Fact based stock research
Spartan Motors (NasdaqGS:SPAR)

US8256981031

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

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Spartan Motors stock research in summary

theshyftgroup.com

ANALYSIS: With an Obermatt Combined Rank of 63 (better than 63% compared with investment alternatives), Spartan Motors (Heavy Machinery, USA) shares have above-average financial characteristics compared with similar stocks. Shares of Spartan Motors are a good value (attractively priced) with a consolidated Value Rank of 71 (better than 71% of alternatives), are safely financed (Safety Rank of 56, which means low debt burdens), but show below-average growth (Growth Rank of 39). ...read more

RECOMMENDATION: A Combined Rank of 63, is a buy recommendation based on Spartan Motors's financial characteristics. As the company Spartan Motors's key financial metrics exhibit good value (Obermatt Value Rank of 71) but low growth (Obermatt Growth Rank of 39) while being safely financed (Obermatt Safety Rank of 56), it may be a safer investment because companies with low debt can better withstand times of crises. Yet the good value, better than 71% of comparable companies, may also indicate that the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity and the downside is limited due to below-average financing risks. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	71
Growth Rank	39
Safety Rank	56
Combined Rank	63

Country	USA
Industry	Heavy Machinery
Index	NASDAQ
Size class	Large

10-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Spartan Motors

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	13	45	61	71
GROWTH
GROWTH	97	13	47	39
SAFETY
SAFETY	92	91	74	56
SENTIMENT
SENTIMENT	50	47	44	^new
360° VIEW
360° VIEW	73	51	64	^new

Most recent update of the stock research: 10-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Spartan Motors is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	13	45	61	71
GROWTH
GROWTH	97	13	47	39
SAFETY
SAFETY	92	91	74	56
COMBINED
COMBINED	83	46	76	63

Last update of combined financial performance: 10-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Spartan Motors the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 71 (better than 71% compared with alternatives), Spartan Motors shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators that are all above average for Spartan Motors. Price-to-Sales is 67 which means that the stock price compared with what market professionals expect for future sales is lower than for 67% of comparable companies, indicating a good value for Spartan Motors's revenue size. The same is valid for expected Price-to-Profits, more favorable than for 62% of alternatives, and this is also true for the Price-to-Book capital ratio (also referred to as market-to-book ratio) with a Price-to-Capital Rank of 60. Compared with other companies in the same industry, dividend yields of Spartan Motors are expected to be higher than for 69% of all competitors (a Dividend Yield rank of 69). ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 71, is a buy recommendation based on Spartan Motors's stock price compared with the company's operational size and dividend yields. Since all value metrics are above the industry average, there is no objection to investing in Spartan Motors based on its detailed value metrics. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	42	66	69	67
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	29	17	46	62
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	9	65	62	60
DIVIDEND YIELD
DIVIDEND YIELD	41	72	66	69
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	13	45	61	71

Last update of Value Rank: 10-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Spartan Motors; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 39 (better than 39% compared with alternatives), Spartan Motors shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with half of the indicators below and half above average for Spartan Motors. Capital Growth has a rank of 79, which means that currently professionals expect the company to grow its invested capital more than 12% of its competitors. Investors welcomed this, visible in the Stock Returns rank of 71 (above 71% of alternative investments). But Sales Growth has only a rank of 17, which means that, currently, professionals expect the company to grow less than 83% of its competitors, and Profit Growth is also low at a rank of 12. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 39, is a hold recommendation for growth and momentum investors. This is an ambiguous picture. Revenue growth and capital growth are strong, but the growth in profit, which seems good, can also be an indication that growth momentum may be negative. The fact that stock returns have been above average doesn't help much, as stock returns are less reliable in showing a company’s future growth potential. Prices may perform well for the simple reason that investors were too pessimistic in the past and are now correcting their opinions and moving the stock price to a more reasonable level. As the growth picture is mixed for Spartan Motors, investors may want to look at value and sentiment indicators for a well-rounded picture of this stock. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is mixed here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	63	34	86	17
PROFIT GROWTH
PROFIT GROWTH	61	10	10	12
CAPITAL GROWTH
CAPITAL GROWTH	98	77	27	79
STOCK RETURNS
STOCK RETURNS	97	5	61	71
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	97	13	47	39

Last update of Growth Rank: 10-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Spartan Motors.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 56 (better than 56% compared with alternatives), the company Spartan Motors has financing practices on the safer side, which mean that their overall debt burden is lower than average. This doesn't mean that the business of Spartan Motors is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators where two out of three are above average for Spartan Motors.Leverage is at 68, meaning the company has a below-average debt-to-equity ratio. It has less debt than 68% of its competitors.Refinancing is at a rank of 60, meaning that the portion of the debt that is about to be refinanced is below average. It has less debt in the refinancing stage than 60% of its competitors. Liquidity is at 30, meaning that the company generates less profit to service its debt than 70% of its competitors. This indicates that the company is on the riskier side regarding debt service. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 56 (better than 56% compared with alternatives), Spartan Motors has a financing structure that is safer than that of its competitors. Low leverage and low refinancing risk mean a safer financing situation. However, low liquidity means that current company cash flows are low in relation to the level of debt. This is a sign of caution in case it is expected for profits to remain low. Investors should compare Obermatt’s Value, Growth, and Sentiment Ranks before deciding. They may also want to investigate why cash flows are expected to be low, making debt service for Spartan Motors more challenging. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	86	82	79	68
REFINANCING
REFINANCING	10	69	69	60
LIQUIDITY
LIQUIDITY	100	80	28	30
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	92	91	74	56

Last update of Safety Rank: 10-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Spartan Motors and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	16	50	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	6	59	22	^new
MARKET PULSE
MARKET PULSE	52	67	54	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	50	47	44	^new

Last update of Sentiment Rank: 3-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Spartan Motors.
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