# Terex (TEX.US)

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

Analysis as of: 2026-10-16T07:32:20.346Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $52.65 per share; close as of 2026-10-15.

Estimated value: low $38.68 per share, central $43.68 per share, high $50.34 per share. Buy at or below the central value $43.68 per share. Valuation as of 2026-10-16T07:32:20.346Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.03×

- FY2017: 0.06×

- FY2018: 0.09×

- FY2019: 0.08×

- FY2020: 0.02×

- FY2021: 0.08×

- FY2022: 0.10×

- FY2023: 0.12×

- FY2024: 0.10×

- FY2025: 0.09×

### moat: fail

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

- ROIC, median of available years: 16.9%

- ROIC, second-lowest year: 4.4%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 20.0%

- Recent gross margin (lower of latest and 3-year median): 19.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -4.7%

- FY2017: 11.9%

- FY2018: 24.0%

- FY2019: 19.8%

- FY2020: 4.4%

- FY2021: 20.3%

- FY2022: 23.6%

- FY2023: 36.4%

- FY2024: 14.1%

- FY2025: 11.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.6B

- Net income, five-year total: $1.6B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.4 pp

- Working capital / revenue, final three-year average: 21.6%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.84×

- FY2025: 1.18×

### management: pass

- 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: 11.9% vs 14.1%

- Per-share earnings: 1.33 to 4.96 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.9%

- Ordinary dilution, 5-year annual growth: -1.1%

- Market cap gain: $137M

- Cumulative retained earnings: $241M

- Diluted shares, 10-year annual growth: -4.9%

- Diluted shares, 5-year annual growth: -1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.9%

- Per-share value change: $3.62

- Per-share value, starting three-year median: $1.33

- Per-share value, ending three-year median: $4.96

- Buybacks concentrated in cheaper years (correlation): -0.25

- Average buyback yield: 5.4%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.1B

- Cumulative net income, 10 years: $1.7B

- ROIC, first three-year median: 11.9%

- ROIC, last three-year median: 14.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$1.63

- FY2017: $1.36

- FY2018: $1.48

- FY2019: $0.76

- FY2020: -$0.15

- FY2021: $3.12

- FY2022: $4.32

- FY2023: $7.58

- FY2024: $4.96

- FY2025: $3.33

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.0%

- FY2017: -0.7%

- FY2018: 0.6%

- FY2019: -3.7%

- FY2020: -7.8%

- FY2021: -2.5%

- FY2022: 1.2%

- FY2023: 1.6%

- FY2024: 0.2%

- FY2025: -3.6%

## Holders

## Price story

Down 27% since Jun 2026 · "Raymond James maintains Terex stock rating, sees margin pressure in AWP segment" (investing.com, Jul 2025) · sales +5.7%

Story as of 2026-10-16T09:59:40.900Z; price observation 2026-10-15.

Price needs cash profits to grow 3.4% a year for ten years

- 2025-07-31: Terex (NYSE:TEX) Exceeds Q2 Expectations, Full-Year Outlook Slightly Exceeds Expectations ([finance.yahoo.com](https://finance.yahoo.com/news/terex-nyse-tex-exceeds-q2-113430654.html))

### Sales · FY2024–2025

sales +5.7%; source https://www.sec.gov/Archives/edgar/data/97216/000009721626000035/tex-20251231.htm; observed 2026-02-13.

- FY2016: $4.4B 

- FY2017: $3.8B 

- FY2018: $4.5B 

- FY2019: $4.4B 

- FY2020: $3.1B 

- FY2021: $3.9B 

- FY2022: $4.4B 

- FY2023: $5.2B 

- FY2024: $5.1B 

- FY2025: $5.4B 

### Gross margin · FY2025

gross margin 19.4%; source https://www.sec.gov/Archives/edgar/data/97216/000009721626000035/tex-20251231.htm; observed 2026-02-13.

- FY2016: 17.5% 

- FY2017: 20.2% 

- FY2018: 21.3% 

- FY2019: 20.4% 

- FY2020: 17.5% 

- FY2021: 19.5% 

- FY2022: 19.7% 

- FY2023: 22.8% 

- FY2024: 20.8% 

- FY2025: 19.4% 

## Owner memo

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

### How it makes money

Operates in farm & heavy construction machinery; annual sales are USD 5.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/97216/000009721626000035/tex-20251231.htm (filed 2026-02-13); FY2025: revenue 5421000000; grossProfit 1051000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEX.US: Terex Corporation manufactures industrial equipment for materials processing machinery, waste and recycling solutions, mobile elevating work platforms, and equipment for the electric utility industry worldwide. The MP segment offers crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and replacement parts under the Terex, Powerscreen, Fuchs, EvoQuip, Canica, Cedarapids, CBI, Simplicity, Franna, Terex Ecotec, Finlay, ProAll, ZenRobotics, Terex Washing Systems, Terex MPS, Terex Jaques, Advance, Bid-Well, MDS, MARCO, MAGNA, Green-Tec, and Terex Recycling Systems brands. Its products are used in construction, infrastructure, and recycling projects; quarrying, mining, and material handling applications; maintenance applications to lift equipment or material; and landscaping and biomass production industries. The Aerials segment provides aerial work platform equipment, and telehandlers under the Terex and Genie brands; and portable material lifts, portable aerial work platforms, trailer-mounted articulating booms, self-propelled articulating and telescopic booms, and scissor lifts for construction and maintenance of industrial, commercial, institutional, and residential buildings and facilities, commercial operations, and tree trimming and various infrastructure projects. The ES segments offers refuse collection bodies, hydraulic cart lifters, automated carry cans, utility equipment, compaction, balers, recycling equipment, diggers derricks, transmission and distribution lines, construction and foundation drilling applications, insulated aerial devices, and cameras under the Heil, Marathon, 3rd Eye, Soft-Pak, Connected Collections, Parts Central, Curotto-Can, and Bayne Thinline brands; and waste hauler software solutions. The company was founded in 1933 and is based in Norwalk, Connecticut.

### Why customers stay

Margins ranged from 19.4% to 22.8% during 2023–25; it earns 16.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 22.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 20.8%.

- Source: https://www.sec.gov/Archives/edgar/data/97216/000009721626000035/tex-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 19.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2016,-0.04722084053450238],[2017,0.1186344102267768],[2018,0.2400429356069183],[2019,0.1979885349025974],[2020,0.044324121941736384],[2021,0.2033324401214206],[2022,0.2355246283056863],[2023,0.36392224128073186],[2024,0.1407257265891042],[2025,0.11821881771046834]]; median 0.1693571307458508. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 56 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 43500000; owner earnings 151699999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2018: growth capex 44100000; upkeep 59700000; owner earnings 113700000. Growth capex / owner earnings = 0.38786279683377306.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 9500000; upkeep 50200000; cash acquisitions 42700000; owner earnings 220900000. Growth capex plus acquisitions / owner earnings = 0.23630602082390223.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 62600000; upkeep 47000000; cash acquisitions 50000000; owner earnings 300000000. Growth capex plus acquisitions / owner earnings = 0.37533333333333335.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: growth capex 70800000; upkeep 56400000; cash acquisitions 24000000; owner earnings 518000000. Growth capex plus acquisitions / owner earnings = 0.18301158301158302.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: growth capex 0; upkeep 137000000; cash acquisitions 2001000000; owner earnings 280000000. Growth capex plus acquisitions / owner earnings = 7.146428571428571.

- Source: https://www.sec.gov/Archives/edgar/data/97216/000009721626000035/tex-20251231.htm (filed 2026-02-13); FY2025: growth capex 0; upkeep 118000000; cash acquisitions 0; owner earnings 261000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,30000000],[2017,29500000],[2018,30000000],[2019,31400000],[2020,8400000],[2021,33500000],[2022,35600000],[2023,43200000],[2024,46000000],[2025,45000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/97216/000009721626000035/tex-20251231.htm (filed 2026-02-13); FY2025: cash repurchases 56000000 USD.

### Are managers owners

Insiders own 1.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TEX.US SharesStats.PercentInsiders = 1.7469999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.4% yearly over ten years; actual growth was 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.03508256143302313. Price 52.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.592153284671533 → FY2025 3.936651583710407. Closing-price date 2026-10-15.

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

- 2016-10: $23.88 per share

- 2016-11: $30.52 per share

- 2016-12: $31.53 per share

- 2017-01: $31.80 per share

- 2017-02: $31.24 per share

- 2017-03: $31.40 per share

- 2017-04: $34.98 per share

- 2017-05: $32.78 per share

- 2017-06: $37.50 per share

- 2017-07: $39.37 per share

- 2017-08: $38.55 per share

- 2017-09: $45.02 per share

- 2017-10: $47.11 per share

- 2017-11: $46.76 per share

- 2017-12: $48.22 per share

- 2018-01: $47.02 per share

- 2018-02: $41.52 per share

- 2018-03: $37.41 per share

- 2018-04: $36.52 per share

- 2018-05: $39.58 per share

- 2018-06: $42.19 per share

- 2018-07: $44.12 per share

- 2018-08: $38.75 per share

- 2018-09: $39.91 per share

- 2018-10: $33.39 per share

- 2018-11: $33.06 per share

- 2018-12: $27.57 per share

- 2019-01: $30.71 per share

- 2019-02: $33.59 per share

- 2019-03: $32.13 per share

- 2019-04: $33.33 per share

- 2019-05: $26.77 per share

- 2019-06: $31.40 per share

- 2019-07: $30.45 per share

- 2019-08: $24.83 per share

- 2019-09: $25.97 per share

- 2019-10: $27.55 per share

- 2019-11: $28.07 per share

- 2019-12: $29.78 per share

- 2020-01: $25.35 per share

- 2020-02: $22.01 per share

- 2020-03: $14.36 per share

- 2020-04: $15.19 per share

- 2020-05: $15.72 per share

- 2020-06: $18.77 per share

- 2020-07: $18.85 per share

- 2020-08: $19.57 per share

- 2020-09: $19.36 per share

- 2020-10: $24.69 per share

- 2020-11: $31.00 per share

- 2020-12: $34.89 per share

- 2021-01: $35.76 per share

- 2021-02: $41.18 per share

- 2021-03: $46.07 per share

- 2021-04: $46.99 per share

- 2021-05: $52.37 per share

- 2021-06: $47.62 per share

- 2021-07: $47.92 per share

- 2021-08: $51.05 per share

- 2021-09: $42.10 per share

- 2021-10: $44.80 per share

- 2021-11: $42.38 per share

- 2021-12: $43.95 per share

- 2022-01: $41.72 per share

- 2022-02: $41.28 per share

- 2022-03: $35.66 per share

- 2022-04: $34.00 per share

- 2022-05: $35.39 per share

- 2022-06: $27.37 per share

- 2022-07: $33.51 per share

- 2022-08: $33.22 per share

- 2022-09: $29.74 per share

- 2022-10: $40.54 per share

- 2022-11: $45.91 per share

- 2022-12: $42.72 per share

- 2023-01: $50.97 per share

- 2023-02: $59.21 per share

- 2023-03: $48.38 per share

- 2023-04: $44.59 per share

- 2023-05: $46.37 per share

- 2023-06: $59.83 per share

- 2023-07: $58.63 per share

- 2023-08: $60.61 per share

- 2023-09: $57.62 per share

- 2023-10: $45.80 per share

- 2023-11: $49.50 per share

- 2023-12: $57.46 per share

- 2024-01: $61.43 per share

- 2024-02: $57.35 per share

- 2024-03: $64.40 per share

- 2024-04: $56.05 per share

- 2024-05: $59.67 per share

- 2024-06: $54.84 per share

- 2024-07: $63.26 per share

- 2024-08: $56.77 per share

- 2024-09: $52.91 per share

- 2024-10: $51.71 per share

- 2024-11: $54.79 per share

- 2024-12: $46.22 per share

- 2025-01: $48.09 per share

- 2025-02: $40.70 per share

- 2025-03: $37.78 per share

- 2025-04: $35.20 per share

- 2025-05: $45.01 per share

- 2025-06: $46.69 per share

- 2025-07: $50.86 per share

- 2025-08: $49.94 per share

- 2025-09: $51.30 per share

- 2025-10: $46.02 per share

- 2025-11: $46.21 per share

- 2025-12: $53.38 per share

- 2026-01: $57.00 per share

- 2026-02: $68.79 per share

- 2026-03: $59.10 per share

- 2026-04: $62.20 per share

- 2026-05: $58.18 per share

- 2026-06: $72.39 per share

- 2026-07: $62.84 per share

- 2026-08: $63.51 per share

- 2026-09: $52.60 per share

- 2026-10: $52.65 per share

## Annual estimated value (USD per share)

- FY2016: low $18.79 per share, central $20.94 per share, high $23.81 per share

- FY2017: low $23.27 per share, central $25.68 per share, high $28.89 per share

- FY2018: low $25.92 per share, central $29.00 per share, high $33.09 per share

- FY2019: low $22.92 per share, central $25.22 per share, high $28.28 per share

- FY2021: low $17.75 per share, central $19.83 per share, high $22.60 per share

- FY2022: low $20.62 per share, central $23.04 per share, high $26.25 per share

- FY2023: low $50.78 per share, central $57.24 per share, high $65.84 per share

- FY2024: low $51.34 per share, central $57.83 per share, high $66.48 per share

- FY2025: low $60.80 per share, central $67.80 per share, high $77.13 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/97216/000009721626000035/tex-20251231.htm); period 2025-12-31, filed 2026-02-13.

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.