Latest Ratios: P/E Ratio -3.9x · EV/EBITDA N/A · ROE -12.2%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $505M | $526M | $902M | $1.1B | $428M | $691M | $1.0B | $986M | $1.0B | $1.4B | $1.0B |
| Enterprise Value | $767M | $788M | $1.3B | $1.6B | $922M | $1.1B | $1.1B | $1.2B | $1.2B | $1.5B | $1.2B |
| P/E Ratio → | -3.94 | — | 6.33 | 8.59 | — | — | 26.95 | 27.55 | 29.65 | 28.97 | 24.43 |
| P/S Ratio | 0.15 | 0.14 | 0.21 | 0.26 | 0.12 | 0.22 | 0.36 | 0.30 | 0.32 | 0.49 | 0.41 |
| P/B Ratio | 1.02 | 1.07 | 1.83 | 2.66 | 1.90 | 1.81 | 1.54 | 1.71 | 1.84 | 2.46 | 2.23 |
| P/FCF | 11.75 | 22.30 | 7.34 | 9.38 | 36.25 | — | 8.68 | 36.52 | 35.72 | 11.37 | — |
| P/OCF | 5.87 | 6.11 | 5.28 | 7.17 | 10.54 | — | 5.99 | 12.86 | 15.22 | 8.54 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.21 | 0.31 | 0.38 | 0.26 | 0.37 | 0.40 | 0.37 | 0.39 | 0.51 | 0.47 |
| EV / EBITDA | — | 12.45 | 4.61 | 6.20 | 214.34 | — | 12.26 | 12.43 | 15.05 | 12.63 | 16.88 |
| EV / EBIT | 43.82 | — | 5.33 | 7.21 | — | — | 20.36 | 17.85 | 23.70 | 13.62 | 27.01 |
| EV / FCF | — | 33.38 | 10.96 | 13.65 | 78.11 | — | 9.88 | 44.76 | 43.28 | 11.94 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.8% | 16.8% | 20.8% | 19.1% | 12.2% | 11.8% | 16.5% | 16.5% | 15.6% | 17.4% | 16.6% |
| Operating Margin | 0.5% | 0.5% | 5.7% | 5.1% | -1.1% | -5.0% | 1.8% | 1.6% | 1.2% | 2.6% | 1.3% |
| Net Profit Margin | -1.6% | -1.6% | 3.3% | 3.1% | -2.1% | -5.6% | 1.3% | 1.1% | 1.1% | 1.7% | 1.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.2% | -12.2% | 31.6% | 39.8% | -24.4% | -33.5% | 6.0% | 6.3% | 6.1% | 9.3% | 9.2% |
| ROA | -3.0% | -3.0% | 6.9% | 6.1% | -3.7% | -9.0% | 2.0% | 2.0% | 2.0% | 3.3% | 3.6% |
| ROIC | 1.6% | 1.6% | 20.0% | 19.3% | -3.8% | -14.1% | 4.7% | 5.1% | 4.1% | 8.7% | 4.9% |
| ROCE | 1.8% | 1.8% | 26.7% | 27.0% | -5.0% | -15.5% | 4.7% | 5.4% | 4.0% | 8.9% | 5.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.78 | 0.78 | 1.10 | 1.41 | 2.46 | 1.35 | 0.44 | 0.50 | 0.54 | 0.51 | 0.45 |
| Debt / EBITDA | 6.08 | 6.08 | 1.85 | 2.25 | 128.58 | — | 3.12 | 2.95 | 3.64 | 2.49 | 2.93 |
| Net Debt / Equity | — | 0.53 | 0.90 | 1.21 | 2.19 | 1.18 | 0.21 | 0.39 | 0.39 | 0.12 | 0.36 |
| Net Debt / EBITDA | 4.13 | 4.13 | 1.52 | 1.94 | 114.86 | — | 1.48 | 2.29 | 2.63 | 0.60 | 2.33 |
| Debt / FCF | — | 11.08 | 3.62 | 4.28 | 41.86 | — | 1.20 | 8.24 | 7.56 | 0.57 | — |
| Interest Coverage | -0.33 | -0.33 | 7.48 | 5.85 | -1.20 | -8.99 | 4.08 | 3.42 | 3.29 | 7.42 | 6.72 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 1.35 | 1.22 | 1.09 | 1.22 | 1.49 | 1.41 | 1.46 | 1.63 | 1.41 |
| Quick Ratio | 0.71 | 0.71 | 0.64 | 0.55 | 0.49 | 0.52 | 0.82 | 0.73 | 0.77 | 1.04 | 0.79 |
| Cash Ratio | 0.12 | 0.12 | 0.09 | 0.06 | 0.04 | 0.06 | 0.20 | 0.08 | 0.11 | 0.32 | 0.07 |
| Asset Turnover | — | 1.87 | 2.12 | 1.98 | 1.75 | 1.56 | 1.51 | 1.78 | 1.82 | 1.75 | 2.00 |
| Inventory Turnover | 4.94 | 4.94 | 4.52 | 4.09 | 3.90 | 3.47 | 4.61 | 4.91 | 5.03 | 5.78 | 6.08 |
| Days Sales Outstanding | — | 47.41 | 41.38 | 44.09 | 53.86 | 54.28 | 53.49 | 51.93 | 53.45 | 57.31 | 53.31 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.0% | 4.8% | 2.7% | 2.1% | 5.1% | 3.1% | 2.1% | 2.1% | 2.0% | 1.4% | 1.8% |
| Payout Ratio | — | — | 16.9% | 17.7% | — | — | 57.4% | 58.7% | 58.8% | 40.7% | 44.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 15.8% | 11.6% | — | — | 3.7% | 3.6% | 3.4% | 3.5% | 4.1% |
| FCF Yield | 8.5% | 4.5% | 13.6% | 10.7% | 2.8% | — | 11.5% | 2.7% | 2.8% | 8.8% | — |
| Buyback Yield | 0.9% | 0.9% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.9% | 5.7% | 4.2% | 2.1% | 5.1% | 3.1% | 2.1% | 2.1% | 2.0% | 1.4% | 1.8% |
| Shares Outstanding | — | $18M | $18M | $17M | $17M | $17M | $17M | $17M | $17M | $17M | $16M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying HY stock.
Hyster-Yale Materials Handling, Inc.'s current P/E ratio is -3.9x. The historical average is 18.0x.
Hyster-Yale Materials Handling, Inc.'s return on equity (ROE) is -12.2%. The historical average is 3.1%.
Based on historical data, Hyster-Yale Materials Handling, Inc. is trading at a P/E of -3.9x. Compare with industry peers and growth rates for a complete picture.
Hyster-Yale Materials Handling, Inc.'s current dividend yield is 5.05%.
Hyster-Yale Materials Handling, Inc. has 16.8% gross margin and 0.5% operating margin.
Hyster-Yale Materials Handling, Inc.'s Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Cyclical downturn and margin erosion
Metrics are mathematically derived from official filings.
Margin Collapse Exposes Fixed-Cost Burden
Gross margin fell from 22.3% in 2024Q1 to 15.7% in 2026Q2, a 660 basis point contraction, while operating margin turned negative at -2.3%, as reported in the latest financial statements.
The sequential deterioration in gross margin from 20.0% in 2025Q1 to 15.7% in 2026Q2 suggests that the company is experiencing severe under-absorption of fixed manufacturing costs as revenue declines. The operating margin of -2.3% in 2026Q2, compared to +2.8% in 2025Q1, indicates that the company has lost its pricing power and is unable to offset volume declines with cost reductions. This margin compression appears to be cyclical rather than structural, but the lack of a cost response raises concerns about management's ability to right-size the cost base in a downturn.
Return on Capital Turns Sharply Negative
ROIC swung from 8.2% in 2024Q2 to -1.6% in 2026Q2, while ROE fell to -7.3%, indicating that the company is currently destroying shareholder value, based on reported quarterly figures.
The collapse in ROIC from a healthy 8.2% in 2024Q2 to -1.6% in 2026Q2 reflects both margin erosion and a declining asset base, as total assets contracted from $2.1B to $1.9B. The negative ROE of -7.3% in 2026Q2, compared to +13.9% in 2024Q2, suggests that the company's equity base is being eroded by cumulative losses, which have exceeded $130M over the past four quarters. This trend indicates that the company is not generating sufficient returns to cover its cost of capital, and investors should monitor whether this is a cyclical trough or a more permanent impairment of earning power.
Working Capital Cycle Lengthens as Sales Slow
The cash conversion cycle extended to 84 days in 2026Q2 from 71 days in 2024Q2, driven by a rise in days sales outstanding to 54 and days inventory outstanding to 84, as per the latest financial data.
The lengthening of the cash conversion cycle from 71 days in 2024Q2 to 84 days in 2026Q2 indicates that the company is holding inventory longer and collecting receivables more slowly, which is typical in a demand downturn. However, the increase in DIO from 82 to 84 days suggests that the company may be struggling to align production with weakening demand, potentially leading to further write-downs. The stable DPO of 54 days indicates that the company is not stretching supplier payments, which may be a deliberate choice to maintain supplier relationships, but it also means that working capital is absorbing cash rather than releasing it.
Leverage Rises as Losses Deplete Equity
Debt-to-equity climbed from 0.84 in 2025Q2 to 1.22 in 2026Q2, while interest coverage turned negative at -2.74, indicating that operating income is insufficient to cover interest expense, as reported in the balance sheet.
The rise in debt-to-equity from 0.84 to 1.22 over the past year is driven by both an increase in total debt to $500M and a 28% contraction in equity to $390M, as retained earnings were depleted by losses. The negative interest coverage of -2.74 in 2026Q2, compared to +11.23 in 2024Q2, suggests that the company is currently unable to service its debt from operating profits, which may increase refinancing risk. While the company has maintained its dividend, the combination of rising leverage and negative coverage warrants close monitoring of covenant compliance and liquidity.
Liquidity Buffer Thins Amid Cash Burn
The current ratio fell to 1.28 in 2026Q2 from 1.31 in 2025Q2, while cash dropped from $123.2M to $72.6M, indicating a shrinking liquidity cushion, based on the latest balance sheet data.
The decline in the current ratio to 1.28, coupled with a quick ratio of 0.65, suggests that the company's liquidity position is becoming increasingly reliant on inventory, which may be difficult to monetize quickly in a downturn. The reduction in cash from $123.2M in 2025Q4 to $72.6M in 2026Q2, despite positive operating cash flow in the quarter, indicates that the company is consuming cash to fund losses and maintain capital expenditures. Under a severe stress scenario, the company may need to draw on its credit facilities or reduce dividends, which could further pressure the stock.
EV/EBITDA Misleads in Cyclical Trough
The trailing EV/EBITDA of 14.56 appears elevated, but the forward EV/EBITDA of 3.26 suggests the market expects a sharp earnings recovery, which may be overly optimistic given the current margin trajectory, as per the valuation data.
The most commonly misapplied ratio for HY is EV/EBITDA, because the current EBITDA is depressed by the cyclical downturn, making the trailing multiple appear expensive. However, the forward EV/EBITDA of 3.26 implies that the market is pricing in a rapid normalization of earnings, which may not materialize if the downturn persists. Investors should instead focus on EV/Sales (0.18) and the sustainability of gross margins, as these provide a more stable view of the company's earning power through the cycle. The low P/S ratio suggests that the market is valuing the company at a significant discount to its revenue base, which could indicate either a value opportunity or a value trap.