Manitowoc (MTW)
Market Price (8/20/2026): $19.19 | Market Cap: $690.7 MilSector: Industrials | Industry: Agricultural & Farm Machinery
Manitowoc (MTW)
Market Price (8/20/2026): $19.19Market Cap: $690.7 MilSector: IndustrialsIndustry: Agricultural & Farm Machinery
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 10% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Offshore Wind Development, and Sustainable Infrastructure. Themes include Wind Energy Development, Show more. | Weak multi-year price returns3Y Excs Rtn is -57% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% Stock price has recently run up significantly12M Rtn12 month market price return is 105% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 62% Key risksMTW key risks include [1] significant financial impact from tariffs and trade policy uncertainty and [2] operational inefficiencies leading to negative cash flow and an inability to translate order growth into sales. |
| Attractive yieldFCF Yield is 10% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Offshore Wind Development, and Sustainable Infrastructure. Themes include Wind Energy Development, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -57% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 61% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 105% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 62% |
| Key risksMTW key risks include [1] significant financial impact from tariffs and trade policy uncertainty and [2] operational inefficiencies leading to negative cash flow and an inability to translate order growth into sales. |
Qualitative Assessment
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Manitowoc (MTW) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Exceptional Q2 2026 Financial Performance Exceeding Expectations.
The Manitowoc Company reported adjusted earnings per share (EPS) of $0.46 for fiscal Q2 2026 (ended June 30, 2026), significantly surpassing the consensus analyst estimate of $0.11, representing a positive surprise of 312.19%. Additionally, net sales for the quarter reached $594.9 million, a 10.3% increase year-over-year, also exceeding analyst expectations of $564.0 million. Net income saw a very large increase, rising to $14.2 million in fiscal Q2 2026 from $1.5 million in the prior-year quarter.
2. Robust Order Intake and Record Backlog Growth.
Manitowoc experienced strong customer demand, leading to a substantial 56.1% year-over-year increase in orders, totaling $708.7 million in fiscal Q2 2026. This significant order intake propelled the company's backlog to a record $1,050.1 million at the end of the quarter, surpassing $1.0 billion for the first time. Approximately $750 million of this backlog is expected to convert into revenue within fiscal year 2026, providing strong revenue visibility.
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Manitowoc (MTW) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Exceptional Q2 2026 Financial Performance Exceeding Expectations.
The Manitowoc Company reported adjusted earnings per share (EPS) of $0.46 for fiscal Q2 2026 (ended June 30, 2026), significantly surpassing the consensus analyst estimate of $0.11, representing a positive surprise of 312.19%. Additionally, net sales for the quarter reached $594.9 million, a 10.3% increase year-over-year, also exceeding analyst expectations of $564.0 million. Net income saw a very large increase, rising to $14.2 million in fiscal Q2 2026 from $1.5 million in the prior-year quarter.
2. Robust Order Intake and Record Backlog Growth.
Manitowoc experienced strong customer demand, leading to a substantial 56.1% year-over-year increase in orders, totaling $708.7 million in fiscal Q2 2026. This significant order intake propelled the company's backlog to a record $1,050.1 million at the end of the quarter, surpassing $1.0 billion for the first time. Approximately $750 million of this backlog is expected to convert into revenue within fiscal year 2026, providing strong revenue visibility.
3. Significant Adjusted EBITDA Growth and Margin Expansion.
The company demonstrated substantial operational improvement, with adjusted EBITDA nearly doubling to $48.9 million in fiscal Q2 2026, marking an 85.9% increase from the prior year. This impressive growth was accompanied by a significant 330 basis point expansion in adjusted EBITDA margin, reaching over 8% of sales. This "margin repair" was partly attributed to stronger crane demand and a meaningful tariff refund tailwind.
4. Raised Full-Year 2026 Financial Guidance.
Following the strong fiscal Q2 2026 results, Manitowoc raised its full-year fiscal 2026 guidance across all major financial metrics. The company now anticipates net sales between $2.3 billion and $2.4 billion, an increase from the previous range of $2.25 billion to $2.35 billion. Adjusted EBITDA guidance was elevated to $150 million–$170 million (including a $16 million tariff refund benefit), up from $125 million–$150 million. Adjusted diluted EPS guidance also increased to $0.80–$1.20 from the prior range of $0.45–$0.90.
5. Improved Balance Sheet and Cash Flow.
Manitowoc strengthened its financial position by reducing its net leverage to approximately 2.6x, falling below its stated target of 3x. Cash flows provided by operating activities in fiscal Q2 2026 significantly improved to $8.0 million, representing a $75.7 million increase year-over-year. While free cash flow for the quarter was still negative at $(6.1) million, it marked a substantial improvement from $(73.7) million in the comparable prior-year period. Additionally, the company received $26 million in cash from tariff refunds, with $12 million recognized in operating income.
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Stock Movement Drivers
Fundamental Drivers
The 41.1% change in MTW stock from 4/30/2026 to 8/19/2026 was primarily driven by a 171.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.59 | 19.18 | 41.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,241 | 2,320 | 3.5% |
| Net Income Margin (%) | 0.3% | 0.9% | 171.0% |
| P/E Multiple | 67.0 | 34.2 | -49.0% |
| Shares Outstanding (Mil) | 35 | 36 | -1.4% |
| Cumulative Contribution | 41.1% |
Market Drivers
4/30/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| MTW | 41.1% | |
| Market (SPY) | 7.0% | 30.9% |
| Sector (XLI) | 4.2% | 37.0% |
Fundamental Drivers
The 48.5% change in MTW stock from 1/31/2026 to 8/19/2026 was primarily driven by a 324.4% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.92 | 19.18 | 48.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,160 | 2,320 | 7.4% |
| Net Income Margin (%) | 2.6% | 0.9% | -67.0% |
| P/E Multiple | 8.1 | 34.2 | 324.4% |
| Shares Outstanding (Mil) | 35 | 36 | -1.5% |
| Cumulative Contribution | 48.5% |
Market Drivers
1/31/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| MTW | 48.5% | |
| Market (SPY) | 11.4% | 40.3% |
| Sector (XLI) | 10.3% | 50.2% |
Fundamental Drivers
The 50.4% change in MTW stock from 7/31/2025 to 8/19/2026 was primarily driven by a 242.0% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.75 | 19.18 | 50.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,154 | 2,320 | 7.7% |
| Net Income Margin (%) | 2.1% | 0.9% | -58.3% |
| P/E Multiple | 10.0 | 34.2 | 242.0% |
| Shares Outstanding (Mil) | 35 | 36 | -2.0% |
| Cumulative Contribution | 50.4% |
Market Drivers
7/31/2025 to 8/19/2026| Return | Correlation | |
|---|---|---|
| MTW | 50.4% | |
| Market (SPY) | 22.7% | 38.2% |
| Sector (XLI) | 20.9% | 50.3% |
Fundamental Drivers
The 5.8% change in MTW stock from 7/31/2023 to 8/19/2026 was primarily driven by a 11.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.12 | 19.18 | 5.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,082 | 2,320 | 11.4% |
| P/S Multiple | 0.3 | 0.3 | -2.7% |
| Shares Outstanding (Mil) | 35 | 36 | -2.4% |
| Cumulative Contribution | 5.8% |
Market Drivers
7/31/2023 to 8/19/2026| Return | Correlation | |
|---|---|---|
| MTW | 5.8% | |
| Market (SPY) | 73.9% | 44.3% |
| Sector (XLI) | 71.6% | 56.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MTW Return | 40% | -51% | 82% | -45% | 31% | 61% | 45% |
| Peers Return | 21% | 10% | 8% | -8% | -14% | 25% | 43% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| MTW Win Rate | 50% | 25% | 42% | 33% | 75% | 62% | |
| Peers Win Rate | 55% | 53% | 40% | 42% | 43% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MTW Max Drawdown | -38% | -61% | -38% | -51% | -40% | -26% | |
| Peers Max Drawdown | -25% | -36% | -27% | -29% | -36% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DE, AGCO, WNC, GENC, CNH.
[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 8/19/2026 (YTD)
How Low Can It Go
| Event | MTW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.5% | -18.8% |
| % Gain to Breakeven | 68.0% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.6% | -7.8% |
| % Gain to Breakeven | 11.8% | 8.5% |
| Time to Breakeven | 82 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.3% | -9.5% |
| % Gain to Breakeven | 45.6% | 10.5% |
| Time to Breakeven | 1015 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.3% | -24.5% |
| % Gain to Breakeven | 145.8% | 32.4% |
| Time to Breakeven | 152 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.2% | -33.7% |
| % Gain to Breakeven | 70.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -45.9% | -19.2% |
| % Gain to Breakeven | 84.9% | 23.8% |
| Time to Breakeven | 865 days | 105 days |
In The Past
Manitowoc's stock fell -40.5% during the 2025 US Tariff Shock. Such a loss loss requires a 68.0% gain to breakeven.
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| Event | MTW | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.5% | -18.8% |
| % Gain to Breakeven | 68.0% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.3% | -9.5% |
| % Gain to Breakeven | 45.6% | 10.5% |
| Time to Breakeven | 1015 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -59.3% | -24.5% |
| % Gain to Breakeven | 145.8% | 32.4% |
| Time to Breakeven | 152 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -41.2% | -33.7% |
| % Gain to Breakeven | 70.2% | 50.9% |
| Time to Breakeven | 231 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -45.9% | -19.2% |
| % Gain to Breakeven | 84.9% | 23.8% |
| Time to Breakeven | 865 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.1% | -12.2% |
| % Gain to Breakeven | 39.1% | 13.9% |
| Time to Breakeven | 43 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -57.1% | -6.8% |
| % Gain to Breakeven | 133.3% | 7.3% |
| Time to Breakeven | 106 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -62.4% | -17.9% |
| % Gain to Breakeven | 166.1% | 21.8% |
| Time to Breakeven | 128 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -45.9% | -15.4% |
| % Gain to Breakeven | 84.7% | 18.2% |
| Time to Breakeven | 214 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -95.1% | -53.4% |
| % Gain to Breakeven | 1943.8% | 114.4% |
| Time to Breakeven | 3136 days | 1085 days |
In The Past
Manitowoc's stock fell -40.5% during the 2025 US Tariff Shock. Such a loss loss requires a 68.0% 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 Manitowoc (MTW)
The Manitowoc Company, Inc. (MTW) is a global manufacturer and distributor of engineered lifting solutions, specializing in a comprehensive range of cranes. The company designs, produces, and sells various types of cranes used for heavy-lifting applications across numerous industries worldwide.
Manitowoc's core product offerings include crawler-mounted lattice-boom cranes under its flagship Manitowoc brand, top-slewing and self-erecting tower cranes marketed under the Potain brand, and a line of mobile hydraulic cranes and hydraulic boom trucks sold under the Grove, Shuttlelift, and National Crane brands. In addition to equipment sales, the company provides essential aftermarket services such as crane product parts, maintenance, rebuilding, remanufacturing, and specialized training services.
The company's crane products are critical for diverse applications, including energy production and distribution, petrochemical and industrial projects, significant infrastructure development like roads, bridges, and airports, and various commercial and high-rise residential construction initiatives. Manitowoc serves a broad customer base that encompasses dealers, rental companies, contractors, and government entities across key end markets such as petrochemical, industrial, commercial construction, power and utilities, infrastructure, and residential construction.
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Here are 1-3 brief analogies to describe The Manitowoc Company (MTW):
- Caterpillar for cranes.
- The Boeing of construction cranes.
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- Crawler-mounted lattice-boom cranes: These heavy-duty cranes are designed for large-scale construction and industrial projects, offering high lift capacities and stability.
- Tower cranes: This category includes top-slewing and self-erecting cranes primarily used in high-rise building and urban construction.
- Mobile hydraulic cranes: These versatile cranes are mounted on wheels for easy transport and are suitable for a wide range of lifting applications.
- Hydraulic boom trucks: These trucks are equipped with a hydraulic boom for lifting and material handling, often used for lighter lifting tasks and utility work.
- Crane product parts and services: Manitowoc supplies essential replacement parts and provides ongoing maintenance and support for its crane products.
- Crane rebuilding, remanufacturing, and training services: The company offers specialized services to restore older cranes, extend their lifespan, and train operators for safe and efficient use.
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The Manitowoc Company, Inc. (MTW) primarily sells its engineered lifting solutions to other companies and government entities, rather than directly to individuals. Based on the provided description, its major customers fall into the following categories:
- Dealers: These are companies that act as distributors for Manitowoc's various crane brands, including Manitowoc, Potain, Grove, Shuttlelift, and National Crane.
- Rental Companies: Businesses that acquire cranes from Manitowoc to then rent them out to end-users across various industries.
- Contractors: Companies involved in a broad range of projects, such as energy production/distribution and utilities, petrochemical and industrial projects, infrastructure (e.g., road, bridge, airport construction), and commercial and high-rise residential construction.
- Government Entities: Public sector organizations that procure cranes for various public works and projects.
The provided company description does not list specific names of customer companies within these categories, nor their public symbols.
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Aaron H. Ravenscroft, President and Chief Executive Officer
Aaron H. Ravenscroft was appointed President and Chief Executive Officer of The Manitowoc Company, Inc. in August 2020. He joined Manitowoc in March 2016 as Executive Vice President of Mobile Cranes and later took responsibility for the Tower Cranes business. Prior to Manitowoc, he served as Regional Managing Director at Weir Group from 2013 to 2016, and as President of the Process Flow Control Group at Robbins & Myers from 2011 to 2013. His career also includes roles at Gardner Denver, Wabtec, and he began as a stock analyst at Janney Montgomery Scott.
Brian P. Regan, Executive Vice President and Chief Financial Officer
Brian P. Regan has served as Executive Vice President and Chief Financial Officer since May 2022. Before this, he was Vice President, Corporate Controller and Principal Accounting Officer at Manitowoc, a role he held since November 2018, where he managed the company's accounting, financial reporting, and treasury functions. Prior to joining Manitowoc, Mr. Regan held various positions of increasing responsibility at SPX Corporation from 2006 to 2018, most recently as Vice President Finance, Chief Financial Officer of SPX Transformer Solutions.
Jennifer L. Peterson, Executive Vice President, General Counsel and Secretary
Jennifer L. Peterson assumed the role of Executive Vice President, General Counsel and Secretary in August 2022. She joined Manitowoc in January 2018 as Associate General Counsel – Litigation and Product Safety, and subsequently served as Vice President and Associate General Counsel, and Interim General Counsel and Assistant Secretary. Before her tenure at Manitowoc, Ms. Peterson was the Director of Litigation, Americas for Adient plc from 2016 to 2018, and held a position as Senior Group Counsel for Johnson Controls, Inc.
Les L. Middleton, Executive Vice President, Americas and EU Mobile Cranes
Les L. Middleton has served as Executive Vice President, Americas and EU Mobile Cranes since November 2020. He joined Manitowoc in February 2016, initially as Senior Vice President of Americas Mobile Cranes. Prior to Manitowoc, Mr. Middleton was Managing Director U.S. Minerals and Executive Vice President Operations at Weir Minerals North America from 2014 to 2016. His experience also includes roles such as Vice President and General Manager of Gardner Denver (2009-2013), Director of Manufacturing at Magnet Schultz of America (2004-2009), and Director of Manufacturing and Performance Systems at Vapor Corporation (1995-2004).
James S. Cook, Executive Vice President, Human Resources
James S. Cook is the Executive Vice President of Human Resources at The Manitowoc Company, Inc.
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Key Risks to Manitowoc (MTW)
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Cyclical Nature of the Crane Market and Macroeconomic Conditions: The crane market is highly cyclical and sensitive to broader economic fluctuations, including inflation, rising interest rates, and recessionary concerns. This inherent cyclicality impacts customer spending, order levels, and overall revenue for Manitowoc. For instance, the European tower crane market experienced a downturn in 2024, although it showed signs of recovery in Q1 2025.
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High Debt Load and Financial Leverage: Manitowoc carries a significant debt burden, with its net leverage ratio reaching 3.9 times in Q3 2025, exceeding its target of below 3.0 times. This high leverage increases the company's vulnerability to interest rate hikes and limits its financial flexibility for strategic investments. The company also experienced negative operating cash flow in Q3 2025, partly due to inventory buildup.
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Tariffs and Trade Uncertainties: The company faces ongoing challenges from U.S. tariff pressures, particularly on the Americas crane market, which have negatively impacted dealer orders and profitability. Tariffs have contributed to an estimated $44 million in gross tariff costs in 2025, impacting the company's bottom line despite mitigation efforts. Uncertainty surrounding tariffs has also created a challenging environment for U.S. dealer commitments.
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Crawler-Mounted Lattice-Boom Cranes (Manitowoc brand)
- The global crawler crane market was valued at approximately USD 3 billion in 2024 and is projected to reach USD 4.9 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 5.2% from 2025 to 2034. Other estimates place the market at USD 3.3 billion in 2024, growing to USD 5.5 billion by 2033 with a 5.7% CAGR (2025-2033), or USD 5.076 billion in 2024, expected to reach USD 8.566 billion by 2032 with a 6.8% CAGR (2025-2032).
- The Asia Pacific region currently holds the largest market share for crawler cranes and is expected to be the fastest-growing region with a CAGR of 7.1%. However, North America also held the largest revenue share in 2022.
Top-Slewing and Self-Erecting Tower Cranes (Potain brand)
- The global tower crane market was valued at USD 8.0 billion in 2025 and is estimated to reach USD 11.7 billion by 2034, demonstrating a CAGR of 4.2% from 2026 to 2034. Other reports indicate a global market size of USD 5.98 billion in 2025, projected to grow to USD 9.49 billion by 2033 with a 6.1% CAGR (2026-2033), or USD 6.44 billion in 2025, projected to grow to USD 9.91 billion by 2034 with a 5.30% CAGR (2026-2034).
- The Asia Pacific region dominated the global tower crane market with a 34% share in 2025 and 39.70% in 2025. Conversely, North America was also reported to dominate the tower crane industry in 2025, accounting for a 40.2% share.
- The Middle East tower cranes market was valued at USD 432.5 million in 2025 and is projected to reach USD 603.5 million by 2033, with a CAGR of 4.4% from 2026 to 2033.
- The Europe tower crane market is expected to experience a moderate CAGR from 2026 to 2033.
Mobile Hydraulic Cranes (Grove, Shuttlelift, and National Crane brands)
- The global mobile cranes market was valued at approximately USD 15.37 billion in 2024 and is projected to grow to around USD 30.32 billion by 2034, at a CAGR of roughly 6.5% between 2025 and 2034. Another estimate valued the market at USD 13.40 billion in 2022, expected to reach USD 22.32 billion by 2030 with a CAGR of 6.7% from 2023 to 2030.
- The Asia Pacific region dominated the mobile crane market with a 53% share in 2022.
- The North America mobile crane market revenue exceeded USD 4 billion in 2020.
- The Middle East and Africa Mobile Crane Market was valued at USD 1.92 billion in 2023 and is forecast to expand at a CAGR of 6.4%, reaching USD 2.95 billion by 2030.
Hydraulic Boom Trucks (National Crane brand)
- The global boom trucks market size was valued at USD 3.68 billion in 2024 and is poised to grow to USD 5.61 billion by 2033, at a CAGR of 4.8% during the forecast period (2026-2033). Other reports suggest a global market of USD 5.9 billion in 2025, reaching USD 9.6 billion by 2035 with a 5.0% CAGR, or USD 3.25 billion in 2023, projected to reach USD 4.73 billion by 2030 with a 5.7% CAGR.
- North America is the largest market for boom trucks, accounting for approximately 45% of the global market share and dominated the boom truck market with a 35.12% share in 2023. The North America boom truck cranes market was valued at USD 5.55 billion in 2024 and is anticipated to reach USD 14.43 billion by 2033, growing at a CAGR of 11.20% from 2025 to 2033.
- The Africa truck crane market (which includes boom trucks) reached USD 13.6 billion in 2024 and is forecast to grow to USD 16.1 billion by 2035, with a CAGR of 1.5% from 2024 to 2035.
Crane Product Parts and Services; Crane Rebuilding, Remanufacturing, and Training Services
- The global crane aftermarket exceeded USD 7 billion in 2022 and is projected to expand at a CAGR of over 6% from 2023 to 2032.
- The Asia Pacific aftermarket is expected to record more than 7% CAGR from 2023 to 2032.
- The global mobile crane service market was valued at USD 430 million in 2024 and is projected to reach USD 669 million by 2034, growing at a CAGR of 6.6% during the forecast period.
- The global mobile crane hydraulic cylinder market (a component market) was valued at USD 831 million in 2024 and is projected to grow to USD 1,181 million by 2034, exhibiting a CAGR of 5.3% from 2025 to 2034.
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Capital Allocation Decisions (2021-2025)
Share Repurchases
- Manitowoc completed share repurchases totaling approximately $14.16 million between June 2022 and June 2024.
- A new share repurchase authorization of $35 million was approved on October 31, 2023, replacing a prior authorization.
- Under the November 1, 2023, buyback plan, 455,942 shares were repurchased for $5.64 million as of September 30, 2025.
Share Issuance
- The number of outstanding shares saw minor fluctuations from 35.02 million in 2021 to 35.46 million in 2025, indicating no significant share issuance events for capital generation during this period.
Outbound Investments
- In August 2021, Manitowoc acquired Aspen Equipment for $51 million.
- Total investments in acquisitions for the year 2021 amounted to $180 million.
Capital Expenditures
- Capital expenditures for the full year 2025 were $38 million, with $19 million specifically allocated for rental fleet investment.
- Manitowoc projects capital expenditures to be between $45 million and $50 million for 2026, with approximately $25 million designated for the rental fleet.
- The company demonstrated a strategic focus on growing its rental fleet by increasing its Original Equipment Cost (OEC) by $62 million between 2021 and June 2024.
Peer Outperformance in Agricultural & Farm Machinery
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 31.4% | 131.6% | 210.1% | CDNL 3233% · STRL 2335% · FIX 2227% |
| Marine Transportation | 4 | 71.1% | 64.1% | 165.0% | MATX 218% · SFL 167% · KEX 163% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 11.6% | 58.6% | 122.8% | CAT 334% · ALSN 260% · WAB 251% |
| Aerospace & Defense | 54 | 17.0% | 75.9% | 87.6% | DFNS 2609% · ATI 1117% · FTAI 999% |
| Passenger Ground Transportation | 3 | -9.7% | 56.6% | 65.8% | UBER 95% · CAR 66% · LYFT -62% |
| Industrial Machinery & Supplies & Components | 71 | 11.2% | 56.3% | 50.3% | CRS 1580% · PSIX 869% · GHM 780% |
| Trading Companies & Distributors | 18 | 5.9% | 36.1% | 47.9% | DXPE 545% · AIT 314% · URI 251% |
| Rail Transportation | 7 | 37.9% | 71.4% | 46.4% | FSTR 114% · CSX 61% · UNP 51% |
| Cargo Ground Transportation | 16 | 42.5% | 11.5% | 45.9% | XPO 283% · R 278% · CVLG 218% |
| Diversified Support Services | 34 | 12.0% | 37.8% | 40.3% | LIME 4287% · TH 391% · WLFC 363% |
| Electrical Components & Equipment | 40 | 27.8% | 40.6% | 35.9% | POWL 2456% · BE 933% · ELVA 917% |
| Building Products | 33 | -4.5% | 21.5% | 33.4% | GFF 438% · LMB 435% · PPIH 281% |
| Industrial Conglomerates | 17 | 24.1% | 24.2% | 11.1% | RCMT 788% · TTI 192% · CSW 155% |
| Office Services & Supplies | 10 | 17.0% | 28.8% | 5.6% | TILE 200% · PBI 166% · EBF 59% |
| Environmental & Facilities Services | 28 | -6.7% | 15.9% | 3.2% | CECO 935% · ADUR 630% · NVRI 306% |
| Research & Consulting Services | 13 | -5.4% | -17.8% | -2.8% | HURN 219% · CRAI 96% · GRNQ 71% |
| Agricultural & Farm Machinery ← | 17 | -6.9% | -15.5% | -18.0% | BLBD 202% · DE 76% · GENC 67% |
| Passenger Airlines | 11 | 9.1% | -5.7% | -24.1% | LTM 2416% · UAL 163% · SKYW 155% |
| Data Processing & Outsourced Services | 6 | -30.8% | -9.6% | -25.2% | EXLS 54% · BR 10% · G -25% |
| Human Resource & Employment Services | 21 | 12.3% | -20.6% | -34.5% | BBSI 87% · ADP 46% · KFY 38% |
| Air Freight & Logistics | 12 | -13.1% | -24.2% | -35.9% | CHRW 84% · FDX 70% · EXPD 61% |
| Security & Alarm Services | 10 | -28.4% | -16.1% | -44.8% | CIX 118% · MG 101% · BCO 50% |
| Airport Services | 3 | -67.1% | -67.5% | -57.1% | JOBY -22% · ASLE -57% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Manitowoc Earnings Notes | 12/16/2025 | |
| Manitowoc Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 19.15 |
| Mkt Cap | 3.9 |
| Rev LTM | 6,335 |
| Op Inc LTM | 379 |
| FCF LTM | 200 |
| FCF 3Y Avg | 334 |
| CFO LTM | 351 |
| CFO 3Y Avg | 529 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.2% |
| Rev Chg 3Y Avg | -8.0% |
| Rev Chg Q | 3.2% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | -2.7% |
| Op Inc Chg 3Y Avg | -15.0% |
| Op Mgn LTM | 9.2% |
| Op Mgn 3Y Avg | 10.2% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 5.3% |
| CFO/Rev 3Y Avg | 8.0% |
| FCF/Rev LTM | 3.1% |
| FCF/Rev 3Y Avg | 5.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 2,241 | 2,178 | 2,228 | ||
| New machine sales | 1,487 | 1,272 | |||
| Non-new machine sales | 545 | 449 | |||
| Total | 2,241 | 2,178 | 2,228 | 2,032 | 1,720 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Foodservice | 240 | 234 | 250 | 239 | 216 |
| Crane | 64 | 164 | 219 | 156 | 107 |
| Corporate | -172 | -99 | -105 | -113 | -101 |
| Total | 132 | 299 | 364 | 282 | 222 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Foodservice | 1,793 | 1,902 | 1,904 | 1,957 | 2,201 |
| Crane | 1,606 | 1,742 | 1,900 | 1,903 | 1,699 |
| Corporate | 50 | 172 | 172 | 197 | 65 |
| Total | 3,449 | 3,817 | 3,977 | 4,057 | 3,965 |
Price Behavior
| Market Price | $19.18 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -8.1% | |
| 50 Days | 200 Days | |
| DMA Price | $14.31 | $13.07 |
| DMA Trend | up | up |
| Distance from DMA | 34.0% | 46.7% |
| 3M | 1YR | |
| Volatility | 77.9% | 54.4% |
| Downside Capture | 141.06 | 169.13 |
| Upside Capture | 348.13 | 215.49 |
| Correlation (SPY) | 32.3% | 42.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.82 | 1.39 | 1.34 | 1.65 | 1.56 | 1.46 |
| Up Beta | -0.07 | -0.81 | -0.41 | 1.30 | 1.47 | 1.40 |
| Down Beta | 1.17 | 1.78 | 1.72 | 1.97 | 1.71 | 1.39 |
| Up Capture | 274% | 283% | 174% | 190% | 177% | 250% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 13 | 25 | 33 | 64 | 126 | 359 |
| Down Capture | 252% | 131% | 171% | 153% | 135% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 9 | 18 | 30 | 62 | 124 | 382 |
[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 MTW | |
|---|---|---|---|---|
| MTW | 105.1% | 54.3% | 1.49 | - |
| Sector ETF (XLI) | 21.8% | 17.1% | 0.99 | 52.4% |
| Equity (SPY) | 20.7% | 12.8% | 1.19 | 41.9% |
| Gold (GLD) | 35.0% | 28.8% | 1.04 | 21.4% |
| Commodities (DBC) | 41.4% | 20.2% | 1.60 | -13.0% |
| Real Estate (VNQ) | 15.3% | 13.9% | 0.78 | 25.5% |
| Bitcoin (BTCUSD) | -44.7% | 42.7% | -1.27 | 16.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTW | |
|---|---|---|---|---|
| MTW | -6.6% | 51.2% | 0.05 | - |
| Sector ETF (XLI) | 13.2% | 17.6% | 0.58 | 59.1% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 49.0% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 6.5% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 9.5% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.03 | 40.4% |
| Bitcoin (BTCUSD) | 7.2% | 52.6% | 0.32 | 22.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTW | |
|---|---|---|---|---|
| MTW | -0.1% | 53.3% | 0.21 | - |
| Sector ETF (XLI) | 14.0% | 20.0% | 0.61 | 60.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 49.8% |
| Gold (GLD) | 12.5% | 16.2% | 0.63 | -0.7% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 20.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 36.5% |
| Bitcoin (BTCUSD) | 60.0% | 66.0% | 1.00 | 13.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 32.4% | 46.9% | |
| 5/5/2026 | -2.9% | -6.1% | -8.9% |
| 2/9/2026 | 2.0% | -2.2% | -11.6% |
| 11/5/2025 | 9.0% | 10.6% | 18.1% |
| 8/11/2025 | -3.7% | -7.9% | -1.3% |
| 5/6/2025 | 2.6% | 36.6% | 30.0% |
| 2/12/2025 | 11.6% | 20.5% | -2.7% |
| 10/30/2024 | -9.9% | 5.5% | 2.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 8 |
| # Negative | 14 | 15 | 16 |
| Median Positive | 9.0% | 17.5% | 21.4% |
| Median Negative | -4.8% | -6.1% | -9.9% |
| Max Positive | 32.4% | 46.9% | 59.3% |
| Max Negative | -10.9% | -18.5% | -19.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 32.4% | 46.9% | |
| 5/5/2026 | -2.9% | -6.1% | -8.9% |
| 2/9/2026 | 2.0% | -2.2% | -11.6% |
| 11/5/2025 | 9.0% | 10.6% | 18.1% |
| 8/11/2025 | -3.7% | -7.9% | -1.3% |
| 5/6/2025 | 2.6% | 36.6% | 30.0% |
| 2/12/2025 | 11.6% | 20.5% | -2.7% |
| 10/30/2024 | -9.9% | 5.5% | 2.5% |
| 8/7/2024 | -5.2% | -12.6% | -15.3% |
| 5/7/2024 | -1.7% | 2.4% | -5.8% |
| 2/15/2024 | -9.4% | -8.9% | -11.4% |
| 11/1/2023 | 6.4% | 8.8% | 19.2% |
| 8/7/2023 | -4.2% | -8.0% | -10.9% |
| 5/2/2023 | 1.8% | -8.3% | -12.4% |
| 2/21/2023 | 13.0% | 26.9% | 23.7% |
| 11/7/2022 | -7.1% | -0.8% | -3.8% |
| 8/4/2022 | -4.5% | -5.0% | -19.9% |
| 5/3/2022 | 0.6% | -18.5% | -1.9% |
| 2/22/2022 | -5.1% | -5.5% | -7.5% |
| 11/3/2021 | -10.9% | -4.2% | -15.6% |
| 8/5/2021 | 9.2% | 14.4% | -0.8% |
| 5/5/2021 | -2.7% | -0.3% | 9.2% |
| 2/9/2021 | -2.9% | -1.8% | 27.6% |
| 11/4/2020 | 16.9% | 39.3% | 59.3% |
| 8/5/2020 | -10.4% | -6.6% | -15.6% |
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 8 |
| # Negative | 14 | 15 | 16 |
| Median Positive | 9.0% | 17.5% | 21.4% |
| Median Negative | -4.8% | -6.1% | -9.9% |
| Max Positive | 32.4% | 46.9% | 59.3% |
| Max Negative | -10.9% | -18.5% | -19.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/22/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 5/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Krueger, Kenneth W | Direct | Sell | 5212026 | 11.80 | 9,000 | 106,200 | 1,919,528 | Form | |
| 2 | Regan, Brian P | EVP & Chief Financial Officer | Direct | Buy | 5082025 | 8.53 | 2,500 | 21,325 | 1,317,382 | Form |
| 3 | Ravenscroft, Aaron H | President & CEO | Direct | Buy | 5072025 | 8.68 | 3,000 | 26,036 | 5,989,537 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Krueger, Kenneth W | Direct | Sell | 5212026 | 11.80 | 9,000 | 106,200 | 1,919,528 | Form | |
| 2 | Regan, Brian P | EVP & Chief Financial Officer | Direct | Buy | 5082025 | 8.53 | 2,500 | 21,325 | 1,317,382 | Form |
| 3 | Ravenscroft, Aaron H | President & CEO | Direct | Buy | 5072025 | 8.68 | 3,000 | 26,036 | 5,989,537 | Form |
Manitowoc — Investor Video Playlist
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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