Hyster Yale (HY)
Market Price (8/11/2026): $35.2 | Market Cap: $630.5 MilSector: Industrials | Industry: Agricultural & Farm Machinery
Hyster Yale (HY)
Market Price (8/11/2026): $35.2Market Cap: $630.5 MilSector: IndustrialsIndustry: Agricultural & Farm Machinery
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 4.1% Megatrend and thematic driversMegatrends include Automation & Robotics, E-commerce Logistics & Data Centers, and Hydrogen Economy. Themes include Process / Warehouse Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -92% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.6% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 68% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.2%, Rev Chg QQuarterly Revenue Change % is -15% 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 -19% Key risksHY key risks include [1] significant financial impact from persistent tariff costs and [2] intense margin pressure from low-cost foreign competitors in specific market segments. |
| Attractive yieldDividend Yield is 4.1% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, E-commerce Logistics & Data Centers, and Hydrogen Economy. Themes include Process / Warehouse Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -92% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1.6% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 68% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.2%, Rev Chg QQuarterly Revenue Change % is -15% |
| 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 -19% |
| Key risksHY key risks include [1] significant financial impact from persistent tariff costs and [2] intense margin pressure from low-cost foreign competitors in specific market segments. |
Qualitative Assessment
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Hyster Yale (HY) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Persistent profitability concerns were highlighted by a significant year-over-year decline in fiscal Q1 2026 results and a full-year operating loss forecast. Hyster-Yale reported its fiscal Q1 2026 results on May 5, 2026, revealing a 12.7% year-over-year revenue decrease to $795.2 million, which missed analyst expectations. This initial report contributed to the stock's decline of approximately 15.6% following its release. Management also projected a moderate operating loss for the full fiscal year 2026, indicating continued challenges despite anticipating a second-half recovery.
2. Unfavorable product mix shifts and elevated tariff costs significantly impacted margins. The company's lift truck business experienced a shift in customer demand towards lower-priced, lighter-duty models, leading to an unfavorable product mix that negatively affected revenue and gross profit. Furthermore, Hyster-Yale continued to face substantial tariff-related costs, with an incremental $20 million year-over-year in gross tariff costs in fiscal Q2 2026, which management does not expect to fully offset, thereby constraining profitability.
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Hyster Yale (HY) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Persistent profitability concerns were highlighted by a significant year-over-year decline in fiscal Q1 2026 results and a full-year operating loss forecast. Hyster-Yale reported its fiscal Q1 2026 results on May 5, 2026, revealing a 12.7% year-over-year revenue decrease to $795.2 million, which missed analyst expectations. This initial report contributed to the stock's decline of approximately 15.6% following its release. Management also projected a moderate operating loss for the full fiscal year 2026, indicating continued challenges despite anticipating a second-half recovery.
2. Unfavorable product mix shifts and elevated tariff costs significantly impacted margins. The company's lift truck business experienced a shift in customer demand towards lower-priced, lighter-duty models, leading to an unfavorable product mix that negatively affected revenue and gross profit. Furthermore, Hyster-Yale continued to face substantial tariff-related costs, with an incremental $20 million year-over-year in gross tariff costs in fiscal Q2 2026, which management does not expect to fully offset, thereby constraining profitability.
3. Broader industrial sector weakness and macroeconomic headwinds contributed to investor caution. The stock's decline was exacerbated by a general "risk-off" sentiment prevailing across the industrial sector. Macroeconomic factors, including concerns over potential interest rate hikes, escalating geopolitical tensions, and an overall cautious outlook among analysts for industrial sector earnings, led investors to position defensively. Additionally, while manufacturing expanded in fiscal Q2 2026, its momentum was observed to be cooling, with persistent high input costs for materials like steel and copper, alongside rising freight costs, putting pressure on manufacturing margins broadly.
4. Analyst downgrades and cautious sentiment preceding the fiscal Q2 2026 earnings release exerted downward pressure. Leading up to the company's fiscal Q2 2026 earnings announcement on August 4, 2026, some analysts revised their outlooks negatively. For instance, Wall Street Zen downgraded Hyster-Yale from a "hold" to a "sell" rating on August 1st, reflecting concerns about the company's financial trajectory and market conditions. This cautious sentiment and weak analyst estimates for Q2 earnings, with consensus expecting a loss of approximately $2.05 per share, further contributed to a defensive stance among investors and a pre-earnings sell-off.
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Stock Movement Drivers
Fundamental Drivers
The -10.2% change in HY stock from 4/30/2026 to 8/10/2026 was primarily driven by a -6.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.07 | 35.10 | -10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,769 | 3,510 | -6.9% |
| P/S Multiple | 0.2 | 0.2 | -2.5% |
| Shares Outstanding (Mil) | 18 | 18 | -1.0% |
| Cumulative Contribution | -10.2% |
Market Drivers
4/30/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| HY | -10.2% | |
| Market (SPY) | 7.6% | 36.8% |
| Sector (XLI) | 5.7% | 36.9% |
Fundamental Drivers
The 7.0% change in HY stock from 1/31/2026 to 8/10/2026 was primarily driven by a 20.6% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.80 | 35.10 | 7.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,914 | 3,510 | -10.3% |
| P/S Multiple | 0.1 | 0.2 | 20.6% |
| Shares Outstanding (Mil) | 18 | 18 | -1.1% |
| Cumulative Contribution | 7.0% |
Market Drivers
1/31/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| HY | 7.0% | |
| Market (SPY) | 12.0% | 43.1% |
| Sector (XLI) | 11.9% | 48.0% |
Fundamental Drivers
The -12.9% change in HY stock from 7/31/2025 to 8/10/2026 was primarily driven by a -15.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.30 | 35.10 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,162 | 3,510 | -15.7% |
| P/S Multiple | 0.2 | 0.2 | 5.3% |
| Shares Outstanding (Mil) | 18 | 18 | -2.0% |
| Cumulative Contribution | -12.9% |
Market Drivers
7/31/2025 to 8/10/2026| Return | Correlation | |
|---|---|---|
| HY | -12.9% | |
| Market (SPY) | 23.3% | 38.6% |
| Sector (XLI) | 22.7% | 51.0% |
Fundamental Drivers
The -19.3% change in HY stock from 7/31/2023 to 8/10/2026 was primarily driven by a -10.2% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.52 | 35.10 | -19.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,720 | 3,510 | -5.6% |
| P/S Multiple | 0.2 | 0.2 | -10.2% |
| Shares Outstanding (Mil) | 17 | 18 | -4.8% |
| Cumulative Contribution | -19.3% |
Market Drivers
7/31/2023 to 8/10/2026| Return | Correlation | |
|---|---|---|
| HY | -19.3% | |
| Market (SPY) | 74.8% | 38.1% |
| Sector (XLI) | 74.1% | 48.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HY Return | -29% | -36% | 153% | -16% | -39% | 27% | -26% |
| Peers Return | 27% | -17% | 38% | -11% | 18% | 35% | 108% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| HY Win Rate | 25% | 42% | 58% | 42% | 33% | 50% | |
| Peers Win Rate | 60% | 38% | 53% | 50% | 55% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HY Max Drawdown | -63% | -51% | -32% | -38% | -50% | -26% | |
| Peers Max Drawdown | -28% | -45% | -30% | -32% | -41% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CAT, TEX, OSK, MTW, CMCO.
[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 8/10/2026 (YTD)
How Low Can It Go
| Event | HY | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.7% | -7.8% |
| % Gain to Breakeven | 13.3% | 8.5% |
| Time to Breakeven | 61 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.9% | -9.5% |
| % Gain to Breakeven | 17.5% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.0% | -24.5% |
| % Gain to Breakeven | 92.4% | 32.4% |
| Time to Breakeven | 145 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.7% | -33.7% |
| % Gain to Breakeven | 53.0% | 50.9% |
| Time to Breakeven | 197 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -10.1% | -19.2% |
| % Gain to Breakeven | 11.3% | 23.8% |
| Time to Breakeven | 11 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -11.9% | -3.7% |
| % Gain to Breakeven | 13.5% | 3.9% |
| Time to Breakeven | 6 days | 6 days |
In The Past
Hyster Yale's stock fell -11.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | HY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -48.0% | -24.5% |
| % Gain to Breakeven | 92.4% | 32.4% |
| Time to Breakeven | 145 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -34.7% | -33.7% |
| % Gain to Breakeven | 53.0% | 50.9% |
| Time to Breakeven | 197 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -31.8% | -12.2% |
| % Gain to Breakeven | 46.7% | 13.9% |
| Time to Breakeven | 73 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -38.3% | -6.8% |
| % Gain to Breakeven | 62.0% | 7.3% |
| Time to Breakeven | 476 days | 15 days |
In The Past
Hyster Yale's stock fell -11.7% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 13.3% 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 Hyster Yale (HY)
Hyster-Yale Materials Handling, Inc. (HY) is a global company specializing in the design, engineering, manufacturing, sale, and servicing of materials handling equipment. Its primary business centers on producing a wide range of lift trucks, commonly known as forklifts, along with essential attachments and aftermarket parts. The company primarily markets its lift trucks under the well-recognized Hyster and Yale brand names to a network of independent retail dealerships worldwide.
Beyond its core Hyster and Yale branded lift trucks, Hyster-Yale also manufactures critical components like frames, masts, and transmissions. The company offers a comprehensive selection of aftermarket parts for both its own equipment and competitor lift trucks, sold under brands such as UNISOURCE and PREMIER. Diversifying its product portfolio, HY produces specialized attachments, forks, and lift tables under brand names including Bolzoni, Auramo, and Meyer. Additionally, it operates in niche markets by designing and producing port equipment and rough terrain forklifts, and is involved in sustainable energy solutions through the development and sale of hydrogen fuel-cell stacks and engines.
Hyster-Yale serves a vast and varied customer base across numerous industries. Its products are vital to sectors such as light and heavy manufacturing, trucking and automotive, rental companies, and suppliers of building materials, paper, lumber, and metal products. The company also caters to warehouses, retailers, food distributors, container handling companies, and various U.S. and non-U.S. governmental agencies, providing essential equipment that underpins logistics and material movement globally.
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Here are 1-3 brief analogies for Hyster-Yale:
The Caterpillar of industrial material handling equipment.
PACCAR for warehouse trucks.
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- Lift Trucks: Hyster-Yale designs, manufactures, sells, and services a comprehensive line of lift trucks under the Hyster and Yale brand names.
- Attachments and Forks: The company produces and distributes various attachments, forks, and lift tables under the Bolzoni, Auramo, and Meyer brand names.
- Aftermarket Parts: It sells a wide range of aftermarket parts under Hyster, Yale, UNISOURCE, and PREMIER brands for the service of both its own and competitor lift trucks.
- Port Equipment: Hyster-Yale designs and produces specialized equipment for port operations.
- Rough Terrain Forklifts: The company manufactures forklifts specifically designed for use in challenging off-road or uneven terrain environments.
- Hydrogen Fuel-Cell Technology: Hyster-Yale designs, manufactures, and sells hydrogen fuel-cell stacks and engines.
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Major Customers of Hyster-Yale (HY)
Hyster-Yale Materials Handling, Inc. (HY) sells primarily to other companies.
Its primary direct customers are independent Hyster and Yale retail dealerships, to whom it markets its lift trucks and sells aftermarket parts. The provided background information does not list specific names of these dealerships, nor does it indicate if they are public companies with symbols.
Beyond its direct dealership network, Hyster-Yale's products are ultimately used by a diverse range of business-to-business (B2B) and governmental customers. These represent the major end-user categories that the company serves indirectly through its dealerships, and potentially directly for specialized products or services. These end-user customer categories include:
- Industrial and Manufacturing Sector: This category encompasses light and heavy manufacturers, building materials and paper suppliers, lumber, and metal product companies that utilize lift trucks and material handling equipment in their production and operational processes.
- Logistics, Warehousing, and Rental Services: This includes trucking and automotive companies, rental companies (which provide equipment to various industries), warehouses, food distributors, and container handling companies, all relying on material handling solutions for storage, movement, and distribution.
- Retail and Public Sector: Retailers use Hyster-Yale's products for managing inventory and logistics within their stores and distribution centers. Additionally, the company serves U.S. and non-U.S. governmental agencies for various operational needs requiring material handling equipment.
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Alfred M. Rankin, Jr. Executive Chairman of the Board
Mr. Rankin became Executive Chairman of the Board of Hyster-Yale, Inc. in May 2023. Previously, he served as Chairman and Chief Executive Officer of Hyster-Yale from February 2021, and prior to that, as Chairman, President, and Chief Executive Officer since Hyster-Yale was spun off as an independent company from NACCO Industries, Inc. in September 2012. He joined NACCO as President and Chief Operating Officer in April 1989, becoming President and Chief Executive Officer in May 1991, and Chairman, President, and Chief Executive Officer in May 1994. Before joining NACCO, Mr. Rankin was Vice Chairman, Chief Operating Officer, and a Director of Eaton Corporation, where he had also served as President of Eaton's Materials Handling and Industrial Groups, and Executive Vice President - Operations. He also worked for McKinsey and Company, a management consulting firm. The Rankin family maintains controlling influence over Hyster-Yale through a dual-class share structure.
Rajiv K. Prasad President and Chief Executive Officer, Hyster-Yale, Inc., and interim Principal Financial Officer
Mr. Prasad is the President and Chief Executive Officer of Hyster-Yale, Inc. He also serves as the company's principal financial officer starting January 1, 2026, following the resignation of the previous CFO. His role includes oversight responsibilities for all of Hyster-Yale's subsidiaries, including its forklift truck business (Hyster-Yale Group, Inc.), attachment business (Bolzoni, S.p.A.), and fuel cell business (Nuvera Fuel Cells, LLC). Previously, Mr. Prasad held the position of Chief Product and Operations Officer.
Anthony J. Salgado President and Chief Executive Officer, Hyster-Yale Materials Handling
Mr. Salgado became President and Chief Executive Officer of Hyster-Yale Materials Handling in January 2025. In this role, he is responsible for the overall performance of the company's lift truck business and global growth strategy. He has over 28 years of experience in the materials handling industry. Mr. Salgado joined Hyster-Yale Materials Handling in 2016 as Senior Vice President, Japan, Asia-Pacific, India and China, and then served as Chief Operating Officer before being promoted to his current role. Prior to Hyster-Yale, he was Vice President and Corporate Officer of UniCarriers Corporation (formerly Nissan Forklift) and President of its Americas Division for 15 years, where his experience included leadership roles in quality, manufacturing, and aftermarket operations. He also held Six Sigma and Quality leadership roles at GE Appliances and GE Capital, and served as a Lieutenant in the United States Navy.
Dena R. McKee Vice President, Controller and Chief Accounting Officer
Ms. McKee serves as the Vice President, Controller and Chief Accounting Officer for Hyster-Yale, Inc.
Suzanne S. Taylor Senior Vice President, General Counsel and Secretary
Ms. Taylor is the Senior Vice President, General Counsel and Secretary for Hyster-Yale, Inc.
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The key risks to Hyster-Yale Materials Handling, Inc.'s business include intense competition and a lag in adopting new technologies, significant macroeconomic headwinds leading to volatile demand and increased costs, and persistent profitability challenges.
The most significant risk stems from intense competition and Hyster-Yale's slower adaptation to the industry's shift towards electric vehicles (EVs) and automation. Major global competitors such as Toyota Material Handling and KION Group are reportedly outpacing Hyster-Yale in these crucial technological transitions, challenging Hyster-Yale's market share and product relevance. The expansion of low-cost foreign manufacturers, including Chinese OEMs, further pressures Hyster-Yale's pricing and gross margins.
Secondly, the company faces substantial macroeconomic headwinds, which have contributed to volatile and weakening market demand. This has led to lower production rates, declines in order backlogs, and overall reduced revenue. Compounding these demand issues are persistent cost pressures, including significant tariff costs and supply chain disruptions, which have directly impacted the company's expenses and squeezed profit margins.
Finally, Hyster-Yale has experienced ongoing profitability challenges, reflected in stalled earnings per share growth and a non-competitive cost structure compared to its rivals. Its subsidiary, Nuvera Fuel Cells, LLC, which focuses on hydrogen fuel cell technology, has also contributed to operating losses due to increased research and development expenses and reduced government funding, acting as a cash drain on the company. In late 2025, the company reported adjusted operating losses and a net loss for the full year, underscoring these margin and cost headwinds.
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The accelerating adoption of autonomous mobile robots (AMRs) and automated guided vehicles (AGVs) in warehouses, manufacturing facilities, and logistics operations, which can perform many material handling tasks traditionally requiring human-operated lift trucks.
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Hyster-Yale Materials Handling, Inc. (HY) operates in several addressable markets related to material handling equipment, port equipment, and hydrogen fuel cell technology. The market sizes for their main products and services are as follows:
Lift Trucks (Forklifts)
- The global forklift trucks market size was valued at approximately USD 86.57 billion in 2025 and is projected to grow to USD 229.17 billion by 2034. Other estimates for the global forklift market size in 2025 range from USD 70.9 billion to USD 90.97 billion.
- In North America, the forklift market was estimated at USD 11,942.7 million in 2025 and is projected to reach USD 30,502.0 million by 2033. Another source indicates a market size of USD 13.2 billion in 2025, expected to reach USD 25.4 billion by 2034.
- The Europe forklift market was valued at USD 25.40 billion in 2025 and is projected to reach USD 72.84 billion by 2034.
- The Asia Pacific forklift market generated a revenue of USD 39,910.6 million in 2025 and is expected to reach USD 108,119.0 million by 2033. This region dominated the global market with a 48.60% share in 2025.
Material Handling Equipment (includes lift trucks, attachments, and aftermarket parts)
- The global material handling equipment market was estimated at USD 189.6 billion in 2025 and is expected to grow to USD 372.6 billion by 2035. Other estimates place the global market size at USD 261.71 billion in 2025, projected to reach USD 489.65 billion by 2034, and USD 259.44 billion in 2025, anticipated to hit USD 470.82 billion by 2035.
Port Equipment
- The global port equipment market was valued at USD 19.3 billion in 2024 and is estimated to grow to USD 33.1 billion by 2034. Another report indicates a market size of USD 20.4 billion in 2025, projected to reach USD 35.5 billion by 2035.
- The U.S. port equipment market was worth over USD 3.5 billion in 2024.
Hydrogen Fuel-Cell Stacks and Engines (specifically for forklifts)
- The global hydrogen fuel cell forklift market size was valued at USD 2.57 billion in 2024 and is poised to grow to USD 10.56 billion by 2033. Other estimates for the global hydrogen fuel cell forklift market size in 2024 are around USD 1.4 billion to USD 1.6152 billion.
- In North America, the hydrogen fuel cell forklift market had a size of USD 646.08 million in 2024, holding over 40% of the global revenue. North America leads this market with a 36% share.
- Europe's hydrogen fuel cell forklift market accounted for a share of over 30% of the global market size, with a value of USD 484.56 million in 2024.
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Hyster-Yale Materials Handling, Inc. (HY) is anticipated to drive future revenue growth over the next two to three years through several key initiatives and market developments:
- Recovery in Market Demand and Increased Bookings: After a period of customer caution and deferred purchases, Hyster-Yale has observed a significant strengthening in bookings, particularly in the Americas, during the fourth quarter of 2025 and continuing into early 2026. This upward trend signals the potential beginning of a demand recovery, which is expected to translate into higher shipment volumes and stronger revenue in the latter half of 2026 and beyond.
- Expansion of Product Portfolio with Modular, Electrified, and Automated Solutions: Hyster-Yale is strategically focusing on developing and launching new products based on a modular architecture, which enhances cost efficiency and scalability. Key areas of innovation include an emphasis on electrification, offering lithium-ion and hydrogen fuel cell options through its Nuvera business, and expanding into automation with warehouse-specific robotics and new reach truck lines designed to meet the growing demands of the e-commerce sector. New modular, scalable electric counterbalanced trucks were also anticipated for launch in the first half of 2025.
- Growth in Aftermarket Parts and Bolzoni Attachments: The company is actively working to enhance its aftermarket business by refining its dealer network to achieve higher service density globally. This initiative aims to increase parts penetration, with a goal of 20% by the end of 2025, thereby generating recurring, high-margin revenue. Additionally, the Bolzoni attachments business is being expanded to offer specialized solutions in sectors such as paper, recycling, and automotive, helping to diversify revenue streams away from the cyclicality of truck sales.
- Geographic Expansion, particularly into Emerging Markets: Hyster-Yale's growth strategy includes targeting new and emerging markets, such as the JAPIC region. The company is leveraging its modular product architectures to offer competitive solutions and is making international manufacturing investments in locations like Vietnam and India to support its global market penetration strategy and to cater to the growing logistics demand in Southeast Asia.
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Share Repurchases
- Hyster-Yale's Board of Directors authorized a stock repurchase program in November 2024, for up to $50 million or 1.5 million shares of its outstanding Class A Common Stock, whichever comes first.
- Annual share buybacks for HY stock were reported at -$14 million in 2024, indicating a net issuance of shares rather than repurchases for that year.
- The trailing twelve-month (TTM) annual share buybacks for HY stock were approximately $1.5 million as of March 2026.
Share Issuance
- Hyster-Yale has diluted its shareholders over the last five years, with its share count increasing by 5.5%.
- The total number of Class A Common Stock shares outstanding increased from 12.97 million in February 2021 to 14.24 million in February 2025.
- Share issuances have occurred through equity compensation plans for non-employee directors, such as awards granted on July 1, 2025.
Inbound Investments
- No significant inbound investments by third parties (such as strategic partners or private equity firms) in Hyster-Yale were identified within the last 3-5 years.
Outbound Investments
- No significant outbound strategic investments or acquisitions by Hyster-Yale were identified within the last 3-5 years. The acquisition of Zhejiang Maximal Forklift Co., Ltd. occurred in 2018.
Capital Expenditures
- For 2025, Hyster-Yale's capital expenditures were forecasted to range between $50 million and $60 million.
- Management has stated a commitment to monitoring market conditions and adjusting investment levels and timing as market visibility improves, as part of its disciplined capital allocation framework that includes executing strategic investments to support profitable growth.
- The industrial sector, including Hyster-Yale, has shown an increased willingness to proceed with capital spending that was previously on hold during much of 2025.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.64 |
| Mkt Cap | 4.1 |
| Rev LTM | 5,094 |
| Op Inc LTM | 230 |
| FCF LTM | 204 |
| FCF 3Y Avg | 163 |
| CFO LTM | 284 |
| CFO 3Y Avg | 256 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.6% |
| Rev Chg 3Y Avg | 5.7% |
| Rev Chg Q | 17.1% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Inc Chg LTM | -7.4% |
| Op Inc Chg 3Y Avg | 1.4% |
| Op Mgn LTM | 4.5% |
| Op Mgn 3Y Avg | 6.1% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 5.8% |
| CFO/Rev 3Y Avg | 4.9% |
| FCF/Rev LTM | 4.0% |
| FCF/Rev 3Y Avg | 3.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Lift truck business | 3,569 | 4,115 | 3,922 | 3,360 | 2,897 |
| Bolzoni | 333 | 379 | 375 | 356 | 348 |
| Eliminations | -133 | -186 | -179 | -170 | -170 |
| Nuvera | 3 | 1 | |||
| Total | 3,769 | 4,308 | 4,118 | 3,548 | 3,076 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Eliminations | 2 | 0 | 0 | -1 | -1 |
| Bolzoni | 0 | 9 | 15 | 6 | -2 |
| Lift truck business | -24 | 236 | 193 | -10 | -87 |
| Nuvera | -34 | -62 | |||
| Total | -22 | 245 | 209 | -39 | -152 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Bolzoni | -0 | 0 | 3 | 6 | 4 |
| Eliminations | -2 | -0 | -0 | 0 | -0 |
| Nuvera | -59 | -26 | -25 | -28 | -27 |
| Lift truck business | -112 | 63 | 58 | 57 | 72 |
| Total | -173 | 37 | 36 | 35 | 49 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Lift truck business | 1,884 | 1,942 | 1,990 | 2,157 | 2,048 |
| Bolzoni | 325 | 291 | 304 | 315 | 324 |
| Eliminations | -189 | -203 | -215 | -465 | -418 |
| Nuvera | 19 | 16 | |||
| Total | 2,021 | 2,029 | 2,079 | 2,026 | 1,970 |
Price Behavior
| Market Price | $35.10 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 10/01/2012 | |
| Distance from 52W High | -13.3% | |
| 50 Days | 200 Days | |
| DMA Price | $34.73 | $33.85 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 1.1% | 3.7% |
| 3M | 1YR | |
| Volatility | 61.3% | 51.3% |
| Downside Capture | 306.11 | 198.91 |
| Upside Capture | 237.99 | 155.53 |
| Correlation (SPY) | 42.5% | 40.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.73 | 1.84 | 1.69 | 1.70 | 1.58 | 1.20 |
| Up Beta | 1.80 | -0.02 | -0.56 | 0.92 | 1.21 | 0.84 |
| Down Beta | 1.39 | 1.15 | 1.15 | 1.78 | 1.74 | 1.14 |
| Up Capture | 330% | 283% | 217% | 228% | 159% | 203% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 32 | 67 | 123 | 375 |
| Down Capture | 351% | 243% | 262% | 172% | 148% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 22 | 31 | 58 | 127 | 375 |
[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 HY | |
|---|---|---|---|---|
| HY | -2.1% | 51.3% | 0.13 | - |
| Sector ETF (XLI) | 23.9% | 17.0% | 1.09 | 52.1% |
| Equity (SPY) | 23.4% | 12.8% | 1.37 | 40.4% |
| Gold (GLD) | 28.7% | 28.4% | 0.88 | 16.2% |
| Commodities (DBC) | 37.2% | 20.1% | 1.46 | -15.3% |
| Real Estate (VNQ) | 12.4% | 13.8% | 0.60 | 24.7% |
| Bitcoin (BTCUSD) | -44.9% | 43.0% | -1.27 | 23.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HY | |
|---|---|---|---|---|
| HY | -9.9% | 48.9% | -0.04 | - |
| Sector ETF (XLI) | 14.1% | 17.6% | 0.63 | 49.2% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 40.4% |
| Gold (GLD) | 18.9% | 18.6% | 0.83 | 8.1% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 10.2% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 34.6% |
| Bitcoin (BTCUSD) | 10.6% | 52.9% | 0.39 | 15.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HY | |
|---|---|---|---|---|
| HY | -3.3% | 46.9% | 0.10 | - |
| Sector ETF (XLI) | 14.2% | 20.0% | 0.62 | 56.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 48.7% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 3.7% |
| Commodities (DBC) | 7.7% | 18.1% | 0.34 | 17.4% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 40.3% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 14.2% |
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Returns Analyses
Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 15.2% | ||
| 5/5/2026 | -7.7% | -8.8% | -8.9% |
| 3/3/2026 | -1.8% | -12.8% | -13.8% |
| 11/4/2025 | -1.4% | -14.0% | -0.9% |
| 8/5/2025 | -12.4% | -12.1% | -11.2% |
| 5/6/2025 | -4.6% | 6.9% | 1.6% |
| 2/25/2025 | 2.8% | -13.9% | -12.8% |
| 11/5/2024 | -14.7% | -14.2% | -6.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 8 |
| # Negative | 15 | 15 | 16 |
| Median Positive | 8.9% | 9.4% | 22.0% |
| Median Negative | -12.0% | -12.1% | -11.0% |
| Max Positive | 23.6% | 48.5% | 47.5% |
| Max Negative | -16.8% | -17.8% | -24.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 15.2% | ||
| 5/5/2026 | -7.7% | -8.8% | -8.9% |
| 3/3/2026 | -1.8% | -12.8% | -13.8% |
| 11/4/2025 | -1.4% | -14.0% | -0.9% |
| 8/5/2025 | -12.4% | -12.1% | -11.2% |
| 5/6/2025 | -4.6% | 6.9% | 1.6% |
| 2/25/2025 | 2.8% | -13.9% | -12.8% |
| 11/5/2024 | -14.7% | -14.2% | -6.2% |
| 8/6/2024 | -16.4% | -15.0% | -15.0% |
| 5/7/2024 | 23.6% | 28.9% | 24.3% |
| 2/27/2024 | -16.8% | -17.8% | -9.7% |
| 10/31/2023 | 5.2% | 9.4% | 20.0% |
| 8/1/2023 | 6.9% | 1.3% | -4.6% |
| 5/2/2023 | -8.0% | -5.3% | -10.8% |
| 2/27/2023 | 20.7% | 48.5% | 47.5% |
| 11/1/2022 | -1.2% | 1.3% | 1.7% |
| 8/2/2022 | 1.3% | -8.1% | -15.5% |
| 5/3/2022 | 11.2% | 4.4% | 27.1% |
| 2/28/2022 | -12.0% | -7.4% | -5.9% |
| 11/2/2021 | -12.6% | -9.8% | -24.3% |
| 8/3/2021 | -12.3% | -12.4% | -14.1% |
| 5/4/2021 | -6.0% | -7.0% | -6.0% |
| 2/24/2021 | -13.3% | -6.2% | -11.5% |
| 11/3/2020 | 10.4% | 15.5% | 24.0% |
| 8/4/2020 | 7.5% | 15.6% | 6.6% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 8 |
| # Negative | 15 | 15 | 16 |
| Median Positive | 8.9% | 9.4% | 22.0% |
| Median Negative | -12.0% | -12.1% | -11.0% |
| Max Positive | 23.6% | 48.5% | 47.5% |
| Max Negative | -16.8% | -17.8% | -24.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/21/2020 | 10-Q |
| 12/31/2019 | 02/25/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Investor Activity (13F)
Updated Aug 11, 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.
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Agricultural & Farm Machinery Resources |
| Farm Equipment |
| AgEquipment Intelligence |
| Implement & Tractor |
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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