第四季度毛利率18.82%，但2025年第三季度毛利率已升至20.33%(高于前季度的19.64%)，受益于产品组 合优化。财报发布前市盈率(TTM)7.38倍，市销率0.67倍，均低于行业加权平均值(市盈率18.03倍、市销 率2.86倍)，显示相对低估。 机构观点 花旗于2026年1月13日将目标价从52美元上调至62美元，维持"持有"评级；摩根士丹利于2025年12月10 日上调至"买入"评级，目标价60美元。 财务状况 过去5年债务股本比从135.7%降至32.09%，远低于行业平均水平(194.31%)，偿债能力增强。第四季度经 营活动现金流2.05亿美元，自由现金流1.71亿美元；全年经营活动现金流4.4亿美元，支撑股息支付(每 股派息0.68美元)和回购计划(2025年二季度回购5500万美元)。 经营状况 经济观察网特雷克斯(TEX.N)于2026年2月11日盘前发布2025财年第四季度(截至2025年12月31日)财报。 财报关键数据如下： 业绩经营情况 第四季度营业收入13.18亿美元，同比增长6.20%；归母净利润6300万美元，同比大幅增长3250%，扭亏 为盈。全年营收54.21亿美 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) For the Fiscal Year Ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-10702 TEREX CORPORATION (Exact name of registrant as specified in its charter) Delaware 34-1531521 (State of Incorporation) (IRS Employer Identification No.) 301 Merritt 7, 4th Floor Norwalk Connecticut 06851 (Address of principal executive offices) (Zip ...

经济观察网特雷克斯2025财年第四季度营收13.18亿美元，同比增长6.20%，超市场预期；全年营收 54.21亿美元，同比增长5.73%。第四季度净利润6300万美元，同比大幅增长3250%；全年净利润2.21亿 美元，同比下滑34.03%。全年经营活动现金流4.4亿美元，自由现金流3.22亿美元。 财务状况 债务股本比从5年前的135.7%降至32.09%，远低于行业平均水平。流动比率提升至2.30，短期偿债能力 增强。 当前市盈率(TTM)7.38倍，市销率0.67倍，均低于行业加权平均值，估值具备相对优势。 机构观点 花旗将目标价从52美元上调至62美元，维持"持有"评级，认可公司成本控制及现金流改善。 行业与风险分析 美国制造业PMI回升，行业景气度改善，但公司仍面临供应链波动及国际竞争挑战。需关注后续需求复 苏的持续性。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 高空作业平台业务第四季度销售额4.66亿美元，同比增长6.9%，营业利润率提升至2.1%；但全年销售额 同比下降14.5%。物料处理业务全年销售额19亿美元，同比下降14.6%。环保解决方案板块贡献稳定收 入。 公司估值 ...

Terex Reports Fourth Quarter and Full-Year 2025 Results Norwalk, CT, February 11, 2026 -- Terex Corporation (NYSE: TEX), a global leader in specialized equipment solutions, serving essential sectors such as emergency services, waste and recycling, utilities, and construction, today announced its results for the fourth quarter and full-year 2025. CEO Commentary "We concluded a transformational year for Terex, with the successful integration of ESG and the initiation of the merger with REV, coupled with solid ...

Core Viewpoint - Trex's stock price surged by 16.57% on February 11, closing at $69.08, driven by positive earnings expectations, valuation advantages, improved industry conditions, and institutional optimism [1] Company Performance - Trex's Q4 2025 earnings report indicates a positive outlook, with projected revenue of $1.298 billion, a year-on-year increase of 4.62%, and an expected EPS of $1.00, marking a return to profitability [2] - The company's financial structure has improved significantly, with the debt-to-equity ratio decreasing from 135.7% five years ago to 32.09%, well below the industry average of 194.31%, enhancing its debt repayment capacity [2] - Operating cash flow for Q3 2025 reached $154 million, with free cash flow of $130 million, supporting dividend payments and share buyback plans [2] Company Valuation - As of the earnings report, Trex's trailing twelve months (TTM) P/E ratio was 7.38 and P/S ratio was 0.67, both lower than the industry weighted averages of 18.03 and 2.86, respectively, indicating relatively low valuation [3] - The positive earnings outlook has attracted capital inflow, with trading volume significantly increasing to $327 million and a turnover rate of 4.23%, reflecting active market participation [3] Industry Policy and Environment - In early February 2026, the U.S. manufacturing PMI rose to 52.6, indicating a return to expansion, which enhances the outlook for traditional manufacturing sectors [4] - As a top 50 global engineering machinery company (ranked 16th in 2025), Trex stands to benefit from increased capital expenditure in manufacturing and improved supply chain conditions [4] Institutional View - Citigroup raised Trex's target price from $52 to $62 on January 13, 2026, maintaining a "hold" rating, reflecting market recognition of the company's progress in cost control and cash flow improvement, boosting investor confidence [5] Future Development - Despite the positive short-term earnings outlook, Trex experienced a year-on-year revenue decline of 6.05% and a 16.57% drop in EPS for Q3 2025, indicating challenges from global supply chain fluctuations and intensified industry competition [6]

Group 1 - Terex's shares increased by 13% following the release of fourth-quarter earnings, with sales growing by 8% and adjusted earnings per share exceeding analysts' expectations [1] - The standout figure was a 32% growth in bookings for Q4, leading management to project a 12% increase in adjusted EBITDA to $965 million by 2026, with the stock trading at a low EV/EBITDA ratio of 6 [1] - The recent acquisitions of the Environmental Solutions Group (ESG) and REV Group are expected to enhance Terex's business stability by diversifying its revenue sources, with approximately 70% of sales coming from non-discretionary sectors [2] Group 2 - The divestment of Terex's cyclical aerials and cranes business is anticipated to further stabilize revenue, allowing the company to focus on non-discretionary industries [3] - Over the past decade, Terex has increased its dividend from $0.24 to $0.68 while reducing its shares outstanding by 40%, indicating a commitment to returning value to shareholders [3] - Terex is currently trading at 14 times its 2026 earnings guidance, suggesting it is not overpriced in the current market [3]

Core Viewpoint - Terex (TEX.N) shows positive performance expectations for Q4 FY2025, with an optimized financial structure and relative valuation advantages, but faces challenges from short-term performance pressure and industry competition [1] Performance and Operating Conditions - Terex is expected to report Q4 FY2025 revenue of $1.298 billion, a year-on-year increase of 4.62%, with earnings per share (EPS) projected at $1.00, indicating a return to profitability [2] Institutional Perspectives - Citigroup maintains a "Hold" rating, raising the target price from $52 to $62. JPMorgan raised its target price to $50 on June 10, 2025, reflecting market recognition of cost control and cash flow improvements [3] Financial Status - Debt-to-equity ratio improved from 135.7% to 32.09% over the past five years, significantly lower than the industry average of 194.31%, enhancing debt repayment capability [4] - Operating cash flow reached $154 million in Q3 2025, with free cash flow at $130 million, supporting dividend payments of $0.17 per share and a buyback plan of $55 million in Q2 2025 [4] - Gross margin increased to 20.33% in Q3 2025, up from 19.64% in the previous quarter, primarily due to product mix optimization [4] Industry Position - Terex ranks 16th in the global construction machinery top 50 for 2025, with sales revenue of $5.1 billion and a market share of 2.1% [5] - Current price-to-earnings (P/E) ratio of 7.38 and price-to-sales (P/S) ratio of 0.67 are both below the industry weighted averages of 18.03 and 2.86, indicating relative undervaluation [5] Industry and Risk Analysis - Short-term performance pressure is evident, with Q3 2025 revenue declining by 6.05% year-on-year and EPS down by 16.57%, impacted by global supply chain and demand fluctuations [6] - Increased competition exists with international giants like Caterpillar and Komatsu, highlighting the need to monitor progress in overseas market expansion [6]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $4.93 for the year, consistent with expectations, and EBITDA of $635 million, representing an 11.7% margin [10][15] - Free cash flow improved by 71% to $325 million, achieving a cash conversion rate of 147% [15] - Total net sales for Q4 were $1.3 billion, a 6% year-over-year increase, while full-year net sales grew to $5.4 billion [12][13] Business Line Data and Key Metrics Changes - Environmental Solutions segment sales reached $428 million in Q4, a 14.1% year-over-year growth, with full-year sales increasing by 12.7% [16] - Materials Processing (MP) segment sales were $428 million in Q4, down 2.5% year-over-year, but grew by 2.8% on a like-for-like basis when excluding divested businesses [17] - Aerials segment secured nearly $1 billion in new orders in Q4, up 46% from the prior year, with a positive margin expansion trend [11][18] Market Data and Key Metrics Changes - The company noted strong demand in the Utilities market, with forecasts indicating 8%-15% annual CapEx growth through 2030 [9] - The construction sector is supported by government funding, with a growing pipeline of megaprojects expected to provide tailwinds through at least 2030 [9] - The company has a significant addressable market, collectively spending $200 billion per year on capital equipment across municipalities in the U.S. [9] Company Strategy and Development Direction - The merger with REV Group is seen as a defining milestone, creating a leading specialty equipment manufacturer with a strong manufacturing footprint and technology capabilities [5][6] - The company aims to achieve $75 million in run-rate synergies within two years from the merger, with $37.5 million expected within the next 12 months [7] - A strategic review of the Aerials business is ongoing, with strong inbound interest from potential buyers [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and highlighted positive momentum across most segments for 2026 [10][20] - The outlook for 2026 includes expected sales growth of approximately 5% on a pro forma basis, with pro forma EBITDA anticipated to grow by about $100 million [20][21] - The effective tax rate is expected to rise to 21% due to higher U.S. dollar income, with EPS guidance for 2026 set between $4.50 and $5 [21] Other Important Information - The company plans to invest over $118 million in capital expenditures to fuel organic growth, focusing on automation and efficiency improvements [24] - The merger has a modest 3% diluted effect on EPS in 2026 due to an increased number of shares outstanding post-merger [21] Q&A Session Summary Question: What is the pricing outlook for the MP segment? - Management indicated a progressive increase in margins driven by pricing, expecting this trend to continue into 2026 [29] Question: How will tariffs impact the Aerials segment? - Management expects flat revenue and margins in 2026 due to ongoing tariff impacts, with a more favorable pricing-cost dynamic anticipated in the second half of the year [31] Question: What is the plan for the REV integration? - The focus is on maintaining operational momentum and throughput, with a strong backlog in the specialty vehicle segment [40] Question: How is the Environmental Solutions segment performing? - The segment is expected to see continued growth, particularly in Utilities, with a strong backlog and improved margins anticipated [50][51] Question: What is the expected capacity increase in Utilities? - The company plans to expand capacity by 20%-30% over the next two years in the Utilities business to meet rising demand [88]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $4.93 for the year, consistent with expectations, and EBITDA of $635 million, representing an 11.7% margin [10][15] - Free cash flow improved by 71% to $325 million, achieving a cash conversion rate of 147% [15] - Total net sales for Q4 were $1.3 billion, a 6% year-over-year increase, while full-year net sales grew to $5.4 billion [12][13] Business Line Data and Key Metrics Changes - Environmental Solutions segment sales grew 14.1% year-over-year in Q4, driven by utility and refuse trucks, with full-year sales increasing 12.7% [16] - Materials Processing (MP) segment sales decreased by 2.5% in Q4 but increased by 2.8% on a like-for-like basis when excluding divested businesses [17] - Aerials segment saw a 6.9% year-over-year sales growth in Q4, with strong bookings of nearly $1 billion, up 46% from the prior year [18][11] Market Data and Key Metrics Changes - The company noted strong demand in utilities, with industry forecasts predicting 8%-15% annual CapEx growth through 2030 [9] - The construction market is supported by government funding, with a growing pipeline of megaprojects expected to provide tailwinds through at least 2030 [9] - The company has a significant addressable market, collectively spending $200 billion per year on capital equipment across municipalities in the U.S. [9] Company Strategy and Development Direction - The merger with REV Group is seen as a defining milestone, creating a leading specialty equipment manufacturer with premium brands and clear synergies [5][6] - The company aims to achieve $75 million in run-rate synergies within two years, with $37.5 million expected within the next 12 months [7] - A strategic review of the Aerials business is ongoing, with strong inbound interest from potential buyers [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth trajectory, citing strong bookings and backlog across segments [20] - The outlook for 2026 anticipates sales growth of approximately 5% on a pro forma basis, with EBITDA expected to grow by about $100 million [20] - The company is navigating a complex environment with macroeconomic variables and geopolitical uncertainties, but remains focused on execution and integration [22] Other Important Information - The effective tax rate for 2026 is expected to be higher at 21%, driven by increased USD income [21] - The company plans to invest over $118 million in capital expenditures to fuel organic growth [24] - The merger has a modest 3% diluted effect on EPS in 2026 due to a higher number of shares outstanding post-merger [21] Q&A Session Summary Question: What is the pricing outlook for the MP segment? - Management indicated that pricing improvements are expected to flow through the P&L, with a progressive step-up in margin profile anticipated throughout 2026 [29] Question: How will tariffs impact the Aerials segment? - Management expects more headwinds from tariffs in 2026, translating to about $16 million more in costs, but plans to offset this through productivity and pricing [31] Question: What is the plan for the REV integration? - The focus is on maintaining throughput and operational momentum, with a strong backlog in the specialty vehicle segment [40] Question: How is the Environmental Solutions segment performing? - The segment recorded outstanding performance, with growth expected to continue, particularly in utilities [42] Question: What is the expected capacity increase in the Utilities business? - The company plans to expand capacity by 20%-30% over the next two years, with some capacity coming online in 2026 [88]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $4.93 for the full year, consistent with expectations, and a fourth-quarter EPS of $1.12, which is $0.35 higher than the previous year [10][12] - Total net sales for Q4 were $1.3 billion, a 6% year-over-year increase, while full-year net sales grew 6% to $5.4 billion [12][13] - The operating margin for Q4 was 9.3%, up 150 basis points from the prior year, and the full-year operating margin was 10.4%, down 90 basis points from 2024 [12][13] - Free cash flow for the full year improved by 71% to $325 million, representing a cash conversion rate of 147% [14] Business Line Data and Key Metrics Changes - Environmental Solutions segment sales grew 14.1% year-over-year in Q4, with full-year sales increasing 12.7% [15][16] - Materials Processing (MP) segment sales for Q4 were $428 million, down 2.5% year-over-year, but increased by 2.8% on a like-for-like basis when excluding divested businesses [17] - Aerials segment sales grew 6.9% year-over-year in Q4, with operating margins of 2.6%, which is 200 basis points better than the prior year [18] Market Data and Key Metrics Changes - The company serves a diverse addressable market with stable growth profiles, particularly in utilities, waste, and recycling sectors, with municipalities spending $200 billion annually on capital equipment [9] - Utilities are expected to see strong growth from 2026 onward, with industry forecasts predicting 8%-15% annual CapEx growth through 2030 [9] Company Strategy and Development Direction - The merger with REV Group is seen as a defining milestone, creating a leading specialty equipment manufacturer with significant synergies expected [4][5] - The company aims to achieve $75 million in run-rate synergies within two years from the merger, with $37.5 million expected within the next 12 months [6] - A strategic review of the Aerials business is ongoing, with strong inbound interest from potential buyers [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and highlighted positive momentum across most segments for 2026 [10][20] - The outlook for 2026 includes expected sales growth of approximately 5% on a pro forma basis, with EBITDA projected to grow by about $100 million [20][21] - The effective tax rate is anticipated to rise to 21% due to higher USD income, and EPS is expected to be between $4.50 and $5 for 2026 [21] Other Important Information - The company plans to invest over $118 million in capital expenditures to fuel organic growth, focusing on automation and efficiency improvements [24] - The company returned $98 million to shareholders through dividends and share buybacks in the previous year [24] Q&A Session Summary Question: What is the pricing outlook for the MP segment? - Management indicated that pricing improvements are expected to continue flowing through the P&L, with a progressive step-up in margin profile anticipated throughout 2026 [27][28] Question: How will tariffs impact the Aerials segment? - Management expects flat revenue and margin profiles for Aerials in 2026, with tariff impacts being more pronounced compared to 2025 [29][30] Question: What is the plan for the REV integration? - The focus is on maintaining throughput and operational momentum, with strong bookings and a two-year backlog in the specialty vehicle segment [38][39] Question: How is the Environmental Solutions segment performing? - The segment is expected to see mid-single-digit growth, with utilities driving demand, while ESG is anticipated to remain flat [96][97] Question: What is the capacity expansion plan for Environmental Solutions? - The company is expanding capacity in the utilities business by 20%-30% over the next two years, with some capacity coming online in 2026 [86][88]