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U.S. Machinery Industry Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies182
  • 7D0.9%
  • 3M7.6%
  • 1Y35.2%
  • YTD7.2%

The Machinery industry has stayed flat over the last week. The past year has been better, since the industry has gained 35% in that time. As for the next few years, earnings are expected to grow by 15% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Mar 2026US$1.4tUS$451.8bUS$43.4b26.5x32.1x3.1x
Mon, 23 Feb 2026US$1.5tUS$449.5bUS$42.7b29.9x35.6x3.4x
Wed, 21 Jan 2026US$1.4tUS$450.6bUS$43.7b26.5x31.5x3.1x
Fri, 19 Dec 2025US$1.2tUS$450.9bUS$43.7b25.4x28.5x2.8x
Sun, 16 Nov 2025US$1.2tUS$449.4bUS$43.8b23.9x27.5x2.7x
Tue, 14 Oct 2025US$1.1tUS$446.9bUS$44.9b23.5x25.3x2.5x
Thu, 11 Sep 2025US$1.1tUS$447.0bUS$44.2b24.5x25.4x2.5x
Sat, 09 Aug 2025US$1.1tUS$447.6bUS$44.3b23.3x25.3x2.5x
Mon, 07 Jul 2025US$1.1tUS$448.4bUS$44.6b23.9x25.1x2.5x
Wed, 04 Jun 2025US$1.0tUS$449.2bUS$44.5b23.4x23.2x2.3x
Fri, 02 May 2025US$960.0bUS$453.8bUS$46.9b21.4x20.5x2.1x
Sun, 30 Mar 2025US$993.7bUS$457.3bUS$48.2b20.3x20.6x2.2x
Tue, 25 Feb 2025US$1.1tUS$458.0bUS$48.0b23.7x22.3x2.3x
Thu, 23 Jan 2025US$1.1tUS$467.3bUS$47.9b23.6x23.4x2.4x
Sat, 21 Dec 2024US$1.0tUS$467.6bUS$47.9b22.6x21.8x2.2x
Mon, 18 Nov 2024US$1.1tUS$471.7bUS$49.0b24.1x22.4x2.3x
Wed, 16 Oct 2024US$1.1tUS$474.2bUS$49.4b21.7x21.6x2.2x
Fri, 13 Sep 2024US$969.5bUS$474.2bUS$49.4b20.5x19.6x2x
Sun, 11 Aug 2024US$954.0bUS$476.5bUS$50.1b21x19x2x
Tue, 09 Jul 2024US$945.1bUS$476.9bUS$51.6b19.9x18.3x2x
Thu, 06 Jun 2024US$966.6bUS$477.1bUS$51.3b22.5x18.8x2x
Sat, 04 May 2024US$994.0bUS$479.1bUS$51.7b22.5x19.2x2.1x
Mon, 01 Apr 2024US$1.1tUS$476.8bUS$47.9b23.9x22.2x2.2x
Wed, 28 Feb 2024US$987.5bUS$476.8bUS$47.5b24.4x20.8x2.1x
Fri, 26 Jan 2024US$948.8bUS$486.4bUS$48.3b22.8x19.6x2x
Sun, 24 Dec 2023US$964.1bUS$484.9bUS$47.8b22.8x20.2x2x
Tue, 21 Nov 2023US$880.7bUS$484.0bUS$47.5b20.4x18.5x1.8x
Thu, 19 Oct 2023US$853.4bUS$475.2bUS$44.4b19.4x19.2x1.8x
Sat, 16 Sep 2023US$886.2bUS$475.0bUS$44.4b20.3x20x1.9x
Mon, 14 Aug 2023US$935.7bUS$473.4bUS$43.5b20.6x21.5x2x
Wed, 12 Jul 2023US$929.6bUS$459.8bUS$40.2b20.9x23.1x2x
Fri, 09 Jun 2023US$858.6bUS$460.9bUS$40.5b20x21.2x1.9x
Sun, 07 May 2023US$821.9bUS$456.6bUS$40.0b18.9x20.5x1.8x
Tue, 04 Apr 2023US$847.7bUS$442.8bUS$37.4b22x22.7x1.9x
Price to Earnings Ratio

22.7x


Total Market Cap: US$847.7bTotal Earnings: US$37.4bTotal Revenue: US$442.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Machinery Industry Price to Earnings3Y Average 22.8x202420252026
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 32.1x which is higher than its 3-year average PE of 22.8x.
  • The 3-year average PS ratio of 2.2x is lower than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 5.1% 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 Market-1.62%
Industrials-1.51%
Machinery0.95%
Agricultural Machinery2.81%
Construction Machinery and Vehicles1.62%
Industrial Machinery-0.19%
Industry PE
  • Investors are most optimistic about the Industrial Machinery industry, which is trading close to its 3-year average PE ratio of 30.9x.
    • Analysts are expecting annual earnings growth of 15.0%, which is higher than its past year's earnings growth of 3.7% 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 17.1x.
Forecasted Growth
  • Analysts are most optimistic on the Agricultural Machinery industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings decline of 19% per year.
  • In contrast, the Industrial Machinery industry is expected to see its earnings grow by 15% 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$695.402.1%
+US$6.8b		110.9%PE36.4x
DE DeereUS$566.641.2%
+US$1.9b		21.8%PE31.8x
CNH CNH IndustrialUS$10.727.8%
+US$953.9m		-12.1%PE26.1x
WAB Westinghouse Air Brake TechnologiesUS$241.112.1%
+US$861.1m		32.6%PE35.2x
PCAR PACCARUS$112.751.3%
+US$784.1m		16.3%PE25x

Latest News

ESE
US$279.23
ESCO Technologies
7D
7.0%
1Y
79.6%
CNH
US$10.72
CNH Industrial
7D
7.8%
1Y
-12.1%
DOV
US$206.60
Dover
7D
-1.3%
1Y
18.3%
MIDD
US$128.63
Middleby
7D
-5.3%
1Y
-15.8%
ITW
US$259.04
Illinois Tool Works
7D
0.5%
1Y
5.1%
DE
US$566.64
Deere
7D
1.2%
1Y
21.8%
PCAR
US$112.75
PACCAR
7D
1.3%
1Y
16.3%

PCAR: Higher Margin Hopes Will Likely Struggle Against Truck Cycle Risk

Analysts have raised their average price target for PACCAR by several dollars into the low $120s, citing updated assumptions that include slightly stronger revenue growth, modestly higher profit margins, and revised P/E expectations reflected in recent target increases from major firms. Analyst Commentary Recent research has clustered around higher price targets for PACCAR, but not all of the commentary is unreservedly positive.
SPXC
US$200.00
SPX Technologies
7D
7.1%
1Y
54.5%

SPXC: Capacity Expansion And Data Center Demand Will Drive Future Upside Potential

Narrative Update on SPX Technologies The analyst price target for SPX Technologies is now $266.09, a move supported by analysts who cite capacity expansions, growing data center exposure, record backlogs, and acquisition-driven growth potential as key drivers for the updated view. Analyst Commentary Recent research points to a generally constructive stance on SPX Technologies, with several firms lifting price targets and highlighting both execution progress and areas that still need to be proven out.
PH
US$888.44
Parker-Hannifin
7D
-0.7%
1Y
47.7%

PH: Future Upside Will Depend On Margin Expansion And Ongoing Share Repurchases

Analysts now set the Parker Hannifin price target at $1,167.86, compared with the prior $1,139.00, citing updated assumptions around revenue growth of 7.15%, a profit margin of 19.23%, a discount rate of 8.42% and a future P/E of 37.19x. What's in the News Parker-Hannifin revised earnings guidance for the fiscal year ending June 30, 2026, with reported sales growth guided to a range of 5.5% to 7.5% and organic sales growth of approximately 5% at the midpoint (Corporate guidance).
FTV
US$53.92
Fortive
7D
-2.4%
1Y
-25.8%

FTV: Fair Value Case Weighs Buybacks Against Execution And Multiple Compression Risks

Fortive's analyst price target has been adjusted slightly lower to $51.10. Analysts point to updated fair value estimates, refined discount rate assumptions, and refreshed views on revenue growth, margins, and future P/E multiples following a series of recent price target revisions across major firms.
CAT
US$695.40
Caterpillar
7D
2.1%
1Y
110.9%

CAT: Data Center Power Dependence Will Likely Restrain Future Return Potential

Caterpillar's updated analyst price target reflects a modest fair value lift of about $1 per share. Analysts point to stronger construction demand signals from ConExpo, lengthening engine lead times tied to data center projects, and growing confidence in the company as a physical AI and infrastructure supplier.
IR
US$79.45
Ingersoll Rand
7D
-2.4%
1Y
0.01%

IR: Share Repurchases And Premium P/E Will Support Balanced Future Returns

Analysts have raised their price target on Ingersoll Rand from about $88.30 to roughly $102.73. This change reflects updated views on discount rates, revenue growth, profit margins and the price-to-earnings ratio they are prepared to apply to future earnings.
CMI
US$523.24
Cummins
7D
-1.9%
1Y
66.6%

CMI: Rising Data Center Demand Will Support Earnings Through Next Truck Cycle Trough

The analyst price target for Cummins has increased by $123, as analysts point to updated assumptions for slightly stronger revenue growth and profit margins. They also note a modest adjustment to the discount rate and future P/E expectations.
OTIS
US$75.95
Otis Worldwide
7D
-4.5%
1Y
-25.6%

OTIS: Service And Modernization Contracts Will Support Mixed Post Q4 Sentiment

Narrative Update: Otis Worldwide The updated analyst price target for Otis Worldwide now stands at $102.43, reflecting only a very small adjustment as analysts balance cautious tweaks to discount rate, growth and margin assumptions with mixed recent research views that range from fresh Outperform initiation to downgrades and short term sell ideas. Analyst Commentary Recent research on Otis Worldwide presents a split view, with some analysts focusing on long term growth potential and others flagging near term execution risks around earnings and guidance.
XYL
US$117.55
Xylem
7D
-2.4%
1Y
-1.6%

XYL: Water Infrastructure Demand And Buybacks Will Support Future Upside

The analyst price target for Xylem has been reduced by $13. This change reflects a series of recent target cuts across the Street as analysts factor in updated expectations for funding conditions and growth across the water technology sector.
WAB
US$241.11
Westinghouse Air Brake Technologies
7D
2.1%
1Y
32.6%

WAB: Larger Buybacks And Steady Dividends Will Support Future Returns

Analysts have raised their price target for Westinghouse Air Brake Technologies to $289.75 from $286.83, reflecting updated views on fair value along with revised assumptions for revenue growth, profit margins, the discount rate, and future P/E. What's in the News Progress Rail and Wabtec reached a settlement in the Progress Rail v.