Alamo Group

ALG · NYSE · Industrials · Financials, fiscal 2016 to 2025

ALG · Last close · November 6, 2026

$133.70

Alamo Group's revenue fell 1.5% to $1.6 billion in fiscal 2025. Its operating margin was 9.4%, down from 10.1% a year earlier. Free cash flow was $147 million, down 20.5%. It paid out $17 million in dividends and buybacks, 12% of free cash flow. The diluted share count rose 0.3%.

ALAMO GROUP INC. Latest fiscal year ended December 31, 2025 10-K filed March 2, 2026 · 0000897077-26-000016 Updated November 5, 2026

Revenue

$1.6B

1.5%

Operating margin

9.4%

0.7 pts

Net income

$104M

10.5%

Free cash flow

$147M

20.5%

Return on capital

10.8%

1.0 pts

Market cap

$1.6B

Nov 6 close

P/E

20.9x

On $6.41 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Alamo Group does

Alamo Group makes equipment for maintaining roads, public land and green space. Its vocational products include vacuum trucks, street sweepers, roadside safety equipment, excavators and snow removal equipment. Its light machinery includes tractor-mounted mowers and land maintenance and recycling equipment. It also sells replacement parts and services.

The company works through two divisions, Industrial Equipment and Vegetation Management. Customers include contractors, municipalities and government agencies, as well as farmers and tree-care businesses. It sells through independent equipment dealers and also directly. Governments, such as road and public works departments, are important buyers.

Alamo Group began in 1969 and is based in Seguin, Texas. It grew mainly by buying other equipment makers and has factories in North America, Europe, Brazil and Australia. It says it competes with many manufacturers, some with greater resources.

Its biggest risks, as it describes them

Weak economic conditions or industry downturns could cut its sales and earnings.
It relies on government buyers, and lower government spending would hurt sales.
Changes in trade policy and trade wars could raise its costs.
Raw material and component prices and availability could squeeze its profits.
Acquisitions may not perform as expected or deliver planned benefits.

From Alamo Group's annual report on Form 10-K, filed March 2, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 10.6% a year and net income 11.2% a year, as new shares raised the share count by 4% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	42	47	52	197	310
Debt incl. finance leases	270	302	235	220	206
Net debt (negative means net cash)	228	255	183	23	−104
Net debt to EBITDA	1.5x	1.4x	0.8x	0.1x	−0.5x
Debt to equity	0.4x	0.4x	0.2x	0.2x	0.2x
Interest coverage	11.1x	10.3x	7.6x	8.0x	10.2x
Current ratio	3.2x	3.8x	3.8x	4.5x	4.6x
Quick ratio	1.5x	2.0x	2.0x	2.7x	2.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Alamo Group's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Alamo Group's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $290,818 of Alamo Group shares on the open market, and 2 insiders sold $1.1 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 4, 2026	Edward RizzutiEVP, Corp Dev, IR & Secretary	Sold	2,537	$174.68	$443,163	Form 4
Aug 13, 2026	Edward RizzutiEVP, Corp Dev, IR & Secretary	Sold	2,715	$164.41	$446,373	Form 4
Mar 24, 2026	Edward RizzutiEVP, Corp Dev, IR & Secretary	Sold	600	$170.93	$102,558	Form 4
Mar 24, 2026	Nina C GroomsDirector	Bought	233	$171.61	$39,985	Form 4
Mar 11, 2026	Nina C GroomsDirector	Sold	499	$175.20	$87,425	Form 4
Mar 9, 2026	Robert Paul HureauPresident & CEO, Director	Bought	460	$164.40	$75,624	Form 4
Nov 26, 2025	Robert Paul HureauPresident & CEO, Director	Bought	304	$163.48	$49,698	Form 4
Nov 14, 2025	Robert Paul HureauPresident & CEO, Director	Bought	154	$161.36	$24,849	Form 4
Nov 13, 2025	Robert Paul HureauPresident & CEO, Director	Bought	600	$167.77	$100,662	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	5 of 9	5 of 9
Rule of 40	17.2%	7.7%	7.6%
Altman Z''	7.72	8.41	8.57
Accruals ratio	0.4%	−6.6%	−4.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	6 of 9	5 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Alamo Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Alamo Group	FY25	−1.5%	9.4%	9.2%	10.8%	−0.5x	5
GATX	FY25	9.8%	—	—	4.0%	10.6x	—	Compare
Astec Industries	FY25	8.1%	4.7%	1.5%	6.0%	2.7x	6	Compare
Trinity Industries	FY25	−29.9%	30.1%	14.6%	—	—	—	Compare
Federal Signal	FY25	17.1%	15.6%	10.4%	16.2%	1.2x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	845	912	1,009	1,119	1,164	1,334	1,514	1,690	1,628	1,604
Revenue growth	−4.0%	8.0%	10.6%	10.9%	4.0%	14.7%	13.4%	11.6%	−3.6%	−1.5%
Gross profit	205	235	256	274	294	334	376	454	412	398
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	68	89	101	95	95	117	149	198	165	152
Net income	40	44	74	63	58	80	102	136	116	104
Diluted EPS (US$)	3.46	3.79	6.25	5.35	4.88	6.75	8.54	11.36	9.63	8.59
Diluted shares (millions)	12	12	12	12	12	12	12	12	12	12
Cash flow
Cash from operations	76	71	13	89	184	50	14	131	210	178
Capital expenditure	10	14	27	31	18	25	31	38	25	31
Free cash flow	66	57	−14	57	166	24	−17	93	185	147
Dividends paid	4	5	5	6	6	7	8	10	12	14
Share buybacks	0	0	0	1	1	2	1	1	2	3
Acquisitions	0	39	0	401	0	18	2	28	0	18
Stock-based compensation	1	2	2	3	4	6	6	7	9	10
Balance sheet at fiscal year end
Cash and short-term investments	17	25	34	42	50	42	47	52	197	310
Debt incl. finance leases	70	60	85	444	285	270	302	235	220	206
Total assets	553	640	722	1,213	1,122	1,206	1,308	1,409	1,450	1,607
Total liabilities	165	191	206	635	487	500	523	477	432	458
Shareholders' equity	388	449	515	578	635	706	785	933	1,018	1,149
Margins and ratios
Gross margin	24.3%	25.7%	25.4%	24.4%	25.2%	25.1%	24.9%	26.9%	25.3%	24.8%
Operating margin	8.0%	9.7%	10.0%	8.5%	8.2%	8.8%	9.8%	11.7%	10.1%	9.4%
Net margin	4.7%	4.9%	7.3%	5.6%	5.0%	6.0%	6.7%	8.1%	7.1%	6.5%
Free cash flow margin	7.8%	6.3%	−1.4%	5.1%	14.3%	1.8%	−1.1%	5.5%	11.3%	9.2%
Rule of 40 (growth + FCF margin)	3.9%	14.3%	9.2%	16.1%	18.3%	16.5%	12.3%	17.2%	7.7%	7.6%
Return on capital	9.5%	10.3%	15.0%	9.2%	7.4%	9.5%	11.4%	14.3%	11.8%	10.8%
Return on equity	10.7%	10.6%	15.2%	11.5%	9.5%	12.0%	13.7%	15.8%	11.9%	9.6%
Return on assets	6.9%	7.4%	10.8%	6.5%	5.0%	6.9%	8.1%	10.0%	8.1%	6.8%
Net debt to EBITDA	0.7x	0.3x	0.4x	3.5x	1.8x	1.5x	1.4x	0.8x	0.1x	−0.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Alamo Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Alamo Group.