# Park Ohio Holdings (PKOH.US)

Canonical: https://gigainvestors.com/s/PKOH

Analysis as of: 2026-10-16T07:31:13.265Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $46.19 per share; close as of 2026-10-15.

Estimated value: low $9.55 per share, central $10.72 per share, high $12.28 per share. Buy at or below the central value $10.72 per share. Valuation as of 2026-10-16T07:31:13.265Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.06×

- FY2019: 0.05×

- FY2020: 0.02×

- FY2021: 0.01×

- FY2022: 0.02×

- FY2023: 0.05×

- FY2024: 0.05×

- FY2025: 0.05×

- LTM to Jun 2026: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.1%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 16.4%

- Recent gross margin (lower of latest and 3-year median): 17.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 2.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.4%

- FY2018: 10.6%

- FY2019: 7.5%

- FY2020: 1.9%

- FY2021: 1.6%

- FY2022: 4.1%

- FY2023: 8.3%

- FY2024: 9.2%

- FY2025: 8.1%

- LTM to Jun 2026: 8.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $74M

- Net income, five-year total: $77M

- Return on incremental invested capital: 9.8%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: 1.2 pp

- Working capital / revenue, final three-year average: 29.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.77×

- FY2023: 1.45×

- FY2024: 1.07×

- FY2025: 0.71×

- LTM to Jun 2026: 0.80×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.0% vs 8.3%

- Per-share earnings: 2.58 to 1.77 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.2%

- Ordinary dilution, 5-year annual growth: 3.0%

- Market cap gain: -$230M

- Cumulative retained earnings: $88M

- Diluted shares, 10-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 3.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.6%

- Per-share value change: -$0.81

- Per-share value, starting three-year median: $2.58

- Per-share value, ending three-year median: $1.77

- Buybacks concentrated in cheaper years (correlation): -0.22

- Average buyback yield: 1.0%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $159M

- Cumulative net income, 10 years: $173M

- ROIC, first three-year median: 10.0%

- ROIC, last three-year median: 8.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.58

- FY2017: $2.30

- FY2018: $4.29

- FY2019: $3.12

- FY2020: -$0.37

- FY2021: -$2.02

- FY2022: -$1.16

- FY2023: $0.62

- FY2024: $2.40

- FY2025: $1.77

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -1.2%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 13.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.67×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.49×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -1.6%

- FY2018: -0.1%

- FY2019: -1.9%

- FY2020: -5.7%

- FY2021: 1.4%

- FY2022: 0.9%

- FY2023: -3.2%

- FY2024: 0.1%

- FY2025: -1.2%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 20.6% a year for ten years · sales +3.5%

Story as of 2026-10-16T09:59:24.510Z; price observation 2026-10-15.

Price needs cash profits to grow 20.6% a year for ten years

- 2026-05-07: Park-Ohio beats top-line estimates; reaffirms FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4588032-park-ohio-beats-top-line-estimates-reaffirms-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +3.5%; source https://www.sec.gov/Archives/edgar/data/76282/000007628226000007/pkoh-20251231.htm; observed 2026-03-05.

- FY2017: $1.4B 

- FY2018: $1.7B 

- FY2019: $1.6B 

- FY2020: $1.2B 

- FY2021: $1.3B 

- FY2022: $1.5B 

- FY2023: $1.7B 

- FY2024: $1.7B 

- FY2025: $1.6B 

- FY2026: $1.7B 

### Gross margin · FY2026

gross margin 17.3%; source https://www.sec.gov/Archives/edgar/data/76282/000007628226000007/pkoh-20251231.htm; observed 2026-03-05.

- FY2017: 16.6% 

- FY2018: 16.4% 

- FY2019: 16.1% 

- FY2020: 14.3% 

- FY2021: 13.9% 

- FY2022: 14.1% 

- FY2023: 16.4% 

- FY2024: 17.0% 

- FY2025: 17.0% 

- FY2026: 17.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty industrial machinery; annual sales are USD 1.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/76282/000007628226000007/pkoh-20251231.htm (filed 2026-03-05); FY2025: revenue 1599100000; grossProfit 271200000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); PKOH.US: Park-Ohio Holdings Corp. provides supply chain management outsourcing services, capital equipment, and manufactured components in the United States, Europe, Asia, Mexico, Canada, and internationally. The company operates through three segments: Supply Technologies, Assembly Components, and Engineered Products. The Supply Technologies segment offers Total Supply Management, a solution that manages aspects of supplying production parts and materials, such as engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing services, and ongoing technical support. This segment also provides production components, including valves, fuel hose assemblies, electro-mechanical hardware, labels, fittings, and steering components; and precision cold-formed and cold-extruded fasteners, and locknuts, as well as nuts, bolts, and wheel hardware under the SPAC brand. The Assembly Components segment offers high pressure direct fuel injection fuel rails and pipes; fuel filler pipes; plastic and rubber assemblies; Turbo Charging and Turbo Coolant hoses; and design engineering, machining, and parts assembly value-added services. The Engineered Products segment provides field services, induction heating and melting systems, pipe threading systems, and forged and machined products for the ferrous and non-ferrous metals, silicon, coatings, forging, foundry, automotive, and construction equipment industries. This segment also engineers and installs mechanical forging presses; sells spare parts, machine, induction harden, and surface finish crankshafts and camshafts for use in locomotives; and forge aerospace and defense structural components comprising landing gears and struts, and railcar center plate and draft lug rail products. Park-Ohio Holdings Corp. was founded in 1907 and is headquartered in Cleveland, Ohio.

### Why customers stay

Margins ranged from 16.4% to 17% during 2023–25; it earns 8.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: grossProfit / revenue = 16.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 17%.

- Source: https://www.sec.gov/Archives/edgar/data/76282/000007628226000007/pkoh-20251231.htm (filed 2026-03-05); FY2025: grossProfit / revenue = 17%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 10-year return on capital observations [[2017,0.09362823379112105],[2018,0.10606048039772087],[2019,0.07523769841839985],[2020,0.018691648548407724],[2021,0.01602214756750031],[2022,0.041219301493274095],[2023,0.08326033216531464],[2024,0.09246614593470091],[2025,0.08084437457893555],[2026,0.08160637645616185]]; median 0.0812253755175487. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2016: growth capex 0; upkeep 28500000; cash acquisitions 23400000; owner earnings 32700000. Growth capex plus acquisitions / owner earnings = 0.7155963302752294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2017: growth capex 0; upkeep 27900000; cash acquisitions 39700000; owner earnings 32200000. Growth capex plus acquisitions / owner earnings = 1.2329192546583851.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2018: growth capex 8800000; upkeep 36300000; cash acquisitions 46900000; owner earnings 53600000. Growth capex plus acquisitions / owner earnings = 1.039179104477612.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2019: growth capex 0; upkeep 40100000; cash acquisitions 8100000; owner earnings 32700000. Growth capex plus acquisitions / owner earnings = 0.24770642201834864.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: growth capex 0; upkeep 28200000; cash acquisitions 1200000; owner earnings 11300000. Growth capex plus acquisitions / owner earnings = 0.10619469026548672.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: growth capex 0; upkeep 31400000; cash acquisitions 11000000; owner earnings 34000000. Growth capex plus acquisitions / owner earnings = 0.3235294117647059.

- Source: https://www.sec.gov/Archives/edgar/data/76282/000007628226000007/pkoh-20251231.htm (filed 2026-03-05); FY2025: growth capex 0; upkeep 40300000; cash acquisitions 0; owner earnings 17500000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2016,6200000],[2017,6900000],[2018,6400000],[2019,7000000],[2020,3200000],[2021,7000000],[2022,7000000],[2023,7400000],[2024,6700000],[2025,7800000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 31.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); PKOH.US SharesStats.PercentInsiders = 31.105 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits grow 20.6% yearly over ten years; actual decline was 10.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Ten-year compound average after fade. Initial solved rate 0.2864198423359189. Price 46.19; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.878652717074206 → FY2025 1.252404168716733. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $31.95 per share

- 2016-11: $42.15 per share

- 2016-12: $42.60 per share

- 2017-01: $44.85 per share

- 2017-02: $44.65 per share

- 2017-03: $35.95 per share

- 2017-04: $39.35 per share

- 2017-05: $37.10 per share

- 2017-06: $38.10 per share

- 2017-07: $39.75 per share

- 2017-08: $39.85 per share

- 2017-09: $45.60 per share

- 2017-10: $47.15 per share

- 2017-11: $46.50 per share

- 2017-12: $45.95 per share

- 2018-01: $41.65 per share

- 2018-02: $39.85 per share

- 2018-03: $38.85 per share

- 2018-04: $37.90 per share

- 2018-05: $39.45 per share

- 2018-06: $37.30 per share

- 2018-07: $37.45 per share

- 2018-08: $41.45 per share

- 2018-09: $38.35 per share

- 2018-10: $33.08 per share

- 2018-11: $36.06 per share

- 2018-12: $30.69 per share

- 2019-01: $32.48 per share

- 2019-02: $31.79 per share

- 2019-03: $32.38 per share

- 2019-04: $36.63 per share

- 2019-05: $31.22 per share

- 2019-06: $32.59 per share

- 2019-07: $30.60 per share

- 2019-08: $27.19 per share

- 2019-09: $29.86 per share

- 2019-10: $30.76 per share

- 2019-11: $31.63 per share

- 2019-12: $33.65 per share

- 2020-01: $29.40 per share

- 2020-02: $24.52 per share

- 2020-03: $18.94 per share

- 2020-04: $18.33 per share

- 2020-05: $14.59 per share

- 2020-06: $16.59 per share

- 2020-07: $14.42 per share

- 2020-08: $15.82 per share

- 2020-09: $16.07 per share

- 2020-10: $19.74 per share

- 2020-11: $28.09 per share

- 2020-12: $30.90 per share

- 2021-01: $28.19 per share

- 2021-02: $32.33 per share

- 2021-03: $31.49 per share

- 2021-04: $36.31 per share

- 2021-05: $36.89 per share

- 2021-06: $32.14 per share

- 2021-07: $29.09 per share

- 2021-08: $25.78 per share

- 2021-09: $25.52 per share

- 2021-10: $23.32 per share

- 2021-11: $21.11 per share

- 2021-12: $21.17 per share

- 2022-01: $20.24 per share

- 2022-02: $15.89 per share

- 2022-03: $14.07 per share

- 2022-04: $9.59 per share

- 2022-05: $15.58 per share

- 2022-06: $15.86 per share

- 2022-07: $17.75 per share

- 2022-08: $16.59 per share

- 2022-09: $11.31 per share

- 2022-10: $11.37 per share

- 2022-11: $13.35 per share

- 2022-12: $12.23 per share

- 2023-01: $13.25 per share

- 2023-02: $13.31 per share

- 2023-03: $12.08 per share

- 2023-04: $12.97 per share

- 2023-05: $15.77 per share

- 2023-06: $19.00 per share

- 2023-07: $19.27 per share

- 2023-08: $18.71 per share

- 2023-09: $19.91 per share

- 2023-10: $22.68 per share

- 2023-11: $22.77 per share

- 2023-12: $26.96 per share

- 2024-01: $24.74 per share

- 2024-02: $26.86 per share

- 2024-03: $26.68 per share

- 2024-04: $25.53 per share

- 2024-05: $26.15 per share

- 2024-06: $25.89 per share

- 2024-07: $31.22 per share

- 2024-08: $30.24 per share

- 2024-09: $30.70 per share

- 2024-10: $28.47 per share

- 2024-11: $32.17 per share

- 2024-12: $26.27 per share

- 2025-01: $24.88 per share

- 2025-02: $24.20 per share

- 2025-03: $21.60 per share

- 2025-04: $19.91 per share

- 2025-05: $18.30 per share

- 2025-06: $17.86 per share

- 2025-07: $16.40 per share

- 2025-08: $20.20 per share

- 2025-09: $21.24 per share

- 2025-10: $20.63 per share

- 2025-11: $21.41 per share

- 2025-12: $20.94 per share

- 2026-01: $22.56 per share

- 2026-02: $25.74 per share

- 2026-03: $24.04 per share

- 2026-04: $28.95 per share

- 2026-05: $32.56 per share

- 2026-06: $38.45 per share

- 2026-07: $39.93 per share

- 2026-08: $45.13 per share

- 2026-09: $46.20 per share

- 2026-10: $46.19 per share

## Annual estimated value (USD per share)

- FY2016: low $40.05 per share, central $45.63 per share, high $52.51 per share

- FY2017: low $45.16 per share, central $52.01 per share, high $59.77 per share

- FY2018: low $50.76 per share, central $60.17 per share, high $69.76 per share

- FY2019: low $43.07 per share, central $54.89 per share, high $63.83 per share

- FY2020: low $26.44 per share, central $29.72 per share, high $34.09 per share

- FY2021: low $25.32 per share, central $28.48 per share, high $32.70 per share

- FY2025: low $9.43 per share, central $10.61 per share, high $12.17 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/76282/000007628226000007/pkoh-20251231.htm); period 2025-12-31, filed 2026-03-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.