Revenue growth of 77.3% in 2025Q4 was offset by a sharp decline in gross margins to 13.9% and an operating margin of -14.5%.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 1.19B | 963.03M | 1.01B | 936.24M | 906.55M | 649.64M | 809.16M | 876.28M | 839.42M | 637.12M | 597.1M | 579.64M | 583.29M | 597.26M | 591.95M | 524.07M | 476.18M | 606.71M | 623.33M | 589.85M | 556.01M | 514.75M | 444.59M | 453.32M | 480.03M | 727.97M | 736.25M | 735.4M | 510.7M | 359.4M |
| Revenue Growth % | 23.93% | -4.98% | 8.26% | 3.27% | 39.55% | -19.71% | -7.66% | 4.39% | 31.75% | 6.7% | 3.01% | -0.63% | -2.34% | 0.9% | 12.95% | 10.06% | -21.51% | -2.67% | 5.68% | 6.09% | 8.01% | 15.78% | -1.93% | -5.56% | -34.06% | -1.12% | 0.12% | 44% | 42.1% | 71.31% |
| Cost of Goods Sold | 882.78M | 637.35M | 638.7M | 594.14M | 590.83M | 429.42M | 525.98M | 571.28M | 554.85M | 444.19M | 409.84M | 398.04M | 402.24M | 423.03M | 434.23M | 398.01M | 360.24M | 433.01M | 438.78M | 425.25M | 408.38M | 388.84M | 339.75M | 345.99M | 359.55M | 523.13M | 589.23M | 531.2M | 354.2M | 245.9M |
| COGS % of Revenue | 73.97% | 66.18% | 63.02% | 63.46% | 65.17% | 66.1% | 65% | 65.19% | 66.1% | 69.72% | 68.64% | 68.67% | 68.96% | 70.83% | 73.36% | 75.95% | 75.65% | 71.37% | 70.39% | 72.09% | 73.45% | 75.54% | 76.42% | 76.32% | 74.9% | 71.86% | 80.03% | 72.23% | 69.36% | 68.42% |
| Gross Profit | 310.67M | 325.68M | 374.84M | 342.1M | 315.73M | 220.22M | 283.19M | 305M | 284.57M | 192.93M | 187.26M | 181.61M | 181.05M | 174.23M | 157.72M | 126.05M | 115.94M | 173.7M | 184.55M | 164.6M | 147.62M | 125.91M | 104.85M | 107.33M | 120.48M | 204.84M | 147.03M | 204.2M | 156.5M | 113.5M |
| Gross Margin % | 26.03% | 33.82% | 36.98% | 36.54% | 34.83% | 33.9% | 35% | 34.81% | 33.9% | 30.28% | 31.36% | 31.33% | 31.04% | 29.17% | 26.64% | 24.05% | 24.35% | 28.63% | 29.61% | 27.91% | 26.55% | 24.46% | 23.58% | 23.68% | 25.1% | 28.14% | 19.97% | 27.77% | 30.64% | 31.58% |
| Gross Profit Growth % | -4.61% | -13.11% | 9.57% | 8.35% | 43.37% | -22.23% | -7.15% | 7.18% | 47.5% | 3.03% | 3.11% | 0.31% | 3.91% | 10.47% | 25.12% | 8.72% | -33.25% | -5.88% | 12.12% | 11.5% | 17.25% | 20.09% | -2.32% | -10.91% | -41.18% | 39.32% | -28% | 30.48% | 37.89% | 75.42% |
| Operating Expenses | 333.31M | 271.11M | 267.69M | 244.26M | 241.95M | 177.97M | 193.19M | 209.88M | 214.47M | 165.83M | 146.69M | 126.96M | 126.7M | 119.86M | 113.61M | 105.28M | 103.23M | 111.34M | 112.23M | 96.01M | 88.14M | 84.33M | 73.74M | 78.26M | 62.2M | 106.42M | 78.99M | 119.3M | 88.6M | 68.5M |
| OpEx % of Revenue | 27.93% | 28.15% | 26.41% | 26.09% | 26.69% | 27.4% | 23.87% | 23.95% | 25.55% | 26.03% | 24.57% | 21.9% | 21.72% | 20.07% | 19.19% | 20.09% | 21.68% | 18.35% | 18% | 16.28% | 15.85% | 16.38% | 16.59% | 17.26% | 12.96% | 14.62% | 10.73% | 16.22% | 17.35% | 19.06% |
| Selling, General & Admin | 311.9M | 217.29M | 212.1M | 197.32M | 201.31M | 152.94M | 168.93M | 181.49M | 185.31M | 157.73M | 141.67M | 124.69M | 124.72M | 117.88M | 111.54M | 103.5M | 101.36M | 110.34M | 109.6M | 95.83M | 87.89M | 84.02M | 73.36M | 74.01M | 71.77M | 90.44M | 50.45M | 92M | 69.5M | 57.2M |
| SG&A % of Revenue | 26.13% | 22.56% | 20.93% | 21.08% | 22.21% | 23.54% | 20.88% | 20.71% | 22.08% | 24.76% | 23.73% | 21.51% | 21.38% | 19.74% | 18.84% | 19.75% | 21.29% | 18.19% | 17.58% | 16.25% | 15.81% | 16.32% | 16.5% | 16.33% | 14.95% | 12.42% | 6.85% | 12.51% | 13.61% | 15.92% |
| Research & Development | 21.41M | 23.87M | 26.19M | 20.93M | 15.35M | 12.4M | 11.31M | 13.49M | 13.62M | 10.38M | 7.39M | 5.24M | 5.47M | 5.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 1.79% | 2.48% | 2.58% | 2.24% | 1.69% | 1.91% | 1.4% | 1.54% | 1.62% | 1.63% | 1.24% | 0.9% | 0.94% | 0.87% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 29.95M | 29.4M | 26M | 25.28M | 12.62M | 12.94M | 716K | 701K | 93K | 377K | 462K | 1.39M | 417K | 2.07M | 1.78M | 1.88M | 998K | 2.62M | 183K | 249K | 312K | 383K | 4.25M | -9.57M | 15.98M | 28.54M | 27.3M | 19.1M | 11.3M |
| Operating Income | -22.64M | 54.57M | 107.15M | 97.84M | 73.78M | 42.26M | 89.82M | 69.44M | 70.1M | 25.97M | 40.57M | 54.65M | 54.35M | 54.37M | 45.14M | 18.57M | -3.81M | -46.56M | 71.15M | 68.46M | 57.87M | 40.66M | 29.87M | 25.38M | 48.71M | 70.17M | 68.04M | 84.9M | 67.9M | 45M |
| Operating Margin % | -1.9% | 5.67% | 10.57% | 10.45% | 8.14% | 6.5% | 11.1% | 7.92% | 8.35% | 4.08% | 6.79% | 9.43% | 9.32% | 9.1% | 7.63% | 3.54% | -0.8% | -7.67% | 11.41% | 11.61% | 10.41% | 7.9% | 6.72% | 5.6% | 10.15% | 9.64% | 9.24% | 11.54% | 13.3% | 12.52% |
| Operating Income Growth % | -141.48% | -49.07% | 9.51% | 32.61% | 74.61% | -52.96% | 29.35% | -0.94% | 169.89% | -35.98% | -25.76% | 0.55% | -0.04% | 20.44% | 143.08% | 587.2% | 91.81% | -165.44% | 3.93% | 18.29% | 42.31% | 36.15% | 17.68% | -47.9% | -30.58% | 3.13% | -19.86% | 25.04% | 50.89% | 69.81% |
| EBITDA | 54.4M | 102.76M | 153.09M | 147.66M | 123.65M | 70.41M | 126.87M | 102.12M | 106.23M | 51.13M | 61.1M | 69.21M | 67.73M | 66.49M | 57.01M | 29.62M | 8.68M | -35.39M | 80.95M | 78.35M | 69.99M | 51.41M | 46.61M | 40.18M | 71.17M | 98.42M | 96.58M | 112.2M | 87M | 56.3M |
| EBITDA Margin % | 4.56% | 10.67% | 15.1% | 15.77% | 13.64% | 10.84% | 15.68% | 11.65% | 12.66% | 8.03% | 10.23% | 11.94% | 11.61% | 11.13% | 9.63% | 5.65% | 1.82% | -5.83% | 12.99% | 13.28% | 12.59% | 9.99% | 10.48% | 8.86% | 14.83% | 13.52% | 13.12% | 15.26% | 17.04% | 15.67% |
| EBITDA Growth % | -47.06% | -32.88% | 3.68% | 19.42% | 75.62% | -44.51% | 24.24% | -3.88% | 107.75% | -16.31% | -11.72% | 2.19% | 1.87% | 16.63% | 92.44% | 241.35% | 124.52% | -143.73% | 3.32% | 11.94% | 36.14% | 10.31% | 15.98% | -43.54% | -27.68% | 1.9% | -13.92% | 28.97% | 54.53% | 77.6% |
| D&A (Non-Cash Add-back) | 77.04M | 48.19M | 45.95M | 49.81M | 49.87M | 28.15M | 37.05M | 32.67M | 36.14M | 25.16M | 20.53M | 14.56M | 13.38M | 12.12M | 11.86M | 11.05M | 12.49M | 11.16M | 9.8M | 9.89M | 12.12M | 10.75M | 16.74M | 14.8M | 22.46M | 28.25M | 28.54M | 27.3M | 19.1M | 11.3M |
| EBIT | -22.64M | 26.92M | 99.48M | 96.91M | 55.7M | 22.16M | 91.63M | 70.04M | 69.42M | 23.99M | 39.53M | 54.65M | 56.21M | 56.38M | 47.02M | 18.6M | 336K | -44.95M | 72.33M | 68.59M | 59.48M | 41.58M | 31.11M | 29.08M | 58.28M | 65.89M | 96.58M | 112.34M | 69.92M | 45M |
| Net Interest Income | -58.96M | -32.43M | -37.96M | -27.94M | -20.13M | -12.08M | -14.23M | -17.14M | -19.73M | -10.97M | -7.9M | -12.39M | -13.49M | -13.76M | -14.21M | -13.53M | -13.22M | -13.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 61.15M | 32.43M | 37.96M | 27.94M | 20.13M | 12.08M | 14.23M | 17.14M | 19.73M | 10.97M | 7.9M | 12.39M | 13.49M | 13.76M | 14.21M | 13.53M | 13.22M | 13.15M | 14.6M | 0 | 0 | 0 | 0 | 32M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -183.87M | -60.08M | -45.62M | -23.37M | -35.34M | -32.18M | -12.67M | -16.54M | -18.65M | -10.7M | -8.95M | -18.63M | -11.63M | -11.75M | -12.33M | -13.51M | -9.08M | -58.05M | -15.3M | -14.67M | -31.32M | -23.31M | -24.66M | -29.86M | -52.43M | -34.17M | -33.38M | -34.2M | -23.16M | -11M |
| Pretax Income | -206.51M | -5.5M | 61.53M | 74.47M | 38.45M | 10.08M | 77.16M | 52.9M | 49.69M | 13.03M | 31.62M | 36.02M | 42.72M | 42.62M | 32.81M | 5.07M | -12.89M | -58.1M | 59.53M | 53.92M | 28.15M | 18.26M | 5.2M | -4.48M | -3.72M | 34.74M | 34.66M | 50.7M | 45.8M | 34M |
| Pretax Margin % | -17.3% | -0.57% | 6.07% | 7.95% | 4.24% | 1.55% | 9.54% | 6.04% | 5.92% | 2.04% | 5.3% | 6.21% | 7.32% | 7.14% | 5.54% | 0.97% | -2.71% | -9.58% | 9.55% | 9.14% | 5.06% | 3.55% | 1.17% | -0.99% | -0.77% | 4.77% | 4.71% | 6.89% | 8.97% | 9.46% |
| Income Tax | 22.93M | -367K | 14.9M | 26.05M | 8.79M | 970K | 17.48M | 10.32M | 27.62M | 4.04M | 12.04M | 8.82M | 12.3M | -35.67M | 6.9M | 41.41M | -5.34M | 18M | 22.74M | 20.54M | -30.95M | 2.2M | 4.01M | 1.53M | 2.3M | 19.52M | 17.58M | 23.3M | 22.4M | 15.6M |
| Effective Tax Rate % | -11.1% | 6.67% | 24.22% | 34.97% | 22.85% | 9.63% | 22.66% | 19.51% | 55.59% | 31.04% | 38.09% | 24.5% | 28.79% | -83.7% | 21.02% | 817.59% | 41.47% | -30.98% | 38.2% | 38.09% | -109.92% | 12.02% | 77.07% | -34.2% | -61.9% | 56.2% | 50.72% | 45.96% | 48.91% | 45.88% |
| Net Income | -229.53M | -5.14M | 46.63M | 48.43M | 29.66M | 9.11M | 59.67M | 42.58M | 22.07M | 8.98M | 19.58M | 27.19M | 30.42M | 78.3M | 26.97M | -35.95M | -7.01M | -78.38M | 37.35M | 34.09M | 59.8M | 16.71M | 1.19M | -14.01M | -135.37M | 15.22M | 17.08M | 27.4M | 18.9M | 15.2M |
| Net Margin % | -19.23% | -0.53% | 4.6% | 5.17% | 3.27% | 1.4% | 7.37% | 4.86% | 2.63% | 1.41% | 3.28% | 4.69% | 5.22% | 13.11% | 4.56% | -6.86% | -1.47% | -12.92% | 5.99% | 5.78% | 10.75% | 3.25% | 0.27% | -3.09% | -28.2% | 2.09% | 2.32% | 3.73% | 3.7% | 4.23% |
| Net Income Growth % | -4367.4% | -111.02% | -3.72% | 63.28% | 225.72% | -84.74% | 40.15% | 92.96% | 145.6% | -54.11% | -27.99% | -10.62% | -61.15% | 190.34% | 175.01% | -412.62% | 91.05% | -309.87% | 9.58% | -43% | 257.85% | 1300.67% | 108.51% | 89.65% | -989.45% | -10.9% | -37.66% | 44.97% | 24.34% | 16.92% |
| Net Income (Continuing) | -229.53M | -5.14M | 46.63M | 48.43M | 29.66M | 9.11M | 59.67M | 42.58M | 22.07M | 8.98M | 19.58M | 27.19M | 30.42M | 78.3M | 25.91M | -36.35M | -7.54M | -76.1M | 36.79M | 33.38M | 59.1M | 16.07M | 1.19M | -6.01M | -6.02M | 14.93M | 17.08M | 27.44M | 23.98M | 18.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.05M | 0 | 0 | 0 | 0 | 704K | 0 | 643K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -7.99 | -0.18 | 1.61 | 1.68 | 1.04 | 0.38 | 2.50 | 1.80 | 0.95 | 0.43 | 0.96 | 1.34 | 1.52 | 3.98 | 1.38 | -1.89 | -0.37 | -4.16 | 1.95 | 1.80 | 3.60 | 1.09 | 0.08 | -0.97 | -9.39 | 1.04 | 1.57 | 1.63 | 1.66 | 1.15 |
| EPS Growth % | -4338.89% | -111.18% | -4.17% | 61.54% | 173.68% | -84.8% | 38.89% | 89.47% | 120.93% | -55.21% | -28.36% | -11.84% | -61.81% | 188.41% | 173.02% | -410.81% | 91.11% | -313.33% | 8.33% | -50% | 230.28% | 1262.5% | 108.25% | 89.67% | -1002.88% | -33.76% | -3.68% | -1.81% | 44.35% | -31.95% |
| EPS (Basic) | -7.99 | -0.18 | 1.62 | 1.69 | 1.06 | 0.38 | 2.53 | 1.83 | 0.97 | 0.44 | 0.98 | 1.36 | 1.55 | 4.03 | 1.40 | -1.89 | -0.37 | -4.16 | 1.99 | 1.84 | 3.73 | 1.10 | 0.08 | -0.97 | -9.39 | 1.04 | 1.57 | 1.63 | 1.69 | 1.15 |
| Diluted Shares Outstanding | 28.71M | 28.74M | 29.03M | 28.82M | 28.4M | 24.17M | 23.86M | 23.66M | 23.34M | 20.89M | 20.32M | 20.22M | 19.95M | 19.69M | 19.51M | 19.05M | 18.96M | 18.86M | 19.16M | 18.95M | 16.63M | 15.33M | 14.55M | 14.5M | 14.41M | 14.3M | 14.37M | 14.1M | 14.4M | 13.22M |
| Basic Shares Outstanding | 28.71M | 28.74M | 28.73M | 28.6M | 28.04M | 23.9M | 23.62M | 23.28M | 22.84M | 20.59M | 20.08M | 19.94M | 19.66M | 19.43M | 19.27M | 19.05M | 18.96M | 18.86M | 18.72M | 18.52M | 16.05M | 14.6M | 14.55M | 14.5M | 14.41M | 14.3M | 10.88M | 14.1M | 14.2M | 13.22M |
| Dividend Payout Ratio | - | - | 17.25% | 16.54% | 22.12% | 62.96% | 9.5% | 10.93% | 16.58% | 37.02% | 16.41% | 11.74% | - | - | - | - | - | - | - | - | - | - | - | - | - | 26.25% | 23.14% | 13.5% | 19.65% | 28.95% |
Integration and Margin Erosion
According to recent quarterly filings, CMCO reported a dramatic 77.3% revenue growth in 2025Q4, yet this top-line expansion appears decoupled from operational health as the company struggles to convert increased volume into sustainable profitability amidst a complex transition toward integrated motion control and automation systems.
The sharp revenue spike in the most recent quarter suggests either a significant acquisition impact or a lumpy recognition of large-scale project contracts. Investors should monitor whether this growth is organic or merely a reflection of inorganic expansion, as the lack of corresponding margin stability raises questions about the quality of these new revenue streams.
As reported in financial statements, the company's gross margin plummeted to 13.9% in 2025Q4, a stark departure from historical averages that suggests significant pricing pressure or an inability to effectively pass through rising input costs within their specialized industrial lifting and motion control product segments.
The compression of gross margins to sub-15% levels indicates that the company's cost structure is currently misaligned with its pricing power. This trend warrants further investigation into whether the shift toward automation projects is diluting overall profitability or if temporary supply chain inefficiencies are disproportionately impacting the cost of goods sold.
Based on the provided income statement data, operating leverage has turned sharply negative, with SG&A expenses ballooning to $126.2M in 2025Q4, effectively overwhelming gross profit and resulting in a -14.5% operating margin that highlights a failure to achieve expected economies of scale during this integration phase.
The inability to scale operating income alongside revenue growth suggests that the company is incurring heavy fixed-cost burdens or integration expenses related to its recent M&A activity. This negative operating leverage implies that the current business model is not yet optimized for the increased complexity of its expanded product portfolio.
Financial disclosures reveal a net loss of $238.2M in 2025Q4, a figure that appears to be driven by non-operating charges or significant asset impairments that obscure the underlying cash-generating capability of the core lifting and motion control business units during this period of strategic transition.
The massive discrepancy between revenue growth and net income suggests that the company is absorbing substantial one-time costs, potentially related to restructuring or goodwill write-downs. Analysts should scrutinize these non-recurring items to determine if they represent a permanent impairment of value or a temporary hurdle in the company's long-term automation pivot.
While management frames the current period as a strategic pivot, the data suggests that the company's transition to an automation-focused model may be fundamentally flawed, as evidenced by the sharp decline in profitability and the potential for persistent margin erosion in a highly competitive industrial landscape.
Short-sellers would likely focus on the company's inability to maintain positive operating margins despite aggressive revenue growth. The risk remains that the 'intelligent motion' strategy is failing to deliver the promised margin expansion, leaving the company vulnerable to cyclical downturns without the buffer of a healthy, profitable legacy business.
Quick answers to the most common questions about buying CMCO stock.
For fiscal year 2025, Columbus McKinnon Corporation (CMCO) reported total revenue of $1.19B. This represents a 232.1% increase compared to $359.4M in 1996.
Columbus McKinnon Corporation (CMCO) reported a net loss of $229.5M for the fiscal year ending 2025.
Columbus McKinnon Corporation (CMCO) reported an operating income of $-22.6M, resulting in an operating profit margin of -1.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Columbus McKinnon Corporation (CMCO) generated $310.7M in gross profit for the year, representing a gross profit margin of 26.0%. This demonstrates the company's core pricing power and production efficiency.