What it is: A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
What moves the needle: Gross margin has run about 16% and operating margin about 4.9% 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. Inventory runs near 25% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 7%). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

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 →

Revenue spreads across 3 segments, the largest Supply Technologies at 47%.

Revenue by reportable segment, FY2025

Supply Technologies47%$748M
Engineered Products29%$471M
Assembly Components24%$381M

By geographyUnited States57%Europe16%Asia11%Mexico9%Canada5%Other1%

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, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.3B	$1.4B	$1.7B	$1.6B	$1.2B	$1.3B	$1.5B	$1.7B	$1.7B	$1.6B	$1.6B	RevenueRevenue
16%	16%	16%	16%	14%	14%	14%	16%	17%	17%	17%	Gross marginGross mgn
11%	11%	11%	11%	12%	12%	11%	11%	11%	12%	12%	SG&A / revenueSG&A/rev
$63M	$84M	$97M	$83M	$19M	$16M	$33M	$84M	$87M	$66M	$67M	Operating incomeOp. inc.
4.9%	5.9%	5.9%	5.1%	1.6%	1.3%	2.2%	5.1%	5.2%	4.1%	4.2%	Operating marginOp. mgn
$32M	$29M	$54M	$39M	($5M)	($25M)	($14M)	$8M	$32M	$24M	$24M	Net incomeNet inc.
22%	39%	24%	28%	—	—	—	52%	13%	11%	10%	Effective tax rateTax rate
											Cash flow & returns
$73M	$47M	$55M	$64M	$69M	($43M)	($27M)	$53M	$35M	$42M	$45M	Operating cash flowOp. cash
$30M	$32M	$36M	$34M	$28M	$31M	$30M	$32M	$34M	$33M	$33M	DepreciationDeprec.
$1M	($22M)	($43M)	($13M)	$40M	($56M)	($50M)	$7M	($36M)	($20M)	($18M)	Working capital & otherWC & other
$29M	$28M	$45M	$40M	$20M	$22M	$27M	$28M	$31M	$40M	$43M	CapexCapex
2.2%	2.0%	2.7%	2.5%	1.8%	1.7%	1.8%	1.7%	1.9%	2.5%	2.7%	Capex / revenueCapex/rev
$44M	$19M	$10M	$24M	$49M	($66M)	($54M)	$25M	$4M	$2M	$12M	Owner earningsOwner earn.
3.5%	1.3%	0.6%	1.5%	4.3%	−5.1%	−3.6%	1.5%	0.2%	0.1%	0.7%	Owner earnings marginOE mgn
$44M	$19M	$10M	$24M	$49M	($66M)	($54M)	$25M	$4M	$2M	$1M	Free cash flowFCF
3.5%	1.3%	0.6%	1.5%	4.3%	−5.1%	−3.6%	1.5%	0.2%	0.1%	0.1%	Free cash flow marginFCF mgn
$23M	$40M	$47M	$8M	$0	$5M	$23M	$1M	$11M	$0	$0	AcquisitionsAcquis.
$6M	$7M	$6M	$7M	$3M	$7M	$7M	$7M	$7M	$8M	$8M	Dividends paidDiv. paid
$100K	$4M	$9M	$900K	$8M	$3M	$0	$0	—	—	—	BuybacksBuybacks
8%	7%	9%	7%	2%	—	—	—	8%	6%	6%	ROICROIC
14%	10%	18%	12%	-1%	-8%	-6%	3%	10%	6%	6%	Return on equityROE
11%	8%	16%	9%	−2%	−10%	−8%	0%	7%	4%	4%	Retained to equityRetained/eq
											Balance sheet
$64M	$83M	$56M	$56M	$55M	$54M	$58M	$55M	$53M	$45M	$47M	Cash & investmentsCash+inv
$194M	$243M	$264M	$261M	$248M	$224M	$246M	$263M	$250M	$265M	$278M	ReceivablesReceiv.
$241M	$283M	$318M	$327M	$311M	$352M	$407M	$411M	$423M	$421M	$427M	InventoryInvent.
$134M	$174M	$178M	$175M	$167M	$178M	$221M	$204M	$195M	$200M	$201M	Accounts payablePayables
$301M	$352M	$404M	$414M	$392M	$398M	$432M	$470M	$478M	$486M	$504M	Operating working capitalOper. WC
$553M	$670M	$721M	$726M	$706M	$776M	$932M	$824M	$836M	$853M	$872M	Current assetsCur. assets
$242M	$276M	$299M	$305M	$307M	$349M	$449M	$364M	$361M	$367M	$363M	Current liabilitiesCur. liab.
2.3×	2.4×	2.4×	2.4×	2.3×	2.2×	2.1×	2.3×	2.3×	2.3×	2.4×	Current ratioCurr. ratio
$87M	$100M	$103M	$108M	$106M	$106M	$109M	$110M	$112M	$116M	$115M	GoodwillGoodwill
$974M	$1.1B	$1.2B	$1.3B	$1.3B	$1.4B	$1.4B	$1.3B	$1.4B	$1.4B	$1.4B	Total assetsAssets
$465M	$531M	$573M	$569M	$535M	$597M	$669M	$646M	$629M	$636M	$659M	Total debtDebt
$401M	$448M	$517M	$513M	$480M	$543M	$611M	$591M	$576M	$591M	$612M	Net debt / (cash)Net debt
2.2×	2.7×	2.8×	2.5×	0.7×	0.6×	1.0×	1.9×	1.8×	1.4×	1.4×	Interest coverageInt. cov.
$226M	$276M	$299M	$336M	$344M	$314M	$257M	$280M	$331M	$381M	$379M	Shareholders’ equityEquity
0.8%	0.6%	0.5%	0.3%	0.5%	0.5%	0.5%	0.4%	0.3%	0.3%	0.3%	Stock comp / revenueSBC/rev
											Per share
12.3M	12.5M	12.5M	12.4M	12.1M	12.3M	12.2M	12.5M	13.2M	14.0M	14.1M	Shares out (diluted)Shares
$104.03	$113.43	$132.56	$130.73	$95.52	$104.08	$122.44	$132.66	$125.09	$114.44	$114.52	Revenue / shareRev/sh
$2.58	$2.30	$4.29	$3.12	$-0.37	$-2.02	$-1.16	$0.62	$2.40	$1.70	$1.67	EPS (diluted)EPS
$3.62	$1.51	$0.78	$1.91	$4.06	$-5.35	$-4.39	$2.01	$0.27	$0.14	$0.82	Owner earnings / shareOE/sh
$3.62	$1.51	$0.78	$1.91	$4.06	$-5.35	$-4.39	$2.01	$0.27	$0.14	$0.09	Free cash flow / shareFCF/sh
$0.51	$0.55	$0.51	$0.57	$0.27	$0.57	$0.57	$0.59	$0.54	$0.56	$0.55	Dividends / shareDiv/sh
$2.32	$2.24	$3.61	$3.24	$1.68	$1.82	$2.21	$2.25	$2.37	$2.88	$3.07	Cap. spending / shareCapex/sh
$18.41	$22.16	$23.90	$27.11	$28.54	$25.60	$21.04	$22.41	$24.99	$27.26	$26.91	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+1.1%/yr	+3.7%/yr
Owner earnings / share	−30.2%/yr	−48.8%/yr
EPS	−4.5%/yr	—
Dividends / share	+1.1%/yr	+16.0%/yr
Capital spending / share	+2.4%/yr	+11.4%/yr
Book value / share	+4.5%/yr	−0.9%/yr

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

14Mpeak FY2025

ROIC

6%low FY2020

Gross margin

17%low FY2021

Net debt ÷ owner earnings

295.4×peak FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$2Mowner earningsvs.$24Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

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 $24M of profit but $2M of owner earnings: $22M less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$24M

Owner earnings$2M · 0% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$24M	$32M	$8M	($14M)	($25M)
Depreciation & amortizationnon-cash charge added back	+$33M	+$34M	+$32M	+$30M	+$31M
Stock-based compensationreal costnon-cash, but a real cost	+$6M	+$6M	+$7M	+$7M	+$7M
Working capital & othertiming of cash in and out, other non-cash items	−$20M	−$36M	+$7M	−$50M	−$56M
Cash from operations	$42M	$35M	$53M	($27M)	($43M)
Capital expenditurecash put back in to keep running and to grow	−$40M	−$31M	−$28M	−$27M	−$22M
Owner earnings	$2M	$4M	$25M	($54M)	($66M)
Owner-earnings marginowner earnings ÷ revenue	0%	0%	2%	-4%	-5%

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 $6M), owner earnings is nearer ($4M).

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.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.4×

Thin

Operating income $66M ÷ interest expense $48M

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? $591M · 8.9× operating profit

Heavy net debt

Cash $45M − debt $636M

What this means
Netting $45M of cash and short-term investments against $636M of debt leaves $591M owed, about 8.9× a year's operating profit (9.6× 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.
How long is cash tied up? 121d

Long (60+ days)

DSO 60 + DIO 116 − DPO 55 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?

Return on invested capital 7%

Below average through the cycle

7-yr median, range 2%–9%; 6% latest = NOPAT $59M ÷ invested capital $972M

Industry peers: median 7%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 7 years (it ran 6% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 0%

Thin, recently turned positive

latest $2M = operating cash $42M − maintenance capex $40M; positive each of the last 3 years, after an earlier loss stretch (10-yr median 1%)

Industry peers: median 8%

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 1% median across 10 years. Treating stock comp as the real expense it is (less $6M of SBC) leaves ($4M).
Are earnings backed by cash? 1.78×

Cash-backed

Cash from ops $42M ÷ net income $24M

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?

Where do the earnings go? 390%

Returned more than it generated

Dividends + buybacks $8M ÷ Owner Earnings $2M

What this means
The company returned more than it generated: against $2M of Owner Earnings, $8M (390%) went back to shareholders, $8M dividends, $0 buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
Investing or harvesting? 1.22×

Expanding

Capex $40M ÷ depreciation $33M

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 · 2 of 6 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 Near

Revenue ≥ $2B · $1.6B

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 Pass

Current ratio ≥ 2× · 2.33×

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 Near

Debt ≤ working capital · $636M vs $486M 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.
Earnings stability Miss

A profit every year (10-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Miss

Earnings +33% over the record · −44%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
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 $1.47/share (latest year $1.65), the averaged base the calculator's gate runs on, and book value is $26.45/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.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 7 of 10

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 6% → 5% (3-yr avg ends)

What this means
Through the cycle the operating margin held roughly steady — about 6% early, 5% lately, median 5%.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −24%/yr

What this means
Owner earnings shrank about 24% a year over the record.
Worst year 2021 · 1.3% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +1.5%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

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, 2026

Can 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$872M

Cash & short-term investments$47M
Receivables$278M
Inventory$427M
Other current assets$120M

Current liabilities$363M

Debt due within a year$6M
Accounts payable$201M
Other current liabilities$156M

Current ratio2.40×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.23×stricter: inventory excluded

Cash ratio0.13×strictest: cash alone against what's due

Working capital$509Mthe cushion left after near-term bills

Debt due this year vs. cash$6M due · $47M 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+3.8%the freshest read on whether the business is still growing

Current ratio, recent quarters2.4× → 2.4×

Deeper floors

Tangible book value$195Mequity stripped of goodwill & intangibles

Debt incl. operating leases$569M$39M of it operating leases

Deferred revenue$58Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Debt maturity

the debt note, SEC EDGAR →

Not how much it owes, but when it falls due, and against what. The ladder the company files, beside cash on hand and a year's owner earnings.

'26$5M

'27$3M

'28$3M

'29$700K

'30$608M

Bars scaled to the largest single year.

Due in the next 12 months$5Mthe first rung: what must be repaid or rolled over within the year

Within two years$8Mthe near wall, the part most exposed to today’s credit conditions

Biggest single year$608Min 2030the lumpiest maturity, where a refinancing, if needed, is largest

Due over the next five years$619Mthe near slice; the balance sheet carries $636M of debt in all

Against what the business has and earns

Cash & short-term investments, Mar 31, 2026$47M

One year of owner earnings (FY2025)$2M

Together, against $5M due next year9.5×

Cash on hand as of Mar 31, 2026 plus a year’s owner earnings comes to $49M against the $5M due in the twelve months after the Dec 31, 2025 schedule: 9.5 times it.

Maturity schedule extracted from the company’s Dec 31, 2025 annual report and reconciled to the balance-sheet debt.

How the cash was used, 2016–2025

Over the record, the business generated $368M of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$311M · 84%
Dividends$66M · 18%
Buybacks$24M · 7%

Returned to owners$90M
158% of the owner earnings the business produced over the span, $66M as dividends and $24M as buybacks.
Source of funding−$33M
Reinvestment and shareholder returns ran $33M beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $465M to $659M, and cash and short-term investments drew down $18M.
Average price paid for buybacks$17.69
Across the years where the filing reports a share count, 1M shares were bought for $24M, about $17.69 each. Year to year the price paid ranged from $1.61 (2016) to $29.56 (2018), and 2018, near the top of that range, was also its heaviest buyback year ($9M).
Net change in share count14.9%
The diluted count rose from 12M to 14M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.56/sh
Paid in 10 of the years on record, the per-share dividend growing about 1% a year. It was cut at least once along the way.
Return on what it retained−17%
Of the earnings it kept rather than paid out ($82M over the span), annual owner earnings (first three years vs last three) fell $14M, so each retained $1 gave back about 0.17 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Matthew V. Crawford	$6.2M	$3.9M	($66M)
2022	Matthew V. Crawford	$4.0M	$2.1M	($54M)
2023	Matthew V. Crawford	$5.7M	$10.2M	$25M
2024	Matthew V. Crawford	$5.9M	$6.0M	$4M
2025	Matthew V. Crawford	$3.7M	$3.5M	$2M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership<1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio104:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$6M
The slice of the business handed to employees in shares this year, 0% of revenue, equal to 8% 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.

Inverting the record

Invert: instead of why Park-Ohio Holdings Corp. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

4 of the 6 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?0.6% vs 1.8%
The owner-earnings margin averaged 1.8% early in the record and 0.6% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid the share count rise anyway?14.9%
Diluted shares grew 14.9% over 2016–2025, even as the company spent $24M on buybacks. The repurchases were a treadmill: stock issued to staff outran them, so owners' slice still shrank. Read the buyback line beside this one, not on its own.
Look hereDid debt outgrow the business?$465M → $659M
Debt rose from $465M to $659M while owner earnings went from about $24M to $10M — about 19 years of owner earnings in debt then, about 64 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereDid receivables and inventory outpace sales?34% → 44% of sales
Receivables and inventory grew from $435M to $705M while revenue grew 26%: working capital is climbing faster than sales (34% of revenue then, 44% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Did reported profit become cash?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Pension & retirement, Income taxes, Inventory 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, Industrial Machinery

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
MTRNMaterion Corporation	$1.8B	19%	5.1%	7%	4%
CXTCrane NXT Co.	$1.7B	40%	14.4%	14%	11%
AZZAZZ Inc.	$1.7B	24%	13.1%	7%	10%
PKOHPark-Ohio Holdings Corp.	$1.6B	16%	5.0%	7%	1%
HLMNHillman Solutions Corp.	$1.6B	—	4.1%	3%	3%
MWAMueller Water Products	$1.4B	33%	12.6%	11%	8%
TRSTriMas Corporation	$646M	24%	9.4%	5%	8%
MECMayville Engineering Company Inc.	$546M	11%	3.0%	-1%	5%
Group median	—	24%	7.3%	7%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Park-Ohio Holdings Corp. has delivered.

Today’s price $

Through the cycle, Park-Ohio Holdings Corp. earns about $15M on its 1.0% median owner-earnings margin. This year’s 0.1% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($15M) Net of stock comp (−$5M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

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.

Implied by the price—

Owner-earnings growth · ’16→’25−24%/yr

Owner-earnings yield—

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 $1M on 14M shares outstanding, per the 10-Q cover, as of 2026-04-30; net debt $612M. 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.

Weigh PKOH against another business →

The owners of PKOH: the meeting and the votes →

Cite: Owner Scorecard, "Park-Ohio Holdings Corp. (PKOH), the owner's record," https://ownerscorecard.com/c/PKOH, data as of 2026-07-09.

Manual order: ← PKG its page in the Manual PL →

Industry order: ← PH the Industrial Machinery chapter PNR →