olivLaw · US equity research
Alamo Group Inc. ALG
Farm Machinery & Equipment · SIC 3523 · Vertical: Industrial machinery and computer equipment (SIC 352x)
Alamo Group Inc. (ALG) manufactures purpose-built industrial and vegetation management equipment sold to independent dealers, contractors and municipalities. Net sales in fiscal 2025 were [1.6 bn USD], as the Industrial Equipment division grew while Vegetation Management weakened. In the second quarter of 2026, sales reached [450.7 mn USD] and the company renewed its credit facility.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Alamo Group Inc. (ALG) stock was 144.12 USD (−2.94% on the day), with market capitalisation 1.8 bn USD, P/E 22.5 on diluted EPS of 6.41 USD over the last 12 months, dividend yield 0.92%, beta 0.77, 52-week range 144.12–218.47 USD. Latest reported quarter (Q3 2026): revenue of 403.1 m USD (−4.0% YoY), net income of 2.0 m USD (−92.0% YoY), diluted EPS 0.17 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)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 142.23 – 156.49
- in the lower half of the band · %B 0.13 · band width 9.5%
- SMA 50 / 200
- 158.64 / 168.17
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -3.30 / -3.67
- 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 | −11.3% | −1.1% | −10.2 pp | — |
| 3 months | −14.1% | −0.5% | −13.6 pp | — |
| 6 months | −15.6% | +4.4% | −20.0 pp | — |
| Year to date | −14.1% | +12.3% | −26.5 pp | — |
| 1 year | −17.5% | +13.5% | −31.1 pp | +18.9% |
| 3 years | −20.3% | +76.4% | −96.7 pp | +29.5% |
| 5 years | −8.1% | +63.7% | −71.8 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 | 385.3 m | 391.0 m | 419.1 m | 420.0 m | 373.7 m | 417.1 m | 450.7 m | 403.1 m |
| Cost of revenue | 293.5 m | 288.1 m | 310.8 m | 318.4 m | 288.6 m | 312.3 m | 339.9 m | 327.0 m |
| Gross profit | 91.8 m | 102.8 m | 108.3 m | 101.7 m | 85.0 m | 104.8 m | 110.9 m | 76.1 m |
| SG&A | 53.3 m | 54.3 m | 57.1 m | 59.9 m | 58.3 m | 57.8 m | 60.1 m | 67.6 m |
| Operating income | 34.4 m | 44.5 m | 47.1 m | 37.5 m | 22.5 m | 42.2 m | 45.8 m | 3.4 m |
| Interest expense | 3.5 m | 3.2 m | 3.7 m | 3.9 m | 4.1 m | 4.6 m | 4.8 m | 3.9 m |
| Pre-tax income | 34.5 m | 41.8 m | 41.4 m | 35.0 m | 21.3 m | 39.0 m | 41.6 m | 4.7 m |
| Income tax | 6.4 m | 10.0 m | 10.3 m | 9.6 m | 5.8 m | 9.9 m | 10.7 m | 2.6 m |
| Net income | 28.1 m | 31.8 m | 31.1 m | 25.4 m | 15.5 m | 29.2 m | 30.9 m | 2.0 m |
| Diluted EPS | 2.33 ≈ | 2.64 | 2.57 | 2.10 | 1.28 ≈ | 2.41 | 2.55 | 0.17 |
| Operating cash flow | 79.1 m | 14.2 m | 22.7 m ≈ | 65.5 m ≈ | 75.1 m | -23.5 m | 46.2 m ≈ | 60.6 m ≈ |
| Capex | 6.0 m | 6.0 m | 7.0 m ≈ | 12.4 m ≈ | 5.2 m | 4.5 m | 5.8 m ≈ | 5.7 m ≈ |
| Dividends paid | 3.1 m | 3.6 m | 3.6 m ≈ | 3.6 m ≈ | 3.6 m | 4.1 m | 4.1 m ≈ | 4.1 m ≈ |
| Share repurchases | 28.0 k | 1.6 m | 26.0 k ≈ | 1.4 m ≈ | 0 | 1.4 m | 9.4 m ≈ | 160.0 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.
Today's P/E sits at the 75 percentile of its own 40-quarter history (min 12.4, median 19.8, max 31.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.0 bn | 1.1 bn | 1.2 bn | 1.3 bn | 1.5 bn | 1.7 bn | 1.6 bn | 1.6 bn |
| Revenue YoY | +10.6% | +10.9% | +4.0% | +14.7% | +13.4% | +11.6% | −3.6% | −1.5% |
| Net income | 73.5 m | 63.1 m | 57.8 m | 80.2 m | 101.9 m | 136.2 m | 115.9 m | 103.8 m |
| Net income YoY | +65.8% | −14.1% | −8.4% | +38.8% | +27.0% | +33.6% | −14.9% | −10.5% |
| Diluted EPS | 6.25 | 5.35 | 4.88 | 6.75 | 8.54 | 11.36 | 9.63 | 8.59 |
| Diluted EPS YoY | +64.9% | −14.4% | −8.8% | +38.3% | +26.5% | +33.0% | −15.2% | −10.8% |
| net % | 7.3% | 5.6% | 5.0% | 6.0% | 6.7% | 8.1% | 7.1% | 6.5% |
| Free cash flow | -13.7 m | 57.5 m | 166.5 m | 24.4 m | -16.6 m | 93.4 m | 184.8 m | 146.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 309.7 m USD
- Financial debt
- 15.0 m USD
- Net debt
- -294.7 m USD
- Equity
- 1.1 bn USD
- Total assets
- 1.6 bn USD
- Debt / equity
- 0.01x
- Current ratio
- 4.57x
- ROE
- 9.6%
- ROA
- 6.8%
- FCF margin
- 9.2%
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 | 1.2 bn | 1.3 bn | 1.5 bn | 1.7 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 869.7 m | 999.7 m | 1.1 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 293.7 m | 334.5 m | 376.5 m | 453.6 m | 412.5 m | 397.8 m | SEC (XBRL)· 02 Mar 2026verified |
| SG&A | 184.2 m | 202.9 m | 212.6 m | 240.2 m | 231.5 m | 229.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | 94.8 m | 116.9 m | 148.6 m | 198.0 m | 164.8 m | 151.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Interest expense | 15.8 m | 10.5 m | 14.4 m | 26.1 m | 20.5 m | 14.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Pre-tax income | 79.8 m | 109.5 m | 134.3 m | 175.1 m | 149.6 m | 139.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 22.0 m | 29.3 m | 32.4 m | 39.0 m | 33.7 m | 35.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 57.8 m | 80.2 m | 101.9 m | 136.2 m | 115.9 m | 103.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 4.88 | 6.75 | 8.54 | 11.36 | 9.63 | 8.59 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 11.8 m | 11.9 m | 11.9 m | 12.0 m | 12.0 m | 12.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividend per share | 0.52 | 0.56 | 0.72 | 0.88 | 1.04 | 1.20 | SEC (XBRL)· 02 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 50.2 m | 42.1 m | 47.0 m | 51.9 m | 197.3 m | 309.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 209.3 m | 238.0 m | 317.6 m | 362.0 m | 305.6 m | 276.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 242.5 m | 320.9 m | 352.6 m | 377.5 m | 343.4 m | 383.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 515.5 m | 612.2 m | 727.2 m | 804.0 m | 857.5 m | 998.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 195.1 m | 202.4 m | 195.9 m | 206.5 m | 203.0 m | 214.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 193.2 m | 183.5 m | 171.3 m | 168.3 m | 151.4 m | 144.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 1.1 bn | 1.2 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 75.3 m | 101.4 m | 97.5 m | 99.7 m | 84.5 m | 125.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 15.0 m | 15.0 m | 15.0 m | 15.0 m | 15.0 m | 15.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 157.3 m | 192.6 m | 190.5 m | 213.9 m | 190.3 m | 218.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | — | — | — | — | 432.0 m | 457.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 635.0 m † | 705.7 m † | 785.4 m † | 932.8 m † | 1.0 bn † | 1.1 bn † | SEC (XBRL)· 02 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 | 184.3 m | 49.7 m | 14.5 m | 131.2 m | 209.8 m | 177.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 17.9 m | 25.3 m | 31.1 m | 37.7 m | 25.0 m | 30.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | 166.5 m ≈ | 24.4 m ≈ | -16.6 m ≈ | 93.4 m ≈ | 184.8 m ≈ | 146.9 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -14.2 m | -33.4 m | -31.7 m | -52.6 m | -22.2 m | -46.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | -164.2 m | -23.0 m | 24.5 m | -76.9 m | -32.0 m | -30.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Dividends paid | 6.1 m | 6.6 m | 8.5 m | 10.5 m | 12.4 m | 14.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Share repurchases | 710.0 k | 2.0 m | 768.0 k | 1.0 m | 2.0 m | 3.0 m | SEC (XBRL)· 02 Mar 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: 53 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation62
- Returns53
- Quality62
- Balance sheet87
- Growth9
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: 171.06 – 250.13 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)171.34 – 250.13 (Mid 202.10)WACC 9.3% · starting FCFF 149.7 m USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -13.6%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E171.06 – 199.90 (Mid 185.19)4 companies used · median multiple 28.9x · quartiles 26.7x – 31.2xAGCO, DE, LNN, TTC
- Dividend discount (DDM)outside the aggregate15.77 – 21.21 (Mid 18.09)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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 53/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.9% | 53 (on a fixed band) | 13% |
| Net margin · Quality | 4.7% | 40 (vs peers) | 8% |
| FCF conversion · Quality | 176.5% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 1.9% | 16 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 0.2% | 1 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.6x | 78 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 4.2x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 22.5x | 34 (on a fixed band) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.8% | 98 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 1.5% | 22 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 11.6% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet87/100 · 2/3 factors with a value
- Growth9/100 · 2/2 factors with a value
- Quality62/100 · 3/3 factors with a value
- Returns53/100 · 2/2 factors with a value
- Valuation62/100 · 2/3 factors with a value
Memo
ALAMO GROUP INC. (ALG). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.6 bn USD in 2025; YoY growth -1.5%; net margin 4.7%; ROE 6.7%.
The estimated value range is 171.20–225.02 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 193.64 USD, the price of 144.12 USD leaves a potential of 34.4% (value / price − 1) and a margin of safety of 25.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 53/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 176.5%
- Interest coverage: 6.6x
- Current ratio: 4.2x
- FCF yield: 7.8%
- Payout ratio (FCF): 11.6%
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: 1.9%
- EPS CAGR 3Y: 0.2%
- Shareholder yield (distributions): 1.5%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Industrial machinery and computer equipment (SIC 352x) · same industry group (3-digit SIC) · compared with 5 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 | |
|---|---|---|---|---|---|---|
| DEDeere & Co | 182.4 bn | 37.6 | 18.3% | 10.2% | −11.7% | +46% / +86% |
| TTCThe Toro Company | 10.2 bn | 28.7 | 26.4% | 7.6% | −1.6% | +54% / +30% |
| AGCOAgco Corp | 7.8 bn | 29.0 | 6.5% | 2.8% | −13.5% | +6% / −1% |
| ALGAlamo Group Inc. | 1.8 bn | 22.5 | 6.7% | 4.7% | −1.5% | −18% / −20% |
| LNNLindsay Corporation | 1.1 bn | 20.5 | 10.7% | 8.8% | −6.0% | −5% / −8% |
| ARTWArts Way Manufacturing Co Inc | 14.6 m | — | -3.0% | -1.6% | −6.2% | +19% / +36% |
1- and 3-year price returns: for ALG 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 | 82.62 Total return -42% · Per year -42% | 146.24 Total return 2% · Per year 2% | 220.54 Total return 54% · Per year 54% |
| 3 years | 76.12 Total return -45% · Per year -18% | 151.99 Total return 8% · Per year 3% | 252.24 Total return 79% · Per year 21% |
| 5 years | 70.13 Total return -48% · Per year -12% | 157.96 Total return 14% · Per year 3% | 288.50 Total return 107% · Per year 16% |
- Exit P/E± 38.00
- Net margin± 26.60
- Annual revenue growth± 22.38
- Annual dilution± 2.24
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 03 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
Alamo Group Inc. (ALG) manufactures purpose-built industrial and vegetation management equipment sold to independent dealers, contractors and municipalities. Net sales in fiscal 2025 were [1.6 bn USD], as the Industrial Equipment division grew while Vegetation Management weakened. In the second quarter of 2026, sales reached [450.7 mn USD] and the company renewed its credit facility.
SWOT
Strengths
- Leading position in purpose-built niche equipment, supported by extensive dealer and distributor networks 1.
- Solid balance sheet with substantial cash and a credit facility renewed in May 2026 on improved terms 3.
- Geographic diversification across three continents and a broad portfolio of acquired brands 1.
Weaknesses
- Operating margins fell in fiscal 2025 and in the second quarter of 2026, due to production inefficiencies and facility consolidation 12.
- Dependence on the vegetation market, which has weakened, weighs on that division's results 1.
- Restructuring and integration costs from acquisitions have pressured profit 2.
Opportunities
- Demand in the Industrial Equipment Division could remain solid, supported by recent acquisitions and infrastructure spending 13.
- Completing facility consolidation could lower costs and improve capacity utilization 1.
- If interest rates ease, demand for vegetation and construction equipment could recover 1.
Risks
- Dependence on government budgetshigh
A substantial share of revenue comes from public agencies, and cuts to road and park budgets could reduce equipment sales 1.
- Weak vegetation markethigh
Demand in agriculture, forestry and recycling has stayed weak, and division orders rose only slightly in the second quarter of 2026 12.
- Production inefficiency during consolidationmedium
Relocating production lines could create duplicate costs and delivery delays, pressuring margins in the short term 12.
- Goodwill impairmentmedium
Goodwill on the balance sheet is significant, and an impairment could affect results and equity 1.
- Cyber and information technology risklow
Information systems could be disrupted by attacks or failures, which could interrupt operations 1.
Investment thesis
What would need to be true (bull case)
- The Industrial Equipment Division shows solid growth, and recent acquisitions have extended the portfolio and its contribution to sales 13.
- If operational optimization succeeds, margins could recover toward earlier levels with better production capacity 12.
- The balance sheet and renewed credit lines give flexibility for organic investment and acquisitions 3.
What would break the thesis
- The Vegetation Management Division has declined sharply, and backlog in the industrial division has fallen, which could slow growth 12.
- Restructuring and integration costs have weighed on profit, and gross margin has declined 2.
- If tariffs and input costs rise, the company may not be able to pass all of those costs on to customers 1.
What to watch
- Trend in industrial division backlogQ3 2026
- Completion of facility consolidation and margin recovery2027
- Vegetation Management sales during the agricultural seasonQ1 2027
- Effect of the Petersen acquisition on sales and debtnext 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 03 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (02 Nov 2026 · results).
The business
Operations are organized in two divisions: the Industrial Equipment Division, covering vacuum trucks, street sweepers, excavators, snow removal equipment and truck mounted attenuators, and the Vegetation Management Division, covering mowing, brush and tree care, agricultural and recycling equipment 1. Growth has come through repeated acquisitions, from Bush Hog and Gradall to Morbark, Timberwolf and Ring-O-Matic, while the Herschel business was sold in 2024 1.
Products reach customers through extensive dealer and distributor networks, and the business depends on government spending, agricultural markets and construction activity 1. The company describes itself as a leading supplier to U.S. governmental markets and one of the largest suppliers in Europe for its key niche products 1.
Segments
Industrial Equipment Division
The division covers vacuum trucks, street sweepers, snow removal equipment, excavators and roadside safety equipment. Sales grew by [12.6%] in fiscal 2025, to [949.7 mn USD], and reached [271.6 mn USD] in the second quarter of 2026, helped by recent acquisitions and organic demand 13.
Market context
The company's end markets are infrastructure, industrial construction, public works, agriculture and tree care 1. Demand for industrial and governmental equipment remains healthy, while vegetation demand is weak due to soft commodity prices, elevated interest rates and reduced construction activity 1. Backlog has declined as order patterns normalize after a period of elevated demand 2.
Reliance on government budgets, weather and raw material prices makes revenue sensitive to economic cycles 1. The sector is competitive, and the supply of steel, chassis and engines can influence margins 1.
Trends
- Normalizing orders in industrial equipmentmixed
Industrial Equipment backlog has fallen and new orders were slightly lower than last year, as lead times improved 2. If demand stays steady, revenue could be supported by recent acquisitions.
- Government and infrastructure demandtailwind
Sales to public agencies and infrastructure contractors remain important and depend on local and national budgets for road and park maintenance 1. Higher budgets could support demand.
- Weakness in vegetation and tree care marketsheadwind
Demand for vegetation equipment has been weak, affected by low demand in forestry, tree care and recycling 12. Pressure could persist if interest rates stay high.
- Input costs and trade tariffsheadwind
Tariffs and rising costs for steel, engines and components could erode margins, although the company has passed on costs through price increases in the past 1. The impact depends on its ability to pass costs on.
Competitive position
The company competes with strong makers of vegetation and vocational equipment, some with greater resources than its own 1. In Europe Alamo ranks among the largest manufacturers, and in the U.S. it holds a leading position in its niche segments 1.
Competition runs through pricing, dealer networks, innovation and the capacity for acquisitions in adjacent segments 1. The company aims to keep its position by integrating recent acquisitions and improving operating efficiency 3.
- U.S. vegetation and forestry equipment makers
Rivals offering mowers, chippers and tree care equipment, described in the filings as firms with larger resources.
- Vocational and snow removal vehicle makers
Rivals in vacuum trucks, sweepers and snow removal equipment within the Industrial Equipment Division.
- European road and land maintenance equipment makers
European firms active in tractor-mounted mowing and infrastructure maintenance, where Alamo holds an important position.
- Agricultural equipment and parts suppliers
Competitors in agricultural machinery and replacement parts, a segment where the Herschel business was sold.
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.
Loading the links…
News & filings
In the press
- Alamo Promo Codes & Coupons | September 2026Conde Nast Traveler · 28 Sept 2026 · EN
The latest news item in our archive is from 28 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report27 Oct 2026Material agreement · Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Sept 2026Exit or disposal costs · Material impairment
- Current report08 Sept 2026Exit or disposal costs · Material impairment
- Current report11 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Amendments to articles or bylaws · Financial statements and exhibits
- Current report08 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report28 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Alamo Group Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Alamo Group Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Alamo Group Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.