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Hyster-Yale Materials Handling

NYSE:HY
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HY
NYSE
$894M
Market Cap
  1. Home
  2. US
  3. Capital Goods
Company description

Hyster-Yale Materials Handling, Inc., through its subsidiaries, designs, engineers, manufactures, sells, and services a line of lift trucks, attachments, and aftermarket parts worldwide. The last earnings update was 78 days ago. More info.


Add to Portfolio Compare Print
  • Hyster-Yale Materials Handling has significant price volatility in the past 3 months.
HY Share Price and Events
7 Day Returns
0.4%
NYSE:HY
1%
US Machinery
1.1%
US Market
1 Year Returns
-18.8%
NYSE:HY
6.8%
US Machinery
4.7%
US Market
HY Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hyster-Yale Materials Handling (HY) 0.4% 6.4% -20.4% -18.8% -15.5% -39.4%
US Machinery 1% 4.5% -1.4% 6.8% 46.9% 28.5%
US Market 1.1% 4.3% 2.9% 4.7% 37.7% 43.6%
1 Year Return vs Industry and Market
  • HY underperformed the Machinery industry which returned 6.8% over the past year.
  • HY underperformed the Market in United States of America which returned 4.7% over the past year.
Price Volatility
HY
Industry
5yr Volatility vs Market

HY Value

 Is Hyster-Yale Materials Handling undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Hyster-Yale Materials Handling to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Hyster-Yale Materials Handling.

NYSE:HY Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:HY
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Machinery Unlevered Beta Simply Wall St/ S&P Global 1.09
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.085 (1 + (1- 21%) (44.18%))
1.311
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.31
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.311 * 5.96%)
10.54%

Discounted Cash Flow Calculation for NYSE:HY using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Hyster-Yale Materials Handling is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:HY DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.54%)
2020 71.40 Analyst x1 64.59
2021 82.27 Est @ 15.23% 67.33
2022 91.72 Est @ 11.48% 67.90
2023 99.84 Est @ 8.86% 66.86
2024 106.85 Est @ 7.02% 64.73
2025 112.97 Est @ 5.73% 61.91
2026 118.43 Est @ 4.83% 58.71
2027 123.41 Est @ 4.2% 55.34
2028 128.05 Est @ 3.76% 51.95
2029 132.46 Est @ 3.45% 48.61
Present value of next 10 years cash flows $607.93
NYSE:HY DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $132.46 × (1 + 2.73%) ÷ (10.54% – 2.73%)
$1,741.52
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $1,741.52 ÷ (1 + 10.54%)10
$639.12
NYSE:HY Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $607.93 + $639.12
$1,247.05
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,247.05 / 16.66
$74.87
NYSE:HY Discount to Share Price
Calculation Result
Value per share (USD) From above. $74.87
Current discount Discount to share price of $53.70
= -1 x ($53.70 - $74.87) / $74.87
28.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Hyster-Yale Materials Handling is available for.
Intrinsic value
28%
Share price is $53.7 vs Future cash flow value of $74.87
Current Discount Checks
For Hyster-Yale Materials Handling to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Hyster-Yale Materials Handling's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Hyster-Yale Materials Handling's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Hyster-Yale Materials Handling's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hyster-Yale Materials Handling's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:HY PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.40
NYSE:HY Share Price ** NYSE (2019-07-16) in USD $53.7
United States of America Machinery Industry PE Ratio Median Figure of 98 Publicly-Listed Machinery Companies 21.27x
United States of America Market PE Ratio Median Figure of 3,084 Publicly-Listed Companies 17.98x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Hyster-Yale Materials Handling.

NYSE:HY PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:HY Share Price ÷ EPS (both in USD)

= 53.7 ÷ 1.40

38.34x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hyster-Yale Materials Handling is overvalued based on earnings compared to the US Machinery industry average.
  • Hyster-Yale Materials Handling is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Hyster-Yale Materials Handling's expected growth come at a high price?
Raw Data
NYSE:HY PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 38.34x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
77.9%per year
United States of America Machinery Industry PEG Ratio Median Figure of 79 Publicly-Listed Machinery Companies 1.54x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.58x

*Line of best fit is calculated by linear regression .

NYSE:HY PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 38.34x ÷ 77.9%

0.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hyster-Yale Materials Handling is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Hyster-Yale Materials Handling's assets?
Raw Data
NYSE:HY PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $31.20
NYSE:HY Share Price * NYSE (2019-07-16) in USD $53.7
United States of America Machinery Industry PB Ratio Median Figure of 126 Publicly-Listed Machinery Companies 2.3x
United States of America Market PB Ratio Median Figure of 5,240 Publicly-Listed Companies 1.81x
NYSE:HY PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:HY Share Price ÷ Book Value per Share (both in USD)

= 53.7 ÷ 31.20

1.72x

* Primary Listing of Hyster-Yale Materials Handling.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hyster-Yale Materials Handling is good value based on assets compared to the US Machinery industry average.
X
Value checks
We assess Hyster-Yale Materials Handling's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Machinery industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Machinery industry average (and greater than 0)? (1 check)
  5. Hyster-Yale Materials Handling has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

HY Future Performance

 How is Hyster-Yale Materials Handling expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
77.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hyster-Yale Materials Handling expected to grow at an attractive rate?
  • Hyster-Yale Materials Handling's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Hyster-Yale Materials Handling's earnings growth is expected to exceed the United States of America market average.
  • Hyster-Yale Materials Handling's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:HY Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:HY Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 77.9%
NYSE:HY Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 6.7%
United States of America Machinery Industry Earnings Growth Rate Market Cap Weighted Average 10.4%
United States of America Machinery Industry Revenue Growth Rate Market Cap Weighted Average 3.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:HY Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:HY Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 3,624 131 99 1
2019-12-31 3,434 63 46 1
NYSE:HY Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 3,221 17 23
2018-12-31 3,174 68 35
2018-09-30 3,133 100 34
2018-06-30 3,041 76 35
2018-03-31 2,961 91 45
2017-12-31 2,885 165 49
2017-09-30 2,780 86 63
2017-06-30 2,719 114 59
2017-03-31 2,679 71 51
2016-12-31 2,570 -49 43
2016-09-30 2,524 81 48
2016-06-30 2,547 69 56

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hyster-Yale Materials Handling's earnings are expected to grow significantly at over 20% yearly.
  • Hyster-Yale Materials Handling's revenue is expected to grow by 6.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:HY Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Hyster-Yale Materials Handling Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HY Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 5.92 5.92 5.92 1.00
2019-12-31 2.78 2.78 2.78 1.00
NYSE:HY Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.40
2018-12-31 2.10
2018-09-30 2.03
2018-06-30 2.10
2018-03-31 2.76
2017-12-31 2.95
2017-09-30 3.85
2017-06-30 3.60
2017-03-31 3.10
2016-12-31 2.61
2016-09-30 2.92
2016-06-30 3.45

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Hyster-Yale Materials Handling will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Hyster-Yale Materials Handling's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Hyster-Yale Materials Handling has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

HY Past Performance

  How has Hyster-Yale Materials Handling performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Hyster-Yale Materials Handling's growth in the last year to its industry (Machinery).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Hyster-Yale Materials Handling's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Hyster-Yale Materials Handling's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Hyster-Yale Materials Handling's 1-year earnings growth is negative, it can't be compared to the US Machinery industry average.
Earnings and Revenue History
Hyster-Yale Materials Handling's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Hyster-Yale Materials Handling Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:HY Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 3,220.70 23.20 468.50
2018-12-31 3,174.40 34.70 458.60
2018-09-30 3,132.50 33.50 447.80
2018-06-30 3,040.70 34.60 444.00
2018-03-31 2,960.60 45.40 434.20
2017-12-31 2,885.20 48.60 425.30
2017-09-30 2,780.30 63.20 415.60
2017-06-30 2,718.50 59.00 413.00
2017-03-31 2,678.60 50.90 406.20
2016-12-31 2,569.70 42.80 390.70
2016-09-30 2,524.10 47.80 369.20
2016-06-30 2,546.90 56.40 348.10
2016-03-31 2,560.00 70.80 334.50
2015-12-31 2,578.10 74.70 327.30
2015-09-30 2,643.80 83.90 327.10
2015-06-30 2,687.50 91.40 324.50
2015-03-31 2,713.50 101.60 318.50
2014-12-31 2,767.20 109.80 316.70
2014-09-30 2,774.40 109.10 323.50
2014-06-30 2,722.50 104.20 328.70
2014-03-31 2,697.40 107.50 329.80
2013-12-31 2,666.30 110.00 326.80
2013-09-30 2,600.40 116.70 314.10
2013-06-30 2,542.10 118.10 305.50
2013-03-31 2,484.50 101.40 299.40
2012-12-31 2,469.10 98.00 291.40
2012-09-30 2,494.50 89.20 285.80

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Hyster-Yale Materials Handling has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hyster-Yale Materials Handling used its assets less efficiently than the US Machinery industry average last year based on Return on Assets.
  • Hyster-Yale Materials Handling's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Hyster-Yale Materials Handling's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Machinery industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Hyster-Yale Materials Handling has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

HY Health

 How is Hyster-Yale Materials Handling's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Hyster-Yale Materials Handling's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hyster-Yale Materials Handling is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Hyster-Yale Materials Handling's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Hyster-Yale Materials Handling's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 3.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Hyster-Yale Materials Handling Company Filings, last reported 3 months ago.

NYSE:HY Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 551.40 292.60 56.10
2018-12-31 559.50 284.20 84.30
2018-09-30 589.70 296.50 122.80
2018-06-30 589.90 273.10 153.30
2018-03-31 608.00 283.50 228.90
2017-12-31 572.40 290.90 220.50
2017-09-30 557.70 295.00 238.20
2017-06-30 530.20 300.60 239.90
2017-03-31 498.30 143.40 65.30
2016-12-31 470.40 211.70 43.20
2016-09-30 513.00 153.40 84.80
2016-06-30 501.40 151.90 51.50
2016-03-31 495.90 64.50 138.50
2015-12-31 462.70 53.70 155.10
2015-09-30 458.40 48.40 114.60
2015-06-30 457.90 54.70 99.10
2015-03-31 422.00 36.10 91.50
2014-12-31 456.00 32.50 111.40
2014-09-30 472.50 25.10 97.90
2014-06-30 498.50 26.80 98.60
2014-03-31 471.70 21.60 107.30
2013-12-31 450.90 58.20 175.70
2013-09-30 416.20 121.80 184.70
2013-06-30 383.50 134.80 162.70
2013-03-31 360.70 138.80 131.10
2012-12-31 342.20 143.00 151.30
2012-09-30 365.60 146.00 145.00
  • Hyster-Yale Materials Handling's level of debt (56.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (7% vs 56.2% today).
  • Debt is not well covered by operating cash flow (5.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Hyster-Yale Materials Handling's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Hyster-Yale Materials Handling has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

HY Dividends

 What is Hyster-Yale Materials Handling's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.36%
Current annual income from Hyster-Yale Materials Handling dividends.
If you bought $2,000 of Hyster-Yale Materials Handling shares you are expected to receive $47 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Hyster-Yale Materials Handling's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.42%).
  • Hyster-Yale Materials Handling's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:HY Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United States of America Machinery Industry Average Dividend Yield Market Cap Weighted Average of 75 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:HY Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31
2019-12-31
NYSE:HY Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-17 1.270 2.534
2019-02-19 1.240 1.968
2018-11-14 1.240 1.893
2018-08-08 1.240 1.994
2018-05-09 1.240 1.876
2018-02-06 1.210 1.652
2017-11-09 1.210 1.430
2017-08-09 1.210 1.629
2017-05-04 1.210 1.681
2017-02-09 1.180 2.001
2016-11-16 1.180 1.848
2016-08-09 1.180 2.151
2016-05-04 1.180 1.930
2016-02-10 1.140 1.801
2015-11-10 1.140 2.165
2015-08-11 1.140 1.861
2015-05-11 1.140 1.650
2015-02-11 1.100 1.549
2014-08-12 1.100 1.512
2014-05-07 1.100 1.295
2014-02-12 1.000 1.027
2013-11-13 1.000 1.148
2013-08-15 1.000 1.174
2013-05-08 1.000 1.526
2013-02-13 1.000 1.886
2012-11-14 1.000 2.136

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Hyster-Yale Materials Handling has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Hyster-Yale Materials Handling only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Hyster-Yale Materials Handling's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Hyster-Yale Materials Handling's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Hyster-Yale Materials Handling afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hyster-Yale Materials Handling has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

HY Management

 What is the CEO of Hyster-Yale Materials Handling's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Al Rankin
COMPENSATION $4,469,254
AGE 78
TENURE AS CEO 6.8 years
CEO Bio

Mr. Alfred Marshall Rankin, Jr., also known as Al, serves as the Non-Executive Chairman of NACCO Industries, Inc. since September 2017 and since prior to 2013 Chairman of NACCO’s principal subsidiary, North American Coal. From prior to 2013 to September 2017 Chairman, President, and CEO of NACCO Industries. He served as the President of NACCO Industries, Inc. since May 1994. Mr. Rankin joined the NACCO Industries in February 1989. He has been the President and Chief Executive Officer at Hamilton Beach/Proctor Silex Inc., NACCO Materials Handling Group, Inc., Materials Handling Inc., and The Kitchen Collection Inc., since 1991. He serves as Chief Executive Officer of NACCO Industries, Inc. and President of NACCO Industries, Inc. at Hamilton Beach, Inc. He serves as the Chief Executive Officer at Housewares Holding Company. He has been the Chief Executive Officer and President of Hyster-Yale Materials Handling, Inc. since September 2012. Mr. Rankin served as Chief Operating Officer from April 1986 to February 1989 at Eaton Corporation. He serves as an Advisory Chairman of the Board of Cleveland Museum of Art. He is the Chairman of Hyster-Yale Group, Inc. since May 1994. He has been the Chairman of NMHG since October 2008. He has been Non-Executive Chairman at Hamilton Beach Brands Holding Company since January 01, 2019 and served as its Executive Chairman from October 01, 2017 to January 01, 2019. He served as the Chairman of Hamilton Beach Brands, Inc. since January 2010 and was its Chief Executive Officer. He has been Executive Chairman of Hamilton Beach Holding from October 1, 2017. He also serves as the Chairman of University Hospitals of Cleveland and The North American Coal Corporation. He has been the Chairman of The Kitchen Collection, Inc., since January 1, 2010. He has been the Chairman of University Hospitals Health System, Inc., since May 2011. He serves as Chairman of Hamilton Beach, Inc. He has been a Director of University Hospitals Health System, Inc., since 1988 and The Federal Reserve Bank of Cleveland since 2006. Mr. Rankin serves as a Director of BFGoodrich Company. He has been a Director of Hyster-Yale Materials Handling, Inc. since 2012. Mr. Rankin served as the Chairman of The Federal Reserve Bank at Cleveland from January 1, 2010 to January 2013. He also served as the Deputy Chairman of The Federal Reserve Bank of Cleveland from January 1, 2007 to January 1, 2010. He has been Non Executive Director of Bolzoni SpA since April 1, 2016. He served as Chairman of NACoal until 2013.He serves as a Trustee of Case Western Reserve University. He served as a Director of Goodrich Corp. from April 18, 1988 to July 2012. He had been a Director of Goodrich Lighting Systems GmbH since 1988 and The Vanguard Group, Inc. since January 1993. Mr. Rankin served as a Director of Standard Products Co., since 1989 and Reliance Electric Co. since January 1993. Since September 2017 to present, Executive Chairman of HBBHC and from prior to 2013 to present, Chairman of both HBBHC's principal subsidiaries: HBB and KC. From prior to 2013 to October 2014, Director of The Vanguard Group. In over 45 years of service as a Director and over 25 years in senior management, Mr. Rankin has amassed extensive knowledge of all strategies and operations. He has extensive knowledge of the Company, he also unique insight resulting from his service on the boards of other publicly traded corporations, The Vanguard Group, the Federal Reserve Bank of Cleveland and Goodrich Corporation. He holds a Bachelor of Arts degree in Economics from Yale University and a Juris Doctor degree from the Yale Law School.

CEO Compensation
  • Al's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Al's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Hyster-Yale Materials Handling management team in years:

6.8
Average Tenure
58.5
Average Age
  • The average tenure for the Hyster-Yale Materials Handling management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Al Rankin

TITLE
Chairman
COMPENSATION
$4M
AGE
78
TENURE
6.8 yrs

Kenneth Schilling

TITLE
Senior VP & CFO
COMPENSATION
$946K
AGE
59
TENURE
6.8 yrs

Rajiv Prasad

TITLE
Chief Product & Operations Officer of Hyster-Yale Group Inc
COMPENSATION
$2M
AGE
55
TENURE
7.5 yrs

Chuck Pascarelli

TITLE
Senior VP & President of Americas - Hyster-Yale Group
COMPENSATION
$1M
AGE
59

Colin Wilson

TITLE
President & CEO of Hyster-Yale Group Inc
COMPENSATION
$3M
AGE
65
TENURE
4.8 yrs

Suzy Taylor

TITLE
Senior VP
AGE
56
TENURE
3.2 yrs

Lauren Miller

TITLE
Chief Marketing Officer & Senior VP
AGE
64
TENURE
4.5 yrs

Anthony Salgado

TITLE
Chief Operating Officer of Hyster-Yale Group Inc.
AGE
48

Brian Frentzko

TITLE
VP & Treasurer
AGE
58
TENURE
6.8 yrs

Jennifer Langer

TITLE
VP & Controller
AGE
45
TENURE
6.8 yrs
Board of Directors Tenure

Average tenure and age of the Hyster-Yale Materials Handling board of directors in years:

7.5
Average Tenure
67.5
Average Age
  • The tenure for the Hyster-Yale Materials Handling board of directors is about average.
Board of Directors

Al Rankin

TITLE
Chairman
COMPENSATION
$4M
AGE
78
TENURE
6.8 yrs

Dennis LaBarre

TITLE
Independent Director
COMPENSATION
$254K
AGE
76
TENURE
7.5 yrs

John Jumper

TITLE
Independent Director
COMPENSATION
$232K
AGE
74
TENURE
7.5 yrs

Carolyn Corvi

TITLE
Independent Director
COMPENSATION
$243K
AGE
67
TENURE
7.5 yrs

Britton Taplin

TITLE
Independent Director
COMPENSATION
$195K
AGE
62
TENURE
7.5 yrs

Eugene Wong

TITLE
Independent Director
COMPENSATION
$207K
AGE
84
TENURE
7.5 yrs

Clay Rankin

TITLE
Director
COMPENSATION
$195K
AGE
68
TENURE
7.5 yrs

John Butler

TITLE
Director
COMPENSATION
$204K
AGE
58
TENURE
7.5 yrs

H. Poor

TITLE
Independent Director
COMPENSATION
$208K
AGE
67
TENURE
2.3 yrs

James Bemowski

TITLE
Director
COMPENSATION
$139K
AGE
65
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
15. Mar 19 Buy Clara Williams Individual 13. Mar 19 15. Mar 19 711 $64.99 $45,611
15. Mar 19 Sell Theodore Taplin Individual 13. Mar 19 14. Mar 19 -2,500 $65.25 $-159,157
15. Mar 19 Buy Victoire Rankin Individual 14. Mar 19 15. Mar 19 1,262 $64.59 $80,429
15. Mar 19 Buy Alfred Rankin Individual 13. Mar 19 15. Mar 19 946 $64.99 $60,687
15. Mar 19 Buy Alison Rankin Individual 14. Mar 19 15. Mar 19 158 $64.59 $10,070
15. Mar 19 Buy Victoire Rankin Individual 13. Mar 19 13. Mar 19 631 $64.99 $41,009
15. Mar 19 Buy Thomas Rankin Individual 15. Mar 19 15. Mar 19 79 $62.87 $4,967
15. Mar 19 Buy Thomas Rankin Individual 13. Mar 19 14. Mar 19 158 $64.99 $10,237
15. Mar 19 Buy Clara Rankin Individual 13. Mar 19 15. Mar 19 474 $64.99 $30,408
15. Mar 19 Buy Bruce Rankin Individual 13. Mar 19 15. Mar 19 1,419 $64.99 $91,030
15. Mar 19 Buy Helen Butler Individual 13. Mar 19 15. Mar 19 711 $64.99 $45,611
13. Mar 19 Buy Bruce Rankin Individual 12. Mar 19 12. Mar 19 946 $64.98 $61,474
13. Mar 19 Buy Alison Rankin Individual 11. Mar 19 12. Mar 19 158 $64.98 $10,267
13. Mar 19 Buy Clara Williams Individual 11. Mar 19 12. Mar 19 474 $64.98 $30,802
13. Mar 19 Buy Alfred Rankin Individual 12. Mar 19 12. Mar 19 315 $64.98 $20,470
13. Mar 19 Buy Victoire Rankin Individual 12. Mar 19 12. Mar 19 631 $64.98 $41,005
13. Mar 19 Buy Victoire Rankin Individual 11. Mar 19 11. Mar 19 631 $64.98 $41,003
13. Mar 19 Buy Thomas Rankin Individual 12. Mar 19 12. Mar 19 79 $64.98 $5,134
13. Mar 19 Buy Thomas Rankin Individual 11. Mar 19 11. Mar 19 79 $64.98 $5,133
13. Mar 19 Buy Clara Rankin Individual 11. Mar 19 12. Mar 19 316 $64.98 $20,535
13. Mar 19 Buy Alfred Rankin Individual 11. Mar 19 11. Mar 19 315 $64.98 $20,469
13. Mar 19 Buy Helen Butler Individual 11. Mar 19 12. Mar 19 474 $64.98 $30,802
11. Mar 19 Buy Clara Williams Individual 07. Mar 19 07. Mar 19 192 $64.89 $12,460
11. Mar 19 Buy Victoire Rankin Individual 07. Mar 19 08. Mar 19 1,024 $64.89 $66,090
11. Mar 19 Buy Thomas Rankin Individual 07. Mar 19 08. Mar 19 128 $64.89 $8,261
11. Mar 19 Buy Alison Rankin Individual 07. Mar 19 07. Mar 19 64 $64.89 $4,153
11. Mar 19 Buy Bruce Rankin Individual 07. Mar 19 07. Mar 19 384 $64.89 $24,919
11. Mar 19 Buy Alfred Rankin Individual 07. Mar 19 07. Mar 19 256 $64.89 $16,613
11. Mar 19 Buy Helen Butler Individual 07. Mar 19 08. Mar 19 384 $64.89 $24,784
11. Mar 19 Buy Alfred Rankin Individual 08. Mar 19 08. Mar 19 256 $64.19 $16,433
06. Mar 19 Buy Clara Rankin Individual 06. Mar 19 06. Mar 19 128 $64.99 $8,319
06. Mar 19 Buy Thomas Rankin Individual 06. Mar 19 06. Mar 19 64 $64.99 $4,159
06. Mar 19 Buy Clara Williams Individual 06. Mar 19 06. Mar 19 192 $64.99 $12,478
06. Mar 19 Buy Victoire Rankin Individual 06. Mar 19 06. Mar 19 512 $64.99 $33,275
06. Mar 19 Buy Bruce Rankin Individual 06. Mar 19 06. Mar 19 384 $64.99 $24,956
06. Mar 19 Buy Alison Rankin Individual 06. Mar 19 06. Mar 19 64 $64.99 $4,159
06. Mar 19 Buy Alfred Rankin Individual 06. Mar 19 06. Mar 19 256 $64.99 $16,637
06. Mar 19 Buy Helen Butler Individual 06. Mar 19 06. Mar 19 192 $64.99 $12,478
05. Mar 19 Buy Clara Williams Individual 04. Mar 19 04. Mar 19 96 $64.98 $6,238
05. Mar 19 Buy Victoire Rankin Individual 04. Mar 19 04. Mar 19 257 $64.98 $16,700
05. Mar 19 Buy Alfred Rankin Individual 04. Mar 19 04. Mar 19 128 $64.98 $8,318
05. Mar 19 Buy Thomas Rankin Individual 04. Mar 19 04. Mar 19 32 $64.98 $2,079
05. Mar 19 Buy Clara Rankin Individual 04. Mar 19 04. Mar 19 64 $64.98 $4,159
05. Mar 19 Buy Bruce Rankin Individual 04. Mar 19 04. Mar 19 192 $64.98 $12,476
05. Mar 19 Buy Helen Butler Individual 04. Mar 19 04. Mar 19 96 $64.98 $6,238
05. Mar 19 Buy Alfred Rankin Individual 26. Sep 18 27. Sep 18 1,246 $63.69 $78,010
20. Nov 18 Buy Thomas Rankin Individual 16. Nov 18 16. Nov 18 67 $63.31 $4,242
21. Nov 18 Buy Clara Williams Individual 20. Nov 18 20. Nov 18 200 $64.15 $12,831
09. Oct 18 Buy Alfred Rankin Individual 08. Oct 18 08. Oct 18 226 $62.64 $14,156
02. Oct 18 Buy Clara Williams Individual 28. Sep 18 01. Oct 18 564 $61.74 $34,726
26. Sep 18 Buy Alfred Rankin Individual 24. Sep 18 24. Sep 18 68 $64.99 $4,419
17. Sep 18 Sell Gregory Breier Individual 14. Sep 18 14. Sep 18 -1,000 $65.00 $-65,000
06. Sep 18 Buy Thomas Rankin Individual 04. Sep 18 04. Sep 18 99 $61.27 $6,066
06. Sep 18 Buy Clara Williams Individual 04. Sep 18 04. Sep 18 296 $61.27 $18,136
06. Sep 18 Buy Helen Butler Individual 04. Sep 18 04. Sep 18 296 $61.27 $18,136
06. Sep 18 Buy Bruce Rankin Individual 04. Sep 18 04. Sep 18 591 $61.27 $36,211
06. Sep 18 Buy Victoire Rankin Individual 04. Sep 18 04. Sep 18 788 $61.27 $48,281
06. Sep 18 Buy Clara Rankin Individual 04. Sep 18 04. Sep 18 946 $61.46 $57,965
X
Management checks
We assess Hyster-Yale Materials Handling's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Hyster-Yale Materials Handling has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

HY News

Simply Wall St News

Why Hyster-Yale Materials Handling, Inc.’s (NYSE:HY) Return On Capital Employed Looks Uninspiring

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business.

Simply Wall St -

How Should Investors Feel About Hyster-Yale Materials Handling, Inc.'s (NYSE:HY) CEO Pay?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Al Rankin's Compensation Compare With Similar Sized Companies. … has a market cap of US$1.1b, and is paying total annual CEO compensation of US$4.5m.

Simply Wall St -

Did You Manage To Avoid Hyster-Yale Materials Handling's (NYSE:HY) 32% Share Price Drop?

In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During the five years over which the share price declined, Hyster-Yale Materials Handling's earnings per share (EPS) dropped by 20% each year.

Simply Wall St -

At US$64.82, Is It Time To Put Hyster-Yale Materials Handling, Inc. (NYSE:HY) On Your Watch List?

Hyster-Yale Materials Handling, Inc. … A question to answer is whether Hyster-Yale Materials Handling's current trading price of $64.82 reflective of the actual value of the? … Let’s take a look at Hyster-Yale Materials Handling’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

What Investors Should Know About Hyster-Yale Materials Handling, Inc.'s (NYSE:HY) Financial Strength

While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health. … Understanding the company's financial health becomes. … The following basic checks can help you get a picture of the company's balance sheet strength.

Simply Wall St -

What You Must Know About Hyster-Yale Materials Handling, Inc.'s (NYSE:HY) Beta Value

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.

Simply Wall St -

Can Hyster-Yale Materials Handling, Inc. (NYSE:HY) Improve Its Returns?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of Hyster-Yale Materials Handling, Inc. … Hyster-Yale Materials Handling has a ROE of 6.1%, based on the last twelve months. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Does Hyster-Yale Materials Handling Inc (NYSE:HY)'s Capital Return Make The Cut?

Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … Therefore, looking at how efficiently Hyster-Yale Materials Handling is able to use capital to create earnings will help us understand your potential return. … Hyster-Yale Materials Handling's Return On Capital Employed

Simply Wall St -

What Kind Of Shareholder Owns Most Hyster-Yale Materials Handling Inc (NYSE:HY) Stock?

The big shareholder groups in Hyster-Yale Materials Handling Inc (NYSE:HY) have power over the company. … With a market capitalization of US$1.1b, Hyster-Yale Materials Handling is a decent size, so it is probably on the radar of institutional investors. … See our latest analysis for Hyster-Yale Materials Handling

Simply Wall St -

Should We Be Cautious About Hyster-Yale Materials Handling Inc's (NYSE:HY) ROE Of 5.6%?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Hyster-Yale Materials Handling Inc (NYSE:HY). … Hyster-Yale Materials Handling has a ROE of 5.6%, based on the last twelve months.

Simply Wall St -

HY Company Info

Description

Hyster-Yale Materials Handling, Inc., through its subsidiaries, designs, engineers, manufactures, sells, and services a line of lift trucks, attachments, and aftermarket parts worldwide. It manufactures components, such as frames, masts, and transmissions; and assembles lift trucks. The company markets its products primarily under the Hyster and Yale brand names to independent Hyster and Yale retail dealerships. It also sells aftermarket parts under the Hyster and Yale, as well as UNISOURCE and PREMIER brands to Hyster and Yale dealers for the service of competitor lift trucks. In addition, the company produces and distributes attachments, forks, and lift tables under the Bolzoni, Auramo, and Meyer brand names. Hyster-Yale Materials Handling, Inc. was incorporated in 1991 and is headquartered in Cleveland, Ohio.

Details
Name: Hyster-Yale Materials Handling, Inc.
HY
Exchange: NYSE
Founded: 1991
$894,441,269
16,656,262
Website: http://www.hyster-yale.com
Address: Hyster-Yale Materials Handling, Inc.
5875 Landerbrook Drive,
Suite 300,
Cleveland,
Ohio, 44124,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE HY Class A Common Stock New York Stock Exchange US USD 28. Sep 2012
DB HYEA Class A Common Stock Deutsche Boerse AG DE EUR 28. Sep 2012
Number of employees
Current staff
Staff numbers
7,700
Hyster-Yale Materials Handling employees.
Industry
Industrial Machinery
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/17 00:30
End of day share price update: 2019/07/16 00:00
Last estimates confirmation: 2019/06/11
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.