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Held by 222 of 6,047 reporting institutions (92th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CAT | $355.2B | 41.1× | 28.4× | 5.3× | 4.3% | 33.8% | 13.1% | 41.7% | 15.4% | 2.0× | 3,960 |
| FTI | $27.7B | 30.8× | 14.4× | 2.8× | 9.4% | — | 9.7% | 28.7% | 25.4% | -0.3× | 779 |
| DOV | $25.9B | 24.2× | 16.7× | 3.2× | 4.5% | 39.8% | 13.5% | 14.8% | 10.2% | 1.9× | 1,130 |
| CNH | $19.6B | 29.7× | — | 1.1× | -8.8% | 31.5% | 2.8% | 6.6% | 6.6% | — | — |
| NOV | $6.8B | 48.6× | 8.7× | 0.8× | -1.4% | 20.2% | 1.7% | 2.3% | 1.8% | 0.2× | 472 |
| TEX | $6.1B | 16.0× | 12.5× | 1.1× | 5.7% | 19.4% | 4.1% | 10.5% | 4.7% | 2.9× | 460 |
| WFRD | $5.5B | 13.0× | 5.8× | 1.1× | -10.8% | — | 8.8% | 25.4% | 13.7% | 0.5× | 412 |
| WHD | $4.5B | — | 13.8× | 4.1× | -4.5% | 37.0% | 15.4% | 13.5% | 13.5% | -0.4× | 329 |
| DNOW | $2.8B | — | — | 1.0× | 18.8% | 17.0% | -3.2% | -4.0% | -3.4% | — | 298 |
| INVX | $2.0B | 23.9× | 10.4× | 2.0× | 48.0% | 31.0% | 8.5% | 7.9% | 7.9% | 0.0× | 213 |
| FET | $976M | — | 16.9× | 1.2× | -3.1% | 27.7% | -1.2% | -3.3% | -2.3% | 1.6× | 156 |
| ASTE | $930M | 24.1× | 11.6× | 0.7× | 8.1% | 26.5% | 2.8% | 5.7% | 3.8% | 2.5× | 222 |
| PLOW | $920M | 20.3× | 12.0× | 1.4× | 15.4% | 26.6% | 7.1% | 16.7% | 10.9% | 1.7× | 234 |
| AEBI | $871M | 66.1× | 11.7× | 0.6× | 40.6% | 19.9% | 0.6% | 1.2% | 0.7% | 4.2× | — |
| FLOC | $856M | 15.7× | 4.1× | 1.1× | 41.9% | 54.4% | 5.4% | 18.1% | 10.4% | 0.7× | 149 |
| MTW | $813M | 112.8× | 10.7× | 0.4× | 2.9% | 18.1% | 0.3% | 1.0% | 0.6% | 3.5× | 164 |
| HY | $573M | — | 49.2× | 0.1× | -12.5% | 16.8% | -1.6% | -12.7% | -5.1% | — | 150 |
| OIS | $499M | — | — | 0.8× | -3.4% | 19.9% | -16.3% | -19.1% | -17.4% | — | 197 |
| CMCO | $462M | — | — | 0.4× | 23.9% | 30.1% | -19.2% | -15.8% | -6.0% | — | 170 |
| GENC | $267M | 17.0× | 14.7× | 2.3× | 2.0% | 27.5% | 13.6% | 7.4% | 7.4% | -1.6× | 93 |
Peers = companies sharing ASTE's sector (Construction Machinery & Equip) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 2 positive fiscal years (FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $39.78 today, the market must believe free cash flow compounds 29.4%/yr for a decade (off $11.6M on the 3-yr avg basis).
On the basis ($5.5M) the requirement is 40.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 29.4% is more optimistic than its 9-yr track record.
Default is 9.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.02B shares (market data) · net debt $259.7M
mean 43.3% · volatility σ 410% · implied rate exceeded in 2/5 yrs
Central path = implied 29.4%/yr growth; shaded band = ±1σ (410%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 57% of free cash flow, leaving room to grow it and fund buybacks. Last year: $11.9M dividends + $0 buybacks = $11.9M returned on $20.7M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $72.0M covers the $17.5M due within a year 4.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.6% on $331.7M of debt.
Cash of $72.0M fully covers short-term debt of $12.1M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.41B 100.0% | $1.31B 100.0% | $1.34B 100.0% | $1.27B 100.0% | $1.10B 100.0% | $1.02B 100.0% | $1.17B 100.0% | $1.17B 100.0% | $1.18B 100.0% | $1.15B 100.0% |
| Cost of Revenue | $1.04B 73.5% | $977.2M 74.9% | $1.01B 75.3% | $1.01B 79.3% | $846.0M 77.2% | $786.8M 76.8% | $930.2M 79.5% | $1.04B 88.4% | $941.6M 79.5% | $882.2M 76.9% |
| Gross Profit | $374.2M 26.5% | $327.9M 25.1% | $330.8M 24.7% | $264.1M 20.7% | $249.5M 22.8% | $237.6M 23.2% | $239.4M 20.5% | $135.8M 11.6% | $243.1M 20.5% | $265.3M 23.1% |
| Research & Development | $26.9M 1.9% | $23.8M 1.8% | $22.0M 1.6% | $31.5M 2.5% | $26.5M 2.4% | $22.1M 2.2% | $27.2M 2.3% | $28.3M 2.4% | $26.8M 2.3% | $25.0M 2.2% |
| Selling, General & Admin | $308.7M 21.9% | $276.1M 21.2% | $276.4M 20.7% | $247.6M 19.4% | $227.1M 20.7% | $166.9M 16.3% | $183.9M 15.7% | $180.8M 15.4% | $160.8M 13.6% | — |
| Total Operating Expenses | — | — | — | — | — | — | — | $180.8M 15.4% | $160.8M 13.6% | $153.1M 13.3% |
| Operating Income | $65.9M 4.7% | $23.2M 1.8% | $48.6M 3.6% | $7.5M 0.6% | $19.9M 1.8% | $40.5M 4.0% | $25.1M 2.1% | -$86.4M -7.4% | $55.5M 4.7% | $87.2M 7.6% |
| Interest Expense | $18.5M 1.3% | $10.7M 0.8% | $8.9M 0.7% | $2.5M 0.2% | $1.1M 0.1% | $700K 0.1% | $1.4M 0.1% | $1.0M 0.1% | $840K 0.1% | $1.4M 0.1% |
| Interest & Investment Income | $3.3M 0.2% | $2.0M 0.2% | $2.1M 0.2% | $1.0M 0.1% | $500K 0.0% | $800K 0.1% | $1.2M 0.1% | $952K 0.1% | $1.3M 0.1% | $806K 0.1% |
| Other Income (Expense), net | $2.4M 0.2% | -$600K -0.0% | $1.0M 0.1% | -$1.6M -0.1% | -$5.5M -0.5% | $3.9M 0.4% | $300K 0.0% | $500K 0.0% | $1.2M 0.1% | $529K 0.0% |
| Pretax Income | $53.1M 3.8% | $13.9M 1.1% | $42.8M 3.2% | $4.4M 0.3% | $13.8M 1.3% | $44.5M 4.3% | $25.2M 2.2% | -$85.9M -7.3% | $57.2M 4.8% | $87.1M 7.6% |
| Income Tax Expense | $14.3M 1.0% | $9.8M 0.8% | $9.1M 0.7% | $5.0M 0.4% | -$2.1M -0.2% | -$1.5M -0.1% | $3.0M 0.3% | -$25.2M -2.2% | $19.6M 1.7% | $32.1M 2.8% |
| Net Income | $38.8M 2.8% | $4.3M 0.3% | $33.5M 2.5% | -$100K -0.0% | $15.8M 1.4% | $46.0M 4.5% | $22.3M 1.9% | -$60.4M -5.2% | $37.8M 3.2% | $55.2M 4.8% |
| Per Share | ||||||||||
| EPS (Basic) | $1.70 | $0.19 | $1.47 | $0.00 | $0.70 | $2.04 | $0.99 | -$2.64 | $1.64 | $2.40 |
| EPS (Diluted) | $1.68 | $0.19 | $1.47 | $0.00 | $0.69 | $2.01 | $0.98 | -$2.64 | $1.63 | $2.38 |
| Weighted Avg Shares (Basic) | 22.9M | 22.8M | 22.7M | 22.8M | 22.7M | 22.6M | 22.5M | 22.9M | 23.0M | 23.0M |
| Weighted Avg Shares (Diluted) | 23.1M | 22.9M | 22.8M | 22.8M | 22.9M | 22.9M | 22.7M | 22.9M | 23.2M | 23.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 26th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 6% against ROIC 4% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 22.8× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 88.4 | 79.5 | 76.8 | 77.2 | 79.3 | 75.3 | 74.9 | 73.5 |
| Gross Profit | 11.6 | 20.5 | 23.2 | 22.8 | 20.7 | 24.7 | 25.1 | 26.5 |
| R&D | 2.4 | 2.3 | 2.2 | 2.4 | 2.5 | 1.6 | 1.8 | 1.9 |
| SG&A | 15.4 | 15.7 | 16.3 | 20.7 | 19.4 | 20.7 | 21.2 | 21.9 |
| Operating Income | -7.4 | 2.1 | 4.0 | 1.8 | 0.6 | 3.6 | 1.8 | 4.7 |
| Income Tax | -2.2 | 0.3 | -0.1 | -0.2 | 0.4 | 0.7 | 0.8 | 1.0 |
| Net Income | -5.2 | 1.9 | 4.5 | 1.4 | -0.0 | 2.5 | 0.3 | 2.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ASTE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns -4.73pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 3.0% | 9.7% (today's — no rate published for this year) | -6.7pts |
| FY2020 | 5.5% | 9.7% (today's — no rate published for this year) | -4.2pts |
| FY2021 | 2.5% | 7.6% | -5.1pts |
| FY2022 | 0.8% | 9.3% | -8.5pts |
| FY2023 | 4.8% | 9.0% | -4.2pts |
| FY2024 | 2.3% | 9.9% | -7.6pts |
| FY2025 | 4.7% | 9.5% | -4.9pts |
| Now | 3.8% | 9.7% | -5.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 23.1% | 7.6% | 4.8% |
| FY2017 | 20.5% | 4.7% | 3.2% |
| FY2018 | 11.6% | -7.4% | -5.2% |
| FY2019 | 20.5% | 2.1% | 1.9% |
| FY2020 | 23.2% | 4.0% | 4.5% |
| FY2021 | 22.8% | 1.8% | 1.4% |
| FY2022 | 20.7% | 0.6% | -0.0% |
| FY2023 | 24.7% | 3.6% | 2.5% |
| FY2024 | 25.1% | 1.8% | 0.3% |
| FY2025 | 26.5% | 4.7% | 2.8% |
Return on equity (6%) and return on invested capital (4%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$133M of goodwill — 14% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread was positive in only 0 of the last 5 years.
Free cash flow has fallen short of reported profit in 3 of the last three years.
Reported free cash flow is $21M; after share-based compensation it is $14M. The difference is a real cost that the cash flow statement adds back.
Covers interest 2.5x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 3.56x |
| 5% | 3.38x |
| 10% | 3.21x |
| 15% | 3.03x |
| 20% | 2.85x |
| 25% | 2.67x |
| 30% | 2.49x |
| 35% | 2.32x |
| 40% | 2.14x |
| 45% | 1.96x |
| 50% | 1.78x |
| 55% | 1.60x |
| 60% | 1.42x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $40.43, free cash flow must compound 29.77%/yr for 10 years. It has done -21.61%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 41.4% | 29.8% |
| FY2021 | −110.1% | 29.8% |
| FY2025 | 728.0% | 29.8% |
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | $39M | $39M |
| Share-based comp | $7M | $46M |
| Other non-cash & working capital | $16M | $61M |
| Operating cash flow | $61M | $61M |
| Capex | −$41M | $21M |
| Free cash flow | $21M | $21M |
| FCF after SBC | $14M | $14M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -12.4% | not reported | not reported |
| FY2021 | 6.9% | not reported | not reported |
| FY2022 | 16.3% | not reported | not reported |
| FY2023 | 5.0% | not reported | not reported |
| FY2024 | -2.5% | not reported | not reported |
| FY2025 | 8.1% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -11.3 percent |
| FY2020 | -11.3 percent |
| FY2021 | 0.9 percent |
| FY2022 | 7.3 percent |
| FY2023 | 0.5 percent |
| FY2024 | -1.8 percent |
| FY2025 | -1.6 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.