Hiab Oyj CYJBY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsFinland

Last close 25.96 USD on Nov 2, 2026, −4.1% year to date

Quant rating

Quant rating C Rank 176 of 418 in Industrials

Growth C 176 of 418
Valuation C 184 of 418
Quality B 82 of 418
Revisions C 291 of 418
Momentum C 247 of 418

Wall Street consensus Buy (1.71)Average target 71.18 USD +174.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.0B
Enterprise value: 3.8B
52-week range: 23.96 – 36.30
3-year range: 20.77 – 36.30
Dividend yield: 2.59%
Beta (5 years): –
Shares outstanding: 55.2M
Next earnings: Feb 10, 2027

About the company

Hiab Oyj,formerly Cargotec Oyj, is a Finland-based provider of smart and sustainable on road load-handling solutions. The Company's business activities divided into two operation segments: Equipment and Services. The Equipment reporting segment comprises of new equipment: loader cranes, forestry and recycling cranes, truck mounted forklifts, demountables and tail lifts. The Services reporting segment comprises of spare parts, maintenance, accessories, installations, digital services and refurbished equipment. Hiab's equipment includes HIAB, EFFER and ARGOS loader cranes, MOFFETT and PRINCETON truck mounted forklifts, LOGLIFT forestry cranes, JONSERED recycling cranes, MULTILIFT skiploaders and hooklifts, GALFAB roll-off cable hoists, and tail lifts under the ZEPRO, DEL and WALTCO brands.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,828	1,705	1,972	4,376	3,769	–
Revenue growth	7.2%	−13.5%	−54.9%	16.1%	−5.4%	−14.4%
EPS (basic, normalized)	2.78	2.48	6.34	4.33	2.16	–
EPS growth	11.9%	−60.9%	46.2%	100.5%	–	–
Gross margin	30.1%	29.1%	26.9%	21.0%	22.1%	25.8%
Net margin	9.7%	9.4%	8.5%	0.6%	7.4%	7.1%
ROE	14.8%	11.1%	9.2%	1.6%	17.3%	10.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	367
Current ratio	1.78x
Long-term debt (mil)	901
Net debt (mil)	798
Total equity (mil)	1,188
Net debt / equity	0.67x
Net debt / EBITDA	2.64x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,828	+7.2%	2.1x	302	−8.6%	12.5x	2.78	+11.9%	9.3x
2026	1,991	+8.9%	1.9x	359	+18.9%	10.5x	2.90	+4.4%	9.0x
2027	2,356	+18.4%	1.6x	466	+29.7%	8.1x	4.04	+39.2%	6.4x
2028	2,528	+7.3%	1.5x	503	+8.1%	7.5x	4.50	+11.5%	5.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,991	−1.6%	−1.5%	+13.6%	2.90	−5.5%	−5.4%	+3.6%
2027	2,356	−4.7%	−3.8%	+23.0%	4.04	−6.1%	−4.3%	+18.0%
2028	2,528	−3.9%	−2.9%	+24.9%	4.50	−2.8%	−1.1%	+17.9%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,056	625	590	412	412	402	346	396	383	403
Sales mean (mil)	998	772	582	431	390	397	364	380	381	392
Surprise	+5.8%	−19.1%	+1.5%	−4.3%	+5.5%	+1.1%	−4.9%	+4.5%	+0.6%	+2.7%
EPS reported	1.53	0.95	0.73	0.42	0.72	0.67	0.53	0.51	0.46	0.54
EPS mean	0.99	0.95	0.74	0.60	0.59	0.63	0.63	0.58	0.54	0.50
Surprise	+54.4%	−0.4%	−1.8%	−30.0%	+21.6%	+6.8%	−15.9%	−12.1%	−14.4%	+8.0%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CYJBY Hiab Oyj	3.0B	2.64x	9.7%	2.97x	9.0x	6.4x	10.5x	8.1x
TMRAY Tomra Systems ASA	3.2B	–	7.1%	4.62x	–	–	–	–
SXI Standex International Corp	3.1B	2.06x	11.8%	3.94x	24.7x	20.5x	15.7x	13.8x
MBUMY MABUCHI MOTOR CO., LTD.	2.9B	−2.53x	13.1%	1.21x	18.0x	17.3x	8.2x	7.8x
DNOW DNOW Inc.	2.9B	1.75x	−3.2%	1.37x	45.6x	19.1x	14.4x	9.5x
JPSWY Japan Steel Works Ltd	2.8B	0.32x	7.0%	2.02x	9.2x	8.2x	11.2x	9.2x
Mean		0.85x	7.6%	2.69x	21.3x	14.3x	12.0x	9.7x
Median		1.75x	8.4%	2.49x	18.0x	17.3x	11.2x	9.2x

Technical analysis

1M−28.5%
3M−2.1%
1Y−16.2%
3Y+108.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Hiab Oyj, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,828	1,705	1,972	4,376	3,769	3,986
Cost of revenue	1,277	1,210	1,442	3,457	2,935	3,097
Gross profit	551	495	530	918	833	889
Selling, general & administrative expenses	245	224	239	472	456	472
Research & development	41.1	38.1	36.2	96.7	107	115
Depreciation/amortization	18.1	15.2	16.0	51.3	58.8	99.5
Interest expense (income), operating	–	–	–	−7.5	−8.0	−6.5
Unusual expense (income)	−0.7	−2.0	−3.1	108	39.0	136
Other operating expenses	4.0	−4.7	0.1	84.4	−224	−13.1
Operating income	244	225	242	114	404	86.0
Net interest income (expense)	−6.5	−3.8	−15.2	−29.2	−25.9	−43.8
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.1	0	0	0.2	0.2	0
Net income before taxes	237	221	227	84.5	379	42.1
Provision for taxes	59.9	60.5	57.4	59.7	98.2	32.2
Minority interest	−0.5	−0.8	−2.0	0.7	−0.2	0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	177	160	167	25.6	280	10.0
Extraordinary items	15.5	945	215	–	–	–
Net income	193	1,104	383	25.6	280	10.0
EBIT, normalized	244	225	239	452	264	266
EBITDA, normalized	297	296	366	576	390	422
Basic EPS, normalized	2.78	2.48	6.34	4.33	2.16	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Hiab Oyj, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	540	455	756	484	556	592
Receivables	335	284	875	1,048	967	890
Total inventory	334	346	1,141	1,084	901	708
Prepaid expenses	–	–	–	55.9	83.1	66.6
Other current assets	56.8	109	242	42.3	12.4	16.2
Total current assets	1,266	1,193	3,013	2,714	2,519	2,273
Property, plant & equipment	198	165	491	449	466	525
Goodwill	276	249	969	955	1,099	1,187
Intangibles	19.4	24.0	131	134	196	227
Long-term investments	–	0	84.5	79.8	125	115
Note receivable	–	0	0.1	4.8	14.3	22.5
Other long-term assets	153	907	141	147	158	399
Total assets	1,912	2,537	4,830	4,483	4,578	4,748
Liabilities
Accounts payable	178	165	564	660	590	431
Payable/accrued	–	–	–	–	–	–
Accrued expenses	92.6	112	268	252	182	189
Short-term debt	0	0	17.2	12.5	9.8	23.9
Current portion of long-term debt	205	154	158	80.2	39.6	166
Other current liabilities	121	143	881	831	758	756
Total current liabilities	597	572	1,888	1,837	1,580	1,567
Long-term debt	89.4	229	782	804	996	1,255
Minority interest	0	2.0	1.7	0.7	3.1	3.3
Other liabilities	39.5	672	225	208	244	338
Total liabilities	726	1,475	2,896	2,849	2,823	3,162
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	23.5	20.7	71.0	68.8	73.1	78.5
Additional paid-in capital	–	0	108	105	111	120
Retained earnings (accumulated deficit)	1,175	1,038	1,820	1,501	1,630	1,518
Treasury stock	–	–	–	–	–	–
Other equity	−12.0	3.0	−65.0	−40.1	−59.2	−130
Total equity	1,186	1,062	1,934	1,635	1,756	1,586
Total liabilities & shareholders' equity	1,912	2,537	4,830	4,483	4,578	4,748

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Hiab Oyj, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	193	1,105	385	24.8	280	9.9
Depreciation, depletion & amortization	69.2	280	127	218	133	176
Deferred taxes	–	–	–	–	–	–
Non-cash items	62.2	−1,137	140	77.5	−153	108
Changes in working capital	−102	−157	−171	−149	−197	0
Cash from operations	222	91.4	481	172	63.9	294
Investing activities
Capital expenditures	−20.3	−45.8	−89.5	−70.8	−49.2	−57.0
Other investing cash flows	62.2	28.7	21.3	77.4	429	31.0
Cash from investing	41.9	−17.1	−68.2	6.5	380	−26.0
Financing activities
Financing cash flow items	0.1	–	0.2	–	–	0.1
Cash dividends paid	−210	−143	−96.3	−75.3	−79.3	−95.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−182	−179	−49.7	−145	−367	−66.1
Cash from financing	−391	−322	−146	−220	−446	−161
Foreign exchange effects	−13.5	−2.2	−7.3	−4.1	8.5	−18.1
Net change in cash	−140	−250	260	−45.8	6.6	88.5
Free cash flow	202	45.7	392	101	14.7	237

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.