# The Manitowoc Company, Inc. (MTW)

> Source: Nexqual · https://nexqual.com/MTW · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Manitowoc Company, Inc. (MTW), nexqual.com/MTW" · informational, not investment advice.

**Price:** USD 22.15 (-2.64% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 22.75 · day 21.6–22.55 · 52w 9.93–24 · market cap $799M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.32B, net income $20.2M (0.9% margin), free cash flow $69.4M (SEC filings).
- Valuation: P/E 39.5x (avg 27.1x at the last 3 fiscal year-ends), EV/EBITDA 8.8x, net debt $374M.
- Earnings quality: non-operating income -$40.9M vs operating income $72.9M over the last four quarters; P/E excluding non-operating income ≈17.1x (estimate: non-operating income taxed at the company's 35% effective rate).
- 1 of 80 tracked superinvestors hold MTW (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $106K; 1 not under a Rule 10b5-1 plan ($106K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Strong Sell (mean 4.50 on a 1–5 scale) (2 analysts), mean target USD 14 (range 12–16).
- Total return with dividends: 1Y +96.5% vs S&P 500 +14.9%; 5Y +6.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 0.2, revenue estimate $577M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.72B | $2.03B | $2.23B | $2.18B | $2.24B | $2.32B |
| Gross profit | $307M | $365M | $425M | $375M | $405M | — |
| Operating income | $46.5M | -$93.0M | $92.4M | $51.8M | $53.8M | $72.9M |
| Net income | $11.0M | -$124M | $39.2M | $55.8M | $7.2M | $20.2M |
| EPS (diluted) | $0.31 | -$3.51 | $1.09 | $1.56 | $0.20 | — |
| Free cash flow | $35.8M | $15.1M | -$14.4M | $3.5M | -$15.3M | $69.4M |
| Gross margin | 17.9% | 17.9% | 19.1% | 17.2% | 18.1% | — |
| Operating margin | 2.7% | -4.6% | 4.1% | 2.4% | 2.4% | 3.1% |
| Net margin | 0.6% | -6.1% | 1.8% | 2.6% | 0.3% | 0.9% |
| Revenue growth | +19.2% | +18.2% | +9.6% | -2.2% | +2.9% | — |
| Cash + short-term investments | $75.4M | $64.4M | $34.4M | $48.0M | $77.3M | — |
| Total debt | $418M | $394M | $387M | $409M | $479M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 39.5x · P/E ex non-operating (est.) ≈17.1x · P/S 0.3x · EV/EBITDA 8.8x · EV/Sales 0.5x · P/FCF 11.5x · P/B 1.1x · FCF yield 8.69% · Earnings yield 2.53% · Dividend yield (paid, TTM) 0.00% · Net debt $374M · EV $1.17B
P/E at fiscal year-ends: Dec 2025 60.1x, Dec 2024 5.8x, Dec 2023 15.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MTW. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $14.7M | Added +25.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-19 | Krueger Kenneth W | Director | 9,000 | $106K | 5.2% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Strong Sell (mean 4.50 on a 1–5 scale), 2 analysts; mean target USD 14 (low 12, high 16).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-13 | Wells Fargo | Target raised | Underweight | $10 → $12 |
| 2026-08-10 | Barclays | Target raised | Underweight | $11 → $16 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +96.5% | +6.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +97.0% | +1.2% |
| Volatility (annualized) | 52.5% | 49.9% |
| Max drawdown | -26.1% (Feb 2026→Mar 2026) | -65.8% (Nov 2021→Apr 2025) |

## Peers (Farm & Heavy Construction Machinery)
AEBI (Aebi Schmidt Holding AG) USD 11.19 -0.36% · ASTE (Astec Industries, Inc.) USD 38.9 -1.67% · LNN (Lindsay Corporation) USD 111.99 +5.07% · WNC (Wabash National Corporation) USD 13.1 +1.08% · HY (Hyster-Yale, Inc.) USD 29.2 -2.01% · TWI (Titan International, Inc. (DE)) USD 6.86 +0.29%

## More
Full page: https://nexqual.com/MTW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| New Machine Sales | $422.7M | 71.1% | +11.9% |
| Non New Machine Sales | $172.2M | 28.9% | +6.6% |
| Total revenue | $594.9M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $301.9M | 50.7% | -6.6% |
| United States | $264.5M | 44.5% | -7.6% |
| Europe & Africa | $197.2M | 33.1% | +29.3% |
| Europe | $193.0M | 32.4% | +30.8% |
| Other Countries | $137.4M | 23.1% | +30.0% |
| Middle East & Asia Pacific | $95.8M | 16.1% | +50.2% |
| Total revenue | $594.9M | 100% | — |
The lines above cover 200% of total revenue.

## Company outlook (8-K filed 2026-08-06)

- "Adjusted EBITDA (1) was $48.9 million, an increase of 85.9% from the prior year. "Our second quarter results exceeded our expectations."
- "Updated Full-Year 2026 Guidance The Company's updated guidance, and a comparison to its prior guidance, is summarized in the table below."
- "Updated Guidance Prior Guidance Net sales $2.3 to $2.4 billion $2.25 to $2.35 billion Adjust"

Analysts expect $577.1M for the current quarter, -75.4% vs the guidance midpoint $2.35B. Source: https://www.sec.gov/Archives/edgar/data/61986/000119312526337931/mtw-ex99_1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.20 | $0.18 | +7.1% | $577.1M | 2 |
| Next quarter (ends 2026-12-31) | $0.38 | $0.32 | +19.8% | $651.2M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.92 | $0.48 | +91.8% | $2.32B | 2 |
| Next fiscal year (ends 2027-12-31) | $0.83 | $0.91 | -8.3% | $2.35B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±15.2%; last 8 reports averaged ±10.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 67.4% | ±15.2% |
| 2026-12-18 | 56 | 62.5% | ±19.9% |
| 2027-03-19 | 147 | 52.1% | ±26.4% |
| 2027-06-17 | 237 | 53.0% | ±34.1% |