ALTG-PANYSEWholesale-Industrial Machinery & EquipmentUS GAAP · USD

Alta Equipment Group Inc

ALTA Equipment Group Inc. operates an integrated equipment dealership platform built around a multi-branch network across the U.S. and parts of Canada. The company sells new and used specialized equipment and supports that installed base through parts sales, repair and maintenance services, and equipment rentals, including the sale of rental fleet units. Its offering spans material handling (e.g., lift trucks), construction and earthmoving equipment, crushing and screening, and environmental processing equipment, with many products distributed under exclusive OEM agreements. The dealership model is designed to use equipment sales to seed a long-lived aftermarket stream of parts and service revenue tied to equipment uptime and lifecycle maintenance.

Revenue1,836m USD
−2.2 %y/y
Operating profit (EBIT)23.2m USD
+24.7 %y/y
EBIT margin1.3%
+0.3 ppy/y
Net income-80.3m USD
−29.3 %y/y
Free cash flow23.8m USD
−42.8 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-50005001,0001,5002,000m USD2020: 874 m USD2020: EBIT -8.1 m USD20202021: 1,213 m USD2021: EBIT 18 m USD20212022: 1,572 m USD2022: EBIT 41 m USD20222023: 1,877 m USD2023: EBIT 54 m USD20232024: 1,877 m USD2024: EBIT 19 m USD20242025: 1,836 m USD2025: EBIT 23 m USD20251,83623
RevenueOperating profit (EBIT)

Business

Share of revenue
Equipment sales (new and used)45 %

Sales of new equipment under OEM distribution agreements plus used units from trade-ins, off-lease purchases, and open-market sourcing.

Product support (parts)20 %

OEM replacement parts sold to customers and consumed internally to maintain the rental fleet and customer-owned equipment.

Product support (service)15 %

Repair and maintenance labor for customer-owned equipment, increasingly including software diagnostics for electrified equipment.

Rentals and rental fleet sales15 %

Short- and medium-term equipment rentals and disposition of lightly used rental fleet units.

Automation and warehouse systems integration5 %

Design/build services for automated equipment installation and warehouse management system integration within Material Handling.

Products

Reported · share of revenue
54.5%15.9%14.0%9.8%FY2025100 %
  • New and Used Equipment Sales54.5 %
  • Parts Sales15.9 %
  • Services14.0 %
  • Rental Revenue9.8 %
  • Design and Build Solutions Automated Equipment Installation and System Integration and Software Services3.7 %
  • Design and Build Projects Automated Equipment Installation and System Integration Services2.2 %

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

ALTA serves a broad mix of industrial and construction-oriented end markets that require high equipment uptime, including food and beverage, diversified manufacturing, automotive, wholesale/retail distribution, and construction. It also sells into public-sector and institutional buyers such as municipal/government and education, as well as utilities and power generation. In heavy equipment categories, customers include road building, aggregates/mining, agriculture/forestry, and recycling/waste management operators that value local parts availability and technician coverage. The business model is relationship-driven: initial equipment purchases and rentals often lead to recurring parts and service demand over the equipment maintenance cycle. Customer concentration is low, with no single customer above 1% of revenue in 2025, which reduces single-account risk but increases reliance on overall market activity.

Material handling customers (industrial & distribution)

Buy lift trucks and related material handling equipment, then rely on parts/service to maximize uptime; increasingly need electric-truck diagnostics and charging solutions.

Construction and road building contractors

Purchase and rent earthmoving, paving/asphalt, cranes/aerial work platforms, and related equipment; value local availability, rentals, and fast repair turnaround.

Aggregates, mining, and environmental processing operators

Buy crushing/screening and environmental processing equipment and require steady parts supply and technician support to avoid downtime.

Public sector and institutions

Municipal/government and education customers procure equipment and service with an emphasis on reliability, compliance, and predictable maintenance support.

Small fleet / single-machine owners

Smaller customers purchase used equipment and parts and use service on an as-needed basis; often price-sensitive and influenced by local branch proximity.

Strategy

ALTA’s strategy combines acquisitions with organic expansion to broaden its dealership footprint, add capabilities, and diversify OEM and customer exposure. The company emphasizes growing predictable aftermarket revenue by expanding the installed base through new/used sales and rentals, then capturing parts and service demand as equipment ages into mid-life service cycles. Operationally, it invests in technician capacity and training because skilled labor availability is a key constraint and a differentiator in service quality. The material handling transition toward electric and more software-driven equipment is shaping priorities toward advanced diagnostics, OEM-certified service, and adjacent offerings such as batteries, chargers, and charging infrastructure. The company also uses dealership-focused systems (e.g., e-Emphasys ERP/CRM) to manage customer relationships and service history to support retention and cross-selling.

M&A-led footprint and capability expansionMedium term

Acquisitions can add branches, OEM lines, and service density that support aftermarket growth.

Increase mix and resilience of product support (parts and service)Medium term

Aftermarket revenue is more predictable and tied to uptime needs across the equipment lifecycle.

Adapt service model to electrification and software-driven equipmentLong term

Electric and autonomous trends shift revenue from mechanical parts toward labor-intensive diagnostics and create new attach opportunities.

Geography

ALTA operates through a dense branch network across multiple U.S. states and two Canadian provinces, enabling local sales coverage and rapid parts/service response. In the U.S., locations span the Midwest and Northeast (e.g., Michigan, Illinois, Indiana, Ohio, Pennsylvania, and New England states), with additional presence in New York, Virginia, Nevada, and Florida. In Canada, the company operates in Ontario and Quebec (and has referenced Maritime provinces in its broader footprint), supporting cross-border OEM programs and regional customer bases. This footprint matters because equipment uptime is service-driven: proximity of technicians, parts inventory, and service vehicles influences win rates and aftermarket retention. No authoritative revenue-by-geography percentages were provided in the excerpts, so geographic revenue mix cannot be quantified here.

Risks

Demand for ALTA’s equipment sales and rentals is cyclical and sensitive to construction activity, industrial production, and customer access to credit; downturns can pressure rental rates and used equipment values. The company relies on a limited set of major OEM suppliers and on exclusive distribution relationships; termination or disruption at a key OEM can reduce product availability and weaken competitive positioning in a territory. Supply chain disruptions at OEMs (materials, transportation, trade/tariffs) can delay deliveries, constrain inventory, and affect pricing and bookings. Operationally, the business depends on skilled technicians and functioning IT systems; labor shortages, work stoppages, or cybersecurity incidents could impair service capacity and customer retention. Financially, substantial indebtedness and interest costs can reduce flexibility and amplify the impact of weaker market conditions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Supply chain disruptions at OEM partners1Downturn in construction, material handling, or environmental processing activity2Concentration in a limited number of OEM suppliers3High indebtedness and refinancing/interest rate exposure4Skilled technician labor shortage or work stoppage5IT systems disruption or cybersecurity incident6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Supply chain disruptions at OEM partnersImpact: HighLikelihood: High

    Disruptions in raw materials, transportation, or trade/tariffs can constrain equipment/parts availability and reduce industry bookings.

  2. Downturn in construction, material handling, or environmental processing activityImpact: HighLikelihood: Medium

    Lower customer spending and utilization can reduce equipment demand, depress rental rates, and pressure pricing for equipment and parts/service.

  3. Concentration in a limited number of OEM suppliersImpact: HighLikelihood: Medium

    A meaningful portion of equipment and aftermarket parts purchases comes from a small set of manufacturers; relationship termination could impair product access.

    Exposure: Approximately 49% of equipment and aftermarket parts sales purchased from five OEMs in 2025

  4. High indebtedness and refinancing/interest rate exposureImpact: HighLikelihood: Medium

    Debt service can consume cash flow and reduce flexibility for working capital, capex, and acquisitions, especially in adverse markets.

  5. Skilled technician labor shortage or work stoppageImpact: MediumLikelihood: Medium

    Service quality and capacity are central to the uptime value proposition; shortages can limit growth and harm customer retention.

  6. IT systems disruption or cybersecurity incidentImpact: MediumLikelihood: Medium

    Operational control and customer support rely on IT systems (including third-party managed systems); outages can disrupt sales/service execution and damage reputation.

Accounting

Judgemental items
Revenue recognition across multiple revenue streams

Different performance obligations (equipment delivery vs service work vs rentals) can shift revenue timing and quarterly mix.

Impact: Affects period-to-period comparability of revenue and gross margin by activity

Depreciation of rental fleet and property & equipment

Useful lives and depreciation methods (including unit-of-activity) require judgment and depend on utilization and expected revenue generation period.

Impact: Changes in estimates can materially change depreciation expense and operating income

Goodwill and intangible asset impairment

Goodwill/intangibles from acquisitions are tested at least annually and may be impaired due to economic/industry trends or underperformance.

Impact: Potential for material non-cash impairment charges

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026