Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Hyster-Yale, Inc. is a global materials handling company engaged in the design, manufacture, and distribution of lift trucks and related solutions. The company operates primarily within the industrial machinery and capital goods industries, serving customers that require equipment for moving, storing, and handling materials in manufacturing, warehousing, logistics, ports, and distribution environments. Its core revenue is driven by the sale of lift trucks, aftermarket parts, service, and fleet management solutions.
The company’s primary business is conducted through its well-known lift truck brands Hyster® and Yale®, which are positioned to serve distinct segments of the global forklift market. Hyster-Yale traces its roots to lift truck manufacturing operations dating back to the early 20th century and was formally established as a standalone public company in 2012 following its separation from NACCO Industries. Over time, the company has expanded its product portfolio to include electric, internal combustion, and high-capacity lift trucks, while investing in alternative power technologies to address evolving customer and regulatory requirements.
Business Operations
Hyster-Yale operates through two primary business segments: Lift Truck Business and Bolzoni. The Lift Truck Business segment designs, manufactures, sells, and services lift trucks under the Hyster® and Yale® brands, along with related aftermarket parts and services, which represent a significant and recurring portion of revenue. Products are distributed primarily through a global, independent dealer network, providing localized sales, service, and financing support.
The Bolzoni segment, operated through Bolzoni S.p.A., focuses on attachments, forks, and warehouse solutions used in conjunction with lift trucks and other materials handling equipment. Manufacturing operations are located across North America, Europe, Asia-Pacific, and Latin America, with the company maintaining a vertically integrated model that includes product development, manufacturing, and distribution. Hyster-Yale also controls Nuvera fuel cell technology assets, which support hydrogen-powered lift truck applications.
Strategic Position & Investments
Hyster-Yale’s strategy centers on strengthening its core lift truck business, expanding higher-margin aftermarket revenue, and advancing energy solutions that align with decarbonization trends. The company has invested in electric lift trucks, lithium-ion battery integration, and hydrogen fuel cell technology to address increasing demand for low-emission and zero-emission equipment, particularly in regulated industrial environments.
A key strategic investment is Nuvera Fuel Cells, LLC, a majority-owned subsidiary focused on hydrogen fuel cell engines and power systems for materials handling and other industrial applications. The company has also pursued selective restructuring initiatives and operational efficiency programs to improve profitability and resilience across market cycles. Data regarding long-term returns from certain advanced energy investments remains inconclusive based on available public sources.
Geographic Footprint
Hyster-Yale maintains a global operating footprint with corporate headquarters in North America (United States) and significant manufacturing, distribution, and research operations across Europe, Asia-Pacific, and Latin America. Its products are sold in more than 100 countries, primarily through independent dealer networks that provide local market access and service capabilities.
The company’s strongest market presence is in North America and Europe, with growing exposure to emerging markets in Asia and South America. International operations account for a substantial portion of total revenue, reflecting the global nature of materials handling demand and industrial supply chains.
Leadership & Governance
Hyster-Yale is led by an executive management team with experience in industrial manufacturing, global operations, and capital-intensive businesses. The leadership emphasizes operational discipline, product innovation, and long-term value creation through cyclical resilience and technological differentiation.
Key executives include:
- Al DeAngelis – President and Chief Executive Officer
- Scott K. McDonald – Senior Vice President and Chief Financial Officer
- Rajiv K. Prasad – President, Americas, Lift Truck Business
- Lucien Lavergne – President, EMEA, Lift Truck Business
- Chuck Armstrong – President, Nuvera Fuel Cells, LLC
The company is governed by a board of directors responsible for oversight of strategy, risk management, and executive compensation, consistent with U.S. public company governance standards.