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U.S. Machinery Industry Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies192
  • 7D4.4%
  • 3M15.7%
  • 1Y31.4%
  • YTD4.4%

The Machinery industry is up 4.4% in the last week, with Caterpillar up 3.2%. This takes the industry's 12 month performance to a gain of 31%. Looking forward, earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

Has the U.S. Machinery Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026US$1.3tUS$450.7bUS$43.7b26.3x30.5x3x
Tue, 09 Dec 2025US$1.3tUS$450.7bUS$43.7b25.1x28.9x2.8x
Thu, 06 Nov 2025US$1.2tUS$448.6bUS$44.7b23.9x26.9x2.7x
Sat, 04 Oct 2025US$1.2tUS$447.0bUS$44.2b24.5x26.6x2.6x
Mon, 01 Sep 2025US$1.1tUS$447.0bUS$44.2b24.1x25.6x2.5x
Wed, 30 Jul 2025US$1.1tUS$448.7bUS$44.5b23.2x25.7x2.5x
Fri, 27 Jun 2025US$1.1tUS$449.2bUS$44.6b24x23.8x2.4x
Sun, 25 May 2025US$1.0tUS$449.1bUS$44.6b23.1x23.1x2.3x
Tue, 22 Apr 2025US$915.5bUS$457.0bUS$48.6b19.1x18.8x2x
Thu, 20 Mar 2025US$1.0tUS$457.3bUS$47.9b22x21.4x2.2x
Sat, 15 Feb 2025US$1.1tUS$458.2bUS$48.0b23.8x22.7x2.4x
Mon, 13 Jan 2025US$1.0tUS$463.7bUS$47.7b22.9x21.5x2.2x
Wed, 11 Dec 2024US$1.1tUS$467.6bUS$47.8b24.7x23.7x2.4x
Fri, 08 Nov 2024US$1.1tUS$472.9bUS$49.2b25.4x23x2.4x
Sun, 06 Oct 2024US$1.1tUS$474.2bUS$49.4b21.9x21.5x2.2x
Tue, 03 Sep 2024US$1.0tUS$474.2bUS$49.3b21.5x20.5x2.1x
Thu, 01 Aug 2024US$1.0tUS$476.1bUS$50.4b22.4x20x2.1x
Sat, 29 Jun 2024US$961.0bUS$476.9bUS$51.6b21.4x18.6x2x
Mon, 27 May 2024US$1.0tUS$477.0bUS$51.3b22x19.7x2.1x
Wed, 24 Apr 2024US$1.0tUS$478.0bUS$48.1b23.2x21.4x2.2x
Fri, 22 Mar 2024US$1.0tUS$476.8bUS$48.0b23.5x21.7x2.2x
Sun, 18 Feb 2024US$975.9bUS$476.7bUS$47.4b22.9x20.6x2x
Tue, 16 Jan 2024US$939.8bUS$485.5bUS$47.8b22.2x19.7x1.9x
Thu, 14 Dec 2023US$907.4bUS$485.1bUS$47.8b21.8x19x1.9x
Sat, 11 Nov 2023US$834.3bUS$484.4bUS$47.2b19.9x17.7x1.7x
Mon, 09 Oct 2023US$865.8bUS$475.1bUS$44.4b19.6x19.5x1.8x
Wed, 06 Sep 2023US$915.4bUS$475.1bUS$44.5b20.1x20.6x1.9x
Fri, 04 Aug 2023US$950.6bUS$472.5bUS$43.4b20.7x21.9x2x
Sun, 02 Jul 2023US$906.9bUS$459.8bUS$40.2b20.6x22.6x2x
Tue, 30 May 2023US$802.7bUS$460.8bUS$40.4b18x19.9x1.7x
Thu, 27 Apr 2023US$799.5bUS$446.7bUS$38.4b19.2x20.8x1.8x
Sat, 25 Mar 2023US$802.5bUS$442.9bUS$38.1b21.4x21.1x1.8x
Mon, 20 Feb 2023US$883.5bUS$441.5bUS$38.2b23.7x23.2x2x
Wed, 18 Jan 2023US$860.8bUS$439.6bUS$36.4b23.2x23.6x2x
Price to Earnings Ratio

23.6x


Total Market Cap: US$860.8bTotal Earnings: US$36.4bTotal Revenue: US$439.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Machinery Industry Price to Earnings3Y Average 22.1x202420252026
Current Industry PE
  • Investors are optimistic on the American Machinery industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 30.5x which is higher than its 3-year average PE of 22.1x.
  • The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 6.2% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the U.S. Industrials industry?

US Market1.88%
Industrials3.40%
Machinery4.39%
Agricultural Machinery5.34%
Construction Machinery and Vehicles4.45%
Industrial Machinery4.09%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry which is trading above its 3-year average PE ratio of 30.5x.
    • Analysts are expecting annual earnings growth of 16.5%, which is higher than its past year's earnings growth of 0.6% per year.
  • Investors are most pessimistic about the Agricultural Machinery industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 16.2x.
Forecasted Growth
  • Analysts are most optimistic on the Industrial Machinery industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings growth rate of 0.6% per year.
  • In contrast, the Agricultural Machinery industry is expected to see its earnings grow by 14% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CAT CaterpillarUS$617.623.2%
+US$9.0b		76.0%PE31.2x
DE DeereUS$488.084.6%
+US$5.8b		19.5%PE26.3x
CMI CumminsUS$552.095.8%
+US$4.1b		55.6%PE28.6x
PCAR PACCARUS$118.806.5%
+US$3.8b		11.5%PE23.2x
PH Parker-HannifinUS$920.993.0%
+US$3.4b		46.2%PE31.9x

Latest News

PNR
US$103.06
Pentair
7D
-2.3%
1Y
6.3%

PNR: Margin Execution And 2026 Dividend Milestone Will Support Upside Potential

Narrative Update Our Pentair fair value estimate edges down from US$122.00 to about US$120.11, reflecting a slightly higher discount rate and modestly lower long term assumptions. Analysts highlight mixed sentiment, with cautious views alongside higher price targets supported by confidence in margin execution and earnings growth through 2026.
DE
US$488.08
Deere
7D
4.6%
1Y
19.5%
PCAR
US$118.80
PACCAR
7D
6.5%
1Y
11.5%

PCAR: Future Returns Will Depend On Section 232 Relief And Truck Demand

The analyst price target for PACCAR has increased by about US$4 to roughly US$111, as analysts factor in Section 232 related cost benefits, improved margin visibility, and a slightly higher long term outlook for revenue growth and profitability, despite mixed signals on near term truck demand and margins. Analyst Commentary Recent research on PACCAR reflects a mixed but generally balanced stance, with analysts weighing tariff related benefits and margin visibility against questions on truck demand and near term profitability.
PH
US$920.99
Parker-Hannifin
7D
3.0%
1Y
46.2%

PH: Ongoing Buybacks And Guidance Will Likely Constrain Future Share Returns

Analysts have modestly increased their price target on Parker-Hannifin, reflecting a change in estimated fair value from about US$700.50 to roughly US$708.92, based on slightly adjusted assumptions for revenue growth, profit margins and future P/E multiples. What's in the News Parker-Hannifin reported that from July 1, 2025 to September 30, 2025 it repurchased 631,153 shares, about 0.5% of shares, for US$475 million under its ongoing buyback program.
IR
US$85.51
Ingersoll Rand
7D
7.2%
1Y
-1.7%

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Jan 08
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FTV
US$55.00
Fortive
7D
-0.7%
1Y
-26.9%
MEC
US$18.41
Mayville Engineering Company
7D
-2.8%
1Y
25.4%

MEC: Data Center Exposure Will Reshape Earnings Mix Over Coming Years

Analysts have increased their fair value estimate for Mayville Engineering Company by US$1 to US$32, citing growing interest in its exposure to data center customers following the Accu-Fab acquisition and the potential for higher margin contributions from this end market. Analyst Commentary Recent bullish analysts see Mayville Engineering as a potential beneficiary of data center capital spending, particularly following the Accu-Fab acquisition, which introduced direct exposure to data center customers.
CAT
US$617.62
Caterpillar
7D
3.2%
1Y
76.0%

CAT: Power Demand And Backlog Strength Will Drive Future Earnings Repricing

The analyst price target for Caterpillar has been raised from US$507 to US$780, with analysts citing stronger profit expectations, a higher assumed future P/E multiple, and recent Street research that highlights solid Q3 results, improving backlogs, and growing confidence around Energy & Transportation and Power Gen demand. Analyst Commentary Recent Street research on Caterpillar points to a wide range of views, but there is a clear pocket of bullish analysts who are leaning into the Q3 print, backlog trends, and perceived strength in Energy & Transportation, Power Gen, and Construction.
CMI
US$552.09
Cummins
7D
5.8%
1Y
55.6%

CMI: Data Center Demand Will Reshape Earnings Profile Through Truck Cycle Trough

Narrative Update The analyst price target for Cummins has moved from US$417.82 to US$653.00 as analysts factor in a larger US$7b data center opportunity, improving unit profitability across the portfolio, and signs that the North America truck and on highway markets may be moving past peak weakness. Analyst Commentary Recent research has tilted more constructive on Cummins, with several bullish analysts highlighting data center exposure, earnings execution and a potentially less challenging backdrop in North America on highway markets.
WAB
US$224.42
Westinghouse Air Brake Technologies
7D
3.8%
1Y
18.8%

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Jan 02
Shareholders Should Be Pleased With Westinghouse Air Brake Technologies Corporation's (NYSE:WAB) Price
BURU
US$0.19
Nuburu
7D
-4.5%
1Y
-62.6%
ALH
US$21.30
Alliance Laundry Holdings
7D
-0.4%
1Y
n/a

Alliance Laundry Holdings: A Fascinating Business That's Fairly Valued

Dec 31
ITW
US$255.12
Illinois Tool Works
7D
2.3%
1Y
4.2%
EML
US$18.18
Eastern
7D
-7.4%
1Y
-28.8%

Eastern (NASDAQ:EML) Is Paying Out A Dividend Of $0.11

Dec 21
Eastern (NASDAQ:EML) Is Paying Out A Dividend Of $0.11
RYM
US$20.01
RYTHM
7D
-9.4%
1Y
-20.4%
RAIN
US$3.76
Rain Enhancement Technologies Holdco
7D
-24.8%
1Y
-31.0%