NYSE:MTW
MANITOWOC CO INC
A global leader in tower crane manufacturing delivering consistent revenue growth and operational leverage in the construction equipment sector.
Key Metrics
Investment Thesis
Bull Case
MTW offers compelling value with consistent revenue expansion and a clear path to profitability as the construction sector stabilizes. The company's low dividend payout combined with reinvestment into R&D positions it for future growth in emerging markets. Strong cash flow from operations provides flexibility for strategic acquisitions or debt reduction without dilution.
Bear Case
Investors should be cautious regarding the volatility of net income, which dropped sharply from $55.8M in 2024 to $7.2M in 2025. High levels of long-term liabilities and a significant retained earnings deficit suggest underlying financial stress that could worsen during economic slowdowns. The absence of share repurchases or dividends limits total shareholder return compared to peers with more mature capital structures.
About MANITOWOC CO INC
MANITOWOC CO INC (MTW) is a leading manufacturer of tower cranes operating globally within the construction and infrastructure sectors. The company specializes in designing, manufacturing, and distributing high-performance tower cranes for residential, commercial, and industrial projects. With significant revenue growth and operational profitability, MTW serves markets requiring specialized lifting solutions.
Analysis
Management Discussion
Revenue increased from $2.03B in 2022 to $2.24B in 2025, demonstrating resilient top-line growth despite macroeconomic headwinds. Net income recovered from a loss of $123.6M in 2022 to $7.2M in 2025, indicating improved operational efficiency and cost management. Operating profit of $53.8M reflects strong control over operating expenses relative to revenue generation.
Industry Overview
The global construction equipment market is characterized by cyclical demand tied to real estate development and infrastructure spending cycles. Competition is intense among regional players, but specialized manufacturers like MTW command premium pricing due to technological differentiation. Industry trends favor companies with strong service capabilities and a diversified geographic footprint to mitigate local economic shocks.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.03B | $2.23B | $2.18B | $2.24B |
| Cost of Revenue | $1.67B | $1.80B | $1.80B | $1.84B |
| Gross Profit | $364.5M | $425.2M | $375.0M | $404.7M |
| Operating Expenses | $457.5M | $332.8M | $323.2M | $350.9M |
| Operating Income | $-93.0M | $92.4M | $51.8M | $53.8M |
| R&D | $33.5M | $35.3M | $41.1M | $55.8M |
| Stock-Based Comp | $8.5M | $11.5M | $10.9M | $9.5M |
| D&A | — | — | $59.8M | $59.9M |
| Depreciation | $60.6M | $56.6M | $60.0M | $59.9M |
| Amortization | $3.1M | $3.2M | $2.9M | $3.1M |
| Other OpEx | $424.0M | $297.5M | $282.1M | $295.1M |
| Non-Operating Income | $-27.2M | $-48.2M | $-40.1M | $-41.4M |
| Pre-Tax Income | $-120.2M | $44.2M | $11.7M | $12.4M |
| Income Tax | $3.4M | $5.0M | $-44.1M | $5.2M |
| Continuing Ops | $-123.6M | $39.2M | $55.8M | $7.2M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-123.6M | $39.2M | $55.8M | $7.2M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-123.6M | $39.2M | $55.8M | $7.2M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $998.5M | $1.03B | $958.9M | $1.10B |
| Cash & Equivalents | $64.4M | $34.4M | $48.0M | $77.3M |
| Accounts Receivable | $266.3M | $278.8M | $260.3M | $281.3M |
| Inventory | $611.9M | $666.5M | $609.4M | $683.9M |
| Other Current Assets | $55.9M | $53.3M | $41.2M | $54.1M |
| Long-Term Assets | $617.0M | $673.7M | $701.1M | $721.6M |
| PP&E (Net) | $335.3M | $366.1M | $346.2M | $343.0M |
| Intangibles | $126.7M | $125.6M | $118.5M | $125.1M |
| Goodwill | $80.1M | $79.6M | $77.8M | $79.6M |
| Operating Leases | $45.2M | $59.7M | $59.3M | $68.0M |
| Other LT Assets | $29.7M | $42.7M | $99.3M | $105.9M |
| Total Assets | $1.62B | $1.71B | $1.66B | $1.82B |
| Current Liabilities | $547.8M | $563.3M | $474.3M | $491.6M |
| Current Leases | $11.6M | — | — | — |
| Deferred Revenue | $21.9M | $19.2M | $18.0M | $18.3M |
| Other Current Liab | $514.3M | $544.1M | $456.3M | $473.3M |
| Long-Term Liabilities | $529.9M | $540.1M | $545.6M | $631.4M |
| LT Operating Leases | $34.3M | $47.2M | $47.0M | $53.6M |
| Other LT Liab | $480.0M | $468.8M | $481.1M | $559.0M |
| Total Liabilities | $1.08B | $1.10B | $1.02B | $1.12B |
| Shareholders' Equity | $537.8M | $603.3M | $640.1M | $695.2M |
| Retained Earnings | $104.3M | $143.5M | $199.3M | $206.5M |
| AOCI | $-107.9M | $-86.4M | $-107.6M | $-65.3M |
| Treasury Stock | $65.7M | $67.3M | $67.1M | $63.1M |
| Total L&E | $1.62B | $1.71B | $1.66B | $1.82B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-123.6M | $39.2M | $55.8M | $7.2M |
| Non-Cash Adjustments | $111.5M | $-39.6M | $98.5M | $-9.4M |
| Working Capital Changes | $89.0M | $63.4M | $-105.1M | $24.4M |
| Cash from Operations | $76.9M | $63.0M | $49.2M | $22.2M |
| Capital Expenditures | $61.8M | $77.4M | $45.7M | $37.5M |
| Cash from Investing | $-58.0M | $-71.8M | $-40.4M | $-49.5M |
| Debt Issuances | — | — | $300.0M | $0 |
| Debt Repayments | — | — | $300.0M | $0 |
| Share Buybacks | $3.0M | $5.5M | $5.7M | $0 |
| Dividends Paid | — | $0 | $0 | $0 |
| Cash from Financing | $-29.9M | $-21.4M | $6.7M | $54.8M |
| FX Effect | $0 | $200.0K | $-1.9M | $1.8M |
| Net Change in Cash | $-11.0M | $-30.0M | $13.6M | $29.3M |
| Beginning Cash | $75.4M | $64.4M | $34.4M | $48.0M |
| Ending Cash | $64.4M | $34.4M | $48.0M | $77.3M |
Frequently Asked Questions
How does MANITOWOC CO INC make money?
The company's revenue is driven by three primary segments: tower cranes for residential construction, commercial high-rise projects, and industrial infrastructure applications. Product lines include standard tower cranes, specialized heavy-lift models, and related service offerings such as maintenance and parts sales. Geographic diversification across North America, Europe, and Asia-Pacific provides stable cross-regional demand.
What are the main risks for MTW?
Construction industry cyclical downturns could significantly impact demand for tower cranes given the capital-intensive nature of the sector. Rising raw material costs, particularly steel prices, may compress gross margins if not effectively passed on to customers. Global supply chain disruptions could delay product deliveries and increase inventory holding costs. Regulatory changes in major markets like China or Europe could affect export capabilities or compliance costs.
What is MTW's competitive advantage?
MTW maintains a strong competitive moat through its proprietary technology in high-rise tower crane design, offering superior lifting capacity and efficiency. The company benefits from long-term relationships with major general contractors who rely on MTW for critical project milestones. Its global service network ensures rapid response times, reducing downtime costs for customers and fostering high customer retention.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.