# Terex Corporation (TEX)

> Source: Nexqual · https://nexqual.com/TEX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Terex Corporation (TEX), nexqual.com/TEX" · informational, not investment advice.

**Price:** USD 52.11 (-1.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 53.07 · day 51.41–53.16 · 52w 41.7–74.69 · market cap $5.96B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $6.68B, net income $149M (2.2% margin) (SEC filings).
- Valuation: P/E 40.0x (avg 11.0x at the last 3 fiscal year-ends), EV/EBITDA 13.2x, net debt $2.28B.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $504K; 3 not under a Rule 10b5-1 plan ($504K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (14 analysts), mean target USD 76.09 (range 58–98).
- Total return with dividends: 1Y -7.2% vs S&P 500 +14.9%; 5Y +22.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 1.42, revenue estimate $2.16B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.89B | $4.42B | $5.15B | $5.13B | $5.42B | $6.68B |
| Gross profit | $757M | $871M | $1.18B | $1.07B | $1.05B | — |
| Operating income | $328M | $420M | $637M | $526M | $475M | $382M |
| Net income | $221M | $300M | $518M | $335M | $221M | $149M |
| EPS (diluted) | $3.12 | $4.32 | $7.58 | $4.96 | $3.33 | — |
| Free cash flow | $234M | $151M | $332M | $189M | $322M | — |
| Gross margin | 19.5% | 19.7% | 22.8% | 20.8% | 19.4% | — |
| Operating margin | 8.4% | 9.5% | 12.4% | 10.3% | 8.8% | 5.7% |
| Net margin | 5.7% | 6.8% | 10.1% | 6.5% | 4.1% | 2.2% |
| Revenue growth | +26.3% | +13.7% | +16.6% | -0.5% | +5.7% | — |
| Cash + short-term investments | $267M | $304M | $371M | $388M | $772M | — |
| Total debt | $674M | $777M | $623M | $2.60B | $2.59B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 40.0x · P/S 0.9x · EV/EBITDA 13.2x · EV/Sales 1.2x · P/B 1.2x · Earnings yield 2.50% · Dividend yield (paid, TTM) 1.04% · Buyback yield (TTM) 0.07% · Net debt $2.28B · EV $8.24B
P/E at fiscal year-ends: Dec 2025 16.0x, Dec 2024 9.3x, Dec 2023 7.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 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 |
|---|---|---|---|---|---|---|---|
| 2026-06-23 | Johnston Stephen | Former VP CAO and Controller | 1,702 | $119K | 11% | No | Too little history (no open-market trades in 2025) |
| 2026-06-04 | Johnston Stephen | Former VP CAO and Controller | 379 | $24K | 2.4% | No | Too little history (no open-market trades in 2025) |
| 2026-05-04 | Gross Joshua | President - Aerials | 5,874 | $361K | 10.8% | No | Too little history (no open-market trades in 2023) |
% 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 Buy (mean 2.29 on a 1–5 scale), 14 analysts; mean target USD 76.09 (low 58, high 98).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Citigroup | Target lowered | Buy | $80 → $65 |
| 2026-10-08 | JP Morgan | Target lowered | Neutral | $68 → $58 |
| 2026-10-05 | Truist Securities | Target lowered | Buy | $96 → $85 |
| 2026-08-11 | Evercore ISI Group | Target raised | Outperform | $81 → $83 |
| 2026-07-31 | JP Morgan | Target lowered | Neutral | $80 → $68 |
| 2026-07-31 | Truist Securities | Target raised | Buy | $92 → $96 |
| 2026-07-20 | Barclays | Target raised | Overweight | $65 → $70 |
| 2026-07-14 | Citigroup | Target raised | Buy | $75 → $80 |
| 2026-07-13 | JP Morgan | Target raised | Neutral | $69 → $80 |
| 2026-07-02 | Truist Securities | Target raised | Buy | $82 → $92 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -7.2% | +22.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -7.2% | +4.0% |
| Volatility (annualized) | 49.0% | 42.0% |
| Max drawdown | -31.9% (Jun 2026→Oct 2026) | -48.3% (Jul 2024→Mar 2025) |

## Peers (Farm & Heavy Construction Machinery)
FSS (Federal Signal Corporation) USD 115.54 -0.99% · AGCO (AGCO Corporation) USD 106.17 +0.90% · OSK (Oshkosh Corporation (Holding Co) USD 134.29 -0.91% · BLBD (Blue Bird Corporation) USD 56.73 -0.68% · CNH (CNH Industrial N.V.) USD 11.58 +0.52% · ALG (Alamo Group, Inc.) USD 147.23 -0.86%

## More
Full page: https://nexqual.com/TEX · 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 business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aerials | $673.0M | 30.1% | +10.9% |
| SV | $650.0M | 29.0% | — |
| MP | $464.0M | 20.7% | +2.2% |
| ES | $456.0M | 20.4% | +6.0% |
| Total revenue | $2.24B | 100% | — |

## Revenue by product line (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aerial Work Platform | $441.0M | 31.8% | -12.8% |
| Other Products & Services | $96.0M | 6.9% | -15.0% |
| Total revenue | $1.39B | 100% | — |
The lines above cover 38.7% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North America | $1.85B | 82.5% | +69.9% |
| UNITED STATES | $1.73B | 77.4% | +74.6% |
| Western Europe | $202.0M | 9.0% | -6.0% |
| Asia-Pacific | $122.0M | 5.5% | +10.9% |
| Rest of World | $67.0M | 3.0% | -10.7% |
| Total revenue | $2.24B | 100% | — |
The lines above cover 177.4% of total revenue.

## Company outlook (8-K filed 2026-08-03)

- "Our backlog of $6.9 billion provides solid coverage and supports our confidence in the second half and today's updated full-year outlook."
- "Year to date, U.S. non-residential construction starts rose 18% to $368 billion, driven by momentum in data centers, energy investments, and civil projects such as bridge, water, and sewage infrastructure."
- "Mega project starts totaled approximately $80 billion year to date through May, creating increased opportunities for many of our businesses."
- "Before turning to our 2026 guidance, let me provide an update on our strategic review of the Aerials segment."

Analysts expect $2.16B for the current quarter, -73.1% vs the guidance midpoint $8.05B. Source: https://www.sec.gov/Archives/edgar/data/97216/000009721626000130/aexh99_120260730q2prepared.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.42 | $1.43 | -0.7% | $2.16B | 13 |
| Next quarter (ends 2026-12-31) | $1.21 | $1.21 | -0.8% | $1.99B | 13 |
| Current fiscal year (ends 2026-12-31) | $4.99 | $4.87 | +2.4% | $8.15B | 14 |
| Next fiscal year (ends 2027-12-31) | $5.93 | $5.81 | +2.1% | $8.76B | 14 |

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

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±12.4%; last 8 reports averaged ±6.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 54.4% | ±12.4% |
| 2026-12-18 | 56 | 48.4% | ±15.4% |
| 2027-01-15 | 84 | 48.1% | ±18.5% |
| 2027-04-16 | 175 | 47.0% | ±25.6% |