olivLaw · US equity research
Hurco Companies, Inc. HURC
Industrial Instruments For Measurement, Display, and Control · SIC 3823 · Vertical: Industrial Instruments For Measurement, Display, and Control (SIC 3823)
Hurco Companies designs, manufactures and sells computerized CNC machine tools, mainly vertical machining centers and turning centers, for the metal cutting industry through a global sales and service network. In recent quarters the company returned to profit on rising orders and better gross margins, but the sector remains cyclical. Sales and service fees were 178.6 million USD in fiscal 2025 and 137.8 million USD in the first nine months of fiscal 2026.
At the close of 04 Nov 2026, Hurco Companies, Inc. (HURC) stock was 21.24 USD (−3.63% on the day), with market capitalisation 137.6 m USD, dividend yield 1.51%, beta 0.58, 52-week range 14.68–23.32 USD. Latest reported quarter (Q3 2026): revenue of 47.3 m USD (+3.2% YoY), net income of 2.3 m USD, diluted EPS 0.35 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.0
- neutral
- Bollinger (20, 2)
- 20.44 – 22.18
- in the lower half of the band · %B 0.46 · band width 8.2%
- SMA 50 / 200
- 21.80 / 19.35
- mixed trend
- MACD (12, 26, 9)
- 0.02 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.1% | −1.1% | −4.0 pp | — |
| 3 months | −3.0% | −0.5% | −2.5 pp | — |
| 6 months | +26.4% | +4.4% | +22.0 pp | — |
| Year to date | +37.5% | +12.3% | +25.2 pp | — |
| 1 year | +26.1% | +13.5% | +12.5 pp | +24.7% |
| 3 years | +5.5% | +76.4% | −70.9 pp | +26.5% |
| 5 years | −36.5% | +63.7% | −100.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53.7 m | 46.4 m | 40.9 m | 45.8 m | 45.5 m | 42.9 m | 47.6 m | 47.3 m |
| Cost of revenue | 41.5 m | 38.1 m | 33.0 m | 36.7 m | 37.7 m | 34.9 m | 37.3 m | 34.1 m |
| Gross profit | 12.2 m | 8.3 m | 7.8 m | 9.1 m | 7.7 m | 7.9 m | 10.3 m | 13.2 m |
| SG&A | 12.7 m | 10.4 m | 10.9 m | 10.8 m | 11.2 m | 11.1 m | 11.1 m | 10.9 m |
| Operating income | -491.0 k | -2.1 m | -3.1 m | -1.7 m | -3.5 m | -3.2 m | -799.0 k | 2.3 m |
| Depreciation & amortisation | 854.0 k | 710.0 k | 648.0 k | 642.0 k | 691.0 k | 569.0 k | 517.0 k | 484.0 k |
| Interest expense | 152.0 k | 58.0 k | 4.0 k | 4.0 k | 23.0 k | 6.0 k | 30.0 k | 25.0 k |
| Pre-tax income | -1.1 m | -2.3 m | -3.5 m | -3.1 m | -3.2 m | -3.0 m | -1.6 m | 2.7 m |
| Income tax | 320.0 k | 2.0 m | 518.0 k | 567.0 k | -178.0 k | 461.0 k | 775.0 k | 432.0 k |
| Net income | -1.4 m | -4.3 m | -4.1 m | -3.7 m | -3.0 m | -3.5 m | -2.4 m | 2.3 m |
| Diluted EPS | -0.22 ≈ | -0.67 | -0.62 | -0.58 | -0.47 ≈ | -0.54 | -0.37 | 0.35 |
| Operating cash flow | -1.2 m | 10.3 m | 997.0 k | 2.5 m | 3.7 m | -616.0 k | 2.1 m | 3.8 m |
| Capex | 448.0 k | 93.0 k | 308.0 k | 470.0 k | 39.0 k | 71.0 k | 178.0 k | 331.0 k |
| Dividends paid | 1.0 k | — | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 300.7 m | 263.4 m | 170.6 m | 235.2 m | 250.8 m | 227.8 m | 186.6 m | 178.6 m |
| Revenue YoY | +23.4% | −12.4% | −35.2% | +37.8% | +6.6% | −9.2% | −18.1% | −4.3% |
| Net income | 21.5 m | 17.5 m | -6.2 m | 6.8 m | 8.2 m | 4.4 m | -16.6 m | -15.1 m |
| Net income YoY | +42.2% | −18.6% | −135.7% | unavailable | +21.6% | −46.6% | −478.4% | unavailable |
| Diluted EPS | 3.15 | 2.55 | -0.93 | 1.01 | 1.23 | 0.66 | -2.56 | -2.34 |
| Diluted EPS YoY | +40.0% | −19.0% | −136.5% | unavailable | +21.8% | −46.3% | −487.9% | unavailable |
| net % | 7.1% | 6.6% | -3.7% | 2.9% | 3.3% | 1.9% | -8.9% | -8.5% |
| Free cash flow | 17.5 m | -9.6 m | 10.2 m | 30.9 m | -5.1 m | -14.1 m | -3.8 m | 16.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 48.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- -9.0 m USD
- Total assets
- 264.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.33x
- ROE
- unavailable
- ROA
- -5.7%
- FCF margin
- 9.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 170.6 m | 235.2 m | 250.8 m | 227.8 m | 186.6 m | 178.6 m | SEC (XBRL)· 09 Jan 2026verified |
| Cost of revenue | 134.2 m | 178.9 m | 186.3 m | 171.6 m | 148.8 m | 145.6 m | SEC (XBRL)· 09 Jan 2026verified |
| Gross profit | 36.5 m | 56.2 m | 64.5 m | 56.2 m | 37.7 m | 33.0 m | SEC (XBRL)· 09 Jan 2026verified |
| Research & development | 3.5 m | 3.2 m | 3.4 m | 4.2 m | 3.9 m | 4.0 m | SEC (XBRL)· 09 Jan 2026verified |
| SG&A | 41.4 m | 46.0 m | 51.7 m | 49.6 m | 46.0 m | 43.2 m | SEC (XBRL)· 09 Jan 2026verified |
| Operating income | -9.9 m | 10.2 m | 12.7 m | 6.6 m | -8.3 m | -10.3 m | SEC (XBRL)· 09 Jan 2026verified |
| Depreciation & amortisation | 4.5 m | 4.2 m | 3.9 m | 4.1 m | 3.5 m | 2.7 m | SEC (XBRL)· 09 Jan 2026verified |
| EBITDA | -5.3 m ≈ | 14.4 m ≈ | 16.7 m ≈ | 10.7 m ≈ | -4.8 m ≈ | -7.6 m ≈ | SEC (XBRL)· 09 Jan 2026derived |
| Interest expense | 94.0 k | 24.0 k | 27.0 k | 282.0 k | 578.0 k | 89.0 k | SEC (XBRL)· 09 Jan 2026verified |
| Pre-tax income | -10.8 m | 10.1 m | 11.9 m | 6.8 m | -9.9 m | -12.2 m | SEC (XBRL)· 09 Jan 2026verified |
| Income tax | -4.6 m | 3.4 m | 3.7 m | 2.4 m | 6.8 m | 2.9 m | SEC (XBRL)· 09 Jan 2026verified |
| Net income | -6.2 m | 6.8 m | 8.2 m | 4.4 m | -16.6 m | -15.1 m | SEC (XBRL)· 09 Jan 2026verified |
| Diluted EPS | -0.93 | 1.01 | 1.23 | 0.66 | -2.56 | -2.34 | SEC (XBRL)· 09 Jan 2026verified |
| Weighted average diluted shares | 6.7 m | 6.6 m | 6.6 m | 6.5 m | 6.5 m | 6.5 m | SEC (XBRL)· 09 Jan 2026verified |
| Dividend per share | 0.51 | 0.55 | 0.59 | 0.63 | 0.32 | — | SEC (XBRL)· 10 Jan 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 57.9 m | 84.1 m | 63.9 m | 41.8 m | 33.3 m | 48.7 m | SEC (XBRL)· 09 Jan 2026verified |
| Receivables | 27.7 m | 42.6 m | 38.4 m | 40.0 m | 36.7 m | 27.9 m | SEC (XBRL)· 09 Jan 2026verified |
| Inventories | 149.9 m | 148.2 m | 156.2 m | 158.0 m | 153.0 m | 142.9 m | SEC (XBRL)· 09 Jan 2026verified |
| Current assets | 251.4 m | 289.9 m | 268.1 m | 248.2 m | 228.6 m | 225.1 m | SEC (XBRL)· 09 Jan 2026verified |
| Property, plant & equipment, net | 11.9 m | 10.6 m | 8.5 m | 8.9 m | 8.8 m | 8.0 m | SEC (XBRL)· 09 Jan 2026verified |
| Goodwill | 0 | — | — | 0 | — | — | SEC (XBRL)· 05 Jan 2024verified |
| Intangibles (excl. goodwill) | 1.8 m | 1.6 m | 1.2 m | 994.0 k | 763.0 k | 627.0 k | SEC (XBRL)· 09 Jan 2026verified |
| Total assets | 295.7 m | 332.9 m | 306.2 m | 290.6 m | 268.6 m | 264.3 m | SEC (XBRL)· 09 Jan 2026verified |
| Accounts payable | 26.4 m | 46.3 m | 40.7 m | 29.7 m | 25.0 m | 26.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Current liabilities | 50.4 m | 81.2 m | 73.3 m | 55.0 m | 47.8 m | 52.0 m | SEC (XBRL)· 09 Jan 2026verified |
| Equity | 231.1 m † | 238.4 m † | 222.6 m † | 222.2 m † | -16.4 m | -9.0 m | SEC (XBRL)· 06 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 10.9 m | 32.2 m | -4.0 m | -12.8 m | -2.5 m | 17.6 m | SEC (XBRL)· 09 Jan 2026verified |
| Capex | 683.0 k | 1.3 m | 1.1 m | 1.3 m | 1.2 m | 910.0 k | SEC (XBRL)· 09 Jan 2026verified |
| Free cash flow | 10.2 m ≈ | 30.9 m ≈ | -5.1 m ≈ | -14.1 m ≈ | -3.8 m ≈ | 16.7 m ≈ | SEC (XBRL)· 09 Jan 2026derived |
| Investing cash flow | -1.2 m | -3.3 m | -2.1 m | -1.9 m | -2.7 m | -1.2 m | SEC (XBRL)· 09 Jan 2026verified |
| Financing cash flow | -10.9 m | -3.5 m | -6.9 m | -8.8 m | -3.9 m | -2.4 m | SEC (XBRL)· 09 Jan 2026verified |
| Dividends paid | 3.4 m | 3.7 m | 3.9 m | 4.1 m | 2.1 m | — | SEC (XBRL)· 10 Jan 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 137.6 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.21 – 5.66 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)4.21 – 5.66 (Mid 4.82)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.6% | 40 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -10.7% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -61.1x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 4.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.1% | 76 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial40/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial76/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HURCO COMPANIES, INC. (HURC). Latest full fiscal year: 2025; data up to 2026-07-31.
Figures computed from the financial statements: revenue 178.6 m USD in 2025; YoY growth -4.3%; net margin -3.6%; ROE -3.3%.
The estimated value range is 4.21–5.66 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.82 USD, the price of 21.24 USD leaves a potential of -77.3% (value / price − 1) and a margin of safety of -340.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.0x
- FCF yield: 6.1%
What contradicts it
- Revenue CAGR 3Y: -10.7%
- Interest coverage: -61.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Industrial Instruments For Measurement, Display, and Control (SIC 3823) · same industry (4-digit SIC) · compared with 15 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHRDanaher Corporation | 165.3 bn | 38.4 | 8.3% | 16.9% | +2.9% | +4% / +5% |
| AMEAMETEK, Inc. | 54.4 bn | 33.4 | 14.7% | 19.9% | +6.6% | +20% / +53% |
| ROPRoper Technologies, Inc. | 48.7 bn | 19.4 | 13.2% | 30.7% | +12.3% | +10% / −9% |
| KEYSKeysight Technologies, Inc. | 48.7 bn | 39.2 | 20.6% | 19.1% | +8.0% | +44% / +110% |
| FTVFortive Corporation | 20.3 bn | 32.5 | 10.5% | 14.8% | +1.9% | +28% / +31% |
| MKSIMks Inc. | 13.2 bn | 31.1 | 15.9% | 10.1% | +9.6% | +25% / +136% |
| CGNXCognex Corp | 8.9 bn | 51.3 | 11.1% | 16.1% | +8.7% | +39% / +41% |
| RALRalliant Corporation | 7.9 bn | — | -51.8% | -52.1% | −4.0% | +45% / unavailable |
| STSensata Technologies Holding PLC | 6.0 bn | 16.5 | 12.7% | 9.5% | −5.8% | +28% / +26% |
| MLABMesa Laboratories Inc | 706.1 m | 148.1 | 2.7% | 1.9% | +3.4% | +57% / +48% |
| SENSSenseonics Holdings, Inc. | 476.9 m | — | -118.2% | -225.3% | +56.9% | +46% / −24% |
| HURCHurco Companies, Inc. | 137.6 m | — | -3.3% | -3.6% | −4.3% | +26% / +5% |
| SYPRSypris Solutions, Inc. | 29.2 m | — | -69.9% | -9.2% | −14.5% | −42% / −33% |
| CLIRClearsign Technologies Corporation | 16.5 m | — | -51.7% | -96.1% | +45.6% | −67% / −80% |
| FCUVFocus Universal Inc. | 2.2 m | — | -106.0% | -637.2% | −35.9% | −98% / −99% |
| POASPhaos Technology Holdings (Cayman) Limited | — | — | -363.8% | -4,662.3% | −19.3% | −98% / unavailable |
1- and 3-year price returns: for HURC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hurco Companies designs, manufactures and sells computerized CNC machine tools, mainly vertical machining centers and turning centers, for the metal cutting industry through a global sales and service network. In recent quarters the company returned to profit on rising orders and better gross margins, but the sector remains cyclical. Sales and service fees were 178.6 million USD in fiscal 2025 1 and 137.8 million USD in the first nine months of fiscal 2026 3.
SWOT
Strengths
- The company offers a broad line of more than 150 CNC models with proprietary control technology, a recognized competitive advantage in the sources 1.
- The balance sheet is solid, with cash above 50 million USD and no debt, providing flexibility for investment 3.
- A global distribution network of agents and owned subsidiaries helps the company reach customers in many markets 2.
Weaknesses
- The company reported net losses in fiscal 2024 and 2025, and quarterly profitability is still fragile 13.
- Financial resources are more limited than those of many competitors, which makes staying competitive challenging 1.
- The company depends heavily on manufacturing in Taiwan, and its Italian deferred tax assets have been partly written off 13.
Opportunities
- Rising orders and demand for 5-axis and higher-performance machines could support a stronger recovery 3.
- New products introduced at IMTS and ProCobots automation solutions could open new customer segments 3.
- Growing demand in Asia Pacific, where Takumi and Hurco sales increased, could offset weakness in Europe 3.
Threats
- Industry cyclicality can cause sudden drops in demand, and economic uncertainty may lead customers to defer investment 1.
- Geopolitical tensions between China and Taiwan could disrupt production and the supply chain 1.
- Currency swings and trade policy could reduce revenue or raise costs if tariffs widen 1.
Risks
- Cyclical demandhigh
Demand for machine tools can fall quickly, and because the company builds to stock, short-term sales are hard to anticipate 1.
- Geopolitical risk in Taiwanhigh
A conflict or blockade affecting Taiwan could interrupt main production and shipments of products 1.
- Trade policymedium
Tariffs and possible retaliatory trade measures could raise costs and reduce export volumes 1.
- Currency exposuremedium
Revenues in euros, pounds and yuan, and costs in New Taiwan dollars, can be affected by exchange rate moves, and forward hedges are not perfect 1.
- Deferred tax assetslow
The company has recorded a full valuation allowance on its Italian, U.S. and Chinese deferred tax assets, showing uncertainty about future profitability 3.
Investment thesis
What would need to be true (bull case)
- If the order recovery holds, the company could turn higher volumes into more stable profitability supported by better margins 3.
- A debt-free balance sheet and available cash could allow investment in new products and acquisitions without financing pressure 3.
- A focus on proprietary control technology and automation could support a more favorable premium product mix 13.
What would break the thesis
- The industry remains cyclical, and the quarterly recovery could prove temporary if demand falls again 13.
- European sales have declined, and part of the profit improvement comes from tariff refunds rather than operations alone 3.
- Larger competitors with greater financial resources could pressure prices and market share 1.
What to watch
- Order trends and gross margin following the IMTS product launchesQ4 2026
- Annual results and any reinstatement of the dividendnext 10-K
- European sales trend and LCM shipment volumes2027
- Impact of U.S. tariff policy and tariff refund claims2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hurco is an international industrial technology company headquartered in Indianapolis, Indiana, focused on proprietary CNC control systems, interactive programming software and complete machine tools 1. The Hurco brand is the premium line, Milltronics is the value tier for shops seeking easy-to-use machines at competitive prices, and Takumi targets the precision needed by die and mold, aerospace and medical industries 1. Through ProCobots the company also offers automation solutions, and through LCM it produces high-value machine tool components and accessories 2.
Manufacturing is mainly in Taiwan, through HML, and in Italy, through LCM, and products are sold through about 160 independent agents and distributors as well as company-owned sales and service organizations in several European and Asian countries 2. The company has substantial international exposure, so revenues and costs are sensitive to exchange rates and trade policy 1.
The company operates in a single segment and, since fiscal 2024, has taken cost reduction steps, suspended its regular quarterly dividend and kept financing without significant debt, according to recent filings 23.
Segments
CNC machine tools (computerized machine tools)
Computerized machine tools, mainly vertical machining centers and lathes, make up most sales, at 142.3 million USD in fiscal 2025, about 80% of the total 1. Product lines include VMXi, HSi, Ui, SRTi/SWi, BXi and TMXi, many with proprietary WinMax controls 1.
Service parts and services
Service parts generated 25.1 million USD in fiscal 2025 and service fees 8.8 million USD, a smaller share but recurring in nature for the installed base 1.
Market context
The machine tool market is international and cyclical, since the equipment is capital goods and demand can change abruptly with economic conditions 1. The U.S. market accounts for about 15% of worldwide consumption, and in fiscal 2025 Europe generated about 51% of revenues, the largest sales region 12.
The company cannot estimate near-term demand precisely, since it builds to stock and its order backlog is about 45 days 1. Its aim is to build lasting relationships with customers in metal parts manufacturing based on productivity and technological control 1.
Trends
- Recovery in orderstailwind
Orders rose 24% in the first nine months of fiscal 2026, with growth in all regions, which could support future revenue if the trend holds 3.
- Gross margin improvementtailwind
Gross margin in the third quarter of fiscal 2026 reached 28%, up from 20% a year earlier, helped by cost control, better overhead absorption and a richer mix of 5-axis machines 3.
- Trade policy and tariffsmixed
U.S. tariffs have raised operating costs and could force supplier changes, although tariff refund claims have also been filed 13. The effect depends on future policy and any retaliatory measures 1.
- European sales declineheadwind
European sales fell 8% in the first nine months of fiscal 2026, due to lower shipments of Hurco machines and LCM components, showing that the recovery is uneven 3.
Competitive position
Hurco competes with manufacturers from the U.S., Europe and Asia, many of them larger with greater financial resources, some supported by government or financial institution subsidies 1. The company differentiates through its proprietary control technology, WinMax software and brands positioned at different price points 1.
Competition centers on quality, reliability, price, value, delivery time, service and technological features, and price pressure is greater in the Asia Pacific region 1.
- U.S. machine tool makers
The source mentions larger U.S. competitors without naming them, typically with greater financial resources.
- European manufacturers
The source indicates large European competitors exist but does not identify them.
- Asian manufacturers
The source mentions Asian competitors, some subsidized, without naming them.
- Low-price producers
Competition in the value tier and in Asia Pacific puts pressure on prices, according to the sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Sept 2026
- Current report04 Sept 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Jun 2026
- Current report05 Jun 2026Results of operations · Financial statements and exhibits
- Current report16 Mar 2026Shareholder vote
- Quarterly report06 Mar 2026
- Current report06 Mar 2026Results of operations · Financial statements and exhibits
- Proxy statement28 Jan 2026
- Annual report09 Jan 2026
- Current report09 Jan 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-10-31 · SEC / Hurco Companies, Inc. · 09 Jan 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Hurco Companies, Inc. · 04 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Hurco Companies, Inc. · 04 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.