First Tractor Co Ltd FIRRY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsChina

Last close 9.55 USD on Nov 2, 2026, +1.4% year to date

Quant rating

Quant rating B Rank 97 of 418 in Industrials

Growth C 179 of 418
Valuation A 40 of 418
Quality B 83 of 418
Revisions B 161 of 418
Momentum C 281 of 418

Wall Street consensus Buy (1.60)Average target 3.35 USD −64.9%

Historical valuation

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

Key data

Market cap: 1.9B
Enterprise value: 1.5B
52-week range: 9.30 – 13.05
3-year range: 9.30 – 13.05
Dividend yield: 4.19%
Beta (5 years): –
Shares outstanding: 1,124M
Next earnings: Mar 29, 2027

About the company

First Tractor Co Ltd is a China-based company principally engaged in the research and development, manufacturing, and sales of agricultural machinery, power machinery, and related component products. The Company primarily operates its businesses through two segments. The Agricultural Machinery segment is mainly engaged in the production and sales of agricultural tractors, harvesters, and other businesses. The Power Machinery segment is mainly engaged in the production and sales of diesel engines. The Company's main products include wheeled tractors, tracked tractors, diesel engines, and components, such as castings and forgings, gears, gearboxes, and covers. The Company distributes its products within the domestic market and to overseas markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,548	1,631	1,625	1,822	1,469	–
Revenue growth	−5.1%	0.4%	−10.8%	24.0%	26.4%	5.9%
EPS (basic, normalized)	0.10	0.11	0.12	0.09	–	–
EPS growth	−7.8%	−8.0%	39.1%	–	–	–
Gross margin	15.0%	14.7%	15.8%	16.3%	16.8%	15.7%
Net margin	7.5%	7.7%	8.6%	5.4%	4.7%	6.8%
ROE	10.9%	13.2%	15.8%	12.0%	9.0%	12.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	587
Current ratio	0.93x
Long-term debt (mil)	93.2
Net debt (mil)	−401
Total equity (mil)	1,255
Net debt / equity	−0.32x
Net debt / EBITDA	−2.74x

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	1,548	−5.1%	0.9x	146	−18.8%	9.9x	0.10	−7.8%	91.7x
2026	1,883	+21.7%	0.8x	180	+23.6%	8.0x	0.12	+14.7%	79.9x
2027	2,158	+14.6%	0.7x	220	+22.1%	6.6x	0.16	+33.6%	59.8x
2028	2,529	+17.1%	0.6x	246	+11.5%	5.9x	0.19	+20.4%	49.7x

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	1,883	+0.6%	+5.1%	+3.4%	0.12	−1.5%	−3.3%	−5.8%
2027	2,158	+1.1%	+7.3%	+6.6%	0.16	−0.7%	+5.9%	+7.2%
2028	2,529	+1.8%	+8.2%	+11.0%	0.19	−0.3%	+6.9%	+8.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	1,120	4,669	3,217
Sales mean (mil)	–	–	–	–	–	–	–	1,201	5,012	2,964
Surprise	–	–	–	–	–	–	–	−6.8%	−6.8%	+8.5%
EPS reported	–	–	–	–	–	–	–	−0.16	0.50	0.20
EPS mean	–	–	–	–	–	–	–	−0.12	0.52	0.22
Surprise	–	–	–	–	–	–	–	−33.3%	−3.7%	−10.9%

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
FIRRY First Tractor Co Ltd	1.9B	−2.74x	7.5%	1.79x	79.9x	59.8x	8.0x	6.6x
GRC The Gorman-Rupp Company	2.0B	1.48x	7.8%	4.23x	25.6x	22.9x	14.2x	13.6x
MFP Midera Food Processing Inc	1.9B	–	9.7%	2.37x	19.5x	16.1x	12.3x	10.8x
ALG Alamo Group Inc.	1.9B	0.31x	6.5%	1.56x	14.5x	12.5x	8.0x	7.3x
ATS ATS Corporation	1.8B	2.89x	2.4%	1.42x	17.7x	13.1x	9.9x	8.7x
BLBD Blue Bird Corporation	1.8B	−0.00x	8.6%	2.79x	11.8x	12.4x	7.6x	6.8x
Mean		0.39x	7.1%	2.36x	28.2x	22.8x	10.0x	9.0x
Median		0.31x	7.6%	2.08x	18.6x	14.6x	9.0x	8.0x

Technical analysis

1M−13.2%
3M+1.4%
1Y+1.4%
3Y+1.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, First Tractor Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,548	1,631	1,625	1,822	1,469	1,162
Cost of revenue	1,315	1,391	1,368	1,525	1,222	934
Gross profit	232	240	257	296	247	228
Selling, general & administrative expenses	72.5	69.8	81.0	97.1	119	170
Research & development	74.7	66.3	59.6	70.3	59.0	45.5
Depreciation/amortization	12.1	13.9	16.4	18.6	19.6	19.9
Interest expense (income), operating	−37.5	−34.2	−31.8	30.4	−0.8	3.2
Unusual expense (income)	1.6	1.0	1.7	−0.7	−9.3	−37.0
Other operating expenses	−22.3	−20.3	−9.8	−4.8	−6.8	−18.4
Operating income	131	143	140	85.3	67.1	44.9
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	2.8	0.7	1.0	3.5	5.4	2.2
Net income before taxes	134	144	141	88.7	72.5	47.1
Provision for taxes	10.9	16.6	2.0	−4.4	4.2	4.0
Minority interest	−6.8	−1.2	1.1	5.7	0.8	−0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	116	126	140	98.7	69.0	42.9
Extraordinary items	–	–	–	–	–	–
Net income	116	126	140	98.7	69.0	42.9
EBIT, normalized	95.2	110	108	115	57.0	11.0
EBITDA, normalized	140	153	152	162	110	63.9
Basic EPS, normalized	0.10	0.11	0.12	0.09	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, First Tractor Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	783	599	465	691	558	657
Receivables	105	94.1	128	156	212	193
Total inventory	164	188	213	173	264	208
Prepaid expenses	45.5	60.2	39.9	34.1	39.0	30.6
Other current assets	82.2	75.8	67.9	88.6	138	52.3
Total current assets	1,179	1,017	914	1,143	1,212	1,141
Property, plant & equipment	355	335	342	358	403	420
Goodwill	–	–	–	–	–	–
Intangibles	90.5	92.7	98.2	103	118	118
Long-term investments	508	542	564	250	20.8	19.5
Note receivable	–	–	–	–	164	171
Other long-term assets	26.5	26.0	27.6	28.6	25.4	22.7
Total assets	2,159	2,013	1,947	1,884	1,943	1,892
Liabilities
Accounts payable	630	643	631	602	658	728
Payable/accrued	–	–	–	–	–	–
Accrued expenses	18.8	23.4	25.5	23.0	20.3	17.4
Short-term debt	32.1	40.5	44.7	64.2	87.3	182
Current portion of long-term debt	3.7	30.9	2.9	2.6	2.1	2.1
Other current liabilities	184	152	147	197	160	124
Total current liabilities	869	890	852	888	927	1,054
Long-term debt	62.1	11.9	29.6	10.8	18.9	19.0
Minority interest	81.5	71.6	74.3	78.2	91.3	97.7
Other liabilities	50.6	44.9	48.3	42.4	54.5	56.5
Total liabilities	1,063	1,019	1,004	1,020	1,092	1,227
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	161	154	158	163	177	151
Additional paid-in capital	380	364	374	385	418	322
Retained earnings (accumulated deficit)	556	478	412	317	257	196
Treasury stock	–	–	–	–	–	–
Other equity	−1.2	−1.8	−2.0	−0.8	−1.8	−4.1
Total equity	1,095	994	943	864	850	665
Total liabilities & shareholders' equity	2,159	2,013	1,947	1,884	1,943	1,892

Cash flow statement in millions of USD, fiscal years

Cash flow statement, First Tractor Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	−152	−152	−161	−44.7	−197	−214
Cash from operations	131	167	149	522	91.7	191
Investing activities
Capital expenditures	−27.6	−15.3	−12.6	−13.7	−10.7	−12.4
Other investing cash flows	−127	−166	−271	−290	53.6	86.0
Cash from investing	−154	−181	−283	−304	42.9	73.6
Financing activities
Financing cash flow items	−3.8	−4.9	−4.0	9.5	84.4	−14.9
Cash dividends paid	−59.9	−50.1	−37.8	−21.1	−16.7	−11.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	22.7	8.9	−7.0	−8.8	−86.6	−191
Cash from financing	−41.0	−46.1	−48.8	−20.4	−18.9	−217
Foreign exchange effects	0	0.7	0.5	1.1	−0.8	−2.3
Net change in cash	−64.5	−60.1	−183	199	115	45.5
Free cash flow	103	151	136	509	81.0	179

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.