olivLaw · US equity research
Alliance Laundry Holdings Inc. ALH
Refrigeration & Service Industry Machinery · SIC 3580 · Vertical: Refrigeration & Service Industry Machinery (SIC 3580)
Alliance Laundry Holdings designs, manufactures and services commercial laundry equipment and is the world's largest maker in this field. Annual net revenue reached 1.7 billion USD in fiscal 2025, and the company reported growth and debt reduction in its second quarter of 2026, points relevant to investors following the industrial service equipment sector.
At the close of 04 Nov 2026, Alliance Laundry Holdings Inc. (ALH) stock was 22.96 USD (+3.42% on the day), with market capitalisation 4.6 bn USD, P/E 25.1 on diluted EPS of 0.91 USD over the last 12 months, dividend yield 0.00%, beta 1.18, 52-week range 19.06–28.01 USD. Latest reported quarter (Q2 2026): revenue of 476.8 m USD (+6.6% YoY), net income of 68.7 m USD (+121.3% YoY), diluted EPS 0.34 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)
- 64.3
- strong (55–70)
- Bollinger (20, 2)
- 20.40 – 22.65
- above the upper band · %B 1.14 · band width 10.5%
- SMA 50 / 200
- 21.73 / 23.51
- mixed trend
- MACD (12, 26, 9)
- 0.18 / -0.04
- 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 | +7.7% | −1.1% | +8.8 pp | — |
| 3 months | −18.0% | −0.5% | −17.6 pp | — |
| 6 months | −11.6% | +4.4% | −16.0 pp | — |
| Year to date | +12.8% | +12.3% | +0.5 pp | — |
| 1 year | −14.0% | +13.5% | −27.6 pp | +2.6% |
| 3 years | unavailable | +76.4% | unavailable | +34.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 384.3 m | 395.1 m | 389.6 m | 447.2 m | 437.6 m | 434.9 m | 426.9 m | 476.8 m |
| Gross profit | 143.0 m | 138.6 m | 145.0 m | 174.2 m | 162.0 m | 160.9 m | 157.2 m | 189.9 m |
| Operating income | 71.9 m | 67.3 m | 74.5 m | 93.9 m | 85.5 m | 63.5 m | 83.8 m | 105.6 m |
| Depreciation & amortisation | — | 22.7 m | 23.3 m | 22.6 m ≈ | 23.4 m ≈ | 24.4 m | 22.5 m | 22.2 m ≈ |
| Interest expense | 42.3 m | 31.2 m | 44.9 m | 39.4 m | 37.0 m | 29.3 m | 17.9 m | 17.8 m |
| Pre-tax income | -7.7 m | 44.6 m | 22.5 m | 40.7 m | 42.9 m | 32.0 m | 72.4 m | 87.8 m |
| Income tax | -1.4 m | 7.6 m | 5.2 m | 9.7 m | 10.0 m | 11.4 m | 15.5 m | 19.2 m |
| Net income | -6.3 m | 37.1 m | 17.2 m | 31.0 m | 32.9 m | 20.6 m | 56.9 m | 68.7 m |
| Diluted EPS | -0.04 | 0.21 ≈ | 0.10 | 0.18 | 0.19 | 0.10 ≈ | 0.28 | 0.34 |
| Operating cash flow | — | 78.1 m | 45.4 m | 5.3 m ≈ | 66.1 m ≈ | 94.9 m | 79.9 m | 66.3 m ≈ |
| Capex | — | 19.9 m | 8.5 m | 8.1 m ≈ | 13.2 m ≈ | 23.9 m | 5.2 m | 8.7 m ≈ |
| Dividends paid | — | 0 | — | — | — | 0 | — | — |
| Share repurchases | — | 1.3 m | 1.9 m | 430.0 k ≈ | 3.9 m ≈ | 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 0 percentile of its own 3-quarter history (min 27.5, median 29.0, max 35.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.4 bn | 1.5 bn | 1.7 bn |
| Revenue YoY | unavailable | +10.5% | +13.3% |
| Net income | 88.2 m | 98.3 m | 101.8 m |
| Net income YoY | unavailable | +11.4% | +3.5% |
| Diluted EPS | 0.51 | 0.56 | 0.56 |
| Diluted EPS YoY | unavailable | +9.8% | 0.0% |
| net % | 6.5% | 6.5% | 6.0% |
| Free cash flow | 176.0 m | 102.0 m | 158.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 123.1 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 392.1 m USD
- Total assets
- 2.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- 1.40x
- ROE
- unavailable
- ROA
- 3.6%
- FCF margin
- 9.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 473.1 m | 551.3 m | 642.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Research & development | 22.8 m | 22.8 m | 29.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | 235.7 m | 284.0 m | 317.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 88.7 m | 90.2 m | 93.7 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | 324.4 m ≈ | 374.2 m ≈ | 411.1 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Interest expense | 123.4 m | 132.0 m | 150.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | 104.5 m | 123.4 m | 138.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 16.2 m | 25.1 m | 36.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | 88.2 m | 98.3 m | 101.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | 0.51 | 0.56 | 0.56 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 173.6 m | 174.3 m | 181.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividend per share | 0.00 | 5.28 | 0.00 | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 182.4 m | 154.7 m | 123.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | — | 134.5 m | 146.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | — | 668.2 m | 675.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | — | 248.3 m | 265.3 m | SEC (XBRL)· 12 May 2026verified |
| Goodwill | — | 666.6 m | 684.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 793.7 m | 754.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | — | 2.8 bn | 2.9 bn | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | — | 478.7 m | 484.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | — | 3.1 bn | 2.5 bn | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 550.9 m † | -277.3 m † | 392.1 m † | SEC (XBRL)· 13 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 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 208.7 m | 145.5 m | 211.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 32.7 m | 43.5 m | 53.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | 176.0 m ≈ | 102.0 m ≈ | 158.0 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | -52.0 m | -87.8 m | -91.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -91.9 m | -75.4 m | -157.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividends paid | 0 | 265.9 m | 0 | SEC (XBRL)· 13 Mar 2026verified |
| Share repurchases | 19.0 m | 1.4 m | 6.2 m | SEC (XBRL)· 13 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 weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.6 bn USD
Key indicators
Coverage and freshness
Score by group
52% · 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: 22.21 – 37.28 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/E22.21 – 37.28 (Mid 24.46)3 companies used · median multiple 26.8x · quartiles 24.3x – 40.8xHAYW, SXI, TNC
- 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
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 10.1% | 60 (vs peers) | 12% |
| FCF conversion · Quality | 143.1% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.3x | 28 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.4x | 53 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 25.1x | 22 (on a fixed band) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.6% | 70 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 0.1% | 1 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet38/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 2/3 factors with a value
- Returns41/100 · 2/2 factors with a value
- Valuation43/100 · 2/3 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
Alliance Laundry Holdings Inc. (ALH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.7 bn USD in 2025; YoY growth 13.3%; net margin 10.1%; ROE 109.8%.
The estimated value range is 22.21–37.28 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 24.46 USD, the price of 22.96 USD leaves a potential of 6.5% (value / price − 1) and a margin of safety of 6.1% (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 (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 143.1%
- FCF yield: 5.6%
- Payout ratio (FCF): 0.0%
What contradicts it
- Interest coverage: 3.3x
- P/E (TTM): 25.1x
- Shareholder yield (distributions): 0.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Refrigeration & Service Industry Machinery (SIC 3580) · same industry (4-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 | |
|---|---|---|---|---|---|---|
| MIDDThe Middleby Corporation | 5.8 bn | — | -16.2% | -13.9% | unavailable | +34% / +26% |
| ALHAlliance Laundry Holdings Inc. | 4.6 bn | 25.1 | 109.8% | 10.1% | +13.3% | −14% / unavailable |
| HAYWHayward Holdings, Inc. | 3.5 bn | 21.8 | 10.9% | 14.4% | +6.7% | +3% / +44% |
| SXIStandex International Corp | 3.0 bn | 26.8 | 15.3% | 12.5% | +12.8% | +3% / +88% |
| TNCTennant Co | 1.2 bn | 54.9 | 3.9% | 1.9% | −6.5% | −0% / −15% |
| LBGJLi Bang International Corporation Inc. | 34.5 m | — | -16.6% | -9.1% | +2.9% | −100% / unavailable |
1- and 3-year price returns: for ALH 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 | 14.57 Total return -37% · Per year -37% | 25.66 Total return 12% · Per year 12% | 38.52 Total return 68% · Per year 68% |
| 3 years | 16.76 Total return -27% · Per year -10% | 32.95 Total return 44% · Per year 13% | 53.91 Total return 135% · Per year 33% |
| 5 years | 19.27 Total return -16% · Per year -3% | 42.30 Total return 84% · Per year 13% | 75.47 Total return 229% · Per year 27% |
- Exit P/E± 8.24
- Net margin± 5.77
- Annual revenue growth± 4.36
- Annual dilution± 0.48
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
Alliance Laundry Holdings designs, manufactures and services commercial laundry equipment and is the world's largest maker in this field. Annual net revenue reached 1.7 billion USD in fiscal 2025, and the company reported growth and debt reduction in its second quarter of 2026, points relevant to investors following the industrial service equipment sector 123.
SWOT
Strengths
- Global market leadership, a large installed base and brand reputation in the commercial segment are clear strengths 1.
- A distributor network consolidated over many years offers relationships with end customers that are hard to replicate 1.
- Strong operating cash flow and low maintenance capital spending support debt reduction, as confirmed in the second quarter of 2026 13.
Weaknesses
- A cost structure built on high quality can make products more expensive than cheaper alternatives from outside the United States 1.
- Debt remains significant, and interest expense weighed heavily on profit in recent years 12.
- Reliance on distributors without long-term purchase commitments can create volatility in orders and inventory 1.
Opportunities
- Emerging markets with an underdeveloped vended laundry culture could become growth sources if expansion stays profitable 1.
- Digitalisation and monitoring tools could add recurring revenue and strengthen customer loyalty 13.
- Demand for commercial equipment in homes could keep growing if the trend persists 12.
Risks
- Dependence on distributorsmedium
Distributors can cancel, reduce or delay orders at any time, which could create excess inventory and pressure on revenue 1.
- Tariffs and supply chainhigh
Tariffs and trade restrictions could raise material costs, and the company cannot guarantee it will obtain components in sufficient quantities at competitive prices 12.
- Competition from low-cost countriesmedium
Producers outside the United States could offer lower prices, which could limit revenue and profit growth 1.
- Indebtednessmedium
Total debt remains high, and if financing costs rise or debt reduction slows, financial flexibility could be limited 23.
- Geopolitical and currency risksmedium
International operations are exposed to conflict, currency fluctuations and regulatory change, which could affect results in emerging markets 13.
Investment thesis
What would need to be true (bull case)
- A large installed base and predictable replacement demand provide a stable revenue base that can support growth over time 1.
- Revenue and Adjusted EBITDA growth in the first half of 2026, together with the raised guidance, suggest the pricing and cost strategy is working 23.
- Rapid debt reduction and lower interest costs could strengthen profit and financial flexibility in the coming years 3.
What would break the thesis
- Tariffs and cost inflation could erode margins if prices cannot be adjusted enough, especially in the international segment 23.
- Debt remains significant, and a rise in financing costs or a slowdown in debt reduction could limit investment capacity 23.
- The international segment declined in profitability in the second quarter of 2026, and regional conflicts could prolong this effect 3.
What to watch
- Delivery of Adjusted EBITDA guidance with growth between 8% and 10%2026
- Reaching the 2.0x net leverage target by year end2026
- Development of margins after tariff and pricing effectsQ4 2026
- Performance of the international segment and conflict-affected regionsnext 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.
The business
Alliance Laundry Holdings Inc. (ALH) presents itself as the world's largest designer and manufacturer of commercial laundry systems, with an estimated installed base of 8 million machines 1. The company sells through about 600 distributors and, in certain key markets, through direct sales 1. Net revenue for 2025 was 1.7 billion USD, with Adjusted EBITDA of 436.5 million USD 1.
The business model rests on a predictable replacement cycle supported by a large installed base, as well as recurring revenue from service parts, consumables and services such as equipment financing 1. The company operates five brands, including Speed Queen, UniMac, Huebsch, IPSO and Primus 1. Its estimated share of the North American market is about 40% 1.
By segment, North America represented 74% of 2025 revenue and International the remaining 26% 1. The global presence includes direct sales in France, Spain, Italy and Brazil, plus independent distributors elsewhere 1.
Market context
According to a third-party study cited by the company, the commercial laundry systems industry generated about 7.4 billion USD in revenue in 2023 1. The market is split between on-premise laundries, pay-per-use vended laundries and commercial in-home use 1.
Demand is dominated by replacement of existing machines, while growth comes from investment in more professional laundromat operators and from emerging markets where vended laundry culture is still developing 1. The company also notes rising demand for commercial-grade equipment in homes 1.
Trends
- Cyclical equipment replacementtailwind
The large installed base creates predictable replacement demand that could support revenue even in weaker periods, if replacement rates remain stable 1.
- Professionalisation of laundromatstailwind
Professional multi-site operators are investing in high-capacity machines and digital tools, which could raise revenue per store and accelerate replacements 12.
- Tariff and cost pressureheadwind
Trade tariffs and material cost inflation weigh on the company, and price increases offset only part of these effects, which could limit margins if pressure grows 23.
- Interest costs and leveragemixed
Lower interest expense after debt repayments supported profitability in 2026, but financing costs remain sensitive to market conditions 23.
Competitive position
The company states it holds the number one market share position in North America, but faces several large competitors and pressure from manufacturers outside the United States with lower production costs 1. Competitors with more international experience may have established customer relationships 1.
Claimed competitive advantages include product quality, a distributor network built over decades, and leading positions in Latin America and Asia Pacific excluding China 1. The company describes its European position as third 1.
- Large industry competitors
The sources refer to several large competitors without naming them, across the markets where the company operates.
- Manufacturers outside the United States
The risk comes from companies with lower production costs that can offer lower prices.
- Regional equipment operators
Local competition in Europe and Asia may have older customer relationships and regulatory approvals.
- Consumer appliance makers
In the home segment, cheaper consumer products compete with commercial-grade machines.
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 report13 Aug 2026
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report15 Jun 2026Shareholder vote
- Current report02 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement27 Apr 2026
- Annual report13 Mar 2026
- Current report12 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Alliance Laundry Holdings Inc. · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Alliance Laundry Holdings Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Alliance Laundry Holdings Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.