Hyster-Yale Materials Handling, Inc.
- Open
- 33.54
- Day high
- 34.31
- Day low
- 32.77
- Prev close
- 33.50
- Volume
- 107K
- Mkt cap
- $599M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.4
- P/S
- 0.2
- Yield
- 4.32%
- Per share
- $1.44
- ▼Insiders net selling $0 over the last 3 months (2 open-market buys, 3 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Hyster-Yale Materials Handling, Inc. (HY) is a Industrials company listed on NYSE. The stock is down 17% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 3 sales (SEC Form 4).
Hyster-Yale Materials Handling, Inc. (HY) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $-1.80 | $-1.64 | +8.9% | $795M | -9.4% |
| Mar 4, 2026 | $-1.20 | $-2.06 | -71.7% | $923M | +4.7% |
| Feb 27, 2024 | $1.73 | $1.43 | -17.3% | $1.0B | +0.0% |
| Oct 31, 2023 | $0.72 | $2.06 | +186.1% | $1.0B | +3.7% |
| May 2, 2023 | $0.38 | $1.55 | +307.9% | $999M | +6.1% |
| Feb 27, 2023 | $-0.22 | $0.44 | +300.0% | $985M | +10.4% |
| Nov 1, 2022 | $-2.08 | $-2.20 | -5.8% | $840M | +0.7% |
| Aug 2, 2022 | $-1.85 | $-1.15 | +37.8% | $895M | +9.6% |
| May 3, 2022 | $-2.71 | $-1.48 | +45.4% | $828M | +0.9% |
| Feb 28, 2022 | $-1.10 | $-2.84 | -158.2% | $830M | +5.5% |
| Nov 2, 2021 | $-0.43 | $-4.59 | -967.4% | $748M | +0.6% |
| Aug 3, 2021 | $0.40 | $0.11 | -72.5% | $766M | +0.0% |
HY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Gary Collar Ldirector | Grant | 770 | — |
| Jul 6, 2026 | Gary Collar Ldirector | Grant | 1,055 | — |
| Jul 6, 2026 | Corvi Carolyndirector | Grant | 1,055 | — |
| Jul 6, 2026 | RANKIN CLAIBORNE Rdirector, other: Member of a Group | Grant | 1,055 | — |
| Jul 6, 2026 | WILLIAMS CLARA Rother: Member of a Group | Grant | 1,055 | — |
| Jul 6, 2026 | Eliopoulos Edward Tdirector | Grant | 1,055 | — |
| Jul 6, 2026 | TAPLIN BRITTON Tdirector | Grant | 1,055 | — |
| Jul 6, 2026 | LABARRE DENNIS Wdirector | Grant | 1,055 | — |
| Jul 6, 2026 | BUTLER JOHN C JRdirector, other: Member of a Group | Grant | 1,055 | — |
| Jul 6, 2026 | WILLIAMS DAVID Bdirector, other: Member of a Group | Grant | 1,055 | — |
| Jul 6, 2026 | BUTLER HELEN RANKINother: Member of a Group | Grant | 1,055 | — |
| Jul 6, 2026 | Poor Vincentdirector | Grant | 1,055 | — |
| Jul 6, 2026 | Bemowski Jamesdirector | Grant | 1,055 | — |
| Jul 6, 2026 | RANKIN CHLOE Oother: Member of a Group | Grant | 1,055 | — |
| Jul 6, 2026 | Batcheler Colleendirector | Grant | 1,055 | — |
Source: HY SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full HY insider & 13F page →Hyster-Yale Materials Handling, Inc. company profile
Overview
Hyster-Yale Materials Handling, Inc. (NYSE:HY) is a Cleveland, Ohio-based industrial equipment manufacturer that was incorporated in 1991 and went public in 2012. The company operates as a global designer, manufacturer, and distributor of lift trucks and material handling equipment, serving customers worldwide through its subsidiaries. Hyster-Yale has evolved from a traditional forklift manufacturer into a comprehensive materials handling solutions provider, expanding into electrification technologies, fuel cell systems, and automated equipment to meet the changing needs of industrial customers.
Business
Hyster-Yale operates in the industrial materials handling equipment sector, primarily manufacturing and selling lift trucks (commonly known as forklifts) and related equipment. A lift truck is a powered industrial vehicle used to lift, move, and place materials in warehouses, manufacturing facilities, ports, and construction sites. These machines are essential for material handling operations across virtually all industries. The company operates through three main business segments: 1. Lift Truck Business (approximately 95% of total revenue): This core segment designs, manufactures, and sells lift trucks under the globally recognized Hyster and Yale brand names. The product portfolio spans from small electric warehouse trucks (Class 1) to heavy-duty internal combustion engine trucks capable of lifting over 50,000 pounds (Classes 4 and 5). The company also produces aftermarket parts and provides service support through independent dealerships worldwide. This segment includes both traditional internal combustion engine trucks and increasingly popular electric models. 2. Bolzoni Segment (approximately 2-3% of revenue): This division produces and distributes specialized attachments, forks, and lift tables under the Bolzoni, Auramo, and Meyer brand names. These attachments allow lift trucks to handle specialized loads like paper rolls, carpets, or containers, extending the functionality of the base vehicles. 3. Nuvera Fuel Cell Business (less than 1% of revenue): This emerging technology segment designs, manufactures, and sells hydrogen fuel cell stacks and engines for industrial applications. Fuel cells convert hydrogen into electricity, providing zero-emission power for lift trucks and other industrial equipment, representing the company's investment in clean energy solutions. The company also manufactures key components in-house, including frames, masts, and transmissions, providing greater control over quality and costs while serving both internal needs and external customers.
Revenue model
Hyster-Yale generates revenue primarily through product sales of lift trucks and related equipment to independent dealerships, which then sell to end customers. The company operates on a traditional manufacturing business model where it produces equipment and sells it at a markup to cover manufacturing costs, research and development, and generate profit. The primary revenue streams include: 1. New lift truck sales, which account for the majority of revenues and typically carry higher margins on premium models and specialized equipment. 2. Aftermarket parts and service, providing a steady recurring revenue stream as customers maintain their equipment fleets. 3. Attachments and specialized equipment through the Bolzoni segment. 4. Emerging fuel cell technology sales through Nuvera, though this remains a small portion of total revenue. The company's customers include independent Hyster and Yale dealerships who serve end users such as manufacturers, trucking companies, rental companies, building materials suppliers, warehouses, retailers, food distributors, container handling companies, and government agencies. The business benefits from both new equipment sales and the ongoing need for replacement parts and service. Several factors significantly impact the company's margins and profitability. Positive margin drivers include: the ability to implement price increases during inflationary periods, higher sales of premium Class 4 and 5 trucks which carry better margins, localized production reducing transportation costs, and the growing aftermarket parts business. Negative margin pressures come from: raw material cost inflation particularly for steel and components, supply chain disruptions increasing procurement costs, skilled labor shortages driving up manufacturing wages, competitive pricing pressure in commodity truck segments, and potential tariff impacts on imported components. The cyclical nature of industrial equipment demand also creates periods of margin pressure during economic downturns when customers delay equipment purchases.
Competitive moat
Hyster-Yale possesses a moderate competitive moat built primarily around brand recognition, dealer network, and manufacturing scale, though this moat faces increasing pressure from new technologies and competitors. The company's strongest defensive positions include its well-established Hyster and Yale brands, which have decades of market recognition and customer loyalty in the industrial equipment sector. The extensive global dealer network provides significant distribution advantages and creates switching costs for customers who rely on local service and parts availability. The company's manufacturing scale allows for cost efficiencies and the ability to produce key components in-house, providing some cost advantages over smaller competitors. Additionally, the specialized nature of heavy-duty lift trucks creates barriers for new entrants due to the engineering expertise, safety certifications, and capital requirements needed to compete effectively. However, the moat faces several challenges. The lift truck industry is highly competitive with established players like Toyota, Crown Equipment, and Caterpillar, limiting pricing power. The shift toward electrification and automation creates opportunities for new technology-focused competitors to disrupt traditional manufacturers. Chinese manufacturers are increasingly competing on price, particularly in emerging markets. The cyclical nature of the business means that during downturns, competitive pressures intensify as manufacturers compete for limited demand. The company's investment in fuel cell technology through Nuvera represents an attempt to build future competitive advantages, but this technology remains commercially unproven and faces competition from battery-electric solutions. Overall, while Hyster-Yale maintains competitive advantages in certain segments, the moat is not exceptionally strong and requires continuous investment in technology and operational efficiency to maintain market position.
Risks & safety
The company presents moderate financial risk with some concerning leverage metrics but adequate liquidity. • Liquidity and Cash Position: Cash and short-term investments of $77.2 million as of Q1 2025, with current ratio of 1.38, indicating adequate short-term liquidity but limited cash cushion for a cyclical business. • Debt and Solvency: Debt-to-equity ratio of 0.95 indicates high leverage, with total liabilities of $1.53 billion against total assets of $2.06 billion. The company carries significant debt burden relative to equity. • Cash Flow Concerns: Free cash flow turned negative at -$47 million in Q1 2025, compared to positive $123 million for full year 2024, indicating working capital challenges and cyclical cash flow volatility. • Valuation Metrics: Trading at P/E ratio of 21.2x based on recent earnings, EV/EBITDA of 8.0x, suggesting the stock is not particularly cheap given the cyclical challenges. • Other Considerations: The company is undergoing significant restructuring with $15-18 million in expected costs, while facing a declining market environment that could pressure cash generation further.
Recent development
Over the past few years, Hyster-Yale has undergone significant strategic transformation focused on three key areas: operational restructuring, technology advancement, and market positioning. The company initiated major footprint optimization programs in 2024, investing $21 million in Q4 2024 with additional costs of $8-16 million expected through 2026. These restructuring efforts aim to streamline the manufacturing network, consolidate production of internal combustion and electric trucks, and generate $30-40 million in annual benefits starting in 2027. The company has made substantial investments in electrification and clean energy technologies. Through its Nuvera subsidiary, Hyster-Yale is developing hydrogen fuel cell solutions, though it recently restructured this division to focus on lithium-ion battery modules, energy management services, and mobile modular hybrid electric charging platforms. The company has also launched new modular and scalable product platforms, reducing its supplier base from 750 to 150 suppliers for certain product lines to improve efficiency and reduce complexity. Market positioning efforts include rebranding Yale to "Yale Lift Truck Technologies" and transitioning from a traditional equipment manufacturer to a solutions-based company. The company has focused on developing industry-specific solutions and expanding its automation capabilities. Recent product launches include modular scalable 2-3 ton internal combustion engine trucks and new hydrogen-powered mobile generator products targeting zero-emission power solutions for various sectors including film production and urban environments. The strategic pivot reflects management's recognition that the traditional lift truck market is becoming increasingly commoditized, requiring differentiation through technology, service capabilities, and specialized solutions rather than competing solely on price and basic functionality.
HY company profile · for informational purposes only — not investment advice.
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