REV Group, Inc. — Cyborg Score 5/10

Mixed
Specialty Vehicle Manufacturing and Recreational Vehicle (RV) Manufacturing

Strategic Profile

The Specialty Vehicles segment includes fire apparatus, ambulances, terminal trucks, and sweepers sold under brands such as E-One, Ferrara, KME, Spartan ER, AEV, Horton, Leader, Road Rescue, Wheeled Coach, Capacity, and LayMor; the Recreational Vehicles segment includes American Coach, Fleetwood RV, Holiday Rambler, Renegade RV, and Midwest Automotive Designs, offering Class A, B, C, and Super C motorized RVs. The combined entity conveys $425 million cash to REV shareholders, with expected combined net sales of ~$7.8 billion and $75 million run-rate synergies by 2028.

Cyborg Score Rationale

REV Group's average operating margin of 3.9% was weak for an industrials business. REV Group's backlog came in at $4.64 billion in the latest quarter, and over the last two years, its year-on-year growth averaged 3.7%. The Terex merger provides scale and synergy opportunities but integration risks remain.

Top Insights

  • Terex completed its merger with REV Group on February 2, 2026, creating a combined specialty equipment manufacturer with diversified portfolio and strengthened scale.
  • REV Group reported fiscal 2025 full-year net sales of $2,463.5M and full-year Adjusted EBITDA of $229.5M.
  • REV Group's backlog came in at $4.64 billion in the latest quarter.
  • Portfolio diversification across emergency services, municipal, and consumer recreational markets provides revenue stability across economic cycles.

Named Competitors

  • Specialty Vehicles & RVs — Global automotive and EV manufacturer
  • Recreational Vehicles — Motorcycle and powersports manufacturer
  • Commercial & Consumer Vehicles — Global automotive manufacturer

Recent Developments

  • (February 2026) Terex completed merger with REV Group on February 2, 2026
  • (January 2026) REV Group received stockholder approval for merger with Terex on January 28, 2026
  • (December 2025) REV Group reported fiscal 2025 results with $2.46B in revenue

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