Hyster-Yale, Inc.
HY Industrials Farm & Heavy Construction Machinery
Hyster-Yale, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.8 billion, down 12.5% from fiscal 2024. In the quarter to June 2026, revenue fell 15.0%, EPS fell 122.8%, free cash flow fell 84.6% and total debt rose 5.74%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Hyster-Yale, Inc. (HY) Altman Z-score
Hyster-Yale, Inc.'s Altman Z-score for fiscal 2025 is 2.44, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.44 | (0.91) |
| FY2024 | 3.35 | 0.33 |
| FY2023 | 3.02 | 1.02 |
| FY2022 | 2.00 | 0.11 |
| FY2021 | 1.89 | (0.78) |
| FY2020 | 2.67 | (0.21) |
| FY2019 | 2.89 | (0.10) |
| FY2018 | 2.99 | (0.34) |
| FY2017 | 3.33 | (0.13) |
| FY2016 | 3.46 | (0.79) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.21 | |
| Retained earnings / total assets | 0.14 | — | 0.20 | |
| EBIT / total assets | (0.01) | — | −0.04 | |
| Market value of equity / total liabilities | 0.34 | — | 0.20 | |
| Sales / total assets | 1.87 | — | 1.87 | |
| Altman Z-score | Grey zone | 2.44 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.84 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GENC Gencor Industries Inc. compare | 15.0× |
| LNN Lindsay Corporation compare | 5.8× |
| ASTE Astec Industries, Inc. compare | 3.1× |
| WNC Wabash National Corporation compare | 2.9× |
| HY Hyster-Yale, Inc. | 2.4× |
| MTW The Manitowoc Company, Inc. compare | 2.1× |
| TWI Titan International, Inc. compare | 1.9× |
| AEBI Aebi Schmidt Holding AG compare | 1.5× |
| CMCO Columbus McKinnon Corporation compare | 0.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets