Cummins Inc. bonds CMI
Who owns Cummins Inc.'s debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. CMI stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 231021AJ5 | 7.13% fixed | 2028-03-01 | USD | 104.03 | 4.47% | 32 bp | 2 | $2.8M | Jul 2026 |
| 231021AY2 | 4.25% fixed | 2028-05-09 | USD | 99.61 | 4.48% | 30 bp | 8 | $4.4M | Jul 2026 |
| 231021AV8 | 4.9% fixed | 2029-02-20 | USD | 100.71 | 4.60% | 36 bp | 9 | $5.8M | Jul 2026 |
| 231021AT3 | 1.5% fixed | 2030-09-01 | USD | 88.02 | 4.76% | 46 bp | 8 | $7.5M | Jul 2026 |
| 231021AZ9 | 4.7% fixed | 2031-02-15 | USD | 99.45 | 4.84% | 52 bp | 10 | $7.7M | Jul 2026 |
| 231021AW6 | 5.15% fixed | 2034-02-20 | USD | 99.80 | 5.18% | 70 bp | 11 | $6.8M | Jul 2026 |
| 231021BA3 | 5.3% fixed | 2035-05-09 | USD | 99.85 | 5.32% | 78 bp | 13 | $9.5M | Jul 2026 |
| 231021AQ9 | 4.88% fixed | 2043-10-01 | USD | 90.47 | 5.76% | 80 bp | 8 | $15.9M | Jul 2026 |
| 231021AS5 | 2.6% fixed | 2050-09-01 | USD | 57.15 | 5.98% | 87 bp | 6 | $1.4M | Jul 2026 |
| 231021AX4 | 5.45% fixed | 2054-02-20 | USD | 92.94 | 5.98% | 87 bp | 6 | $3.7M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 10 | $65.5M | 99.53 | 5.01% | 61 bp | 13 |
| Jun 2026 | 9 | $271.9M | 99.74 | 4.91% | 55 bp | 26 |
| May 2026 | 10 | $278.2M | 100.35 | 4.69% | 45 bp | 26 |
| Apr 2026 | 10 | $68.1M | 100.56 | 4.65% | 60 bp | 13 |
| Mar 2026 | 9 | $303.4M | 100.21 | 4.90% | 78 bp | 28 |
| Feb 2026 | 10 | $302.4M | 101.99 | 4.27% | 45 bp | 25 |
| Jan 2026 | 10 | $70.6M | 101.50 | 4.47% | 55 bp | 13 |
| Dec 2025 | 9 | $307.9M | 100.80 | 4.61% | 62 bp | 28 |
| Nov 2025 | 10 | $301.7M | 101.69 | 4.36% | 48 bp | 24 |
| Oct 2025 | 9 | $69.8M | 100.72 | 4.63% | 62 bp | 12 |
| Sep 2025 | 9 | $303.1M | 100.77 | 4.64% | 62 bp | 25 |
| Aug 2025 | 11 | $324.1M | 100.81 | 4.58% | 60 bp | 23 |
| Jul 2025 | 10 | $83.6M | 99.92 | 4.91% | 62 bp | 13 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 45 added, 33 cut, 6 new holders and 12 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $97.9M | $93.3M | $1.1M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $82.3M | $79.6M | $0 |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $44.9M | $45.9M | -$4.2M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $29.5M | $27.6M | -$9.6M |
| iShares iBoxx $ Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $27.7M | $27.3M | $1.7M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $28.2M | $25.4M | $515K |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $17.5M | $17.9M | -$9.6M |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $17.8M | $17.2M | $1.1M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $16.3M | $16.2M | $915K |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $14.8M | $14.5M | $0 |
| DFA Investment Grade Portfolio DFA INVESTMENT DIMENSIONS GROUP INC | 2026-07-31 | $14.4M | $13.0M | $0 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $11.7M | $12.0M | -$2.4M |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $12.6M | $11.9M | -$20K |
| Avantis Core Fixed Income ETF American Century ETF Trust | 2026-05-31 | $10.9M | $11.0M | $470K |
| Schwab 5-10 Year Corporate Bond ETF SCHWAB STRATEGIC TRUST | 2026-06-30 | $9.4M | $9.6M | $975K |
| iShares ESG Aware 1-5 Year USD Corporate Bond ETF iShares Trust | 2026-05-31 | $9.4M | $9.2M | $2.9M |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $8.6M | $8.5M | -$1.1M |
| Fidelity SAI Enhanced Core Bond Fund Fidelity Salem Street Trust | 2026-05-31 | $8.2M | $8.4M | $0 |
| iShares Core Universal USD Bond ETF iShares Trust | 2026-07-31 | $9.2M | $8.3M | $2.2M |
| iShares ESG Aware U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $8.3M | $7.8M | $400K |
| Fidelity Series Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $7.9M | $7.4M | $0 |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $7.0M | $7.0M | $1.5M |
| VANGUARD LONG-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $6.6M | $6.4M | $1.1M |
| Invesco Corporate Bond Fund AIM Investment Securities Funds (Invesco Investment Securities Funds) | 2026-05-31 | $6.0M | $6.1M | -$4.1M |
| iShares ESG Aware USD Corporate Bond ETF iShares Trust | 2026-05-31 | $6.0M | $5.7M | $245K |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): Victory Pioneer Bond Fund ($17.2M), College Retirement Equities Fund - Responsible Balanced Account ($8.7M), MFS Corporate Bond Fund ($7.5M), SHELTON TACTICAL CREDIT FUND ($1.0M), Victory Pioneer Bond VCT Portfolio ($420K), AB Corporate Bond ETF ($260K), MFS Corporate Bond Portfolio ($234K), Victory Pioneer Balanced Fund ($229K), Core Bond Fund ($152K), Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF ($70K).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 9 | $97.9M | $93.3M | 0.02% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 2 | $44.9M | $45.9M | 0.07% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 4 | $29.5M | $27.6M | 0.06% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 2026-05-31 | 4 | $27.7M | $27.3M | 0.09% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 9 | $28.2M | $25.4M | 0.02% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 2 | $17.5M | $17.9M | 0.03% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 4 | $17.8M | $17.2M | 0.02% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 5 | $16.3M | $16.2M | 0.07% |
| IGIB iShares 5-10 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 2 | $11.7M | $12.0M | 0.07% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 10 | $12.6M | $11.9M | 0.07% |
| AVIG Avantis Core Fixed Income ETF | 2026-05-31 | 3 | $10.9M | $11.0M | 0.59% |
| SCHI Schwab 5-10 Year Corporate Bond ETF | 2026-06-30 | 2 | $9.4M | $9.6M | 0.08% |
| SUSB iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 2026-05-31 | 4 | $9.4M | $9.2M | 0.76% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 6 | $8.6M | $8.5M | 0.07% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 9 | $9.2M | $8.3M | 0.02% |
Default risk, three ways
Stock market: distance-to-default
Distance-to-default 8.26: safer than 74% of companies (75th percentile in Industrials). Market-implied, prices to 2026-10-16, balance sheet 2026-06-30.
| Equity value | $71.94B |
| Debt barrier (short-term + ½ long-term debt) | $4.26B |
| Equity volatility (1 year) | 36.6% |
| Asset value / asset volatility (solved) | $76.02B / 34.7% |
| Risk-free rate (1-year Treasury) | 4.28% |
Bond market: priced-in odds
A 61 bp spread prices in about 1.0% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Altman Z = 4.51 (latest balance sheet). A fundamentals cross-check; see methods for the variant used.
The stock side: 13F filings
What institutions report holding in CMI's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-09-30 filings still arriving | 319 | $1.29B | 1 | $517K | 1 | $310K | 0 |
| 2026-06-30 | 2,093 | $81.50B | 29 | $615.5M | 32 | $574.2M | 1 |
| 2026-03-31 | 1,944 | $51.17B | 28 | $379.7M | 27 | $419.7M | 1 |
| 2025-12-31 | 1,859 | $58.87B | 32 | $310.1M | 30 | $442.9M | 1 |
| 2025-09-30 | 1,666 | $48.03B | 30 | $239.2M | 28 | $296.8M | 1 |
| 2025-06-30 | 1,551 | $37.41B | 27 | $143.4M | 25 | $170.3M | 1 |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.