The Manitowoc Company, Inc
Manitowoc is a U.S.-based crane manufacturer founded in 1902 and headquartered in Milwaukee, Wisconsin. Through brands such as Grove, Potain, Manitowoc, National Crane, Shuttlelift, and MGX Equipment Services, it designs, manufactures, sells, and services lifting equipment used in construction, infrastructure, energy, industrial, and data center projects worldwide.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueTop-slewing and self-erecting tower cranes sold mainly under the Potain brand for building construction and infrastructure projects.
Mobile hydraulic cranes sold under Grove, National Crane, and Shuttlelift for lifting and transport applications.
Crawler-mounted lattice-boom cranes sold under the Manitowoc brand for heavy-lift and large project work.
Parts, repairs, service contracts, telematics, and technical support that extend equipment uptime and lifecycle value.
Products
Reported · share of revenue- New Machine Sales69.2 %
- Non New Machine Sales30.8 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Manitowoc sells primarily to commercial customers that need lifting equipment for construction, infrastructure, industrial, energy, and utility projects. Its customer base includes independent distributors, rental companies, contractors, and end users that value reliability, resale value, and aftermarket support because crane downtime is costly and project-critical.
Buy cranes and parts for resale and local market coverage; they matter because Manitowoc relies heavily on third-party distribution.
Purchase cranes for fleet deployment and aftermarket monetization, often favoring brands with strong uptime and resale value.
Buy tower and mobile cranes for commercial, residential, road, bridge, and airport projects.
Use heavy-lift cranes in petrochemical, utility, power generation, and industrial plant applications.
Buy lifting equipment for large-scale facility construction and equipment installation.
Strategy
Manitowoc is focused on improving profitability, converting backlog into sales, and increasing operational efficiency across its manufacturing and distribution footprint. It is also investing in new products, telematics, training, and aftermarket services to deepen customer relationships and reduce cyclicality in new equipment demand.
Higher factory efficiency and better utilization support margins in a cyclical equipment market.
Service, parts, and connected solutions can raise recurring revenue and customer stickiness.
New crane models help replace obsolete products and defend share against global competitors.
Geography
Manitowoc reports three operating segments: the Americas, Europe and Africa (EURAF), and Middle East and Asia Pacific (MEAP). It sells products in most regions of the world and provides services primarily in the United States and Europe, while operating nine manufacturing facilities globally and relying on a worldwide distributor network.
Risks
Manitowoc is exposed to cyclical construction and industrial demand, supply-chain volatility, and tariff and trade-policy risk because it sells heavy equipment globally and depends on steel and third-party components. Its distributor-led model also creates credit, concentration, and compliance risk, while international operations increase foreign exchange, geopolitical, and logistics exposure.
- Cyclical demand and backlog conversion riskImpact: HighLikelihood: High
Crane demand depends on construction, infrastructure, and industrial project timing, so orders can shift with macro conditions.
Exposure: Global end markets and project-based sales
- Raw material and component cost inflationImpact: HighLikelihood: High
The company uses large amounts of steel and relies on third-party suppliers, so price spikes can hurt margins.
Exposure - Tariffs and trade protection measuresImpact: HighLikelihood: High
International manufacturing and sales expose Manitowoc to import duties, export controls, and trade barriers.
Exposure - Foreign exchange and geopolitical disruptionImpact: MediumLikelihood: High
Non-U.S. manufacturing and sales expose results to translation effects and logistics disruption from conflicts and weather events.
Exposure - Distributor and channel riskImpact: MediumLikelihood: Medium
A large share of sales flows through independent distributors and rental partners, creating credit and execution risk.
Exposure: Third-party distribution network
Accounting
Judgemental itemsCrane sales are recognized when control transfers, so delivery and acceptance timing can shift revenue between periods.
Impact: Quarterly comparability and backlog conversion
Some crane repurchase/put-option contracts may be treated as leases rather than sales.
Impact: Revenue timing, asset recognition, and leverage metrics
Weak demand or lower profitability could trigger impairment charges in a cyclical equipment business.
Impact: Non-cash charges to earnings and equity
Results of non-U.S. subsidiaries are translated into U.S. dollars, creating OCI volatility.
Impact: Equity and reported earnings volatility
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Last updated: 24/09/2026