Latest Ratios: P/E Ratio -9.3x · EV/EBITDA 13.0x · 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 | $562M | $526M | $902M | $1.1B | $428M | $691M | $1.0B | $986M | $1.0B | $1.4B | $1.0B |
| Enterprise Value | $823M | $788M | $1.3B | $1.6B | $922M | $1.1B | $1.1B | $1.2B | $1.2B | $1.5B | $1.2B |
| P/E Ratio → | -9.34 | — | 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 | 1.14 | 1.07 | 1.83 | 2.66 | 1.90 | 1.81 | 1.54 | 1.71 | 1.84 | 2.46 | 2.23 |
| P/FCF | 23.80 | 22.30 | 7.34 | 9.38 | 36.25 | — | 8.68 | 36.52 | 35.72 | 11.37 | — |
| P/OCF | 6.52 | 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 | 13.00 | 12.45 | 4.61 | 6.20 | 214.34 | — | 12.26 | 12.43 | 15.05 | 12.63 | 16.88 |
| EV / EBIT | 47.04 | 45.02 | 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 | 0.54 | 0.54 | 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 | 4.5% | 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 | 4.2% | 4.5% | 13.6% | 10.7% | 2.8% | — | 11.5% | 2.7% | 2.8% | 8.8% | — |
| Buyback Yield | 0.8% | 0.9% | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.3% | 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 |
Fixed cost absorption failure
Based on recent market data, HY trades at a P/S of 0.17 and a negative P/E of -10.69, suggesting that investors are heavily discounting the company's future earnings potential compared to industrial peers like AGCO, which maintains a positive P/E of 12.04 in the current environment.
The current valuation appears to reflect a market expectation of prolonged earnings suppression rather than a temporary cyclical trough. Given the negative TTM P/E, traditional valuation metrics are currently ineffective, and investors should monitor the forward EV/EBITDA of 3.20 as a potential indicator of whether the market anticipates a rapid recovery in operational efficiency.
As reported in quarterly financial statements, HY's ROIC has deteriorated into negative territory at -2.6% in 2026Q1, marking a significant reversal from the 8.2% peak observed in 2024Q2 and highlighting the company's struggle to generate adequate returns on its invested capital during this period of contraction.
The sharp decline in ROIC suggests that the company's heavy investment in manufacturing infrastructure and R&D is currently failing to produce sufficient operating income to cover the cost of capital. This trend warrants further investigation into whether the Nuvera segment's ongoing losses are structurally impairing the consolidated return profile or if the core lift truck business is simply losing its competitive edge.
According to recent filings, the cash conversion cycle has expanded to 86 days in 2026Q1, up from 71 days in 2024Q2, indicating that the company is facing increasing difficulty in managing its inventory and receivables effectively as demand for its industrial machinery continues to soften across the Americas.
The rising DIO and DSO metrics suggest that inventory is lingering on the balance sheet longer than in previous periods, which ties up critical liquidity. This inefficiency appears to be a direct consequence of the revenue contraction, as the company likely struggles to align its production output with the cooling demand from its independent dealer network.
Based on reported figures, HY's debt-to-equity ratio has climbed to 1.12 in 2026Q1, a notable increase from the 0.78 level seen in 2025Q4, which suggests that the company is increasingly reliant on debt financing to sustain operations as its internal cash generation capacity remains severely constrained.
The negative interest coverage ratio of -3.89 in 2026Q1 is particularly concerning, as it indicates that the company is currently unable to service its debt obligations from operating income alone. Investors should monitor whether this reliance on external financing will necessitate further balance sheet restructuring if the current industrial downturn persists.
The P/E ratio is frequently misapplied to Hyster-Yale, as it obscures the company's underlying cash-generating potential by focusing on accounting net income that is heavily impacted by non-recurring R&D investments in hydrogen technology and significant fluctuations in fixed-cost absorption during cyclical downturns in the industrial sector.
Analysts should instead prioritize EV/EBITDA or FCF-based metrics to better understand the company's operational health, as these measures strip away the noise of non-cash charges and capital structure decisions. Relying on P/E in this context may lead to an overly pessimistic view of the firm's long-term viability by ignoring the potential value of its entrenched service and parts infrastructure.
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 -9.3x. The historical average is 18.0x.
Hyster-Yale Materials Handling, Inc.'s current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
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 -9.3x. Compare with industry peers and growth rates for a complete picture.
Hyster-Yale Materials Handling, Inc.'s current dividend yield is 4.53%.
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.