Companies / Alamo COMPANY FILINGS
Alamo ALG In fiscal 2025, Alamo Group manufactured and sold industrial and vegetation management equipment through its Industrial Equipment and Vegetation Management divisions. Its products were sold to independent equipment dealers and directly to contractors and municipalities.
Business description: FY2025 CIK 0000897077 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2017–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 Consolidated net sales were $1,603.7 million in 2025, down 1.5% from $1,628.5 million in 2024. Net income fell to $103.8 million from $115.9 million.
Source: 2025 Industrial Equipment's 2025 net sales rose 13% and operating income rose 19% from 2024, while Vegetation Management's net sales fell 17% and operating income fell 59%. Management attributed Vegetation Management's weakness to market conditions and operational challenges.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Unused revolving credit capacity At December 31, 2025, Alamo Group had no borrowings under its revolving credit line and $397.2 million of available borrowing capacity after standby letters of credit (bank commitments supporting vendor contracts). The company reported compliance with its credit agreement covenants (required commitments and restrictions).
Source: 2025 Negative signals Inventory reserve growth The reserve (an allowance reducing recorded inventory value) for obsolete and slow-moving inventory increased to $19.8 million at December 31, 2025, from $8.3 million a year earlier. The company attributed the increase primarily to Vegetation Management.
Source: 2025 Production transition could raise costs In the 2025 report, management planned to finish remaining production-line installations over approximately the next one to two quarters. It expected temporary inefficiencies, duplicate costs and shipment-timing effects that could pressure revenue and gross margin; the timing and benefits remained forward-looking.
Source: 2025 Business context Ring-O-Matic and GreenMech purchases During 2025, Alamo Group acquired Ring-O-Matic, a manufacturer of trailer-mounted and truck-mounted vacuum excavation equipment, and certain UK GreenMech assets plus its French and German subsidiaries. The filing described the operating results included since each acquisition as not significant to consolidated results.
Source: 2025 Business in fiscal 2025 In fiscal 2025, Alamo Group manufactured and sold industrial and vegetation management equipment through its Industrial Equipment and Vegetation Management divisions. Its products were sold to independent equipment dealers and directly to contractors and municipalities.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Industrial Equipment becomes larger The selected disclosures show Industrial Equipment becoming the larger sales segment. Vegetation Management and Industrial Equipment reported net sales of $812.7 million and $521.5 million, respectively, in 2021, and $979.0 million and $710.6 million in 2023. By 2025, their reported sales were $654.1 million and $949.7 million. Management attributed the 2025 Vegetation Management decline to weak tree care and recycling markets and operational difficulties during consolidation. This comparison uses the segment structure introduced in the fourth quarter of 2021. The figures are reported totals; the selected disclosures do not isolate sales changes for an unchanged set of businesses across the five-year window.
Source: 2021 , 2023 , 2025 Operating cash fluctuates Consolidated operating cash flow did not rise steadily across the window. In thousands of U.S. dollars, net cash from operating activities was 49,667 in 2021, 14,530 in 2022, 131,154 in 2023, 209,778 in 2024 and 177,543 in 2025. Management linked the 2021 cash-flow decline to sales-related increases in receivables (amounts owed by customers) and inventory, and attributed the 2024 improvement primarily to better receivables and inventory. The 2025 amount remained above the 2021 amount but was below 2024; these selected disclosures do not establish a single explanation for the entire five-year pattern.
Source: 2022 , 2025 , 2021 , 2024 Request a correction Alamo Group's fiscal 2024 net sales fell 3.6% to $1,628.5 million, while net income declined to $115.9 million from $136.2 million in 2023.
Source: 2024 The divisions moved in opposite directions: Vegetation Management sales fell to $785.2 million in 2024 from $979.0 million in 2023, while Industrial Equipment sales rose to $843.3 million from $710.6 million. Management attributed the vegetation decline primarily to weak forestry, tree care and agricultural mowing markets, and reported growth across all industrial product lines.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Gross margin decline Gross profit fell to 25.3% of net sales in 2024 from 26.8% in 2023. Management linked the decline primarily to weaker Vegetation Management demand, production inefficiencies, capacity reduction costs and separation expenses. It also reported that a five-week strike at Gradall in Ohio hurt Industrial Equipment profitability.
Source: 2024 Business context Manufacturing sites consolidated During 2024, Alamo consolidated Rhino manufacturing into its Bush Hog facility in Selma, Alabama, and Rayco manufacturing into its Morbark facility in Winn, Michigan.
Source: 2024 Business in fiscal 2024 In fiscal 2024, Alamo Group designed, manufactured and serviced vegetation management and infrastructure maintenance equipment for governmental, industrial and agricultural customers. Its two reporting segments were Vegetation Management and Industrial Equipment.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Sales reversal Consolidated net sales were $1,163.5 million in 2020 and $1,689.7 million in 2023, then declined to $1,628.5 million in 2024. Management attributed the 2024 decrease to weaker demand in forestry, tree care and agricultural mowing, partly offset by continued strength in industrial equipment. The 2024 sales decline therefore left consolidated sales above the 2020 level.
Source: 2020 , 2023 , 2024 Backlog falls after a peak Year-end backlog (unfilled customer orders) rose from $354.1 million in 2020 to $800.8 million in 2021 and $1.0 billion in 2022, before falling to $859.8 million in 2023 and $669 million in 2024. Management said manufacturing disruptions contributed to the elevated 2022 backlog by delaying product completion and shipment. It attributed the 2023 decline primarily to Vegetation Management orders returning to historically normal levels. These explanations indicate that backlog reflected both demand and fulfillment constraints.
Source: 2020 , 2021 , 2022 , 2023 , 2024 Cash recovery Net cash from operating activities fell from $184.3 million in 2020 to $49.7 million in 2021. Management linked the decline primarily to more cash tied up in day-to-day operations as sales growth raised amounts owed by customers (receivables) and goods and materials held for production or sale (inventory). In 2024, operating cash flow reached $209.8 million, compared with $131.2 million in 2023; management attributed that improvement primarily to receivables and inventory. The selected disclosures show how changes in those balances affected cash generation in different directions.
Source: 2020 , 2021 , 2024 Request a correction For 2023, net sales reached $1,689.7 million and net income was $136.2 million, compared with $1,513.6 million and $101.9 million, respectively, in 2022.
Source: 2023 Industrial Equipment reported 23% net sales growth and 89% operating income growth in 2023 versus 2022. Management attributed the operating income improvement to sales growth and operating efficiencies, partly offset by higher input costs and supplier issues, particularly truck chassis shortages earlier in the year.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Operating cash-flow growth Operating activities generated $131.2 million of cash in 2023, compared with $14.5 million in 2022. Management attributed the increase primarily to stronger net income driven by sales growth and a significantly smaller year-over-year change in operating assets, such as receivables (amounts owed by customers) and inventory.
Source: 2023 Negative signals Backlog decline and weaker demand Year-end backlog (unfilled orders) declined 15% to $859.8 million in 2023 from $1.0 billion in 2022. Management attributed the decline primarily to Vegetation Management orders returning to historically normal levels and reported that higher interest rates and elevated inventories held by dealers had hampered vegetation product demand.
Source: 2023 Interest expense growth Interest expense increased to $26.1 million in 2023 from $14.4 million in 2022. Management attributed the increase primarily to higher interest rates.
Source: 2023 Business context Royal Truck acquisition On October 10, 2023, Alamo acquired all of Royal Truck & Equipment's equity for approximately $28 million, subject to post-closing adjustments. Royal Truck manufactures specialty trucks and equipment for highway infrastructure and traffic control. Management described the acquisition as entry into an adjacent highway safety equipment market; its results included since acquisition were considered not significant to consolidated results.
Source: 2023 Business in fiscal 2023 In fiscal 2023, Alamo Group designed, manufactured and serviced vegetation management and infrastructure maintenance equipment for governmental, industrial and agricultural users. Its two reporting segments were Vegetation Management and Industrial Equipment.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Segment reorganization Alamo changed its reporting segments twice within the selected period. In the fourth quarter of 2019, it replaced a three-segment structure that included Europe with Industrial and Agricultural divisions. In the fourth quarter of 2021, it introduced Vegetation Management and Industrial Equipment. Vegetation Management combined the former Agricultural Division with mowing and forestry/tree-care operations previously classified as Industrial. Consequently, the original Industrial and Agricultural figures cannot be treated as directly equivalent to the later segment figures.
Source: 2019 , 2021 Backlog reversal Reported year-end backlog (unfilled customer orders) rose from $261.0 million in 2019 to $354.1 million in 2020, $800.8 million in 2021 and $1.0 billion in 2022, before falling to $859.8 million in 2023. Management attributed the 2022 increase primarily to strong demand, while also identifying production and shipment constraints as contributors to the high backlog. It attributed the 2023 decline primarily to fewer Vegetation Management orders, which it described as returning to historically normal levels.
Source: 2020 , 2021 , 2022 , 2023 Cash-flow swings Operating cash inflow moved from $88.8 million in 2019 to $184.3 million in 2020, then $49.7 million in 2021. Management linked the 2020 increase primarily to less cash tied up in day-to-day operating balances and lower rental-equipment investment, and the 2021 decline primarily to higher amounts owed by customers (receivables) and goods and materials held for production or sale (inventories) accompanying sales growth. In 2023, operating cash inflow reached $131.2 million; management attributed that year's increase to stronger net income driven by sales growth and a smaller year-over-year change in operating assets than in 2022.
Source: 2020 , 2021 , 2023 Request a correction Net sales reached $1,513.6 million in 2022, up 13.4% from 2021, while net income rose to $101.9 million from $80.2 million. Management attributed sales growth to strong customer demand in both divisions and improved pricing.
Source: 2022 Year-end backlog (unfilled orders) reached $1.0 billion in 2022, compared with $800.8 million in 2021. Management cited strong demand but also said production and shipping difficulties contributed to record backlog. Orders remained cancellable before shipment, so backlog did not assure future shipments.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Supply constraints squeeze margins Gross profit increased in dollars, but gross margin declined to 24.9% in 2022 from 25.1% in 2021. Management cited supply disruptions, component shortages and higher material and inbound freight costs. Truck chassis delivery delays also held up shipments and created inefficiencies, particularly in Industrial Equipment.
Source: 2022 Operating cash-flow decline Cash provided by operating activities declined to $14.5 million in 2022 from $49.7 million in 2021. Capital expenditures were $31.1 million in 2022, compared with $25.3 million in 2021.
Source: 2022 Business in fiscal 2022 In fiscal 2022, Alamo Group designed, manufactured and serviced vegetation management and infrastructure maintenance equipment for governmental, industrial and agricultural use. Its reporting segments were Vegetation Management and Industrial Equipment.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Segment reorganization Alamo reported Industrial, Agricultural and European segments in 2018. In the fourth quarter of 2019, it moved to Industrial and Agricultural reporting and presented earlier segment information using the new groupings. Another reorganization in the fourth quarter of 2021 established Vegetation Management and Industrial Equipment, the segments reported in 2022. Vegetation Management combined the former Agricultural business with mowing and forestry/tree care operations previously in Industrial. These changes prevent a direct comparison of the original segment figures across the five-year window without aligning their business scope.
Source: 2018 , 2019 , 2021 , 2022 Backlog expansion Reported year-end backlog (unfilled customer orders) rose from $354.1 million in 2020 to $800.8 million in 2021 and $1.0 billion in 2022. Management attributed the 2021 increase primarily to better market conditions and greater customer demand, and the 2022 increase primarily to continued strong demand in both divisions. Its 2022 discussion also identified supply-chain and labor difficulties as partial contributors to the high backlog because they delayed product completion and shipment. The backlog figures therefore reflect both demand and fulfillment constraints.
Source: 2020 , 2021 , 2022 Operating cash falls in later cited years Cash generated by operations was $184.3 million in 2020, $49.7 million in 2021 and approximately $14.5 million in 2022. Management linked the 2020 cash improvement primarily to reductions in amounts owed by customers (receivables) and goods and materials held for production or sale (inventories) and lower investment in Industrial Division rental equipment. It attributed the 2021 decline mainly to higher receivables and inventories accompanying sales growth. The 2022 cash-flow statement likewise shows receivables and inventories absorbing cash, while management said inventory needs associated with stronger demand and supply-chain challenges contributed to higher borrowing.
Source: 2020 , 2021 , 2022 Request a correction Net sales reached $1,334.2 million in 2021, up 14.7% from 2020, while net income increased to $80.2 million from $57.8 million.
Source: 2021 Year-end backlog (unfilled orders) reached $800.8 million in 2021, compared with $354.1 million at the end of 2020. Orders remained cancellable before shipment, so backlog was not a guarantee of future shipments.
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Industrial operating income decline Industrial Equipment sales increased 2.5% in 2021, but operating income fell 21.0% from 2020. Management attributed pressure on the division to higher input costs, supply disruptions and labor shortages, and reported truck chassis delivery delays caused by computer chip shortages.
Source: 2021 Operating cash-flow decline Cash provided by operating activities fell to $49.7 million in 2021 from $184.3 million in 2020. Management attributed the decline primarily to more cash tied up in customer receivables (amounts owed by customers) and inventory as sales grew.
Source: 2021 Business context Segment and inventory-method changes Alamo began reporting Vegetation Management and Industrial Equipment as its two segments in the fourth quarter of 2021 and adjusted prior-period segment information to match the new segments. It also changed U.S. inventories previously accounted for under last-in, first-out (LIFO) to first-in, first-out (FIFO) effective July 1, 2021, applying the new method to all periods presented.
Source: 2021 Business in fiscal 2021 In fiscal 2021, Alamo Group designed, manufactured and serviced vegetation management and infrastructure maintenance equipment for governmental, industrial and agricultural use.
Source: 2021
5-year changes FY2017–FY2021 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Segment reorganization Alamo reported three segments in 2018: Industrial, Agricultural and European. In the fourth quarter of 2019, it moved to Industrial and Agricultural reporting and presented earlier segment information using the new groupings. Another reorganization in the fourth quarter of 2021 introduced Vegetation Management and Industrial Equipment. Vegetation Management combined the former Agricultural Division with mowing and forestry/tree care operations previously within Industrial. These changes mean the original segment figures across the five-year window cannot be treated as an unchanged business breakdown.
Source: 2018 , 2019 , 2021 Backlog expansion The selected disclosures report year-end backlog (unfilled customer orders) above $218 million in 2017 and above $240 million in 2018, followed by $261.0 million in 2019, $354.1 million in 2020 and $800.8 million in 2021. Management attributed the 2021 increase primarily to better market conditions and higher customer demand in both divisions. These are reported company backlog balances, not a sales-growth rate for an unchanged set of businesses.
Source: 2017 , 2018 , 2020 , 2021 Operating cash falls after earlier rise Operating cash inflow rose from $88.8 million in 2019 to $184.3 million in 2020, then fell to $49.7 million in 2021. Management linked the 2020 improvement primarily to lower amounts owed by customers (receivables) and goods and materials held for production or sale (inventories) and reduced investment in Industrial Division rental equipment. For 2021, management attributed the decline primarily to sales-related increases in receivables and inventories, while also identifying supply disruptions and material inflation as contributors to higher inventory levels.
Source: 2020 , 2021 Request a correction FINANCIAL STATEMENTS
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