Hyster-Yale Materials Handling, Inc. (HY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+216.8%

$94.10

vs $29.70 price

Levered DCF

$158.71

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.23

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-8.76×	6.24×	8.46×	-5.78×	-3.99×	26.95×	27.42×	29.5×
P/B	1.12×	1.87×	2.73×	2.09×	1.94×	1.62×	1.8×	1.94×
P/S	0.14×	0.21×	0.26×	0.12×	0.22×	0.36×	0.3×	0.32×
EV / EBITDA	22.45×	4.44×	5.92×	98.05×	-12.28×	11.51×	10.84×	12.86×
Gross margin	16.8%	20.8%	19.1%	12.2%	11.8%	16.5%	16.5%	15.6%
Operating margin	0.5%	5.7%	5.1%	-1.1%	-5.0%	1.8%	1.6%	1.2%
Net margin	-1.6%	3.3%	3.1%	-2.1%	-5.6%	1.3%	1.1%	1.1%
Current ratio	1.34×	1.35×	1.22×	1.09×	1.22×	1.49×	1.41×	1.46×
Debt / equity	0.82×	1.14×	1.47×	2.7×	1.45×	0.47×	0.53×	0.57×
Interest coverage	0.54×	7.24×	5.6×	-1.38×	-9.83×	3.64×	2.72×	2.43×
Dividend yield	4.8%	2.7%	2.1%	5.1%	3.1%	2.1%	2.1%	2.0%
Payout ratio	-42.3%	16.9%	17.7%	-29.4%	-12.5%	57.4%	58.7%	58.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-12.7%	30.0%	32.3%	-36.3%	-48.4%	6.0%	6.6%	6.6%
Return on invested capital	1.5%	13.6%	13.1%	-4.0%	-13.6%	3.8%	3.7%	3.4%
Return on assets	-3.0%	7.0%	6.1%	-3.7%	-8.8%	2.0%	1.9%	2.0%
Free cash flow yield	4.5%	13.8%	10.8%	2.8%	-43.1%	11.5%	2.8%	2.8%
Earnings yield	-11.4%	16.0%	11.8%	-17.3%	-25.0%	3.7%	3.6%	3.4%
Enterprise value	$787.9M	$1.3B	$1.6B	$921.7M	$1.1B	$1.1B	$1.2B	$1.2B
Net debt / EBITDA	7.45×	1.48×	1.87×	52.54×	-4.86×	1.39×	2×	2.25×
Cash conversion cycle (days)	75	74	76	79	90	69	73	70