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U.S. Machinery Industry Analysis

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies192
  • 7D2.0%
  • 3M14.0%
  • 1Y28.5%
  • YTD6.0%

Over the last 7 days, the Machinery industry has risen 2.0%, driven by gains from Caterpillar of 2.2%. This takes the industry's 12 month performance to a gain of 28%. 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
Wed, 14 Jan 2026US$1.3tUS$450.7bUS$43.7b26.4x30.8x3x
Fri, 12 Dec 2025US$1.3tUS$450.8bUS$43.7b26x29.4x2.8x
Sun, 09 Nov 2025US$1.2tUS$449.2bUS$43.9b24.1x28x2.7x
Tue, 07 Oct 2025US$1.2tUS$447.0bUS$44.2b24.1x26.7x2.6x
Thu, 04 Sep 2025US$1.1tUS$447.0bUS$44.2b24x25.3x2.5x
Sat, 02 Aug 2025US$1.1tUS$448.3bUS$44.7b22.7x25.5x2.5x
Mon, 30 Jun 2025US$1.1tUS$449.2bUS$44.6b24.1x23.9x2.4x
Wed, 28 May 2025US$1.0tUS$449.1bUS$44.6b23.7x23.1x2.3x
Fri, 25 Apr 2025US$932.3bUS$457.3bUS$48.7b20.6x19.1x2x
Sun, 23 Mar 2025US$1.0tUS$457.3bUS$47.9b21.3x21.1x2.2x
Tue, 18 Feb 2025US$1.1tUS$458.2bUS$48.0b23.8x22.7x2.4x
Thu, 16 Jan 2025US$1.1tUS$467.3bUS$47.9b22.9x22.3x2.3x
Sat, 14 Dec 2024US$1.1tUS$467.6bUS$47.9b24x23.2x2.4x
Mon, 11 Nov 2024US$1.1tUS$471.6bUS$49.0b24.9x22.7x2.4x
Wed, 09 Oct 2024US$1.1tUS$474.2bUS$49.4b21.6x21.4x2.2x
Fri, 06 Sep 2024US$972.9bUS$474.2bUS$49.4b20.6x19.7x2.1x
Sun, 04 Aug 2024US$948.4bUS$476.8bUS$50.6b21.7x18.8x2x
Tue, 02 Jul 2024US$962.9bUS$476.9bUS$51.6b20.5x18.7x2x
Thu, 30 May 2024US$995.5bUS$477.0bUS$51.3b22.1x19.4x2.1x
Sat, 27 Apr 2024US$1.0tUS$478.5bUS$49.6b23.2x20.5x2.1x
Mon, 25 Mar 2024US$1.1tUS$476.8bUS$48.0b23x21.9x2.2x
Wed, 21 Feb 2024US$965.9bUS$476.7bUS$47.4b23.1x20.4x2x
Fri, 19 Jan 2024US$933.1bUS$485.5bUS$47.8b21.8x19.5x1.9x
Sun, 17 Dec 2023US$950.7bUS$485.2bUS$47.9b22.4x19.9x2x
Tue, 14 Nov 2023US$845.3bUS$484.4bUS$47.2b19.6x17.9x1.7x
Thu, 12 Oct 2023US$748.1bUS$410.3bUS$36.0b20.6x20.8x1.8x
Sat, 09 Sep 2023US$905.2bUS$475.0bUS$44.4b20.5x20.4x1.9x
Mon, 07 Aug 2023US$938.2bUS$472.7bUS$43.7b20.4x21.5x2x
Wed, 05 Jul 2023US$909.2bUS$459.8bUS$40.2b20.6x22.6x2x
Fri, 02 Jun 2023US$790.2bUS$460.8bUS$40.4b18.4x19.5x1.7x
Sun, 30 Apr 2023US$821.1bUS$450.3bUS$39.1b19.7x21x1.8x
Tue, 28 Mar 2023US$810.2bUS$442.9bUS$38.1b21.4x21.3x1.8x
Thu, 23 Feb 2023US$857.6bUS$442.2bUS$38.1b22.9x22.5x1.9x
Sat, 21 Jan 2023US$835.5bUS$439.6bUS$36.4b22.7x22.9x1.9x
Price to Earnings Ratio

22.9x


Total Market Cap: US$835.5bTotal 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 30.8x 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 Market0.24%
Industrials1.41%
Machinery1.98%
Agricultural Machinery2.94%
Construction Machinery and Vehicles2.55%
Industrial Machinery1.29%
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$636.532.2%
+US$6.3b		71.3%PE32.1x
DE DeereUS$499.522.8%
+US$3.7b		15.5%PE26.9x
CMI CumminsUS$567.443.8%
+US$2.9b		55.8%PE29.4x
PCAR PACCARUS$119.432.0%
+US$1.2b		8.4%PE23.3x
PH Parker-HannifinUS$938.351.0%
+US$1.2b		45.0%PE32.5x

Latest News

ITW
US$256.76
Illinois Tool Works
7D
1.0%
1Y
1.5%
CAT
US$636.53
Caterpillar
7D
2.2%
1Y
71.3%
IR
US$85.83
Ingersoll Rand
7D
2.9%
1Y
-4.0%
WAB
US$227.48
Westinghouse Air Brake Technologies
7D
3.0%
1Y
14.8%

WAB: MTA Order And Steady Guidance Will Support Balanced Future Returns

Narrative Update Overview Analysts have nudged their price target for Westinghouse Air Brake Technologies higher to about US$240 from roughly US$234, reflecting refinements to assumptions on discount rate, revenue growth, profit margin, and future P/E rather than a major shift in their overall view. What’s in the News Wabtec secured a US$386 million follow-on order from New York’s Metropolitan Transportation Authority for additional R255 hybrid battery diesel work locomotives, including both locomotives and spare parts, with deliveries scheduled to start in 2027 (Client Announcements).
PNR
US$103.24
Pentair
7D
-1.2%
1Y
3.0%

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$499.52
Deere
7D
2.8%
1Y
15.5%
SYM
US$69.67
Symbotic
7D
-1.1%
1Y
177.2%

SYM: GreenBox Execution And Deployment Delays Will Pressure Premium Margin Story

Analysts have nudged their average price targets on Symbotic higher into a roughly $41 to $70 range. They cite stronger than expected recent results, improving margins, a new customer win including in health care, and growing confidence in the company’s revenue and profit trajectory, despite some ongoing GreenBox and deployment timing concerns.
PCAR
US$119.43
PACCAR
7D
2.0%
1Y
8.4%

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.
MIDD
US$155.00
Middleby
7D
-0.9%
1Y
11.3%

MIDD: Residential Kitchen Review Will Drive A Cautious Outlook Ahead

Narrative Update on Middleby Analysts have trimmed their targets on Middleby slightly, with recent moves such as Barclays cutting its target to US$168 from US$180 and Canaccord adjusting to US$171 from US$175. These changes reflect updated views on discount rates, growth assumptions, margins, and the ongoing review of the Residential Kitchen business.
GTES
US$22.41
Gates Industrial
7D
-2.6%
1Y
10.0%

GTES: Future Returns Will Be Supported By Buybacks And Data Center Cooling

Analysts have trimmed their price targets on Gates Industrial, with our updated fair value edging from US$28.01 to US$27.84 as they factor in a slower growth backdrop and a preference for other machinery names, while still seeing broadly similar profitability and P/E assumptions for the stock. Analyst Commentary Recent research coverage frames Gates Industrial as a middle of the road idea within the broader machinery and industrials group, with price targets clustered in the low to mid US$20s and an Equal Weight stance rather than an outright conviction call.
PH
US$938.35
Parker-Hannifin
7D
1.0%
1Y
45.0%

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.
TRN
US$27.95
Trinity Industries
7D
-4.2%
1Y
-25.4%
XYL
US$140.11
Xylem
7D
-0.9%
1Y
21.4%
FTV
US$54.68
Fortive
7D
-1.4%
1Y
-29.3%
CMI
US$567.44
Cummins
7D
3.8%
1Y
55.8%

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.
ALH
US$21.39
Alliance Laundry Holdings
7D
-2.3%
1Y
n/a

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Dec 31