Industries
Construction Machinery
Toutes les analyses de Construction Machinery — 13 analyses.
39/100
Kubota Corporation: A ¥70bn Tariff Refund Lifts the FY2026 Margin to 12.2% from 10.1%, and ¥2,751.5 Sits 28–38% Above the ¥2,000–2,150 Conservative Value
Kubota is an Osaka-based machinery group built around compact farm equipment, engines and construction machinery: Farm & Industrial Machinery produced 88.6% of H1 2026 revenue, North America supplied 42.1%, and a captive-finance book carried ¥2.23 trillion of finance receivables at June 2026. FY2026 guidance of ¥400 billion operating profit and a 12.2% margin includes about ¥70 billion of non-recurring US tariff refunds, so the company's own ex-refund margin is 10.1%, while operating cash flow over FY2021 to FY2025 was only 0.69 times cumulative parent net income and cumulative reported free cash flow was around negative ¥314 billion. Rating Hold: at ¥2,751.5 the shares trade at 10.8 times guided EPS but closer to 13 times refund-normalized earnings and 28–38% above the ¥2,000–2,150 conservative value, so the margin of safety is none and the ideal buy price is ¥1,550 to ¥1,650.
39/100
CNH Industrial: A Trough Priced at 31 Times Earnings That Normalizes to 11.5 Times, While Construction Earns a 2.3% Margin and Exor Holds 45.6% of the Vote
CNH Industrial is a full-line agricultural and construction equipment maker whose Agriculture segment (Case IH, New Holland, STEYR and the Raven-derived precision stack) supplies most of the industrial profit, alongside a captive lender running a $28.6bn managed portfolio. 2025 Agriculture sales fell 12% to $12.39bn and the segment's adjusted EBIT margin collapsed from 10.5% to 6.2%, so the latest $0.41 to $0.46 adjusted EPS guidance puts the $13.48 share price at about 31 times trough earnings, while normalizing Agriculture to $15.0bn of sales at an 11.5% margin gives $1.15 to $1.20 of mid-cycle EPS, or roughly 11.5 times. Rating Hold: the cycle can repair faster than the headline multiple implies, but Construction's 2.3% margin, undisclosed precision-agriculture economics and Exor's 45.6% voting power keep the discount to Deere structural, and $13.48 still sits above the $9.5 to $10.5 conservative fair value.
45/100
76Buffett
Hangcha Group: Gross Margin Up to 24.6% on Less Than 9% Revenue Growth, Robotics at 7% of Sales with Undisclosed Economics, and Three-Year Cash Conversion of 79%
Hangcha Group is a Chinese forklift and industrial-vehicle maker, selling internal-combustion, new-energy and warehouse trucks through more than 300 overseas dealers and 60 direct subsidiaries, with a still-small intelligent-logistics robotics unit. Gross margin rose from 20.7% in 2023 to 24.6% in 2025 while revenue grew less than 9%, and first-half 2026 revenue rose 8.65% to CNY 10.10bn with attributable profit up 8.89% to CNY 1.215bn; but 2023–25 operating cash flow equalled only about 79% of attributable profit and the board has proposed a CNY 2.259bn convertible. Rating Hold: at CNY 23.52 the stock sits just inside the acceptable-hold band and above the CNY 18–20 conservative value, so the report waits for CNY 14.5 to 16.
38/100
38Buffett
AGCO: 21 Times Trough Earnings for a Maker Whose Europe Supplies Two Thirds of Sales While PTx Must Compound 23.5% to Reach $2bn by 2029
AGCO is a pure-play global agricultural-machinery manufacturer selling Fendt, Massey Ferguson, Valtra and the PTx precision platform through roughly 2,800 independent dealers in about 140 countries, with Europe and the Middle East supplying 66.8% of 2025 sales and effectively all of its geographic segment profit. 2025 sales fell 13.5% to $10.08bn and adjusted EPS to $5.28 as the adjusted operating margin dropped from 12.0% at the 2023 peak to 7.7%, while PTx reached only about $860m against a $2bn 2029 target that now requires 23.5% compound growth and replacement parts grew to $1.87bn, 19% of sales. Rating Hold: at $119.79 the shares trade at 21.3 times trough adjusted EPS and 9 to 11 times normalized earnings but sit roughly 20% above the $100 conservative anchor, so the report waits for $75 to $80 before committing new capital.
44/100
76Buffett
Zhejiang Dingli: H1 Revenue Grew 24.9% and Its 20.6% EU Duty Beats Rivals at 35–49%, but Cash Conversion Fell to 0.32x and CNY 53.87 Sits 28% Above the CNY 42 Conservative Value Ahead of Final U.S. Duty Rulings
Zhejiang Dingli is an export-led aerial-work-platform manufacturer selling scissors, telescopic and articulating booms and vertical-mast machines mainly to rental fleets, with 82% of 2025 platform revenue earned overseas and gross margin held around one-third of sales. H1 2026 revenue rose 24.9% to CNY 5.414bn while Haulotte described the global market as its weakest since 2020, yet attributable profit fell 6.0%, operating cash flow covered only 0.32x of profit, and U.S. reviews preliminarily point to 35.79% antidumping and 36.49% countervailing rates against the current 18.27% and 33.10% deposits. Rating Watch: at CNY 53.87 the stock sits 28% above the CNY 42 conservative value and inside the CNY 50–68 acceptable-hold zone, with the ideal buy zone at CNY 30–34.
42/100
Komatsu Ltd.: A 51.8% Aftermarket Mix Meets ¥88.3bn of Tariffs, and ¥7,114 Already Prices the Mining Upcycle
Komatsu is a century-old construction and mining equipment maker whose earnings are anchored by an installed base: parts and service reached ¥1.965 trillion in the year ended March 2026, or 51.8% of construction, mining and utility external sales, and the 1,000th FrontRunner autonomous haul truck was commissioned in April 2026. That annuity did not stop the operating margin falling from 16.0% to 13.7% or net income dropping 14.4% to ¥376.4 billion, and management still guides the year ending March 2027 to operating income of ¥555 billion, down 2.2%, while tariff expense rises to roughly ¥88.3 billion. Rating Hold: at ¥7,114 the shares sit 36.1% above a year ago and inside the ¥5,950–¥8,050 acceptable-hold band, so the aftermarket quality is already paid for and a new purchase only becomes compelling around ¥4,000–¥4,450.
43/100
89Buffett
Epiroc AB: Q2 2026 Equipment Orders Grew 30% Organically While Large Orders Above MSEK 150 Jumped to MSEK 720 From MSEK 230, and Class A at SEK 263.30 Sits Inside the SEK 250-275 Base Range
Epiroc is the Swedish mining-equipment maker whose aftermarket of service, parts, tools and automation supplied 64% of Q2 2026 revenue and cushions a still-cyclical equipment franchise. Q2 orders rose 13% organically to MSEK 17,305 with equipment up 30% and adjusted operating margin back to 20.1%, though large orders above MSEK 150 jumped to MSEK 720 from MSEK 230 a year earlier, and 2025 ROCE of 18.9% still trails the 24.1% 2016-2025 average. Rating Hold: at SEK 263.30 Class A trades near 35.9x TTM earnings and roughly 39x owner earnings, inside the SEK 250-275 base range and at about a 20% premium to economically equivalent Class B, so the ideal buy zone is SEK 156 to SEK 168.
43/100
43Buffett
Weir PLC: 82% Aftermarket Revenue Meets 2.2x Leverage and a 15.2% ROCE, and £27.24 Already Prices the H2 Recovery
Weir PLC is a mining-focused engineering group whose Warman pumps, Cavex cyclones and ESCO ground-engaging tools earn most of their money from replacing worn components rather than from selling new machines, with aftermarket at 82.5% of H1 2026 revenue. First-half orders rose 8% at constant currency to £1.426bn and book-to-bill reached 1.12x, yet adjusted operating margin fell 100bp to 18.8%, ROCE fell 250bp to 15.2% and net debt/EBITDA climbed from 0.7x at end-2024 to 2.2x after the £624m Micromine purchase and three smaller deals. Rating Hold: at £27.24 the shares sit on about 20.6x FY2026 consensus adjusted EPS of £1.324 and inside the £26–£34 acceptable-hold band, but they offer no margin of safety against the £23–£25 conservative value, so a new purchase only becomes compelling around £18.50–£20.00.
44/100
Metso: A 56% Aftermarket Mix, an 18.0% Minerals Margin, and 30 Times Earnings
Metso is a Finnish supplier of mineral-processing and aggregates equipment whose economics rest on the aftermarket: wear parts, mill linings, screening media and service were 56% of first-half 2026 group sales and 65% of Minerals sales. First-half orders rose 12% to EUR 3.017 billion and the backlog reached EUR 3.662 billion, up 13%, while the Minerals adjusted EBITA margin hit 18.0% against 16.4% for the group; operating cash flow nonetheless fell to EUR 131 million from EUR 283 million as working capital absorbed EUR 186 million. Rating Hold: the installed-base quality is real, but at EUR 18.19 the shares carry roughly 30 times trailing earnings and a 3.0% free-cash-flow yield, leaving no margin of safety until the price approaches the EUR 10.0 to 11.2 ideal buy range.
44/100
79Buffett
Sandvik AB: A Record 22.6% Margin With SEK 550 Million of Tungsten Inside It, and No Margin of Safety at SEK 368.70
Sandvik is a Swedish industrial group selling mining equipment, rock-processing machinery, metal-cutting consumables and manufacturing software, with aftermarket and other recurring revenue at about 40% of 2025 sales against 31% in 2019. Q2 2026 set a record 22.6% adjusted EBITA margin, but a company-disclosed SEK 550 million tungsten benefit was worth 380 basis points to Machining, and stripping it mechanically returns the group to roughly 21.1%, inside management's 20% to 22% through-cycle target rather than above it. Rating Hold: at SEK 368.70 the shares trade near 26.2 times trailing adjusted earnings against a SEK 363 base value and a SEK 273 conservative value, leaving no margin of safety.
45/100
59Buffett
SANY Heavy Industry Re-rating: A Globalized Construction-Machinery Leader on Overseas Delivery Plus Domestic Recovery
With overseas revenue at 64% of sales and a 31.7% international gross margin, SANY has moved from a laggard on China's property chain to a globalized heavy-equipment platform running on domestic recovery plus overseas delivery. A TTM P/E of about 20x already reflects the structural improvement, leaving a fair buy range of 15.5–17 yuan. Rated Hold: a good company, but the price has already priced in much of the recovery.
43/100
64Buffett
Deere & Company: A Long-Term Owner's Perspective
A global leader in agricultural and construction machinery, with a five-fold moat of brand + dealers + financing + data; FY2025 net sales of $45.684 billion and R&D of $2.311 billion. At the current share price of $529.24 (~29x P/E), the stock already sits in the optimistic value band, with a clearly insufficient margin of safety.
46/100
60Buffett
Caterpillar Long-Term Value Investment Analysis
Caterpillar is the global leader in construction and mining equipment, with 2025 revenue of $67.589 billion, services revenue of $24.0 billion, and more than 1.6 million connected assets. The core thesis is that it is a high-quality industrial franchise, but the current price of $879.89 is far above a fair range of $300-380, leaving almost no margin of safety. Research rating Watch: a durable compounder deserves long-term attention, but not at today's valuation.