Hyster-Yale
HYNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $27.98 Prior regular-session close from the quote source.
- $27.86–$28.74 Regular-session low and high so far today.
- 141.9K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Mar 3 projected Projected for 2027-03-03 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $26.41–$41.30 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own HY if 2025 proves to be a recoverable cost-and-volume trough rather than evidence that larger lift-truck rivals have permanently impaired its pricing power.
HY price history
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Investment thesis
What must happen next
The Hyster and Yale brand/dealer installed base remains strong enough that customers replace fleets within the franchise rather than permanently switching to Toyota, KION/Linde, Crown, or lower-cost Chinese lift-truck suppliers.HoldingMateriality: High
GAAP annual revenue was $3.769 billion in FY2025, still above the $3.548 billion reported in FY2022 despite the downturn. If the installed base holds, revenue weakness can be cyclical; if fleet standards and dealers migrate away, the revenue base and aftermarket economics shrink structurally.
Watch: Toyota Material Handling, KION/Linde, or Crown wins multi-year fleet-standardization awards from major warehouse, retail, port, or manufacturing customers that previously used Hyster or Yale.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue was $3.769 billion in FY2025, still above the $3.548 billion reported in FY2022 despite the downturn.
Open source ↗Hyster-Yale must prove its brands, aftermarket support, and product mix give it enough pricing power to recover material, labor, freight, warranty, and mix pressure rather than behaving like a commodity equipment maker.WeakeningMateriality: High
GAAP annual gross profit was $895.5 million in FY2024 and $785.6 million in FY2023, indicating the business recently demonstrated substantially better product economics. Gross profit is the first proof that revenue is being earned at acceptable economics; if pricing and mix do not recover, higher unit volume will not create owner value.
Watch: Toyota, KION/Linde, Crown, or Chinese entrants use price concessions or financing support to force Hyster-Yale to discount new trucks to defend share.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit was $895.5 million in FY2024 and $785.6 million in FY2023, indicating the business recently demonstrated substantially.
Open source ↗The manufacturing footprint and production planning can translate a demand recovery into operating profit rather than being trapped by underabsorbed fixed costs, unfavorable mix, or restructuring friction.WeakeningMateriality: Medium
GAAP annual operating income was $244.8 million in FY2024 and $208.7 million in FY2023, proving the operating model can produce meaningful profit when volume, mix, and costs align. This determines whether a cyclical revenue rebound becomes EPS and cash flow, or merely fills factories at poor incremental margins.
Watch: Persistent factory underutilization from weak lift-truck orders causes fixed costs to remain spread over too few units.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income was $244.8 million in FY2024 and $208.7 million in FY2023, proving the operating model can produce.
Open source ↗Working-capital discipline and the aftermarket/service nature of the installed base allow Hyster-Yale to generate operating cash through the cycle even when GAAP earnings are pressured.StrengtheningMateriality: Medium
GAAP annual operating cash flow was positive at $86.1 million in FY2025 despite a GAAP net loss of $60.1 million. Positive cash generation gives the company time to fix margins without relying entirely on new borrowing or equity dilution.
Watch: Dealer inventory builds or customer financing terms absorb cash before end-market demand improves.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was positive at $86.1 million in FY2025 despite a GAAP net loss of $60.1 million.
Open source ↗The balance sheet remains strong enough to fund dealer support, product development, inventory normalization, and restructuring through a downturn without creditors or liquidity needs forcing value-destructive retrenchment.HoldingMateriality: Medium
Total liabilities declined to $1.528 billion at FY2025 year-end from $1.535 billion at FY2024 year-end and $1.801 billion at FY2022 year-end. A cyclical recovery thesis only works if the company can survive the trough on acceptable terms and keep investing in the franchise.
Watch: Banks or credit-market counterparties tighten borrowing terms after continued losses or weaker collateral values.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Total liabilities declined to $1.528 billion at FY2025 year-end from $1.535 billion at FY2024 year-end and $1.801 billion at FY2022.
Open source ↗
Full investment case & evidence
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Original research
The Hyster and Yale brand/dealer installed base remains strong enough that customers replace fleets within the franchise rather than permanently switching to Toyota, KION/Linde, Crown, or lower-cost Chinese lift-truck suppliers. If the installed base holds, revenue weakness can be cyclical; if fleet standards and dealers migrate away, the revenue base and aftermarket economics shrink structurally.
Hyster-Yale must prove its brands, aftermarket support, and product mix give it enough pricing power to recover material, labor, freight, warranty, and mix pressure rather than behaving like a commodity equipment maker. Gross profit is the first proof that revenue is being earned at acceptable economics; if pricing and mix do not recover, higher unit volume will not create owner value.
The manufacturing footprint and production planning can translate a demand recovery into operating profit rather than being trapped by underabsorbed fixed costs, unfavorable mix, or restructuring friction. This determines whether a cyclical revenue rebound becomes EPS and cash flow, or merely fills factories at poor incremental margins.
Working-capital discipline and the aftermarket/service nature of the installed base allow Hyster-Yale to generate operating cash through the cycle even when GAAP earnings are pressured. Positive cash generation gives the company time to fix margins without relying entirely on new borrowing or equity dilution.
The balance sheet remains strong enough to fund dealer support, product development, inventory normalization, and restructuring through a downturn without creditors or liquidity needs forcing value-destructive retrenchment. A cyclical recovery thesis only works if the company can survive the trough on acceptable terms and keep investing in the franchise.
All standing thesis claims
Original report summary
2025 proves to be a recoverable cost-and-volume trough rather than evidence that larger lift-truck rivals have permanently impaired its pricing power.
Bull case and bear case
Bull case and bear case for Hyster-Yale
Where the evidence on Hyster-Yale disagrees: Mixed on the latest evidence (Oct 26, 2026). Of its 5 thesis points, 1 strengthening, 2 holding and 2 weakening.
Bull case: what the evidence supports
The Hyster and Yale brand/dealer installed base remains strong enough that customers replace fleets within the franchise rather than permanently switching to Toyota, KION/Linde, Crown, or lower-cost Chinese lift-truck suppliers.
Working-capital discipline and the aftermarket/service nature of the installed base allow Hyster-Yale to generate operating cash through the cycle even when GAAP earnings are pressured.
The balance sheet remains strong enough to fund dealer support, product development, inventory normalization, and restructuring through a downturn without creditors or liquidity needs forcing value-destructive retrenchment.
Bear case: what the evidence questions
Hyster-Yale must prove its brands, aftermarket support, and product mix give it enough pricing power to recover material, labor, freight, warranty, and mix pressure rather than behaving like a commodity equipment maker.
The manufacturing footprint and production planning can translate a demand recovery into operating profit rather than being trapped by underabsorbed fixed costs, unfavorable mix, or restructuring friction.
Thesis-Break Engine
What has broken in Hyster-Yale’s thesis
Each break OptimistFi flagged on Hyster-Yale, dated — with what has historically followed the same kind of break across the market, not a forecast for Hyster-Yale.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
Early warning
The break condition read on the trailing twelve months through Hyster-Yale’s latest quarterly report, ahead of the annual figure it is written on.
- Revenue decline, trailing 12 months
Across all companies, this kind of early warning has happened 3,039 times before. Those stocks beat comparable companies by a median of 1% over the next six months, and 32% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedDirector or principal officer change.
Hyster-Yale filed an SEC 8-K on 2026-10-15: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Hyster-Yale filed an SEC 8-K on 2026-08-06: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Hyster-Yale filed an SEC 8-K on 2026-08-05: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Toyota Material Handling, KION/Linde, or Crown wins multi-year fleet-standardization awards from major warehouse, retail, port, or manufacturing customers that previously used Hyster or Yale.
- Toyota, KION/Linde, Crown, or Chinese entrants use price concessions or financing support to force Hyster-Yale to discount new trucks to defend share.
- Persistent factory underutilization from weak lift-truck orders causes fixed costs to remain spread over too few units.
- Dealer inventory builds or customer financing terms absorb cash before end-market demand improves.
- Banks or credit-market counterparties tighten borrowing terms after continued losses or weaker collateral values.
HY news
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Financial statements
HY income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
HY: quick answers
- When does Hyster-Yale (HY) report earnings next?
- Hyster-Yale's next results are projected for March 3, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 6, 2026. Earnings calendar
- What is HY's short interest?
- As of October 30, 2026, 652,506 HY shares were sold short, 4.50% of its shares outstanding, down 7.5% from the count before. At the stock's average daily volume that is 4.7 days to cover. FINRA publishes the count twice a month. HY short interest history
- Have members of Congress traded HY?
- 17 trades in HY have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed HY trade