One-glance verdict
Undervalued
$73.78 our estimate vs market $33.40
Wall Street consensus: $50.00 (-32.2% lower than our fair-value estimate)
55% below our estimate, below the bear case
Fundamentals snapshot
Hyster-Yale, Inc.
HY · NYQ · Industrials · Farm & Heavy Construction Machinery
Current price
$33.40
52-week range
$26.41 - $41.30
Market cap
$598.88M
Balance sheet
Distressed
0.52x Concerning
Net debt $423.70M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
3 Risks
2 rewards · 3 risks
- Reward Free cash flow was positive in 8/10 years.
- Reward Dividend yield is 4.3% with 15-year payout history.
- Risk Return on equity was -23.6% last year — the company lost money on shareholders' equity.
- Risk Operating margin compressed from -1.1% to -6.5% over 3 years.
What this company does
Hyster-Yale, Inc.
Hyster-Yale builds and sells the forklifts and related parts that businesses use to move heavy goods in warehouses, ports, and factories. The company makes most of its money selling these large machines through a network of dealerships, so its performance often reflects how much businesses are investing in their supply chain (the entire process of getting a product from the factory to the customer).
How the company got here
Hyster-Yale's story begins with two separate companies: the Hyster Company, founded in Oregon in 1929, and the Yale & Towne Manufacturing Company, which started making forklifts in the 1920s. A larger company called NACCO Industries bought both Hyster and Yale in the 1980s and combined their materials handling operations. In 2012, this combined business was spun off into its own publicly traded company, Hyster-Yale Materials Handling, Inc. To better reflect its evolution into distinct but related businesses, the parent company changed its name to Hyster-Yale, Inc. in May 2024.
What it actually does
Hyster-Yale is a global company that designs, builds, and sells a wide variety of lift trucks, which you might know as forklifts. These are the vehicles you see in warehouses, ports, and manufacturing plants that lift and move heavy materials. Beyond the trucks themselves, the company also sells all the parts needed to keep them running and provides fleet management services (helping other companies manage their groups of vehicles). They also make specialized attachments for the trucks and are developing alternative power sources like hydrogen fuel cells.
Lift Trucks
This is the heart of Hyster-Yale's business, making up the vast majority of its sales. It builds and sells a huge range of forklifts and container handlers under its two main brand names, Hyster and Yale. Hyster trucks are known for being very rugged and are often used in demanding industrial settings, while Yale trucks are often found in warehouses and retail environments. Customers for these trucks are businesses of all sizes that need to move materials, from a single small warehouse to a massive international port.
Bolzoni
This part of the company makes specialized attachments that connect to the front of a forklift to handle specific types of products. Think of these as different tools for the forklift, like clamps for paper rolls or forks designed to handle delicate items without causing damage. Bolzoni sells these attachments to forklift users who need more than just standard forks, helping them to move unique loads more efficiently. This is a smaller, more specialized part of Hyster-Yale's overall business.
Nuvera
Nuvera is Hyster-Yale's bet on the future of energy for industrial vehicles. This segment designs and develops hydrogen fuel cell systems, which are devices that create electricity from hydrogen, producing only water as a byproduct. The goal is to offer customers a clean, zero-emission power source for their forklifts and other equipment. While currently a small piece of the company, it represents a forward-looking investment in sustainable technology.
What management is betting on now
The company's leadership is focused on making its core lift truck business more efficient and profitable, partly by redesigning products to be built on shared platforms. They are also investing heavily in new technologies that customers are asking for, such as electric and automated (self-driving) forklifts and advanced energy solutions like those from their Nuvera segment. A key part of their strategy is to provide the 'lowest total cost of ownership' (meaning the total cost to buy, run, and maintain a vehicle over its life) for their customers. Management is also implementing cost-saving measures to make the company more financially resilient, no matter the state of the overall economy.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$59.90M
FY2024 Q4
$62.80M
FY2025 Q1
$-47.00M
FY2025 Q2
$15.10M
FY2025 Q3
$22.60M
FY2025 Q4
$32.90M
FY2026 Q1
$-42.70M
FY2026 Q2
$2.00M
Revenue
$812.90M
Net income
$-31.60M
Diluted EPS
-1.76
Operating cash flow
$16.70M
Free cash flow
$2.00M
Fetching…
Sources
Revenue
$795.20M
Net income
$-30.50M
Diluted EPS
-1.71
Operating cash flow
$-32.90M
Free cash flow
$-42.70M
Fetching…
Sources
Revenue
$923.20M
Net income
$-52.50M
Diluted EPS
-2.96
Operating cash flow
$56.50M
Free cash flow
$32.90M
Fetching…
Sources
Revenue
$979.10M
Net income
$-2.30M
Diluted EPS
-0.13
Operating cash flow
$37.10M
Free cash flow
$22.60M
Fetching…
Sources
Revenue
$956.60M
Net income
$-13.90M
Diluted EPS
-0.79
Operating cash flow
$28.90M
Free cash flow
$15.10M
Fetching…
Sources
Revenue
$910.40M
Net income
$8.60M
Diluted EPS
0.48
Operating cash flow
$-36.40M
Free cash flow
$-47.00M
Fetching…
Sources
Revenue
$1.07B
Net income
$10.30M
Diluted EPS
0.56
Operating cash flow
$80.70M
Free cash flow
$62.80M
Fetching…
Sources
Revenue
$1.02B
Net income
$17.20M
Diluted EPS
0.97
Operating cash flow
$70.10M
Free cash flow
$59.90M
Fetching…
Sources
Is it cheap or expensive?
Fair value $73.78 vs current price $33.40
Wall Street consensus is the average analyst price target: $50.00 (-32.2% lower than our fair-value estimate).
Our most-likely fair value is $73.78 a share — about 120.9% above today's price of $33.40, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $423.7M. Interest coverage 0.5x.
Net debt
$423.70M
Interest coverage
0.52x
Hyster-Yale, Inc.'s profit covers its interest bill about 0.5 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
HY
BASELINE
Hyster-Yale, Inc.
Total debt $500.00M Interest coverage 0.52x This is the baseline the peer rows are being compared against.
Total debt $538.00M Interest coverage 1.56x +198% vs HY Carries about 3.0x more debt cushion than HY.
Total debt $393.40M Interest coverage 3.54x +578% vs HY Carries about 6.8x more debt cushion than HY.
Total debt $278.86M Interest coverage 10.19x +1,851% vs HY Carries about 19.5x more debt cushion than HY.
Total debt $2.69B Interest coverage 2.68x +414% vs HY Carries about 5.1x more debt cushion than HY.
Total debt $1.10B Interest coverage 8.04x +1,438% vs HY Carries about 15.4x more debt cushion than HY.
What you should know
The case for and against HY
2 Rewards
3 Risks
Rewards
-
Free cash flow was positive in 8/10 years.
-
Dividend yield is 4.3% with 15-year payout history.
Risks
-
Return on equity was -23.6% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from -1.1% to -6.5% over 3 years.
-
Net debt grew 5.1% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
16.21x
P/B
1.53x
P/S
0.17x
EV/EBITDA
-21.45x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
14.4%
Operating margin
-6.5%
Net margin
-3.3%
ROE
-23.6%
ROA
-2.9%
Health
Liquidity and balance-sheet strength
Debt / equity
1.22x
Current ratio
1.28x
Quick ratio
0.56x
Total debt
$500.00M
Total cash
$76.30M
Growth
How the business has been compounding
Revenue TTM
$3.51B
Revenue 5Y CAGR
5.2%
EPS TTM
-6.58
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$77.40M
Free CF TTM
$23.60M
FCF margin
0.7%
Dividend
Shareholder payout
Yield
4.3%
Payout ratio
1,014.3%
Last ex-div date
2026-09-01