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China's largest tractor manufacturer, making farm tractors and agricultural machinery under the YTO brand.
China's largest tractor manufacturer, making farm tractors and agricultural machinery under the YTO brand.
Sells tractors through a nationwide dealer network to farmers, so purchase subsidies for farm machinery in China shape demand in a given year. State-owned YTO Group is the controlling shareholder, and exports are sold through overseas distributors.
In one line: China's Deere for tractors.
Moat: narrow (scale, brand, distribution). YTO is China's best-known tractor brand with the largest domestic dealer and service network.
Headquarters: Luoyang, Henan, China · Founded: 1955 · Employees: 7,011
Size First Tractor (601038.SS) is a China Industrials company (Trucks/Construction/Farm Machinery) with a market value of $1.95B, the 1297th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.05 on 6 Nov 2026.
Performance Over six months the shares gained 1.5%, against -11.0% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median +11.1%); the operating margin is 6.0% (peer median 6.9%).
Valuation It trades at 17.5× forward earnings against a peer median of 11.5× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points above its cost of capital (6.3% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.2B | CN¥10.8B | CN¥11.9B | CN¥11.5B | CN¥12.6B |
| Revenue growth | — | -9% | +3% | -8% | — |
| Gross profit | CN¥2.08B | CN¥1.55B | CN¥1.65B | CN¥1.63B | CN¥1.92B |
| EBITDA | n/a | CN¥923M | CN¥1.07B | CN¥1.05B | CN¥1.07B |
| Net income | CN¥870M | CN¥812M | CN¥922M | CN¥997M | CN¥681M |
| Free cash flow | CN¥2.08B | CN¥863M | CN¥1.14B | CN¥1.00B | CN¥3.54B |
| Capital expenditure | CN¥408M | CN¥193M | CN¥112M | CN¥89.1M | CN¥94.2M |
| Total debt | CN¥4.60B | CN¥3.06B | CN¥2.95B | CN¥2.51B | CN¥2.24B |
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 |
|---|---|---|---|---|---|---|
| First Tractor 601038.SS | $1.95B | +2% | +12% | 6% | 17.5× | -1.6% |
| Deere & DE | $181B | +17% | +8% | 20% | 32.0× | 16.2% |
| CNH Industrial CNH | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% |
| Kubota 6326.T | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% |
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 | 601038.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.0% | -2.8% | 8th highest of 21 |
| 6-month return | +1.5% | -11.0% | 6th highest of 21 |
| Distance from 52-week high | -11.3% | -33.1% | 2nd highest of 21 |
| Revenue growth (TTM) | +11.9% | +11.1% | 9th highest of 21 |
| Operating margin | 6.0% | 6.9% | 9th lowest of 21 |
| Forward P/E | 17.5× | 11.5× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | -1.6% | 2.9% | 7th least demanding of 17 |
| Growth delivered (Del g) | +7.5% | +6.6% | 8th highest of 17 |
| Hurdle (Req g minus delivered) | -9.1 pp | -2.3 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +0.9 pp | -1.5 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| First Tractor 601038.SS | China | $1.95B | +2% | +12% | 6% | 17.5× | -1.6% | +7.5% |
| Mitsui ES 7003.T | Japan | $1.98B | -45% | +12% | 11% | 8.7× | 16.0% | -11.3% |
| Beijing Jiuzhouyigui Environmental Technology 688485.SS | China | $1.91B | +29% | +9% | 2% | n/a | n/a | n/a |
| Nisshinbo 3105.T | Japan | $1.87B | -9% | +2% | 7% | 11.5× | 3.6% | +1.9% |
| Shantui Construction Machinery 000680.SZ | China | $2.06B | -22% | +14% | 10% | 9.8× | -4.4% | +15.6% |
| Anhui Heli 600761.SS | China | $2.06B | -14% | +13% | 7% | 10.9× | -6.7% | +9.2% |
| NFI NFI.TO | Canada | $2.06B | +13% | +15% | 2% | 11.0× | 12.0% | +9.3% |
| CIMC Vehicles (Group) 301039.SZ | China | $2.07B | -18% | +6% | 4% | 16.6× | -4.3% | -5.2% |
| Deutz DEZ.DE | Germany | $1.74B | -13% | +11% | 5% | 11.4× | 19.8% | +9.5% |
| Sumec 600710.SS | China | $2.18B | -9% | +14% | 4% | 9.8× | -17.2% | +3.6% |
| BEML BEML.NS | India | $1.72B | -2% | +13% | 6% | 39.1× | n/a | n/a |
| Xiangyang Changyuandonggu Industry 603950.SS | China | $1.72B | -36% | -8% | 17% | 22.8× | 22.1% | +6.1% |
| JiangSu Changling Hydraulic 605389.SS | China | $1.72B | -32% | +19% | 12% | n/a | 36.1% | +4.4% |
| CoCreation Grass 605099.SS | China | $1.72B | -41% | +10% | 21% | 15.4× | 2.2% | +12.3% |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |
| Wacker Neuson WAC.DE | Germany | $1.71B | +20% | +14% | 7% | 13.4× | 1.5% | +6.6% |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| Alamo ALG | United States | $1.63B | -18% | +2% | 7% | 11.6× | 7.0% | +6.6% |
| Namura Shipbuilding 7014.T | Japan | $1.62B | -9% | +7% | 19% | 9.9× | -3.1% | +10.1% |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |