Aebi Schmidt Holding AG (AEBI)

Price$12.00Cached quoteAs of 2026-09-16 11:52 UTC

AI: Fair-priced

Valuation is reasonable against 2026 growth but leverage limits upsideAt $11.99 and 77.60 million shares outstanding, Aebi Schmidt has an equity value of about $930 million and a broad enterprise value near $1.61 billion using June net debt including operating leases.

Using the midpoint of 2026 guidance of $2.05 billion net sales and $185 million adjusted EBITDA, the shares imply roughly 0.78x enterprise value to sales and 8.7x enterprise value to adjusted EBITDA. June shareholders' equity was $824.3 million, putting the stock near 1.13x book value. Those multiples are not demanding given backlog growth and improving profitability, but substantial leverage and still-weak cash conversion keep the risk-reward closer to Fair-priced than clearly undervalued.

Backlog and order momentum provide strong revenue visibilityQ2 order intake reached $516 million, up 16% year over year on the company's combined comparison basis, while backlog grew 20% to $1.279 billion.

Q2 revenue was $496.4 million, up 9% on the combined basis, with North America up 11% as Walk-in Van production ramped and Airport and Municipal demand remained strong; Europe and Rest of World grew 7%. The company reaffirmed 2026 sales guidance of $1.95-$2.15 billion and adjusted EBITDA of $175-$195 million. The Shyft acquisition materially changed the company's scale, so FY2025 reported revenue of $1.527 billion contains only six months of Shyft ownership and is less useful than the current combined run rate for valuation.

Margins are improving, but cash conversion remains an execution issueQ2 operating profitability improved from FY2025 levels as merger synergies and production efficiencies began to flow through, while working capital still absorbs significant cash.

FY2025 gross profit was $304.1 million, operating income $73.1 million, EBITDA $117.3 million and net income $9.7 million on $1.527 billion of revenue. Q2 2026 gross profit was $97.3 million, operating income $27.0 million, EBITDA $41.2 million and net income $10.5 million on $496.4 million of sales; company-adjusted EBITDA was $42.1 million, or 8.5% of sales. FY2025 operating cash flow was only $9.0 million. Standalone Q2 operating cash flow improved to about $7.1 million, but the SEC six-month statement still showed $10.6 million of cash used in operations as inventory and supplier-related working capital remained elevated.

Debt is the main financial risk despite improving covenant leverageJune cash was $109.7 million against approximately $786.6 million of broad debt and lease liabilities, producing broad net debt of about $676.8 million.

The SEC reports $617.7 million of funded and shareholder debt plus $168.9 million of operating lease liabilities, which reconciles to the broader debt figure. Management's credit-agreement definition is less conservative: it excludes operating leases and subordinated shareholder loans and reported $450.4 million of net debt and 2.72x leverage, down from 3.28x a year earlier. Most major bank facilities mature in 2030, reducing immediate refinancing pressure, but variable-rate borrowing, tariffs, supply-chain disruption, public-sector purchasing cycles and integration execution remain material risks. Management now expects year-end covenant leverage of 2.0x or slightly above.

AI: News

Q2 profitability accelerated while backlog reached a new highThe August 13 earnings update showed faster order growth, stronger margins and continued backlog conversion, with full-year guidance unchanged.

Order intake increased 16% to $516 million, backlog reached $1.279 billion and net sales were $496 million. Adjusted EBITDA increased 22% to $42.1 million and net income improved to $10.5 million from a prior-year combined-basis loss. Management expects revenue to increase sequentially through the second half and continues to target $1.95-$2.15 billion of 2026 sales. The company also said working-capital efficiency is improving, although temporary supply-chain investments led it to moderate its year-end deleveraging expectation.

Post-merger product expansion continues as management targets more than $3 billiThe latest company update on September 16 confirmed the Norwegian market launch of the Schmidt Flexigo 150, following broader product and geographic expansion after the Shyft combination.

The Flexigo 150 launch converted a Norwegian test customer into the product's first local buyer. Other recent commercial activity includes expansion of Utilimaster refrigerated-van solutions and new municipal equipment placements. More strategically, Aebi Schmidt raised its annual Shyft-related synergy target to at least $40 million from $25-$30 million before the merger and outlined a 2030 ambition of more than $3 billion of annual revenue with a mid-teens adjusted EBITDA margin. Those are management targets rather than guaranteed outcomes and require sustained organic growth, successful integration and margin expansion.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$1.53B	$1.09B	$1.02B
Gross profit	$304.1M	$228.2M	$206.7M
Gross margin	19.92%	21.02%	20.35%
Research & development	$26.5M	$19.6M	$17.1M
Operating expenses	$231.0M	$159.7M	$147.6M
Operating income	$73.1M	$68.5M	$59.0M
Operating margin	4.79%	6.31%	5.81%
EBITDA	$117.3M	$94.9M	$86.2M
EBITDA margin	7.68%	8.74%	8.49%
Net income	$9.7M	$30.7M	$11.2M
Net profit margin	0.64%	2.83%	1.10%
Basic EPSper basic share	$0.17	$0.76	$0.28
Diluted EPSper diluted share	$0.17	$0.76	$0.28

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈13.71%of listed shares

Gebuka AG / Buettiker Gerold10.59M shares · Jul 1, 2025

View holders

Top 20 reported holders of AEBI
Holder	% owned
Gebuka AG / Buettiker Gerold	≈13.71%10.59M shares
PZENA INVESTMENT MANAGEMENT LLC	5.59%4.32M shares
T. Rowe Price Investment Management, Inc.	4.37%3.38M shares
BlackRock, Inc.	4.19%3.24M shares
Medina Value Partners, LLC	2.47%1.9M shares
Fruithof Barend Gerrit	≈2.45%1.9M shares
Zuckerman Investment Group, LLC	2.43%1.88M shares
DIMENSIONAL FUND ADVISORS LP	1.96%1.51M shares
ROYCE & ASSOCIATES LP	1.68%1.3M shares
LOOMIS SAYLES & CO L P	1.31%1.02M shares
NewEdge Wealth, LLC	1.13%874.86K shares
GOLDMAN SACHS GROUP INC	1.07%827.42K shares
Ancora Advisors LLC	1.01%776.92K shares
CSM Advisors, LLC	0.92%712.01K shares
SCHWERIN BOYLE CAPITAL MANAGEMENT INC	0.90%691.95K shares
Russell Investments Group, Ltd.	0.89%690.26K shares
STATE STREET CORP	0.89%684.91K shares
GEODE CAPITAL MANAGEMENT, LLC	0.73%565.46K shares
Vontobel Holding Ltd.	0.65%502.95K shares
First Eagle Investment Management, LLC	0.64%490.6K shares

Percentages use 77.22M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 3/A ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys17$835.5K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 19, 2026Form 4	Schewerda SteffenPres Vehicle Soln & CEO NA	BuyCommon Stock	5.0K	$11.68	$58.4K	75.4K
May 19, 2026Form 4	Scherer Marcus AndreasChief Engineering	BuyCommon Stock	2.0K	$12.15	$24.3K	22.0K
May 15, 2026Form 4	Meury Joel MichelPrincipal Accounting Officer	BuyCommon Stock	500	$11.30	$5.7K	500
May 15, 2026Form 4	Schroeder HenningCEO Europe and ROW	BuyCommon Stock	3.0K	$11.30	$33.9K	61.0K
May 15, 2026Form 4	Portmann MarcoGroup Chief Financial Officer	BuyCommon Stock	5.0K	$11.31	$56.5K	30.0K

Review ownership filings at SEC.gov ↗

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Aebi Schmidt Holding AG (AEBI)

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