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1. Company Snapshot

1.a. Company Description

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.

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1.b. Last Insights on HY

The recent performance of Hyster-Yale Materials Handling, Inc. was negatively impacted by a decline in revenues, with a 14% year-over-year decrease in Q1 2025. The company's operating profit also declined significantly, down 75% from Q1 2024, and net income plummeted 83% to $8.6 million. Additionally, the company's adjusted operating profit and adjusted net income also declined, down 74% and 83% respectively. The decline in revenues and profitability was attributed to a decrease in market demand, which is expected to recover in the second half of 2025.

1.c. Company Highlights

2. Hyster-Yale Materials Handling's Q4 2025 Earnings: A Turning Point?

Hyster-Yale Materials Handling's fourth-quarter 2025 financial performance was marked by a significant increase in bookings, which rose 42% sequentially and 35% year-over-year to $540 million, driven primarily by the Americas region. However, the company's revenue and profitability were still under pressure, with actual EPS coming in at -$2.06, missing estimates of -$1.2. The company's gross margin was also under pressure, although management expects it to recover to the mid-teens to high-teens by the end of 2026.

Publication Date: Mar -08

📋 Highlights
  • Q4 Bookings Surge:: Fourth quarter bookings rose 42% sequentially and 35% year-over-year to $540M, driven by Americas' core counterbalance trucks (1-3.5 ton range).
  • 2026 Backlog Recovery:: Customers converted quotes to firm orders at a "materially higher rate," signaling completion of extended backlogs and reengagement of deferred replacement cycles.
  • 2026 Operating Profit Outlook:: Full-year operating profit expected, with a small first-half loss offset by second-half revenue/profit growth, driven by volume recovery and cost actions.
  • CapEx Guidance:: 2026 capital expenditures projected at $55M–$75M, prioritizing product development, modular platform scaling, IT infrastructure, and manufacturing optimization.

Bookings and Order Trends

Bookings have been a bright spot for Hyster-Yale, with a significant increase in the fourth quarter driven by North America industrial counterbalance. The company has seen a recovery in industrials, particularly in the heavy side, while the warehouse side has stayed steady. Management expects bookings to continue strengthening in 2026, driven by a replacement cycle, although with a mix of smaller, more price-competitive products. As Rajiv K. Prasad noted, "customers began converting quotes into firm orders at a materially higher rate, suggesting extended backlog delivery is now complete, and greater clarity around their operational needs."

Operational Improvements and Investments

Hyster-Yale has been making progress in improving its operational efficiency, with a focus on aligning production and working capital practices with periods of reduced output. The company is also investing in new products and technologies, including electric counterbalance trucks and warehouse products, as well as automation solutions. These investments are expected to drive growth and improve margins, with management targeting a moderate full-year operating profit in 2026.

Valuation and Outlook

With a P/E Ratio of -9.85 and an EV/EBITDA of 13.5, the market is pricing in a significant recovery in Hyster-Yale's earnings. Analysts estimate revenue growth of 5.3% next year, which may be achievable given the company's improving bookings and operational trends. However, the company's high Net Debt / EBITDA of 4.13 and negative ROE of -11.65 are concerns that investors should keep in mind. The Dividend Yield of 4.31% is a positive, providing some support to the stock.

3. NewsRoom

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Hyster-Yale (HY) Suffers a Larger Drop Than the General Market: Key Insights

Mar -20

Source: zacks.com

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Hyster-Yale (HY) Declines More Than Market: Some Information for Investors

Mar -18

Source: zacks.com

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Here's Why Hyster-Yale (HY) Fell More Than Broader Market

Mar -11

Source: zacks.com

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Hyster-Yale Q4 Earnings Call Highlights

Mar -06

Source: defenseworld.net

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Hyster-Yale: Turnaround Play With Substantial Upside - Strong Buy

Mar -05

Source: seekingalpha.com

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Hyster-Yale, Inc. (HY) Q4 2025 Earnings Call Transcript

Mar -04

Source: seekingalpha.com

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Hyster-Yale (HY) Reports Q4 Loss, Beats Revenue Estimates

Mar -04

Source: zacks.com

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HYSTER-YALE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Mar -03

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Lift Truck

Expected Growth: 3.0%

The 3.0% growth of Lift Truck from Hyster-Yale Materials Handling, Inc. is driven by increasing demand for warehouse automation, e-commerce growth, and rising adoption of electric forklifts. Additionally, the company's focus on product innovation, expansion in emerging markets, and strategic acquisitions contribute to its growth momentum.

Bolzoni

Expected Growth: 3.0%

Bolzoni's 3.0% growth is driven by increasing demand for warehouse automation, e-commerce growth, and rising adoption of lithium-ion batteries in forklifts. Additionally, the company's focus on innovative products, such as its lithium-ion powered pallet trucks, and strategic acquisitions are expected to contribute to its growth.

Eliminations

Expected Growth: 3.0%

Hyster-Yale Materials Handling, Inc.'s 3.0% growth driven by increased demand for warehouse automation, e-commerce growth, and rising adoption of lithium-ion batteries in forklifts, offsetting declines in traditional internal combustion engine products.

Nuvera

Expected Growth: 3.0%

Nuvera's 3.0 growth is driven by increasing adoption of alternative energy solutions, rising demand for eco-friendly forklifts, and expanding presence in the material handling industry. Additionally, Hyster-Yale's strategic investments in technology and manufacturing capabilities, as well as growing partnerships with major logistics and e-commerce companies, contribute to Nuvera's growth momentum.

7. Detailed Products

Lift Trucks

Hyster-Yale Materials Handling, Inc. offers a range of lift trucks, including electric, internal combustion, and warehouse products, designed to meet the needs of various industries and applications.

Container Handling Equipment

The company provides container handling equipment, such as reachstackers and empty container handlers, designed for efficient and safe container handling in ports and terminals.

Warehouse Equipment

Hyster-Yale offers a range of warehouse equipment, including pallet trucks, stackers, and order pickers, designed to optimize warehouse operations.

Automated Guided Vehicles (AGVs)

The company provides AGVs, which are designed to automate material handling tasks, such as transporting goods and materials in warehouses and manufacturing facilities.

Telemetry and Fleet Management Solutions

Hyster-Yale offers telemetry and fleet management solutions, which provide real-time data and insights to optimize fleet operations and reduce costs.

8. Hyster-Yale Materials Handling, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Hyster-Yale Materials Handling, Inc. is medium due to the presence of alternative material handling solutions, but the company's strong brand reputation and customer loyalty mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is high due to the large number of customers and the availability of alternative suppliers, giving customers the power to negotiate prices and terms.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's large scale of operations and its ability to negotiate favorable terms with suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including the need for significant capital investment and the complexity of the material handling industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the material handling industry, leading to a competitive market environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 56.00%
Debt Cost 10.77%
Equity Weight 44.00%
Equity Cost 11.39%
WACC 11.04%
Leverage 127.29%

11. Quality Control: Hyster-Yale Materials Handling, Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
REV Group

A-Score: 6.1/10

Value: 3.8

Growth: 8.2

Quality: 6.3

Yield: 4.0

Momentum: 9.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Lindsay

A-Score: 5.4/10

Value: 5.4

Growth: 6.3

Quality: 6.6

Yield: 2.0

Momentum: 3.5

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Alamo Group

A-Score: 5.2/10

Value: 5.8

Growth: 7.0

Quality: 6.3

Yield: 1.0

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Wabash

A-Score: 5.0/10

Value: 9.8

Growth: 3.3

Quality: 6.5

Yield: 6.0

Momentum: 0.5

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
Hyster-Yale

A-Score: 4.8/10

Value: 6.5

Growth: 6.4

Quality: 3.3

Yield: 7.0

Momentum: 1.5

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Gencor

A-Score: 4.0/10

Value: 5.9

Growth: 6.3

Quality: 6.5

Yield: 0.0

Momentum: 0.5

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

29.1$

Current Price

29.1$

Potential

-0.00%

Expected Cash-Flows