Hyster-Yale Materials Handling (HY) AI Stock Analysis

• Market Cap: $535.21M
• Dividend Yield: 4.61%
• Average Volume (3M): 169.98K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.15
• Revenue Growth: -8.30%
• EPS Growth: -98.18%
• Country: US
• Employees: 8,500
• Sector: Industrials
• Sector Strength: 72
• Industry: Agricultural - Machinery
• EPS (TTM): -2.96
• Shares Outstanding: 14,452,785
• 10 Day Avg. Volume: 168,561
• 30 Day Avg. Volume: 169,977
• PEG Ratio: 0.06
• Price to Book (P/B): 1.12
• Price to Sales (P/S): 0.14
• P/FCF Ratio: 22.30
• Enterprise Value/Market Cap: 1.47
• Enterprise Value/Revenue: 0.21
• Enterprise Value/Gross Profit: 1.25
• Enterprise Value/Ebitda: 12.47
• 1Y Price Target: $47.00
• Price Target Upside: 57.19% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -1.45
• Revenue Forecast (FY): $3.73B

• Rating: 59 Neutral
• Price Target: $32.00 ▲(7.02% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by weakened 2025 profitability and a very high P/E, despite improved leverage and solid cash generation. Technicals are supportive with price trading above key moving averages and positive momentum indicators. Earnings call commentary adds moderate support via improving bookings and guidance for a 2026 recovery, but persistent tariff and margin headwinds limit upside confidence.

Positive Factors

Improved leverage

Material deleveraging to ~0.82x D/E meaningfully lowers balance-sheet risk and enhances financial flexibility. Lower leverage supports funding of capex, product launches, and restructuring savings without heavy external financing, strengthening resilience across industry cycles.

Consistent cash generation

Positive operating and free cash flow in 2025 provides durable liquidity to fund R&D, capex guidance ($55–75M), and cost programs while supporting dealer/service networks. Steady FCF cushions cyclicality and improves the company's ability to execute strategic investments and deleveraging plans.

Product & technology initiatives

Introduction of modular platforms, EV and automation products represents a structural shift toward higher-value offerings. Scalable technology can raise revenue per unit, improve margins over time, and differentiate Hyster‑Yale versus low-cost competitors, supporting a more resilient, higher-margin installed base.

Negative Factors

Profitability volatility

A swing to net losses and compressed gross margins in 2025 underscores cyclical and execution risk. Volatile profitability undermines consistent return generation and planning, complicates sustained reinvestment and dividend policies, and raises uncertainty around normalized earnings power.

Tariff headwinds

Sustained ~$100M tariff costs are a structural margin drag, reducing pricing flexibility and unit economics. With uncertain refunds and mitigation only ramping in later quarters, tariffs can materially compress margins and slow the pace at which operational savings translate to net-income recovery.

Margin pressure from mix & competition

A durable market shift toward lower-priced models and aggressive competitor pricing constrains gross-margin recovery even as volumes improve. Structural mix change caps upside on returns, so cost cuts may only partially offset lower average selling prices and could limit long-term profitability improvements.

Hyster-Yale Materials Handling Business Overview & Revenue Model

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.

How the Company Makes Money

HY makes money primarily by selling materials-handling equipment and by generating recurring aftermarket revenue tied to its installed base of trucks. (1) New equipment sales: The largest revenue stream comes from the sale of Hyster- and Yale-branded lift trucks and related warehouse equipment. These products are generally sold through independent dealer networks that market, sell, and support customers in their territories; HY records revenue from the sale of equipment (and, where applicable, any bundled elements) based on its commercial arrangements. Equipment demand is influenced by industrial activity, logistics/warehousing investment, competitive pricing, and the timing of customers’ fleet refresh cycles. (2) Aftermarket/parts and service: HY earns additional revenue from replacement parts, service-related offerings, and other support tied to the maintenance and repair of its installed base. Aftermarket tends to be more recurring than new truck sales because trucks require ongoing maintenance and periodic component replacement over their useful lives; HY participates in this stream through parts sales and related support provided via its dealers and channels. (3) Attachments: Through its Bolzoni attachments business, HY earns revenue from the sale of lift-truck attachments and related handling solutions. Attachments are often purchased alongside new trucks or added later to adapt existing fleets to specific material types, helping drive both OEM-linked and retrofit demand. (4) Dealer/channel contribution: Independent dealers are a significant commercial route to market, supporting sales, financing/leasing offerings, rentals, and service in local markets; HY’s earnings are therefore influenced by dealer coverage, dealer inventory practices, and the strength of dealer/customer relationships. Specific details on material partnerships, customer concentration, or revenue mix percentages are null.

Hyster-Yale Materials Handling Financial Statement Overview

Summary

Mixed fundamentals. Earnings deteriorated sharply in 2025 with net losses, margin compression, and lower revenue, increasing cyclicality and execution risk. Offsetting this, leverage improved materially (debt-to-equity down to ~0.82x) and cash generation remained a strength with positive operating and free cash flow in 2025.

Income Statement

Profitability has been volatile. After solid profitability in 2023–2024 (net profit margin ~3% and improving gross margin), 2025 saw a sharp reversal with net losses (-$60.1M) and negative operating results, alongside a ~3.7% revenue decline. Gross margin also compressed in 2025 versus 2024, signaling weaker pricing, mix, or cost pressure. The longer-term picture shows a rebound from 2021–2022 losses, but the latest year reintroduces earnings risk and lowers confidence in the trajectory.

Balance Sheet

Leverage has improved meaningfully versus 2022, with debt-to-equity declining from ~2.70x (2022) to ~0.82x (2025), indicating a stronger capital structure and reduced balance-sheet risk. Equity is stable around ~$472M–$475M in 2024–2025 and total assets are steady near ~$2.0B. However, returns have swung sharply: strong profitability in 2023–2024 supported healthy returns on equity, but 2025 losses pushed returns negative again, highlighting cyclical earnings pressure despite improved leverage.

Cash Flow

Cash generation is a relative strength. Operating cash flow remained positive in 2025 ($86.1M) and free cash flow was also positive ($86.1M), following solid 2023–2024 levels and a major recovery from deeply negative 2021. Free cash flow growth in 2025 was strong versus 2024, supporting liquidity and financial flexibility even in a loss year. The main weakness is that cash flow has not consistently tracked reported earnings across the cycle, with coverage levels varying widely year to year, which adds some quality-of-earnings uncertainty.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	3.77B	4.31B	4.12B	3.55B	3.08B
Gross Profit	632.80M	895.50M	785.60M	433.90M	363.40M
EBITDA	63.30M	300.40M	263.40M	9.40M	-93.20M
Net Income	-60.10M	142.30M	125.90M	-74.10M	-173.00M
Balance Sheet
Total Assets	2.02B	2.03B	2.08B	2.03B	1.97B
Cash, Cash Equivalents and Short-Term Investments	123.20M	96.60M	78.80M	59.00M	65.50M
Total Debt	384.70M	541.80M	571.90M	552.90M	518.50M
Total Liabilities	1.53B	1.54B	1.67B	1.80B	1.59B
Stockholders Equity	472.00M	475.10M	389.90M	204.40M	357.10M
Cash Flow
Free Cash Flow	23.60M	122.90M	115.30M	11.80M	-297.80M
Operating Cash Flow	86.10M	170.70M	150.70M	40.60M	-253.50M
Investing Cash Flow	-62.70M	-47.60M	-34.50M	-35.40M	-24.50M
Financing Cash Flow	-800.00K	-100.10M	-100.50M	-10.90M	193.60M

Hyster-Yale Materials Handling Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 29.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HY, the sentiment is Negative. The current price of 29.9 is below the 20-day moving average (MA) of 35.31, below the 50-day MA of 34.71, and below the 200-day MA of 35.38, indicating a bearish trend. The MACD of -1.40 indicates Positive momentum. The RSI at 30.80 is Neutral, neither overbought nor oversold. The STOCH value of 1.95 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HY.

Hyster-Yale Materials Handling Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAT	75 Outperform	$322.73B	30.12	45.10%	0.98%	-1.51%	-9.69%
DE	73 Outperform	$154.24B	54.83	18.93%	1.34%	-11.66%	-27.80%
PCAR	72 Outperform	$60.31B	24.25	12.57%	3.83%	-15.29%	-42.93%
TEX	67 Neutral	$6.68B	15.89	11.16%	1.24%	4.60%	-65.73%
OSK	66 Neutral	$9.21B	12.46	14.57%	1.56%	-2.28%	-0.53%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
HY	59 Neutral	$535.21M	-8.76	0.51%	4.61%	-8.30%	-98.18%

Hyster-Yale Materials Handling Corporate Events

Hyster-Yale Updates Investors With New Strategic Presentation

On March 4, 2026, Hyster-Yale, Inc. posted an updated investor presentation on its corporate website, providing the market with refreshed information on the company’s performance and strategic direction. The materials were furnished in connection with a Form 8-K filing, indicating a formal communication of key financial and operational updates to investors and other stakeholders.

The most recent analyst rating on (HY) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Hyster-Yale Materials Handling stock, see the HY Stock Forecast page.

Hyster-Yale Expands Historical Quarterly Financial Disclosure Access

On March 3, 2026, Hyster-Yale, Inc. plans to post additional historical quarterly financial data on its website and update the schedules previously made available for its fourth-quarter 2025 results. The company is furnishing this information as historical data on its operating performance under a Form 8-K, clarifying that the materials are provided for disclosure purposes and are not deemed filed or incorporated by reference under federal securities laws.

The move provides investors and other stakeholders with more detailed visibility into Hyster-Yale’s past quarterly performance, potentially aiding in trend analysis and assessment of the company’s recent operating trajectory. By expanding access to historical financial schedules while keeping them outside the “filed” category, the company balances transparency with managing its formal reporting obligations and associated liabilities under securities regulations.

The most recent analyst rating on (HY) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on Hyster-Yale Materials Handling stock, see the HY Stock Forecast page.