Loading…
State-owned maker of construction machinery — cranes, excavators, loaders — one of China's largest equipment makers.
State-owned maker of construction machinery — cranes, excavators, loaders — one of China's largest equipment makers.
Sells excavators, cranes and loaders to contractors, mostly through dealers, with sales swinging with property and infrastructure building. Exports have become a larger part of the business. A Xuzhou-based state-owned group controls it.
In one line: A state-backed Chinese Terex/Caterpillar peer.
Moat: narrow (scale, distribution, brand). State backing and manufacturing scale support a strong domestic dealer network.
Headquarters: Xuzhou, China · Founded: 1989 · Employees: 30,485
Size XCMG Construction Machinery (000425.SZ) is a China Industrials company (Trucks/Construction/Farm Machinery) with a market value of $12.6B, the 194th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.17 on 6 Nov 2026.
Performance Over six months the shares fell 27.9%, against -12.1% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 8.4% over the last twelve months (peer median +10.0%); the operating margin is 8.4% (peer median 14.0%).
Valuation It trades at 11.0× forward earnings against a peer median of 16.6× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.3 points above its cost of capital (5.3% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥110B | CN¥101B | CN¥92.9B | CN¥92.7B | CN¥93.6B |
| Revenue growth | — | +8% | 0% | -1% | — |
| Gross profit | CN¥27.0B | CN¥21.2B | CN¥19.8B | CN¥18.2B | CN¥18.0B |
| EBITDA | n/a | CN¥11.3B | CN¥11.4B | CN¥9.68B | CN¥8.39B |
| Net income | CN¥6.20B | CN¥6.57B | CN¥6.03B | CN¥5.33B | CN¥4.31B |
| Free cash flow | CN¥5.21B | CN¥10.4B | CN¥3.30B | -CN¥1.86B | -CN¥5.74B |
| Capital expenditure | CN¥7.87B | CN¥4.14B | CN¥2.95B | CN¥5.97B | CN¥7.99B |
| Total debt | CN¥69.7B | CN¥70.4B | CN¥65.4B | CN¥68.1B | CN¥80.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| XCMG Construction Machinery 000425.SZ | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% |
| Sany Heavy Industry 600031.SS | $24.6B | -4% | +18% | 11% | 17.4× | -2.6% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Zoomlion Heavy Industry Science & Technology 000157.SZ | $7.61B | -22% | +14% | 7% | 11.2× | 2.8% |
| Komatsu 6301.T | $32.2B | -12% | +9% | 13% | 13.1× | 9.5% |
| Guangxi Liugong Machinery 000528.SZ | $2.58B | -13% | +10% | 6% | 10.5× | -3.5% |
| Hitachi Construction Machinery 6305.T | $6.36B | -12% | +7% | 10% | 11.2× | 3.9% |
| Hd Ce 267270.KS | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% |
| Manitowoc MTW | $808M | -3% | +9% | 3% | 16.2× | 11.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000425.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | -10.0% | 5th highest of 21 |
| 6-month return | -27.9% | -12.1% | 8th lowest of 21 |
| Distance from 52-week high | -44.4% | -28.8% | 7th lowest of 21 |
| Revenue growth (TTM) | +8.4% | +10.0% | 9th lowest of 21 |
| Operating margin | 8.4% | 14.0% | 5th lowest of 21 |
| Forward P/E | 11.0× | 16.6× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -3.2% | 7.2% | 6th least demanding of 18 |
| Growth delivered (Del g) | +6.4% | +10.3% | 7th lowest of 18 |
| Hurdle (Req g minus delivered) | -9.6 pp | -1.3 pp | 6th least demanding of 18 |
| ROIC minus cost of capital | +2.3 pp | +11.0 pp | 7th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
| SamsungHvyInd 010140.KS | South Korea | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% | +11.4% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| Toro TTC | United States | $9.92B | +10% | +5% | 11% | 21.2× | 5.6% | +6.0% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Weir WEIR.L | United Kingdom | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% | +5.5% |
| Mazagon Dock Shipbuilders MAZDOCK.NS | India | $7.87B | -31% | +8% | 15% | 30.5× | n/a | n/a |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| AGCO AGCO | United States | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% | +2.0% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 16.1× | -3.1% | +15.2% |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% | +5.7% |
| Accelleron Industries ACLN.SW | Switzerland | $7.29B | -25% | +13% | 25% | 25.1× | 3.5% | +12.1% |
| Doosan 000150.KS | South Korea | $7.10B | -60% | +11% | 6% | 16.1× | 15.0% | +11.6% |