Pressures affected Atmus Filtration Technologies (ATMU) results and sentiment in Q2. Q2 pressures point to operational or market challenges that may moderately shape near-term results and positioning.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | 1 | — | — | 1 | — |
| Sell | — | — | — | — | — | — | — | — | 4 | — | 1 | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 0.22 |
—
—
—
|
| 2025 | 0.21 |
—
—
—
—
|
| 2024 | 0.10 |
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 168.00 | 184.30 | 236.40 | 259.00 |
| Receivables | 246.80 | 254.20 | 320.10 | 368.00 |
| Inventory | 250.00 | 266.60 | 282.30 | 297.00 |
| Other | — | — | — | — |
| 693.00 | 755.00 | 892.40 | 965.20 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 236.60 | 193.10 | 201.90 | 221.40 |
| ST’ Debt | 7.50 | 22.50 | 30.00 | 6.30 |
| Other | — | — | — | — |
| 375.00 | 344.90 | 368.20 | 364.20 |
| 10y | 5y | 3y | |
| Sales | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | — | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | — | ‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 477.50 | 527.90 | — | — |
—
|
| ’25 | 416.50 | 453.50 | 447.70 | 446.60 |
1,764.30
|
| ’24 | 426.60 | 432.60 | 403.70 | 406.70 |
1,669.60
|
| ’23 | 418.60 | 413.60 | 396.20 | 399.70 |
1,628.10
|
| ’22 | 382.50 | 393.20 | 401.20 | 385.20 |
1,562.10
|
| ’21 | — | — | — | — |
1,438.80
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 38.10 | 77.80 | — | — |
—
|
| ’25 | 28.70 | 44.40 | 82.10 | 47.50 |
202.70
|
| ’24 | (8.20) | 22.90 | 70.70 | 20.00 |
105.40
|
| ’23 | 42.80 | 46.20 | 58.30 | 41.70 |
189.00
|
| ’22 | 2.80 | 36.90 | 48.20 | 89.10 |
165.70
|
| ’21 | — | — | — | 202.30 |
209.90
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 25.50 | 64.80 | — | — |
—
|
| ’25 | 16.30 | 32.40 | 68.90 | 31.20 |
148.80
|
| ’24 | (18.80) | 11.30 | 54.30 | 10.00 |
56.80
|
| ’23 | 36.40 | 33.50 | 47.80 | 25.50 |
143.20
|
| ’22 | (2.10) | 25.10 | 42.30 | 79.00 |
127.30
|
| ’21 | — | — | — | 171.50 |
175.40
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 0.59 | 0.78 | — | — |
—
|
| ’25 | 0.54 | 0.72 | 0.66 | 0.58 |
2.50
|
| ’24 | 0.54 | 0.67 | 0.52 | 0.48 |
2.22
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | — | — | 18.21 | 21.09 | 30.94 | — | — | — |
Low Price
|
| — | — | — | — | — | — | — | 25.39 | 45.43 | 54.84 | — | — | — |
High Price
|
| — | — | — | — | — | — | 4,250 | 4,500 | 4,500 | 4,500 | — | — | — |
Employees
|
| — | — | — | — | ‡‡‡ | ‡‡‡ | 0.37 | 0.36 | 0.37 | 0.39 | — | — | — |
Revenue/Emp
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,562.10 | 1,628.10 | 1,669.60 | 1,764.30 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 22.99% | 26.58% | 27.68% | 28.24% | — | — | — |
Gross Margin
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 212.00 | 226.40 | 234.80 | 266.20 | — | — | — |
EBT
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 13.57% | 13.91% | 14.06% | 15.09% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 170.40 | 171.30 | 185.60 | 207.40 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 21.60 | 21.50 | 24.80 | 30.00 | — | — | — |
Depreciation
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 18.75 | 19.55 | 20.07 | 21.46 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| — | — | — | — | — | — | — | 2.06 | 2.23 | 2.52 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡ |
Earnings/Sh
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 1.99 | 2.27 | 1.27 | 2.47 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | (0.46) | (0.55) | (0.58) | (0.66) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 1.53 | 1.72 | 0.68 | 1.81 | — | — | — |
Free CF/Sh
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 5.47 | 0.97 | 2.73 | 4.60 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| — | — | — | — | — | ‡‡‡‡‡ | 83.30 | 83.30 | 83.20 | 82.20 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.46 | 16.46 | 17.57 | 20.52 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.13 | 1.19 | 1.95 | 2.42 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.05 | 23.96 | 14.34 | 11.27 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.13 | 1.45 | 2.20 | 2.61 | ‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.87 | 16.52 | 64.58 | 30.92 | — | — | — |
EV/FCF
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 165.70 | 189.00 | 105.40 | 202.70 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | (38.40) | (45.80) | (48.60) | (53.90) | ‡‡‡‡‡ | — | — |
Capex
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 127.30 | 143.20 | 56.80 | 148.80 | ‡‡‡‡‡ | — | — |
FCF
|
| — | — | — | — | — | ‡‡‡‡‡ | 169.30 | 318.00 | 410.10 | 524.20 | — | — | — |
Working Cap'
|
| — | — | — | — | — | — | — | 600.00 | 592.50 | 570.00 | — | — | — |
Total Debt
|
| — | — | — | — | — | — | — | 432.00 | 408.20 | 333.60 | — | — | — |
Net Debt
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 455.60 | 80.70 | 227.40 | 378.50 | — | — | — |
Sh' Equity
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 19.86% | 17.52% | 16.29% | 16.32% | — | — | — |
ROA
|
| — | — | — | — | ‡‡‡ | ‡‡‡‡‡ | 27.97% | 30.28% | 26.18% | 26.24% | — | — | — |
ROIC
|
| — | — | — | — | ‡‡‡ | ‡‡‡ | 38.17% | 63.88% | 120.48% | 68.46% | — | — | — |
ROE
|
Atmus Filtration Technologies Inc. (ATMU), spun off from Cummins in 2023, has demonstrated resilient growth in its niche of air, fuel, and lube filtration for heavy-duty engines, with revenues steadily climbing from $1.23 billion in 2020 to $1.67 billion in 2024 despite supply chain challenges and electrification trends. Gross margins expanded sharply from 23% in 2022 to 27.7% in 2024, driving EPS growth and robust profitability metrics like 120% ROE, supported by predictable cash flows from entrenched aftermarket and OEM channels. Analyst forecasts signal acceleration, with revenues projected to reach $2.07 billion by 2027 (up 24% from 2024) and EPS rising 44% cumulatively, fueled by aging fleets and emissions regulations.
The balance sheet remains manageable with $408 million net debt (24% of enterprise value) and efficient ROIC at 26%, funding modest capex and potential dividends amid a stable employee base. Valuation appears stretched at 17.6x trailing PE and 1.95x PS, with the stock up 149% from 2023 lows but trading at a premium to fundamentals, vulnerable to trucking cycles and EV shifts—though insider activity shows quiet confidence with minimal net selling.
Looking ahead, Atmus is positioned for 10%+ annual EPS compounding through 2027 if infrastructure rebounds and it pivots to hybrid applications, offering mid-teens upside for growth believers but risks if macros sour. This reliable operator, evolving post-spin-off, merits a deeper dive into its primed trajectory.
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