Share count
59Mpeak FY2025
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AEBI, Aebi Schmidt Holding AG Common Stock
Farm & Heavy Equipment capital-intensive
Aebi Schmidt Holdings AG is a leading global manufacturer of specialty vehicles.
Our core offerings include solutions and equipment for snow removal and de-icing, street and runway sweepers, truck and recreational vehicle ("RV") chassis, as well as truck bodies and vehicle upfitting for a wide range of commercial fleets and vocations.
Furthermore, we produce specialty vehicles and equipment for municipal and airport maintenance services as well as for the cultivation of steep and challenging terrain.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$1.5B
+40.6% YoY
Vital signs · TTM, with 3-yr average
Revenue $1.7B 3-yr avg $1.2B
Revenue $456M +82.8% vs yr-ago qtr
Operating margin 3.4% yr-ago 5.8%
Net income $671K yr-ago $2M
Net margin 0.1% yr-ago 0.8%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is New Business (75%) and After Sales (13%).
- What moves the needle
- Gross margin has run about 20% and operating margin about 5.8% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. That margin has held in a narrow 4.8%–6.3% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. Inventory runs near 21% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →New Business is 75% of revenue, with After Sales the other meaningful line at 13%.
Revenue by product line, FY2025
- New Business75%$1.3B
- After Sales13%$222M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|
| Income statement | ||||
| $1.0B | $1.1B | $1.5B | $1.7B | RevenueRevenue |
| 20% | 21% | 20% | 20% | Gross marginGross mgn |
| 12% | 11% | 12% | 12% | SG&A / revenueSG&A/rev |
| 2% | 2% | 2% | 2% | R&D / revenueR&D/rev |
| $59M | $68M | $73M | $74M | Operating incomeOp. inc. |
| 5.8% | 6.3% | 4.8% | 4.3% | Operating marginOp. mgn |
| $11M | $31M | $10M | $8M | Net incomeNet inc. |
| 35% | 26% | 13% | 12% | Effective tax rateTax rate |
| Cash flow & returns | ||||
| $30M | $69M | $9M | $18M | Operating cash flowOp. cash |
| $27M | $26M | $44M | $51M | DepreciationDeprec. |
| ($8M) | $12M | ($52M) | ($50M) | Working capital & otherWC & other |
| $12M | $14M | $14M | $13M | CapexCapex |
| 1.2% | 1.3% | 0.9% | 0.8% | Capex / revenueCapex/rev |
| $18M | $55M | ($5M) | $5M | Owner earningsOwner earn. |
| 1.8% | 5.1% | −0.3% | 0.3% | Owner earnings marginOE mgn |
| $18M | $55M | ($5M) | $5M | Free cash flowFCF |
| 1.8% | 5.1% | −0.3% | 0.3% | Free cash flow marginFCF mgn |
| $10M | — | — | $10M | AcquisitionsAcquis. |
| $2M | $3M | $13M | $15M | Dividends paidDiv. paid |
| 13% | 7% | — | — | ROICROIC |
| 3% | 8% | 1% | 1% | Return on equityROE |
| 3% | 8% | −0% | −1% | Retained to equityRetained/eq |
| Balance sheet | ||||
| $43M | $65M | $99M | $116M | Cash & investmentsCash+inv |
| — | $174M | $311M | $271M | ReceivablesReceiv. |
| — | $231M | $346M | $379M | InventoryInvent. |
| — | $94M | $235M | $202M | Accounts payablePayables |
| — | $312M | $423M | $449M | Operating working capitalOper. WC |
| — | $518M | $878M | $890M | Current assetsCur. assets |
| — | $267M | $461M | $448M | Current liabilitiesCur. liab. |
| — | 1.9× | 1.9× | 2.0× | Current ratioCurr. ratio |
| $221M | $221M | $403M | $404M | GoodwillGoodwill |
| — | $1.1B | $2.0B | $2.0B | Total assetsAssets |
| — | $400M | $595M | $653M | Total debtDebt |
| — | $335M | $496M | $538M | Net debt / (cash)Net debt |
| 1.6× | 2.0× | 1.7× | 1.6× | Interest coverageInt. cov. |
| $338M | $365M | $815M | $815M | Shareholders’ equityEquity |
| 0.0% | 0.0% | 0.5% | 0.5% | Stock comp / revenueSBC/rev |
| Per share | ||||
| 40.3M | 40.4M | 58.8M | 77.4M | Shares out (diluted)Shares |
| $25.17 | $26.90 | $25.97 | $22.39 | Revenue / shareRev/sh |
| $0.28 | $0.76 | $0.17 | $0.11 | EPS (diluted)EPS |
| $0.46 | $1.37 | $-0.09 | $0.06 | Owner earnings / shareOE/sh |
| $0.46 | $1.37 | $-0.09 | $0.06 | Free cash flow / shareFCF/sh |
| $0.05 | $0.08 | $0.23 | $0.20 | Dividends / shareDiv/sh |
| $0.29 | $0.34 | $0.24 | $0.17 | Cap. spending / shareCapex/sh |
| $8.38 | $9.04 | $13.86 | $10.52 | Book value / shareBVPS |
The diluted share count moved ×1.46 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
20%low FY2025
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($5M)owner earningsvs.$10Mnet incomelow FY2025
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedEach year's operating cash, by what management did with it: the mix, and how it drifts.
FY2023FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business reported $10M of profit but ($5M) of owner earnings: $15M less than the profit line, taken out by capital spending and the timing of cash.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | $10M | $31M | $11M |
| Depreciation & amortizationnon-cash charge added back | +$44M | +$26M | +$27M |
| Stock-based compensationreal costnon-cash, but a real cost | +$7M | — | — |
| Working capital & othertiming of cash in and out, other non-cash items | −$52M | +$12M | −$8M |
| Cash from operations | $9M | $69M | $30M |
| Capital expenditurecash put back in to keep running and to grow | −$14M | −$14M | −$12M |
| Owner earnings | ($5M) | $55M | $18M |
| Owner-earnings marginowner earnings ÷ revenue | 0% | 5% | 2% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $7M), owner earnings is nearer ($12M).
Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Material weakness in financial controls
“In connection with the preparation of our consolidated financial statements as of December 31, 2025, 2024 and 2023 and for the years then ended, we identified material weaknesses in our internal control over financial reporting.”
The figures below are only as sound as the controls that produced them. read the note →
Will it survive?
- ThinOperating income $73M ÷ interest expense $42M
What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
- How heavy is the debt, net of cash? $496M · 6.8× operating profitHeavy net debtCash $99M − debt $595M
What this means
Netting $99M of cash and short-term investments against $595M of debt leaves $496M owed, about 6.8× a year's operating profit (8.1× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Long (60+ days)DSO 74 + DIO 103 − DPO 70 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.
Is it a good business?
- Not enough dataIndustry peers: median 3%
What this means
The filing data didn't include the inputs for this check.
- Thin through the cycle3-yr median margin, range -0%–5%; latest ($5M) = operating cash $9M − maintenance capex $14MIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -0% of revenue this year, a 2% median across 3 years. Treating stock comp as the real expense it is (less $7M of SBC) leaves ($12M).
- Mostly cash-backedCash from ops $9M ÷ net income $10M
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- No surplus to allocate
What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
- Investing or harvesting? 0.32×HarvestingCapex $14M ÷ depreciation $44M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 3 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size NearRevenue ≥ $2B · $1.5B
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity NearCurrent ratio ≥ 2× · 1.90×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt NearDebt ≤ working capital · $595M vs $416M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.22/share (latest year $0.13), the averaged base the calculator's gate runs on, and book value is $10.51/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Named as a competitive risk
Its FY2025 10-K names artificial intelligence as a competitive threat.
“Our competitors or other third parties may incorporate AI into their products more quickly or more successfully than we do, which could impair our ability to compete effectively and could adversely affect our results of operations.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Mar 31, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$890M
- Cash & short-term investments$116M
- Receivables$271M
- Inventory$379M
- Other current assets$124M
Current liabilities$448M
- Debt due within a year$68M
- Accounts payable$202M
- Other current liabilities$179M
Current ratio1.99×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.14×stricter: inventory excluded
Cash ratio0.26×strictest: cash alone against what's due
Working capital$442Mthe cushion left after near-term bills
Debt due this year vs. cash$68M due · $116M cash
covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet
Revenue, latest quarter vs. a year ago+82.8%the freshest read on whether the business is still growing
Current ratio, recent quarters1.9× → 2.0×
Deeper floors
Tangible book value$84Mequity stripped of goodwill & intangibles
Net current asset value($302M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$792M$163M of it operating leases
Deferred revenue$24Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 3-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$738M37% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity49%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$10Mover 3 years buying other businesses, against $40M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 3-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Stock-based compensation$7M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 10% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition, Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Farm & Heavy Equipment
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| DNOWDNOW Inc. | $2.8B | 20% | -0.5% | -1% | 6% |
| MTWManitowoc Company Inc. (The) | $2.2B | 18% | 2.4% | 3% | -2% |
| AEBIAebi Schmidt Holding AG Common Stock | $1.5B | 20% | 5.8% | — | 2% |
| ASTEAstec Industries Inc. | $1.4B | 23% | 2.9% | 5% | 1% |
| CMCOColumbus McKinnon Corporation | $1.2B | 34% | 8.0% | 5% | 7% |
| INVXInnovex International Inc. | $978M | 29% | 4.1% | 3% | 6% |
| FETForum Energy Technologies Inc. | $791M | 25% | -14.0% | -7% | 0% |
| PLOWDouglas Dynamics Inc. | $656M | 27% | 12.6% | 12% | 9% |
| Group median | — | 24% | 3.5% | — | 4% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Aebi Schmidt Holding AG Common Stock has delivered.
$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $5M on 78M shares outstanding, per the 10-Q cover, as of 2026-05-08; net debt $538M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Aebi Schmidt Holding AG Common Stock (AEBI), the owner's record," https://ownerscorecard.com/c/AEBI, data as of 2026-07-09.
Manual order: ← ADV its page in the Manual AEE →
Industry order: ← 6326 the Farm & Heavy Equipment chapter AGCO →