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Cummins Inc.

CMI Industrials Specialty Industrial Machinery

Cummins Inc.’s revenue for fiscal 2025 (year ended December 2025) was $33.7 billion, down 1.27% from fiscal 2024.

Revenue
+13.5%
EPS
+113.7%
Free cash flow
+9.43%
Total debt
−2.27%

Quarter to September 2026, against a year earlier

447.01 24.83 −5.26%
Market cap
$61.8B
P/E
18.6×
Fwd P/E
17.8×
Dividend yield
1.83%
F-score
6/9
Altman Z
4.62
Beneish M
−2.48
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • United States
  • Other international
  • China
  • India

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 27.67
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 4 1 — 8 — — 1 — — —
Insider Ownership 0.20%

Capital & Financial Ratios $m

Size
Market Cap 61,750.00
Revenue ttm 35,829.00
Net income ttm 3,437.00
Free cash flow ttm 3,462.00
Net debt Q 2,603.00
Valuation
P/E 18.57
Forward P/E 17.80
Price / sales 1.72
Forward P/S Powerpack
Price / FCF 17.75
Price / book 4.28
Financial health
Current ratio Q 1.74 (at or above 1.5: strong)
Debt / equity Q 0.47 (at or below 0.5: strong)
Interest coverage Q 15.99
Growth
Revenue growth Q +13.48% (above 0%: growing)
Operating income growth Q +69.48% (above 0%: growing)
EPS, this year +22.99% (at or above 15%: strong)
EPS, next year A +17.09% (at or above 15%: strong)
Revenue, next year A +11.84% (at or above 10%: strong)
EPS, past 5 yrs +11.29%
EPS, next 5 yrs A +18.57% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 1.3×; over the ten years it ranged from 0.8× in 2016 to 2.9× in 2026.
P/E against its own 10 years 61.90%
10-year low 10-year high
P/S against its own 10 years 85.08%
10-year low 10-year high
P/B against its own 10 years 85.66%
10-year low 10-year high
EV/Sales against its own 10 years 85.77%
10-year low 10-year high
EV/FCF against its own 10 years 60.29%
10-year low 10-year high

Dividends raised every year since 2018

Yield
1.83%
Annual rate
8.20
Payout ratio
34.2%
Growth, 2018–26
+8.30%/yr
  1. 4.44 ’18
  2. 4.90 ’19 +10
  3. 5.28 ’20 +8
  4. 5.60 ’21 +6
  5. 6.04 ’22 +8
  6. 6.50 ’23 +8
  7. 7.00 ’24 +8
  8. 7.64 ’25 +9
  9. 8.40 ’26 +10
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,741 2,264 3,609 4,185
Receivables 5,583 5,181 5,818 6,638
Inventory 5,677 5,742 5,822 6,811
Other — — — —
15,198 14,752 16,925 19,375
2023 2024 2025 Q'26
Payables 4,260 3,951 3,800 4,879
ST’ Debt 118 660 94 154
Other — — — —
12,903 11,234 9,610 11,132

Compound Annual Growth %

10y 5y 3y
Sales 5.83% 11.19% 6.25%
Cash Flow 5.78% 5.87% 22.66%
Earnings 7.35% 9.71% 9.74%
Book Value 5.63% 8.33% 10.39%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 7.33 Actual 6.94

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 4.73 5.59 Beat by 0.86
Q4 FY25 5.20 5.81 Beat by 0.61
Q1 FY26 5.60 6.15 Beat by 0.55
Q2 FY26 7.33 6.94 Miss by 0.39
Q3 FY26 8.38 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 4.71 6.73 8.25 — —
’25 5.96 6.43 3.86 4.27 20.50
’24 14.03 5.26 5.86 3.02 28.37
’23 5.55 5.05 4.59 (10.01) 5.15
’22 2.92 4.94 2.82 4.43 15.12
’21 4.07 4.10 3.69 2.73 14.61
’20 3.41 1.86 3.36 3.36 12.01
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 8,398 9,457 9,438 — —
’25 8,174 8,643 8,317 8,536 33,670
’24 8,403 8,796 8,456 8,447 34,102
’23 8,453 8,638 8,431 8,543 34,065
’22 6,385 6,586 7,333 7,770 28,074
’21 6,092 6,111 5,968 5,850 24,021
’20 5,011 3,852 5,118 5,830 19,811
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 309 1,499 1,405 — —
’25 (3) 785 1,305 1,534 3,621
’24 276 (851) 640 1,422 1,487
’23 495 483 1,529 1,459 3,966
’22 164 599 382 817 1,962
’21 339 616 569 732 2,256
’20 379 (22) 1,223 1,142 2,722
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 120 1,250 1,102 — —
’25 (165) 554 1,007 990 2,386
’24 107 (1,091) 381 882 279
’23 302 262 1,249 940 2,753
’22 60 452 180 354 1,046
’21 252 511 419 340 1,522
’20 304 (99) 1,107 882 2,194
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.9% a year for ten years. It grew −0.2% a year over the last ten.

Implied
4.9%
10 years, reported
−0.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 17,509 20,428 23,771 23,571 19,811 24,021 28,074 34,065 34,102 33,670 35,829 +7.5% 37,657 41,326 45,055 +10.2%
Gross margin, % 25.46 24.97 24.13 25.37 24.70 23.71 23.93 24.22 24.75 25.29 25.88 (0.2) pt
EBT 1,930 2,365 2,753 2,834 2,338 2,751 2,819 1,626 4,903 3,963 4,438 +8.3%
EBT margin, % 11.02 11.58 11.58 12.02 11.80 11.45 10.04 4.77 14.38 11.77 12.39 +0.7 pt
Net income 1,456 994 2,187 2,268 1,811 2,164 2,183 840 4,068 2,957 3,437 +8.2%
Per share, $
Per share, $ Revenue 103.58 122.54 146.55 151.68 133.68 166.12 198.40 240.40 246.76 244.16 260.57 +10.0%
Earnings 8.25 5.99 13.20 14.54 12.07 14.74 15.20 5.19 28.55 20.62 24.07 +10.7%
Cash flow 11.47 13.66 14.66 20.47 18.37 15.60 13.87 27.99 10.76 26.26 34.52 +9.6%
Capex (3.06) (2.38) (4.37) (4.50) (3.56) (5.08) (6.47) (8.56) (8.74) (8.96) (9.35) +12.7%
Free cash flow 8.41 11.28 10.29 15.97 14.80 10.53 7.39 19.43 2.02 17.30 25.18 +8.3%
Book value 42.44 48.97 50.92 54.47 60.65 62.48 70.44 69.89 81.82 97.23 104.33 +9.6%
Shares, m 169 167 162 155 148 145 142 142 138 138 138 (2.2%)
Valuation, ×
Valuation, × P/E 16.92 29.76 10.09 12.36 18.82 14.82 15.85 46.29 12.30 24.76 18.57 20.2
P/S 1.35 1.44 0.91 1.18 1.70 1.31 1.21 1.00 1.41 2.09 1.72 1.4
P/B 3.29 3.62 2.62 3.29 3.74 3.49 3.42 3.45 4.26 5.25 4.28 3.6
EV/Sales 1.36 1.45 0.92 1.19 1.69 1.33 1.30 1.07 1.51 2.19 1.79 1.4
EV/FCF 16.77 15.74 13.06 11.26 15.25 21.02 35.00 13.21 184.07 30.88 18.51 35.6
Cash, $m
Cash, $m Operating cash flow 1,939 2,277 2,378 3,181 2,722 2,256 1,962 3,966 1,487 3,621 4,747 +7.2%
Capex (517) (396) (709) (700) (528) (734) (916) (1,213) (1,208) (1,235) (1,285) +10.2%
Free cash flow 1,422 1,881 1,669 2,481 2,194 1,522 1,046 2,753 279 2,386 3,462 +5.9%
Balance, $m
Balance, $m Working capital 3,382 3,251 3,434 3,127 5,562 5,225 3,030 2,295 3,518 7,315 8,243 +8.9%
Net debt 223 84 117 137 (190) 451 2,498 2,179 3,180 3,277 2,603 +34.8%
Shareholders’ equity 7,174 8,164 8,259 8,465 8,989 9,035 9,967 9,904 11,308 13,408 14,346 +7.2%
Returns, %
Returns, % ROA 9.25 6.04 11.53 11.65 8.45 9.20 7.97 2.36 12.42 8.68 9.45 (0.6) pt
ROIC 15.88 17.69 20.79 19.62 16.12 17.83 14.69 9.11 16.18 15.08 16.54 (0.8) pt
ROE 18.68 13.03 26.07 27.03 20.50 23.65 22.64 7.40 37.21 23.01 24.19 +4.3 pt
People
People Employees 55,400 58,600 62,610 61,615 57,825 59,900 73,600 75,500 69,600 67,400 — +2.2%
Revenue/emp, $m 0.32 0.35 0.38 0.38 0.34 0.40 0.38 0.45 0.49 0.50 — +5.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Cummins makes engines, power-generation equipment and components used in trucks, buses, industrial equipment and stationary power systems. It also sells parts and provides repair and maintenance services. The company was founded in 1919, is headquartered in Columbus, Indiana, and is led by Chair and Chief Executive Officer Jennifer Rumsey.

Its customers include vehicle and equipment manufacturers, distributors, dealers and users of its equipment. A truck manufacturer, for example, can buy a Cummins engine and related emissions-control equipment for installation in a vehicle. Customers in industries such as mining, construction, marine and agriculture use its engines in off-highway equipment.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
United States 18,974 56.35%
Other international 9,677 28.74%
China 3,298 9.80%
India 1,721 5.11%
Gross margin 25.29%
Operating margin 11.95%
Pre-tax margin 11.77%

Revenue by segment since 2008

Cummins Inc. vs peers in Specialty Industrial Machinery (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ETN Eaton Corporation, PLC $127.1B 32.6× 32.9× +28.03% (above 0%: growing) +6.79% (above 0%: growing) −11.00% (below 0%: shrinking) 34.70% 17.76% Compare
PH Parker-Hannifin Corporation $112.5B 30.5× 29.1× +17.86% (above 0%: growing) +9.70% (above 0%: growing) +7.58% (above 0%: growing) 37.73% 0.00% Compare
EMR Emerson Electric Co. $90.7B 35.7× 33.6× +7.10% (above 0%: growing) +23.08% (above 0%: growing) +8.91% (above 0%: growing) 52.68% 25.90% Compare
ITW Illinois Tool Works Inc. $81.1B 25.4× 24.3× +4.36% (above 0%: growing) +6.53% (above 0%: growing) −5.57% (below 0%: shrinking) 45.09% 27.79% Compare
CMI Cummins Inc. $61.8B 18.6× 17.8× +13.48% (above 0%: growing) +113.66% (above 0%: growing) +9.43% (above 0%: growing) 27.71% 15.30%
AME AMETEK, Inc. $51.1B 31.4× 32.8× +17.31% (above 0%: growing) +15.55% (above 0%: growing) +25.59% (above 0%: growing) 36.50% 26.35% Compare
ROK Rockwell Automation, Inc. $42.3B 35.6× 33.8× +7.88% (above 0%: growing) +40.38% (above 0%: growing) +33.74% (above 0%: growing) 49.46% 21.75% Compare
IR Ingersoll Rand Inc. $31.4B 22.9× 32.9× +5.62% (above 0%: growing) +180.65% (above 0%: growing) +91.49% (above 0%: growing) 44.76% 37.90% Compare
OTIS Otis Worldwide Corporation $30.3B 19.6× 18.9× +6.07% (above 0%: growing) +16.47% (above 0%: growing) −11.54% (below 0%: shrinking) 29.51% 15.84% Compare
Median of peers $66.1B 30.9× 32.8× +7.49% +16.01% +8.25% 41.25% 23.83%

All 79 Specialty Industrial Machinery stocks →

From the latest earnings call

Updated

  • Jennifer Rumsey said Cummins signed a multiyear agreement with a global hyperscaler, providing visibility into future demand for backup-power generators.
  • Rumsey said the proposed emissions rule would allow a phased engine transition, while Mark Smith expects the staggered launch to keep research costs elevated longer.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 85.57%
Held by the ten largest 42.50%
Holder Shares Stake Change
Vanguard 18.02m 13.09% +107.81k
BlackRock 11.50m 8.36% −332.26k
State Street 6.91m 5.02% +101.18k
Fidelity (FMR) 6.09m 4.42% +657.63k
Fisher Investments 3.60m 2.61% +98.30k
Geode Capital Management 3.23m 2.35% −516.94k
Morgan Stanley 3.11m 2.26% +41.44k
UBS 2.30m 1.67% +145.46k
Bank of America 1.97m 1.43% +217.42k
Norges Bank 1.78m 1.29% +1.78m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 12.90%
BlackRock, Inc. 8.40%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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CMI metrics, ten years each

stockrow.com/CMI · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com