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Friday 6 November 2026
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Terex Corporation
TEX Industrials Farm & Heavy Construction Machinery
Terex Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.4 billion, up 5.73% from fiscal 2024.
- Revenue
- +58.4%
- EPS
- +1.64%
- Free cash flow
- +61.5%
- Total debt
- −0.58%
Quarter to September 2026, against a year earlier
54.81
2.75
−4.78%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 4,443 | 3,794 | 4,517 | 4,353 | 3,076 | 3,887 | 4,418 | 5,152 | 5,127 | 5,421 | 7,487 | +2.2% | 8,136 | 8,729 | 9,210 | +19.3% | |
| Gross margin, % | 16.03 | 20.23 | 21.29 | 20.39 | 17.53 | 19.49 | 19.71 | 22.85 | 20.83 | 19.39 | 17.12 | +3.4 pt | ||||||
| EBT | (271) | 163 | 287 | 248 | 11 | 264 | 367 | 580 | 408 | 292 | 231 | n/m | ||||||
| EBT margin, % | (6.09) | 4.31 | 6.36 | 5.69 | 0.36 | 6.79 | 8.31 | 11.26 | 7.96 | 5.39 | 3.09 | +11.5 pt | ||||||
| Net income | (175) | 129 | 114 | 54 | (11) | 221 | 300 | 518 | 335 | 221 | 198 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 41.18 | 40.88 | 59.91 | 61.23 | 44.20 | 55.76 | 64.50 | 76.33 | 76.52 | 82.39 | 66.08 | +8.0% | |||||
| Earnings | (1.63) | 1.39 | 1.51 | 0.77 | (0.15) | 3.17 | 4.38 | 7.67 | 5.00 | 3.36 | 2.01 | n/m | ||||||
| Cash flow | 3.49 | 1.65 | 1.25 | 2.44 | 3.24 | 4.21 | 3.81 | 6.80 | 4.87 | 6.69 | 4.79 | +7.5% | ||||||
| Capex | (0.05) | (0.25) | (1.34) | (1.47) | (0.93) | (0.83) | (1.61) | (1.38) | (2.03) | (1.75) | (1.07) | +47.2% | ||||||
| Free cash flow | 3.44 | 1.40 | (0.09) | 0.97 | 2.31 | 3.38 | 2.20 | 5.42 | 2.84 | 4.94 | 3.72 | +4.1% | ||||||
| Book value | 14.10 | 13.17 | 11.42 | 13.11 | 13.24 | 15.92 | 17.24 | 24.77 | 27.34 | 31.84 | 43.76 | +9.5% | ||||||
| Shares, m | 108 | 93 | 75 | 71 | 70 | 70 | 69 | 68 | 67 | 66 | 97 | (5.3%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 35.73 | 18.76 | 39.71 | 0.00 | 13.86 | 9.54 | 7.53 | 9.26 | 15.84 | 27.32 | 15.0 | |||||
| P/S | 0.78 | 1.19 | 0.46 | 0.49 | 0.79 | 0.79 | 0.65 | 0.76 | 0.60 | 0.65 | 0.83 | 0.7 | ||||||
| P/B | 2.27 | 3.69 | 2.41 | 2.27 | 2.64 | 2.76 | 2.43 | 2.34 | 1.69 | 1.68 | 1.25 | 2.4 | ||||||
| EV/Sales | 1.03 | 1.28 | 0.65 | 0.63 | 0.95 | 0.89 | 0.76 | 0.81 | 1.03 | 0.98 | 1.12 | 0.9 | ||||||
| EV/FCF | 12.33 | 37.49 | (433.81) | 40.09 | 18.25 | 14.73 | 22.16 | 11.36 | 27.86 | 16.38 | 19.86 | (23.3) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 377 | 153 | 94 | 173 | 225 | 293 | 261 | 459 | 326 | 440 | 543 | +1.7% | |||||
| Capex | (6) | (23) | (101) | (105) | (64) | (58) | (110) | (93) | (136) | (115) | (121) | +39.4% | ||||||
| Free cash flow | 371 | 130 | (7) | 69 | 161 | 236 | 151 | 366 | 190 | 325 | 422 | (1.5%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,294 | 1,348 | 1,208 | 1,147 | 1,155 | 858 | 963 | 1,126 | 1,247 | 1,538 | 1,469 | +1.9% | |||||
| Net debt | 1,148 | 358 | 875 | 641 | 509 | 407 | 471 | 252 | 2,196 | 1,812 | 2,171 | +5.2% | ||||||
| Shareholders’ equity | 1,521 | 1,223 | 861 | 932 | 922 | 1,110 | 1,181 | 1,672 | 1,832 | 2,095 | 4,958 | +3.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (3.32) | 3.04 | 3.27 | 1.63 | (0.34) | 7.49 | 10.03 | 15.39 | 7.17 | 3.72 | 2.41 | +7.0 pt | |||||
| ROIC | (3.32) | 9.02 | 14.85 | 13.31 | 2.99 | 13.52 | 15.88 | 20.69 | 8.16 | 7.60 | 3.73 | +10.9 pt | ||||||
| ROE | (10.26) | 9.38 | 10.91 | 6.07 | (1.14) | 21.75 | 26.19 | 36.31 | 19.12 | 11.26 | 5.68 | +21.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 11,300 | 10,700 | 11,700 | 9,500 | 8,200 | 8,600 | 9,300 | 10,200 | 11,400 | 10,700 | — | (0.6%) | |||||
| Revenue/emp, $m | 0.39 | 0.35 | 0.39 | 0.46 | 0.38 | 0.45 | 0.48 | 0.51 | 0.45 | 0.51 | — | +2.9% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Aerials | 2,060 | 38.00% |
|---|---|---|
| ES | 1,691 | 31.19% |
| MP | 1,681 | 31.01% |
| Gross margin | 19.39% | |
| Operating margin | 8.76% | |
| Pre-tax margin | 5.39% |
Terex Corporation vs peers in Farm & Heavy Construction Machinery (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| CNH CNH Industrial N.V. | $13.9B | 45.1× | 27.6× | +1.95% (above 0%: growing) | −35.29% (below 0%: shrinking) | −124.62% (below 0%: shrinking) | 29.29% | 13.66% | Compare |
| OSK Oshkosh Corporation | $8.3B | 17.2× | 16.6× | +5.69% (above 0%: growing) | −26.88% (below 0%: shrinking) | −35.86% (below 0%: shrinking) | 15.49% | 6.94% | Compare |
| AGCO AGCO Corporation | $7.6B | 28.6× | 23.3× | −8.63% (below 0%: shrinking) | −82.43% (below 0%: shrinking) | −1,351.85% (below 0%: shrinking) | 24.99% | 5.13% | Compare |
| FSS Federal Signal Corporation | $6.8B | 23.0× | 21.8× | +18.11% (above 0%: growing) | +16.51% (above 0%: growing) | +47.87% (above 0%: growing) | 28.86% | 16.99% | Compare |
| TEX Terex Corporation | $6.1B | 27.3× | 27.6× | +58.40% (above 0%: growing) | +1.64% (above 0%: growing) | +61.54% (above 0%: growing) | 19.80% | 8.33% | |
| BLBD Blue Bird Corporation | $1.9B | 7.0× | 6.4× | +29.94% (above 0%: growing) | +366.38% (above 0%: growing) | −58.60% (below 0%: shrinking) | 19.99% | 12.12% | Compare |
| ALG Alamo Group, Inc. | $1.7B | 21.2× | 14.7× | −4.02% (below 0%: shrinking) | −92.01% (below 0%: shrinking) | +24.63% (above 0%: growing) | 18.88% | 0.85% | Compare |
| LNN Lindsay Corporation | $1.1B | 20.0× | 20.6× | +5.21% (above 0%: growing) | +11.00% (above 0%: growing) | −20.40% (below 0%: shrinking) | 26.92% | 9.77% | Compare |
| ASTE Astec Industries, Inc. | $814.2M | 69.3× | 22.3× | +0.66% (above 0%: growing) | n/m | +187.80% (above 0%: growing) | 23.35% | (0.94%) | Compare |
| Median of peers | $4.4B | 22.1× | 21.2× | +3.58% | −26.88% | −28.13% | 24.17% | 8.36% |
From the latest earnings call
- CEO Simon Meester said Terex had advanced the Aerials carve-out and was actively engaging with multiple strategic counterparties about a separation.
- CFO Jennifer Kong said utilities production ramp-up inefficiencies and freight inflation were expected to continue into the fourth quarter.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
102.61%
Held by the ten largest
56.46%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Fidelity (FMR) | 17.10m | 14.96% | +44.98k |
| BlackRock | 14.69m | 12.85% | +657.30k |
| Vanguard | 11.66m | 10.20% | −192.68k |
| Dimensional Fund Advisors | 4.41m | 3.86% | −29.45k |
| State Street | 4.37m | 3.83% | +257.15k |
| Wellington Management | 3.34m | 2.92% | −411.28k |
| Geode Capital Management | 3.15m | 2.75% | +282.18k |
| AllianceBernstein | 2.09m | 1.83% | −38.68k |
| MFS Investment Management | 1.87m | 1.64% | +100.29k |
| Invesco | 1.85m | 1.62% | +752.83k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 29 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 7.29m | 9.55m | 163.00 |
| 2024 | 6.62m | 4.05m | 139.00 |
| 2023 | 10.21m | 21.65m | 171.00 |
| 2022 | 9.78m | 10.49m | 125.00 |
| 2021 | 9.54m | 15.78m | 127.00 |
Ownership
Directors and executive officers, together
1.60%
BlackRock, Inc.50 Hudson Yards, New York, NY
11.70%
FMR LLC
8.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Terex Corporation (TEX) Latest News
29 Oct
28 Oct
21 Oct
5 Oct
TEX metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Terex Corporation designs, builds and supports industrial equipment used to collect waste, process materials, work at height and maintain utility networks. Founded in 1925 and headquartered in Westport, it is led by President and Chief Executive Officer Simon Meester. The company had approximately 10,700 employees at the end of 2025.
Its Environmental Solutions business makes refuse collection bodies, recycling equipment and trucks used to maintain electric power lines. Materials Processing makes machines such as crushers and screens that prepare rock, recycled material and other inputs for use. Its Aerials business sells Genie lifts and telehandlers, which raise workers or move materials on construction sites and at other facilities.