Terex

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

TEX · Last close · October 26, 2026

$51.04

Terex's revenue rose 5.7% to $5.4 billion in fiscal 2025. Its operating margin was 8.8%, down from 10.3% a year earlier. Free cash flow was $322 million, up 70.4%. It paid out $101 million in dividends and buybacks, 31% of free cash flow. The diluted share count fell 1.9%.

Terex Corporation Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0000097216-26-000035 Updated October 18, 2026

Revenue

$5.4B

5.7%

Operating margin

8.8%

1.5 pts

Net income

$221M

34.0%

Free cash flow

$322M

70.4%

Return on capital

9.0%

5.5 pts

Market cap

$5.8B

Oct 26 close

P/E

—

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.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 11.8% a year and net income 7.0% a year, as buybacks cut the share count by 30%.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Terex yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Terex's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Terex's fiscal 2025 free cash flow of $322M, net cash of −$1.8B at December 31, 2025 and 114 million diluted shares, from its filings. The scenarios are fitted to Terex: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 7.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Construction Machinery & Heavy Transportation Equipment), plus 1 point as a smaller company, worth $5.8B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in the quarter to June 30, 2026. The count changed sharply since the 10-K (a stock split, merger or spin-off can do that), so this is the one that matches the share price.

Your assumptions

Start from

Fitted to Terex's own revenue growth, as above. Cautious: growth of 3.5% then 3% a year, 2% after year 10, a 13% discount rate. Base: growth of 7% then 5% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 10.5% then 7% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $51.04
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Terex's earnings per share of $3.33 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 21.8×, the average of its peers' median and the Industrials median for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2025, from the 10-K. Careful: Terex's share count has changed sharply since (a merger or spin-off can do that), so these earnings may not match the company its share price now buys.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Allison Transmission, Oshkosh, Wabtec, GATX.

Earnings growth in the years ahead (% a year) Starts at Terex's revenue growth over the last 3 years, 7.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $51.04
Value at this multiple, against the last close: —

Company	Last close	Earnings per share	P/E today
WabtecWAB	$277.67	$8.06	34.5×
Allison TransmissionALSN	$107.19	$6.28	17.1×
GATXGATX	$166.63	$10.10	16.5×
OshkoshOSK	$133.34	$8.98	14.8×
TerexTEX	$51.04	$3.33	—

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	267	304	371	388	772
Debt incl. finance leases	674	782	610	2,612	2,603
Net debt (negative means net cash)	407	477	238	2,224	1,831
Net debt to EBITDA	1.1x	1.0x	0.3x	3.7x	2.9x
Debt to equity	0.6x	0.7x	0.4x	1.4x	1.2x
Interest coverage	6.4x	8.6x	10.1x	5.9x	2.7x
Current ratio	1.9x	2.0x	2.0x	2.2x	2.3x
Quick ratio	1.1x	1.0x	0.9x	1.1x	1.4x

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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $98,771 of Terex shares on the open market, and 4 insiders sold $2.4 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 23, 2026	Stephen JohnstonFormer VP CAO and Controller	Sold	1,702	$69.92	$118,996	Form 4
Jun 4, 2026	Stephen JohnstonFormer VP CAO and Controller	Sold	379	$63.19	$23,949	Form 4
May 4, 2026	Joshua GrossPresident - Aerials	Sold	5,874	$61.53	$361,427	Form 4
Feb 17, 2026	Kieran HegartyPresident, Materials Processin	Sold	11,980	$69.24	$829,495	Form 4
Feb 12, 2026	Michael Edward VirnigPresident, Specialty Vehicles	Sold	16,330	$67.35	$1.1 million	Form 4
Oct 31, 2025	Andra RushDirector	Bought	2,120	$46.59	$98,771	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

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

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	Fail	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 9	4 of 9	6 of 9
Accruals ratio	1.8%	0.2%	−3.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Terex 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
Terex	FY25	5.7%	8.8%	5.9%	9.0%	2.9x	6
Allison Transmission	FY25	−6.7%	29.2%	22.0%	20.8%	1.4x	6	Compare
Oshkosh	FY25	−2.9%	9.0%	5.9%	14.8%	0.6x	5	Compare
Wabtec	FY25	7.5%	16.1%	13.4%	9.1%	2.1x	7	Compare
GATX	FY25	9.8%	—	—	4.0%	10.6x	—	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 above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,443	3,794	4,517	4,353	3,076	3,887	4,418	5,152	5,127	5,421
Revenue growth	−11.5%	−14.6%	19.1%	−3.6%	−29.3%	26.3%	13.7%	16.6%	−0.5%	5.7%
Gross profit	712	767	962	888	539	757	871	1,177	1,068	1,051
Research and development	86	56	63	72	59	52	22	28	25	39
Operating income	−142	228	412	335	68	328	420	637	526	475
Net income	−176	129	114	54	−11	221	300	518	335	221
Diluted EPS (US$)	−1.63	1.36	1.48	0.76	−0.15	3.12	4.32	7.58	4.96	3.33
Diluted shares (millions)	108	95	77	72	70	71	69	68	68	66
Cash flow
Cash from operations	377	153	94	173	225	293	261	459	326	440
Capital expenditure	58	32	91	106	64	60	110	127	137	118
Free cash flow	319	121	3	68	161	234	151	332	189	322
Dividends paid	30	30	30	31	8	34	36	43	46	45
Share buybacks	83	925	428	7	56	3	101	63	49	56
Acquisitions	0	0	0	0	0	43	50	24	2,001	0
Stock-based compensation	38	38	37	43	24	33	30	44	30	32
Balance sheet at fiscal year end
Cash and short-term investments	428	572	340	535	665	267	304	371	388	772
Debt incl. finance leases	1,573	982	1,217	1,172	1,174	674	782	610	2,612	2,603
Total assets	5,007	3,462	3,486	3,196	3,032	2,864	3,118	3,615	5,730	6,139
Total liabilities	3,486	2,240	2,625	2,263	2,110	1,754	1,937	1,943	3,898	4,044
Shareholders' equity	1,485	1,222	860	932	922	1,109	1,181	1,672	1,832	2,095
Margins and ratios
Gross margin	16.0%	20.2%	21.3%	20.4%	17.5%	19.5%	19.7%	22.9%	20.8%	19.4%
Operating margin	−3.2%	6.0%	9.1%	7.7%	2.2%	8.4%	9.5%	12.4%	10.3%	8.8%
Net margin	−4.0%	3.4%	2.5%	1.2%	−0.3%	5.7%	6.8%	10.1%	6.5%	4.1%
Free cash flow margin	7.2%	3.2%	0.1%	1.6%	5.2%	6.0%	3.4%	6.4%	3.7%	5.9%
Return on capital	−3.7%	7.2%	20.6%	17.2%	3.7%	18.4%	21.6%	31.8%	14.5%	9.0%
Return on equity	−10.5%	9.5%	10.9%	6.1%	−1.1%	21.8%	26.2%	36.3%	19.1%	11.3%
Return on assets	−3.3%	3.0%	3.3%	1.6%	−0.3%	7.5%	10.0%	15.4%	7.2%	3.7%
Net debt to EBITDA	—	1.5x	1.9x	1.7x	4.3x	1.1x	1.0x	0.3x	3.7x	2.9x

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