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Ross MacDonald

Ross MacDonald

Research Analyst at Morgan Stanley

Glasgow, GB

Ross MacDonald is a Research Analyst at Morgan Stanley, specializing in European autos with a particular focus on the tire, supplier, and original equipment manufacturer segments. He covers several key companies, with a track record highlighted by his most profitable recommendation delivering a 51.9% return, and maintains a success rate of approximately 55% across multiple rated stocks. MacDonald began his career at Morgan Stanley in October 2014, initially in equity strategy research before moving to the European Autos team in 2022, and holds a bachelor's degree in Economics and Finance from the University of Strathclyde as well as the CFA Charterholder designation. His professional credentials reflect strong expertise in equity research, thematic macro-analysis, and sector rotation.

Ross MacDonald's questions to GOODYEAR TIRE & RUBBER CO /OH/ (GT) leadership

Question · Q4 2025

Ross MacDonald asked about the U.S. inventory situation across rim sizes, Goodyear North America's 18-inch and above share target, the strategy for promotional activity, and U.S. commercial activity utilization rates.

Answer

EVP and CFO Christina Zamarro noted broad-based inventory and highlighted Goodyear's Q4 2025 U.S. consumer replacement mix (50% >18-inch) compared to Q4 2024 (42%). CEO Mark Stewart emphasized disciplined promotional activities and the value of premium products. Mark declined to share factory utilization rates but discussed the commercial business strategy amid market challenges.

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Question · Q4 2025

Ross MacDonald asked for more color on the U.S. inventory situation across rim sizes, Goodyear's North America 18-inch and above share, the company's strategy regarding promotional activity, and U.S. commercial activity utilization rates.

Answer

CFO Christina Zamarro stated that the U.S. inventory situation is broad-based across all tiers. She noted Goodyear's U.S. business had about 50% greater than 18-inch consumer replacement in Q4 2025, up from 42% in Q4 2024, indicating a portfolio geared towards growth. CEO Mark Stewart emphasized discipline in promotional activities, highlighting new premium products (MaxLife 2, WeatherReady 2, Eagle F1) that command strong market positions. He did not disclose factory utilization rates for the commercial business but discussed the 'perfect storm' in the commercial sector and the focus on service levels through truck service centers.

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Question · Q3 2024

Ross MacDonald from Morgan Stanley requested details on the current U.S. volume mix of 18-inch and larger tires to assess growth potential, and also inquired about the financial profile of the Dunlop business being considered for disposal.

Answer

Executive Vice President and CFO Christina Zamarro provided statistics, stating that across Goodyear's entire North American portfolio, 46% of tires are 18-inch or larger, indicating significant growth runway. She confirmed the Dunlop business represents about 5 million units, is mostly in EMEA, has been successfully repositioned into Tier 2 with growing share, and maintains healthy margins. She declined to split out price versus mix in financial reporting.

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