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U.S. Machinery Industry Analysis

UpdatedJul 24, 2026
DataAggregated Company Financials
Companies191
  • 7D1.0%
  • 3M2.5%
  • 1Y34.8%
  • YTD20.5%

Over the last 7 days, the Machinery industry has remained flat, although notably Dover declined by 9.1%. 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 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 24 Jul 2026US$1.6tUS$484.3bUS$44.9b27.9x34.7x3.2x
Sun, 21 Jun 2026US$1.6tUS$489.3bUS$44.8b28x35.6x3.3x
Tue, 19 May 2026US$1.5tUS$461.2bUS$43.7b26.1x33.4x3.2x
Thu, 16 Apr 2026US$1.5tUS$454.7bUS$43.7b27.1x34.1x3.3x
Sat, 14 Mar 2026US$1.4tUS$451.5bUS$43.3b26x31.7x3x
Mon, 09 Feb 2026US$1.5tUS$449.4bUS$42.9b29.2x34.4x3.3x
Wed, 07 Jan 2026US$1.3tUS$450.9bUS$43.7b26x29.7x2.9x
Fri, 05 Dec 2025US$1.3tUS$450.7bUS$43.7b25.5x28.8x2.8x
Sun, 02 Nov 2025US$1.2tUS$447.9bUS$44.8b23.5x27.3x2.7x
Tue, 30 Sep 2025US$1.2tUS$447.1bUS$44.2b24x26x2.6x
Thu, 28 Aug 2025US$1.1tUS$446.9bUS$44.2b24.6x26x2.6x
Sat, 26 Jul 2025US$1.1tUS$448.7bUS$44.3b23.8x25.7x2.5x
Mon, 23 Jun 2025US$1.0tUS$449.2bUS$44.5b22.4x23.4x2.3x
Wed, 21 May 2025US$1.1tUS$449.1bUS$44.6b23.9x24x2.4x
Fri, 18 Apr 2025US$912.3bUS$457.0bUS$48.6b19.4x18.8x2x
Sun, 16 Mar 2025US$1.0tUS$457.3bUS$47.9b21.4x21.3x2.2x
Tue, 11 Feb 2025US$1.1tUS$461.5bUS$48.9b23.2x22.4x2.4x
Thu, 09 Jan 2025US$1.0tUS$467.3bUS$47.9b22.4x21.8x2.2x
Sat, 07 Dec 2024US$1.1tUS$467.7bUS$47.8b24.8x23.7x2.4x
Mon, 04 Nov 2024US$1.0tUS$473.8bUS$49.3b23.1x21.3x2.2x
Wed, 02 Oct 2024US$1.1tUS$474.2bUS$49.4b22.1x21.5x2.2x
Fri, 30 Aug 2024US$991.3bUS$474.2bUS$49.3b21.5x20.1x2.1x
Sun, 28 Jul 2024US$1.0tUS$477.0bUS$51.6b21.8x19.7x2.1x
Tue, 25 Jun 2024US$965.6bUS$476.9bUS$52.5b21.3x18.4x2x
Thu, 23 May 2024US$1.0tUS$477.3bUS$51.3b22.2x20.1x2.2x
Sat, 20 Apr 2024US$1.0tUS$478.1bUS$48.2b22.1x21.1x2.1x
Mon, 18 Mar 2024US$1.0tUS$476.8bUS$48.0b23.2x21.3x2.1x
Wed, 14 Feb 2024US$965.4bUS$476.7bUS$47.3b22.2x20.4x2x
Fri, 12 Jan 2024US$943.9bUS$485.5bUS$47.8b21.8x19.7x1.9x
Sun, 10 Dec 2023US$878.3bUS$483.9bUS$47.8b21.5x18.4x1.8x
Tue, 07 Nov 2023US$853.0bUS$484.2bUS$46.9b19.6x18.2x1.8x
Thu, 05 Oct 2023US$864.0bUS$475.1bUS$44.4b19.7x19.5x1.8x
Sat, 02 Sep 2023US$935.4bUS$475.1bUS$44.5b20.8x21x2x
Mon, 31 Jul 2023US$939.9bUS$465.4bUS$41.2b20.7x22.8x2x
Price to Earnings Ratio

22.8x


Total Market Cap: US$939.9bTotal Earnings: US$41.2bTotal Revenue: US$465.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Machinery Industry Price to Earnings3Y Average 24.1x202420252026
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 34.7x which is higher than its 3-year average PE of 24.1x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.2x.
Past Earnings Growth
  • The earnings for companies in the Machinery industry have grown 2.8% 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-1.98%
Industrials0.90%
Machinery0.97%
Construction Machinery and Vehicles2.81%
Agricultural Machinery1.35%
Industrial Machinery-1.07%
Industry PE
  • Investors are most optimistic about the Construction Machinery and Vehicles industry which is trading above its 3-year average PE ratio of 21.0x.
    • Analysts are expecting annual earnings growth of 17.3%, which is higher than its past year's earnings decline of 5.5% 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 19.0x.
Forecasted Growth
  • Analysts are most optimistic on the Agricultural Machinery industry, expecting annual earnings growth of 18% over the next 5 years.
  • This is better than its past earnings decline of 15% 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$894.542.0%
+US$8.0b		108.3%PE43.7x
WAB Westinghouse Air Brake TechnologiesUS$297.9912.9%
+US$5.8b		48.5%PE41.9x
PH Parker-HannifinUS$985.482.8%
+US$3.4b		35.1%PE35.7x
DE DeereUS$610.021.8%
+US$3.0b		18.5%PE34.4x
CMI CumminsUS$665.032.7%
+US$2.4b		82.1%PE34.3x

Latest News

SWK
US$87.41
Stanley Black & Decker
7D
-4.3%
1Y
20.3%
OTIS
US$70.77
Otis Worldwide
7D
-5.6%
1Y
-20.7%
FTV
US$60.62
Fortive
7D
-2.9%
1Y
18.7%
Seeking Alpha • 19h

Fortive's Continued Growth Does Not Justify An Upgrade At This Time

Summary Fortive Corporation remains rated 'Hold' due to fair absolute valuation despite consistent revenue and profitability growth. FTV's Intelligent Operating Solutions and Advanced Healthcare Solutions segments delivered robust organic growth, aided by pricing, volume, and productivity initiatives. Management guides for FY26 adjusted EPS of $2.90–$3.00, with adjusted operating cash flow projected to rise to $1.21 billion. Relative valuation is attractive versus peers, but not compelling enough on an absolute basis to warrant an upgrade without exceptional new data. Read the full article on Seeking Alpha
MLI
US$63.13
Mueller Industries
7D
7.1%
1Y
43.0%
WAB
US$297.99
Westinghouse Air Brake Technologies
7D
12.9%
1Y
48.5%
Narrative Update • Jul 23

WAB: Installed Base And Aftermarket Services Will Support Balanced Outlook

Analysts have slightly increased their price target for Westinghouse Air Brake Technologies to about $309 from $300, citing expectations for somewhat lower modeled revenue growth, modestly higher profit margins, and a small adjustment to the assumed future P/E multiple and discount rate. What’s in the News for Westinghouse Air Brake Technologies Coverage of Westinghouse Air Brake Technologies has been resumed by Stephens with an Overweight rating and a price target of $320, citing its installed base and aftermarket rail services as key drivers.
PCAR
US$130.75
PACCAR
7D
3.2%
1Y
28.9%
Narrative Update • Jul 22

PCAR: Secular Truck Demand And Strong Q2 Setup Will Support Higher Margins

The PACCAR analyst price target has been revised higher from $140.00 to about $149.63. Analysts cite refreshed Q2 previews, updated machinery sector targets, and generally supportive U.S. macro data as key reasons for the adjustment.
CAT
US$894.54
Caterpillar
7D
2.0%
1Y
108.3%
PNR
US$62.07
Pentair
7D
-5.5%
1Y
-39.7%
Narrative Update • Jul 20

PNR: Pool Destocking Reset Will Set Up 2027 Recovery Potential

Pentair's updated analyst price target has moved lower from about $101 to roughly $82, as analysts factor in reduced revenue growth assumptions, slightly softer profit margins, and a lower future P/E multiple following the company's guidance cut, pool channel destocking, and recent management changes. Analyst Commentary Street research on Pentair is mixed, with many firms cutting price targets and several shifting ratings lower after the guidance reset, pool channel destocking, and management turnover.
ITW
US$276.91
Illinois Tool Works
7D
-2.1%
1Y
5.8%
Seeking Alpha • Jul 16

Illinois Tool Works: Growth Could Justify The Premium Valuation

Summary Illinois Tool Works is rated Hold due to a premium valuation not justified by its below-sector growth profile. Recovery in the semiconductor market and the Customer-Back Innovation (CBI) program are expected to drive FY2026 net sales growth. Margin expansion is supported by the 80/20 program and Product Line Simplification, with management targeting 100 bps improvement in FY2026. ITW trades at a 23.95x P/E, a 56.68% PEG premium to peers, while forward revenue and EBITDA growth lag sector medians by ~60%. Read the full article on Seeking Alpha
CMI
US$665.03
Cummins
7D
2.7%
1Y
82.1%
Narrative Update • Jul 16

CMI: Data Center Prime Power Awards Will Support Multiyear Earnings Upside

The analyst fair value estimate for Cummins has been adjusted to $901 from $874. This change reflects Street research that points to stronger demand trends, expanded power opportunities, and supportive truck and infrastructure end markets across upcoming earnings periods.
RBC
US$595.31
RBC Bearings
7D
2.6%
1Y
54.6%
DOV
US$197.80
Dover
7D
-9.1%
1Y
6.0%
DE
US$610.02
Deere
7D
1.8%
1Y
18.5%
Narrative Update • Jul 15

DE: AI Precision Investment And Tariff Relief Will Support Future Upside

Analysts have raised their price targets on Deere, increasing fair value estimates from $759.00 to about $803.77. This shift is supported by expectations for steadier margins, a slightly lower discount rate, modestly higher future P/E assumptions, and generally constructive sector research.
SNA
US$395.41
Snap-on
7D
-4.7%
1Y
19.7%
PH
US$985.48
Parker-Hannifin
7D
2.8%
1Y
35.1%
Narrative Update • Jul 06

PH: Future Upside Will Rely On Dividend Strength And Filtration Expansion

Analysts have lifted their price target for Parker-Hannifin to about $1,259 from roughly $1,168, citing updated assumptions around slightly higher revenue growth, a revised discount rate, a modestly lower profit margin, and a higher future P/E multiple. What’s in the News for Parker-Hannifin Parker-Hannifin has raised its dividend every year since 1956, reaching a streak of 70 consecutive fiscal years, according to recent coverage.
XYL
US$116.87
Xylem
7D
-6.7%
1Y
-10.9%