In this article, we will discuss 7 Best Heavy Equipment Stocks to Buy as Backlogs Hit Records.

Heavy equipment stocks are increasingly becoming a favorite Wall Street bet as billionaire investors and hedge fund managers position themselves for what many believe is a multi-year global infrastructure, mining, and industrial expansion cycle driven by AI, energy demand, reshoring, and government spending.

Legendary investor Warren Buffett has long favored companies tied to real economic activity, including railroads, energy infrastructure, and industrial businesses that benefit from long-term capital investment cycles. Meanwhile, Stanley Druckenmiller has repeatedly argued that infrastructure, commodity production, and industrial expansion could become some of the biggest macroeconomic themes of the decade, especially as governments pour money into energy, AI infrastructure, and domestic manufacturing. Hedge fund billionaire Ken Griffin has also increased exposure to industrial and infrastructure-linked sectors, as construction, logistics, and energy projects accelerate globally.

The statistics behind the industry are massive. According to research highlighted by Research and Markets, the global heavy construction equipment market is projected to grow from roughly $218.3 billion in 2024 to $314.4 billion by 2030, representing a 6.3% compound annual growth rate. Meanwhile, research from IMARC Group estimates the global construction equipment market could expand from $258.5 billion in 2025 to $352 billion by 2034. The report found that heavy construction equipment alone accounted for 65% of the market in 2025, while Asia-Pacific represented 43.8% of global demand because of massive infrastructure programs in China and India. Additional research from Grand View Research projects the heavy construction equipment market will reach nearly $289.3 billion by 2030, fueled by urbanization, housing demand, mining activity, and infrastructure modernization.

With this context in mind, here are some of the best heavy equipment stocks to buy as backlogs hit records.

Our Methodology

We used stock screeners to identify a list of heavy equipment stocks with upside potential of over 30%. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds. To make the list easier to navigate, we ranked the stocks in ascending order of their upside potential.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

7 Best Heavy Equipment Stocks to Buy as Backlogs Hit Records

7. Wabash National Corporation (NYSE:WNC)

Upside Potential: 23.37%

Target Price: $8.50

On May 5, DA Davidson lowered its price target on Wabash National Corporation (NYSE:WNC) to $8.50 from $11 while maintaining a Neutral rating on the shares. According to the analyst, the company’s first-quarter results showed preliminary signs of stabilization within the freight market, supported by a somewhat improved tone surrounding trailer-market activity discussed during the earnings call. DA Davidson also noted that management appears to be proactively addressing balance sheet and debt-related matters in an effort to strengthen financial flexibility amid ongoing industry uncertainty. However, the firm added that the financing terms the company may ultimately secure from lenders remain uncertain as management continues to navigate a cautious transportation environment.

On May 1, Wabash National Corporation (NYSE:WNC) reported first-quarter revenue of $303.2 million compared to $380.89 million in the prior-year period. President and Chief Executive Officer Brent Yeagy stated that the company entered the year facing uncertain freight conditions, uneven order patterns, and cautious customer spending behavior across the transportation industry. Despite those challenges, management pointed to early indications of stabilization and improving fundamentals that historically precede broader freight recoveries. Yeagy added that customer visibility and confidence have continued to improve heading into the second quarter of 2026, with spot rates, contract pricing, fleet capacity, and transportation demand beginning to align in ways that could support a constructive recovery environment into 2027 and potentially stimulate replacement demand for transportation equipment.

Founded in 1985 and headquartered in Lafayette, Wabash National Corporation (NYSE:WNC) is a leading North American manufacturer of commercial transportation and logistics equipment. The company designs and manufactures heavy-duty semi-trailers, truck bodies, and bulk tank trailers serving freight, logistics, and industrial transportation markets across the continent.

6. CNH Industrial N.V. (NYSE:CNH)

Upside Potential: 24.26%

Target Price: $12.96

On May 11, Goldman Sachs analyst Daniela Costa downgraded CNH Industrial N.V. (NYSE:CNH) to Neutral from Buy while lowering the firm’s price target to $10.50 from $12. Goldman stated that following the stock’s outperformance during 2026, the shares now appear fairly valued relative to prevailing market conditions. The analyst also cited persistently weak North American agricultural demand, ongoing macroeconomic uncertainty, and higher fertilizer costs as headwinds affecting the broader agricultural equipment sector. In addition, Goldman noted that CNH’s first-quarter results missed consensus EBIT expectations by more than 50%, although the stock has still advanced approximately 8% since the earnings release.

On the same day, Evercore ISI lowered its price target on CNH Industrial N.V. (NYSE:CNH) to $12.25 from $13 while maintaining an In Line rating on the shares. The revised target reflects continued caution surrounding near-term agricultural equipment demand trends and ongoing uncertainty across global farming and construction markets. Nevertheless, analysts continue to monitor the company’s operational execution, global brand portfolio, and potential recovery opportunities as agricultural fundamentals eventually stabilize.

Founded in the 1840s and incorporated in the Netherlands, CNH Industrial N.V. (NYSE:CNH) maintains its global corporate headquarters in Basildon. The company is a global capital goods leader that designs, manufactures, and finances agricultural and construction equipment through internationally recognized brands including Case IH, New Holland, and STEYR.

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