Does HYSTER-YALE, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores HYSTER-YALE, INC. (HY) 24.3 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 50, pricing power 17, returns on capital 10, balance-sheet safety 0, capital allocation 44.

How has HY's Moat Score changed over time?

The record logs 27 readings since Jul 17, 2026; the latest reads 24.3 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

HYSTER-YALE, INC.

HY · Industrials · FY2025 filings · as of Oct 15, 2026 · No moat ·

Doesn't clear the bar

No moat

The five investor questions

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $3.1B to $3.8B, increasing; diluted EPS -10.29 to -3.40, increasing.

Median gross margin 16.6% over 10y, stable.

Median ROIC 5.7%, above the 12% hurdle in 20% of years.

Net debt/EBITDA 15.7x, interest coverage -1x.

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

No price data

: Not reported
: Unavailable — insufficient owner-earnings data
: Unavailable — insufficient growth-model data
: $30.67
: No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 240% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 15, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

17 years of fundamentals

The business, in plain English

HYSTER-YALE, INC. booked $3.8B of revenue in FY2025 in the Industrials sector and kept 16.8% of it as gross profit — a thin-margin business by that measure. After every other cost, −1.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.8B (FY2010) to $3.8B (FY2025) — about 5.0% a year compounded over 15 years.

It earned −2.1% on invested capital in the latest filed year, FY2025. Across the full 16-year measurable filed record, median ROIC was 13.0%. Over the v3 recent window (10 measurable filed years), median ROIC was 5.7%. The Returns on Capital filter above scores it 10/100.

The balance sheet carried $494M of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

Put together: Business Trend is the strongest of the five filters (50/100) and Balance-Sheet Safety the weakest (0/100), which is how HY lands at 24/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$3.8B FY2025

Revenue kept after cost of goods16.8% FY2025

Standard ROIC or separately labeled Operating ROICStandard ROIC −2.7% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out−$60.1M FY2025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How HYSTER-YALE, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$3.8B	100%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Cost of revenue	$3.1B	83%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
	$633M	17%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
	−$22.1M	−1%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Income before tax	−$42.9M	−1%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Income tax	$15.1M	0%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
	−$60.1M	−2%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026

· event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set

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Flagship explainer

What HYSTER-YALE, INC. owns — and owes

HYSTER-YALE, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$2.0B	100%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Cash and equivalents	$123M	6%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
	$494M	24%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Stockholders’ equity	$472M	23%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026

· event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set

Flagship explainer

What drives HYSTER-YALE, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	−$60.1M	FY2025	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Income before tax	−$42.9M	FY2025	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Operating income	−$22.1M	FY2025	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
	$3.8B	FY2025	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Ending assets	$2.0B	FY2025	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Beginning assets	$2.0B	FY2024	10-K · FY 2024Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
	$472M	FY2025	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
	$475M	FY2024	10-K · FY 2024Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026

Source:

10-K · filed Mar 3, 2026Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026

· event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set

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Flagship explainer

Where HYSTER-YALE, INC.'s cash went

HYSTER-YALE, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$86.1M	100%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026
Depreciation and amortization	$45.8M	53%	10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026

Source:

10-K · FY 2025Filing detailsAccession 0001173514-26-000049 · filed Mar 3, 2026

· event Dec 31, 2025 · retrieved Oct 15, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding HYSTER-YALE, INC.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 15, 2026

Flagship explainer

What HYSTER-YALE, INC. insiders reported

Records still being gathered — partial as of retrieval Oct 16, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale24.3 / 100

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Oct 16, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (16 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

Insider					Shares owned after	Date	Filing detail
Batcheler ColleenDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	11,295	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 11,295 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000229 · filed Oct 1, 2026
Poor VincentDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	24,930	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 24,930 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000228 · filed Oct 1, 2026
Bemowski JamesDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	23,162	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 23,162 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000227 · filed Oct 1, 2026
TAPLIN BRITTON TDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	391,596	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 391,596 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000226 · filed Oct 1, 2026
Corvi CarolynDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	30,664	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 30,664 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000225 · filed Oct 1, 2026
Eliopoulos Edward TDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	18,926	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 18,926 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000224 · filed Oct 1, 2026
Jumper John PDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	31,316	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 31,316 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000223 · filed Oct 1, 2026
LABARRE DENNIS WDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	40,088	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 40,088 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000222 · filed Oct 1, 2026
O'Hara AnnDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	7,475	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 7,475 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000221 · filed Oct 1, 2026
Gary Collar LDirector	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	13,514	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 13,514 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000220 · filed Oct 1, 2026
BUTLER JOHN C JRDirector, Member of a Group	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	61,464	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 61,464 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000219 · filed Oct 1, 2026
WILLIAMS DAVID BDirector, Member of a Group	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	26,853	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 26,853 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000218 · filed Oct 1, 2026
RANKIN CLAIBORNE RDirector, Member of a Group	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	247,724	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 247,724 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000217 · filed Oct 1, 2026
RANKIN CHLOE OMember of a Group	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	247,724	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 247,724 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000216 · filed Oct 1, 2026
BUTLER HELEN RANKINMember of a Group	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	61,464	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 61,464 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000215 · filed Oct 1, 2026
WILLIAMS CLARA RMember of a Group	Grant, award, or other acquisition (A)Table I · Acquired · Class A Common Stock	1,149	—Grant, award, or other acquisition (A)	—	26,853	Oct 1, 2026	1 filed lot Table I · Class A Common Stock: 1,149 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 26,853 · FORM 4 · filed Oct 1, 2026Filing detailsAccession 0001173514-26-000214 · filed Oct 1, 2026

Source-event as of Oct 1, 2026. Retrieved Oct 16, 2026.

Track record

How HYSTER-YALE, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored HY on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the 1 year HY rated Wide-moat (2015), the median forward total return that followed — measured only after each year’s filings were public — was:

1 year 27% vs the S&P 500’s 12% (price basis) · median over 1 year
3 years 26% vs the S&P 500’s 25% (price basis) · median over 1 year
5 years 22% vs the S&P 500’s 84% (price basis) · median over 1 year

These are medians computed from the data, not a claim about any one year. The company figures are total returns (dividends reinvested); the S&P 500 is the price-only ^GSPC index, which excludes dividends and so understates the index — the gap flatters the company. A quality rating is not a return forecast, and past returns don’t predict future ones. Educational only, not investment advice.

Industrials context

#391 of 448 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#389JFB JFB CONSTRUCTION HOLDINGS24.6 out of 100, No moatNo moat
#390GNK GENCO SHIPPING & TRADING LIMITED24.5 out of 100, No moatNo moat
#392MEDS DataMeds AI, Inc.24.3 out of 100, No moatNo moat
#393SMXT SolarMax Technology, Inc.24.0 out of 100, No moatNo moat

Compare HY with its nearest peers →All Industrials companies on the Index →

Common questions about HY

Does HYSTER-YALE, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores HYSTER-YALE, INC. (HY) 24.3 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 50, pricing power 17, returns on capital 10, balance-sheet safety 0, capital allocation 44.
How has HY's Moat Score changed over time?: The record logs 27 readings since Jul 17, 2026; the latest reads 24.3 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell HY. See the disclaimer.