olivLaw · US equity research
The Manitowoc Company, Inc. MTW
Construction Machinery & Equip · SIC 3531 · Vertical: Construction Machinery & Equip (SIC 3531)
The Manitowoc Company is a global maker of cranes, from crawler and tower cranes to mobile hydraulic cranes, plus aftermarket services meant to reduce its reliance on new machine sales. In the second quarter of 2026 orders rose sharply and the company raised its full-year guidance, a sign that demand for lifting equipment remains firm. Annual net sales were 2.2 billion USD in fiscal 2025, and 2026 guidance is 2.3 to 2.4 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, The Manitowoc Company, Inc. (MTW) stock was 23.20 USD (−2.52% on the day), with market capitalisation 837.7 m USD, P/E 32.6 on diluted EPS of 0.71 USD over the last 12 months, dividend yield 0.00%, beta 1.61, 52-week range 10.31–23.80 USD. Latest reported quarter (Q3 2026): revenue of 613.8 m USD (+10.9% YoY), net income of 11.0 m USD (+120.0% YoY), diluted EPS 0.30 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.2
- strong (55–70)
- Bollinger (20, 2)
- 21.15 – 23.90
- in the upper half of the band · %B 0.74 · band width 12.2%
- SMA 50 / 200
- 21.80 / 15.70
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.50 / 0.44
- 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 | −1.3% | −1.1% | −0.2 pp | — |
| 3 months | +62.8% | −0.5% | +63.3 pp | — |
| 6 months | +74.7% | +4.4% | +70.3 pp | — |
| Year to date | +93.5% | +12.3% | +81.2 pp | — |
| 1 year | +131.5% | +13.5% | +118.0 pp | +13.1% |
| 3 years | +71.1% | +76.4% | −5.3 pp | +21.9% |
| 5 years | +4.6% | +63.7% | −59.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 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 | 596.0 m | 470.9 m | 539.5 m | 553.4 m | 677.1 m | 494.6 m | 594.9 m | 613.8 m |
| Cost of revenue | 500.8 m | 381.1 m | 440.5 m | 450.8 m | 563.8 m | 399.3 m | 471.8 m | 492.0 m |
| Gross profit | 95.2 m | 89.8 m | 99.0 m | 102.6 m | 113.3 m | 95.3 m | 123.1 m | 121.8 m |
| Operating income | 16.2 m | 5.3 m | 9.8 m | 18.5 m | 20.2 m | 3.1 m | 31.1 m | 31.8 m |
| Depreciation & amortisation | 15.4 m | 14.8 m | 14.6 m | 14.9 m | 15.4 m | 15.0 m | 14.6 m | 14.8 m |
| Pre-tax income | 9.4 m | -8.8 m | 1.3 m | 7.5 m | 12.4 m | -9.3 m | 21.4 m | 18.8 m |
| Income tax | -47.3 m | -2.5 m | -200.0 k | 2.5 m | 5.4 m | -3.3 m | 7.2 m | 7.8 m |
| Net income | 56.7 m | -6.3 m | 1.5 m | 5.0 m | 7.0 m | -6.0 m | 14.2 m | 11.0 m |
| Diluted EPS | 1.53 ≈ | -0.18 | 0.04 | 0.14 | 0.19 ≈ | -0.17 | 0.39 | 0.30 |
| Operating cash flow | 112.4 m | 12.9 m | -67.7 m ≈ | -14.1 m ≈ | 91.1 m | 27.4 m | 8.0 m ≈ | -33.2 m ≈ |
| Capex | 11.3 m | 10.8 m | 6.0 m ≈ | 7.9 m ≈ | 12.8 m | 8.2 m | 14.1 m ≈ | 8.9 m ≈ |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share repurchases | 0 | — | — | 0 ≈ | 0 | — | — | — |
≈ 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.
Today's P/E sits at the 67 percentile of its own 24-quarter history (min 4.6, median 25.8, max 178.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 1.8 bn | 1.4 bn | 1.7 bn | 2.0 bn | 2.2 bn | 2.2 bn | 2.2 bn |
| Revenue YoY | +16.8% | −0.7% | −21.3% | +19.2% | +18.2% | +9.6% | −2.2% | +2.9% |
| Net income | -67.1 m | 46.6 m | -19.1 m | 11.0 m | -123.6 m | 39.2 m | 55.8 m | 7.2 m |
| Net income YoY | −813.8% | unavailable | −141.0% | unavailable | −1,223.6% | unavailable | +42.3% | −87.1% |
| Diluted EPS | -1.89 | 1.31 | -0.55 | 0.31 | -3.51 | 1.09 | 1.56 | 0.20 |
| Diluted EPS YoY | −826.9% | unavailable | −142.0% | unavailable | −1,232.3% | unavailable | +43.1% | −87.2% |
| net % | -3.6% | 2.5% | -1.3% | 0.6% | -6.1% | 1.8% | 2.6% | 0.3% |
| Free cash flow | -544.7 m | -88.4 m | -61.4 m | 35.8 m | 15.1 m | -14.4 m | 3.5 m | -15.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 77.3 m USD
- Financial debt
- 478.9 m USD
- Net debt
- 401.6 m USD
- Equity
- 695.2 m USD
- Total assets
- 1.8 bn USD
- Debt / equity
- 0.69x
- Current ratio
- 2.23x
- ROE
- 1.1%
- ROA
- 0.4%
- FCF margin
- -0.7%
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 | 1.4 bn | 1.7 bn | 2.0 bn | 2.2 bn | 2.2 bn | 2.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 1.2 bn | 1.4 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 254.7 m | 307.2 m | 364.5 m | 425.2 m | 375.0 m | 404.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Research & development | 30.6 m | 29.1 m | 33.5 m | 35.3 m | 41.1 m | 55.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 38.6 m | 46.5 m | -93.0 m | 92.4 m | 51.8 m | 53.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | — | — | 57.7 m | 56.6 m | 59.8 m | 59.9 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | — | — | -35.3 m ≈ | 149.0 m ≈ | 111.6 m ≈ | 113.7 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Pre-tax income | -2.0 m | 17.1 m | -120.2 m | 44.2 m | 11.7 m | 12.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 17.1 m | 6.1 m | 3.4 m | 5.0 m | -44.1 m | 5.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -19.1 m | 11.0 m | -123.6 m | 39.2 m | 55.8 m | 7.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -0.55 | 0.31 | -3.51 | 1.09 | 1.56 | 0.20 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 34.7 m | 35.5 m | 35.2 m | 36.0 m | 35.7 m | 36.1 m | SEC (XBRL)· 18 Feb 2026verified |
≈ 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 | 128.7 m | 75.4 m | 64.4 m | 34.4 m | 48.0 m | 77.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 215.1 m | 236.1 m | 266.3 m | 278.8 m | 260.3 m | 281.3 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 473.1 m | 576.8 m | 611.9 m | 666.5 m | 609.4 m | 683.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 866.0 m | 941.8 m | 998.5 m | 1.0 bn | 958.9 m | 1.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 294.3 m | 358.8 m | 335.3 m | 366.1 m | 346.2 m | 343.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 235.1 m | 249.7 m | 80.1 m | 79.6 m | 77.8 m | 79.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 121.6 m | 139.6 m | 126.7 m | 125.6 m | 118.5 m | 125.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 1.6 bn | 1.8 bn | 1.6 bn | 1.7 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 329.4 m | 413.4 m | 446.4 m | 457.4 m | 389.4 m | 401.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 10.5 m | 7.3 m | 6.1 m | 13.4 m | 13.1 m | 13.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 314.7 m | 410.3 m | 388.0 m | 373.7 m | 395.4 m | 465.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 435.8 m | 521.0 m | 547.8 m | 563.3 m | 474.3 m | 491.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 643.5 m | 662.4 m | 537.8 m | 603.3 m | 640.1 m | 695.2 m | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -35.1 m | 76.2 m | 76.9 m | 63.0 m | 49.2 m | 22.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 26.3 m | 40.4 m | 61.8 m | 77.4 m | 45.7 m | 37.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | -61.4 m ≈ | 35.8 m ≈ | 15.1 m ≈ | -14.4 m ≈ | 3.5 m ≈ | -15.3 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -25.8 m | -226.3 m | -58.0 m | -71.8 m | -40.4 m | -49.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | -14.8 m | 100.9 m | -29.9 m | -21.4 m | 6.7 m | 54.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | — | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 12.0 m | 0 | 3.0 m | 5.5 m | 5.7 m | 0 | SEC (XBRL)· 18 Feb 2026verified |
≈ 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
Risk
Valuation
olivLaw classification
Score: 65 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 837.7 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Valuation74
- Quality56
- Growth28
- Returns40
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: 16.51 – 43.82 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 · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA38.43 – 43.82 (Mid 40.30)3 companies used · median multiple 9.6x · quartiles 9.2x – 10.5xAEBI, ASTE, PLOW
- Peers: P/E16.51 – 33.02 (Mid 29.17)5 companies used · median multiple 41.0x · quartiles 23.2x – 46.4xAEBI, ASTE, CAT, CNH, PLOW
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
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
Neutral profile · Score 65/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.9% | 45 (on a fixed band) | 12% |
| Net margin · Quality | 1.1% | 29 (vs peers) | 7% |
| FCF conversion · Quality | 188.2% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 3.3% | 28 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.3x | 100 (on a fixed band) | 12% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 32.6x | 60 (vs peers) | 12% |
| EV/EBITDA · Valuation | 5.4x | 87 (on a fixed band) | 12% |
| FCF yield · Valuation | 5.9% | 74 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partial28/100 · 1/2 factors with a value
- Quality56/100 · 3/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation74/100 · 3/3 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
The Manitowoc Company, Inc. (MTW). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.2 bn USD in 2025; YoY growth 2.9%; net margin 1.1%; ROE 3.8%; net debt/EBITDA -0.3x.
The estimated value range is 27.47–38.42 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 34.73 USD, the price of 23.20 USD leaves a potential of 49.7% (value / price − 1) and a margin of safety of 33.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 65/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 188.2%
- Net debt / EBITDA: -0.3x
- Current ratio: 2.1x
- EV/EBITDA: 5.4x
- FCF yield: 5.9%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
What contradicts it
- Net margin: 1.1%
- Revenue CAGR 3Y: 3.3%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage.
Versus the vertical median
Construction Machinery & Equip (SIC 3531) · same industry (4-digit SIC) · compared with 7 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 | |
|---|---|---|---|---|---|---|
| CATCaterpillar Inc | 270.6 bn | 23.2 | 56.1% | 15.2% | +4.3% | +3% / +136% |
| CNHCnh Industrial N.V. | 14.5 bn | 47.0 | 4.0% | 1.7% | −8.8% | +24% / +9% |
| ASTEAstec Industries, Inc. | 904.9 m | 46.4 | 2.9% | 1.3% | +8.1% | −11% / +26% |
| AEBIAebi Schmidt Holding AG | 902.5 m | 41.0 | 3.6% | 1.1% | +40.6% | −2% / unavailable |
| PLOWDouglas Dynamics, Inc | 879.7 m | 13.8 | 22.2% | 8.7% | +15.4% | +18% / +40% |
| MTWThe Manitowoc Company, Inc. | 837.7 m | 32.6 | 3.8% | 1.1% | +2.9% | +132% / +71% |
| CMCOColumbus McKinnon Corporation | 537.7 m | — | -30.8% | -19.6% | +23.9% | +13% / −47% |
| GENCGencor Industries, Inc. | — | — | 6.9% | 13.5% | +2.0% | +31% / +17% |
1- and 3-year price returns: for MTW 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 | 13.81 Total return -40% · Per year -40% | 24.44 Total return 5% · Per year 5% | 36.83 Total return 59% · Per year 59% |
| 3 years | 13.09 Total return -44% · Per year -17% | 26.08 Total return 12% · Per year 4% | 43.20 Total return 86% · Per year 23% |
| 5 years | 12.40 Total return -47% · Per year -12% | 27.83 Total return 20% · Per year 4% | 50.67 Total return 118% · Per year 17% |
- Exit P/E± 6.52
- Net margin± 4.56
- Annual revenue growth± 3.79
- Annual dilution± 0.38
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.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
In brief
The Manitowoc Company is a global maker of cranes, from crawler and tower cranes to mobile hydraulic cranes, plus aftermarket services meant to reduce its reliance on new machine sales. In the second quarter of 2026 orders rose sharply and the company raised its full-year guidance, a sign that demand for lifting equipment remains firm. Annual net sales were 2.2 billion USD in fiscal 2025, and 2026 guidance is 2.3 to 2.4 billion USD 13.
SWOT
Strengths
- Long-established brands and a global service and distribution network support strong customer relationships and good resale values for machines 1.
- Growth in non-new machine sales shows the CRANES+50 strategy is beginning to produce results, with revenue steadier than new machine sales 13.
- Record backlog and rising orders in the second quarter of 2026 give visibility into future sales 23.
Weaknesses
- The company carries significant leverage, with debt including second lien notes due 2031 and a partly drawn ABL revolving facility 1.
- The EURAF segment continues to post operating losses, pointing to profitability problems in Europe 1.
- Operating cash flow was weak in 2025, hit by a large payment to settle a matter with the EPA 1.
Opportunities
- Expanding services, the rental fleet and distribution agreements, such as the one with Hiab, could grow aftermarket revenue 1.
- Demand from data centers, semiconductor fabrication and energy projects could generate new crane orders 12.
- Developing new products for Belt and Road regions and the Middle East could open growing markets 1.
Threats
- Trade tariffs and a trade war could raise costs and weigh on demand, especially if new retaliatory measures are imposed 1.
- Chinese competitors offering lower prices could limit the company's margins 1.
- A construction slowdown or higher interest rates could reduce demand and affect customers' ability to finance purchases 1.
Risks
- Tariffs and trade policyhigh
US tariffs and retaliation by other countries can raise the cost of materials and components, and the company may not always pass these costs on to customers 1.
- Cyclical demandhigh
Crane sales depend on construction activity and economic conditions, and a slowdown could sharply affect revenue and profitability 1.
- Leveragemedium
Total debt rose in 2025, and interest costs and refinancing needs could limit financial flexibility 1.
- Raw materials and sourcingmedium
Dependence on steel and certain suppliers can lead to higher costs or delays in deliveries 1.
- International operationsmedium
Operations outside the United States, which account for almost half of sales, are exposed to political, currency and regulatory risks 1.
Investment thesis
What would need to be true (bull case)
- Strong order growth and the record backlog in the second quarter of 2026 could support continued sales growth in the second half of the year 23.
- The raised 2026 guidance and tariff refunds could improve profitability if the trend holds 3.
- The CRANES+50 strategy and growing non-new machine sales could reduce revenue volatility over the long term 13.
What would break the thesis
- Tariffs and trade uncertainty could return in other forms, affecting costs and demand even after the refunds received so far 12.
- High debt and weak operating cash flow in 2025 could limit the company's ability to invest or to respond to a slowdown 1.
- The EURAF segment remains at an operating loss, and Chinese competition could pressure prices in several markets 1.
What to watch
- Conversion of backlog into sales and quarterly gross marginQ3 2026
- Evolution of US tariffs and any further refundsQ3 2026
- Delivery against the raised 2026 guidance (sales of 2.3 to 2.4 billion USD)2026
- Operating losses in the EURAF segment and European profitabilitynext 10-K
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.
Possibly outdated: the newest document it read is from 07 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).
The business
Founded in 1902 and headquartered in Milwaukee, Wisconsin, Manitowoc designs, manufactures and distributes cranes under the Grove, Manitowoc, National Crane, Potain and Shuttlelift brands through wholly-owned subsidiaries 1. The company covers both products and services: lattice-boom crawler cranes, tower cranes and mobile hydraulic cranes, as well as parts, technical support, remanufacturing and telematics. Under its CRANES+50 strategy, launched in 2021, it aims to become a provider of complete lifting solutions rather than only a machine maker 1.
Aftermarket sales and new machine sales are complementary: the company says non-new machine sales are less capital intensive, more profitable and less cyclical than new machine sales 1. This explains its investment in the rental fleet, the service network and the ServiceMax digital platform, launched in 2025 1.
The company operates nine manufacturing facilities, and its products are sold mainly through global networks of independent distributors and rental companies, with its own distribution network, MGX Equipment Services, in certain parts of the United States 1. No single customer accounted for more than 10% of consolidated net sales in 2023-2025 1.
Segments
EURAF
The EURAF segment, covering Europe and Africa excluding the Middle East, had net sales of 667.2 million USD in 2025, up 8.3%, driven by more new tower crane shipments, but it remained at an operating loss 1.
Market context
Manitowoc cranes are used in commercial and residential construction, infrastructure, energy, data centers, semiconductor fabrication and petrochemical industries 1. Demand depends on general economic activity, the availability of financing, crude oil prices and government infrastructure spending, and construction customers may postpone purchases in favor of repairing existing machinery 1.
In the second quarter of 2026 orders rose in all three segments, which points to strong interest in the market, although management describes the environment as still dynamic 23. If this trend holds, it could support the raised 2026 guidance.
Trends
- US tariffs and IEEPA refundsmixed
US tariffs, including 50% tariffs on steel and aluminum derivative products, raised component costs. In the second quarter of 2026 the company received IEEPA tariff refunds that produced a net benefit, but tariffs remain a source of uncertainty 12.
- Rising orders and backlogtailwind
Orders and backlog have grown significantly, which could support sales in coming periods if conversion of backlog into revenue proceeds as expected 23.
- Growth in non-new machine salestailwind
Non-new machine sales, which are less cyclical and more profitable, keep growing and sit at the center of the CRANES+50 strategy, which could reduce dependence on capital spending cycles 13.
- Raw material costs and supply chain problemsheadwind
Higher steel prices, logistics constraints and geopolitical tensions in Ukraine and the Middle East could raise costs and delay deliveries, especially in Europe 12.
Competitive position
The market is highly competitive, with global players such as Liebherr, Terex and Tadano, and Chinese manufacturers that can offer lower prices 1. The company suggests its advantages are strong brands with competitive resale values, a reputation for quality, its distribution network and aftermarket support 1.
- Liebherr
Competitor in tower cranes and mobile telescopic cranes, listed in the company's competitor table 1.
- TerexTEX
Competitor in tower and mobile telescopic cranes, named as a primary rival 1.
- Tadano
Competitor in mobile telescopic cranes, named in the company's sources 1.
- Zoomlion
Chinese competitor in tower and mobile cranes, listed among the main rivals 1.
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 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Current report25 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Current report31 Mar 2026Other events
- Current report30 Mar 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Manitowoc Company, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Manitowoc Company, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Manitowoc Company, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.