Farm & Heavy Equipment

6301 Komatsu

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings not read

Retained capital not read

Balance sheet Modest net debt, ¥72.7B

6305 Hitachi Construction Machinery

Revenue is Construction Machinery (90%) and Specialized Parts and Service (10%).

Owner earnings 2018–2026 ¥67.6B(¥51.9B)(¥9.4B)¥63.0B¥11.4B(¥79.0B)¥27.3B¥111.6B¥123.3B

Retained capital Retained ¥384.0B of earnings over 2018–2026; annual owner earnings grew ¥85.3B, ¥0.22 per ¥1 retained.

Balance sheet Meaningful net debt, ¥427.1B · dividend paid 9 of 9 yrs, cut at least once

6326 Kubota

Kubota is a Japanese manufacturer best known for farm machinery — tractors and combines sold to farmers and dealers. It also builds compact construction equipment and diesel engines, and supplies water and environmental infrastructure such as pipe, pumps, and valves. It makes its money the way an equipment maker does: designing and assembling durable machines, selling them through a dealer network, and earning on parts and service over the life of each unit.

Owner earnings 2018–2025 ¥38.1B¥6.2B¥82.0B¥20.8B(¥96.9B)(¥124.5B)¥161.2B¥174.9B

Retained capital Retained ¥819.9B of earnings over 2018–2025; annual owner earnings grew ¥28.4B, ¥0.03 per ¥1 retained.

Balance sheet Heavy net debt, ¥1.97T · dividend paid 8 of 8 yrs, never cut

AEBI Aebi Schmidt Holding AG Common Stock

Aebi Schmidt Holdings AG is a leading global manufacturer of specialty vehicles.

Owner earnings 2023–2025 $18M$55M($5M)

Retained capital not read

Balance sheet Heavy net debt, $496M

AGCO Agco Corp /de

AGCO is a global leader in agricultural machinery and precision agriculture technologies.

Owner earnings 2016–2025 $169M$374M$393M$485M$684M$390M$629M$873M$439M$740M

Retained capital Retained $1.6B of earnings over 2016–2025; annual owner earnings grew $372M, $0.23 per $1 retained.

Balance sheet Meaningful net debt, $1.6B · dividend paid 10 of 10 yrs, cut at least once

ALG Alamo Group Inc.

Alamo Group Inc. is a leader in the manufacture and sale of high-quality, purpose-built industrial and vegetation management equipment.

Owner earnings 2016–2025 $66M$57M$26K$74M$166M$24M($9M)$107M$185M$147M

Retained capital Retained $728M of earnings over 2016–2025; annual owner earnings grew $105M, $0.14 per $1 retained.

Balance sheet Net cash, +$104M · buybacks at an average near $14.72 · dividend paid 10 of 10 yrs, never cut

ASTE Astec Industries Inc.

We design, engineer, manufacture, market and service equipment and components used primarily in asphalt and concrete road building and related construction activities, as well as other products discussed below.

Owner earnings 2016–2025 $107M$22M($57M)$89M$126M($13M)($102M)$2M$3M$21M

Retained capital Retained $54M of earnings over 2016–2025; annual owner earnings fell $15M, $-0.29 per $1 retained.

Balance sheet Meaningful net debt, $262M · dividend paid 10 of 10 yrs, never cut

BLBD Blue Bird Corporation

We are the leading independent designer and manufacturer of school buses, with more than 619,000 buses sold since our formation in 1927.

Owner earnings 2016–2025 $16M$38M$39M$45M($11M)($66M)($31M)$111M$96M$161M

Retained capital Retained $297M of earnings over 2016–2025; annual owner earnings grew $92M, $0.31 per $1 retained.

Balance sheet Net cash, +$139M · buybacks at an average near $8.77 · no dividend paid

CAT Caterpillar Inc.

Caterpillar makes heavy machines — construction and mining equipment, off-highway diesel and natural-gas engines, industrial gas turbines, and diesel-electric locomotives — and sells them to builders, miners, and energy and transport customers, mostly through a network of independent dealers. It also runs a finance arm that lends to the dealers and customers who buy the iron. The money comes from selling the machines and, over their long working lives, the parts and service that keep them running.

Owner earnings 2016–2025 $4.5B$4.8B$5.3B$5.9B$5.3B$6.1B$6.5B$11.3B$10.0B$8.9B

Retained capital Retained $2.7B of earnings over 2016–2025; annual owner earnings grew $5.2B.

Balance sheet Modest net debt, $20.7B · buybacks at an average near $211 · dividend paid 10 of 10 yrs, never cut

CMCO Columbus McKinnon Corporation

Columbus McKinnon is a leading global designer, manufacturer and marketer of intelligent motion solutions for efficiently and ergonomically moving, lifting, positioning and securing materials.

Owner earnings 2017–2026 $46M$55M$67M$97M$87M$36M$71M$42M$24M($164M)

Retained capital Paid out $40M more than it earned over 2017–2026; annual owner earnings fell $89M.

Balance sheet Net debt against an operating loss, $2.3B · buybacks at an average near $33.95 · dividend paid 10 of 10 yrs, never cut

CNH CNH Industrial N.V.

CNH is a leading global equipment company that develops, manufactures and sells agricultural and construction equipment.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $24.2B

DE Deere & Company

Deere builds the big machines that work the land — tractors, combines, planters and sprayers for farmers, and earthmoving and forestry gear for construction and forestry crews. It sells mostly through independent dealers, and a captive finance arm lends customers the money to buy the equipment. The bulk of the revenue comes from agricultural machinery, with construction and forestry a smaller share.

Owner earnings 2016–2025 $3.1B$1.6B$926M$2.3B$6.7B$6.9B$3.6B$7.1B$7.6B$6.1B

Retained capital Retained $14.4B of earnings over 2016–2025; annual owner earnings grew $5.0B, $0.35 per $1 retained.

Balance sheet Heavy net debt, $38.4B · dividend paid 10 of 10 yrs, never cut

GBX Greenbrier Companies Inc. (The)

We design, build and market freight railcars in North America and Europe.

Owner earnings 2016–2025 $274M$220M$29M($105M)$205M($141M)($252M)($35M)$214M$144M

Retained capital Retained $611M of earnings over 2016–2025; annual owner earnings fell $67M, $-0.11 per $1 retained.

Balance sheet Heavy net debt, $1.4B · buybacks at an average near $30.03 · dividend paid 10 of 10 yrs, never cut

HY Hyster-Yale Inc.

Hyster-Yale Maximal also designs and produces specialized products in the port equipment and rough terrain forklift markets.

Owner earnings 2016–2025 ($92M)$124M$29M$27M$115M($298M)$12M$115M$123M$40M

Retained capital Paid out $75M more than it earned over 2016–2025; annual owner earnings grew $73M.

Balance sheet Net debt against an operating loss, $593M · buybacks at an average near $41.16 · dividend paid 10 of 10 yrs, never cut

HYLN Hyliion Holdings Corp.

Hyliion Holdings Corp. is a Delaware corporation headquartered in Cedar Park, Texas, with research and development facilities in Cincinnati, Ohio, that designs and develops power generators for stationary and mobile applications and provides R&D services.

Owner earnings 2019–2025 ($11M)($23M)($81M)($118M)($120M)($60M)($53M)

Retained capital not read

Balance sheet Net cash, +$92M

LNN Lindsay Corporation

Lindsay Corporation is a Delaware corporation and maintains its corporate offices in Omaha, Nebraska.

Owner earnings 2016–2025 $22M$31M$23M($10M)$25M$25M($13M)$101M$75M$112M

Retained capital Retained $203M of earnings over 2016–2025; annual owner earnings grew $71M, $0.35 per $1 retained.

Balance sheet Net cash, +$136M · buybacks at an average near $84.97 · dividend paid 10 of 10 yrs, never cut

MLR Miller Industries Inc.

Miller Industries, Inc. is The World's Largest Manufacturer of Towing and Recovery Equipment , with executive offices in Ooltewah, Tennessee, domestic manufacturing operations in Tennessee and Pennsylvania, and foreign manufacturing operations in France, the United Kingdom and, most recently, Italy.

Owner earnings 2016–2025 $16M$8M$14M$26M$51M$6M($31M)($1M)$2M$85M

Retained capital Retained $235M of earnings over 2016–2025; annual owner earnings grew $16M, $0.07 per $1 retained.

Balance sheet Net cash, +$11M · buybacks at an average near $45.82 · dividend paid 10 of 10 yrs, never cut

MTW Manitowoc Company Inc. (The)

Manitowoc, through its wholly-owned subsidiaries, provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services.

Owner earnings 2016–2025 ($672M)($354M)($545M)($88M)($61M)$36M$15M$6M$4M($15M)

Retained capital not read

Balance sheet Heavy net debt, $399M

PLOW Douglas Dynamics Inc.

Douglas Dynamics Inc. is North America's premier manufacturer and upfitter of commercial work truck attachments and equipment.

Owner earnings 2016–2025 $60M$59M$48M$66M$39M$49M$28M$3M$33M$64M

Retained capital Retained $30M of earnings over 2016–2025; annual owner earnings fell $22M.

Balance sheet Modest net debt, $143M · dividend paid 10 of 10 yrs, never cut

SCAG Scage Future

We are a pioneering and leading zero-emission solution provider in China, focusing on the development and commercialization of heavy-duty NEV trucks and e-fuel solutions.

Owner earnings 2023–2025 ($5M)($6M)($6M)

Retained capital not read

Balance sheet Net cash, debt-free, +$91K

TEX Terex

Terex is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms, and equipment for the electric utility industry.

Owner earnings 2016–2025 $319M$121M$49M$127M$176M$234M$214M$403M$244M$322M

Retained capital Paid out $398M more than it earned over 2016–2025; annual owner earnings grew $160M.

Balance sheet Meaningful net debt, $1.8B · buybacks at an average near $9.54 · dividend paid 10 of 10 yrs, cut at least once

TRN Trinity Industries Inc.

Through wholly-owned subsidiaries, including Trinity Industries Leasing Company, and a partially-owned subsidiary, TRIP Rail Holdings LLC, we primarily offer full-service operating leases for freight and tank railcars.

Owner earnings 2016–2025 $1.0B$740M$342M$306M$556M$588M($51M)$254M$520M$314M

Retained capital Paid out $912M more than it earned over 2016–2025; annual owner earnings fell $345M.

Balance sheet Heavy net debt, $5.2B · buybacks at an average near $28.06 · dividend paid 10 of 10 yrs, never cut

TTC Toro

We design, manufacture, market and sell professional turf maintenance equipment and services; turf irrigation systems; landscaping equipment and lighting products; snow and ice management products; agricultural irrigation systems; rental, specialty and underground construction equipment; and residential yard and snow thrower products.

Owner earnings 2016–2025 $334M$302M$304M$244M$461M$452M$188M$188M$466M$578M

Retained capital Retained $694M of earnings over 2016–2025; annual owner earnings grew $98M, $0.14 per $1 retained.

Balance sheet Modest net debt, $581M · buybacks at an average near $72.92 · dividend paid 10 of 10 yrs, never cut

WAB Wabtec

Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems and services for the freight rail and passenger transit industries, and the mining, marine, and industrial markets and applications.

Owner earnings 2016–2025 $400M$99M$221M$830M$648M$943M$889M$1.0B$1.6B$1.5B

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $1.1B, $0.58 per $1 retained.

Balance sheet Meaningful net debt, $4.8B · dividend paid 10 of 10 yrs, never cut

WNC Wabash National Corporation

Revenue is Transportation Solutions (85%) and Parts & Services (15%).

Owner earnings 2016–2025 $158M$118M$78M$109M$104M($57M)$67M$222M$45M($13M)

Retained capital Retained $419M of earnings over 2016–2025; annual owner earnings fell $34M, $-0.08 per $1 retained.

Balance sheet Modest net debt, $519M · dividend paid 9 of 10 yrs, never cut