Hyster-Yale, Inc
Hyster-Yale, Inc. designs, manufactures, sells and services lift trucks and related materials-handling solutions through brands such as Hyster, Yale, Bolzoni and Nuvera. Its offering spans forklifts, attachments, parts, fleet management, telematics and energy solutions, with sales routed mainly through independent dealers and direct programs for major accounts.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCounterbalance and warehouse lift trucks sold under Hyster, Yale and Maximal brands.
Forks, lift tables and other attachments sold mainly through Bolzoni and dealer channels.
Replacement parts, technical reference tools, maintenance and service support for installed fleets.
Fleet management, rentals and full maintenance leases for large customers and dealers.
Hydrogen fuel cell power products, telematics, automation and related technology offerings.
Customers
Hyster-Yale sells to a fragmented base of industrial and logistics end users, with retail, durable goods, food and beverage, and warehouse/distribution customers among the main end markets. Most sales flow through independent dealers, while a direct sales program serves major customers and global accounts with centralized purchasing and multi-site operations.
Dealer network buys lift trucks, parts and attachments for resale, installation and local service support.
Large customers with centralized procurement buy directly for standardized fleets across regions.
Factories, warehouses and logistics operators buy equipment to move materials efficiently and reduce downtime.
These customers buy trucks and service support for distribution centers and supply-chain operations.
Specialized customers buy Maximal products for port equipment and rough-terrain applications.
Strategy
The company is focused on transforming its core lift truck business while expanding into warehouse trucks, vehicle automation, energy management and attachments. Management is also emphasizing disciplined capital allocation, working-capital efficiency and selective investment in advanced products, manufacturing efficiency and IT.
Reduces dependence on cyclical lift truck demand and creates higher-value offerings.
Supports cash generation during cyclical downturns and improves resilience.
Strengthens competitive position and supports long-term margin improvement.
Preserves financial flexibility and supports shareholder returns through the cycle.
Geography
2025Hyster-Yale is headquartered in Cleveland, Ohio and operates as a global business with dealers in 111 countries. Manufacturing and assembly are spread across the U.S., Northern Ireland, China, the Netherlands, Mexico, the Philippines, Brazil, Japan, Italy and Vietnam, which helps it localize production, manage freight and tariffs, and balance currency exposure.
Share of the revenue the company reports by geography.
Risks
Hyster-Yale is exposed to cyclical end-market demand, so order rates can weaken quickly when industrial activity slows. Its global manufacturing and dealer network also creates exposure to tariffs, sanctions, FX swings, supply-chain disruption, cybersecurity incidents and regulatory changes, while execution risk remains high for new energy and automation products.
- Trade barriers and tariffsImpact: HighLikelihood: High
Global sourcing and cross-border manufacturing can increase landed costs.
Exposure: Imports from China and other manufacturing locations
- Cyclical lift truck demandImpact: HighLikelihood: Medium
Orders fluctuate with economic activity in customer industries and countries.
Exposure: New equipment sales
- Cybersecurity and IT disruptionImpact: HighLikelihood: Medium
Operations depend on systems for manufacturing, supply chain, invoicing and reporting.
Exposure: Third-party and internal information systems
- Foreign exchange volatilityImpact: MediumLikelihood: High
The company earns and spends in multiple currencies across its global footprint.
Exposure: International operations and intercompany flows
- Commercialization risk in energy solutionsImpact: Medium
Hydrogen fuel cell and automation programs require customer adoption and execution.
Exposure: Nuvera and related energy products
Accounting
Judgemental itemsBolzoni goodwill and other reporting units require fair-value testing based on market and cash-flow assumptions.
Impact: Could create non-cash charges if market conditions weaken
Tax assets and liabilities depend on temporary differences and expected future taxable income.
Impact: Can materially affect effective tax rate and balance sheet values
Cyclical demand makes inventory optimization and production timing important to margins.
Impact: Affects cost of sales, gross margin and cash conversion
Lift trucks and attachments carry service and quality obligations over time.
Impact: Can change operating expenses and liabilities
Multi-currency manufacturing and sales create translation and transaction exposure.
Impact: Affects revenue, operating profit and net income
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Last updated: 24/09/2026