | 23 | -1.4% |
| Cumulative Contribution | -7.3% |
Market Drivers
10/31/2023 to 11/7/2026| Return | Correlation | |
|---|---|---|
| ASTE | -7.3% | |
| Market (SPY) | 81.9% | 43.0% |
| Sector (XLI) | 72.0% | 56.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ASTE Return | 20% | -40% | -7% | -8% | 31% | -17% | -34% |
| Peers Return | 16% | 7% | 37% | 29% | 23% | -5% | 158% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ASTE Win Rate | 42% | 33% | 58% | 33% | 58% | 36% | |
| Peers Win Rate | 55% | 45% | 53% | 62% | 58% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ASTE Max Drawdown | -36% | -56% | -46% | -35% | -18% | -45% | |
| Peers Max Drawdown | -20% | -30% | -19% | -19% | -32% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CAT, FSS, GBX, CMI, PCAR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | ASTE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.6% | -9.5% |
| % Gain to Breakeven | 60.2% | 10.5% |
| Time to Breakeven | 650 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.4% | -6.7% |
| % Gain to Breakeven | 21.0% | 7.1% |
| Time to Breakeven | 12 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.6% | -33.7% |
| % Gain to Breakeven | 62.8% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -45.4% | -19.2% |
| % Gain to Breakeven | 83.2% | 23.8% |
| Time to Breakeven | 590 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -18.6% | -12.2% |
| % Gain to Breakeven | 22.8% | 13.9% |
| Time to Breakeven | 10 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.0% | -6.8% |
| % Gain to Breakeven | 31.5% | 7.3% |
| Time to Breakeven | 57 days | 15 days |
In The Past
Astec Industries's stock fell -9.3% during the 2025 US Tariff Shock. Such a loss loss requires a 10.2% gain to breakeven.
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| Event | ASTE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.6% | -9.5% |
| % Gain to Breakeven | 60.2% | 10.5% |
| Time to Breakeven | 650 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.6% | -33.7% |
| % Gain to Breakeven | 62.8% | 50.9% |
| Time to Breakeven | 80 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -45.4% | -19.2% |
| % Gain to Breakeven | 83.2% | 23.8% |
| Time to Breakeven | 590 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.0% | -6.8% |
| % Gain to Breakeven | 31.5% | 7.3% |
| Time to Breakeven | 57 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.4% | -17.9% |
| % Gain to Breakeven | 41.6% | 21.8% |
| Time to Breakeven | 141 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -26.3% | -15.4% |
| % Gain to Breakeven | 35.7% | 18.2% |
| Time to Breakeven | 257 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -50.0% | -53.4% |
| % Gain to Breakeven | 100.1% | 114.4% |
| Time to Breakeven | 906 days | 1085 days |
In The Past
Astec Industries's stock fell -9.3% during the 2025 US Tariff Shock. Such a loss loss requires a 10.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Astec Industries (ASTE)
Astec Industries (ASTE) is a global manufacturer specializing in the design, engineering, and marketing of heavy equipment and components primarily used in road building and related construction activities. Headquartered in Chattanooga, Tennessee, the company provides essential machinery that supports the development and maintenance of infrastructure across the United States and internationally.
The company operates through two main segments. Its Infrastructure Solutions segment offers a comprehensive range of products including asphalt plants and related components, concrete batch plants and mixers, asphalt pavers, material transfer vehicles, and specialized machinery for soil stabilization, milling, and wood processing. This segment also provides engineering and environmental permitting services. The Materials Solutions segment focuses on designing and manufacturing equipment for processing raw materials, encompassing crushing, screening, vibrating, and conveying equipment, along with complete modular and portable plant systems for aggregate and mineral processing.
Astec Industries serves a diverse customer base, predominantly consisting of asphalt producers, highway and heavy equipment contractors, and ready-mix concrete producers. Other key clients include contractors in the construction and demolition recycling markets, as well as governmental agencies involved in infrastructure projects. The Materials Solutions segment further extends its reach to industries requiring bulk material handling and mineral processing solutions, suchating quarries, mining operations, and aggregate producers globally.
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Here are 1-2 brief analogies for Astec Industries:
Caterpillar for road construction factories and aggregate processing.
The 'factory builder' for roads, from crushing rocks to laying asphalt, much like a specialized Caterpillar.
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- Asphalt Plants: Equipment used for producing various types of asphalt mixes for road construction.
- Asphalt Pavers & Material Transfer Vehicles: Machinery designed for efficiently laying asphalt on roads and transferring material on job sites.
- Concrete Batch Plants & Mixers: Systems for producing and mixing concrete for construction projects.
- Crushing & Screening Equipment: Machinery that breaks down large materials and separates them by size.
- Conveying & Bulk Material Handling Solutions: Systems for efficiently moving and managing large quantities of materials.
- Milling Machines & Soil Stabilizing-Reclaiming Machinery: Equipment for removing existing pavement surfaces and preparing or improving soil for new construction.
- Industrial Heating & Burning Systems: Provides various heaters, hot oil units, and burners for industrial processes and asphalt production.
- Wood Chippers & Grinders: Equipment for processing wood waste and other organic materials into smaller pieces.
- Plant Automation & Control Systems: Integrated systems for monitoring and controlling the operations of various processing plants.
- Engineering & Consulting Services: Offers design, environmental permitting, and general advisory services for construction and material processing projects.
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- Asphalt producers
- Highway and heavy equipment contractors
- Ready mix concrete producers
- Contractors in the construction and demolition recycling markets
- Governmental agencies
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Jaco G. van der Merwe, President & CEO
Jaco G. van der Merwe became the President & CEO of Astec Industries in January 2023, also joining the corporation's Board of Directors. He originally joined Astec in 2016 as Group President of the Energy Group, later becoming responsible for the Infrastructure Solutions Group in 2019. Prior to Astec, Mr. van der Merwe spent over 18 years with Epiroc (formerly part of Atlas Copco), where he held various global leadership positions in manufacturing, sales, marketing, aftermarket support, and general management, leading and integrating several successful acquisitions. He holds a background in Metallurgical Engineering and a Master of Business Administration.
Brian J. Harris, Chief Financial Officer
Brian J. Harris was appointed Chief Financial Officer of Astec Industries, effective October 7, 2024. His extensive experience includes serving as Executive Vice President and Chief Financial Officer at Summit Materials, Inc. from October 2013 to February 2023. Before Summit Materials, he was the Executive Vice President and Chief Financial Officer of Bausch + Lomb Corporation from 2009 to 2013, and he held various positions at the Gates Corporation from 1996 to 2009. Mr. Harris earned his Bachelor of Accounting degree from Glasgow University.
Heinrich Jonker, Vice President Finance – Infrastructure Solutions
Heinrich Jonker serves as the Vice President Finance – Infrastructure Solutions for Astec Industries. He previously held the role of Interim Chief Financial Officer for the company. Mr. Jonker has nearly twenty years of public company experience and, prior to Astec, held multiple financial leadership roles within Epiroc (formerly part of Atlas Copco), including Vice President Controlling & Finance.
Michael Norris, Group President of Materials Solutions
Michael Norris was named Group President of Materials Solutions in November 2023. He joined Astec in January 2018, serving as Vice President of International from October 2019 and later as Senior Vice President of International & Aftermarket Sales starting January 2021. Prior to Astec, Mr. Norris was the VP of Global Aftermarket for Filtec Ltd. for two years. He also spent 28 years in the Mining and Construction industry, holding various leadership roles at Sandvik Mining & Construction and Boart Longyear. Mr. Norris holds a Bachelor of Science in Mechanical Engineering and a Master of Business Administration.
Terrell Gilbert, General Counsel, Chief Compliance Officer and Corporate Secretary
Terrell Gilbert joined Astec Industries in March 2024 as General Counsel, Chief Compliance Officer, and Corporate Secretary. Before his tenure at Astec, he served as Deputy General Counsel of Mohawk Industries, Inc.
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Dependence on Economic Cycles and Government Infrastructure Spending: Astec Industries' financial performance is highly susceptible to global economic downturns and fluctuations in government infrastructure spending. Decreases in such spending or broader economic contractions directly and adversely impact the company's revenues and operating results. The impending expiration of the Infrastructure Investment and Jobs Act of 2021 in October 2026 introduces further uncertainty regarding future project flow.
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Macroeconomic Headwinds and Cost Pressures: The company faces significant challenges from ongoing macroeconomic pressures, including inflationary pressures, disruptions in the global supply chain, and labor shortages. These factors, coupled with increased production costs for key materials such as steel, aluminum, and copper, are negatively affecting Astec's gross profit and EBITDA margins. Additionally, rising interest rates and the potential for a recession contribute to investor concerns regarding the company's financial outlook.
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Intense Competition: Astec Industries operates within a highly competitive and dynamic construction equipment market. The presence of strong competitors, such as Komatsu, poses a substantial threat. This competitive landscape requires continuous innovation and strategic positioning to maintain market share and profitability.
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Astec Industries, Inc. operates in significant global and regional addressable markets for its road building and related construction equipment.
Infrastructure Solutions Segment
For the products and services within Astec's Infrastructure Solutions segment, such as asphalt plants, asphalt pavers, and concrete batch plants, the addressable markets are substantial:
- Asphalt Mixing Plants: The global asphalt mixing plant market was valued at approximately USD 5.21 billion in 2023, with some projections estimating it at USD 5.65 billion in 2025, growing to USD 7.73 billion by 2034. The North American market for asphalt mixing plants was valued at USD 1.01 billion in 2025 and is expected to reach USD 1.66 billion by 2035. The U.S. alone generated approximately USD 1.269 million in equipment revenue in 2024, representing about 23.6% of the global market share.
- Asphalt Pavers: The global asphalt pavers market was valued at approximately USD 2.17 billion in 2024 and is projected to reach USD 3.32 billion by 2034. Another estimate shows the global market reached USD 3.34 billion in 2025, expanding to USD 5.95 billion by 2032. The North America asphalt paver market was valued at US$ 517.19 million in 2023 and is expected to reach US$ 686.85 million by 2031. The U.S. asphalt pavers market size was USD 288 million.
- Concrete Batch Plants: The global concrete batch plants market size was valued at USD 3.8 billion in 2024 and is projected to grow to USD 5.4 billion by 2034. Another report valued the global concrete batching plant market at USD 3.79 billion in 2024, projected to reach USD 4.91 billion by 2032. The U.S. concrete batch plants market was worth over USD 1.03 billion in 2024. North America holds a significant share, estimated at 20-28.5% of the global market in 2025.
Materials Solutions Segment
For the crushing, screening, and mineral processing equipment offered by Astec's Materials Solutions segment, the addressable market sizes include:
- Crushing, Screening, and Mineral Processing Equipment: The global crushing, screening, and mineral processing equipment market size was valued at USD 23.7 billion in 2024 and is projected to reach USD 35.3 billion by 2033. Another estimate places the global market size at USD 20.6141 billion in 2020, projected to reach USD 40.5585 million by 2032. North America holds a significant share, accounting for approximately 28.6% of the global market share in 2024.
Overall Road Construction Equipment Market
More broadly, the global road construction equipment market, which encompasses many of Astec's products, was valued at approximately USD 192.84 billion in 2024, with projections indicating it could reach USD 256.01 billion by 2031. The U.S. road construction equipment market alone was valued at USD 100 billion in 2024, with expectations to reach USD 150 billion by 2033.
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Astec Industries (ASTE) is expected to drive future revenue growth over the next 2-3 years through several key factors:
- Strong Backlog and Order Trends: The company has reported a significant and growing backlog, which provides a solid foundation for future revenue. Astec's backlog reached $514.1 million, marking a 22.5% year-over-year increase, indicating a strong pipeline for upcoming sales. Management has also noted positive order trends, contributing to an optimistic outlook for realizing future revenue from existing orders.
- Strategic Acquisitions: Recent acquisitions, specifically TerraSource and CWMF, are anticipated to contribute substantially to Astec's annual revenue. These acquisitions are projected to add over $200 million in annual revenue, with CWMF expected to be accretive from day one. This inorganic growth strategy expands Astec's market reach and product offerings.
- Growth in Aftermarket Parts and Service Sales: Astec Industries has prioritized the expansion of its aftermarket parts and service business. This strategic focus is already yielding results, with parts sales increasing by 11.5% for the full year 2025, reaching $432.7 million and accounting for 30.7% of total net sales. The continued emphasis on this higher-margin, recurring revenue stream is expected to contribute to consistent revenue growth.
- Federal Infrastructure Funding and Large Project Demand: The company anticipates multi-year demand driven by federal infrastructure funding, healthy state and local budgets, and large construction projects, including data centers. Management has expressed confidence in capturing this sustained demand within both its Infrastructure Solutions and Materials Solutions segments, which aligns with government spending on road building and related construction activities.
- Favorable Pricing and Product/Volume Mix: Astec has benefited from favorable pricing and a positive volume and product mix, which have contributed to past revenue and EBITDA growth. The company's ability to maintain pricing discipline and optimize its product offerings to meet market demand is expected to continue supporting revenue expansion.
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Share Repurchases
- As of December 31, 2021, Astec Industries had approximately $126.0 million remaining under a previously authorized share repurchase program of $150.0 million.
- No shares were repurchased under the plan during 2021.
Share Issuance
- Information available for the period does not indicate any significant share issuances. Shares outstanding remained stable from 2021 to 2025.
Outbound Investments
- Astec Industries completed the acquisition of TerraSource Holdings, LLC on July 1, 2025, which is expected to add over $150 million in annual revenue and enhance its Materials Solutions segment and aftermarket parts business.
- The company acquired CWMF Corporation, a manufacturer of asphalt plant equipment and parts with approximately $50 million in annual revenues, with the definitive agreement announced in December 2025 and completion in January 2026.
- Collectively, the acquisitions of TerraSource and CWMF represent over $200 million of annual revenue for Astec.
Capital Expenditures
- For the full year 2025, Astec Industries reported capital expenditures of $28.7 million.
- In the second quarter of 2023, capital expenditure investments totaled $9.1 million, primarily aimed at increasing capacity and improving efficiency.
- Astec anticipates capital expenditures for the full year 2026 to be between $40 million and $50 million, with a focus on operational improvement projects, improved quality, and automation.
Peer Outperformance in Construction Machinery & Heavy Transportation Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ASTE | Astec Industries | 5.1% | 71.0x | -19.8% | 21.7% | -41.3% | — |
| WAB | Westinghouse Air Brake Technologies | 9.0% | 34.9x | 38.1% | 162.8% | 209.9% | +251pp |
| CAT | Caterpillar | 5.8% | 21.7x | 0.0% | 147.4% | 194.8% | +236pp |
| CMI | Cummins | 2.5% | 18.6x | -3.5% | 119.9% | 112.9% | +154pp |
| OSK | Oshkosh | 4.8% | 16.7x | 12.4% | 53.5% | 26.8% | +68pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 28.7% | 33.1% | 105.5% | MATX 153% · KEX 106% |
| Construction & Engineering | 28 | -21.4% | 94.6% | 93.8% | FIX 949% · STRL 830% · AGX 565% |
| Construction Machinery & Heavy Transportation Equipment ← | 14 | 9.1% | 66.9% | 93.0% | ALSN 256% · WAB 210% · CAT 195% |
| Aerospace & Defense | 54 | -2.0% | 55.8% | 55.7% | ATI 891% · FTAI 850% · HWM 525% |
| Trading Companies & Distributors | 19 | 11.5% | 30.9% | 31.6% | DXPE 298% · AIT 187% · URI 180% |
| Industrial Machinery & Supplies & Components | 71 | 1.0% | 48.0% | 28.8% | CRS 795% · MLI 302% · SYM 266% |
| Rail Transportation | 7 | 33.7% | 68.7% | 25.2% | CSX 48% · UNP 36% · NSC 25% |
| Diversified Support Services | 34 | 15.7% | 38.0% | 15.8% | CXW 200% · OPLN 134% · CACI 113% |
| Building Products | 34 | -7.3% | 6.0% | 12.8% | MOD 760% · GFF 339% · TT 132% |
| Cargo Ground Transportation | 16 | 27.7% | 11.3% | 2.2% | XPO 270% · R 245% · ARCB 19% |
| Industrial Conglomerates | 17 | 14.5% | 6.5% | -0.6% | CSW 99% · CSL 70% · DD 67% |
| Office Services & Supplies | 10 | 19.6% | 22.1% | -2.5% | PBI 157% · HNI 37% · MSA 18% |
| Electrical Components & Equipment | 39 | -7.8% | 57.6% | -5.3% | POWL 1454% · VRT 565% · BE 441% |
| Data Processing & Outsourced Services | 6 | -10.2% | 1.5% | -13.8% | EXLS 57% · BR 20% · G -10% |
| Research & Consulting Services | 13 | 0.5% | -16.2% | -24.2% | HURN 210% · FCN 36% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 14.8% | -3.9% | -25.5% | DE 102% · TTC 15% · AGCO 3% |
| Environmental & Facilities Services | 29 | -22.8% | 26.6% | -27.0% | GEO 191% · CLH 168% · RSG 98% |
| Security & Alarm Services | 9 | -47.2% | 31.9% | -27.5% | BCO 65% |
| Passenger Airlines | 11 | 4.0% | 69.0% | -34.4% | LTM 3140% · UAL 114% · DAL 105% |
| Air Freight & Logistics | 12 | -31.2% | -9.4% | -40.2% | FDX 75% · EXPD 56% · CHRW 50% |
| Human Resource & Employment Services | 22 | 22.1% | -13.7% | -42.8% | ADP 48% · FA 24% · PAYX 10% |
| Passenger Ground Transportation | 3 | -22.5% | 38.6% | -58.0% | UBER 45% · CAR -58% · LYFT -68% |
| Airport Services | 4 | -42.8% | -66.1% | -87.0% | JOBY -40% |
Latest Trefis Analyses
| Title | |
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| ARTICLES |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 107.68 |
| Mkt Cap | 30.3 |
| Rev LTM | 15,814 |
| Op Inc LTM | 1,778 |
| FCF LTM | 1,265 |
| FCF 3Y Avg | 1,144 |
| CFO LTM | 2,034 |
| CFO 3Y Avg | 1,779 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.2% |
| Rev Chg 3Y Avg | 3.8% |
| Rev Chg Q | 15.4% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Inc Chg LTM | 8.9% |
| Op Inc Chg 3Y Avg | 15.4% |
| Op Mgn LTM | 11.6% |
| Op Mgn 3Y Avg | 10.8% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 12.9% |
| CFO/Rev 3Y Avg | 11.6% |
| FCF/Rev LTM | 8.6% |
| FCF/Rev 3Y Avg | 7.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Infrastructure Solutions | 893 | 886 | 838 | 800 | 748 |
| Materials Solutions | 558 | 475 | 539 | 513 | 382 |
| Elimination of intersegment revenues | -41 | -55 | -39 | -38 | -35 |
| Corporate and Other | 0 | ||||
| Total | 1,410 | 1,305 | 1,338 | 1,274 | 1,096 |
| $ Mil | 2022 | 2008 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|
| Infrastructure Solutions | 73 | ||||
| Materials Solutions | 44 | ||||
| Gain on sale of property and equipment, net | 1 | ||||
| Asset impairment | -4 | ||||
| Restructuring and other related charges | -6 | ||||
| Transformation program | -26 | ||||
| Depreciation and amortization | -28 | ||||
| Corporate and Other | -46 | ||||
| Aggregate and Mining Group | 37 | 33 | 23 | 19,685 | |
| All Others | -41 | ||||
| Asphalt Group | 41 | 24 | 16 | 8,109 | |
| Mobile Asphalt Paving Group | 15 | ||||
| Underground Group | 13 | 5 | 6 | -1,653 | |
| ALL Others | -36 | -29 | |||
| Mobile Asphalt Paving GROUP | 14 | 12 | |||
| Mobile Asphalt Construction Equipment | 7,554 | ||||
| Total | 9 | 64 | 40 | 28 | 33,695 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Infrastructure Solutions | 53 | 54 | 34 | ||
| Materials Solutions | 29 | 32 | 23 | ||
| (Elimination) Recapture (elimination) of intersegment profit | 0 | 1 | 1 | 2 | -0 |
| Net loss attributable to non-controlling interest | -0 | 0 | 0 | 0 | |
| Corporate and Other | -65 | -40 | -36 | 2 | -41 |
| Aggregate and Mining Group | 45 | 36 | |||
| Energy Group | 3 | 16 | |||
| Infrastructure Group | -113 | 27 | |||
| Total | 18 | 47 | 22 | -60 | 38 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Infrastructure Solutions | 1,210 | 1,096 | 1,042 | 965 | 990 |
| Materials Solutions | 1,148 | 772 | 800 | 735 | 669 |
| Corporate and Other | 1,133 | 864 | 771 | 645 | 650 |
| Other | -44 | -45 | -32 | -23 | -22 |
| Elimination of investment in subsidiaries | -776 | -523 | -522 | -466 | -457 |
| Elimination of intercompany receivables | -1,305 | -1,121 | -999 | -842 | -921 |
| Elimination of intercompany profit in inventory | -2 | ||||
| Total | 1,367 | 1,044 | 1,059 | 1,014 | 906 |
Price Behavior
| Market Price | $35.71 | |
| Market Cap ($ Bil) | 0.8 | |
| First Trading Date | 06/19/1986 | |
| Distance from 52W High | -44.8% | |
| 50 Days | 200 Days | |
| DMA Price | $40.36 | $50.32 |
| DMA Trend | down | down |
| Distance from DMA | -11.5% | -29.0% |
| 3M | 1YR | |
| Volatility | 35.2% | 43.3% |
| Downside Capture | 162.43 | 169.13 |
| Upside Capture | 83.74 | 126.12 |
| Correlation (S&P 500) | 55.6% | 45.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.12 | 1.06 | 1.17 | 1.14 | 1.40 | 1.18 |
| Up Beta | -0.12 | -0.46 | -0.12 | -0.53 | 1.09 | 0.99 |
| Down Beta | 1.65 | 1.76 | 0.75 | 1.29 | 1.32 | 1.04 |
| Up Capture | 83% | 83% | 97% | 86% | 153% | 181% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 19 | 30 | 61 | 125 | 378 |
| Down Capture | 108% | 133% | 226% | 191% | 140% | 109% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 24 | 34 | 65 | 125 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASTE | |
|---|---|---|---|---|
| ASTE | -20.5% | 43.3% | -0.41 | - |
| Sector ETF (XLI) | 7.1% | 17.8% | 0.22 | 59.5% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 45.6% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 14.8% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -15.2% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 22.9% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 19.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASTE | |
|---|---|---|---|---|
| ASTE | -6.5% | 42.8% | -0.03 | - |
| Sector ETF (XLI) | 10.9% | 17.7% | 0.45 | 58.9% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 47.1% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 6.3% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 5.5% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 37.5% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 22.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASTE | |
|---|---|---|---|---|
| ASTE | -2.9% | 42.5% | 0.08 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.56 | 57.3% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 47.0% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 2.1% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 15.9% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 34.3% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 13.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | -10.0% | ||
| 8/5/2026 | -13.8% | -17.6% | -18.8% |
| 5/6/2026 | -14.5% | -20.2% | -17.5% |
| 2/25/2026 | 4.8% | 5.8% | -6.0% |
| 11/5/2025 | -2.2% | -3.6% | -2.3% |
| 8/6/2025 | -2.5% | 10.0% | 16.7% |
| 4/29/2025 | 6.7% | 8.1% | 12.1% |
| 2/26/2025 | 13.9% | 9.6% | 17.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 11 |
| # Negative | 13 | 9 | 13 |
| Median Positive | 5.6% | 5.8% | 14.6% |
| Median Negative | -10.0% | -14.4% | -10.9% |
| Max Positive | 14.4% | 31.8% | 29.1% |
| Max Negative | -22.2% | -20.6% | -25.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | -10.0% | ||
| 8/5/2026 | -13.8% | -17.6% | -18.8% |
| 5/6/2026 | -14.5% | -20.2% | -17.5% |
| 2/25/2026 | 4.8% | 5.8% | -6.0% |
| 11/5/2025 | -2.2% | -3.6% | -2.3% |
| 8/6/2025 | -2.5% | 10.0% | 16.7% |
| 4/29/2025 | 6.7% | 8.1% | 12.1% |
| 2/26/2025 | 13.9% | 9.6% | 17.6% |
| 11/6/2024 | 14.4% | 14.4% | 14.5% |
| 8/7/2024 | -0.3% | 4.4% | -1.2% |
| 5/1/2024 | -19.2% | -20.2% | -22.7% |
| 2/28/2024 | 6.5% | 12.2% | 20.0% |
| 11/1/2023 | -22.2% | -20.6% | -22.0% |
| 8/2/2023 | 4.1% | 4.3% | 6.4% |
| 5/3/2023 | 5.1% | -2.3% | -7.5% |
| 3/1/2023 | 4.7% | 0.3% | -10.3% |
| 11/2/2022 | -6.3% | 1.5% | 1.3% |
| 8/2/2022 | -15.2% | -14.4% | -20.9% |
| 5/4/2022 | 3.8% | 0.6% | 17.3% |
| 2/7/2022 | -6.1% | -11.0% | -25.4% |
| 11/3/2021 | 8.2% | 31.8% | 14.6% |
| 8/4/2021 | -2.4% | 1.4% | -1.3% |
| 5/5/2021 | -14.4% | -11.9% | -10.9% |
| 3/1/2021 | 6.0% | 5.2% | 8.6% |
| 11/4/2020 | 2.9% | 13.6% | 29.1% |
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 11 |
| # Negative | 13 | 9 | 13 |
| Median Positive | 5.6% | 5.8% | 14.6% |
| Median Negative | -10.0% | -14.4% | -10.9% |
| Max Positive | 14.4% | 31.8% | 29.1% |
| Max Negative | -22.2% | -20.6% | -25.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/17/2020 | 10-K |
Recent Forward Guidance
Updated 11/6/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | Reported | 140.00 Mil | 145.00 Mil | 150.00 Mil | -13.4% | Lowered | Guidance: 167.50 Mil for 2026 | |
Prior: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | Reported | 160.00 Mil | 167.50 Mil | 175.00 Mil | -6.9% | Lowered | Guidance: 180.00 Mil for 2026 | |
Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | Reported | 170.00 Mil | 180.00 Mil | 190.00 Mil | 0 | Affirmed | Guidance: 180.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA | Reported | 170.00 Mil | 180.00 Mil | 190.00 Mil | 31.4% | Higher New | Guidance: 137.00 Mil for 2025 | |
Insider Activity
Updated 11/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gilbert, Edward Terrell JR | GC & CORPORATE SECRETARY | Direct | Sell | 3032026 | 61.07 | 975 | 59,543 | 539,126 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gilbert, Edward Terrell JR | GC & CORPORATE SECRETARY | Direct | Sell | 3032026 | 61.07 | 975 | 59,543 | 539,126 | Form |
Investor Activity (13F)
Updated Nov 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Astec Industries — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction Machinery & Heavy Transportation Equipment Resources |
| Equipment World |
| Construction Equipment |
| OEM Off-Highway |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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