# Farm & Heavy Construction Machinery — company-by-company sector analysis

> Farm & Heavy Construction Machinery: Caterpillar Inc. owns the largest revenue base; Aebi Schmidt Holding AG has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Farm & Heavy Construction Machinery has underperformed S&P 500 by 4.7% over 52 weeks and 4.4% over 13 weeks. 11 of 20 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 20 beat the sector itself. Caterpillar Inc. leads with revenue of $70,755 million, based on 20 of 21 comparable companies through Mar 2026.

### Is the Farm & Heavy Construction Machinery sector outperforming S&P 500?

Farm & Heavy Construction Machinery has underperformed S&P 500 by 4.7% over 52 weeks and 4.4% over 13 weeks. 11 of 20 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 20 beat the sector itself.

### Which Farm & Heavy Construction Machinery company is largest by revenue?

Caterpillar Inc. leads with revenue of $70,755 million, based on 20 of 21 comparable companies through Mar 2026.

### Which Farm & Heavy Construction Machinery company is growing fastest?

Aebi Schmidt Holding AG has the fastest current revenue growth at 61.2%, across 19 of 21 comparable companies.

### Which Farm & Heavy Construction Machinery company has the strongest 4-Factor Sector Score?

Blue Bird Corporation ranks first at 67/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Farm & Heavy Construction Machinery company reports the most CAPEX?

Deere & Company reports the largest latest CAPEX at $1,058 million, with 20 of 21 companies comparable.

### Which Farm & Heavy Construction Machinery company has the least gross debt?

Gencor Industries, Inc. has the lowest comparable gross debt at $0 million. Deere & Company has the highest at $63,822 million.

### Which Farm & Heavy Construction Machinery company has the lowest comparable PEG?

The Manitowoc Company, Inc. has the lowest comparable Guarded PEG at 0.14, among 14 of 21 companies that pass the metric’s comparability rules.

### How much history does this Farm & Heavy Construction Machinery comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Farm & Heavy Construction Machinery has underperformed S&P 500 by 4.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.4%. 11 of 20 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Wabash National Corporation is the strongest against the sector itself at +23.7%.

13-week sector return versus NIFTY 500: 4.4%
52-week sector return versus NIFTY 500: -4.7%
Stocks leading NIFTY: 11/20
Stocks leading sector: 8/20

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 21
Combined market value: ₹6.9 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Blue Bird Corporation (BLBD): 67/100 — Favorable setup; evidence 82%
   - Growth & earnings 20.7/35 | Capital efficiency 15.6/25 | Valuation 15.4/20 | Relative strength 15.3/20
   - Exact sum: 20.7 + 15.6 + 15.4 + 15.3 = 67
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Federal Signal Corporation (FSS): 62/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 28.8/35 | Capital efficiency 16.3/25 | Valuation 12.7/20 | Relative strength 3.7/20
   - Exact sum: 28.8 + 16.3 + 12.7 + 3.7 = 61.5
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -7.9% and the one-year return is -3.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Deere & Company (DE): 57/100 — Mixed-positive evidence; evidence 86%
   - Growth & earnings 16.7/35 | Capital efficiency 12.7/25 | Valuation 11.2/20 | Relative strength 16.5/20
   - Exact sum: 16.7 + 12.7 + 11.2 + 16.5 = 57.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 11.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Caterpillar Inc. (CAT): 57/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 22.6/35 | Capital efficiency 13.2/25 | Valuation 7.7/20 | Relative strength 13.2/20
   - Exact sum: 22.6 + 13.2 + 7.7 + 13.2 = 56.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. The Manitowoc Company, Inc. (MTW): 56/100 — Mixed-positive evidence; evidence 69%
   - Growth & earnings 18.6/35 | Capital efficiency 8.6/25 | Valuation 14.0/20 | Relative strength 15.1/20
   - Exact sum: 18.6 + 8.6 + 14 + 15.1 = 56.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. PACCAR Inc (PCAR): 54/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 13.1/35 | Capital efficiency 13.2/25 | Valuation 9.4/20 | Relative strength 18.1/20
   - Exact sum: 13.1 + 13.2 + 9.4 + 18.1 = 53.8
   - Decision use: Price leads the evidence: RS versus the benchmark is 14.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7. AGCO Corporation (AGCO): 52/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 19.5/35 | Capital efficiency 7.3/25 | Valuation 15.3/20 | Relative strength 9.9/20
   - Exact sum: 19.5 + 7.3 + 15.3 + 9.9 = 52
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Terex Corporation (TEX): 50/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.3/35 | Capital efficiency 9.7/25 | Valuation 13.5/20 | Relative strength 14.1/20
   - Exact sum: 12.3 + 9.7 + 13.5 + 14.1 = 49.6
   - Decision use: Price leads the evidence: RS versus the benchmark is 10.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9. Oshkosh Corporation (OSK): 49/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 14.0/35 | Capital efficiency 13.6/25 | Valuation 14.3/20 | Relative strength 7.3/20
   - Exact sum: 14 + 13.6 + 14.3 + 7.3 = 49.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10. Astec Industries, Inc. (ASTE): 49/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 18.9/35 | Capital efficiency 9.6/25 | Valuation 11.0/20 | Relative strength 9.2/20
   - Exact sum: 18.9 + 9.6 + 11 + 9.2 = 48.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11. Alamo Group Inc. (ALG): 47/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 17.1/35 | Capital efficiency 15.9/25 | Valuation 10.3/20 | Relative strength 4.1/20
   - Exact sum: 17.1 + 15.9 + 10.3 + 4.1 = 47.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. CNH Industrial N.V. (CNH): 47/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.9/35 | Capital efficiency 8.8/25 | Valuation 14.0/20 | Relative strength 11.0/20
   - Exact sum: 12.9 + 8.8 + 14 + 11 = 46.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
13. Aebi Schmidt Holding AG (AEBI): 46/100 — Mixed-negative evidence; evidence 66%
   - Growth & earnings 14.7/35 | Capital efficiency 10.7/25 | Valuation 8.8/20 | Relative strength 11.9/20
   - Exact sum: 14.7 + 10.7 + 8.8 + 11.9 = 46.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Gencor Industries, Inc. (GENC): 45/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 12.3/35 | Capital efficiency 14.8/25 | Valuation 10.9/20 | Relative strength 6.5/20
   - Exact sum: 12.3 + 14.8 + 10.9 + 6.5 = 44.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Wabash National Corporation (WNC): 42/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 7.9/35 | Capital efficiency 5.3/25 | Valuation 11.3/20 | Relative strength 17.0/20
   - Exact sum: 7.9 + 5.3 + 11.3 + 17 = 41.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16. Lindsay Corporation (LNN): 40/100 — Mixed-negative evidence; evidence 80%
   - Growth & earnings 12.8/35 | Capital efficiency 15.5/25 | Valuation 7.3/20 | Relative strength 4.0/20
   - Exact sum: 12.8 + 15.5 + 7.3 + 4 = 39.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17. Columbus McKinnon Corporation (CMCO): 34/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 14.3/35 | Capital efficiency 5.7/25 | Valuation 8.7/20 | Relative strength 5.4/20
   - Exact sum: 14.3 + 5.7 + 8.7 + 5.4 = 34.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18. Titan International, Inc. (TWI): 34/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 11.5/35 | Capital efficiency 6.7/25 | Valuation 10.7/20 | Relative strength 4.9/20
   - Exact sum: 11.5 + 6.7 + 10.7 + 4.9 = 33.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
19. CEA Industries Inc. (BNC): 32/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 9.6/35 | Capital efficiency 8.0/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - Exact sum: 9.6 + 8 + 11.5 + 3 = 32.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20. Hyster-Yale, Inc. (HY): 24/100 — Adverse evidence; evidence 66%
   - Growth & earnings 5.0/35 | Capital efficiency 6.1/25 | Valuation 8.5/20 | Relative strength 4.4/20
   - Exact sum: 5 + 6.1 + 8.5 + 4.4 = 24
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21. SunScout Holding Limited (SNSC): 54/100 — Thin evidence · provisional; evidence 9%
   - Growth & earnings 17.5/35 | Capital efficiency 16.8/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 16.8 + 10 + 10 = 54.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Caterpillar Inc. is the scale leader at $70,755 million, 49.3% ahead of Deere & Company. Aebi Schmidt Holding AG's growth is 61.2% from a $1,733 million base, with 9 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Caterpillar Inc. is the scale benchmark; Aebi Schmidt Holding AG is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Caterpillar Inc.'s growth falls below Aebi Schmidt Holding AG's for two consecutive comparable reports while operating margin also compresses.

Evidence: Caterpillar Inc. · $70,755 million | 49.3% versus #2 · Deere & Company | 3/8 recent comparable periods | 20/21 companies · 369 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Caterpillar Inc. (CAT): ₹70.8K Cr
2. Deere & Company (DE): ₹47.4K Cr
3. PACCAR Inc (PCAR): ₹27.8K Cr
4. CNH Industrial N.V. (CNH): ₹18.1K Cr
5. Oshkosh Corporation (OSK): ₹10.4K Cr

### Revenue growth — fastest growers
1. Aebi Schmidt Holding AG (AEBI): 61%
2. Columbus McKinnon Corporation (CMCO): 24%
3. Federal Signal Corporation (FSS): 23%
4. Terex Corporation (TEX): 17%
5. Caterpillar Inc. (CAT): 12%

### 20-quarter Revenue history
- CAT: Sep 2021 ₹12.4K Cr | Dec 2021 ₹13.8K Cr | Mar 2022 ₹13.6K Cr | Jun 2022 ₹14.2K Cr | Sep 2022 ₹15.0K Cr | Dec 2022 ₹16.6K Cr | Mar 2023 ₹15.9K Cr | Jun 2023 ₹17.3K Cr | Sep 2023 ₹16.8K Cr | Dec 2023 ₹17.1K Cr | Mar 2024 ₹15.8K Cr | Jun 2024 ₹16.7K Cr | Sep 2024 ₹16.1K Cr | Dec 2024 ₹16.2K Cr | Mar 2025 ₹14.2K Cr | Jun 2025 ₹16.6K Cr | Sep 2025 ₹17.6K Cr | Dec 2025 ₹19.1K Cr | Mar 2026 ₹17.4K Cr | Jun 2026 —
- DE: Sep 2021 ₹11.5K Cr | Dec 2021 ₹11.3K Cr | Mar 2022 ₹9.6K Cr | Jun 2022 ₹13.4K Cr | Sep 2022 ₹14.1K Cr | Dec 2022 ₹15.5K Cr | Mar 2023 ₹12.7K Cr | Jun 2023 ₹17.4K Cr | Sep 2023 ₹15.8K Cr | Dec 2023 ₹15.4K Cr | Mar 2024 ₹12.2K Cr | Jun 2024 ₹15.2K Cr | Sep 2024 ₹13.2K Cr | Dec 2024 ₹11.1K Cr | Mar 2025 ₹8.5K Cr | Jun 2025 ₹12.8K Cr | Sep 2025 ₹12.0K Cr | Dec 2025 ₹12.4K Cr | Mar 2026 ₹9.6K Cr | Jun 2026 ₹13.4K Cr
- PCAR: Sep 2021 ₹5.1K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 ₹6.5K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.1K Cr | Dec 2022 ₹8.1K Cr | Mar 2023 ₹8.5K Cr | Jun 2023 ₹8.9K Cr | Sep 2023 ₹8.7K Cr | Dec 2023 ₹9.1K Cr | Mar 2024 ₹8.7K Cr | Jun 2024 ₹8.8K Cr | Sep 2024 ₹8.2K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹7.5K Cr | Sep 2025 ₹6.7K Cr | Dec 2025 ₹6.8K Cr | Mar 2026 ₹6.8K Cr | Jun 2026 —
- CNH: Sep 2021 ₹4.7K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹6.1K Cr | Sep 2022 ₹5.9K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹5.3K Cr | Jun 2023 ₹6.6K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹4.8K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹4.7K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹4.7K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹5.2K Cr | Mar 2026 ₹3.8K Cr | Jun 2026 —
- OSK: Sep 2021 ₹2.1K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- AGCO: Sep 2021 ₹2.7K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- TEX: Sep 2021 ₹994 Cr | Dec 2021 ₹990 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- FSS: Sep 2021 ₹298 Cr | Dec 2021 ₹301 Cr | Mar 2022 ₹330 Cr | Jun 2022 ₹367 Cr | Sep 2022 ₹346 Cr | Dec 2022 ₹392 Cr | Mar 2023 ₹386 Cr | Jun 2023 ₹442 Cr | Sep 2023 ₹446 Cr | Dec 2023 ₹448 Cr | Mar 2024 ₹425 Cr | Jun 2024 ₹490 Cr | Sep 2024 ₹474 Cr | Dec 2024 ₹472 Cr | Mar 2025 ₹464 Cr | Jun 2025 ₹565 Cr | Sep 2025 ₹555 Cr | Dec 2025 ₹597 Cr | Mar 2026 ₹626 Cr | Jun 2026 —
- BLBD: Sep 2021 ₹197 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹129 Cr | Jun 2022 ₹208 Cr | Sep 2022 ₹206 Cr | Dec 2022 ₹258 Cr | Mar 2023 — | Jun 2023 ₹300 Cr | Sep 2023 ₹294 Cr | Dec 2023 ₹318 Cr | Mar 2024 ₹346 Cr | Jun 2024 ₹333 Cr | Sep 2024 ₹350 Cr | Dec 2024 ₹314 Cr | Mar 2025 ₹359 Cr | Jun 2025 ₹398 Cr | Sep 2025 ₹409 Cr | Dec 2025 ₹333 Cr | Mar 2026 ₹353 Cr | Jun 2026 —
- ALG: Sep 2021 ₹338 Cr | Dec 2021 ₹337 Cr | Mar 2022 ₹362 Cr | Jun 2022 ₹396 Cr | Sep 2022 ₹369 Cr | Dec 2022 ₹387 Cr | Mar 2023 ₹412 Cr | Jun 2023 ₹441 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹418 Cr | Mar 2024 ₹426 Cr | Jun 2024 ₹416 Cr | Sep 2024 ₹401 Cr | Dec 2024 ₹385 Cr | Mar 2025 ₹391 Cr | Jun 2025 ₹419 Cr | Sep 2025 ₹420 Cr | Dec 2025 ₹374 Cr | Mar 2026 ₹417 Cr | Jun 2026 —
- ASTE: Sep 2021 ₹267 Cr | Dec 2021 ₹267 Cr | Mar 2022 ₹291 Cr | Jun 2022 ₹318 Cr | Sep 2022 ₹315 Cr | Dec 2022 ₹350 Cr | Mar 2023 ₹348 Cr | Jun 2023 ₹350 Cr | Sep 2023 ₹303 Cr | Dec 2023 ₹337 Cr | Mar 2024 ₹309 Cr | Jun 2024 ₹346 Cr | Sep 2024 ₹291 Cr | Dec 2024 ₹359 Cr | Mar 2025 ₹329 Cr | Jun 2025 ₹330 Cr | Sep 2025 ₹350 Cr | Dec 2025 ₹401 Cr | Mar 2026 ₹396 Cr | Jun 2026 —
- LNN: Sep 2021 ₹154 Cr | Dec 2021 ₹166 Cr | Mar 2022 ₹200 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹190 Cr | Dec 2022 ₹176 Cr | Mar 2023 ₹166 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹167 Cr | Dec 2023 ₹161 Cr | Mar 2024 ₹152 Cr | Jun 2024 ₹139 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹169 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹156 Cr | Mar 2026 ₹158 Cr | Jun 2026 ₹161 Cr
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹259 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹262 Cr | Dec 2024 ₹298 Cr | Mar 2025 ₹249 Cr | Jun 2025 ₹278 Cr | Sep 2025 ₹471 Cr | Dec 2025 ₹528 Cr | Mar 2026 ₹456 Cr | Jun 2026 —
- HY: Sep 2021 ₹748 Cr | Dec 2021 ₹830 Cr | Mar 2022 ₹828 Cr | Jun 2022 ₹895 Cr | Sep 2022 ₹840 Cr | Dec 2022 ₹985 Cr | Mar 2023 ₹999 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹910 Cr | Jun 2025 ₹957 Cr | Sep 2025 ₹979 Cr | Dec 2025 ₹923 Cr | Mar 2026 ₹795 Cr | Jun 2026 —
- WNC: Sep 2021 ₹483 Cr | Dec 2021 ₹479 Cr | Mar 2022 ₹547 Cr | Jun 2022 ₹643 Cr | Sep 2022 ₹655 Cr | Dec 2022 ₹657 Cr | Mar 2023 ₹621 Cr | Jun 2023 ₹687 Cr | Sep 2023 ₹633 Cr | Dec 2023 ₹596 Cr | Mar 2024 ₹515 Cr | Jun 2024 ₹551 Cr | Sep 2024 ₹464 Cr | Dec 2024 ₹417 Cr | Mar 2025 ₹381 Cr | Jun 2025 ₹459 Cr | Sep 2025 ₹382 Cr | Dec 2025 ₹321 Cr | Mar 2026 ₹303 Cr | Jun 2026 —
- TWI: Sep 2021 ₹450 Cr | Dec 2021 ₹488 Cr | Mar 2022 ₹556 Cr | Jun 2022 ₹573 Cr | Sep 2022 ₹531 Cr | Dec 2022 ₹510 Cr | Mar 2023 ₹549 Cr | Jun 2023 ₹481 Cr | Sep 2023 ₹402 Cr | Dec 2023 ₹390 Cr | Mar 2024 ₹482 Cr | Jun 2024 ₹532 Cr | Sep 2024 ₹448 Cr | Dec 2024 ₹384 Cr | Mar 2025 ₹491 Cr | Jun 2025 ₹461 Cr | Sep 2025 ₹466 Cr | Dec 2025 ₹410 Cr | Mar 2026 ₹505 Cr | Jun 2026 —
- MTW: Sep 2021 ₹405 Cr | Dec 2021 ₹498 Cr | Mar 2022 ₹459 Cr | Jun 2022 ₹497 Cr | Sep 2022 ₹455 Cr | Dec 2022 ₹622 Cr | Mar 2023 ₹508 Cr | Jun 2023 ₹603 Cr | Sep 2023 ₹521 Cr | Dec 2023 ₹596 Cr | Mar 2024 ₹495 Cr | Jun 2024 ₹562 Cr | Sep 2024 ₹525 Cr | Dec 2024 ₹596 Cr | Mar 2025 ₹471 Cr | Jun 2025 ₹540 Cr | Sep 2025 ₹553 Cr | Dec 2025 ₹677 Cr | Mar 2026 ₹495 Cr | Jun 2026 —
- CMCO: Sep 2021 ₹224 Cr | Dec 2021 ₹216 Cr | Mar 2022 ₹253 Cr | Jun 2022 ₹220 Cr | Sep 2022 ₹232 Cr | Dec 2022 ₹230 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹235 Cr | Sep 2023 ₹258 Cr | Dec 2023 ₹254 Cr | Mar 2024 ₹266 Cr | Jun 2024 ₹240 Cr | Sep 2024 ₹242 Cr | Dec 2024 ₹234 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹236 Cr | Sep 2025 ₹261 Cr | Dec 2025 ₹259 Cr | Mar 2026 ₹438 Cr | Jun 2026 —
- GENC: Sep 2021 ₹20 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹7 Cr | Mar 2025 ₹7 Cr | Jun 2025 — | Sep 2025 ₹8 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹7 Cr | Jun 2026 ₹7 Cr

### 20-quarter Revenue growth history
- CAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 21% | Dec 2022 20% | Mar 2023 17% | Jun 2023 22% | Sep 2023 12% | Dec 2023 2.9% | Mar 2024 -0.4% | Jun 2024 -3.6% | Sep 2024 -4.2% | Dec 2024 -5.0% | Mar 2025 -9.8% | Jun 2025 -0.7% | Sep 2025 9.5% | Dec 2025 18% | Mar 2026 22% | Jun 2026 —
- DE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 22% | Dec 2022 37% | Mar 2023 32% | Jun 2023 30% | Sep 2023 12% | Dec 2023 -0.8% | Mar 2024 -3.7% | Jun 2024 -12% | Sep 2024 -17% | Dec 2024 -28% | Mar 2025 -30% | Jun 2025 -16% | Sep 2025 -8.6% | Dec 2025 11% | Mar 2026 13% | Jun 2026 4.8%
- PCAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 37% | Dec 2022 22% | Mar 2023 31% | Jun 2023 24% | Sep 2023 23% | Dec 2023 12% | Mar 2024 3.2% | Jun 2024 -1.2% | Sep 2024 -5.2% | Dec 2024 -13% | Mar 2025 -15% | Jun 2025 -14% | Sep 2025 -19% | Dec 2025 -14% | Mar 2026 -8.9% | Jun 2026 —
- CNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 18% | Sep 2022 24% | Dec 2022 27% | Mar 2023 15% | Jun 2023 8.0% | Sep 2023 1.8% | Dec 2023 -2.2% | Mar 2024 -9.8% | Jun 2024 -16% | Sep 2024 -22% | Dec 2024 -28% | Mar 2025 -21% | Jun 2025 -14% | Sep 2025 -5.5% | Dec 2025 5.8% | Mar 2026 -0.1% | Jun 2026 —
- OSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.5% | Sep 2022 0.2% | Dec 2022 23% | Mar 2023 17% | Jun 2023 17% | Sep 2023 21% | Dec 2023 12% | Mar 2024 12% | Jun 2024 18% | Sep 2024 9.2% | Dec 2024 5.3% | Mar 2025 -9.1% | Jun 2025 -4.0% | Sep 2025 -1.9% | Dec 2025 3.5% | Mar 2026 0.2% | Jun 2026 —
- AGCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.3% | Sep 2022 15% | Dec 2022 24% | Mar 2023 24% | Jun 2023 30% | Sep 2023 11% | Dec 2023 -2.5% | Mar 2024 -12% | Jun 2024 -15% | Sep 2024 -25% | Dec 2024 -24% | Mar 2025 -30% | Jun 2025 -19% | Sep 2025 -4.7% | Dec 2025 1.1% | Mar 2026 14% | Jun 2026 —
- TEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.7% | Sep 2022 13% | Dec 2022 23% | Mar 2023 23% | Jun 2023 30% | Sep 2023 15% | Dec 2023 0.4% | Mar 2024 4.5% | Jun 2024 -1.5% | Sep 2024 -6.1% | Dec 2024 1.5% | Mar 2025 -4.9% | Jun 2025 7.6% | Sep 2025 14% | Dec 2025 6.2% | Mar 2026 41% | Jun 2026 —
- FSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.6% | Sep 2022 16% | Dec 2022 30% | Mar 2023 17% | Jun 2023 20% | Sep 2023 29% | Dec 2023 14% | Mar 2024 10% | Jun 2024 11% | Sep 2024 6.3% | Dec 2024 5.4% | Mar 2025 9.2% | Jun 2025 15% | Sep 2025 17% | Dec 2025 26% | Mar 2026 35% | Jun 2026 —
- BLBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 4.6% | Dec 2022 34% | Mar 2023 — | Jun 2023 44% | Sep 2023 43% | Dec 2023 23% | Mar 2024 — | Jun 2024 11% | Sep 2024 19% | Dec 2024 -1.3% | Mar 2025 3.8% | Jun 2025 20% | Sep 2025 17% | Dec 2025 6.1% | Mar 2026 -1.7% | Jun 2026 —
- ALG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 9.2% | Dec 2022 15% | Mar 2023 14% | Jun 2023 11% | Sep 2023 14% | Dec 2023 8.0% | Mar 2024 3.4% | Jun 2024 -5.7% | Sep 2024 -4.5% | Dec 2024 -7.9% | Mar 2025 -8.2% | Jun 2025 0.7% | Sep 2025 4.7% | Dec 2025 -2.9% | Mar 2026 6.7% | Jun 2026 —
- ASTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 18% | Dec 2022 31% | Mar 2023 20% | Jun 2023 10% | Sep 2023 -3.8% | Dec 2023 -3.7% | Mar 2024 -11% | Jun 2024 -1.1% | Sep 2024 -4.0% | Dec 2024 6.5% | Mar 2025 6.5% | Jun 2025 -4.6% | Sep 2025 20% | Dec 2025 12% | Mar 2026 20% | Jun 2026 —
- LNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 6.0% | Mar 2023 -17% | Jun 2023 -23% | Sep 2023 -12% | Dec 2023 -8.5% | Mar 2024 -8.4% | Jun 2024 -16% | Sep 2024 -7.2% | Dec 2024 3.1% | Mar 2025 23% | Jun 2025 22% | Sep 2025 -0.7% | Dec 2025 -6.0% | Mar 2026 -16% | Jun 2026 -4.7%
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -3.9% | Jun 2025 4.5% | Sep 2025 80% | Dec 2025 77% | Mar 2026 83% | Jun 2026 —
- HY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 12% | Dec 2022 19% | Mar 2023 21% | Jun 2023 22% | Sep 2023 19% | Dec 2023 4.3% | Mar 2024 5.8% | Jun 2024 7.1% | Sep 2024 1.5% | Dec 2024 4.0% | Mar 2025 -14% | Jun 2025 -18% | Sep 2025 -3.6% | Dec 2025 -14% | Mar 2026 -13% | Jun 2026 —
- WNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 36% | Dec 2022 37% | Mar 2023 14% | Jun 2023 6.8% | Sep 2023 -3.4% | Dec 2023 -9.3% | Mar 2024 -17% | Jun 2024 -20% | Sep 2024 -27% | Dec 2024 -30% | Mar 2025 -26% | Jun 2025 -17% | Sep 2025 -18% | Dec 2025 -23% | Mar 2026 -20% | Jun 2026 —
- TWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 18% | Dec 2022 4.5% | Mar 2023 -1.3% | Jun 2023 -16% | Sep 2023 -24% | Dec 2023 -24% | Mar 2024 -12% | Jun 2024 11% | Sep 2024 11% | Dec 2024 -1.5% | Mar 2025 1.9% | Jun 2025 -13% | Sep 2025 4.0% | Dec 2025 6.8% | Mar 2026 2.9% | Jun 2026 —
- MTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.1% | Sep 2022 12% | Dec 2022 25% | Mar 2023 11% | Jun 2023 21% | Sep 2023 15% | Dec 2023 -4.2% | Mar 2024 -2.6% | Jun 2024 -6.8% | Sep 2024 0.8% | Dec 2024 0.0% | Mar 2025 -4.9% | Jun 2025 -3.9% | Sep 2025 5.3% | Dec 2025 14% | Mar 2026 5.1% | Jun 2026 —
- CMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.3% | Sep 2022 3.6% | Dec 2022 6.5% | Mar 2023 0.4% | Jun 2023 6.8% | Sep 2023 11% | Dec 2023 10% | Mar 2024 4.7% | Jun 2024 2.1% | Sep 2024 -6.2% | Dec 2024 -7.9% | Mar 2025 -7.1% | Jun 2025 -1.7% | Sep 2025 7.9% | Dec 2025 11% | Mar 2026 77% | Jun 2026 —
- GENC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 20% | Sep 2022 15% | Dec 2022 30% | Mar 2023 0.0% | Jun 2023 -6.7% | Sep 2023 -8.7% | Dec 2023 0.0% | Mar 2024 32% | Jun 2024 -7.1% | Sep 2024 0.0% | Dec 2024 19% | Mar 2025 -7.3% | Jun 2025 3.9% | Sep 2025 -9.5% | Dec 2025 -23% | Mar 2026 -11% | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 150% | Jun 2023 -67% | Sep 2023 -80% | Dec 2023 -100% | Mar 2024 -100% | Jun 2024 100% | Sep 2024 600% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 14% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Deere & Company leads opm at 22.5%; Blue Bird Corporation leads margin change at +1.7 percentage points.

Investor read: Deere & Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Deere & Company · 22.5% | 27.1% versus #2 · Caterpillar Inc. | 0/8 recent comparable periods | 20/21 companies · 367 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Deere & Company (DE): 23%
2. Caterpillar Inc. (CAT): 18%
3. Federal Signal Corporation (FSS): 16%
4. Gencor Industries, Inc. (GENC): 13%
5. Lindsay Corporation (LNN): 12%

### Margin change — fastest expanders
1. Blue Bird Corporation (BLBD): +1.7 pp
2. Federal Signal Corporation (FSS): +1.7 pp
3. AGCO Corporation (AGCO): +1.0 pp
4. Caterpillar Inc. (CAT): −0.4 pp
5. The Manitowoc Company, Inc. (MTW): −0.5 pp

### 20-quarter OPM history
- CAT: Sep 2021 13% | Dec 2021 12% | Mar 2022 14% | Jun 2022 14% | Sep 2022 16% | Dec 2022 10% | Mar 2023 17% | Jun 2023 21% | Sep 2023 21% | Dec 2023 18% | Mar 2024 22% | Jun 2024 21% | Sep 2024 20% | Dec 2024 18% | Mar 2025 18% | Jun 2025 17% | Sep 2025 17% | Dec 2025 14% | Mar 2026 18% | Jun 2026 —
- DE: Sep 2021 21% | Dec 2021 16% | Mar 2022 14% | Jun 2022 21% | Sep 2022 20% | Dec 2022 21% | Mar 2023 24% | Jun 2023 25% | Sep 2023 27% | Dec 2023 25% | Mar 2024 25% | Jun 2024 26% | Sep 2024 24% | Dec 2024 21% | Mar 2025 20% | Jun 2025 25% | Sep 2025 20% | Dec 2025 18% | Mar 2026 16% | Jun 2026 23%
- PCAR: Sep 2021 9.2% | Dec 2021 9.4% | Mar 2022 12% | Jun 2022 13% | Sep 2022 13% | Dec 2022 14% | Mar 2023 17% | Jun 2023 17% | Sep 2023 17% | Dec 2023 17% | Mar 2024 16% | Jun 2024 15% | Sep 2024 14% | Dec 2024 13% | Mar 2025 12% | Jun 2025 11% | Sep 2025 9.5% | Dec 2025 8.8% | Mar 2026 10% | Jun 2026 —
- CNH: Sep 2021 14% | Dec 2021 8.3% | Mar 2022 13% | Jun 2022 15% | Sep 2022 16% | Dec 2022 14% | Mar 2023 17% | Jun 2023 18% | Sep 2023 17% | Dec 2023 14% | Mar 2024 17% | Jun 2024 16% | Sep 2024 16% | Dec 2024 14% | Mar 2025 14% | Jun 2025 14% | Sep 2025 9.8% | Dec 2025 10% | Mar 2026 9.9% | Jun 2026 —
- OSK: Sep 2021 5.1% | Dec 2021 2.3% | Mar 2022 1.6% | Jun 2022 3.7% | Sep 2022 5.7% | Dec 2022 6.7% | Mar 2023 5.8% | Jun 2023 9.7% | Sep 2023 10% | Dec 2023 8.7% | Mar 2024 10% | Jun 2024 9.2% | Sep 2024 9.7% | Dec 2024 8.6% | Mar 2025 7.6% | Jun 2025 11% | Sep 2025 9.7% | Dec 2025 7.9% | Mar 2026 3.5% | Jun 2026 —
- AGCO: Sep 2021 9.2% | Dec 2021 8.4% | Mar 2022 7.6% | Jun 2022 8.9% | Sep 2022 11% | Dec 2022 12% | Mar 2023 12% | Jun 2023 13% | Sep 2023 12% | Dec 2023 10% | Mar 2024 9.3% | Jun 2024 -7.4% | Sep 2024 4.4% | Dec 2024 -9.3% | Mar 2025 2.4% | Jun 2025 6.2% | Sep 2025 6.1% | Dec 2025 7.9% | Mar 2026 3.4% | Jun 2026 —
- TEX: Sep 2021 7.5% | Dec 2021 7.0% | Mar 2022 7.4% | Jun 2022 9.6% | Sep 2022 11% | Dec 2022 9.9% | Mar 2023 12% | Jun 2023 15% | Sep 2023 13% | Dec 2023 9.5% | Mar 2024 12% | Jun 2024 14% | Sep 2024 10% | Dec 2024 4.3% | Mar 2025 5.6% | Jun 2025 8.7% | Sep 2025 10% | Dec 2025 10% | Mar 2026 -4.7% | Jun 2026 —
- FSS: Sep 2021 12% | Dec 2021 10% | Mar 2022 8.6% | Jun 2022 13% | Sep 2022 11% | Dec 2022 12% | Mar 2023 10% | Jun 2023 13% | Sep 2023 14% | Dec 2023 14% | Mar 2024 13% | Jun 2024 17% | Sep 2024 16% | Dec 2024 15% | Mar 2025 14% | Jun 2025 17% | Sep 2025 17% | Dec 2025 14% | Mar 2026 16% | Jun 2026 —
- BLBD: Sep 2021 4.1% | Dec 2021 -1.3% | Mar 2022 -1.6% | Jun 2022 -8.0% | Sep 2022 0.5% | Dec 2022 -8.9% | Mar 2023 — | Jun 2023 4.2% | Sep 2023 6.6% | Dec 2023 12% | Mar 2024 10% | Jun 2024 12% | Sep 2024 7.3% | Dec 2024 11% | Mar 2025 9.4% | Jun 2025 13% | Sep 2025 12% | Dec 2025 11% | Mar 2026 11% | Jun 2026 —
- ALG: Sep 2021 8.9% | Dec 2021 8.3% | Mar 2022 8.0% | Jun 2022 10% | Sep 2022 9.7% | Dec 2022 11% | Mar 2023 12% | Jun 2023 12% | Sep 2023 12% | Dec 2023 11% | Mar 2024 11% | Jun 2024 10% | Sep 2024 10% | Dec 2024 8.9% | Mar 2025 11% | Jun 2025 11% | Sep 2025 8.9% | Dec 2025 6.0% | Mar 2026 10% | Jun 2026 —
- ASTE: Sep 2021 2.4% | Dec 2021 -2.3% | Mar 2022 1.4% | Jun 2022 -0.5% | Sep 2022 0.6% | Dec 2022 0.9% | Mar 2023 5.1% | Jun 2023 4.9% | Sep 2023 -1.7% | Dec 2023 5.6% | Mar 2024 2.0% | Jun 2024 -3.1% | Sep 2024 -2.5% | Dec 2024 9.7% | Mar 2025 6.2% | Jun 2025 6.5% | Sep 2025 0.3% | Dec 2025 5.7% | Mar 2026 2.3% | Jun 2026 —
- LNN: Sep 2021 6.1% | Dec 2021 8.0% | Mar 2022 9.2% | Jun 2022 16% | Sep 2022 15% | Dec 2022 14% | Mar 2023 16% | Jun 2023 16% | Sep 2023 14% | Dec 2023 13% | Mar 2024 15% | Jun 2024 14% | Sep 2024 8.7% | Dec 2024 13% | Mar 2025 17% | Jun 2025 14% | Sep 2025 7.4% | Dec 2025 13% | Mar 2026 8.3% | Jun 2026 12%
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.8% | Jun 2024 7.3% | Sep 2024 6.2% | Dec 2024 4.3% | Mar 2025 5.8% | Jun 2025 5.0% | Sep 2025 3.7% | Dec 2025 5.2% | Mar 2026 3.4% | Jun 2026 —
- HY: Sep 2021 -7.3% | Dec 2021 -13% | Mar 2022 -2.2% | Jun 2022 -1.8% | Sep 2022 -3.0% | Dec 2022 2.0% | Mar 2023 4.3% | Jun 2023 5.4% | Sep 2023 5.9% | Dec 2023 4.7% | Mar 2024 7.9% | Jun 2024 8.2% | Sep 2024 3.3% | Dec 2024 3.0% | Mar 2025 2.3% | Jun 2025 -0.9% | Sep 2025 0.2% | Dec 2025 -4.0% | Mar 2026 -3.5% | Jun 2026 —
- WNC: Sep 2021 3.8% | Dec 2021 -3.9% | Mar 2022 3.7% | Jun 2022 5.6% | Sep 2022 8.1% | Dec 2022 8.8% | Mar 2023 11% | Jun 2023 15% | Sep 2023 12% | Dec 2023 10% | Mar 2024 5.7% | Jun 2024 7.9% | Sep 2024 -93% | Dec 2024 0.9% | Mar 2025 83% | Jun 2025 -1.0% | Sep 2025 15% | Dec 2025 -19% | Mar 2026 -17% | Jun 2026 —
- TWI: Sep 2021 5.1% | Dec 2021 5.0% | Mar 2022 8.0% | Jun 2022 12% | Sep 2022 9.5% | Dec 2022 8.0% | Mar 2023 10% | Jun 2023 9.5% | Sep 2023 6.7% | Dec 2023 5.3% | Mar 2024 5.2% | Jun 2024 4.2% | Sep 2024 0.6% | Dec 2024 -4.4% | Mar 2025 2.4% | Jun 2025 2.2% | Sep 2025 2.1% | Dec 2025 -2.7% | Mar 2026 -2.7% | Jun 2026 —
- MTW: Sep 2021 1.8% | Dec 2021 0.4% | Mar 2022 3.8% | Jun 2022 3.7% | Sep 2022 1.7% | Dec 2022 5.7% | Mar 2023 5.9% | Jun 2023 5.7% | Sep 2023 3.5% | Dec 2023 1.6% | Mar 2024 3.1% | Jun 2024 2.3% | Sep 2024 1.4% | Dec 2024 2.7% | Mar 2025 1.1% | Jun 2025 1.8% | Sep 2025 3.3% | Dec 2025 3.0% | Mar 2026 0.6% | Jun 2026 —
- CMCO: Sep 2021 11% | Dec 2021 7.1% | Mar 2022 9.5% | Jun 2022 10% | Sep 2022 12% | Dec 2022 8.8% | Mar 2023 11% | Jun 2023 9.1% | Sep 2023 13% | Dec 2023 11% | Mar 2024 9.6% | Jun 2024 8.8% | Sep 2024 4.5% | Dec 2024 7.6% | Mar 2025 2.0% | Jun 2025 2.3% | Sep 2025 4.7% | Dec 2025 6.3% | Mar 2026 -35% | Jun 2026 —
- GENC: Sep 2021 -3.5% | Dec 2021 -5.2% | Mar 2022 6.2% | Jun 2022 7.3% | Sep 2022 5.0% | Dec 2022 8.2% | Mar 2023 17% | Jun 2023 12% | Sep 2023 13% | Dec 2023 13% | Mar 2024 17% | Jun 2024 7.8% | Sep 2024 5.9% | Dec 2024 15% | Mar 2025 17% | Jun 2025 12% | Sep 2025 -1.2% | Dec 2025 13% | Mar 2026 13% | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 -92% | Jun 2022 -59% | Sep 2022 -21% | Dec 2022 -88% | Mar 2023 -9.5% | Jun 2023 -66% | Sep 2023 -88% | Dec 2023 -396% | Mar 2024 -394% | Jun 2024 -27% | Sep 2024 12% | Dec 2024 5.1% | Mar 2025 14% | Jun 2025 — | Sep 2025 -75% | Dec 2025 — | Mar 2026 — | Jun 2026 -993%

### 20-quarter Margin change history
- CAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.3 pp | Sep 2022 +2.8 pp | Dec 2022 −1.6 pp | Mar 2023 +3.5 pp | Jun 2023 +7.5 pp | Sep 2023 +4.3 pp | Dec 2023 +8.3 pp | Mar 2024 +5.1 pp | Jun 2024 −0.2 pp | Sep 2024 −1.0 pp | Dec 2024 −0.4 pp | Mar 2025 −4.2 pp | Jun 2025 −3.6 pp | Sep 2025 −2.2 pp | Dec 2025 −4.1 pp | Mar 2026 −0.4 pp | Jun 2026 —
- DE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 +4.7 pp | Mar 2023 +9.1 pp | Jun 2023 +4.9 pp | Sep 2023 +6.7 pp | Dec 2023 +4.2 pp | Mar 2024 +1.3 pp | Jun 2024 +0.5 pp | Sep 2024 −2.5 pp | Dec 2024 −3.6 pp | Mar 2025 −4.5 pp | Jun 2025 −1.4 pp | Sep 2025 −4.4 pp | Dec 2025 −3.8 pp | Mar 2026 −4.1 pp | Jun 2026 −2.0 pp
- PCAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 +3.9 pp | Dec 2022 +4.4 pp | Mar 2023 +5.6 pp | Jun 2023 +4.3 pp | Sep 2023 +4.1 pp | Dec 2023 +2.9 pp | Mar 2024 −0.8 pp | Jun 2024 −1.5 pp | Sep 2024 −3.6 pp | Dec 2024 −4.0 pp | Mar 2025 −4.4 pp | Jun 2025 −4.1 pp | Sep 2025 −4.1 pp | Dec 2025 −3.9 pp | Mar 2026 −1.9 pp | Jun 2026 —
- CNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.3 pp | Sep 2022 +1.9 pp | Dec 2022 +5.7 pp | Mar 2023 +3.6 pp | Jun 2023 +2.7 pp | Sep 2023 +1.2 pp | Dec 2023 +0.4 pp | Mar 2024 −0.3 pp | Jun 2024 −1.8 pp | Sep 2024 −0.9 pp | Dec 2024 −0.8 pp | Mar 2025 −2.8 pp | Jun 2025 −2.4 pp | Sep 2025 −6.1 pp | Dec 2025 −3.6 pp | Mar 2026 −3.8 pp | Jun 2026 —
- OSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.5 pp | Sep 2022 +0.6 pp | Dec 2022 +4.4 pp | Mar 2023 +4.2 pp | Jun 2023 +6.0 pp | Sep 2023 +4.5 pp | Dec 2023 +2.0 pp | Mar 2024 +4.4 pp | Jun 2024 −0.5 pp | Sep 2024 −0.5 pp | Dec 2024 −0.1 pp | Mar 2025 −2.6 pp | Jun 2025 +1.5 pp | Sep 2025 0.0 pp | Dec 2025 −0.7 pp | Mar 2026 −4.1 pp | Jun 2026 —
- AGCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.2 pp | Sep 2022 +1.4 pp | Dec 2022 +3.5 pp | Mar 2023 +4.0 pp | Jun 2023 +4.1 pp | Sep 2023 +1.7 pp | Dec 2023 −1.6 pp | Mar 2024 −2.3 pp | Jun 2024 −20.4 pp | Sep 2024 −7.9 pp | Dec 2024 −19.6 pp | Mar 2025 −6.9 pp | Jun 2025 +13.6 pp | Sep 2025 +1.7 pp | Dec 2025 +17.2 pp | Mar 2026 +1.0 pp | Jun 2026 —
- TEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.2 pp | Sep 2022 +3.3 pp | Dec 2022 +2.9 pp | Mar 2023 +4.6 pp | Jun 2023 +5.4 pp | Sep 2023 +1.8 pp | Dec 2023 −0.4 pp | Mar 2024 +0.2 pp | Jun 2024 −1.0 pp | Sep 2024 −2.5 pp | Dec 2024 −5.2 pp | Mar 2025 −6.6 pp | Jun 2025 −5.3 pp | Sep 2025 0.0 pp | Dec 2025 +6.1 pp | Mar 2026 −10.3 pp | Jun 2026 —
- FSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.1 pp | Sep 2022 −0.1 pp | Dec 2022 +1.9 pp | Mar 2023 +1.6 pp | Jun 2023 +0.8 pp | Sep 2023 +2.6 pp | Dec 2023 +2.2 pp | Mar 2024 +2.6 pp | Jun 2024 +3.1 pp | Sep 2024 +2.0 pp | Dec 2024 +0.8 pp | Mar 2025 +1.4 pp | Jun 2025 +0.8 pp | Sep 2025 +0.9 pp | Dec 2025 −0.9 pp | Mar 2026 +1.7 pp | Jun 2026 —
- BLBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.6 pp | Dec 2022 −7.6 pp | Mar 2023 — | Jun 2023 +12.2 pp | Sep 2023 +6.1 pp | Dec 2023 +20.8 pp | Mar 2024 — | Jun 2024 +7.7 pp | Sep 2024 +0.7 pp | Dec 2024 −1.4 pp | Mar 2025 −1.0 pp | Jun 2025 +0.7 pp | Sep 2025 +5.0 pp | Dec 2025 +0.8 pp | Mar 2026 +1.7 pp | Jun 2026 —
- ALG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +0.8 pp | Dec 2022 +2.7 pp | Mar 2023 +3.9 pp | Jun 2023 +2.0 pp | Sep 2023 +2.2 pp | Dec 2023 −0.3 pp | Mar 2024 −0.9 pp | Jun 2024 −1.9 pp | Sep 2024 −1.9 pp | Dec 2024 −1.8 pp | Mar 2025 +0.4 pp | Jun 2025 +0.8 pp | Sep 2025 −1.1 pp | Dec 2025 −2.9 pp | Mar 2026 −1.3 pp | Jun 2026 —
- ASTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.2 pp | Sep 2022 −1.8 pp | Dec 2022 +3.2 pp | Mar 2023 +3.7 pp | Jun 2023 +5.4 pp | Sep 2023 −2.3 pp | Dec 2023 +4.7 pp | Mar 2024 −3.1 pp | Jun 2024 −8.0 pp | Sep 2024 −0.8 pp | Dec 2024 +4.1 pp | Mar 2025 +4.2 pp | Jun 2025 +9.6 pp | Sep 2025 +2.8 pp | Dec 2025 −4.0 pp | Mar 2026 −3.9 pp | Jun 2026 —
- LNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.5 pp | Dec 2022 +6.0 pp | Mar 2023 +7.2 pp | Jun 2023 0.0 pp | Sep 2023 −0.6 pp | Dec 2023 −0.9 pp | Mar 2024 −1.8 pp | Jun 2024 −2.1 pp | Sep 2024 −5.3 pp | Dec 2024 −0.5 pp | Mar 2025 +2.6 pp | Jun 2025 −0.3 pp | Sep 2025 −1.3 pp | Dec 2025 0.0 pp | Mar 2026 −8.9 pp | Jun 2026 −2.5 pp
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −2.0 pp | Jun 2025 −2.3 pp | Sep 2025 −2.5 pp | Dec 2025 +0.9 pp | Mar 2026 −2.4 pp | Jun 2026 —
- HY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.6 pp | Sep 2022 +4.3 pp | Dec 2022 +14.9 pp | Mar 2023 +6.5 pp | Jun 2023 +7.2 pp | Sep 2023 +8.9 pp | Dec 2023 +2.7 pp | Mar 2024 +3.6 pp | Jun 2024 +2.8 pp | Sep 2024 −2.6 pp | Dec 2024 −1.7 pp | Mar 2025 −5.6 pp | Jun 2025 −9.1 pp | Sep 2025 −3.1 pp | Dec 2025 −7.0 pp | Mar 2026 −5.8 pp | Jun 2026 —
- WNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 +4.3 pp | Dec 2022 +12.7 pp | Mar 2023 +7.6 pp | Jun 2023 +9.4 pp | Sep 2023 +4.2 pp | Dec 2023 +1.5 pp | Mar 2024 −5.6 pp | Jun 2024 −7.1 pp | Sep 2024 −105.6 pp | Dec 2024 −9.4 pp | Mar 2025 +76.9 pp | Jun 2025 −8.9 pp | Sep 2025 +108.4 pp | Dec 2025 −19.5 pp | Mar 2026 −99.9 pp | Jun 2026 —
- TWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +6.8 pp | Sep 2022 +4.4 pp | Dec 2022 +3.0 pp | Mar 2023 +2.0 pp | Jun 2023 −2.7 pp | Sep 2023 −2.8 pp | Dec 2023 −2.7 pp | Mar 2024 −4.8 pp | Jun 2024 −5.3 pp | Sep 2024 −6.1 pp | Dec 2024 −9.7 pp | Mar 2025 −2.8 pp | Jun 2025 −2.0 pp | Sep 2025 +1.5 pp | Dec 2025 +1.7 pp | Mar 2026 −5.1 pp | Jun 2026 —
- MTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.1 pp | Sep 2022 −0.1 pp | Dec 2022 +5.3 pp | Mar 2023 +2.1 pp | Jun 2023 +2.0 pp | Sep 2023 +1.8 pp | Dec 2023 −4.1 pp | Mar 2024 −2.8 pp | Jun 2024 −3.4 pp | Sep 2024 −2.1 pp | Dec 2024 +1.1 pp | Mar 2025 −2.0 pp | Jun 2025 −0.5 pp | Sep 2025 +1.9 pp | Dec 2025 +0.3 pp | Mar 2026 −0.5 pp | Jun 2026 —
- CMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.4 pp | Sep 2022 +1.2 pp | Dec 2022 +1.7 pp | Mar 2023 +1.3 pp | Jun 2023 −1.3 pp | Sep 2023 +1.1 pp | Dec 2023 +1.8 pp | Mar 2024 −1.2 pp | Jun 2024 −0.3 pp | Sep 2024 −8.4 pp | Dec 2024 −3.0 pp | Mar 2025 −7.6 pp | Jun 2025 −6.5 pp | Sep 2025 +0.2 pp | Dec 2025 −1.3 pp | Mar 2026 −37.0 pp | Jun 2026 —
- GENC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.4 pp | Sep 2022 +8.5 pp | Dec 2022 +13.4 pp | Mar 2023 +10.7 pp | Jun 2023 +5.1 pp | Sep 2023 +7.9 pp | Dec 2023 +4.8 pp | Mar 2024 +0.5 pp | Jun 2024 −4.6 pp | Sep 2024 −7.0 pp | Dec 2024 +1.7 pp | Mar 2025 −0.4 pp | Jun 2025 +3.8 pp | Sep 2025 −7.1 pp | Dec 2025 −1.5 pp | Mar 2026 −4.5 pp | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +82.9 pp | Jun 2023 −7.5 pp | Sep 2023 −67.4 pp | Dec 2023 −308.6 pp | Mar 2024 −384.4 pp | Jun 2024 +39.1 pp | Sep 2024 +100.7 pp | Dec 2024 +401.5 pp | Mar 2025 +407.8 pp | Jun 2025 — | Sep 2025 −87.3 pp | Dec 2025 +1,252.1 pp | Mar 2026 −2,254.1 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Caterpillar Inc. leads with $9,318 million of TTM profit, 95.9% above Deere & Company. Astec Industries, Inc. shows 73.3% growth from a $26 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Caterpillar Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Caterpillar Inc. · $9,318 million | 95.9% versus #2 · Deere & Company | 2/8 recent comparable periods | 20/21 companies · 369 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Caterpillar Inc. (CAT): ₹9.3K Cr
2. Deere & Company (DE): ₹4.8K Cr
3. PACCAR Inc (PCAR): ₹2.5K Cr
4. AGCO Corporation (AGCO): ₹762 Cr
5. Oshkosh Corporation (OSK): ₹581 Cr

### Profit growth — fastest growers
1. Astec Industries, Inc. (ASTE): 73%
2. Federal Signal Corporation (FSS): 28%
3. Blue Bird Corporation (BLBD): 21%
4. Caterpillar Inc. (CAT): -5.8%
5. Gencor Industries, Inc. (GENC): -7.1%

### 20-quarter Net profit history
- CAT: Sep 2021 ₹1.4K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.7K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 —
- DE: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹904 Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹867 Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹655 Cr | Jun 2026 ₹1.8K Cr
- PCAR: Sep 2021 ₹381 Cr | Dec 2021 ₹519 Cr | Mar 2022 ₹601 Cr | Jun 2022 ₹720 Cr | Sep 2022 ₹769 Cr | Dec 2022 ₹921 Cr | Mar 2023 ₹734 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹972 Cr | Dec 2024 ₹872 Cr | Mar 2025 ₹505 Cr | Jun 2025 ₹724 Cr | Sep 2025 ₹590 Cr | Dec 2025 ₹557 Cr | Mar 2026 ₹605 Cr | Jun 2026 —
- CNH: Sep 2021 ₹329 Cr | Dec 2021 ₹307 Cr | Mar 2022 ₹336 Cr | Jun 2022 ₹552 Cr | Sep 2022 ₹559 Cr | Dec 2022 ₹592 Cr | Mar 2023 ₹486 Cr | Jun 2023 ₹710 Cr | Sep 2023 ₹540 Cr | Dec 2023 ₹583 Cr | Mar 2024 ₹369 Cr | Jun 2024 ₹404 Cr | Sep 2024 ₹310 Cr | Dec 2024 ₹176 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- OSK: Sep 2021 ₹89 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹67 Cr | Dec 2022 ₹76 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹175 Cr | Sep 2023 ₹186 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹182 Cr | Jun 2024 ₹176 Cr | Sep 2024 ₹182 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹206 Cr | Sep 2025 ₹197 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- AGCO: Sep 2021 ₹182 Cr | Dec 2021 ₹283 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹178 Cr | Sep 2022 ₹238 Cr | Dec 2022 ₹322 Cr | Mar 2023 ₹233 Cr | Jun 2023 ₹319 Cr | Sep 2023 ₹281 Cr | Dec 2023 ₹263 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹-369 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹-314 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹314 Cr | Sep 2025 ₹303 Cr | Dec 2025 ₹93 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- TEX: Sep 2021 ₹63 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹108 Cr | Mar 2023 ₹135 Cr | Jun 2023 ₹196 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹102 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹174 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹-93 Cr | Jun 2026 —
- FSS: Sep 2021 ₹29 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹46 Cr | Mar 2024 ₹50 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹70 Cr | Jun 2026 —
- BLBD: Sep 2021 ₹4 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-12 Cr | Sep 2022 ₹-6 Cr | Dec 2022 ₹-23 Cr | Mar 2023 — | Jun 2023 ₹7 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹26 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹36 Cr | Dec 2025 ₹31 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- ALG: Sep 2021 ₹18 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹28 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- ASTE: Sep 2021 ₹9 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹-7 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹-14 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- LNN: Sep 2021 ₹6 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹17 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹12 Cr | Jun 2026 ₹16 Cr
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹9 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- HY: Sep 2021 ₹-77 Cr | Dec 2021 ₹-115 Cr | Mar 2022 ₹-24 Cr | Jun 2022 ₹-19 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹26 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-42 Cr | Mar 2026 ₹-30 Cr | Jun 2026 —
- WNC: Sep 2021 ₹11 Cr | Dec 2021 ₹-25 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹55 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹-330 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹231 Cr | Jun 2025 ₹-10 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹-50 Cr | Mar 2026 ₹-45 Cr | Jun 2026 —
- TWI: Sep 2021 ₹11 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹25 Cr | Jun 2022 ₹69 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹32 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹-4 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-55 Cr | Mar 2026 ₹-24 Cr | Jun 2026 —
- MTW: Sep 2021 ₹0 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹-144 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹-8 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹-7 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹-6 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- CMCO: Sep 2021 ₹15 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹-15 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹-238 Cr | Jun 2026 —
- GENC: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹-1 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹-1 Cr | Jun 2022 ₹-2 Cr | Sep 2022 ₹-1 Cr | Dec 2022 ₹-1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 — | Sep 2025 ₹-6 Cr | Dec 2025 ₹284 Cr | Mar 2026 ₹-107 Cr | Jun 2026 ₹-56 Cr

### 20-quarter Profit growth history
- CAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 44% | Dec 2022 -32% | Mar 2023 26% | Jun 2023 74% | Sep 2023 37% | Dec 2023 83% | Mar 2024 48% | Jun 2024 -8.1% | Sep 2024 -12% | Dec 2024 4.4% | Mar 2025 -30% | Jun 2025 -18% | Sep 2025 -6.7% | Dec 2025 -17% | Mar 2026 27% | Jun 2026 —
- DE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 75% | Mar 2023 116% | Jun 2023 36% | Sep 2023 58% | Dec 2023 5.5% | Mar 2024 -11% | Jun 2024 -17% | Sep 2024 -42% | Dec 2024 -48% | Mar 2025 -50% | Jun 2025 -24% | Sep 2025 -27% | Dec 2025 -15% | Mar 2026 -24% | Jun 2026 -1.7%
- PCAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 102% | Dec 2022 77% | Mar 2023 22% | Jun 2023 70% | Sep 2023 60% | Dec 2023 54% | Mar 2024 63% | Jun 2024 -8.0% | Sep 2024 -21% | Dec 2024 -38% | Mar 2025 -58% | Jun 2025 -36% | Sep 2025 -39% | Dec 2025 -36% | Mar 2026 20% | Jun 2026 —
- CNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.5% | Sep 2022 70% | Dec 2022 93% | Mar 2023 45% | Jun 2023 29% | Sep 2023 -3.4% | Dec 2023 -1.5% | Mar 2024 -24% | Jun 2024 -43% | Sep 2024 -43% | Dec 2024 -70% | Mar 2025 -64% | Jun 2025 -46% | Sep 2025 -78% | Dec 2025 -49% | Mar 2026 -92% | Jun 2026 —
- OSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -84% | Sep 2022 -25% | Dec 2022 230% | Mar 2023 9,400% | Jun 2023 415% | Sep 2023 178% | Dec 2023 99% | Mar 2024 92% | Jun 2024 0.6% | Sep 2024 -2.2% | Dec 2024 2.0% | Mar 2025 -37% | Jun 2025 17% | Sep 2025 8.2% | Dec 2025 -13% | Mar 2026 -61% | Jun 2026 —
- AGCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -37% | Sep 2022 31% | Dec 2022 14% | Mar 2023 70% | Jun 2023 79% | Sep 2023 18% | Dec 2023 -18% | Mar 2024 -28% | Jun 2024 -216% | Sep 2024 -90% | Dec 2024 -219% | Mar 2025 -95% | Jun 2025 — | Sep 2025 945% | Dec 2025 — | Mar 2026 478% | Jun 2026 —
- TEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.1% | Sep 2022 71% | Dec 2022 86% | Mar 2023 108% | Jun 2023 111% | Sep 2023 37% | Dec 2023 -5.6% | Mar 2024 8.9% | Jun 2024 -11% | Sep 2024 -24% | Dec 2024 -88% | Mar 2025 -86% | Jun 2025 -49% | Sep 2025 -13% | Dec 2025 708% | Mar 2026 -543% | Jun 2026 —
- FSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 10% | Dec 2022 75% | Mar 2023 29% | Jun 2023 18% | Sep 2023 34% | Dec 2023 31% | Mar 2024 85% | Jun 2024 53% | Sep 2024 26% | Dec 2024 8.7% | Mar 2025 -8.0% | Jun 2025 16% | Sep 2025 26% | Dec 2025 22% | Mar 2026 52% | Jun 2026 —
- BLBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -250% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 314% | Sep 2024 178% | Dec 2024 12% | Mar 2025 0.0% | Jun 2025 24% | Sep 2025 44% | Dec 2025 6.9% | Mar 2026 12% | Jun 2026 —
- ALG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.7% | Sep 2022 44% | Dec 2022 53% | Mar 2023 83% | Jun 2023 29% | Sep 2023 35% | Dec 2023 10% | Mar 2024 -3.0% | Jun 2024 -22% | Sep 2024 -23% | Dec 2024 -13% | Mar 2025 0.0% | Jun 2025 11% | Sep 2025 -7.4% | Dec 2025 -43% | Mar 2026 -9.4% | Jun 2026 —
- ASTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -150% | Sep 2022 -89% | Dec 2022 — | Mar 2023 200% | Jun 2023 — | Sep 2023 -800% | Dec 2023 — | Mar 2024 -75% | Jun 2024 -208% | Sep 2024 — | Dec 2024 40% | Mar 2025 367% | Jun 2025 — | Sep 2025 — | Dec 2025 -43% | Mar 2026 -93% | Jun 2026 —
- LNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 200% | Dec 2022 125% | Mar 2023 20% | Jun 2023 -32% | Sep 2023 5.6% | Dec 2023 -17% | Mar 2024 0.0% | Jun 2024 18% | Sep 2024 -32% | Dec 2024 13% | Mar 2025 50% | Jun 2025 0.0% | Sep 2025 -15% | Dec 2025 0.0% | Mar 2026 -56% | Jun 2026 -20%
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -78% | Jun 2025 -125% | Sep 2025 -75% | Dec 2025 0.0% | Mar 2026 -50% | Jun 2026 —
- HY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1,050% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 225% | Mar 2024 93% | Jun 2024 64% | Sep 2024 -50% | Dec 2024 -7.7% | Mar 2025 -83% | Jun 2025 -120% | Sep 2025 -111% | Dec 2025 -275% | Mar 2026 -433% | Jun 2026 —
- WNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 92% | Sep 2022 227% | Dec 2022 — | Mar 2023 325% | Jun 2023 222% | Sep 2023 53% | Dec 2023 21% | Mar 2024 -65% | Jun 2024 -61% | Sep 2024 -700% | Dec 2024 -102% | Mar 2025 1,183% | Jun 2025 -134% | Sep 2025 — | Dec 2025 — | Mar 2026 -119% | Jun 2026 —
- TWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 291% | Dec 2022 54% | Mar 2023 32% | Jun 2023 -54% | Sep 2023 -53% | Dec 2023 -102% | Mar 2024 -70% | Jun 2024 -91% | Sep 2024 -190% | Dec 2024 — | Mar 2025 -100% | Jun 2025 -233% | Sep 2025 — | Dec 2025 -5,600% | Mar 2026 — | Jun 2026 —
- MTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -17% | Sep 2022 — | Dec 2022 — | Mar 2023 467% | Jun 2023 33% | Sep 2023 400% | Dec 2023 — | Mar 2024 -71% | Jun 2024 -90% | Sep 2024 -170% | Dec 2024 — | Mar 2025 -220% | Jun 2025 0.0% | Sep 2025 — | Dec 2025 -88% | Mar 2026 — | Jun 2026 —
- CMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.7% | Dec 2022 20% | Mar 2023 17% | Jun 2023 13% | Sep 2023 14% | Dec 2023 -17% | Mar 2024 -14% | Jun 2024 0.0% | Sep 2024 -194% | Dec 2024 -60% | Mar 2025 -125% | Jun 2025 -122% | Sep 2025 — | Dec 2025 50% | Mar 2026 — | Jun 2026 —
- GENC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -150% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 33% | Mar 2024 20% | Jun 2024 0.0% | Sep 2024 -67% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 33% | Sep 2025 100% | Dec 2025 -25% | Mar 2026 -33% | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -700% | Dec 2025 — | Mar 2026 -10,800% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Deere & Company reports $1,058 million of CAPEX; Deere & Company has the highest covered intensity at 7.9%. Coverage is only 20 of 21 companies and 357 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Deere & Company · $1,058 million | 0.7% versus #2 · Caterpillar Inc. | 8/8 recent comparable periods | 20/21 companies · 357 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Deere & Company (DE): ₹1.1K Cr
2. Caterpillar Inc. (CAT): ₹1.1K Cr
3. PACCAR Inc (PCAR): ₹318 Cr
4. CNH Industrial N.V. (CNH): ₹218 Cr
5. AGCO Corporation (AGCO): ₹45 Cr

### CAPEX intensity — highest reinvestment intensity
1. Deere & Company (DE): 7.9%
2. Caterpillar Inc. (CAT): 6.0%
3. CNH Industrial N.V. (CNH): 5.7%
4. Lindsay Corporation (LNN): 5.0%
5. PACCAR Inc (PCAR): 4.7%

### 20-quarter CAPEX history
- CAT: Sep 2021 ₹587 Cr | Dec 2021 ₹785 Cr | Mar 2022 ₹679 Cr | Jun 2022 ₹595 Cr | Sep 2022 ₹617 Cr | Dec 2022 ₹708 Cr | Mar 2023 ₹750 Cr | Jun 2023 ₹707 Cr | Sep 2023 ₹781 Cr | Dec 2023 ₹854 Cr | Mar 2024 ₹736 Cr | Jun 2024 ₹719 Cr | Sep 2024 ₹723 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹918 Cr | Jun 2025 ₹955 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- DE: Sep 2021 ₹618 Cr | Dec 2021 ₹878 Cr | Mar 2022 ₹584 Cr | Jun 2022 ₹766 Cr | Sep 2022 ₹963 Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹812 Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹816 Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹791 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹688 Cr | Jun 2026 ₹1.1K Cr
- PCAR: Sep 2021 ₹379 Cr | Dec 2021 ₹461 Cr | Mar 2022 ₹369 Cr | Jun 2022 ₹371 Cr | Sep 2022 ₹343 Cr | Dec 2022 ₹309 Cr | Mar 2023 ₹292 Cr | Jun 2023 ₹272 Cr | Sep 2023 ₹336 Cr | Dec 2023 ₹363 Cr | Mar 2024 ₹352 Cr | Jun 2024 ₹513 Cr | Sep 2024 ₹378 Cr | Dec 2024 ₹503 Cr | Mar 2025 ₹326 Cr | Jun 2025 ₹389 Cr | Sep 2025 ₹306 Cr | Dec 2025 ₹366 Cr | Mar 2026 ₹318 Cr | Jun 2026 —
- CNH: Sep 2021 — | Dec 2021 ₹372 Cr | Mar 2022 ₹177 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹222 Cr | Dec 2022 ₹386 Cr | Mar 2023 ₹197 Cr | Jun 2023 ₹264 Cr | Sep 2023 ₹324 Cr | Dec 2023 ₹410 Cr | Mar 2024 ₹202 Cr | Jun 2024 ₹218 Cr | Sep 2024 ₹291 Cr | Dec 2024 — | Mar 2025 ₹264 Cr | Jun 2025 ₹252 Cr | Sep 2025 ₹270 Cr | Dec 2025 — | Mar 2026 ₹218 Cr | Jun 2026 —
- OSK: Sep 2021 ₹44 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹84 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹112 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹100 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹41 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- AGCO: Sep 2021 ₹78 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹66 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹131 Cr | Dec 2022 ₹118 Cr | Mar 2023 ₹125 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹121 Cr | Dec 2023 ₹160 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹42 Cr | Sep 2025 ₹69 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹45 Cr | Jun 2026 —
- TEX: Sep 2021 ₹8 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹27 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹33 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹34 Cr | Mar 2026 ₹26 Cr | Jun 2026 —
- FSS: Sep 2021 ₹3 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹34 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- BLBD: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 — | Jun 2023 ₹3 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- ALG: Sep 2021 ₹5 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹8 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- ASTE: Sep 2021 ₹4 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- LNN: Sep 2021 ₹4 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹9 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹8 Cr
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- HY: Sep 2021 ₹11 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹10 Cr | Jun 2026 —
- WNC: Sep 2021 ₹9 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹10 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹31 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- TWI: Sep 2021 ₹10 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹8 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- MTW: Sep 2021 ₹7 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- CMCO: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹6 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹8 Cr | Jun 2026 —
- GENC: Sep 2021 ₹0 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr

### 20-quarter CAPEX intensity history
- CAT: Sep 2021 4.7% | Dec 2021 5.7% | Mar 2022 5.0% | Jun 2022 4.2% | Sep 2022 4.1% | Dec 2022 4.3% | Mar 2023 4.7% | Jun 2023 4.1% | Sep 2023 4.6% | Dec 2023 5.0% | Mar 2024 4.7% | Jun 2024 4.3% | Sep 2024 4.5% | Dec 2024 6.4% | Mar 2025 6.4% | Jun 2025 5.8% | Sep 2025 6.1% | Dec 2025 7.0% | Mar 2026 6.0% | Jun 2026 —
- DE: Sep 2021 5.4% | Dec 2021 7.8% | Mar 2022 6.1% | Jun 2022 5.7% | Sep 2022 6.8% | Dec 2022 9.5% | Mar 2023 6.4% | Jun 2023 5.8% | Sep 2023 6.6% | Dec 2023 11% | Mar 2024 6.7% | Jun 2024 8.3% | Sep 2024 8.5% | Dec 2024 14% | Mar 2025 9.3% | Jun 2025 8.0% | Sep 2025 8.8% | Dec 2025 11% | Mar 2026 7.2% | Jun 2026 7.9%
- PCAR: Sep 2021 7.4% | Dec 2021 6.9% | Mar 2022 5.7% | Jun 2022 5.2% | Sep 2022 4.9% | Dec 2022 3.8% | Mar 2023 3.4% | Jun 2023 3.1% | Sep 2023 3.9% | Dec 2023 4.0% | Mar 2024 4.0% | Jun 2024 5.8% | Sep 2024 4.6% | Dec 2024 6.4% | Mar 2025 4.4% | Jun 2025 5.2% | Sep 2025 4.6% | Dec 2025 5.4% | Mar 2026 4.7% | Jun 2026 —
- CNH: Sep 2021 — | Dec 2021 6.8% | Mar 2022 3.8% | Jun 2022 3.5% | Sep 2022 3.8% | Dec 2022 5.6% | Mar 2023 3.7% | Jun 2023 4.0% | Sep 2023 5.4% | Dec 2023 6.0% | Mar 2024 4.2% | Jun 2024 4.0% | Sep 2024 6.3% | Dec 2024 — | Mar 2025 6.9% | Jun 2025 5.3% | Sep 2025 6.1% | Dec 2025 — | Mar 2026 5.7% | Jun 2026 —
- OSK: Sep 2021 2.1% | Dec 2021 2.2% | Mar 2022 1.4% | Jun 2022 4.1% | Sep 2022 2.4% | Dec 2022 4.9% | Mar 2023 4.9% | Jun 2023 0.7% | Sep 2023 3.9% | Dec 2023 3.9% | Mar 2024 3.9% | Jun 2024 1.4% | Sep 2024 2.0% | Dec 2024 3.4% | Mar 2025 1.9% | Jun 2025 1.5% | Sep 2025 0.9% | Dec 2025 2.8% | Mar 2026 1.3% | Jun 2026 —
- AGCO: Sep 2021 2.9% | Dec 2021 2.3% | Mar 2022 2.5% | Jun 2022 2.5% | Sep 2022 4.2% | Dec 2022 3.0% | Mar 2023 3.7% | Jun 2023 2.9% | Sep 2023 3.5% | Dec 2023 4.2% | Mar 2024 3.2% | Jun 2024 3.0% | Sep 2024 3.3% | Dec 2024 3.9% | Mar 2025 2.3% | Jun 2025 1.6% | Sep 2025 2.8% | Dec 2025 3.0% | Mar 2026 1.9% | Jun 2026 —
- TEX: Sep 2021 0.8% | Dec 2021 2.8% | Mar 2022 2.0% | Jun 2022 2.5% | Sep 2022 2.9% | Dec 2022 2.5% | Mar 2023 1.6% | Jun 2023 1.4% | Sep 2023 2.6% | Dec 2023 4.5% | Mar 2024 2.7% | Jun 2024 1.7% | Sep 2024 2.4% | Dec 2024 3.9% | Mar 2025 2.9% | Jun 2025 1.6% | Sep 2025 1.7% | Dec 2025 2.6% | Mar 2026 1.5% | Jun 2026 —
- FSS: Sep 2021 1.0% | Dec 2021 8.3% | Mar 2022 10% | Jun 2022 2.2% | Sep 2022 1.2% | Dec 2022 1.8% | Mar 2023 1.6% | Jun 2023 2.3% | Sep 2023 1.3% | Dec 2023 2.0% | Mar 2024 1.9% | Jun 2024 3.3% | Sep 2024 1.7% | Dec 2024 1.9% | Mar 2025 1.3% | Jun 2025 1.2% | Sep 2025 1.3% | Dec 2025 1.3% | Mar 2026 1.1% | Jun 2026 —
- BLBD: Sep 2021 1.5% | Dec 2021 1.0% | Mar 2022 1.6% | Jun 2022 1.0% | Sep 2022 0.5% | Dec 2022 0.8% | Mar 2023 — | Jun 2023 1.0% | Sep 2023 1.0% | Dec 2023 0.9% | Mar 2024 0.9% | Jun 2024 1.2% | Sep 2024 1.4% | Dec 2024 1.6% | Mar 2025 2.5% | Jun 2025 1.3% | Sep 2025 1.2% | Dec 2025 1.5% | Mar 2026 2.3% | Jun 2026 —
- ALG: Sep 2021 1.5% | Dec 2021 3.3% | Mar 2022 1.1% | Jun 2022 2.8% | Sep 2022 2.4% | Dec 2022 2.1% | Mar 2023 2.2% | Jun 2023 2.0% | Sep 2023 2.1% | Dec 2023 2.6% | Mar 2024 1.6% | Jun 2024 1.0% | Sep 2024 2.0% | Dec 2024 1.6% | Mar 2025 1.5% | Jun 2025 1.7% | Sep 2025 2.9% | Dec 2025 1.3% | Mar 2026 1.2% | Jun 2026 —
- ASTE: Sep 2021 1.5% | Dec 2021 3.4% | Mar 2022 4.1% | Jun 2022 2.2% | Sep 2022 2.9% | Dec 2022 3.7% | Mar 2023 2.3% | Jun 2023 2.6% | Sep 2023 2.6% | Dec 2023 2.7% | Mar 2024 1.9% | Jun 2024 2.3% | Sep 2024 1.0% | Dec 2024 1.4% | Mar 2025 1.2% | Jun 2025 1.2% | Sep 2025 1.1% | Dec 2025 7.2% | Mar 2026 2.0% | Jun 2026 —
- LNN: Sep 2021 2.6% | Dec 2021 1.8% | Mar 2022 2.0% | Jun 2022 2.3% | Sep 2022 1.6% | Dec 2022 2.3% | Mar 2023 1.8% | Jun 2023 3.6% | Sep 2023 3.0% | Dec 2023 4.3% | Mar 2024 7.9% | Jun 2024 3.6% | Sep 2024 3.2% | Dec 2024 5.4% | Mar 2025 5.3% | Jun 2025 5.3% | Sep 2025 9.1% | Dec 2025 9.0% | Mar 2026 8.2% | Jun 2026 5.0%
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.5% | Jun 2024 0.8% | Sep 2024 1.1% | Dec 2024 1.3% | Mar 2025 1.2% | Jun 2025 0.7% | Sep 2025 1.1% | Dec 2025 0.8% | Mar 2026 0.4% | Jun 2026 —
- HY: Sep 2021 1.5% | Dec 2021 1.8% | Mar 2022 1.2% | Jun 2022 0.7% | Sep 2022 0.5% | Dec 2022 0.9% | Mar 2023 0.3% | Jun 2023 0.6% | Sep 2023 0.8% | Dec 2023 1.7% | Mar 2024 0.8% | Jun 2024 1.0% | Sep 2024 1.0% | Dec 2024 1.7% | Mar 2025 1.2% | Jun 2025 1.5% | Sep 2025 1.5% | Dec 2025 2.6% | Mar 2026 1.3% | Jun 2026 —
- WNC: Sep 2021 1.9% | Dec 2021 6.1% | Mar 2022 1.8% | Jun 2022 1.9% | Sep 2022 3.1% | Dec 2022 2.3% | Mar 2023 5.0% | Jun 2023 4.1% | Sep 2023 4.7% | Dec 2023 2.5% | Mar 2024 3.7% | Jun 2024 3.1% | Sep 2024 3.4% | Dec 2024 6.5% | Mar 2025 7.6% | Jun 2025 1.5% | Sep 2025 6.5% | Dec 2025 3.7% | Mar 2026 1.3% | Jun 2026 —
- TWI: Sep 2021 2.2% | Dec 2021 3.1% | Mar 2022 1.4% | Jun 2022 2.1% | Sep 2022 2.4% | Dec 2022 2.7% | Mar 2023 2.2% | Jun 2023 3.3% | Sep 2023 3.5% | Dec 2023 4.9% | Mar 2024 3.5% | Jun 2024 3.4% | Sep 2024 4.0% | Dec 2024 3.4% | Mar 2025 3.1% | Jun 2025 2.2% | Sep 2025 2.6% | Dec 2025 4.4% | Mar 2026 2.6% | Jun 2026 —
- MTW: Sep 2021 1.7% | Dec 2021 3.6% | Mar 2022 2.0% | Jun 2022 1.6% | Sep 2022 3.3% | Dec 2022 4.8% | Mar 2023 2.2% | Jun 2023 4.3% | Sep 2023 4.6% | Dec 2023 3.0% | Mar 2024 2.4% | Jun 2024 2.3% | Sep 2024 1.7% | Dec 2024 1.8% | Mar 2025 2.3% | Jun 2025 1.1% | Sep 2025 1.4% | Dec 2025 1.9% | Mar 2026 1.6% | Jun 2026 —
- CMCO: Sep 2021 1.3% | Dec 2021 1.4% | Mar 2022 1.6% | Jun 2022 1.4% | Sep 2022 0.9% | Dec 2022 1.7% | Mar 2023 1.2% | Jun 2023 2.1% | Sep 2023 1.9% | Dec 2023 2.4% | Mar 2024 3.0% | Jun 2024 2.1% | Sep 2024 2.1% | Dec 2024 2.1% | Mar 2025 2.4% | Jun 2025 1.3% | Sep 2025 1.1% | Dec 2025 — | Mar 2026 1.8% | Jun 2026 —
- GENC: Sep 2021 0.0% | Dec 2021 5.0% | Mar 2022 3.2% | Jun 2022 0.0% | Sep 2022 8.7% | Dec 2022 3.8% | Mar 2023 0.0% | Jun 2023 3.6% | Sep 2023 4.8% | Dec 2023 0.0% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 5.3% | Dec 2025 4.2% | Mar 2026 0.0% | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 — | Sep 2025 — | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 0.0%

## Debt Load & Balance-Sheet Headroom

What the numbers say: Blue Bird Corporation has the clearest covered balance-sheet capacity with $188 million net cash and gross debt of $88 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Gencor Industries, Inc. · $0 million | 100% versus #2 · CEA Industries Inc. | 8/8 recent comparable periods | 20/21 companies · 371 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Gencor Industries, Inc. (GENC): ₹0 Cr
2. CEA Industries Inc. (BNC): ₹3 Cr
3. Blue Bird Corporation (BLBD): ₹88 Cr
4. Lindsay Corporation (LNN): ₹134 Cr
5. Alamo Group Inc. (ALG): ₹290 Cr

### Net debt — lowest net debt
1. Blue Bird Corporation (BLBD): ₹-188 Cr
2. Gencor Industries, Inc. (GENC): ₹-155 Cr
3. Lindsay Corporation (LNN): ₹-21 Cr
4. CEA Industries Inc. (BNC): ₹0 Cr
5. Alamo Group Inc. (ALG): ₹95 Cr

### 20-quarter Gross debt history
- CAT: Sep 2021 ₹36.8K Cr | Dec 2021 ₹37.8K Cr | Mar 2022 ₹37.6K Cr | Jun 2022 ₹37.0K Cr | Sep 2022 ₹36.5K Cr | Dec 2022 ₹37.0K Cr | Mar 2023 ₹37.0K Cr | Jun 2023 ₹37.7K Cr | Sep 2023 ₹37.1K Cr | Dec 2023 ₹37.9K Cr | Mar 2024 ₹37.9K Cr | Jun 2024 ₹37.3K Cr | Sep 2024 ₹37.9K Cr | Dec 2024 ₹38.4K Cr | Mar 2025 ₹38.6K Cr | Jun 2025 ₹40.7K Cr | Sep 2025 ₹41.5K Cr | Dec 2025 ₹43.3K Cr | Mar 2026 ₹43.1K Cr | Jun 2026 —
- DE: Sep 2021 ₹48.0K Cr | Dec 2021 ₹48.4K Cr | Mar 2022 ₹47.3K Cr | Jun 2022 ₹48.9K Cr | Sep 2022 ₹51.2K Cr | Dec 2022 ₹51.9K Cr | Mar 2023 ₹54.1K Cr | Jun 2023 ₹58.1K Cr | Sep 2023 ₹61.9K Cr | Dec 2023 ₹63.4K Cr | Mar 2024 ₹63.2K Cr | Jun 2024 ₹65.6K Cr | Sep 2024 ₹65.9K Cr | Dec 2024 ₹65.2K Cr | Mar 2025 ₹64.4K Cr | Jun 2025 ₹66.3K Cr | Sep 2025 ₹66.6K Cr | Dec 2025 ₹63.9K Cr | Mar 2026 ₹62.5K Cr | Jun 2026 ₹63.8K Cr
- PCAR: Sep 2021 ₹9.9K Cr | Dec 2021 ₹10.4K Cr | Mar 2022 ₹10.9K Cr | Jun 2022 ₹10.6K Cr | Sep 2022 ₹10.4K Cr | Dec 2022 ₹11.5K Cr | Mar 2023 ₹11.9K Cr | Jun 2023 ₹12.6K Cr | Sep 2023 ₹12.9K Cr | Dec 2023 ₹14.2K Cr | Mar 2024 ₹14.0K Cr | Jun 2024 ₹14.4K Cr | Sep 2024 ₹15.5K Cr | Dec 2024 ₹15.9K Cr | Mar 2025 ₹15.7K Cr | Jun 2025 ₹15.9K Cr | Sep 2025 ₹15.9K Cr | Dec 2025 ₹15.6K Cr | Mar 2026 ₹14.9K Cr | Jun 2026 —
- CNH: Sep 2021 ₹24.2K Cr | Dec 2021 ₹29.4K Cr | Mar 2022 ₹21.6K Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹20.9K Cr | Dec 2022 ₹23.7K Cr | Mar 2023 ₹23.6K Cr | Jun 2023 ₹24.9K Cr | Sep 2023 ₹25.0K Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹27.8K Cr | Jun 2024 ₹26.8K Cr | Sep 2024 ₹27.3K Cr | Dec 2024 ₹27.7K Cr | Mar 2025 ₹26.0K Cr | Jun 2025 ₹27.4K Cr | Sep 2025 ₹27.1K Cr | Dec 2025 ₹27.7K Cr | Mar 2026 ₹25.9K Cr | Jun 2026 —
- OSK: Sep 2021 ₹819 Cr | Dec 2021 ₹819 Cr | Mar 2022 ₹594 Cr | Jun 2022 ₹605 Cr | Sep 2022 ₹604 Cr | Dec 2022 ₹605 Cr | Mar 2023 ₹597 Cr | Jun 2023 ₹597 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹773 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹962 Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- AGCO: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- TEX: Sep 2021 ₹893 Cr | Dec 2021 ₹674 Cr | Mar 2022 ₹740 Cr | Jun 2022 ₹828 Cr | Sep 2022 ₹827 Cr | Dec 2022 ₹776 Cr | Mar 2023 ₹777 Cr | Jun 2023 ₹737 Cr | Sep 2023 ₹800 Cr | Dec 2023 ₹623 Cr | Mar 2024 ₹724 Cr | Jun 2024 ₹666 Cr | Sep 2024 ₹628 Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.6K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 —
- FSS: Sep 2021 ₹285 Cr | Dec 2021 ₹314 Cr | Mar 2022 ₹356 Cr | Jun 2022 ₹354 Cr | Sep 2022 ₹357 Cr | Dec 2022 ₹388 Cr | Mar 2023 ₹402 Cr | Jun 2023 ₹435 Cr | Sep 2023 ₹390 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹294 Cr | Jun 2024 ₹284 Cr | Sep 2024 ₹259 Cr | Dec 2024 ₹252 Cr | Mar 2025 ₹305 Cr | Jun 2025 ₹296 Cr | Sep 2025 ₹243 Cr | Dec 2025 ₹595 Cr | Mar 2026 ₹583 Cr | Jun 2026 —
- BLBD: Sep 2021 ₹173 Cr | Dec 2021 ₹215 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹162 Cr | Sep 2022 ₹218 Cr | Dec 2022 ₹172 Cr | Mar 2023 — | Jun 2023 ₹141 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹95 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹88 Cr | Jun 2026 —
- ALG: Sep 2021 ₹294 Cr | Dec 2021 ₹270 Cr | Mar 2022 ₹373 Cr | Jun 2022 ₹371 Cr | Sep 2022 ₹363 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹371 Cr | Jun 2023 ₹348 Cr | Sep 2023 ₹324 Cr | Dec 2023 ₹235 Cr | Mar 2024 ₹322 Cr | Jun 2024 ₹294 Cr | Sep 2024 ₹224 Cr | Dec 2024 ₹220 Cr | Mar 2025 ₹217 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹209 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹290 Cr | Jun 2026 —
- ASTE: Sep 2021 ₹1 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹74 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹138 Cr | Sep 2024 ₹112 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹108 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹352 Cr | Dec 2025 ₹348 Cr | Mar 2026 ₹393 Cr | Jun 2026 —
- LNN: Sep 2021 ₹134 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹133 Cr | Jun 2022 ₹136 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹135 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹133 Cr | Dec 2023 ₹133 Cr | Mar 2024 ₹132 Cr | Jun 2024 ₹131 Cr | Sep 2024 ₹131 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹132 Cr | Jun 2025 ₹132 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹132 Cr | Mar 2026 ₹134 Cr | Jun 2026 ₹134 Cr
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹510 Cr | Dec 2023 ₹510 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹462 Cr | Dec 2024 ₹462 Cr | Mar 2025 ₹494 Cr | Jun 2025 ₹560 Cr | Sep 2025 ₹814 Cr | Dec 2025 ₹758 Cr | Mar 2026 ₹792 Cr | Jun 2026 —
- HY: Sep 2021 ₹428 Cr | Dec 2021 ₹519 Cr | Mar 2022 ₹479 Cr | Jun 2022 ₹581 Cr | Sep 2022 ₹545 Cr | Dec 2022 ₹553 Cr | Mar 2023 ₹561 Cr | Jun 2023 ₹542 Cr | Sep 2023 ₹511 Cr | Dec 2023 ₹494 Cr | Mar 2024 ₹475 Cr | Jun 2024 ₹502 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹441 Cr | Mar 2025 ₹484 Cr | Jun 2025 ₹473 Cr | Sep 2025 ₹468 Cr | Dec 2025 ₹494 Cr | Mar 2026 ₹505 Cr | Jun 2026 —
- WNC: Sep 2021 ₹419 Cr | Dec 2021 ₹428 Cr | Mar 2022 ₹484 Cr | Jun 2022 ₹455 Cr | Sep 2022 ₹444 Cr | Dec 2022 ₹396 Cr | Mar 2023 ₹396 Cr | Jun 2023 ₹627 Cr | Sep 2023 ₹602 Cr | Dec 2023 ₹396 Cr | Mar 2024 ₹397 Cr | Jun 2024 ₹397 Cr | Sep 2024 ₹397 Cr | Dec 2024 ₹397 Cr | Mar 2025 ₹417 Cr | Jun 2025 ₹437 Cr | Sep 2025 ₹423 Cr | Dec 2025 ₹443 Cr | Mar 2026 ₹498 Cr | Jun 2026 —
- TWI: Sep 2021 ₹482 Cr | Dec 2021 ₹485 Cr | Mar 2022 ₹522 Cr | Jun 2022 ₹485 Cr | Sep 2022 ₹447 Cr | Dec 2022 ₹446 Cr | Mar 2023 ₹437 Cr | Jun 2023 ₹430 Cr | Sep 2023 ₹427 Cr | Dec 2023 ₹437 Cr | Mar 2024 ₹681 Cr | Jun 2024 ₹655 Cr | Sep 2024 ₹641 Cr | Dec 2024 ₹683 Cr | Mar 2025 ₹705 Cr | Jun 2025 ₹714 Cr | Sep 2025 ₹706 Cr | Dec 2025 ₹711 Cr | Mar 2026 ₹735 Cr | Jun 2026 —
- MTW: Sep 2021 ₹431 Cr | Dec 2021 ₹436 Cr | Mar 2022 ₹416 Cr | Jun 2022 ₹419 Cr | Sep 2022 ₹435 Cr | Dec 2022 ₹420 Cr | Mar 2023 ₹410 Cr | Jun 2023 ₹419 Cr | Sep 2023 ₹435 Cr | Dec 2023 ₹419 Cr | Mar 2024 ₹462 Cr | Jun 2024 ₹472 Cr | Sep 2024 ₹512 Cr | Dec 2024 ₹437 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹525 Cr | Sep 2025 ₹554 Cr | Dec 2025 ₹514 Cr | Mar 2026 ₹499 Cr | Jun 2026 —
- CMCO: Sep 2021 ₹453 Cr | Dec 2021 ₹521 Cr | Mar 2022 ₹511 Cr | Jun 2022 ₹501 Cr | Sep 2022 ₹491 Cr | Dec 2022 ₹482 Cr | Mar 2023 ₹472 Cr | Jun 2023 ₹580 Cr | Sep 2023 ₹565 Cr | Dec 2023 ₹550 Cr | Mar 2024 ₹530 Cr | Jun 2024 ₹510 Cr | Sep 2024 ₹501 Cr | Dec 2024 ₹486 Cr | Mar 2025 ₹471 Cr | Jun 2025 ₹474 Cr | Sep 2025 ₹409 Cr | Dec 2025 ₹450 Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- GENC: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹4 Cr | Jun 2026 ₹3 Cr

### 20-quarter Net debt history
- CAT: Sep 2021 ₹27.3K Cr | Dec 2021 ₹28.5K Cr | Mar 2022 ₹31.1K Cr | Jun 2022 ₹30.9K Cr | Sep 2022 ₹30.2K Cr | Dec 2022 ₹30.0K Cr | Mar 2023 ₹30.2K Cr | Jun 2023 ₹30.3K Cr | Sep 2023 ₹30.6K Cr | Dec 2023 ₹30.9K Cr | Mar 2024 ₹32.9K Cr | Jun 2024 ₹33.0K Cr | Sep 2024 ₹32.3K Cr | Dec 2024 ₹31.5K Cr | Mar 2025 ₹35.0K Cr | Jun 2025 ₹35.3K Cr | Sep 2025 ₹34.0K Cr | Dec 2025 ₹33.4K Cr | Mar 2026 ₹39.0K Cr | Jun 2026 —
- DE: Sep 2021 ₹39.8K Cr | Dec 2021 ₹39.7K Cr | Mar 2022 ₹42.1K Cr | Jun 2022 ₹44.3K Cr | Sep 2022 ₹46.2K Cr | Dec 2022 ₹46.4K Cr | Mar 2023 ₹49.2K Cr | Jun 2023 ₹52.0K Cr | Sep 2023 ₹54.4K Cr | Dec 2023 ₹55.0K Cr | Mar 2024 ₹56.9K Cr | Jun 2024 ₹59.0K Cr | Sep 2024 ₹57.7K Cr | Dec 2024 ₹56.7K Cr | Mar 2025 ₹56.6K Cr | Jun 2025 ₹57.1K Cr | Sep 2025 ₹56.7K Cr | Dec 2025 ₹54.2K Cr | Mar 2026 ₹54.3K Cr | Jun 2026 ₹54.5K Cr
- PCAR: Sep 2021 ₹6.1K Cr | Dec 2021 ₹5.4K Cr | Mar 2022 ₹6.0K Cr | Jun 2022 ₹5.8K Cr | Sep 2022 ₹5.5K Cr | Dec 2022 ₹5.2K Cr | Mar 2023 ₹5.9K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹5.3K Cr | Dec 2023 ₹5.2K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.4K Cr | Sep 2024 ₹6.2K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹7.3K Cr | Jun 2025 ₹7.5K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 —
- CNH: Sep 2021 ₹16.3K Cr | Dec 2021 ₹24.4K Cr | Mar 2022 ₹17.6K Cr | Jun 2022 ₹-3.6K Cr | Sep 2022 ₹17.8K Cr | Dec 2022 ₹18.5K Cr | Mar 2023 ₹20.3K Cr | Jun 2023 ₹21.7K Cr | Sep 2023 ₹22.0K Cr | Dec 2023 ₹-5.0K Cr | Mar 2024 ₹24.5K Cr | Jun 2024 ₹24.8K Cr | Sep 2024 ₹25.5K Cr | Dec 2024 ₹23.8K Cr | Mar 2025 ₹24.3K Cr | Jun 2025 ₹24.9K Cr | Sep 2025 ₹24.8K Cr | Dec 2025 ₹24.4K Cr | Mar 2026 ₹24.3K Cr | Jun 2026 —
- OSK: Sep 2021 ₹-557 Cr | Dec 2021 ₹-177 Cr | Mar 2022 ₹-351 Cr | Jun 2022 ₹208 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹-201 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹241 Cr | Sep 2023 ₹997 Cr | Dec 2023 ₹648 Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹757 Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹994 Cr | Dec 2025 ₹621 Cr | Mar 2026 ₹897 Cr | Jun 2026 —
- AGCO: Sep 2021 ₹1.2K Cr | Dec 2021 ₹731 Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹796 Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹931 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- TEX: Sep 2021 ₹340 Cr | Dec 2021 ₹407 Cr | Mar 2022 ₹522 Cr | Jun 2022 ₹575 Cr | Sep 2022 ₹595 Cr | Dec 2022 ₹472 Cr | Mar 2023 ₹523 Cr | Jun 2023 ₹439 Cr | Sep 2023 ₹448 Cr | Dec 2023 ₹252 Cr | Mar 2024 ₹359 Cr | Jun 2024 ₹347 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- FSS: Sep 2021 ₹197 Cr | Dec 2021 ₹273 Cr | Mar 2022 ₹317 Cr | Jun 2022 ₹323 Cr | Sep 2022 ₹321 Cr | Dec 2022 ₹340 Cr | Mar 2023 ₹364 Cr | Jun 2023 ₹386 Cr | Sep 2023 ₹349 Cr | Dec 2023 ₹260 Cr | Mar 2024 ₹245 Cr | Jun 2024 ₹235 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹161 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹231 Cr | Sep 2025 ₹189 Cr | Dec 2025 ₹531 Cr | Mar 2026 ₹512 Cr | Jun 2026 —
- BLBD: Sep 2021 ₹162 Cr | Dec 2021 ₹203 Cr | Mar 2022 ₹167 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹191 Cr | Dec 2022 ₹162 Cr | Mar 2023 — | Jun 2023 ₹123 Cr | Sep 2023 ₹86 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹-33 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹-38 Cr | Jun 2025 ₹-82 Cr | Sep 2025 ₹-139 Cr | Dec 2025 ₹-153 Cr | Mar 2026 ₹-188 Cr | Jun 2026 —
- ALG: Sep 2021 ₹205 Cr | Dec 2021 ₹228 Cr | Mar 2022 ₹289 Cr | Jun 2022 ₹295 Cr | Sep 2022 ₹288 Cr | Dec 2022 ₹255 Cr | Mar 2023 ₹262 Cr | Jun 2023 ₹236 Cr | Sep 2023 ₹210 Cr | Dec 2023 ₹183 Cr | Mar 2024 ₹200 Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹84 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹11 Cr | Sep 2025 ₹-36 Cr | Dec 2025 ₹-104 Cr | Mar 2026 ₹95 Cr | Jun 2026 —
- ASTE: Sep 2021 ₹-173 Cr | Dec 2021 ₹-140 Cr | Mar 2022 ₹-113 Cr | Jun 2022 ₹-50 Cr | Sep 2022 ₹-15 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹71 Cr | Jun 2024 ₹70 Cr | Sep 2024 ₹53 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹316 Cr | Jun 2026 —
- LNN: Sep 2021 ₹-13 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹28 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹-33 Cr | Dec 2023 ₹-43 Cr | Mar 2024 ₹-19 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-60 Cr | Dec 2024 ₹-64 Cr | Mar 2025 ₹-55 Cr | Jun 2025 ₹-79 Cr | Sep 2025 ₹-119 Cr | Dec 2025 ₹-68 Cr | Mar 2026 ₹-52 Cr | Jun 2026 ₹-21 Cr
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹467 Cr | Dec 2023 ₹467 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹397 Cr | Dec 2024 ₹397 Cr | Mar 2025 ₹446 Cr | Jun 2025 ₹496 Cr | Sep 2025 ₹688 Cr | Dec 2025 ₹659 Cr | Mar 2026 ₹676 Cr | Jun 2026 —
- HY: Sep 2021 ₹367 Cr | Dec 2021 ₹453 Cr | Mar 2022 ₹414 Cr | Jun 2022 ₹505 Cr | Sep 2022 ₹476 Cr | Dec 2022 ₹494 Cr | Mar 2023 ₹496 Cr | Jun 2023 ₹476 Cr | Sep 2023 ₹433 Cr | Dec 2023 ₹415 Cr | Mar 2024 ₹413 Cr | Jun 2024 ₹435 Cr | Sep 2024 ₹256 Cr | Dec 2024 ₹344 Cr | Mar 2025 ₹407 Cr | Jun 2025 ₹406 Cr | Sep 2025 ₹397 Cr | Dec 2025 ₹371 Cr | Mar 2026 ₹423 Cr | Jun 2026 —
- WNC: Sep 2021 ₹370 Cr | Dec 2021 ₹356 Cr | Mar 2022 ₹411 Cr | Jun 2022 ₹317 Cr | Sep 2022 ₹363 Cr | Dec 2022 ₹338 Cr | Mar 2023 ₹328 Cr | Jun 2023 ₹528 Cr | Sep 2023 ₹497 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹281 Cr | Jun 2024 ₹320 Cr | Sep 2024 ₹315 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹336 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹331 Cr | Dec 2025 ₹411 Cr | Mar 2026 ₹455 Cr | Jun 2026 —
- TWI: Sep 2021 ₹387 Cr | Dec 2021 ₹387 Cr | Mar 2022 ₹424 Cr | Jun 2022 ₹368 Cr | Sep 2022 ₹330 Cr | Dec 2022 ₹286 Cr | Mar 2023 ₹273 Cr | Jun 2023 ₹234 Cr | Sep 2023 ₹215 Cr | Dec 2023 ₹217 Cr | Mar 2024 ₹477 Cr | Jun 2024 ₹431 Cr | Sep 2024 ₹414 Cr | Dec 2024 ₹487 Cr | Mar 2025 ₹531 Cr | Jun 2025 ₹529 Cr | Sep 2025 ₹501 Cr | Dec 2025 ₹508 Cr | Mar 2026 ₹564 Cr | Jun 2026 —
- MTW: Sep 2021 ₹209 Cr | Dec 2021 ₹361 Cr | Mar 2022 ₹364 Cr | Jun 2022 ₹376 Cr | Sep 2022 ₹392 Cr | Dec 2022 ₹356 Cr | Mar 2023 ₹353 Cr | Jun 2023 ₹393 Cr | Sep 2023 ₹395 Cr | Dec 2023 ₹385 Cr | Mar 2024 ₹430 Cr | Jun 2024 ₹434 Cr | Sep 2024 ₹489 Cr | Dec 2024 ₹389 Cr | Mar 2025 ₹413 Cr | Jun 2025 ₹492 Cr | Sep 2025 ₹514 Cr | Dec 2025 ₹437 Cr | Mar 2026 ₹421 Cr | Jun 2026 —
- CMCO: Sep 2021 ₹348 Cr | Dec 2021 ₹414 Cr | Mar 2022 ₹396 Cr | Jun 2022 ₹415 Cr | Sep 2022 ₹402 Cr | Dec 2022 ₹400 Cr | Mar 2023 ₹339 Cr | Jun 2023 ₹473 Cr | Sep 2023 ₹466 Cr | Dec 2023 ₹447 Cr | Mar 2024 ₹416 Cr | Jun 2024 ₹442 Cr | Sep 2024 ₹445 Cr | Dec 2024 ₹445 Cr | Mar 2025 ₹417 Cr | Jun 2025 ₹445 Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹415 Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- GENC: Sep 2021 ₹-117 Cr | Dec 2021 ₹-116 Cr | Mar 2022 ₹-116 Cr | Jun 2022 ₹-111 Cr | Sep 2022 ₹-99 Cr | Dec 2022 ₹-98 Cr | Mar 2023 ₹-105 Cr | Jun 2023 ₹-95 Cr | Sep 2023 ₹-101 Cr | Dec 2023 ₹-105 Cr | Mar 2024 ₹-116 Cr | Jun 2024 ₹-117 Cr | Sep 2024 ₹-115 Cr | Dec 2024 ₹-130 Cr | Mar 2025 ₹-143 Cr | Jun 2025 ₹-136 Cr | Sep 2025 ₹-136 Cr | Dec 2025 ₹-148 Cr | Mar 2026 ₹-155 Cr | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 ₹-1 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-20 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-16 Cr | Jun 2023 ₹-14 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-13 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹-7 Cr | Jun 2026 ₹0 Cr

## Return On Capital Employed

What the numbers say: SunScout Holding Limited leads ROCE at 30.5%, 20.1 percentage points above Blue Bird Corporation. SunScout Holding Limited has the strongest latest improvement at +14.6 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: SunScout Holding Limited sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: SunScout Holding Limited · 30.5% | 193.3% versus #2 · Blue Bird Corporation | Not enough history | 21/21 companies · 365 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. SunScout Holding Limited (SNSC): 31%
2. Blue Bird Corporation (BLBD): 10%
3. Caterpillar Inc. (CAT): 5.5%
4. Federal Signal Corporation (FSS): 5.3%
5. Deere & Company (DE): 4.3%

### ROCE change — fastest improvers
1. SunScout Holding Limited (SNSC): +14.6 pp
2. Federal Signal Corporation (FSS): +1.0 pp
3. Caterpillar Inc. (CAT): +0.5 pp
4. AGCO Corporation (AGCO): +0.4 pp
5. The Manitowoc Company, Inc. (MTW): −0.2 pp

### 20-quarter ROCE history
- CAT: Sep 2021 3.1% | Dec 2021 3.1% | Mar 2022 3.5% | Jun 2022 3.7% | Sep 2022 4.6% | Dec 2022 3.3% | Mar 2023 5.2% | Jun 2023 7.1% | Sep 2023 6.6% | Dec 2023 6.1% | Mar 2024 6.8% | Jun 2024 7.0% | Sep 2024 5.8% | Dec 2024 5.4% | Mar 2025 5.0% | Jun 2025 5.4% | Sep 2025 5.5% | Dec 2025 4.5% | Mar 2026 5.5% | Jun 2026 —
- DE: Sep 2021 — | Dec 2021 3.4% | Mar 2022 2.6% | Jun 2022 5.0% | Sep 2022 5.2% | Dec 2022 5.7% | Mar 2023 5.2% | Jun 2023 7.6% | Sep 2023 7.1% | Dec 2023 6.4% | Mar 2024 4.9% | Jun 2024 6.2% | Sep 2024 4.8% | Dec 2024 3.6% | Mar 2025 2.6% | Jun 2025 4.6% | Sep 2025 3.4% | Dec 2025 3.1% | Mar 2026 2.2% | Jun 2026 4.3%
- PCAR: Sep 2021 2.3% | Dec 2021 3.0% | Mar 2022 3.5% | Jun 2022 4.2% | Sep 2022 4.3% | Dec 2022 5.0% | Mar 2023 6.3% | Jun 2023 6.2% | Sep 2023 6.1% | Dec 2023 6.0% | Mar 2024 5.3% | Jun 2024 4.8% | Sep 2024 3.9% | Dec 2024 3.5% | Mar 2025 3.0% | Jun 2025 2.7% | Sep 2025 2.0% | Dec 2025 1.9% | Mar 2026 2.1% | Jun 2026 —
- CNH: Sep 2021 1.7% | Dec 2021 1.1% | Mar 2022 1.8% | Jun 2022 2.7% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 2.7% | Jun 2023 3.4% | Sep 2023 2.8% | Dec 2023 2.6% | Mar 2024 2.0% | Jun 2024 2.2% | Sep 2024 1.8% | Dec 2024 1.6% | Mar 2025 1.3% | Jun 2025 1.6% | Sep 2025 1.0% | Dec 2025 1.3% | Mar 2026 1.0% | Jun 2026 —
- OSK: Sep 2021 2.3% | Dec 2021 0.9% | Mar 2022 0.7% | Jun 2022 1.7% | Sep 2022 2.4% | Dec 2022 2.9% | Mar 2023 2.6% | Jun 2023 4.6% | Sep 2023 4.9% | Dec 2023 3.8% | Mar 2024 4.5% | Jun 2024 4.4% | Sep 2024 4.4% | Dec 2024 3.6% | Mar 2025 2.7% | Jun 2025 4.3% | Sep 2025 3.8% | Dec 2025 3.1% | Mar 2026 1.2% | Jun 2026 —
- AGCO: Sep 2021 4.8% | Dec 2021 4.9% | Mar 2022 3.6% | Jun 2022 4.6% | Sep 2022 5.7% | Dec 2022 7.9% | Mar 2023 5.8% | Jun 2023 7.4% | Sep 2023 6.3% | Dec 2023 6.0% | Mar 2024 3.4% | Jun 2024 -3.0% | Sep 2024 1.4% | Dec 2024 -3.7% | Mar 2025 0.6% | Jun 2025 1.8% | Sep 2025 1.7% | Dec 2025 3.0% | Mar 2026 1.0% | Jun 2026 —
- TEX: Sep 2021 3.4% | Dec 2021 3.3% | Mar 2022 3.6% | Jun 2022 5.0% | Sep 2022 5.8% | Dec 2022 5.9% | Mar 2023 6.9% | Jun 2023 9.6% | Sep 2023 7.4% | Dec 2023 5.0% | Mar 2024 6.5% | Jun 2024 7.7% | Sep 2024 4.7% | Dec 2024 1.5% | Mar 2025 1.9% | Jun 2025 3.4% | Sep 2025 3.6% | Dec 2025 2.9% | Mar 2026 -1.2% | Jun 2026 —
- FSS: Sep 2021 3.1% | Dec 2021 2.7% | Mar 2022 2.4% | Jun 2022 3.9% | Sep 2022 3.2% | Dec 2022 3.7% | Mar 2023 3.0% | Jun 2023 4.4% | Sep 2023 4.6% | Dec 2023 4.6% | Mar 2024 3.8% | Jun 2024 5.5% | Sep 2024 5.1% | Dec 2024 4.8% | Mar 2025 4.3% | Jun 2025 6.2% | Sep 2025 5.9% | Dec 2025 4.6% | Mar 2026 5.3% | Jun 2026 —
- BLBD: Sep 2021 — | Dec 2021 -1.1% | Mar 2022 -0.9% | Jun 2022 -8.0% | Sep 2022 0.5% | Dec 2022 -11% | Mar 2023 — | Jun 2023 6.3% | Sep 2023 8.7% | Dec 2023 19% | Mar 2024 18% | Jun 2024 18% | Sep 2024 11% | Dec 2024 12% | Mar 2025 12% | Jun 2025 16% | Sep 2025 15% | Dec 2025 11% | Mar 2026 10% | Jun 2026 —
- ALG: Sep 2021 2.9% | Dec 2021 2.8% | Mar 2022 2.7% | Jun 2022 3.8% | Sep 2022 3.3% | Dec 2022 4.0% | Mar 2023 4.1% | Jun 2023 4.6% | Sep 2023 4.2% | Dec 2023 3.9% | Mar 2024 3.7% | Jun 2024 3.4% | Sep 2024 3.2% | Dec 2024 2.8% | Mar 2025 3.4% | Jun 2025 3.6% | Sep 2025 2.8% | Dec 2025 1.7% | Mar 2026 3.0% | Jun 2026 —
- ASTE: Sep 2021 0.9% | Dec 2021 -0.9% | Mar 2022 0.6% | Jun 2022 -0.2% | Sep 2022 0.3% | Dec 2022 0.5% | Mar 2023 2.5% | Jun 2023 2.4% | Sep 2023 -0.7% | Dec 2023 2.5% | Mar 2024 0.8% | Jun 2024 -1.4% | Sep 2024 -0.9% | Dec 2024 4.5% | Mar 2025 2.6% | Jun 2025 2.7% | Sep 2025 0.1% | Dec 2025 2.5% | Mar 2026 1.0% | Jun 2026 —
- LNN: Sep 2021 — | Dec 2021 2.7% | Mar 2022 3.7% | Jun 2022 6.8% | Sep 2022 5.3% | Dec 2022 4.6% | Mar 2023 5.0% | Jun 2023 4.8% | Sep 2023 4.0% | Dec 2023 3.6% | Mar 2024 3.6% | Jun 2024 3.3% | Sep 2024 2.2% | Dec 2024 3.3% | Mar 2025 4.9% | Jun 2025 3.6% | Sep 2025 1.7% | Dec 2025 3.0% | Mar 2026 1.9% | Jun 2026 2.7%
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 2.0% | Dec 2024 1.5% | Mar 2025 3.4% | Jun 2025 3.0% | Sep 2025 1.4% | Dec 2025 2.3% | Mar 2026 1.3% | Jun 2026 —
- HY: Sep 2021 -5.3% | Dec 2021 -11% | Mar 2022 -2.0% | Jun 2022 -1.7% | Sep 2022 -3.1% | Dec 2022 2.6% | Mar 2023 5.5% | Jun 2023 8.0% | Sep 2023 8.5% | Dec 2023 6.3% | Mar 2024 10% | Jun 2024 11% | Sep 2024 3.7% | Dec 2024 3.5% | Mar 2025 2.2% | Jun 2025 -0.9% | Sep 2025 0.2% | Dec 2025 -3.7% | Mar 2026 -2.8% | Jun 2026 —
- WNC: Sep 2021 2.0% | Dec 2021 -2.1% | Mar 2022 2.2% | Jun 2022 4.1% | Sep 2022 6.0% | Dec 2022 6.9% | Mar 2023 7.9% | Jun 2023 11% | Sep 2023 8.3% | Dec 2023 6.5% | Mar 2024 3.1% | Jun 2024 4.4% | Sep 2024 -41% | Dec 2024 0.3% | Mar 2025 31% | Jun 2025 -0.5% | Sep 2025 5.7% | Dec 2025 -6.1% | Mar 2026 -5.6% | Jun 2026 —
- TWI: Sep 2021 3.3% | Dec 2021 3.4% | Mar 2022 6.1% | Jun 2022 9.3% | Sep 2022 6.8% | Dec 2022 5.2% | Mar 2023 6.7% | Jun 2023 5.4% | Sep 2023 3.3% | Dec 2023 2.3% | Mar 2024 2.3% | Jun 2024 2.0% | Sep 2024 0.3% | Dec 2024 -1.6% | Mar 2025 0.9% | Jun 2025 0.8% | Sep 2025 0.8% | Dec 2025 -0.9% | Mar 2026 -1.1% | Jun 2026 —
- MTW: Sep 2021 0.6% | Dec 2021 0.1% | Mar 2022 1.5% | Jun 2022 1.5% | Sep 2022 0.6% | Dec 2022 3.0% | Mar 2023 2.6% | Jun 2023 3.0% | Sep 2023 1.6% | Dec 2023 0.9% | Mar 2024 1.4% | Jun 2024 1.1% | Sep 2024 0.6% | Dec 2024 1.4% | Mar 2025 0.4% | Jun 2025 0.8% | Sep 2025 1.4% | Dec 2025 1.6% | Mar 2026 0.2% | Jun 2026 —
- CMCO: Sep 2021 2.0% | Dec 2021 1.3% | Mar 2022 2.0% | Jun 2022 1.7% | Sep 2022 2.0% | Dec 2022 1.4% | Mar 2023 1.9% | Jun 2023 1.4% | Sep 2023 2.2% | Dec 2023 1.8% | Mar 2024 1.7% | Jun 2024 1.3% | Sep 2024 0.7% | Dec 2024 1.1% | Mar 2025 0.3% | Jun 2025 0.4% | Sep 2025 0.8% | Dec 2025 1.1% | Mar 2026 -5.4% | Jun 2026 —
- GENC: Sep 2021 -0.4% | Dec 2021 -0.6% | Mar 2022 1.1% | Jun 2022 1.3% | Sep 2022 0.7% | Dec 2022 1.3% | Mar 2023 3.0% | Jun 2023 2.0% | Sep 2023 1.5% | Dec 2023 1.9% | Mar 2024 3.8% | Jun 2024 1.1% | Sep 2024 0.7% | Dec 2024 2.4% | Mar 2025 3.2% | Jun 2025 1.5% | Sep 2025 -0.1% | Dec 2025 1.5% | Mar 2026 2.0% | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -13% | Dec 2022 -16% | Mar 2023 -2.6% | Jun 2023 -4.4% | Sep 2023 -5.4% | Dec 2023 -7.2% | Mar 2024 -6.9% | Jun 2024 -3.7% | Sep 2024 13% | Dec 2024 6.0% | Mar 2025 11% | Jun 2025 0.0% | Sep 2025 -53% | Dec 2025 29% | Mar 2026 -75% | Jun 2026 -44%

### 20-quarter ROCE change history
- CAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 +0.2 pp | Mar 2023 +1.7 pp | Jun 2023 +3.4 pp | Sep 2023 +2.0 pp | Dec 2023 +2.8 pp | Mar 2024 +1.6 pp | Jun 2024 −0.1 pp | Sep 2024 −0.8 pp | Dec 2024 −0.7 pp | Mar 2025 −1.8 pp | Jun 2025 −1.6 pp | Sep 2025 −0.3 pp | Dec 2025 −0.9 pp | Mar 2026 +0.5 pp | Jun 2026 —
- DE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.3 pp | Mar 2023 +2.6 pp | Jun 2023 +2.6 pp | Sep 2023 +1.9 pp | Dec 2023 +0.7 pp | Mar 2024 −0.3 pp | Jun 2024 −1.4 pp | Sep 2024 −2.3 pp | Dec 2024 −2.8 pp | Mar 2025 −2.3 pp | Jun 2025 −1.6 pp | Sep 2025 −1.4 pp | Dec 2025 −0.5 pp | Mar 2026 −0.4 pp | Jun 2026 −0.3 pp
- PCAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +2.0 pp | Mar 2023 +2.8 pp | Jun 2023 +2.0 pp | Sep 2023 +1.8 pp | Dec 2023 +1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.4 pp | Sep 2024 −2.2 pp | Dec 2024 −2.5 pp | Mar 2025 −2.3 pp | Jun 2025 −2.1 pp | Sep 2025 −1.9 pp | Dec 2025 −1.6 pp | Mar 2026 −0.9 pp | Jun 2026 —
- CNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.4 pp | Mar 2023 +0.9 pp | Jun 2023 +0.7 pp | Sep 2023 +0.2 pp | Dec 2023 +0.1 pp | Mar 2024 −0.7 pp | Jun 2024 −1.2 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −0.7 pp | Jun 2025 −0.6 pp | Sep 2025 −0.8 pp | Dec 2025 −0.3 pp | Mar 2026 −0.3 pp | Jun 2026 —
- OSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +2.0 pp | Mar 2023 +1.9 pp | Jun 2023 +2.9 pp | Sep 2023 +2.5 pp | Dec 2023 +0.9 pp | Mar 2024 +1.9 pp | Jun 2024 −0.2 pp | Sep 2024 −0.5 pp | Dec 2024 −0.2 pp | Mar 2025 −1.8 pp | Jun 2025 −0.1 pp | Sep 2025 −0.6 pp | Dec 2025 −0.5 pp | Mar 2026 −1.5 pp | Jun 2026 —
- AGCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +3.0 pp | Mar 2023 +2.2 pp | Jun 2023 +2.8 pp | Sep 2023 +0.6 pp | Dec 2023 −1.9 pp | Mar 2024 −2.4 pp | Jun 2024 −10.4 pp | Sep 2024 −4.9 pp | Dec 2024 −9.7 pp | Mar 2025 −2.8 pp | Jun 2025 +4.8 pp | Sep 2025 +0.3 pp | Dec 2025 +6.7 pp | Mar 2026 +0.4 pp | Jun 2026 —
- TEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.4 pp | Dec 2022 +2.6 pp | Mar 2023 +3.3 pp | Jun 2023 +4.6 pp | Sep 2023 +1.6 pp | Dec 2023 −0.9 pp | Mar 2024 −0.4 pp | Jun 2024 −1.9 pp | Sep 2024 −2.7 pp | Dec 2024 −3.5 pp | Mar 2025 −4.6 pp | Jun 2025 −4.3 pp | Sep 2025 −1.1 pp | Dec 2025 +1.4 pp | Mar 2026 −3.1 pp | Jun 2026 —
- FSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +1.0 pp | Mar 2023 +0.6 pp | Jun 2023 +0.5 pp | Sep 2023 +1.4 pp | Dec 2023 +0.9 pp | Mar 2024 +0.8 pp | Jun 2024 +1.1 pp | Sep 2024 +0.5 pp | Dec 2024 +0.2 pp | Mar 2025 +0.5 pp | Jun 2025 +0.7 pp | Sep 2025 +0.8 pp | Dec 2025 −0.2 pp | Mar 2026 +1.0 pp | Jun 2026 —
- BLBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −9.6 pp | Mar 2023 — | Jun 2023 +14.3 pp | Sep 2023 +8.2 pp | Dec 2023 +29.2 pp | Mar 2024 — | Jun 2024 +11.6 pp | Sep 2024 +2.0 pp | Dec 2024 −6.5 pp | Mar 2025 −5.7 pp | Jun 2025 −1.7 pp | Sep 2025 +4.2 pp | Dec 2025 −1.4 pp | Mar 2026 −1.8 pp | Jun 2026 —
- ALG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +1.2 pp | Mar 2023 +1.4 pp | Jun 2023 +0.8 pp | Sep 2023 +0.9 pp | Dec 2023 −0.1 pp | Mar 2024 −0.4 pp | Jun 2024 −1.2 pp | Sep 2024 −1.0 pp | Dec 2024 −1.1 pp | Mar 2025 −0.3 pp | Jun 2025 +0.2 pp | Sep 2025 −0.4 pp | Dec 2025 −1.1 pp | Mar 2026 −0.4 pp | Jun 2026 —
- ASTE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 +1.4 pp | Mar 2023 +1.9 pp | Jun 2023 +2.6 pp | Sep 2023 −1.0 pp | Dec 2023 +2.0 pp | Mar 2024 −1.7 pp | Jun 2024 −3.8 pp | Sep 2024 −0.2 pp | Dec 2024 +2.0 pp | Mar 2025 +1.8 pp | Jun 2025 +4.1 pp | Sep 2025 +1.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.6 pp | Jun 2026 —
- LNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.9 pp | Mar 2023 +1.3 pp | Jun 2023 −2.0 pp | Sep 2023 −1.3 pp | Dec 2023 −1.0 pp | Mar 2024 −1.4 pp | Jun 2024 −1.5 pp | Sep 2024 −1.8 pp | Dec 2024 −0.3 pp | Mar 2025 +1.3 pp | Jun 2025 +0.3 pp | Sep 2025 −0.5 pp | Dec 2025 −0.3 pp | Mar 2026 −3.0 pp | Jun 2026 −0.9 pp
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +2.0 pp | Dec 2024 +1.5 pp | Mar 2025 — | Jun 2025 — | Sep 2025 −0.6 pp | Dec 2025 +0.8 pp | Mar 2026 −2.1 pp | Jun 2026 —
- HY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.2 pp | Dec 2022 +13.5 pp | Mar 2023 +7.5 pp | Jun 2023 +9.7 pp | Sep 2023 +11.6 pp | Dec 2023 +3.7 pp | Mar 2024 +4.9 pp | Jun 2024 +3.4 pp | Sep 2024 −4.8 pp | Dec 2024 −2.8 pp | Mar 2025 −8.2 pp | Jun 2025 −12.3 pp | Sep 2025 −3.5 pp | Dec 2025 −7.2 pp | Mar 2026 −5.0 pp | Jun 2026 —
- WNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.0 pp | Dec 2022 +9.0 pp | Mar 2023 +5.7 pp | Jun 2023 +7.3 pp | Sep 2023 +2.3 pp | Dec 2023 −0.4 pp | Mar 2024 −4.8 pp | Jun 2024 −7.0 pp | Sep 2024 −49.3 pp | Dec 2024 −6.2 pp | Mar 2025 +28.2 pp | Jun 2025 −4.9 pp | Sep 2025 +46.7 pp | Dec 2025 −6.4 pp | Mar 2026 −36.9 pp | Jun 2026 —
- TWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.5 pp | Dec 2022 +1.8 pp | Mar 2023 +0.6 pp | Jun 2023 −3.9 pp | Sep 2023 −3.5 pp | Dec 2023 −2.9 pp | Mar 2024 −4.4 pp | Jun 2024 −3.4 pp | Sep 2024 −3.0 pp | Dec 2024 −3.9 pp | Mar 2025 −1.4 pp | Jun 2025 −1.2 pp | Sep 2025 +0.5 pp | Dec 2025 +0.7 pp | Mar 2026 −2.0 pp | Jun 2026 —
- MTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +2.9 pp | Mar 2023 +1.1 pp | Jun 2023 +1.5 pp | Sep 2023 +1.0 pp | Dec 2023 −2.1 pp | Mar 2024 −1.2 pp | Jun 2024 −1.9 pp | Sep 2024 −1.0 pp | Dec 2024 +0.5 pp | Mar 2025 −1.0 pp | Jun 2025 −0.3 pp | Sep 2025 +0.8 pp | Dec 2025 +0.2 pp | Mar 2026 −0.2 pp | Jun 2026 —
- CMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 −0.1 pp | Jun 2023 −0.3 pp | Sep 2023 +0.2 pp | Dec 2023 +0.4 pp | Mar 2024 −0.2 pp | Jun 2024 −0.1 pp | Sep 2024 −1.5 pp | Dec 2024 −0.7 pp | Mar 2025 −1.4 pp | Jun 2025 −0.9 pp | Sep 2025 +0.1 pp | Dec 2025 0.0 pp | Mar 2026 −5.7 pp | Jun 2026 —
- GENC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +1.9 pp | Mar 2023 +1.9 pp | Jun 2023 +0.7 pp | Sep 2023 +0.8 pp | Dec 2023 +0.6 pp | Mar 2024 +0.8 pp | Jun 2024 −0.9 pp | Sep 2024 −0.8 pp | Dec 2024 +0.5 pp | Mar 2025 −0.6 pp | Jun 2025 +0.4 pp | Sep 2025 −0.8 pp | Dec 2025 −0.9 pp | Mar 2026 −1.2 pp | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +7.6 pp | Dec 2023 +8.7 pp | Mar 2024 −4.3 pp | Jun 2024 +0.7 pp | Sep 2024 +18.2 pp | Dec 2024 +13.2 pp | Mar 2025 +17.7 pp | Jun 2025 +3.7 pp | Sep 2025 −65.8 pp | Dec 2025 +23.2 pp | Mar 2026 −86.1 pp | Jun 2026 −43.5 pp

## Valuation Against Growth & Quality

What the numbers say: The Manitowoc Company, Inc. has the lowest comparable Guarded PEG at 0.14×, 69.6% below CNH Industrial N.V.. Only 14 of 21 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: The Manitowoc Company, Inc. · 0.14× | 69.6% versus #2 · CNH Industrial N.V. | 0/8 recent comparable periods | 14/21 companies · 69 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. The Manitowoc Company, Inc. (MTW): 0.1
2. CNH Industrial N.V. (CNH): 0.5
3. Blue Bird Corporation (BLBD): 0.5
4. AGCO Corporation (AGCO): 0.6
5. Terex Corporation (TEX): 0.7

### P/E — lowest P/E
1. CEA Industries Inc. (BNC): 1.2
2. Wabash National Corporation (WNC): 1.7
3. AGCO Corporation (AGCO): 11.2
4. Blue Bird Corporation (BLBD): 13.5
5. Oshkosh Corporation (OSK): 16.4

### 20-quarter Guarded PEG history
- CAT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.3 | Jun 2023 0.5 | Sep 2023 0.6 | Dec 2023 0.3 | Mar 2024 — | Jun 2024 0.4 | Sep 2024 0.8 | Dec 2024 1.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 — | Dec 2023 0.2 | Mar 2024 0.4 | Jun 2024 1.0 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PCAR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 — | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 — | Jun 2024 0.3 | Sep 2024 1.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CNH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.5 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- OSK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.3 | Dec 2024 0.7 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AGCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.2 | Jun 2023 0.2 | Sep 2023 0.2 | Dec 2023 0.2 | Mar 2024 0.6 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TEX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.2 | Jun 2024 0.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- FSS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 0.9 | Sep 2023 0.6 | Dec 2023 1.0 | Mar 2024 0.7 | Jun 2024 0.5 | Sep 2024 0.6 | Dec 2024 0.7 | Mar 2025 1.4 | Jun 2025 3.3 | Sep 2025 2.8 | Dec 2025 1.9 | Mar 2026 0.9 | Jun 2026 —
- BLBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.2 | Jun 2025 0.4 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 —
- ALG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.4 | Dec 2023 0.6 | Mar 2024 1.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LNN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 1.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.6 | Jun 2025 3.6 | Sep 2025 1.6 | Dec 2025 2.0 | Mar 2026 — | Jun 2026 —
- HY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.2 | Dec 2024 0.6 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.2 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TWI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MTW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CMCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.9 | Sep 2023 1.0 | Dec 2023 4.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GENC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.5 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.7 | Dec 2025 1.3 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- CAT: Sep 2021 20.5 | Dec 2021 17.5 | Mar 2022 18.7 | Jun 2022 14.3 | Sep 2022 11.9 | Dec 2022 19.0 | Mar 2023 16.9 | Jun 2023 15.3 | Sep 2023 15.5 | Dec 2023 14.7 | Mar 2024 16.5 | Jun 2024 15.2 | Sep 2024 18.1 | Dec 2024 16.5 | Mar 2025 16.1 | Jun 2025 19.8 | Sep 2025 24.5 | Dec 2025 30.5 | Mar 2026 35.3 | Jun 2026 —
- DE: Sep 2021 — | Dec 2021 18.0 | Mar 2022 20.7 | Jun 2022 19.7 | Sep 2022 17.2 | Dec 2022 17.1 | Mar 2023 15.5 | Jun 2023 12.7 | Sep 2023 12.6 | Dec 2023 10.4 | Mar 2024 11.5 | Jun 2024 11.8 | Sep 2024 13.2 | Dec 2024 15.9 | Mar 2025 21.2 | Jun 2025 22.2 | Sep 2025 27.1 | Dec 2025 25.0 | Mar 2026 29.8 | Jun 2026 32.7
- PCAR: Sep 2021 15.7 | Dec 2021 16.5 | Mar 2022 15.4 | Jun 2022 13.0 | Sep 2022 11.2 | Dec 2022 11.5 | Mar 2023 12.2 | Jun 2023 12.0 | Sep 2023 10.9 | Dec 2023 11.2 | Mar 2024 12.9 | Jun 2024 10.9 | Sep 2024 11.7 | Dec 2024 13.2 | Mar 2025 16.0 | Jun 2025 17.8 | Sep 2025 19.2 | Dec 2025 24.3 | Mar 2026 24.6 | Jun 2026 —
- CNH: Sep 2021 15.7 | Dec 2021 15.3 | Mar 2022 14.3 | Jun 2022 10.5 | Sep 2022 8.8 | Dec 2022 10.8 | Mar 2023 9.6 | Jun 2023 8.4 | Sep 2023 7.1 | Dec 2023 7.2 | Mar 2024 7.9 | Jun 2024 7.0 | Sep 2024 8.6 | Dec 2024 12.7 | Mar 2025 15.4 | Jun 2025 19.9 | Sep 2025 23.1 | Dec 2025 23.6 | Mar 2026 35.5 | Jun 2026 —
- OSK: Sep 2021 13.9 | Dec 2021 16.9 | Mar 2022 21.0 | Jun 2022 38.0 | Sep 2022 38.0 | Dec 2022 33.5 | Mar 2023 20.9 | Jun 2023 14.0 | Sep 2023 12.0 | Dec 2023 11.9 | Mar 2024 11.9 | Jun 2024 10.5 | Sep 2024 9.7 | Dec 2024 9.2 | Mar 2025 10.1 | Jun 2025 11.4 | Sep 2025 12.7 | Dec 2025 12.5 | Mar 2026 16.4 | Jun 2026 —
- AGCO: Sep 2021 12.4 | Dec 2021 9.8 | Mar 2022 12.3 | Jun 2022 9.4 | Sep 2022 8.5 | Dec 2022 11.7 | Mar 2023 10.5 | Jun 2023 8.9 | Sep 2023 7.7 | Dec 2023 7.8 | Mar 2024 8.3 | Jun 2024 17.5 | Sep 2024 43.3 | Dec 2024 — | Mar 2025 — | Jun 2025 77.0 | Sep 2025 21.3 | Dec 2025 10.7 | Mar 2026 11.2 | Jun 2026 —
- TEX: Sep 2021 16.9 | Dec 2021 14.1 | Mar 2022 10.9 | Jun 2022 8.3 | Sep 2022 7.7 | Dec 2022 9.9 | Mar 2023 9.2 | Jun 2023 9.2 | Sep 2023 8.1 | Dec 2023 7.6 | Mar 2024 8.5 | Jun 2024 7.5 | Sep 2024 7.7 | Dec 2024 9.3 | Mar 2025 10.3 | Jun 2025 17.4 | Sep 2025 21.8 | Dec 2025 16.0 | Mar 2026 28.3 | Jun 2026 —
- FSS: Sep 2021 22.3 | Dec 2021 26.6 | Mar 2022 21.1 | Jun 2022 21.3 | Sep 2022 21.7 | Dec 2022 23.6 | Mar 2023 25.9 | Jun 2023 29.1 | Sep 2023 25.0 | Dec 2023 30.0 | Mar 2024 28.7 | Jun 2024 25.4 | Sep 2024 27.1 | Dec 2024 26.4 | Mar 2025 21.5 | Jun 2025 29.6 | Sep 2025 31.1 | Dec 2025 27.1 | Mar 2026 24.6 | Jun 2026 —
- BLBD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 28.9 | Dec 2023 14.2 | Mar 2024 15.5 | Jun 2024 17.8 | Sep 2024 15.3 | Dec 2024 12.2 | Mar 2025 10.2 | Jun 2025 12.3 | Sep 2025 14.9 | Dec 2025 12.8 | Mar 2026 13.5 | Jun 2026 —
- ALG: Sep 2021 23.6 | Dec 2021 21.8 | Mar 2022 21.1 | Jun 2022 16.6 | Sep 2022 15.8 | Dec 2022 16.6 | Mar 2023 18.8 | Jun 2023 17.7 | Sep 2023 15.5 | Dec 2023 18.5 | Mar 2024 20.3 | Jun 2024 16.4 | Sep 2024 18.1 | Dec 2024 19.3 | Mar 2025 18.6 | Jun 2025 22.2 | Sep 2025 19.8 | Dec 2025 19.5 | Mar 2026 19.7 | Jun 2026 —
- ASTE: Sep 2021 30.1 | Dec 2021 100.4 | Mar 2022 87.8 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 117.9 | Jun 2023 41.3 | Sep 2023 60.4 | Dec 2023 25.3 | Mar 2024 40.1 | Jun 2024 — | Sep 2024 — | Dec 2024 176.8 | Mar 2025 52.2 | Jun 2025 21.0 | Sep 2025 23.1 | Dec 2025 25.8 | Mar 2026 48.1 | Jun 2026 —
- LNN: Sep 2021 — | Dec 2021 36.9 | Mar 2022 31.4 | Jun 2022 26.0 | Sep 2022 27.0 | Dec 2022 25.7 | Mar 2023 21.0 | Jun 2023 18.3 | Sep 2023 19.0 | Dec 2023 19.1 | Mar 2024 19.0 | Jun 2024 17.4 | Sep 2024 20.6 | Dec 2024 21.3 | Mar 2025 18.8 | Jun 2025 20.0 | Sep 2025 20.2 | Dec 2025 17.0 | Mar 2026 24.7 | Jun 2026 21.0
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 52.0 | Dec 2025 74.4 | Mar 2026 80.9 | Jun 2026 —
- HY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 27.9 | Sep 2023 7.1 | Dec 2023 8.6 | Mar 2024 7.4 | Jun 2024 7.0 | Sep 2024 7.2 | Dec 2024 6.3 | Mar 2025 7.4 | Jun 2025 32.1 | Sep 2025 263.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- WNC: Sep 2021 24.4 | Dec 2021 976.0 | Mar 2022 78.1 | Jun 2022 33.1 | Sep 2022 16.9 | Dec 2022 10.0 | Mar 2023 8.0 | Jun 2023 6.2 | Sep 2023 4.6 | Dec 2023 5.3 | Mar 2024 7.2 | Jun 2024 6.7 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.6 | Dec 2025 1.7 | Mar 2026 — | Jun 2026 —
- TWI: Sep 2021 89.5 | Dec 2021 13.9 | Mar 2022 15.5 | Jun 2022 7.4 | Sep 2022 4.8 | Dec 2022 5.5 | Mar 2023 3.6 | Jun 2023 5.0 | Sep 2023 6.9 | Dec 2023 11.9 | Mar 2024 14.0 | Jun 2024 16.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MTW: Sep 2021 47.6 | Dec 2021 60.0 | Mar 2022 31.4 | Jun 2022 26.3 | Sep 2022 16.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 15.3 | Mar 2024 18.9 | Jun 2024 52.4 | Sep 2024 — | Dec 2024 5.9 | Mar 2025 6.9 | Jun 2025 9.6 | Sep 2025 6.3 | Dec 2025 60.0 | Mar 2026 58.3 | Jun 2026 —
- CMCO: Sep 2021 52.6 | Dec 2021 46.7 | Mar 2022 40.8 | Jun 2022 18.1 | Sep 2022 17.1 | Dec 2022 19.6 | Mar 2023 22.1 | Jun 2023 23.1 | Sep 2023 19.2 | Dec 2023 22.3 | Mar 2024 27.7 | Jun 2024 20.8 | Sep 2024 61.0 | Dec 2024 112.9 | Mar 2025 — | Jun 2025 — | Sep 2025 102.4 | Dec 2025 82.1 | Mar 2026 — | Jun 2026 —
- GENC: Sep 2021 28.4 | Dec 2021 42.7 | Mar 2022 73.4 | Jun 2022 — | Sep 2022 — | Dec 2022 43.9 | Mar 2023 29.0 | Jun 2023 19.0 | Sep 2023 14.1 | Dec 2023 15.2 | Mar 2024 14.5 | Jun 2024 17.6 | Sep 2024 21.1 | Dec 2024 18.6 | Mar 2025 12.8 | Jun 2025 13.5 | Sep 2025 13.7 | Dec 2025 12.5 | Mar 2026 17.1 | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.0 | Sep 2024 — | Dec 2024 45.9 | Mar 2025 0.0 | Jun 2025 0.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 1.2

## Enterprise Value & Book Value

What the numbers say: CEA Industries Inc. leads ev/ebitda at 0.52×; Columbus McKinnon Corporation leads p/bv at 0.29×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: CEA Industries Inc. · 0.52× | 75% versus #2 · Wabash National Corporation | 4/8 recent comparable periods | 20/21 companies · 339 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. CEA Industries Inc. (BNC): 0.5
2. Wabash National Corporation (WNC): 2.1
3. Gencor Industries, Inc. (GENC): 5.2
4. The Manitowoc Company, Inc. (MTW): 7.4
5. Blue Bird Corporation (BLBD): 8.1

### P/BV — lowest P/BV
1. Columbus McKinnon Corporation (CMCO): 0.3
2. CEA Industries Inc. (BNC): 0.4
3. The Manitowoc Company, Inc. (MTW): 0.6
4. Titan International, Inc. (TWI): 0.9
5. Aebi Schmidt Holding AG (AEBI): 0.9

### 20-quarter EV/EBITDA history
- CAT: Sep 2021 14.5 | Dec 2021 15.1 | Mar 2022 16.2 | Jun 2022 13.4 | Sep 2022 11.4 | Dec 2022 15.2 | Mar 2023 13.5 | Jun 2023 12.2 | Sep 2023 12.4 | Dec 2023 11.8 | Mar 2024 13.4 | Jun 2024 12.4 | Sep 2024 14.3 | Dec 2024 13.5 | Mar 2025 13.3 | Jun 2025 15.9 | Sep 2025 18.9 | Dec 2025 22.4 | Mar 2026 26.1 | Jun 2026 —
- DE: Sep 2021 — | Dec 2021 13.6 | Mar 2022 15.4 | Jun 2022 15.6 | Sep 2022 14.0 | Dec 2022 13.7 | Mar 2023 12.7 | Jun 2023 10.6 | Sep 2023 10.6 | Dec 2023 9.0 | Mar 2024 9.5 | Jun 2024 9.8 | Sep 2024 10.2 | Dec 2024 11.4 | Mar 2025 13.9 | Jun 2025 14.4 | Sep 2025 16.6 | Dec 2025 15.4 | Mar 2026 17.1 | Jun 2026 18.4
- PCAR: Sep 2021 10.6 | Dec 2021 12.3 | Mar 2022 11.1 | Jun 2022 9.7 | Sep 2022 8.7 | Dec 2022 8.9 | Mar 2023 8.5 | Jun 2023 8.5 | Sep 2023 7.7 | Dec 2023 8.2 | Mar 2024 11.0 | Jun 2024 9.5 | Sep 2024 9.7 | Dec 2024 10.4 | Mar 2025 11.1 | Jun 2025 12.2 | Sep 2025 13.8 | Dec 2025 16.8 | Mar 2026 18.7 | Jun 2026 —
- CNH: Sep 2021 25.6 | Dec 2021 16.7 | Mar 2022 12.4 | Jun 2022 4.6 | Sep 2022 10.2 | Dec 2022 10.7 | Mar 2023 10.2 | Jun 2023 9.6 | Sep 2023 8.7 | Dec 2023 2.4 | Mar 2024 9.4 | Jun 2024 9.3 | Sep 2024 10.4 | Dec 2024 9.4 | Mar 2025 12.8 | Jun 2025 14.3 | Sep 2025 15.0 | Dec 2025 11.5 | Mar 2026 16.6 | Jun 2026 —
- OSK: Sep 2021 9.2 | Dec 2021 107.2 | Mar 2022 12.9 | Jun 2022 15.5 | Sep 2022 12.6 | Dec 2022 11.6 | Mar 2023 9.4 | Jun 2023 7.9 | Sep 2023 8.0 | Dec 2023 7.8 | Mar 2024 8.2 | Jun 2024 7.2 | Sep 2024 6.6 | Dec 2024 5.7 | Mar 2025 6.5 | Jun 2025 7.3 | Sep 2025 7.9 | Dec 2025 7.3 | Mar 2026 9.4 | Jun 2026 —
- AGCO: Sep 2021 8.7 | Dec 2021 7.3 | Mar 2022 9.6 | Jun 2022 7.3 | Sep 2022 6.6 | Dec 2022 7.3 | Mar 2023 6.8 | Jun 2023 6.0 | Sep 2023 5.0 | Dec 2023 5.0 | Mar 2024 5.6 | Jun 2024 9.6 | Sep 2024 13.0 | Dec 2024 44.8 | Mar 2025 — | Jun 2025 27.6 | Sep 2025 24.4 | Dec 2025 10.4 | Mar 2026 11.3 | Jun 2026 —
- TEX: Sep 2021 9.5 | Dec 2021 9.1 | Mar 2022 7.7 | Jun 2022 6.5 | Sep 2022 6.2 | Dec 2022 7.1 | Mar 2023 7.0 | Jun 2023 6.8 | Sep 2023 6.2 | Dec 2023 5.8 | Mar 2024 6.6 | Jun 2024 5.8 | Sep 2024 5.8 | Dec 2024 8.6 | Mar 2025 8.8 | Jun 2025 10.4 | Sep 2025 9.9 | Dec 2025 8.3 | Mar 2026 17.4 | Jun 2026 —
- FSS: Sep 2021 13.9 | Dec 2021 16.1 | Mar 2022 12.9 | Jun 2022 12.9 | Sep 2022 13.1 | Dec 2022 14.7 | Mar 2023 16.1 | Jun 2023 17.7 | Sep 2023 14.9 | Dec 2023 17.3 | Mar 2024 18.1 | Jun 2024 16.6 | Sep 2024 17.5 | Dec 2024 16.8 | Mar 2025 13.1 | Jun 2025 17.5 | Sep 2025 18.4 | Dec 2025 17.0 | Mar 2026 15.4 | Jun 2026 —
- BLBD: Sep 2021 — | Dec 2021 39.2 | Mar 2022 37.1 | Jun 2022 3,854.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 52.2 | Dec 2023 8.0 | Mar 2024 8.6 | Jun 2024 11.1 | Sep 2024 9.9 | Dec 2024 8.2 | Mar 2025 6.8 | Jun 2025 8.1 | Sep 2025 9.4 | Dec 2025 7.8 | Mar 2026 8.1 | Jun 2026 —
- ALG: Sep 2021 12.4 | Dec 2021 12.2 | Mar 2022 12.1 | Jun 2022 9.7 | Sep 2022 9.8 | Dec 2022 9.9 | Mar 2023 11.4 | Jun 2023 10.6 | Sep 2023 9.3 | Dec 2023 11.0 | Mar 2024 12.0 | Jun 2024 9.4 | Sep 2024 9.9 | Dec 2024 10.4 | Mar 2025 10.0 | Jun 2025 12.0 | Sep 2025 10.4 | Dec 2025 9.3 | Mar 2026 10.2 | Jun 2026 —
- ASTE: Sep 2021 24.0 | Dec 2021 28.7 | Mar 2022 19.9 | Jun 2022 28.4 | Sep 2022 26.2 | Dec 2022 26.5 | Mar 2023 19.9 | Jun 2023 15.8 | Sep 2023 18.8 | Dec 2023 11.6 | Mar 2024 16.9 | Jun 2024 21.0 | Sep 2024 23.4 | Dec 2024 15.8 | Mar 2025 12.5 | Jun 2025 10.0 | Sep 2025 12.7 | Dec 2025 12.4 | Mar 2026 15.8 | Jun 2026 —
- LNN: Sep 2021 — | Dec 2021 20.5 | Mar 2022 18.1 | Jun 2022 14.9 | Sep 2022 15.5 | Dec 2022 15.6 | Mar 2023 12.5 | Jun 2023 10.2 | Sep 2023 11.0 | Dec 2023 10.8 | Mar 2024 11.4 | Jun 2024 11.5 | Sep 2024 13.1 | Dec 2024 14.1 | Mar 2025 12.8 | Jun 2025 12.9 | Sep 2025 12.5 | Dec 2025 10.7 | Mar 2026 15.1 | Jun 2026 12.9
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 17.6 | Dec 2025 13.9 | Mar 2026 11.4 | Jun 2026 —
- HY: Sep 2021 87.8 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 219.4 | Mar 2023 60.3 | Jun 2023 37.5 | Sep 2023 19.0 | Dec 2023 5.9 | Mar 2024 5.3 | Jun 2024 11.8 | Sep 2024 3.5 | Dec 2024 3.2 | Mar 2025 8.2 | Jun 2025 29.9 | Sep 2025 12.6 | Dec 2025 60.4 | Mar 2026 27.2 | Jun 2026 —
- WNC: Sep 2021 10.0 | Dec 2021 15.9 | Mar 2022 12.3 | Jun 2022 9.3 | Sep 2022 8.0 | Dec 2022 6.6 | Mar 2023 5.8 | Jun 2023 5.3 | Sep 2023 4.2 | Dec 2023 3.9 | Mar 2024 5.1 | Jun 2024 4.9 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.7 | Dec 2025 2.1 | Mar 2026 — | Jun 2026 —
- TWI: Sep 2021 8.9 | Dec 2021 8.4 | Mar 2022 8.3 | Jun 2022 6.4 | Sep 2022 4.7 | Dec 2022 5.0 | Mar 2023 3.6 | Jun 2023 4.1 | Sep 2023 5.0 | Dec 2023 5.9 | Mar 2024 8.5 | Jun 2024 6.8 | Sep 2024 8.2 | Dec 2024 9.7 | Mar 2025 12.7 | Jun 2025 16.2 | Sep 2025 11.7 | Dec 2025 11.6 | Mar 2026 16.0 | Jun 2026 —
- MTW: Sep 2021 8.8 | Dec 2021 10.8 | Mar 2022 8.2 | Jun 2022 7.0 | Sep 2022 6.0 | Dec 2022 — | Mar 2023 6.2 | Jun 2023 6.3 | Sep 2023 5.2 | Dec 2023 6.4 | Mar 2024 6.8 | Jun 2024 7.2 | Sep 2024 7.7 | Dec 2024 6.2 | Mar 2025 6.8 | Jun 2025 9.0 | Sep 2025 7.7 | Dec 2025 7.4 | Mar 2026 7.4 | Jun 2026 —
- CMCO: Sep 2021 18.3 | Dec 2021 17.0 | Mar 2022 13.9 | Jun 2022 9.6 | Sep 2022 8.8 | Dec 2022 9.7 | Mar 2023 10.0 | Jun 2023 11.8 | Sep 2023 10.1 | Dec 2023 10.2 | Mar 2024 11.1 | Jun 2024 9.4 | Sep 2024 11.2 | Dec 2024 12.3 | Mar 2025 8.8 | Jun 2025 10.1 | Sep 2025 39.2 | Dec 2025 23.5 | Mar 2026 — | Jun 2026 —
- GENC: Sep 2021 13.7 | Dec 2021 15.2 | Mar 2022 8.4 | Jun 2022 7.7 | Sep 2022 4.8 | Dec 2022 5.0 | Mar 2023 8.9 | Jun 2023 9.1 | Sep 2023 6.5 | Dec 2023 7.6 | Mar 2024 6.6 | Jun 2024 9.4 | Sep 2024 11.7 | Dec 2024 7.4 | Mar 2025 2.1 | Jun 2025 3.9 | Sep 2025 4.8 | Dec 2025 2.9 | Mar 2026 5.2 | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.7 | Dec 2022 3.1 | Mar 2023 3.3 | Jun 2023 3.8 | Sep 2023 3.8 | Dec 2023 4.0 | Mar 2024 3.2 | Jun 2024 3.3 | Sep 2024 8.0 | Dec 2024 2.9 | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- CAT: Sep 2021 6.2 | Dec 2021 6.7 | Mar 2022 7.0 | Jun 2022 6.0 | Sep 2022 5.4 | Dec 2022 7.8 | Mar 2023 6.5 | Jun 2023 6.8 | Sep 2023 6.8 | Dec 2023 7.6 | Mar 2024 10.2 | Jun 2024 9.4 | Sep 2024 9.7 | Dec 2024 8.9 | Mar 2025 8.6 | Jun 2025 9.8 | Sep 2025 10.8 | Dec 2025 12.5 | Mar 2026 17.5 | Jun 2026 —
- DE: Sep 2021 — | Dec 2021 5.7 | Mar 2022 6.4 | Jun 2022 6.1 | Sep 2022 5.4 | Dec 2022 5.9 | Mar 2023 5.8 | Jun 2023 5.0 | Sep 2023 5.3 | Dec 2023 4.7 | Mar 2024 5.0 | Jun 2024 4.8 | Sep 2024 4.6 | Dec 2024 4.9 | Mar 2025 5.8 | Jun 2025 5.1 | Sep 2025 5.6 | Dec 2025 4.8 | Mar 2026 5.4 | Jun 2026 5.7
- PCAR: Sep 2021 2.4 | Dec 2021 2.6 | Mar 2022 2.5 | Jun 2022 2.3 | Sep 2022 2.3 | Dec 2022 2.6 | Mar 2023 2.8 | Jun 2023 2.9 | Sep 2023 2.8 | Dec 2023 3.2 | Mar 2024 3.9 | Jun 2024 3.1 | Sep 2024 2.8 | Dec 2024 3.1 | Mar 2025 2.8 | Jun 2025 2.6 | Sep 2025 2.7 | Dec 2025 3.0 | Mar 2026 3.1 | Jun 2026 —
- CNH: Sep 2021 2.9 | Dec 2021 3.9 | Mar 2022 3.4 | Jun 2022 2.5 | Sep 2022 2.4 | Dec 2022 2.9 | Mar 2023 2.8 | Jun 2023 2.6 | Sep 2023 2.0 | Dec 2023 1.8 | Mar 2024 2.1 | Jun 2024 1.7 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 2.0 | Jun 2025 2.1 | Sep 2025 1.8 | Dec 2025 1.4 | Mar 2026 1.8 | Jun 2026 —
- OSK: Sep 2021 2.1 | Dec 2021 2.4 | Mar 2022 2.2 | Jun 2022 1.9 | Sep 2022 1.6 | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 1.8 | Sep 2024 1.6 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 1.8 | Dec 2025 1.7 | Mar 2026 2.1 | Jun 2026 —
- AGCO: Sep 2021 2.9 | Dec 2021 2.5 | Mar 2022 3.0 | Jun 2022 2.2 | Sep 2022 2.0 | Dec 2022 2.7 | Mar 2023 2.5 | Jun 2023 2.4 | Sep 2023 2.0 | Dec 2023 1.9 | Mar 2024 1.9 | Jun 2024 1.8 | Sep 2024 1.8 | Dec 2024 1.9 | Mar 2025 1.8 | Jun 2025 1.9 | Sep 2025 1.8 | Dec 2025 1.8 | Mar 2026 2.0 | Jun 2026 —
- TEX: Sep 2021 2.8 | Dec 2021 2.7 | Mar 2022 2.2 | Jun 2022 1.8 | Sep 2022 1.9 | Dec 2022 2.4 | Mar 2023 2.5 | Jun 2023 2.8 | Sep 2023 2.6 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 2.0 | Sep 2024 1.8 | Dec 2024 1.7 | Mar 2025 1.3 | Jun 2025 1.5 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 1.4 | Jun 2026 —
- FSS: Sep 2021 3.1 | Dec 2021 3.4 | Mar 2022 2.6 | Jun 2022 2.7 | Sep 2022 2.7 | Dec 2022 3.3 | Mar 2023 3.7 | Jun 2023 4.2 | Sep 2023 3.8 | Dec 2023 4.7 | Mar 2024 5.0 | Jun 2024 4.7 | Sep 2024 5.0 | Dec 2024 4.8 | Mar 2025 3.7 | Jun 2025 5.1 | Sep 2025 5.5 | Dec 2025 4.8 | Mar 2026 4.6 | Jun 2026 —
- BLBD: Sep 2021 — | Dec 2021 -17.8 | Mar 2022 13.0 | Jun 2022 20.9 | Sep 2022 12.6 | Dec 2022 193.5 | Mar 2023 — | Jun 2023 -552.9 | Sep 2023 69.1 | Dec 2023 11.5 | Mar 2024 11.1 | Jun 2024 12.7 | Sep 2024 9.8 | Dec 2024 7.1 | Mar 2025 5.5 | Jun 2025 6.1 | Sep 2025 7.2 | Dec 2025 5.9 | Mar 2026 5.9 | Jun 2026 —
- ALG: Sep 2021 2.4 | Dec 2021 2.5 | Mar 2022 2.4 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 2.2 | Mar 2023 2.7 | Jun 2023 2.5 | Sep 2023 2.3 | Dec 2023 2.7 | Mar 2024 2.9 | Jun 2024 2.1 | Sep 2024 2.1 | Dec 2024 2.2 | Mar 2025 2.0 | Jun 2025 2.4 | Sep 2025 2.0 | Dec 2025 1.8 | Mar 2026 1.7 | Jun 2026 —
- ASTE: Sep 2021 1.9 | Dec 2021 2.4 | Mar 2022 1.5 | Jun 2022 1.5 | Sep 2022 1.1 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.6 | Sep 2023 1.7 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.4 | Sep 2025 1.7 | Dec 2025 1.5 | Mar 2026 1.8 | Jun 2026 —
- LNN: Sep 2021 — | Dec 2021 4.7 | Mar 2022 4.0 | Jun 2022 3.6 | Sep 2022 4.5 | Dec 2022 4.8 | Mar 2023 3.9 | Jun 2023 3.0 | Sep 2023 3.0 | Dec 2023 2.8 | Mar 2024 2.7 | Jun 2024 2.6 | Sep 2024 2.8 | Dec 2024 3.0 | Mar 2025 2.8 | Jun 2025 2.9 | Sep 2025 2.8 | Dec 2025 2.4 | Mar 2026 2.8 | Jun 2026 2.2
- AEBI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.2 | Dec 2025 1.2 | Mar 2026 0.9 | Jun 2026 —
- HY: Sep 2021 1.8 | Dec 2021 1.9 | Mar 2022 1.7 | Jun 2022 2.7 | Sep 2022 3.2 | Dec 2022 2.1 | Mar 2023 3.4 | Jun 2023 3.3 | Sep 2023 2.5 | Dec 2023 2.7 | Mar 2024 2.7 | Jun 2024 2.6 | Sep 2024 2.1 | Dec 2024 1.9 | Mar 2025 1.4 | Jun 2025 1.3 | Sep 2025 1.2 | Dec 2025 1.1 | Mar 2026 1.4 | Jun 2026 —
- WNC: Sep 2021 1.9 | Dec 2021 2.9 | Mar 2022 2.1 | Jun 2022 2.0 | Sep 2022 2.1 | Dec 2022 2.7 | Mar 2023 2.8 | Jun 2023 2.5 | Sep 2023 1.9 | Dec 2023 2.1 | Mar 2024 2.5 | Jun 2024 1.8 | Sep 2024 4.2 | Dec 2024 3.9 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.1 | Jun 2026 —
- TWI: Sep 2021 2.5 | Dec 2021 3.2 | Mar 2022 3.7 | Jun 2022 3.2 | Sep 2022 2.4 | Dec 2022 2.5 | Mar 2023 1.6 | Jun 2023 1.6 | Sep 2023 1.9 | Dec 2023 1.9 | Mar 2024 1.4 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.2 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 0.9 | Jun 2026 —
- MTW: Sep 2021 1.2 | Dec 2021 1.0 | Mar 2022 0.8 | Jun 2022 0.6 | Sep 2022 0.4 | Dec 2022 0.6 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.6 | Dec 2024 0.5 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 —
- CMCO: Sep 2021 1.9 | Dec 2021 1.8 | Mar 2022 1.6 | Jun 2022 1.1 | Sep 2022 1.0 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.4 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 1.5 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.3 | Jun 2026 —
- GENC: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.1 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.5 | Sep 2024 1.6 | Dec 2024 1.3 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 —
- BNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.0 | Sep 2023 0.1 | Dec 2023 0.0 | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 0.0 | Dec 2024 0.0 | Mar 2025 0.0 | Jun 2025 0.0 | Sep 2025 3.4 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 0.4

## Market action

Caterpillar Inc. has the strongest one-year price move in Farm & Heavy Construction Machinery at +96.1%. Wabash National Corporation leads on Mansfield relative strength against the S&P 500 at +26.1%. 11 of 20 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Caterpillar Inc. (CAT): 96%
2. Blue Bird Corporation (BLBD): 71%
3. Astec Industries, Inc. (ASTE): 45%
4. PACCAR Inc (PCAR): 43%
5. Aebi Schmidt Holding AG (AEBI): 42%

### Strongest relative strength versus NIFTY 500
1. Wabash National Corporation (WNC): 26%
2. Caterpillar Inc. (CAT): 16%
3. Blue Bird Corporation (BLBD): 16%
4. PACCAR Inc (PCAR): 14%
5. The Manitowoc Company, Inc. (MTW): 12%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Caterpillar Inc. (CAT) — market value ₹3.9 L Cr; latest fundamentals Mar 2026
- Deere & Company (DE) — market value ₹1.7 L Cr; latest fundamentals Jun 2026
- PACCAR Inc (PCAR) — market value ₹72.7K Cr; latest fundamentals Mar 2026
- CNH Industrial N.V. (CNH) — market value ₹14.2K Cr; latest fundamentals Mar 2026
- Oshkosh Corporation (OSK) — market value ₹9.5K Cr; latest fundamentals Mar 2026
- AGCO Corporation (AGCO) — market value ₹9.0K Cr; latest fundamentals Mar 2026
- Terex Corporation (TEX) — market value ₹7.8K Cr; latest fundamentals Mar 2026
- Federal Signal Corporation (FSS) — market value ₹7.2K Cr; latest fundamentals Mar 2026
- Blue Bird Corporation (BLBD) — market value ₹2.3K Cr; latest fundamentals Mar 2026
- Alamo Group Inc. (ALG) — market value ₹2.0K Cr; latest fundamentals Mar 2026
- Astec Industries, Inc. (ASTE) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Lindsay Corporation (LNN) — market value ₹1.2K Cr; latest fundamentals Jun 2026
- Aebi Schmidt Holding AG (AEBI) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Hyster-Yale, Inc. (HY) — market value ₹615 Cr; latest fundamentals Mar 2026
- Wabash National Corporation (WNC) — market value ₹541 Cr; latest fundamentals Mar 2026
- Titan International, Inc. (TWI) — market value ₹530 Cr; latest fundamentals Mar 2026
- The Manitowoc Company, Inc. (MTW) — market value ₹527 Cr; latest fundamentals Mar 2026
- Columbus McKinnon Corporation (CMCO) — market value ₹462 Cr; latest fundamentals Mar 2026
- Gencor Industries, Inc. (GENC) — market value ₹221 Cr; latest fundamentals Mar 2026
- SunScout Holding Limited (SNSC) — market value ₹132 Cr; latest fundamentals unavailable
- CEA Industries Inc. (BNC) — market value ₹114 Cr; latest fundamentals Jun 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Farm & Heavy Construction Machinery company is the biggest?

Caterpillar Inc. is the largest, with trailing-twelve-month revenue of $70,755 million, ahead of Deere & Company at $47,392 million. That covers 20 of 21 companies with comparable reporting through Mar 2026.

### Which Farm & Heavy Construction Machinery company is growing fastest?

Aebi Schmidt Holding AG has the fastest revenue growth at 61.2% year on year, across 19 of 21 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Farm & Heavy Construction Machinery company has the best profit margins?

Deere & Company has the highest operating margin at 22.5%, from 20 of 21 comparable companies. Blue Bird Corporation shows the biggest recent improvement, at +1.7 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Farm & Heavy Construction Machinery company makes the most profit?

Caterpillar Inc. earns the most, at $9,318 million of trailing-twelve-month net profit, from 20 of 21 comparable companies. Astec Industries, Inc. has the fastest profit growth at 73.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Farm & Heavy Construction Machinery company earns the highest return on capital?

SunScout Holding Limited leads on return on capital employed at 30.5%, across 21 of 21 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Farm & Heavy Construction Machinery stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — The Manitowoc Company, Inc. screens cheapest at 0.14×. Only 14 of 21 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Farm & Heavy Construction Machinery company has the strongest balance sheet?

Gencor Industries, Inc. carries the lowest comparable gross debt at $0 million, from 20 of 21 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Farm & Heavy Construction Machinery company is investing most in new capacity?

Deere & Company reports the largest capital spending at $1,058 million, across 20 of 21 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Farm & Heavy Construction Machinery sector beating the market?

Farm & Heavy Construction Machinery has underperformed S&P 500 by 4.7% over the last 52 weeks and 4.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 20 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Farm & Heavy Construction Machinery stock has the strongest price momentum?

Wabash National Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Farm & Heavy Construction Machinery company scores highest for research priority?

Blue Bird Corporation scores 67 out of 100 with 82% evidence confidence, from 20.7 points on growth and earnings, 15.6 on capital efficiency, 15.4 on valuation and 15.3 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Farm & Heavy Construction Machinery companies does this comparison cover, and over what period?

It compares 21 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Farm & Heavy Construction Machinery sector?

The 21 Farm & Heavy Construction Machinery companies on this page carry $691,400 million of combined market value. Caterpillar Inc. is the largest at $387,289 million, about 56% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Farm & Heavy Construction Machinery sector's P/E ratio?

The median price-to-earnings ratio across the 21 Farm & Heavy Construction Machinery companies on this page is 24.6×, measured on the 20 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Farm & Heavy Construction Machinery sector performing?

11 of the 20 covered Farm & Heavy Construction Machinery companies are beating S&P 500 on Mansfield relative strength. The sector itself is 4.7% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Farm & Heavy Construction Machinery stocks are listed in the US?

This comparison covers 21 listed Farm & Heavy Construction Machinery companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/farm-heavy-construction-machinery