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U.S. Machinery Industry Analysis

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies186
  • 7D-1.7%
  • 3M9.7%
  • 1Y36.8%
  • YTD7.3%

Over the last 7 days, the Machinery industry has dropped 1.7%, driven by a pullback from Deere of 3.4%. Over the past 12 months, the industry was up 37%. 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
Wed, 01 Apr 2026US$1.3tUS$451.5bUS$43.6b26.6x30.1x2.9x
Fri, 27 Feb 2026US$1.5tUS$453.2bUS$43.6b28.7x34.5x3.3x
Sun, 25 Jan 2026US$1.4tUS$450.6bUS$43.7b27.1x31.1x3x
Tue, 23 Dec 2025US$1.3tUS$450.8bUS$43.7b25.5x28.8x2.8x
Thu, 20 Nov 2025US$1.2tUS$449.4bUS$43.8b23.3x27x2.6x
Sat, 18 Oct 2025US$1.2tUS$447.0bUS$44.9b24.2x26.4x2.6x
Mon, 15 Sep 2025US$1.1tUS$447.0bUS$44.2b24x25.7x2.5x
Wed, 13 Aug 2025US$1.1tUS$447.9bUS$44.7b23.8x25x2.5x
Fri, 11 Jul 2025US$1.1tUS$449.5bUS$44.6b23.8x25x2.5x
Sun, 08 Jun 2025US$1.1tUS$449.1bUS$44.5b23.3x23.7x2.4x
Tue, 06 May 2025US$990.0bUS$451.8bUS$45.3b21.7x21.9x2.2x
Thu, 03 Apr 2025US$1.0tUS$457.3bUS$48.2b20.9x20.8x2.2x
Sat, 01 Mar 2025US$1.1tUS$458.2bUS$48.0b22.2x22.1x2.3x
Mon, 27 Jan 2025US$1.1tUS$467.3bUS$47.9b23.9x23.3x2.4x
Wed, 25 Dec 2024US$1.1tUS$467.6bUS$47.9b22.7x22.1x2.3x
Fri, 22 Nov 2024US$1.1tUS$471.7bUS$49.1b24.4x22.4x2.3x
Sun, 20 Oct 2024US$1.1tUS$474.2bUS$49.4b21.9x21.8x2.3x
Tue, 17 Sep 2024US$991.3bUS$474.2bUS$49.6b21.3x20x2.1x
Thu, 15 Aug 2024US$956.9bUS$476.8bUS$50.2b20.9x19x2x
Sat, 13 Jul 2024US$974.9bUS$476.7bUS$51.6b20.9x18.9x2x
Mon, 10 Jun 2024US$949.2bUS$477.0bUS$51.3b22x18.5x2x
Wed, 08 May 2024US$1.0tUS$479.1bUS$51.7b21.9x19.7x2.1x
Fri, 05 Apr 2024US$1.1tUS$478.4bUS$48.1b23.7x22.1x2.2x
Sun, 03 Mar 2024US$1.0tUS$477.3bUS$47.3b24.6x21.2x2.1x
Tue, 30 Jan 2024US$962.1bUS$486.4bUS$48.3b23.1x19.9x2x
Thu, 28 Dec 2023US$976.8bUS$484.9bUS$47.8b23x20.4x2x
Sat, 25 Nov 2023US$884.7bUS$484.0bUS$47.7b20.4x18.6x1.8x
Mon, 23 Oct 2023US$834.1bUS$475.2bUS$44.4b19x18.8x1.8x
Wed, 20 Sep 2023US$890.0bUS$475.0bUS$44.4b20.6x20.1x1.9x
Fri, 18 Aug 2023US$912.0bUS$473.4bUS$43.4b19.8x21x1.9x
Sun, 16 Jul 2023US$928.6bUS$459.8bUS$40.2b20.7x23.1x2x
Tue, 13 Jun 2023US$866.2bUS$460.9bUS$40.5b19.9x21.4x1.9x
Thu, 11 May 2023US$813.0bUS$456.6bUS$39.8b18.6x20.4x1.8x
Sat, 08 Apr 2023US$795.3bUS$447.5bUS$38.0b19.9x20.9x1.8x
Price to Earnings Ratio

20.9x


Total Market Cap: US$795.3bTotal Earnings: US$38.0bTotal Revenue: US$447.5bTotal 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 30.1x which is higher than its 3-year average PE of 22.8x.
  • The 3-year average PS ratio of 2.3x is lower than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 4.7% 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-0.61%
Industrials-1.44%
Machinery-1.65%
Construction Machinery and Vehicles-1.13%
Industrial Machinery-1.76%
Agricultural Machinery-2.78%
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 15.2%, which is higher than its past year's earnings growth of 3.8% 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 17.2x.
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 Construction Machinery and Vehicles 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
WAB Westinghouse Air Brake TechnologiesUS$249.911.7%
+US$731.5m		36.1%PE36.5x
CNH CNH IndustrialUS$11.002.4%
+US$307.6m		-11.7%PE26.8x
ALH Alliance Laundry HoldingsUS$20.746.9%
+US$263.3m		n/aPE40.3x
ESE ESCO TechnologiesUS$281.371.6%
+US$117.3m		77.3%PE58.4x
FTV FortiveUS$55.280.7%
+US$117.0m		-24.8%PE31.9x

Latest News

WAB
US$249.91
Westinghouse Air Brake Technologies
7D
1.7%
1Y
36.1%
PH
US$895.24
Parker-Hannifin
7D
-3.2%
1Y
46.8%
ITW
US$260.29
Illinois Tool Works
7D
-1.8%
1Y
4.7%
ESAB
US$96.66
ESAB
7D
1.3%
1Y
-20.0%
TRN
US$32.18
Trinity Industries
7D
2.8%
1Y
14.4%

TRN: Future Returns Will Depend On Executing EPS Guidance And Buyback Execution

Analysts maintained their price target for Trinity Industries at $33.50, citing unchanged assumptions around the discount rate, revenue growth, profit margin, and future P/E as the basis for their view. What's in the News Trinity Industries updated investors on its share repurchase activity, buying back 455,768 shares between October 1, 2025 and December 31, 2025 for $12.13 million.
CNH
US$11.00
CNH Industrial
7D
2.4%
1Y
-11.7%
DOV
US$208.45
Dover
7D
-3.3%
1Y
18.1%

DOV: Short Cycle Recovery And 2026 Guidance Will Drive Balanced Outlook

Narrative Update on Dover The analyst price target for Dover has been adjusted by about $1 to align with a slightly higher fair value estimate of $231.71. This change reflects analysts' updated views on organic growth, margin potential, and short cycle recovery trends cited in recent research.
ESE
US$281.37
ESCO Technologies
7D
1.6%
1Y
77.3%
LECO
US$249.08
Lincoln Electric Holdings
7D
-2.9%
1Y
27.9%
DE
US$563.30
Deere
7D
-3.4%
1Y
17.7%
JBTM
US$127.87
JBT Marel
7D
0.9%
1Y
3.1%

JBTM: 2026 Sector Setup And Food Tech Hub Will Shape Upside Outlook

Analysts have lifted their JBT Marel price target from $160.25 to about $182, citing updated models after recent Q4 results, positive 2026 sector trends, and a reassessment of the valuation gap relative to peers. Analyst Commentary Bullish Takeaways Bullish analysts see the move in price targets toward the US$190 to US$202 range as a reset that better reflects their updated models after Q4, rather than a stretch valuation.
FTV
US$55.28
Fortive
7D
0.7%
1Y
-24.8%

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$708.46
Caterpillar
7D
-1.1%
1Y
114.3%

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$80.12
Ingersoll Rand
7D
-3.6%
1Y
-0.6%

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$538.02
Cummins
7D
-3.0%
1Y
70.6%

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.
ALH
US$20.74
Alliance Laundry Holdings
7D
6.9%
1Y
n/a