SPAR on NASDAQ

The Shyft Group

Logo: The Shyft Group, Public domain, via Wikimedia Commons5

American automobile design company

The Shyft Group is an American automobile design company that designs, engineers and manufactures specialty chassis, specialty vehicles, truck bodies and aftermarket parts for the recreational vehicle (RV), government services, and delivery and service markets. Started in 1975 as a direct result of the bankruptcy of Diamond Reo, the firm has 3,000 employees and is currently headquartered in Novi, Michigan and has 3,000 employees.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1976Founded1

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  • TickerSPAR on NASDAQ1
  • Industryautomotive industry1
  • HeadquartersCharlotte1
  • Websitewww.spartanmotors.com
  • Incorporated inMI6
  • Business address41280 Bridge Street, Novi, Mi 483756
  • Filer categoryAccelerated filer6
  • Legal formCorporation (For-Profit)4
  • LEI549300YY0TB51BGRV9944
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O John E Sztykiel, 48813 Charlotte, United States4
  • Registered withCorporations Division (Department of Licensing and Regulatory Affairs), 1623724

The Shyft Group is an American automobile design company that designs, engineers and manufactures specialty chassis, specialty vehicles, truck bodies and aftermarket parts for the recreational vehicle (RV), government services, and delivery and service markets.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

20.0%Gross margin8
0.5%Operating margin8
-0.4%Net margin8
-9.9%Revenue growth, 20248
-1.1%Return on equity8
$16.4MFree cash flow8

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue80¢$629.0M
  • Research and development2¢$16.3M
  • Selling, general and admin17¢$136.8M
  • Income tax0¢$566.0K

Out of $786.2M in revenue.8 The company lost money this year.

Where each dollar of operating cash went, fiscal 2024

  • Capital spending45¢$13.7M
  • Dividends paid23¢$7.0M
  • Share buybacks0¢$113.0K
  • Kept or used elsewhere31¢$9.3M

Out of $30.1M of cash from operations.8

Financial statements

Revenue91011128$786.2M in 2024+38% since 2018
0$500.0M$1.0B$1.5B2018: $570.5M$570.5M20182019: $756.5M$756.5M2019+33%2020: $676.0M$676.0M2020−11%2021: $991.8M$991.8M2021+47%2022: $1.0B$1.0B2022+4%2023: $872.2M$872.2M2023−15%2024: $786.2M$786.2M2024−10%
Gross profit91011128$157.2M in 2024+115% since 2018
0$50.0M$100.0M$150.0M$200.0M2018: $73.1M$73.1M20182019: $117.0M$117.0M2019+60%2020: $146.3M$146.3M2020+25%2021: $199.3M$199.3M2021+36%2022: $180.4M$180.4M2022−9%2023: $150.4M$150.4M2023−17%2024: $157.2M$157.2M2024+5%
Operating income91011128$4.1M in 2024−82% since 2018
0$25.0M$50.0M$75.0M$100.0M2018: $22.5M$22.5M20182019: $47.6M$47.6M2019+111%2020: $48.8M$48.8M2020+3%2021: $84.1M$84.1M2021+72%2022: $47.5M$47.5M2022−43%2023: $6.8M$6.8M2023−86%2024: $4.1M$4.1M2024−39%
Net income91011128-$2.8M in 2024
-$25.0M0$25.0M$50.0M$75.0M2018: $15.0M$15.0M20182019: -$12.6M-$12.6M20192020: $32.8M$32.8M20202021: $68.9M$68.9M2021+110%2022: $36.6M$36.6M2022−47%2023: $6.5M$6.5M2023−82%2024: -$2.8M-$2.8M2024
Fiscal year2018201920202021202220232024
Revenue$570.5M9$756.5M10$676.0M11$991.8M12$1.0B8$872.2M8$786.2M8
Cost of revenue$497.4M9$639.5M10$529.7M11$792.5M12$846.7M8$721.8M8$629.0M8
Gross profit$73.1M9$117.0M10$146.3M11$199.3M12$180.4M8$150.4M8$157.2M8
Research and development$3.8M9$4.9M10$4.4M11$8.5M12$25.3M8$25.2M8$16.3M8
Selling, general and admin$46.9M9$64.5M10$93.1M11$106.7M12$107.6M8$118.4M8$136.8M8
Operating expenses$115.2M12$132.9M8$143.6M8$153.1M8
Operating income$22.5M9$47.6M10$48.8M11$84.1M12$47.5M8$6.8M8$4.1M8
Interest$1.8M10$1.3M11$414.0K12$2.8M12$6.5M12
Income before tax$84.5M12$43.9M8$696.0K8-$2.2M8
Income tax$3.3M9$10.4M10$9.9M11$14.5M12$7.4M8-$5.8M8$566.0K8
Net income$15.0M9-$12.6M10$32.8M11$68.9M12$36.6M8$6.5M8-$2.8M8
Earnings per share$0.439-$0.3610$0.9311$1.9512$1.048$0.198-$0.088
Earnings per share (diluted)$0.439-$0.3610$0.9111$1.9112$1.038$0.198-$0.088
Shares (weighted, basic)35.3M shares1235.1M shares834.7M shares834.4M shares8
Shares (weighted, diluted)36.1M shares1235.5M shares834.9M shares834.4M shares8

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The story

In 1974, Lansing-based Diamond Reo Trucks filed for bankruptcy. The Form-Rite Corporation of Charlotte, Michigan was owed a significant sum by Diamond Reo, which had been Form-Rite's largest client; Form-Rite had supplied fiberglass parts to Reo.

During the bankruptcy hearings, Form-Rite president Charles R. McManamey learned of a significant contract that Reo had just won for custom fire truck chassis. From connections made through the hearing, McManamey was able to draw together the additional talent and knowledge required to build such trucks, and founded Spartan Motors, Inc. as a wholly owned subsidiary of Form-Rite.

During the establishment of Spartan, manufacturing was set up in Form-Rite's 12,000 ft2 (1,100 m2) warehouse in Charlotte; McManamey was named chairman of its board. Kenneth McManamey, former Form-Rite production engineer and supervisor, served as Spartan's manager of operations.

While former Reo vice president of engineering and marketing George Sztykiel became president of the new company, former Reo Reo manager of original equipment manufacturing Ron Partee assumed the role of vice president of sales.

In turn, former Reo director of engineering John Knox was vice president of engineering at the new firm.

Sztykiel, Partee, Knox, and Ken McManamey all donated their time to build the first chassis on speculation. By January 1, 1976, the chassis was completed. Within weeks it had been sold to FMC in Tipton, Indiana and Spartan had 16 custom fire truck cab & chassis orders as well as an order for a one-of-a-kind 140,000 pound GVW coal carrier.

In March 1976, Spartan Motors employed 12 former Reo employees, including Reo's ex–quality control manager Theodore C. Huff, former staff engineer-chassis at Reo Lawrence E. Karkau, and Gerald L. Geary, who had been assistant manager of truck design at Reo. Spartan was spun-off with its own officers and directors that April. Charles McManamey's sons James and Donald also worked for Spartan Motors, as well as several other part-time workers.

The company quickly outgrew the Form-Rite warehouse, and within a few years construction was started for a new facility on Reynolds Road in Charlotte. The McManameys sold their stock in the company and in 1984 Spartan went public, trading on NASDAQ under the symbol “SPAR”.

Read the full text

Spartan Motors entered the United Kingdom transit bus market in 1995 with the unveiling of its Spartan TX low-floor single-deck bus chassis at Coach & Bus 95, held at the National Exhibition Centre in Birmingham, England. The Spartan TX, built with an Alusuisse-framed East Lancs Opus 2 body seating 53 passengers to a budget of £82,000 (1995) (equivalent to £160,818.34 or US$205,541.08 in 2024), was designed to be durable while saving manufacturing costs, and was fitted with a rear-mounted Cummins B Series engine, an Allison transmission and an Eaton air suspension. Only two Spartan TX buses were produced, with both being delivered to Barnsley-based Yorkshire Traction by 1996.

In June 2020, Spartan Motors announced its corporate name change to The Shyft Group, Inc. following the divestiture of its Emergency Response (ER) business unit; it began trading on NASDAQ under the symbol "SHYF". In October, Shyft acquired the aluminum truck-body manufacturer F3 MFG Inc. based in Waterville, Maine, with its brands DuraMag and Magnum.

In July 2025, it was announced that the company merged its operations with those of Aebi Schmidt, creating a new entity called the Aebi Schmidt Group.

From Wikipedia’s article on The Shyft Group, shared under CC BY-SA 4.0.7

Leadership

Who has led The Shyft Group, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (38)

Products and brands

  • truck

Listed on Wikidata.1

Active subsidiaries

Spartan RV Chassis

Spartan RV Chassis engineers, designs, manufactures, sells, and services Class A diesel RV chassis for OEMs such as Entegra Coach, Newmar, Foretravel, and Jayco.

Utilimaster

Utilimaster was acquired in November 2009. It designs, manufacturers, and assembles purpose-built delivery and other vocational trucks.

Strobes-R-Us

Strobes-R-Us was acquired on December 17, 2018. It is a distributor and installer of specialty vehicle upfits and lighting equipment.

General Truck Body

General Truck Body was acquired in June 2019 and merged with Utilimaster. It manufactures and assembles refrigerated and non-refrigerated truck bodies.

Read the full text

Royal Truck Body

Royal Truck Body was acquired on September 20, 2019. It manufactures van bodies and accessories.

DuraMag and Magnum

On October 1, 2020, Shyft acquired F3 MFG, an aluminum truck body and accessory manufacturer behind the DuraMag Body and Magnum Truck Rack brands. The F3 MFG name was phased out and the DuraMag and Magnum brands were nested under the Shyft Specialty Vehicles business unit.

Blue Arc

Shyft launched Blue Arc EV Solutions in March 2022 to build commercial battery electric delivery vans. The Randy Marion Automotive Group placed a pre-order for the vans that September, at about the same time the first prototypes were shown to the press; they are offered in lengths of 12 to 22 ft (3.7 to 6.7 m) and multiple gross vehicle weight ratings, ranging from Class 3 to 5.

Former subsidiaries

Spartan Emergency Response Vehicles

Spartan Emergency Response Vehicles (Spartan ERV) is a manufacturer of custom fire engines. After several years of supplying chassis for fire trucks, Spartan acquired fire apparatus body manufacturers Luverne and Quality Manufacturing in the mid-1990s. Luverne used its early expertise in the automotive and heavy truck industries to begin building fire apparatus in 1912. Quality got its start six decades later, catering to the Southern firefighting market. In 2003, Luverne and Quality were consolidated under the names Crimson Fire and Crimson Fire Aerials. In 2011, Classic Fire of Ocala, Florida was acquired and became a new Crimson Fire manufacturing facility for fire trucks. In 2012, Spartan Motors rebranded Crimson Fire as Spartan ERV, a joint venture with Gimaex. In January 2017, Spartan ERV acquired fire apparatus manufacturer Smeal Fire Apparatus, including its subsidiaries Smeal, Ladder Tower Company, and US Tanker. On February 3, 2020, Spartan Motors sold Spartan ERV division to the REV Group, including Spartan Custom Cabs, Smeal Fire Apparatus, Ladder Tower Company, and US Tanker.

Road Rescue

Road Rescue is a manufacturer of ambulances. It was sold in 2010 to Allied Specialty Vehicles.

Carpenter Industries

Carpenter Industries was a manufacturer of school buses, transit buses, and step vans. Carpenter was founded in 1919; Spartan purchased it in 1998, but closed it down in 2001.

From Wikipedia’s article on The Shyft Group, shared under CC BY-SA 4.0.7

Former names

  • SPARTAN MOTORS INCMay 15, 1995 to Jun 1, 20206

Timeline

  1. Apr 1, 2015New chief executive Daryl M. Adams becomes CEO17
  2. Feb 21, 2006New chief executive John E. Sztykiel becomes CEO18
  3. Mar 26, 1990Went public Listed on NASDAQ1
  4. 1976Founded Founded1

Filings

292 filings to the SEC since October 2021: 4 annual reports, 11 quarterly reports, 45 major events, 162 insider forms, 17 large holders, 53 other. The latest 20:

  1. Jul 11, 202515-12G EDGAR
  2. Jul 3, 2025SCHEDULE 13G/A EDGAR
  3. Jul 2, 2025EFFECT EDGAR
  4. Jul 1, 20254 EDGAR
  5. Jul 1, 20254 EDGAR
  6. Jul 1, 20254 EDGAR
  7. Jul 1, 20254 EDGAR
  8. Jul 1, 20254 EDGAR
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  10. Jul 1, 20254 EDGAR
  11. Jul 1, 20254 EDGAR
  12. Jul 1, 20254 EDGAR
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  14. Jul 1, 20254 EDGAR
  15. Jul 1, 20254 EDGAR
  16. Jul 1, 202525-NSE EDGAR
  17. Jul 1, 2025S-8 POS EDGAR
  18. Jul 1, 2025S-8 POS EDGAR
  19. Jul 1, 2025S-8 POS EDGAR
  20. Jul 1, 2025POS AM EDGAR

The 292 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

19 open-market trades by officers, directors and large owners since October 2021: 8 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 26, 2024Dunn John AlbertPresident and CEOBuy4,545$11.00$50.0KForm 4
Oct 31, 2023Sherbin Joshua AChief Administration OfficerBuy2,254$11.05$24.9KForm 4
Oct 27, 2023Douyard Jonathan CChief Financial OfficerBuy9,060$11.10$100.6KForm 4
Aug 3, 2023DINKINS MICHAELDirectorBuy3,150$15.64$49.3KForm 4
Aug 1, 2023PIZZUTO TERRIDirectorBuy3,496$14.31$50.0KForm 4
Jul 28, 2023Kermisch Pamela LDirectorBuy3,239$15.44$50.0KForm 4
Jul 28, 2023Rourke Mark B.DirectorBuy7,500$14.46$108.5KForm 4
Jul 28, 2023Sharman James A.DirectorBuy7,610$14.50$110.3KForm 4
Mar 9, 2023GUILLAUME STEPHEN KPresident, Specialty VehiclesSale4,000$26.43$105.7KForm 4
Mar 8, 2023GUILLAUME STEPHEN KPresident, Specialty VehiclesSale4,000$26.58$106.3KForm 4
Mar 7, 2023GUILLAUME STEPHEN KPresident, Specialty VehiclesSale2,000$26.67$53.3KForm 4
Mar 6, 2023GUILLAUME STEPHEN KPresident, Specialty VehiclesSale2,000$26.83$53.7KForm 4
Dec 1, 2022GUILLAUME STEPHEN KPresident, Specialty VehiclesSale15,000$24.51$367.6KForm 4
Sep 9, 2022DINKINS MICHAELDirectorSale548$24.29$13.3KForm 4
Mar 10, 2022Clevinger Thomas RDirectorSale5,000$39.27$196.3KForm 4
Dec 15, 2021Adams Daryl MPresident and CEOSale15,000$47.00$705.1KForm 4
Dec 7, 2021Harbour Ronald EdwardDirectorSale20,000$49.40$988.0KForm 4
Nov 15, 2021Adams Daryl MPresident and CEOSale15,000$51.37$770.6KForm 4
Oct 15, 2021Adams Daryl MPresident and CEOSale15,000$38.03$570.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Sources

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