Hyster-Yale, Inc. — Earnings Quality Grade F
HY · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 47 days, change +6 days YoY
AR growth 0.2% vs revenue growth -12.5%
Revenue -12.5%, CFFO -49.6%. Cash follows revenue
Expense Quality
Inventory -15.9% vs COGS -8.1%. Normal
CapEx growth 30.8% is >2x revenue growth -12.5%
SG&A/Gross Profit = 97.4%, exceeds 70%
Gross margin 16.8%, change -4.0pp. Stable
Cash Flow Quality
CFFO/NI = -1.43. Below 1.0
FCF $0.0B, FCF/NI = -0.39
Accruals ratio = -7.2%. Low accruals
Cash $0.1B covers only 19% of debt $0.6B
Balance Sheet Health
Goodwill+Intangibles $0.1B = 19% of equity. Manageable
Debt/EBITDA = 18.8x (>4x). Interest coverage = 0.5x (<2x). Financial stress
Other assets grew 37.5% vs revenue -12.5%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
M-Score = -2.59 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25