Tearsheet

Hyster Yale (HY)

Market Price (12/18/2025): $31.13 | Market Cap: $551.5 Mil
Sector: Industrials | Industry: Agricultural & Farm Machinery

Hyster Yale (HY)

Market Price (12/18/2025): $31.13
Market Cap: $551.5 Mil
Sector: Industrials
Industry: Agricultural & Farm Machinery

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Dividend Yield is 3.8%, FCF Yield is 8.2%	Weak multi-year price returns 2Y Excs Rtn is -81%, 3Y Excs Rtn is -47%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61%
1	Low stock price volatility Vol 12M is 44%		Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 242x
2	Megatrend and thematic drivers Megatrends include Automation & Robotics, E-commerce Logistics & Data Centers, and Hydrogen Economy. Themes include Process / Warehouse Automation, Show more.		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.3%, Rev Chg QQuarterly Revenue Change % is -3.6%
3			Key risks HY 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.

0	Attractive yield Dividend Yield is 3.8%, FCF Yield is 8.2%
1	Low stock price volatility Vol 12M is 44%
2	Megatrend and thematic drivers Megatrends include Automation & Robotics, E-commerce Logistics & Data Centers, and Hydrogen Economy. Themes include Process / Warehouse Automation, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -81%, 3Y Excs Rtn is -47%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61%
5	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 242x
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.3%, Rev Chg QQuarterly Revenue Change % is -3.6%
7	Key risks HY 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.

Valuation, Metrics & Events

	12/18/25	2024	2023	2022	2021
Share Price CYE	$31.13	$49.07	$58.60	$23.13	$36.10
Market Cap CYE ($ Mil)	551.5	856.9	1,006.9	391.6	607.5
Total Debt ($ Mil)	467.8	541.8	571.9	552.9	518.5
Total Cash ($ Mil)	71.1	96.6	78.8	59.0	65.5
Enterprise Value ($ Mil)	948.2	1,398.7	1,578.8	944.5	1,126.0
Valuation Ratios
P/S TTM	0.17	0.21	0.26	0.12	0.22
P/EBIT TTM	12.01	3.51	4.88	-12.58	-4.96
P/FCF TTM	12.19	7.23	9.24	36.25	-2.32
P/E TTM	241.56	6.24	8.47	-5.77	-4.00
Sector Ratios
P/S TTM (Sector)	1.66	1.50	1.41	1.15	1.61
P/EBIT TTM (Sector)	13.95	12.85	12.56	10.02	13.41
P/FCF TTM (Sector)	13.44	13.47	12.08	8.44	14.49
P/E TTM (Sector)	17.22	16.55	15.40	12.19	16.46

	12/18/25	2024	2023
Share Price CYE	$31.13	$49.07	$58.60
Market Cap CYE ($ Mil)	551.5	856.9	1,006.9
Total Debt ($ Mil)	467.8	541.8	571.9
Total Cash ($ Mil)	71.1	96.6	78.8
Enterprise Value ($ Mil)	948.2	1,398.7	1,578.8
Valuation Ratios
P/S TTM	0.17	0.21	0.26
P/EBIT TTM	12.01	3.51	4.88
P/FCF TTM	12.19	7.23	9.24
P/E TTM	241.56	6.24	8.47
Sector Ratios
P/S TTM (Sector)	1.66	1.50	1.41
P/EBIT TTM (Sector)	13.95	12.85	12.56
P/FCF TTM (Sector)	13.44	13.47	12.08
P/E TTM (Sector)	17.22	16.55	15.40

	HY	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	3.9
Rev Chg Q	-3.6%	7.3%
Rev Chg LTM	-8.3%	6.0%
Rev Chg 3Y Avg	5.5%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	2.2%	18.8%
CFO/Rev LTM	2.8%	20.4%
Net Inc Mgn	0.1%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.2
P/CFO	5.9	16.0
P/FCF	12.2	20.7
P/E	241.6	23.5
STABILITY	POOR
Debt/Equity	0.72	0.21
Cash/Assets	0.03	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Unit Bookings Value	$380 million	9302025	Link
Backlog	$1.7 billion in unit value	6302025	Link
Working Capital as a Percentage of Sales	20%	9302025	Link
Dealer Sales for the Americas	$330.1 million	9302025	Link
Direct Sales for the Americas	$169.7 million	9302025	Link
Unused Borrowing Capacity	$275 million	9302025	Link
Class A Shares Outstanding	14,283,983	9302025	Link

Recent
12/01/2025	Dividend	Amount: $0.36 Payment On: 12/16/2025
Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

HY Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are five key points explaining the stock movement for Hyster Yale (HY) from approximately August 31, 2025, to December 18, 2025: 1. Disappointing Third Quarter 2025 Earnings. Hyster-Yale reported consolidated revenues of $979 million for Q3 2025, which, despite growing 2% sequentially, represented a 4% decline year-over-year. The company posted an unexpected earnings per share loss of $0.09, falling short of analyst expectations of a $0.16 profit. Operating profit also significantly declined year-over-year, primarily due to higher tariffs and reduced truck volumes.

2. Weak Fourth Quarter 2025 Outlook. Following the Q3 results, Hyster-Yale projected a moderate operating loss for Q4 2025, contrasting with Q3's operating profit, largely attributed to moderated production rates. The company also anticipated lower revenues for Q4 compared to Q3 2025. Projections indicated that both the lift truck and Bolzoni segments would experience further declines in revenue and profitability, leading to an overall expectation of full-year 2025 results being substantially below those of 2024.

3. Cost Reduction Actions and Restructuring Plan. On November 19, 2025, Hyster-Yale announced a restructuring plan to address challenging market conditions, which included reducing its global workforce by approximately 575 employees. While this initiative is expected to generate annualized cost savings of $40 million to $45 million starting in Q1 2026, it also projected a one-time, pre-tax charge of about $21 million in Q4 2025, highlighting immediate financial impacts and underlying market pressures.

4. Chief Financial Officer Resignation. On December 17, 2025, Hyster-Yale announced that its Senior Vice President, CFO, and Treasurer, Scott A. Minder, had notified the company of his resignation, effective December 31, 2025. The departure of a key executive like the CFO can introduce uncertainty among investors, particularly during a period of market challenges and operational adjustments.

5. Persistent Market Headwinds and Tariff Impacts. Throughout the period from late August to mid-December 2025, Hyster-Yale continued to face significant market headwinds. These included lower overall truck volumes, weaker demand in various operational regions, and ongoing adverse impacts from elevated tariff costs, which contributed to sustained profitability challenges and a decline in new bookings.

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Stock Movement Drivers

Fundamental Drivers

The -12.5% change in HY stock from 9/17/2025 to 12/17/2025 was primarily driven by a -87.7% change in the company's Net Income Margin (%).

	9172025	12172025	Change
Stock Price ($)	35.60	31.17	-12.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3950.60	3913.60	-0.94%
Net Income Margin (%)	0.56%	0.07%	-87.72%
P/E Multiple	28.39	204.53	620.32%
Shares Outstanding (Mil)	17.70	17.72	-0.07%
Cumulative Contribution			-12.45%

LTM = Last Twelve Months as of date shown

Market Drivers

9/17/2025 to 12/17/2025

	Return	Correlation
HY	-12.5%
Market (SPY)	1.9%	33.4%
Sector (XLI)	1.6%	55.2%

Fundamental Drivers

The -17.3% change in HY stock from 6/18/2025 to 12/17/2025 was primarily driven by a -97.1% change in the company's Net Income Margin (%).

	6182025	12172025	Change
Stock Price ($)	37.69	31.17	-17.29%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4162.10	3913.60	-5.97%
Net Income Margin (%)	2.39%	0.07%	-97.11%
P/E Multiple	6.66	204.53	2972.80%
Shares Outstanding (Mil)	17.56	17.72	-0.92%
Cumulative Contribution			-17.30%

LTM = Last Twelve Months as of date shown

Market Drivers

6/18/2025 to 12/17/2025

	Return	Correlation
HY	-17.3%
Market (SPY)	12.7%	32.6%
Sector (XLI)	8.3%	54.0%

Fundamental Drivers

The -38.5% change in HY stock from 12/17/2024 to 12/17/2025 was primarily driven by a -98.1% change in the company's Net Income Margin (%).

	12172024	12172025	Change
Stock Price ($)	50.66	31.17	-38.47%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4267.90	3913.60	-8.30%
Net Income Margin (%)	3.68%	0.07%	-98.13%
P/E Multiple	5.64	204.53	3526.86%
Shares Outstanding (Mil)	17.50	17.72	-1.24%
Cumulative Contribution			-38.48%

LTM = Last Twelve Months as of date shown

Market Drivers

12/17/2024 to 12/17/2025

	Return	Correlation
HY	-38.5%
Market (SPY)	12.1%	45.2%
Sector (XLI)	13.9%	56.2%

Fundamental Drivers

The 20.9% change in HY stock from 12/18/2022 to 12/17/2025 was primarily driven by a 15.4% change in the company's Total Revenues ($ Mil).

	12182022	12172025	Change
Stock Price ($)	25.78	31.17	20.92%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3392.80	3913.60	15.35%
P/S Multiple	0.13	0.14	9.76%
Shares Outstanding (Mil)	16.92	17.72	-4.71%
Cumulative Contribution			20.65%

LTM = Last Twelve Months as of date shown

Market Drivers

12/18/2023 to 12/17/2025

	Return	Correlation
HY	-43.4%
Market (SPY)	44.9%	37.3%
Sector (XLI)	39.5%	47.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
HY Return	4%	-29%	-36%	153%	-16%	-33%	-34%
Peers Return	2%	27%	-17%	38%	-11%	22%	63%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
HY Win Rate	42%	25%	42%	58%	42%	33%
Peers Win Rate	57%	60%	38%	53%	50%	58%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
HY Max Drawdown	-46%	-38%	-46%	0%	-18%	-47%
Peers Max Drawdown	-50%	-1%	-40%	-7%	-22%	-31%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	HY	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-78.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	369.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-48.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	95.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	238 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-50.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	103.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	608 days	120 days

Compare to DE, AGCO, GENC, WNC, AEBI

In The Past

Hyster Yale's stock fell -78.7% during the 2022 Inflation Shock from a high on 2/16/2021. A -78.7% loss requires a 369.5% gain to breakeven.

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About Hyster Yale (HY)

Hyster-Yale Materials Handling, Inc., through its subsidiaries, designs, engineers, manufactures, sells, and services a line of lift trucks, attachments, and aftermarket parts worldwide. It manufactures components, such as frames, masts, and transmissions; and assembles lift trucks. The company markets its products primarily under the Hyster and Yale brand names to independent Hyster and Yale retail dealerships. It also sells aftermarket parts under the Hyster and Yale, as well as UNISOURCE and PREMIER brands to Hyster and Yale dealers for the service of competitor lift trucks. In addition, the company produces and distributes attachments, forks, and lift tables under the Bolzoni, Auramo, and Meyer brand names; and designs and produces products in the port equipment and rough terrain forklift markets. Further, it designs, manufactures, and sells hydrogen fuel-cell stacks and engines. The company serves light and heavy manufacturers, trucking and automotive companies, rental companies, building materials and paper suppliers, lumber, metal products, warehouses, retailers, food distributors, container handling companies, and U.S. and non-U.S. governmental agencies. Hyster-Yale Materials Handling, Inc. was incorporated in 1991 and is headquartered in Cleveland, Ohio.

AI Generated Analysis | Feedback

Here are two analogies to describe Hyster Yale (HY):

The Caterpillar of the material handling industry.
Ford or GM for forklifts.

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Lift Trucks (Forklifts): Industrial vehicles designed to lift, stack, and transport materials over short distances, extensively used in warehouses, manufacturing, and logistics.
Aftermarket Parts & Services: A comprehensive range of replacement parts, attachments, and maintenance services for their various lines of material handling equipment.
Fuel Cell Power Solutions (Nuvera®): Environmentally friendly hydrogen fuel cell engines and related power systems primarily for industrial vehicles and commercial applications.

AI Generated Analysis | Feedback

Hyster-Yale (symbol: HY) primarily sells to other companies (B2B).

Its direct customers are its global network of independent dealers. These dealers, typically regional and privately owned businesses, purchase material handling equipment, parts, and services directly from Hyster-Yale. They then sell or rent these products and provide support services to end-user businesses in their respective territories.

Due to this distribution model, Hyster-Yale does not typically have major direct customer relationships with a few large, publicly traded companies that would be named as primary purchasers. Instead, its revenue is derived from sales to its numerous independent dealers worldwide.

While these are not direct customers of Hyster-Yale, the ultimate users of Hyster-Yale's products (such as lift trucks and material handling solutions) represent the key customer categories for the company's products. These include:

Warehousing and Distribution Centers: Companies involved in the storage, logistics, and material handling of various goods. This encompasses operations from e-commerce fulfillment and general warehousing to specialized cold storage and bulk material handling facilities.
Manufacturing and Industrial Operations: Businesses across a broad range of manufacturing sectors that require robust material handling equipment for moving raw materials, work-in-process, and finished goods within their production facilities and supply chains.
Retail and Food & Beverage: Large retail chains, grocery stores, and companies involved in food and beverage production, processing, and distribution. These businesses utilize Hyster-Yale equipment for inventory management, stocking, and optimizing logistics within their extensive supply networks.

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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, from February 2021, he served as Chairman and Chief Executive Officer of Hyster-Yale. Since September 2012, when Hyster-Yale was spun off as an independent company by NACCO Industries, Inc., Mr. Rankin was Chairman, President, and Chief Executive Officer of Hyster-Yale. 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, he was Vice Chairman, Chief Operating Officer, and a Director of Eaton Corporation for fifteen years, and prior to that, he worked for McKinsey and Company, a management consulting firm. He is currently Non-Executive Chairman of the Board of NACCO Industries, Inc. and Hamilton Beach Brands Holding Company. Mr. Rankin is also a director of Hyster-Yale, Inc., NACCO Industries, Inc., Hamilton Beach Brands Holding Company, and the National Association of Manufacturers, and was a former lead director of The Vanguard Group and Goodrich Corporation.

Rajiv K. Prasad President and Chief Executive Officer

Mr. Prasad has served as the President and Chief Executive Officer of Hyster-Yale, Inc. since May 2023. Prior to this, he was President of Hyster-Yale from February 2021. Before that, Mr. Prasad held the position of President and Chief Executive Officer of Hyster-Yale Materials Handling, where he was responsible for providing strategic vision and global leadership for the forklift and materials handling business.

Scott Minder Senior Vice President, Chief Financial Officer and Treasurer

Mr. Minder was appointed Senior Vice President, Chief Financial Officer and Treasurer of Hyster-Yale, Inc. effective August 29, 2022. In this role, he oversees the company's finance, investor relations, tax, and treasury functions. Before joining Hyster-Yale, Mr. Minder served as Vice President – Treasurer and Investor Relations of ATI Inc. from June 2018. Prior to ATI, he held various financial roles at PPG Industries from 2009 to 2017, including Director, Investor Relations, Global Business Controller – Industrial Coatings, Packaging Coatings, and CFO-Automotive OEM Coatings. He holds a Bachelor of Science degree in Management from Kettering University and a Master of Business Administration from Duke University.

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 and global growth strategy of the company's lift truck business. Mr. Salgado has over 28 years of experience in the materials handling industry. He earned a Bachelor of Science degree in Management from Kettering University and a Master of Business Administration from Duke University.

Suzanne S. Taylor Senior Vice President, General Counsel and Secretary

Ms. Taylor serves as the Senior Vice President, General Counsel and Secretary for Hyster-Yale, Inc.

AI Generated Analysis | Feedback

Hyster-Yale (HY) faces several significant risks to its business operations and financial performance.

1. Volatile Economic and Market Conditions

The lift truck business is cyclical, making Hyster-Yale highly susceptible to downturns in the general economy. Market demand has been volatile and below expectations, leading to customers postponing capital expenditures and taking a more conservative approach to balance sheet management. This has resulted in declining backlogs, lower production rates, and significant decreases in the company's revenue and profitability. These softening demand conditions have been a primary drag on performance, with the company reporting revenue declines and operating losses.

2. Persistent Tariff Headwinds and Geopolitical Shifts

Hyster-Yale continues to experience significant financial impact from ongoing tariff costs, with direct costs reaching $40 million in Q3 2025. There is also considerable uncertainty surrounding future tariff policies and their effects on sourcing, pricing, and customer demand. These tariff challenges, combined with broader geopolitical shifts, influence long-term investment decisions by customers and escalate material costs, which the company has had less ability to offset through pricing.

3. Intense Competitive Pressure

The company faces substantial competitive pressure, particularly from low-cost foreign manufacturers. This competition is especially acute in specific segments, such as the Class 5 segment in South America and Europe, where it compresses margins. The overall competitive landscape, including the presence of substitute products, poses a continuous risk to Hyster-Yale's market share, pricing power, and profitability.

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The rapid advancement and increasing adoption of Autonomous Mobile Robots (AMRs) and Automated Guided Vehicles (AGVs) across warehousing, logistics, and manufacturing environments. These technologies offer automated material handling solutions that can perform many repetitive tasks traditionally handled by human-operated forklifts, often with benefits such as reduced labor costs, increased safety, and 24/7 operation. While Hyster Yale has its own robotic offerings, the proliferation of specialized AMR/AGV companies and the growing market preference for these integrated automation solutions pose a significant disruptive challenge to the demand for traditional lift trucks and could lead to a substantial shift in market share.

AI Generated Analysis | Feedback

Hyster-Yale (symbol: HY) operates primarily within the global material handling equipment and forklift truck markets. The addressable market sizes for their main products and services are as follows:

Lift Trucks/Forklifts:
- Global: The global forklift market was valued at approximately USD 81.8 billion in 2024 and is projected to reach USD 137.9 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 5.6% between 2025 and 2034. Other estimates place the global forklift truck market at USD 68.1 billion in 2024, expecting it to reach USD 97.8 billion by 2033 with a CAGR of 4.1% during 2025-2033.
- North America: The North America forklift market was estimated at USD 12.4 billion in 2024 and is expected to grow to USD 25.4 billion by 2034, at a CAGR of 7.6%. The United States contributed significantly to this market, generating revenue of USD 9.9 billion in 2024.
Material Handling Equipment (broader market, includes lift trucks):
- Global: The global material handling equipment market was valued at USD 239.3 billion in 2024 and is projected to grow to USD 390.88 billion by 2032, with a CAGR of 6.4%. Another source indicates the market size at USD 259.44 billion in 2025, expected to reach USD 445.81 billion by 2034, expanding at a CAGR of 6.2%.
- Asia Pacific: This region accounted for approximately USD 107.49 billion of the material handling equipment market in 2024.
Aftermarket parts: null
Attachments, forks, and lift tables: null
Hydrogen fuel cell power products: null
Telematics, automation, and other services: null

AI Generated Analysis | Feedback

Hyster-Yale (HY) is poised for future revenue growth over the next 2-3 years, driven by several key strategic initiatives and market dynamics, despite facing near-term headwinds. The expected drivers include:

Expanded Product Portfolio and Advanced Technology Solutions

Hyster-Yale anticipates revenue growth through the continuous expansion of its product portfolio with advanced technology. This includes the introduction of new modular and automated products, alongside a strong focus on warehouse lift trucks and vehicle automation. A significant driver within this category is the comprehensive energy solutions program, encompassing the acceleration of lithium-ion battery sales and the launch of new fuel cell and charging solutions, such as the HydroCharge™ product, expected to gain traction from mid-2025 onwards. Furthermore, Hyster-Yale's commitment to meeting "Build America, Buy America" requirements for electric container handling and forklift equipment signifies a strategic move to capture revenue from federally funded infrastructure projects by offering compliant, high-capacity electric options.

Market Share Gains through Targeted Commercial Initiatives

The company aims to increase its revenue by gaining market share in key regions, particularly in the Americas and EMEA. This will be supported by targeted commercial initiatives designed to thoroughly understand customer applications and offer optimal solutions, leading to improved productivity and lower cost of ownership for clients. Evidence of early success in this area includes increased attachment and fork sales in the Americas due to these initiatives.

Customer Fleet Modernization and Replacement Cycles

While current market conditions have led some customers to defer purchases, Hyster-Yale expects future revenue growth from the inevitable modernization and replacement cycles of aging customer fleets. The rising costs and operational inefficiencies associated with maintaining older equipment are projected to make new fleet acquisitions increasingly attractive, driving demand for Hyster-Yale's products as customer confidence returns and capital spending resumes.

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Share Repurchases

Hyster-Yale's Board of Directors authorized a stock repurchase program on November 18, 2024, for up to $50 million or 1.5 million shares of Class A Common Stock, whichever comes first, expiring in November 2027.
The company repurchased approximately $5 million of its Class A common stock in the fourth quarter of 2024.

Share Issuance

Compensation expense related to share awards, net of tax, was $1.4 million in 2021.
Compensation expense related to share awards, net of tax, was $0.9 million in 2022.
Compensation expense related to share awards, net of tax, was $1.8 million in 2023.

Outbound Investments

In December 2020, Hyster-Yale Group partnered with Capacity Trucks to jointly develop electric, hydrogen, and automation-ready terminal tractors.
During 2024, investments were made to support strategic initiatives, including product development and customer-facing technology.
Hyster-Yale announced plans in December 2024 to fulfill Build America, Buy America Act requirements by expanding American manufacturing for targeted high-capacity electric container handling and forklift equipment.

Capital Expenditures

Capital expenditures were $51.7 million in 2020, $44.3 million in 2021, and $28.8 million in 2022.
For 2023, capital expenditures were $3.3 million in Q1, $7.3 million in Q2, and $8.3 million in Q3.
Expected capital expenditures for 2024 were $60 million, revised down from an earlier projection of $84 million, with 2025 capital expenditures projected to range between $50 million and $60 million, focused on advanced products, manufacturing efficiency, and information technology upgrades.

Better Bets than Hyster Yale (HY)

	HY	Better Performance than HY
Metric	Value	INDUSTRY: Agricultural & Farm Machinery
Rev Chg LTM	-8.3%	LNN (11.4%), BLBD (9.9%), REVG (3.5%), TTC (0.7%), TWI (-2.8%)
Rev Chg 3Y Avg	5.5%	XOS (25.3%), BLBD (23.4%), GP (22.3%), UGRO (6.4%)
Op Mgn LTM	2.2%	DE (20.0%), CNH (16.8%), TTC (11.2%), REVG (7.4%), AGCO (6.5%)
CFO/Rev LTM	2.8%	DE (19.7%), CNH (18.4%), TTC (13.0%), AGCO (10.2%), REVG (9.8%)
FCF/Rev LTM	1.4%	CNH (11.4%), TTC (10.9%), DE (9.4%), REVG (7.7%), AGCO (7.5%)
Total Yield	4.2%	BLBD (7.8%), TTC (6.9%), CNH (6.8%), AGCO (5.8%), DE (5.0%)
P/S	0.2	WNC (0.0), UGRO (0.1), HYFM (0.1), MTW (0.2)
P/Op Inc	7.6	WNC (0.0), CNH (4.5), MTW (7.1)

	HY	Better Performance than HY
Metric	Value	SECTOR: Industrials
Rev Chg LTM	-8.3%	UBER (18.2%), GE (17.7%), GEV (9.4%), RTX (8.8%), CAT (-1.5%)
Rev Chg 3Y Avg	5.5%	UBER (19.6%), GE (15.7%), BA (10.1%), ETN (9.7%), RTX (9.4%)
Op Mgn LTM	2.2%	GE (20.5%), CAT (17.7%), RTX (10.3%), UBER (9.2%), GEV (3.7%)
CFO/Rev LTM	2.8%	UBER (18.1%), CAT (17.8%), GE (17.2%), RTX (9.3%), GEV (9.1%)
FCF/Rev LTM	1.4%	UBER (17.5%), GE (14.7%), CAT (11.7%), GEV (6.6%), RTX (5.5%)
Total Yield	4.2%	UBER (8.1%), UNP (7.3%), DE (5.0%), CAT (4.6%), RTX (4.5%)
P/S	0.2	MAN (0.1), AAL (0.1), TITN (0.1), MTW (0.2), RYI (0.2)
P/Op Inc	7.6	AAL (3.3), CNH (4.5), UAL (6.0), DAL (6.1), LTM (7.2)

	HY	Better Performance than HY
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-8.3%	NVDA (65.2%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	5.5%	NVDA (91.6%), META (17.3%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	2.2%	NVDA (58.8%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	2.8%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	1.4%	NVDA (41.3%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	4.2%	XOM (9.8%), JNJ (8.4%), JPM (6.7%), BRK-B (6.2%), GOOGL (4.6%)
P/S	0.2	SNEX (0.0), PAGP (0.1), CNC (0.1), INGM (0.1), ACI (0.1)
P/Op Inc	7.6	CMCSA (5.2), VZ (5.9), SU (6.4), GM (7.1), CNQ (7.4)

		Best Bets In Industrials Sector
	HY	GATX	VRSK	PAYX	ADT	AME	NDSN	PCTY	FTV	VRRM	CSW
What You Pay
P/E	241.9	20.1	38.1	27.6	11.1	29.5	26.6	39.3	26.9	77.1	28.4
P/EBIT	12.0	9.6	26.0	20.0	5.6	23.5	18.0	28.2	13.1	22.8	21.9
What You Get
Rev Chg Q	-3.6%	8.4%	5.9%	10.2%	4.4%	10.8%	12.1%	12.5%	2.3%	16.1%	21.5%
Rev Chg LTM	-8.3%	10.7%	7.3%	5.6%	6.3%	3.7%	4.5%	13.3%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	5.5%	10.3%	13.4%	6.5%	3.4%	5.9%	3.6%	21.4%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	1.8%	39.2%	33.2%	31.6%	24.7%	23.2%	21.5%	21.5%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Hyster Yale Earnings Notes
2	Hyster Yale Stock Jump Looks Great, But How Secure Is That Gain?	Return
3	Why Hyster Yale Stock Moved: HY Stock Has Gained 45% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
4	HY Dip Buy Analysis
5	Hyster Yale Stock Shares Rally 16% In A Month, Now Is Not The Time To Buy The Stock	Buy or Fear
6	Hyster Yale (HY) Valuation Ratios Comparison	Financials
7	Hyster Yale Total Shareholder Return (TSR): -11.5% in 2024 and 14.8% 3-yr compounded annual returns (above peer average)
8	Hyster Yale (HY) Operating Cash Flow Comparison	Financials
9	Hyster Yale (HY) Net Income Comparison	Financials
10	Hyster Yale (HY) Operating Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to HY. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.8%	19.8%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.2%	2.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.9%	5.9%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	4.2%	4.2%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	1.5%	1.5%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.8%	19.8%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.2%	2.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.9%	5.9%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	4.2%	4.2%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	1.5%	1.5%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	282.6%	459.2%
WVE	WAVE Life Sciences	2.7	128.5%	32.1%
ALMS	Alumis	0.8	89.8%	34.6%
NUVB	Nuvation Bio	2.9	82.4%	220.3%
SEMR	SEMrush	1.8	75.7%	-0.2%
TE	T1 Energy	0.8	70.4%
ANF	Abercrombie & Fitch	5.6	68.4%	-21.6%
CBLL	CeriBell	0.8	67.5%	-16.6%
FTRE	Fortrea	1.5	65.4%	-13.2%
VERA	Vera Therapeutics	3.1	64.7%	14.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.3%	-85.2%
RZLT	Rezolute	0.2	-80.3%	-59.0%
JANX	Janux Therapeutics	0.9	-50.9%	-73.7%
FRMI	Fermi	6.3	-50.6%
AGIO	Agios Pharmaceuticals	1.5	-43.6%	-22.6%
IMSR	Terrestrial Energy	0.7	-38.9%
LENZ	LENZ Therapeutics	0.5	-36.3%	-43.3%
LWLG	Lightwave Logic	0.4	-36.3%	41.4%
UAMY	United States Antimony	0.5	-33.7%	156.5%
BETR	Better Home & Finance	0.5	-33.6%	292.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

Peer Comparisons for Hyster Yale

Peers to compare with:

Financials

	HY	CAT	TEX	OSK	MTW	CMCO	Median
Name	Hyster Y.	Caterpil.	Terex	Oshkosh	Manitowoc	Columbus.
Mkt Price	31.17	561.89	52.28	126.23	12.78	17.31	41.73
Mkt Cap	0.6	263.3	3.4	8.1	0.5	0.5	2.0
Rev LTM	3,914	64,671	5,344	10,332	2,160	978	4,629
Op Inc LTM	86	11,415	391	957	50	40	238
FCF LTM	54	7,560	279	755	8	29	166
FCF 3Y Avg	75	8,616	266	316	-19	43	171
CFO LTM	110	11,541	412	974	44	47	261
CFO 3Y Avg	119	11,936	392	599	40	64	256

Growth & Margins

	HY	CAT	TEX	OSK	MTW	CMCO	Median
Name	Hyster Y.	Caterpil.	Terex	Oshkosh	Manitowoc	Columbus.
Rev Chg LTM	-8.3%	-1.5%	4.6%	-2.5%	-0.8%	-2.4%	-1.9%
Rev Chg 3Y Avg	5.5%	4.9%	8.9%	9.9%	4.6%	2.1%	5.2%
Rev Chg Q	-3.6%	9.5%	14.4%	-1.9%	5.4%	7.7%	6.6%
QoQ Delta Rev Chg LTM	-0.9%	2.4%	3.4%	-0.5%	1.3%	2.0%	1.6%
Op Mgn LTM	2.2%	17.7%	7.3%	9.3%	2.3%	4.1%	5.7%
Op Mgn 3Y Avg	4.2%	18.9%	10.4%	9.2%	3.2%	7.7%	8.4%
QoQ Delta Op Mgn LTM	-0.8%	-0.6%	0.1%	-0.0%	0.5%	0.1%	0.0%
CFO/Rev LTM	2.8%	17.8%	7.7%	9.4%	2.0%	4.8%	6.3%
CFO/Rev 3Y Avg	2.9%	18.2%	7.5%	6.0%	1.8%	6.4%	6.2%
FCF/Rev LTM	1.4%	11.7%	5.2%	7.3%	0.3%	3.0%	4.1%
FCF/Rev 3Y Avg	1.8%	13.1%	5.1%	3.1%	-0.9%	4.4%	3.8%

Valuation

	HY	CAT	TEX	OSK	MTW	CMCO	Median
Name	Hyster Y.	Caterpil.	Terex	Oshkosh	Manitowoc	Columbus.
Mkt Cap	0.6	263.3	3.4	8.1	0.5	0.5	2.0
P/S	0.2	4.1	0.6	0.8	0.2	0.4	0.5
P/EBIT	12.0	21.5	8.8	8.5	7.6	11.1	9.9
P/E	241.9	28.4	21.6	12.5	6.2	103.7	25.0
P/CFO	5.9	22.8	8.2	8.5	8.2	8.7	8.4
Total Yield	4.2%	4.6%	6.0%	9.6%	16.0%	2.9%	5.3%
Dividend Yield	3.8%	1.0%	1.4%	1.5%	0.0%	1.9%	1.5%
FCF Yield 3Y Avg	9.0%	4.9%	7.4%	4.1%	-6.0%	5.7%	5.3%
D/E	0.7	0.2	0.8	0.1	1.6	1.1	0.7
Net D/E	0.6	0.1	0.6	0.1	1.4	1.0	0.6

Returns

	HY	CAT	TEX	OSK	MTW	CMCO	Median
Name	Hyster Y.	Caterpil.	Terex	Oshkosh	Manitowoc	Columbus.
1M Rtn	14.1%	1.8%	18.8%	3.9%	22.2%	19.8%	16.4%
3M Rtn	-12.5%	25.0%	-0.2%	-5.3%	28.1%	17.4%	8.6%
6M Rtn	-17.3%	57.2%	16.0%	16.0%	13.1%	20.3%	16.0%
12M Rtn	-38.5%	51.8%	12.2%	31.5%	36.7%	-54.2%	21.9%
3Y Rtn	20.9%	154.1%	30.8%	56.0%	39.7%	-42.2%	35.2%
1M Excs Rtn	13.4%	1.0%	18.1%	3.1%	21.4%	19.1%	15.7%
3M Excs Rtn	-18.2%	19.3%	-3.0%	-8.3%	23.9%	9.7%	3.3%
6M Excs Rtn	-29.7%	44.8%	3.6%	3.7%	0.7%	7.9%	3.6%
12M Excs Rtn	-52.3%	38.8%	-4.0%	17.4%	17.9%	-65.9%	6.7%
3Y Excs Rtn	-47.4%	85.3%	-44.7%	-16.1%	-30.6%	-112.1%	-37.6%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/25/2025	2/27/2024	2/27/2023	2/28/2022	2/24/2021	2/25/2020
Key Financials
Total Revenue	3,914	4,308	4,118	3,548	3,076	2,812	3,292
EBITDA	100	300	263	9	-93	99	111
Operating Income	86	267	209	-39	-87	50	54
Net Income	3	142	126	-74	-173	37	36
EPS	0.16	8.16	7.35	-4.38	-10.29	2.21	2.15
Growth Rates
Total Revenue Growth	-8.3%	4.6%	16.1%	15.4%	9.4%	-14.6%	3.5%
EBITDA Growth	-68.6%	14.0%	2702.1%	110.1%	-194.3%	-11.0%	14.9%
Operating Income Growth	-67.3%	28.1%	633.8%	54.9%	-273.7%	-7.4%	38.9%
Net Income Growth	-98.3%	13.0%	269.9%	57.2%	-566.3%	3.6%	3.2%
Margins
EBITDA Margin	2.6%	7.0%	6.4%	0.3%	-3.0%	3.5%	3.4%
Operating Income Margin	2.2%	6.2%	5.1%	-1.1%	-2.8%	1.8%	1.6%
Net Income Margin	0.1%	3.3%	3.1%	-2.1%	-5.6%	1.3%	1.1%
Cash & Debt
Total Cash	71	97	79	59	66	151	65
Total Debt	468	542	572	553	518	289	287
Net Debt / (Cash)	397	445	493	494	453	138	222
Cash Flows
Net Cash from Operations	110	171	151	41	-254	167	77
Free Cash from Operations	54	123	115	12	-298	115	27
Returns to Shareholders
Dividends	25	24	22	22	22	21	21
Share Repurchases	9	14	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/5/2025	5/6/2025	2/25/2025	11/5/2024	8/6/2024	5/7/2024	2/27/2024	10/31/2023	8/1/2023	5/2/2023	2/27/2023
Key Financials Quarterly
Total Revenue	979	957	910	1,068	1,016	1,168	1,056	1,027	1,001	1,091	999	985
Ebitda	15	6	36	44	48	111	98	62	74	70	57	33
Operating Income	3	7	22	54	34	96	84	49	59	59	43	20
Net Income	-2	-14	9	10	17	63	52	25	36	38	27	8
EPS	-0.13	-0.79	0.49	0.59	0.98	3.62	2.97	1.47	2.08	2.23	1.56	0.45
Key Financials TTM
Total Revenue TTM	3,914	3,951	4,162	4,308	4,268	4,253	4,176	4,118	4,076	3,915	3,720	3,548
Ebitda TTM	100	134	238	300	319	344	304	263	234	147	72	9
Operating Income TTM	86	117	205	267	262	287	250	209	180	96	22	-39
Net Income TTM	3	22	99	142	157	176	151	126	108	35	-22	-74
Growth Rates Quarterly
Total Revenue Growth	-3.6%	-18.1%	-13.8%	3.9%	1.5%	7.1%	5.7%	4.3%	19.2%	21.8%	20.7%	18.7%
EBITDA Growth	-69.5%	-94.2%	-63.6%	-30.0%	-34.4%	57.7%	70.2%	88.2%	632.6%	1600.0%	1223.5%	136.4%
Operating Income Growth	-90.4%	-92.5%	-74.3%	10.3%	-41.5%	62.6%	96.7%	146.0%	335.3%	474.5%	332.8%	147.8%
Net Income Growth	-113.4%	-122.0%	-83.3%	-59.1%	-52.0%	65.3%	93.6%	231.6%	196.0%	297.4%	206.4%	107.4%
Margins Quarterly
EBITDA Margin	1.5%	0.7%	3.9%	4.1%	4.7%	9.5%	9.2%	6.0%	7.3%	6.5%	5.7%	3.3%
Operating Income Margin	0.3%	0.8%	2.4%	5.0%	3.4%	8.2%	7.9%	4.7%	5.9%	5.4%	4.3%	2.0%
Net Income Margin	-0.2%	-1.5%	0.9%	1.0%	1.7%	5.4%	4.9%	2.5%	3.6%	3.5%	2.7%	0.8%
Cash & Debt
Total Cash	71	67	77	97	76	66	62	79	78	66	65	59
Total Debt	468	473	484	542	468	502	475	572	511	542	561	553
Net Debt / (Cash)	397	406	407	445	393	435	413	493	432	477	496	494
Cash Flows Quarterly
FCF from Operations	37	29	-36	81	70	-2	22	46	60	36	9	6
Cash Flows TTM
FCF from Operations TTM	110	143	112	171	136	126	164	151	111	85	-10	41
Returns to Shareholders Quarterly
Dividends	6	6	6	6	6	6	6	6	6	6	6	5
Share Repurchases	0	-0	4	5	-0	-0	9	-0	-0	-0	0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	0.9%	5.0%	8.5%	18.0%	16.0%	51.0%	44.0%	19.2%	32.4%	32.1%	22.3%	8.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	2.8%	8.6%	25.0%	33.1%	32.5%	36.6%	33.5%	23.6%	26.0%	9.5%	3.8%	-7.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Lift truck business	3,921	3,360	2,897	2,673	3,124
Bolzoni	375	356	348	284	345
Nuvera	4	3	1	4	10
Eliminations	-182	-170	-170	-148	-188
Total	4,118	3,548	3,076	2,812	3,292

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Lift truck business	230	-10	-87	86	86
Bolzoni	15	6	-2	1	5
Eliminations	0	-1	-1	-1	-0
Nuvera	-36	-34	-62	-36	-36
Total	209	-39	-152	50	54

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Lift truck business	2,226	2,157	2,048	1,875	1,829
Bolzoni	304	315	324	300	286
Nuvera	25	19	16	57	58
Eliminations	-476	-465	-418	-374	-326
Total	2,079	2,026	1,970	1,859	1,847

Price Behavior

Price Behavior

Market Price	$31.17
Market Cap ($ Bil)	0.6
First Trading Date	10/01/2012
Distance from 52W High	-40.9%
	50 Days	200 Days
DMA Price	$32.78	$37.46
DMA Trend	down	down
Distance from DMA	-4.9%	-16.8%
	3M	1YR
Volatility	51.4%	44.4%
Downside Capture	201.51	141.95
Upside Capture	116.05	77.87
Correlation (SPY)	30.9%	44.9%

HY Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.56	1.00	1.14	1.26	0.99	1.13
Up Beta	0.62	1.42	1.86	1.83	1.01	0.93
Down Beta	-0.11	0.98	0.97	1.52	0.93	1.09
Up Capture	-114%	-14%	9%	26%	45%	160%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	6	16	26	58	119	377
Down Capture	165%	156%	165%	154%	120%	107%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	14	26	37	68	129	370

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of HY With Other Asset Classes (Last 1Y)
	HY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-40.5%	12.7%	12.1%	61.5%	2.2%	-2.2%	-12.7%
Annualized Volatility	44.3%	19.0%	19.7%	19.3%	15.9%	17.7%	35.4%
Sharpe Ratio	-1.04	0.50	0.46	2.36	-0.05	-0.28	-0.17
Correlation With Other Assets		56.0%	45.0%	-5.4%	18.7%	39.9%	32.1%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of HY With Other Asset Classes (Last 5Y)
	HY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-8.4%	13.1%	14.4%	18.3%	11.4%	4.8%	36.3%
Annualized Volatility	48.0%	17.2%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	-0.01	0.61	0.68	0.95	0.49	0.17	0.63
Correlation With Other Assets		49.6%	41.3%	5.0%	16.8%	36.5%	15.2%

Based On 10-Year Data

		Comparison of HY With Other Asset Classes (Last 10Y)
	HY	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-2.9%	13.1%	14.5%	14.6%	6.1%	5.4%	70.7%
Annualized Volatility	45.6%	19.9%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.10	0.59	0.69	0.82	0.27	0.23	0.91
Correlation With Other Assets		56.7%	49.6%	-0.3%	21.8%	41.2%	14.2%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	396,810
Short Interest: % Change Since 11152025	11.0%
Average Daily Volume	125,385
Days-to-Cover Short Interest	3.16
Basic Shares Quantity	17,717,000
Short % of Basic Shares	2.2%

Returns Analyses

	Title
0	Hyster Yale Stock Jump Looks Great, But How Secure Is That Gain?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	9	9	8
# Negative	13	13	14
Median Positive	6.9%	9.4%	18.5%
Median Negative	-12.3%	-12.1%	-11.4%
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
9302025	11042025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	11052024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2272024	10-K 12/31/2023
9302023	10312023	10-Q 9/30/2023
6302023	8012023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	11012022	10-Q 9/30/2022
6302022	8022022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2282022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Hyster Yale (HY)

Market Price (12/18/2025): $31.13 | Market Cap: $551.5 MilSector: Industrials | Industry: Agricultural & Farm Machinery

Hyster Yale (HY)

Market Price (12/18/2025): $31.13Market Cap: $551.5 MilSector: IndustrialsIndustry: Agricultural & Farm Machinery

Valuation, Metrics & Events

HY Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Hyster Yale (HY)

1. Volatile Economic and Market Conditions

2. Persistent Tariff Headwinds and Geopolitical Shifts

3. Intense Competitive Pressure

Expanded Product Portfolio and Advanced Technology Solutions

Market Share Gains through Targeted Commercial Initiatives

Customer Fleet Modernization and Replacement Cycles

Interactive Breakdown

Better Bets than Hyster Yale (HY)

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Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/18/2025): $31.13 | Market Cap: $551.5 Mil
Sector: Industrials | Industry: Agricultural & Farm Machinery

Market Price (12/18/2025): $31.13
Market Cap: $551.5 Mil
Sector: Industrials
Industry: Agricultural & Farm Machinery