The company's financial position has weakened, with equity declining to $430.1 million and the debt-to-equity ratio rising to 1.12 in 2026Q1, indicating increased reliance on external leverage.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Current Assets | 1.31B | 1.35B | 1.43B | 1.49B | 1.46B | 1.35B | 1.13B | 1.16B | 1.13B | 1.13B | 810M | 818.9M | 846.2M | 921.6M | 831.8M | 898.4M | 800.1M | 0 | 0 | 0 | 782M | 718.3M | 607.7M | 537.9M |
| Cash & Short-Term Investments | 81.8M | 123.2M | 96.6M | 78.8M | 59M | 65.5M | 151.4M | 64.6M | 83.7M | 220.1M | 43.2M | 155.1M | 111.4M | 175.7M | 151.3M | 184.9M | 169.5M | 0 | 0 | 0 | 121.2M | 97.4M | 61.3M | 54.9M |
| Cash Only | 81.8M | 123.2M | 96.6M | 78.8M | 59M | 65.5M | 151.4M | 64.6M | 83.7M | 220.1M | 43.2M | 155.1M | 111.4M | 175.7M | 151.3M | 184.9M | 169.5M | 0 | 0 | 0 | 121.2M | 97.4M | 61.3M | 54.9M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 471.2M | 489.6M | 488.4M | 497.5M | 523.6M | 457.4M | 412.1M | 468.3M | 465.5M | 453M | 375.3M | 324.1M | 357.7M | 359.3M | 329.2M | 368.3M | 319.2M | 0 | 0 | 0 | 273.5M | 254.6M | 236.2M | 209.5M |
| Days Sales Outstanding | 49.78 | 47.41 | 41.38 | 44.09 | 53.86 | 54.28 | 53.49 | 51.93 | 53.45 | 57.31 | 53.31 | 45.89 | 47.18 | 49.19 | 48.66 | 52.91 | 64.66 | - | - | - | 41.6 | 45.18 | 48.45 | 48.14 |
| Inventory | 643.8M | 634.3M | 754.3M | 815.7M | 799.5M | 781M | 509.4M | 559.9M | 533.6M | 411.9M | 352.2M | 304.6M | 342.5M | 330.6M | 308.6M | 309M | 281.1M | 0 | 0 | 0 | 333.1M | 319.6M | 247.7M | 222M |
| Days Inventory Outstanding | 82.98 | 73.81 | 80.67 | 89.34 | 93.7 | 105.1 | 79.23 | 74.31 | 72.62 | 63.1 | 60.01 | 51.78 | 53.9 | 54.72 | 54.52 | 52.28 | 67.41 | - | - | - | 59.16 | 66.71 | 61.62 | 62.59 |
| Other Current Assets | 108.3M | 99.9M | 94M | 98.1M | 76.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18M | 10.5M | 7.2M | 30.3M | 0 | 0 | 0 | 54.2M | 46.7M | 62.5M | 51.5M |
| Total Non-Current Assets | 653M | 673.6M | 595.9M | 589M | 567.5M | 620.1M | 729.8M | 691.4M | 610.5M | 516.5M | 477.1M | 277M | 274.6M | 239.7M | 232.6M | 218.6M | 241.1M | 0 | 0 | 0 | 673.7M | 686.6M | 667.3M | 665.6M |
| Property, Plant & Equipment | 327.5M | 329M | 306.7M | 313.9M | 310M | 330.5M | 340.4M | 308.5M | 296.2M | 265.4M | 255.1M | 184.5M | 179.8M | 164.2M | 146.1M | 147.1M | 162.7M | 0 | 0 | 0 | 225.9M | 238.1M | 242.9M | 242.1M |
| Fixed Asset Turnover | 11.30x | 11.46x | 14.05x | 13.12x | 11.45x | 9.31x | 8.26x | 10.67x | 10.73x | 10.87x | 10.07x | 13.97x | 15.39x | 16.24x | 16.90x | 17.27x | 11.07x | - | - | - | 10.62x | 8.64x | 7.33x | 6.56x |
| Goodwill | 54.6M | 55.7M | 54.6M | 53.3M | 51.3M | 56.5M | 114.7M | 106.7M | 108.3M | 59.1M | 50.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 350.5M | 353.3M | 351.3M | 343.7M |
| Intangible Assets | 31M | 32.3M | 33.1M | 39.3M | 42.7M | 50.7M | 58.5M | 60.1M | 67.7M | 56.1M | 56.2M | 3.6M | 4.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 223.7M | 58.2M | 55.5M | 56.8M | 59.4M | 71.7M | 80.2M | 80M | 75.6M | 81.9M | 45.9M | 42.9M | 39.6M | 36.7M | 45.3M | 0 | 0 | 0 | 0 | 0 | -25.8M | -15.6M | -20.4M | 0 |
| Other Non-Current Assets | 179.4M | 191.6M | 139.3M | 122.7M | 101.5M | 107M | 111.6M | 105.3M | 36.4M | 37.4M | 25.3M | 13.3M | 18.9M | 28.6M | 25.2M | 62M | 78.4M | 0 | 0 | 0 | 97.3M | 95.2M | 73.1M | 79.8M |
| Total Assets | 1.96B | 2.02B | 2.03B | 2.08B | 2.03B | 1.97B | 1.86B | 1.85B | 1.74B | 1.65B | 1.29B | 1.1B | 1.12B | 1.16B | 1.06B | 1.12B | 1.04B | 0 | 0 | 0 | 1.46B | 1.4B | 1.27B | 1.2B |
| Asset Turnover | 1.80x | 1.87x | 2.12x | 1.98x | 1.75x | 1.56x | 1.51x | 1.78x | 1.82x | 1.75x | 2.00x | 2.35x | 2.47x | 2.30x | 2.32x | 2.27x | 1.73x | - | - | - | 1.65x | 1.46x | 1.40x | 1.32x |
| Asset Growth % | -12.23% | -0.42% | -2.4% | 2.61% | 2.85% | 5.95% | 0.67% | 6.03% | 5.72% | 28.03% | 17.45% | -2.22% | -3.49% | 9.1% | -4.71% | 7.28% | - | - | - | -100% | 3.62% | 10.19% | 5.94% | - |
| Total Current Liabilities | 992.9M | 1B | 1.06B | 1.22B | 1.34B | 1.1B | 755.9M | 817M | 776.2M | 692.4M | 576.5M | 505.2M | 552.8M | 609.8M | 505.2M | 661.2M | 480.6M | 0 | 0 | 0 | 584.7M | 524.5M | 433.1M | 398.8M |
| Accounts Payable | 408.9M | 401.2M | 447.8M | 523.5M | 585.8M | 517M | 412M | 401.5M | 415.5M | 385.8M | 242.4M | 279.6M | 331.6M | 340.3M | 285.9M | 296.7M | 0 | 0 | 0 | 0 | 321.8M | 329.1M | 231M | 186.9M |
| Days Payables Outstanding | 51.88 | 46.69 | 47.89 | 57.33 | 68.65 | 69.57 | 64.08 | 53.29 | 56.54 | 59.1 | 41.3 | 47.53 | 52.18 | 56.32 | 50.51 | 50.2 | - | - | - | - | 57.15 | 68.69 | 57.46 | 52.69 |
| Short-Term Debt | 254.2M | 132.8M | 187.6M | 239M | 285.9M | 256.8M | 83.1M | 82.3M | 91.4M | 74.5M | 129M | 33.5M | 19.5M | 62.8M | 35.3M | 171.4M | 4.2M | 0 | 0 | 0 | 62.9M | 9.2M | 17.1M | 31.3M |
| Deferred Revenue (Current) | 188.3M | 47M | 56.8M | 77.9M | 139.8M | 49.7M | 41.7M | 49.1M | 37.6M | 0 | 0 | 0 | 0 | 7.4M | 9.4M | 9.9M | 0 | 0 | 0 | 0 | 25M | 15M | 20M | 0 |
| Other Current Liabilities | 215.2M | 420.8M | 225.4M | 254.5M | 245.4M | 199.6M | 156.9M | 202.4M | 154.1M | 162.3M | 144.9M | 99.5M | 93.8M | 92.3M | 76.6M | 87.9M | 162M | 0 | 0 | 0 | 175M | 171.2M | 165M | 180.6M |
| Current Ratio | 1.31x | 1.34x | 1.35x | 1.22x | 1.09x | 1.22x | 1.49x | 1.41x | 1.46x | 1.63x | 1.41x | 1.62x | 1.53x | 1.51x | 1.65x | 1.36x | 1.66x | - | - | - | 1.34x | 1.37x | 1.40x | 1.35x |
| Quick Ratio | 0.67x | 0.71x | 0.64x | 0.55x | 0.49x | 0.52x | 0.82x | 0.73x | 0.77x | 1.04x | 0.79x | 1.02x | 0.91x | 0.97x | 1.04x | 0.89x | 1.08x | - | - | - | 0.77x | 0.76x | 0.83x | 0.79x |
| Cash Conversion Cycle | 80.89 | 74.54 | 74.16 | 76.09 | 78.91 | 89.81 | 68.64 | 72.95 | 69.52 | 61.31 | 72.02 | 50.13 | 48.9 | 47.58 | 52.68 | 54.99 | - | - | - | - | 43.6 | 43.2 | 52.6 | 58.04 |
| Total Non-Current Liabilities | 514.3M | 526.4M | 477.2M | 453.7M | 458.2M | 482.6M | 452.5M | 453.2M | 406.4M | 383.1M | 240.2M | 128M | 112M | 100.6M | 217M | 158.7M | 329.9M | 229.2M | 229.7M | 233.6M | 443.4M | 433.6M | 417.1M | 422.4M |
| Long-Term Debt | 251.1M | 251.9M | 229.7M | 227.7M | 267M | 261.7M | 206.1M | 204.7M | 210.1M | 216.2M | 82.2M | 19.6M | 12M | 6.7M | 106.9M | 54.6M | 215.5M | 229.2M | 229.7M | 233.6M | 267.1M | 269.5M | 270.1M | 273.5M |
| Capital Lease Obligations | 0 | 0 | 97.4M | 75.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 35.6M | 8.2M | 8.4M | 12.7M | 13.4M | 12.7M | 14.9M | 15.4M | 17.8M | 13M | 11.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 255.1M | 266.3M | 141.7M | 137.7M | 177.8M | 208.2M | 231.5M | 233.1M | 178.5M | 153.9M | 146.6M | 108.4M | 100M | 93.9M | 110.1M | 104.1M | 114.4M | 0 | 0 | 0 | 176.3M | 164.1M | 147M | 148.9M |
| Total Liabilities | 1.51B | 1.53B | 1.54B | 1.67B | 1.8B | 1.59B | 1.21B | 1.27B | 1.18B | 1.08B | 816.7M | 633.2M | 664.8M | 710.4M | 722.2M | 819.9M | 810.5M | 229.2M | 229.7M | 233.6M | 1.03B | 958.1M | 850.2M | 821.2M |
| Total Debt | 505.3M | 384.7M | 541.8M | 571.9M | 552.9M | 518.5M | 289.2M | 287M | 301.5M | 290.7M | 211.2M | 53.1M | 31.5M | 69.5M | 142.2M | 226M | 219.7M | 229.2M | 229.7M | 233.6M | 330M | 278.7M | 287.2M | 304.8M |
| Net Debt | 423.5M | 261.5M | 445.2M | 493.1M | 493.9M | 453M | 137.8M | 222.4M | 217.8M | 70.6M | 168M | -102M | -79.9M | -106.2M | -9.1M | 41.1M | 50.2M | 229.2M | 229.7M | 233.6M | 208.8M | 181.3M | 225.9M | 249.9M |
| Debt / Equity | 1.12x | 0.78x | 1.10x | 1.41x | 2.46x | 1.35x | 0.44x | 0.50x | 0.54x | 0.51x | 0.45x | 0.11x | 0.07x | 0.15x | 0.42x | 0.76x | 0.95x | 1.11x | 1.49x | 0.45x | 0.77x | 0.62x | 0.68x | 0.80x |
| Debt / EBITDA | 168.43x | 6.08x | 1.85x | 2.25x | 128.58x | - | 3.12x | 2.95x | 3.64x | 2.49x | 2.93x | 0.40x | 0.18x | 0.42x | 1.02x | 1.60x | 2.75x | 45.84x | - | 5.94x | 3.72x | 3.97x | 3.09x | 3.35x |
| Net Debt / EBITDA | 141.17x | 4.13x | 1.52x | 1.94x | 114.86x | - | 1.48x | 2.29x | 2.63x | 0.60x | 2.33x | -0.77x | -0.45x | -0.65x | -0.07x | 0.29x | 0.63x | 45.84x | - | 5.94x | 2.36x | 2.58x | 2.43x | 2.74x |
| Interest Coverage | -0.40x | 0.54x | 7.48x | 5.85x | -1.20x | -8.99x | 4.08x | 3.42x | 3.29x | 7.42x | 6.72x | 23.23x | 39.49x | 15.16x | 9.48x | 7.42x | 3.05x | -2.74x | - | - | 1.66x | 1.22x | -0.47x | -0.75x |
| Total Equity | 450.9M | 492.4M | 494.1M | 406.8M | 225.1M | 382.9M | 651.1M | 577M | 559.5M | 572.4M | 470.4M | 462.7M | 456M | 450.9M | 342.2M | 297.1M | 230.7M | 207.1M | 154.2M | 524.3M | 427.6M | 446.8M | 424.8M | 382.3M |
| Equity Growth % | 2.86% | -0.34% | 21.46% | 80.72% | -41.21% | -41.19% | 12.84% | 3.13% | -2.25% | 21.68% | 1.66% | 1.47% | 1.13% | 31.77% | 15.18% | 28.78% | 11.4% | 34.31% | -70.59% | 22.61% | -4.3% | 5.18% | 11.12% | - |
| Book Value per Share | 25.30 | 27.79 | 27.90 | 23.40 | 13.32 | 22.77 | 38.76 | 34.50 | 33.70 | 34.66 | 28.64 | 28.29 | 27.35 | 26.83 | 20.37 | 17.65 | 13.72 | 12.48 | 9.18 | 31.21 | 25.41 | 26.55 | 25.25 | 22.72 |
| Total Shareholders' Equity | 430.1M | 472M | 475.1M | 389.9M | 204.4M | 357.1M | 616.9M | 544.3M | 527.4M | 565.5M | 463.8M | 460.8M | 454.5M | 449.8M | 341.3M | 296.3M | 230.7M | 207.1M | 154.2M | 524.3M | 427.6M | 446.8M | 424.8M | 382.3M |
| Common Stock | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 252.2M | 289.1M | 374.6M | 256.3M | 152.7M | 248.6M | 443.2M | 427.4M | 407.3M | 389.1M | 360.3M | 336.7M | 280.4M | 188.4M | 95.1M | -2.9M | -85.5M | 0 | 0 | 0 | 257M | 243.9M | 238.2M | 226.8M |
| Treasury Stock | -3.9M | -14.4M | -13.6M | 0 | 0 | -4.5M | -6M | -15.9M | -24.1M | -31.5M | -36.9M | -42.5M | -49.1M | -3.4M | -2.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -166.3M | -157.6M | -237M | -194.3M | -246.2M | -202.3M | -133.1M | -188.7M | -177.5M | -116.1M | -179.4M | -153.9M | -101.1M | -56M | -60M | -51.6M | -79.2M | 414.2M | 308.4M | 1.05B | -32M | 600K | -23.2M | -85.4M |
| Minority Interest | 20.8M | 20.4M | 19M | 16.9M | 20.7M | 25.8M | 34.2M | 32.7M | 32.1M | 6.9M | 6.6M | 1.9M | 1.5M | 1.1M | 900K | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Fixed cost absorption failure
As reported in recent quarterly filings, Hyster-Yale's equity base has declined from $544.7 million in 2025Q2 to $430.1 million in 2026Q1, signaling a weakening financial position as the company struggles to maintain capital buffers during a period of sustained revenue contraction and operational losses.
The consistent decline in retained earnings suggests that the company is consuming its internal capital to fund ongoing operations and R&D initiatives. Investors should monitor whether this trajectory forces a shift in capital allocation, as the current erosion of equity may limit future financial flexibility.
Based on the provided financial data, Hyster-Yale's debt-to-equity ratio has fluctuated significantly, rising to 1.12 in 2026Q1 from a low of 0.78 in 2025Q4, which indicates that the company is increasingly relying on external financing to bridge the gap created by its current negative operating cash flow.
The increase in debt levels during a period of revenue decline suggests that leverage is being used as a necessity to sustain operations rather than a strategic tool for growth. This reliance on debt warrants further investigation into the company's refinancing risk and the durability of its credit profile.
According to the latest balance sheet figures, Hyster-Yale's cash position has fallen to $81.8 million in 2026Q1, down from $123.2 million in 2025Q4, which suggests a narrowing margin of safety against potential shocks in a highly cyclical industrial environment.
While the current ratio of 1.31 remains above parity, the rapid depletion of cash reserves indicates that the company's liquidity buffer is under pressure. This trend may limit the company's ability to absorb further operational volatility without seeking additional capital or reducing discretionary spending.
As evidenced by the reported financial statements, the company's reliance on $327.5 million in net PPE against a backdrop of declining revenue suggests a potential risk of asset under-utilization, which may necessitate future impairment charges if demand for lift trucks does not recover in the near term.
The high concentration of capital in fixed assets makes the company particularly vulnerable to volume-driven margin compression. Investors should consider whether the current book value of these assets accurately reflects their productive capacity in a lower-demand environment, as this could distort the perceived health of the balance sheet.
Quick answers to the most common questions about buying HY stock.
As of 2025, Hyster-Yale Materials Handling, Inc. (HY) had total assets of $2.02B including $1.35B in current assets.
Hyster-Yale Materials Handling, Inc. (HY) carries total debt of $384.7M, offset by $123.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hyster-Yale Materials Handling, Inc. (HY) has total shareholders' equity (book value) of $472.0M ($27.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hyster-Yale Materials Handling, Inc. (HY) reported a current ratio of 1.34x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.