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The Manitowoc Company, Inc. ( Manitowoc or the Company ) was founded in 1902, and is headquartered in Milwaukee, Wisconsin, United States. Manitowoc, through its wholly-owned subsidiaries, provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused…
Margins and capital returns are both well above average: 84.34% operating margin, ROIC at 160.31%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue growth slowed to 2.9%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 537% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$15M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2.26B
▲ +2.9% YoY
Net Income (TTM)
$8M
▼ -87.1% YoY
Op. Margin
83.36%
▼ -0.8pp YoY
ROIC
154.68%
▲ +24.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2M
▼ -537.1% YoY
Op. Cash Flow (TTM)
$37M
▼ -54.9% YoY
Net Debt
$421M
Cash & Equiv.
$78M
5Y CAGR: +9.2%
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