Revenue growth remains highly erratic, fluctuating between a 4.9% contraction in 2025Q1 and a 13.6% expansion in 2025Q4, while operating margins have struggled to exceed a peak of 3.3% in 2025Q3.
| 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'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.26B | 2.24B | 2.18B | 2.23B | 2.03B | 1.72B | 1.44B | 1.83B | 1.85B | 1.58B | 1.61B | 3.44B | 3.89B | 4.05B | 3.93B | 3.65B | 3.14B | 3.78B | 4.5B | 4B | 2.93B | 2.25B | 1.96B | 1.59B | 1.41B | 1.12B | 873.27M | 805.5M | 694.8M | 545.9M | 500.5M |
| Revenue Growth % | 5.14% | 2.89% | -2.24% | 9.61% | 18.15% | 19.18% | -21.3% | -0.69% | 16.79% | -1.97% | -53.05% | -11.6% | -3.99% | 3.08% | 7.53% | 16.24% | -16.94% | -16% | 12.43% | 36.54% | 30.13% | 14.76% | 23.28% | 13.27% | 25.97% | 27.86% | 8.41% | 15.93% | 27.28% | 9.07% | 59.85% |
| Cost of Goods Sold | 1.86B | 1.84B | 1.8B | 1.8B | 1.67B | 1.41B | 1.19B | 1.49B | 1.52B | 1.3B | 1.36B | 2.6B | 2.9B | 3.03B | 2.99B | 2.81B | 2.37B | 2.96B | 3.49B | 3.09B | 2.29B | 1.83B | 1.58B | 1.26B | 1.08B | 831.77M | 626.99M | 561.9M | 489.1M | 384.7M | 354.2M |
| COGS % of Revenue | - | 81.94% | 82.78% | 80.91% | 82.07% | 82.14% | 82.35% | 81.24% | 82.23% | 82.17% | 84.3% | 75.75% | 74.63% | 74.76% | 76.15% | 77.05% | 75.55% | 78.2% | 77.44% | 77.24% | 77.93% | 81.28% | 80.55% | 78.83% | 76.8% | 74.49% | 71.8% | 69.76% | 70.39% | 70.47% | 70.77% |
| Gross Profit | 409.5M | 404.7M | 375M | 425.2M | 364.5M | 307.2M | 254.7M | 344.1M | 328.1M | 281.9M | 253.3M | 833.2M | 986.1M | 1.02B | 936.4M | 838M | 768.1M | 824.6M | 1.02B | 911.6M | 647.3M | 421.87M | 381.97M | 337.23M | 326.36M | 284.81M | 246.28M | 243.6M | 205.7M | 161.2M | 146.3M |
| Gross Margin % | 18.08% | 18.06% | 17.22% | 19.09% | 17.93% | 17.86% | 17.65% | 18.76% | 17.77% | 17.83% | 15.7% | 24.25% | 25.37% | 25.24% | 23.85% | 22.95% | 24.45% | 21.8% | 22.56% | 22.76% | 22.07% | 18.72% | 19.45% | 21.17% | 23.2% | 25.51% | 28.2% | 30.24% | 29.61% | 29.53% | 29.23% |
| Gross Profit Growth % | - | 7.92% | -11.81% | 16.65% | 18.65% | 20.61% | -25.98% | 4.88% | 16.39% | 11.29% | -69.6% | -15.51% | -3.49% | 9.12% | 11.74% | 9.1% | -6.85% | -18.82% | 11.43% | 40.83% | 53.44% | 10.45% | 13.27% | 3.33% | 14.59% | 15.65% | 1.1% | 18.42% | 27.61% | 10.18% | 77.98% |
| Operating Expenses | 356.3M | 346M | 323.2M | 332.8M | 457.5M | 260.7M | 216.1M | 235.7M | 251.9M | 253.5M | 286.3M | 661.4M | 676.2M | 653.2M | 643.1M | 610.5M | 555M | 592.6M | 466.7M | 409.7M | 344.9M | 285.34M | 272.78M | 240.6M | 205.86M | 166.43M | 133.63M | 124.7M | 113.1M | 96.2M | 94.2M |
| OpEx % of Revenue | - | 15.44% | 14.84% | 14.94% | 22.51% | 15.16% | 14.97% | 12.85% | 13.64% | 16.03% | 17.75% | 19.25% | 17.4% | 16.14% | 16.38% | 16.72% | 17.67% | 15.67% | 10.36% | 10.23% | 11.76% | 12.66% | 13.89% | 15.1% | 14.64% | 14.91% | 15.3% | 15.48% | 16.28% | 17.62% | 18.82% |
| Selling, General & Admin | 350.6M | 342.9M | 318.6M | 334.3M | 281M | 258.5M | 208.8M | 225.6M | 251.6M | 252.6M | 280.7M | 627M | 641.6M | 617.6M | 603.5M | 572.1M | 514.3M | 549.7M | 455.1M | 0 | 0 | 282.27M | 269.64M | 250.58M | 199.96M | 153.88M | 114.9M | 107.4M | 98.1M | 84.2M | 82.6M |
| SG&A % of Revenue | - | 15.3% | 14.63% | 15.01% | 13.83% | 15.03% | 14.47% | 12.3% | 13.62% | 15.97% | 17.4% | 18.25% | 16.51% | 15.26% | 15.37% | 15.67% | 16.37% | 14.53% | 10.11% | - | - | 12.52% | 13.73% | 15.73% | 14.22% | 13.78% | 13.16% | 13.33% | 14.12% | 15.42% | 16.5% |
| Research & Development | 0 | 0 | 0 | 35.3M | 0 | 0 | 0 | 0 | 35.2M | 37.9M | 44.5M | 57.6M | 56.4M | 86.4M | 87.7M | 0 | 0 | 0 | 0 | 401.9M | 341.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | 1.58% | - | - | - | - | 1.91% | 2.4% | 2.76% | 1.68% | 1.45% | 2.13% | 2.23% | - | - | - | - | 10.04% | 11.65% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 3.1M | 4.6M | -36.8M | 176.5M | 2.2M | 7.3M | 10.1M | -11.5M | 500K | 3.3M | 25.5M | -5.5M | -800K | 100K | 38.3M | 40.6M | 42.9M | 11.6M | 7.8M | 3.3M | 3.06M | 3.14M | -9.98M | 5.9M | 12.55M | 18.73M | 17.3M | 15M | 12M | 11.6M |
| Operating Income | 52.4M | 58.7M | 51.8M | 92.4M | -93M | 46.5M | 38.6M | 108.4M | -19.3M | 1.1M | -153.3M | 133.4M | 302M | 363.8M | 283.8M | 221.9M | 209.4M | -511.2M | 519.8M | 501.9M | 302.4M | 133.29M | 107.9M | 86.54M | 112.79M | 118.38M | 112.65M | 118.9M | 92.6M | 65M | 52.1M |
| Operating Margin % | 2.31% | 2.62% | 2.38% | 4.15% | -4.58% | 2.7% | 2.67% | 5.91% | -1.05% | 0.07% | -9.5% | 3.88% | 7.77% | 8.99% | 7.23% | 6.08% | 6.67% | -13.51% | 11.54% | 12.53% | 10.31% | 5.91% | 5.49% | 5.43% | 8.02% | 10.6% | 12.9% | 14.76% | 13.33% | 11.91% | 10.41% |
| Operating Income Growth % | - | 13.32% | -43.94% | 199.35% | -300% | 20.47% | -64.39% | 661.66% | -1854.55% | 100.72% | -214.92% | -55.83% | -16.99% | 28.19% | 27.9% | 5.97% | 140.96% | -198.35% | 3.57% | 65.97% | 126.87% | 23.53% | 24.68% | -23.27% | -4.72% | 5.08% | -5.25% | 28.4% | 42.46% | 24.76% | 125.54% |
| EBITDA | 114.7M | 121.7M | 114.7M | 152.2M | -29.3M | 93.4M | 76.1M | 143.7M | 17.1M | 40M | -104.7M | 167.8M | 337.1M | 399.1M | 320.9M | 260.7M | 247.8M | -471.7M | 617.3M | 591.1M | 376.1M | 198.89M | 165.12M | 136.7M | 151.96M | 154.94M | 131.38M | 136.2M | 107.6M | 77M | 63.7M |
| EBITDA Margin % | 5.06% | 5.43% | 5.27% | 6.83% | -1.44% | 5.43% | 5.27% | 7.83% | 0.93% | 2.53% | -6.49% | 4.88% | 8.67% | 9.86% | 8.17% | 7.14% | 7.89% | -12.47% | 13.71% | 14.76% | 12.82% | 8.82% | 8.41% | 8.58% | 10.8% | 13.88% | 15.04% | 16.91% | 15.49% | 14.11% | 12.73% |
| EBITDA Growth % | 9.24% | 6.1% | -24.64% | 619.45% | -131.37% | 22.73% | -47.04% | 740.35% | -57.25% | 138.2% | -162.4% | -50.22% | -15.53% | 24.37% | 23.09% | 5.21% | 152.53% | -176.41% | 4.43% | 57.17% | 89.1% | 20.45% | 20.79% | -10.04% | -1.93% | 17.94% | -3.54% | 26.58% | 39.74% | 20.88% | 113.04% |
| D&A (Non-Cash Add-back) | 62.3M | 63M | 62.9M | 59.8M | 63.7M | 46.9M | 37.5M | 35.3M | 36.4M | 38.9M | 48.6M | 34.4M | 35.1M | 35.3M | 37.1M | 38.8M | 38.4M | 39.5M | 97.5M | 89.2M | 73.7M | 65.6M | 57.23M | 50.17M | 39.17M | 36.56M | 18.73M | 17.3M | 15M | 12M | 11.6M |
| EBIT | 55.4M | 50.1M | 50M | 79.4M | -88.6M | 46M | 27.1M | 91.7M | -30.8M | 28.5M | -230.6M | -15.4M | 72.4M | 353.6M | 282.5M | 191.7M | 132M | -533.3M | 130.8M | 475.8M | 291.2M | 136.5M | 106.2M | 96.63M | 126.36M | 116.48M | 104.29M | 118.9M | 92.6M | 65M | 52.1M |
| Net Interest Income | -30.1M | -36.9M | -39.7M | -35.2M | -31.6M | -28.9M | -30.6M | -34.2M | -40.9M | -41.1M | -41.8M | -99.8M | -97.2M | -135.4M | 134.5M | -155.8M | -197M | -174M | -51.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 134.5M | -9.1M | -22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 21.2M | 37.7M | 39.7M | 35.2M | 31.6M | 28.9M | 30.6M | 34.2M | 39.1M | 39.2M | 41.8M | 99.8M | 97.2M | 135.4M | 0 | 146.7M | 175M | 174M | 974.1M | 40.4M | 69M | 64.87M | 63.88M | 93.2M | 128.05M | 43.23M | 18.56M | 15.1M | 12.7M | 8.1M | 10.1M |
| Other Income/Expense | -40.5M | -46.3M | -40.1M | -48.2M | -27.2M | -29.4M | -40.6M | -49.4M | -52.4M | -47.9M | -125.1M | -98.6M | 62.3M | -139.2M | -136.9M | -192.1M | -251.6M | -194.2M | -440.6M | -38.9M | -57.5M | -59.43M | -58.77M | -63.93M | -50.02M | -44.22M | -8.17M | -12.9M | -11.2M | -7.2M | -9.6M |
| Pretax Income | 11.9M | 12.4M | 11.7M | 44.2M | -120.2M | 17.1M | -2M | 59M | -71.7M | -39.5M | -268.1M | 56.6M | 169.4M | 225.2M | 132.3M | 37.4M | -41.7M | -705.4M | 79.2M | 463M | 244.9M | 73.86M | 49.13M | 22.61M | 62.78M | 79.69M | 96.12M | 106M | 81.4M | 57.8M | 42.5M |
| Pretax Margin % | 0.53% | 0.55% | 0.54% | 1.98% | -5.91% | 0.99% | -0.14% | 3.22% | -3.88% | -2.5% | -16.62% | 1.65% | 4.36% | 5.56% | 3.37% | 1.02% | -1.33% | -18.65% | 1.76% | 11.56% | 8.35% | 3.28% | 2.5% | 1.42% | 4.46% | 7.14% | 11.01% | 13.16% | 11.72% | 10.59% | 8.49% |
| Income Tax | 4.4M | 5.2M | -44.1M | 5M | 3.4M | 6.1M | 17.1M | 12.4M | -4.8M | -49.5M | 100.5M | -6.7M | 8.6M | 36.1M | 38.7M | 15.9M | 25M | -58.8M | 1.5M | 129.4M | 78.4M | 14.77M | 9.34M | 4.07M | 22.6M | 30.82M | 35.85M | 39.2M | 30M | 21.4M | 16.9M |
| Effective Tax Rate % | 36.97% | 41.94% | -376.92% | 11.31% | -2.83% | 35.67% | -855% | 21.02% | 6.69% | 125.32% | -37.49% | -11.84% | 5.08% | 16.03% | 29.25% | 42.51% | -59.95% | 8.34% | 1.89% | 27.95% | 32.01% | 20% | 19% | 18% | 36% | 38.67% | 37.3% | 36.98% | 36.86% | 37.02% | 39.76% |
| Net Income | 7.5M | 7.2M | 55.8M | 39.2M | -123.6M | 11M | -19.1M | 46.6M | -67.1M | 9.4M | -375.8M | 63.5M | 144.5M | 141.8M | 101.7M | -10.5M | -71.4M | -704.2M | -10.7M | 336.7M | 166.2M | 65.8M | 39.14M | 3.55M | -20.5M | 45.55M | 60.27M | 66.8M | 51.4M | 36.4M | 25.6M |
| Net Margin % | 0.33% | 0.32% | 2.56% | 1.76% | -6.08% | 0.64% | -1.32% | 2.54% | -3.63% | 0.59% | -23.3% | 1.85% | 3.72% | 3.5% | 2.59% | -0.29% | -2.27% | -18.62% | -0.24% | 8.41% | 5.67% | 2.92% | 1.99% | 0.22% | -1.46% | 4.08% | 6.9% | 8.29% | 7.4% | 6.67% | 5.11% |
| Net Income Growth % | -83.33% | -87.1% | 42.35% | 131.72% | -1223.64% | 157.59% | -140.99% | 169.45% | -813.83% | 102.5% | -691.81% | -56.06% | 1.9% | 39.43% | 1068.57% | 85.29% | 89.86% | -6481.31% | -103.18% | 102.59% | 152.58% | 68.12% | 1002.79% | 117.31% | -145.01% | -24.42% | -9.78% | 29.96% | 41.21% | 42.19% | 75.34% |
| Net Income (Continuing) | 7.5M | 7.2M | 55.8M | 39.2M | -123.6M | 11M | -19.1M | 46.6M | -66.9M | 10M | -368.6M | -69.9M | -2.6M | 189.1M | 108.9M | 32.7M | -68.5M | -646.6M | 98.4M | 333.6M | 159M | 59.09M | 39.79M | 18.54M | 41.42M | 44.39M | 56.17M | 66.8M | 51.4M | 36.4M | 25.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135.4M | 0 | 0 | 0 | 700K | 500K | -1.8M | -73.8M | 3.1M | -300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.8M | -19M | -9.9M | -3.4M | -700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.21 | 0.20 | 1.56 | 1.09 | -3.51 | 0.31 | -0.55 | 1.31 | -1.89 | 0.26 | -10.91 | 1.92 | 4.28 | 4.20 | 3.04 | -0.31 | -2.19 | -21.62 | -0.33 | 10.56 | 2.64 | 1.07 | 1.43 | 0.13 | -0.79 | 1.86 | 2.40 | 2.55 | 1.31 | 1.39 | 0.66 |
| EPS Growth % | -83.91% | -87.18% | 43.12% | 131.05% | -1232.26% | 156.36% | -141.98% | 169.31% | -826.92% | 102.38% | -668.23% | -55.14% | 1.9% | 38.16% | 1080.65% | 85.84% | 89.87% | -6451.52% | -103.13% | 300% | 146.73% | -25.17% | 1000% | 116.46% | -142.47% | -22.5% | -5.88% | 94.66% | -5.76% | 110.61% | 17.86% |
| EPS (Basic) | - | 0.20 | 1.58 | 1.12 | -3.51 | 0.32 | -0.55 | 1.31 | -1.89 | 0.26 | -10.91 | 1.92 | 4.28 | 4.28 | 3.08 | -0.32 | -2.19 | -21.62 | -0.33 | 10.80 | 2.72 | 1.09 | 1.45 | 0.13 | -0.81 | 1.87 | 2.42 | 2.57 | 1.32 | 1.41 | 0.66 |
| Diluted Shares Outstanding | 35.67M | 36.09M | 35.71M | 35.96M | 35.18M | 35.45M | 34.69M | 35.64M | 35.51M | 35.85M | 34.44M | 34.01M | 33.73M | 33.83M | 33.33M | 33.34M | 32.65M | 32.57M | 32.91M | 31.87M | 31.39M | 30.76M | 27.34M | 27.3M | 26.04M | 24.49M | 25.11M | 26.2M | 25.9M | 26.12M | 25.9M |
| Basic Shares Outstanding | 35.67M | 35.42M | 35.22M | 35.09M | 35.18M | 34.9M | 34.69M | 35.49M | 35.51M | 35.11M | 34.44M | 33.93M | 32.5M | 33.22M | 32.86M | 32.62M | 32.65M | 32.57M | 32.48M | 31.17M | 30.57M | 30.1M | 26.97M | 27.3M | 25.41M | 24.36M | 24.9M | 25.99M | 25.9M | 25.88M | 25.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 17.17% | 7.47% | 7.55% | 10.42% | - | - | - | - | 2.82% | 5.17% | 12.84% | 19.24% | 209.81% | - | 16.15% | 12.46% | 11.68% | 14.98% | 21.15% | 30.08% |
Cyclical margin compression risk
As indicated by the provided quarterly data, Manitowoc's revenue growth remains highly volatile, fluctuating between a 4.9% contraction in 2025Q1 and a 13.6% expansion in 2025Q4, suggesting that the company's top-line performance is heavily dependent on the timing of large-scale project deliveries rather than steady organic demand.
The erratic nature of these revenue swings implies that the company lacks a consistent baseline of recurring demand, making it difficult to forecast future performance with high confidence. Investors should monitor whether the recent 5.0% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from previous cyclical troughs.
Based on the reported financial statements, Manitowoc's gross margin has struggled to maintain stability, oscillating between 16.0% and 19.3% over the last ten quarters, which highlights the company's limited ability to pass through input cost volatility to its customer base in a competitive global market.
The inability to consistently expand gross margins suggests that the company's pricing power is significantly hampered by its reliance on heavy manufacturing and raw material inputs. This narrow margin profile leaves the firm with minimal buffer to absorb inflationary pressures or logistics disruptions without immediate impact to the bottom line.
According to the income statement data, operating margins have remained consistently thin, peaking at only 3.3% in 2025Q3, which indicates that the company has failed to achieve meaningful operating leverage despite periodic fluctuations in revenue volume across its various crane segments.
The high fixed-cost nature of the business appears to prevent the company from scaling profitability effectively during periods of revenue growth. This lack of operating efficiency suggests that management may be struggling to optimize its manufacturing footprint or control overhead expenses relative to the current level of output.
As reported in the quarterly filings, net income has frequently dipped into negative territory, with a net margin of -1.2% in 2026Q1, demonstrating that the company's bottom-line results are highly sensitive to non-operating items and the lack of consistent core profitability.
The frequent swings between net losses and modest profits suggest that the quality of earnings is low, as the company is often unable to generate a sustained surplus after accounting for interest and other non-operating expenses. Investors should be wary of relying on EPS figures that appear to be heavily influenced by accounting adjustments rather than robust operational performance.
Based on the provided figures, the company's net margin of 0.32% across the observed period suggests that Manitowoc is operating dangerously close to its break-even point, leaving it highly susceptible to even minor revenue contractions or unexpected spikes in operational costs.
Short-sellers would likely focus on the company's inability to generate consistent net income, which raises questions about the long-term viability of its current cost structure. The reliance on cyclical infrastructure spending, combined with such thin margins, creates a high-risk profile that could lead to significant financial distress if market conditions deteriorate.
Quick answers to the most common questions about buying MTW stock.
For fiscal year 2025, The Manitowoc Company, Inc. (MTW) reported total revenue of $2.24B. This represents a 347.7% increase compared to $500.5M in 1996.
The Manitowoc Company, Inc. (MTW) is profitable, generating $7.2M in net income for the fiscal year ending 2025 with a net profit margin of 0.3%.
The Manitowoc Company, Inc. (MTW) reported an operating income of $58.7M, resulting in an operating profit margin of 2.6%. This margin reflects the operational efficiency of the business before interest and taxes.
The Manitowoc Company, Inc. (MTW) generated $404.7M in gross profit for the year, representing a gross profit margin of 18.1%. This demonstrates the company's core pricing power and production efficiency.