— Know what they know.
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Not Investment Advice

CMI

NYSE · USD
Cummins Inc.
Industrials · Industrial - Machinery
CEO Jennifer W. Rumsey Employees 67,400 R&D / revenue 4.1%
Last price
$531.33−0.26%last session
Market cap
$73.1B
P/E (TTM)
27.0x
From 52w high
−28.0%
From 52w low
+30.9%
1-year return
+26.2%
RSI 14 · vs SMA200
47.1 · −12.0%
IS score
57.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CMI   SPY   XLI (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26CMI 126SPY 116XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
49
Profitability
37
Growth
38
Value
67
Momentum
100
Risk (safety)
73
Quality
73
Balance sheet
70
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
▲ Share count rising
Observations
Moat model: Weak, Cost AdvantagePiotroski 6 / 9Altman Z 5.3Beta 1.232 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
22 open-market sales, $10.2M
Form 144 notices (12m): 15, $35.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+149
279 new holders, 111 closed
2,116 filers hold 86.0% · 779 added, 735 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+336
1,441 funds adding shares
1,105 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
55.2%
20-day avg 49.2%, 50-day avg 46.4%
Latest 6.0 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$33.7B
Revenue growth YoY−1.3%
Gross margin25.3%
Operating income$4.0B
Operating margin11.9%
Net income$2.8B
Net margin8.4%
EPS (diluted)$20.50
Cash flow
Operating cash flow$3.6B
Capital expenditure$1.2B
Free cash flow$2.4B
FCF conversion (FCF / OCF)65.9%
Stock-based compensation$0
FCF less SBC$2.4B
Buybacks$0
Dividends$1.1B
Balance sheet & returns
Cash & short-term investments$3.6B
Total debt$7.6B
Net debt$3.9B
Shareholders' equity$13.4B
Goodwill & intangibles$4.4B
Debt / equity0.64
ROE (TTM)21.9%
ROIC (TTM)10.9%
Operating margin by fiscal year
11.3%FY202110.4%FY20225.2%FY202311.0%FY202411.9%FY2025
Revenue $24.0B (FY2021) to $33.7B (FY2025), a 8.8% CAGR.

Valuation

P/E (TTM)27.0x
EV / EBITDA15.7x
Price / sales2.11x
Price / FCF21.7x
FCF yield4.60%
Buyback yield0.00%
SBC / revenue0.0%
Price / book5.71x
Forward P/E FY202618.0x
Forward P/E FY202715.3x
Forward P/E FY202813.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $784.83 across 6 analysts last quarter is theirs, not ours.

CMI vs industry median

328 companies in Industrial - Machinery
Gross margin 25.3% 31.0% Operating margin 11.1% 8.4% Net margin 7.8% 6.0% ROIC 10.9% 8.7%
CMI (TTM)Industry median Asset turnover 0.97 vs industry 0.76 · financial leverage 2.77

Earnings delivery

Next report 2026-11-05 · consensus EPS $8.18
75%
beat rate, 9 of 12 quarters
+9.6%
median EPS surprise
9
longest beat streak
-2-7+0+9+22+10+21+23+16+14+9-7
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CMI Cummins Inc. $73.1B27.0x21.9%7.8%−1.3% +26.2%
ITW Illinois Tool Works Inc. $77.5B24.6x104.7%18.9%+4.3% +10.3%
EMR Emerson Electric Co. $90.1B35.2x12.8%14.7%+4.8% +25.8%
PCAR PACCAR Inc $58.3B23.3x12.8%10.0%−12.3% +19.3%
TT Trane Technologies plc $101.0B34.5x35.8%14.6%+7.0% +11.4%
ROK Rockwell Automation, Inc. $47.4B39.9x34.5%17.6%+11.3% —
CARR Carrier Global Corporation $45.3B37.8x8.8%7.9%−1.6% —
PH Parker-Hannifin Corporation $121.5B33.3x25.1%19.0%+8.3% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-08-04Earnings Release; Exhibits
2026-05-14Shareholder Vote
2026-05-05Earnings Release; Exhibits
2026-02-05Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-11-06Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-08-05Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding137,664,487
Free float99.7%
Institutional ownership86.0%
Beta1.23
Dividend yield1.54%
Last dividend$2.20 on 2026-11-20
50 / 200-day average$559.92 / $603.99
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CMI sits among 62 scored companies in Industrial - Machinery (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCMIIndustry medianIndustry percentileSector median
P/E (TTM) 26.9x 29.1x
41st		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 8.47 1.59
90th		 1.42
Price / sales 2.1x 2.4x
39th		 2.0x
Price / book 5.7x 3.7x
80th		 2.9x
Price / tangible book 11.7x 11.7x
50th		 5.6x
Price / free cash flow 21.7x 22.0x
46th		 20.8x
Price / operating cash flow 15.7x 17.8x
38th		 14.5x
Enterprise value $77.5B $7.5B
92nd		 $4.8B
EV / sales 2.2x 2.5x
31st		 2.4x
EV / EBITDA 15.6x 16.3x
46th		 13.6x
EV / EBIT 20.1x 21.3x
39th		 19.9x
EV / free cash flow 23.0x 26.6x
39th		 24.3x
Earnings yield 3.7% 3.2%
64th		 3.3%
FCF yield 4.6% 4.2%
57th		 3.8%
Operating cash flow yield 6.4% 5.4%
64th		 6.2%
Graham number (per share) $202.12 $37.80
98th		 $38.21

Profitability (TTM)

MeasureCMIIndustry medianIndustry percentileSector median
Gross margin 25.3% 35.6%
25th		 30.5%
EBITDA margin 14.3% 18.4%
38th		 14.3%
Operating margin 11.1% 13.7%
41st		 9.8%
EBIT margin 11.1% 12.6%
41st		 9.9%
Net margin 7.8% 8.6%
44th		 6.0%
NOPAT margin 8.2% 10.7%
38th		 7.8%
FCF margin 9.7% 11.2%
38th		 7.0%
Operating cash flow margin 13.4% 14.1%
46th		 11.2%
R&D / revenue 4.1% 0.0%
93rd		 0.0%
SG&A / revenue 9.5% 18.6%
7th		 14.1%
Stock comp / revenue 0.0% 0.6%
0th		 0.6%
Effective tax rate 26.5% 21.2%
90th		 21.0%

Returns on capital

MeasureCMIIndustry medianIndustry percentileSector median
ROE (on average equity) 22.0% 12.8%
83rd		 11.9%
ROA 7.8% 6.1%
66th		 4.8%
ROIC 16.5% 10.9%
77th		 8.7%
ROCE 15.5% 10.9%
75th		 9.4%
Return on tangible assets 11.0% 9.0%
61st		 7.9%
Cash ROIC (OCF / invested capital) 27.0% 12.9%
83rd		 12.8%
Gross profitability (GP / assets) 24.7% 24.7%
49th		 19.2%
ROIC, 3-yr average 14.6% 8.6%
75th		 7.8%
ROIC, 5-yr average 19.9% 11.3%
89th		 8.6%
ROE, 5-yr average 22.9% 14.1%
85th		 12.5%
Incremental ROIC 102.6% 21.5%
80th		 20.5%

Growth

MeasureCMIIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 2.9% 7.3%
23rd		 8.6%
Revenue growth (QoQ) 12.6% 9.4%
67th		 9.9%
Revenue CAGR, 3 yr 2.5% 3.7%
41st		 5.0%
Revenue CAGR, 5 yr 8.4% 6.2%
65th		 8.3%
Gross profit CAGR, 3 yr 4.8% 6.5%
41st		 6.5%
Operating income CAGR, 3 yr 3.8% 6.8%
35th		 6.4%
Net income growth (TTM YoY) -7.7% -2.3%
33rd		 11.3%
Net income CAGR, 3 yr 2.2% 3.5%
45th		 6.6%
EPS growth (TTM YoY) -7.8% -1.2%
35th		 13.3%
EPS CAGR, 3 yr 3.2% 3.8%
49th		 5.6%
EPS CAGR, 5 yr 5.4% 7.1%
39th		 8.3%
FCF growth (TTM YoY) 103.8% 9.0%
92nd		 14.7%
FCF CAGR, 3 yr 46.2% 14.6%
87th		 12.2%
Operating cash flow CAGR, 3 yr 28.8% 13.1%
79th		 8.8%
Book value CAGR, 3 yr 8.5% 8.7%
46th		 7.3%
Dividend CAGR, 3 yr 4.3% 2.3%
80th		 2.7%
Sustainable growth rate 13.1% 9.5%
72nd		 11.0%

Margin history & stability

MeasureCMIIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 25.1% 35.7%
20th		 30.6%
Operating margin, 3-yr average 9.5% 13.7%
30th		 10.0%
Net margin, 3-yr average 7.4% 10.2%
40th		 6.2%
FCF margin, 3-yr average 6.0% 10.7%
23rd		 7.1%
Revenue stability (0-1) 0.80 0.78
53rd		 0.81
Earnings stability (0-1) 0.39 0.40
48th		 0.47
Margin stability (0-1) 0.97 0.94
80th		 0.90

Liquidity (latest quarter)

MeasureCMIIndustry medianIndustry percentileSector median
Cash & short-term investments $3.9B $240.9M
97th		 $249.6M
Net cash (− = net debt) −$4.4B −$710.5M
10th		 −$666.5M
Working capital $7.8B $596.2M
98th		 $376.4M
Current ratio 1.73 2.06
34th		 1.79
Quick ratio 1.13 1.20
43rd		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.37 0.30
57th		 0.32
Defensive interval (days) 779 days 495 days
84th		 614 days

Leverage & solvency (latest quarter)

MeasureCMIIndustry medianIndustry percentileSector median
Total debt $8.3B $1.2B
90th		 $919.8M
Debt / equity 0.64 0.55
58th		 0.65
Net debt / equity 0.34 0.43
42nd		 0.46
Debt / assets 23.3% 26.8%
36th		 29.3%
Debt / capital 39.2% 35.6%
58th		 39.5%
Debt / EBITDA 1.67 2.00
36th		 2.44
Net debt / EBITDA 0.88 1.61
32nd		 1.86
Interest coverage (EBIT / interest) 12.0x 7.0x
68th		 5.0x
Cash interest coverage 14.5x 7.9x
80th		 6.1x
Debt payback (years of OCF) 1.8 yrs 2.6 yrs
26th		 3.2 yrs
Liabilities / assets 61.0% 50.7%
74th		 56.7%
IS credit model rating AA- — —
Implied credit spread (bps) 100 125
21st		 200

Efficiency

MeasureCMIIndustry medianIndustry percentileSector median
Asset turnover 0.99 0.78
74th		 0.75
Fixed asset turnover 4.95 5.95
25th		 5.14
Inventory turnover 4.1 3.7
69th		 5.0
Receivables turnover 5.6 5.9
38th		 6.7
Days sales outstanding 66 days 61 days
62nd		 54 days
Days inventory outstanding 89 days 99 days
31st		 72 days
Days payables outstanding 62 days 53 days
69th		 41 days
Cash conversion cycle (days) 93 days 107 days
26th		 63 days
Capex / revenue 3.7% 2.1%
78th		 3.0%
Capex / depreciation 1.16 0.65
80th		 0.76
Operating expense ratio 12.5% 21.2%
13th		 17.7%

Cash flow & earnings quality

MeasureCMIIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.71 1.42
69th		 1.50
FCF / net income 1.24 1.22
53rd		 1.15
FCF / operating cash flow 72.5% 83.2%
23rd		 74.0%
Capex / operating cash flow 27.5% 16.8%
77th		 26.1%
Accruals ratio -5.5% -3.4%
16th		 -4.0%
Sloan accruals ratio 0.1% -1.5%
66th		 -2.4%
Earnings quality score (0-1) 0.75 1.00
4th		 1.00

Dividends & buybacks

MeasureCMIIndustry medianIndustry percentileSector median
Dividend yield 1.5% 0.9%
80th		 0.6%
Dividend per share (TTM) $8.20 $0.97
100th		 $0.44
Payout ratio (dividends / net income) 40.7% 29.1%
74th		 22.5%
Dividends / FCF 32.8% 24.6%
71st		 19.6%
Dividend growth (YoY) 10.1% 5.8%
69th		 5.6%
Buyback yield 0.6% 0.7%
44th		 0.5%
Shareholder yield (dividends + buybacks) 2.2% 2.2%
50th		 2.0%
Share count change (YoY) 0.1% -0.1%
60th		 0.0%
Buybacks, last 5 years $711.0M $147.1M
66th		 $76.0M

Scores & forensic checks

MeasureCMIIndustry medianIndustry percentileSector median
IS score 58 58
49th		 53
IS profitability 49 45
61st		 37
IS growth 37 48
28th		 54
IS value 38 48
18th		 47
IS momentum 67 73
38th		 76
IS risk (safety) 100 100
48th		 80
IS quality 73 71
57th		 67
IS balance sheet 73 63
69th		 56
IS earnings quality 70 72
31st		 70
IS cash flow 68 60
70th		 54
Piotroski F-score (0-9) 6 6
36th		 6
Altman Z-score 5.3 4.4
61st		 3.3
Beneish M-score −2.63 −2.55
23rd		 −2.52
Ohlson O-score −8.35 −8.00
36th		 −7.49
IS credit score 83 76
66th		 65

Per share

MeasureCMIIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $19.59 $2.85
95th		 $2.21
Book value per share $92.69 $26.75
95th		 $18.38
Tangible book per share $68.91 $2.15
100th		 $4.39
Revenue per share $250.42 $46.23
100th		 $36.64
FCF per share $24.29 $4.10
97th		 $2.70
Operating cash flow per share $33.53 $4.77
97th		 $4.28
Cash per share $28.31 $3.39
98th		 $3.02

Size (TTM)

MeasureCMIIndustry medianIndustry percentileSector median
Market cap $73.1B $6.0B
92nd		 $3.9B
Revenue $34.7B $2.7B
98th		 $2.7B
EBITDA $5.0B $370.8M
95th		 $394.8M
Net income $2.7B $165.9M
93rd		 $136.3M
Free cash flow $3.4B $324.5M
93rd		 $162.9M
Total assets $35.6B $3.6B
93rd		 $3.5B
Shareholders' equity $12.8B $1.6B
93rd		 $1.4B
Employees 67,400 6,800
95th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-24Newsome Earl
VP - Chief Information Officer
 Open-market sale 698$572.22$399,4104,479
2026-05-19Merritt Brett Michael
V.P & Pres. - Engine Business
 Gift 218——10,186
2026-05-14Jackson Donald G
VP - Treasury & Tax
 Open-market sale 90$712.70$64,1438,956
2026-05-14Jackson Donald G
VP - Treasury & Tax
 Open-market sale 160$711.61$113,8588,796
2026-05-14Jackson Donald G
VP - Treasury & Tax
 Open-market sale 480$710.36$340,9748,316
2026-05-13Fetch Bonnie J
EVP & President - Operations
 Gift 155——11,524
2026-05-13Stoner Nathan R
VP - China ABO
 Gift 600——8,847
2026-05-12Belske Gary L
Director
 Award / grant 306——3,244
2026-05-12Di Leo Allen Bruno V
Director
 Award / grant 306——5,379
2026-05-12Fisher Daniel William
Director
 Award / grant 306——2,603
2026-05-12Harris Carla A
Director
 Award / grant 306——3,808
2026-05-12Lynch Thomas J
Director
 Award / grant 306——11,962

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired103,060—
GiftDisposed41,123—
Open-market saleDisposed2214,920$10.2M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 15 notices · 62,842 shares · $35.5M
FiledFilerShares proposedEst. proceeds
2026-08-24Earl Newsome698$399,410
2026-05-14Donald G Jackson730$518,975
2026-05-12Jennifer M. Bush5,000$3.5M
2026-05-08Mr. Marvin Boakye3,481$2.4M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 13 trades (7 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-31Jared MoskowitzHouseSale$1,001 - $15,0002026-05-01
2026-03-31Jared MoskowitzHouseSale (Partial)$1,001 - $15,0002026-05-01
2026-03-30Jared MoskowitzHouseSale (Partial)$1,001 - $15,0002026-05-01
2026-02-05Josh GottheimerHousePurchase$1,001 - $15,0002026-03-17
2016-03-31Bill CassidySenateSale (Full)$15,001 - $50,0002017-12-06
2016-03-31Bill CassidySenateSale (Full)$15,001 - $50,0002017-12-05
2016-03-31Bill CassidySenateSale (Full)$15,001 - $50,0002017-12-05
2016-03-31Bill CassidySenateSale (Full)$15,001 - $50,0002016-05-02
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.11,503,261$8.2B8.36%
VANGUARD CAPITAL MANAGEMENT LLC9,010,359$6.4B6.55%
VANGUARD PORTFOLIO MANAGEMENT LLC7,534,991$5.4B5.47%
STATE STREET CORP6,908,874$4.9B5.02%
FMR LLC6,085,944$4.3B4.42%
Fisher Asset Management, LLC3,595,361$2.6B2.61%
GEODE CAPITAL MANAGEMENT, LLC3,229,444$2.3B2.35%
BANK OF AMERICA CORP /DE/1,974,668$1.4B1.43%
NORGES BANK1,779,281$1.3B1.29%
RAYMOND JAMES FINANCIAL INC1,504,689$1.1B1.09%
MORGAN STANLEY1,329,551$948.2M0.97%
Bank of New York Mellon Corp1,288,643$919.1M0.94%
DIMENSIONAL FUND ADVISORS LP1,240,206$884.3M0.90%
NORTHERN TRUST CORP1,161,584$828.5M0.84%
Nuveen, LLC1,078,630$769.3M0.78%

Institutional ownership by quarter

2023-092026-0686.0%
% of shares held by 13F filers
2023-092026-062,116
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,11686.0%279779735111
2026-03-311,96784.5%21470072697
2025-12-311,88485.8%30161366969
2025-09-301,68584.1%21958260278
2025-06-301,56784.8%124634564109
2025-03-311,57584.8%174616534132
2024-12-311,55984.3%23850855282
2024-09-301,43386.3%153523514100
2024-06-301,39684.4%12152249683
2024-03-311,37785.5%153439580128
2023-12-311,37086.0%21544549554
2023-09-301,23785.7%7446547083

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION5.0%6,916,495
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.4%7,516,970
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%10,362,975
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.10%$2.3B
VTSAX0.10%$2.3B
VTI0.10%$2.3B
VSMPX0.10%$2.3B
VFFSX0.11%$1.9B
VFIAX0.11%$1.9B

Share structure

Shares outstanding137,664,487
Float137,222,099
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$24.0B$28.1B$34.1B$34.1B$33.7B
Cost of revenue$18.3B$21.4B$25.8B$25.7B$25.2B
Gross profit$5.7B$6.7B$8.2B$8.4B$8.5B
R&D$1.1B$1.3B$1.5B$1.5B$1.4B
SG&A$2.4B$2.7B$3.3B$3.3B$3.1B
Operating income$2.7B$2.9B$1.8B$3.8B$4.0B
EBITDA$3.5B$3.8B$3.0B$6.3B$5.4B
Pretax income$2.8B$2.8B$1.6B$4.9B$4.0B
Income tax$587.0M$636.0M$786.0M$835.0M$1.0B
Net income$2.1B$2.2B$735.0M$3.9B$2.8B
EPS, diluted$14.61$15.12$5.15$28.37$20.50
Diluted shares145.9M142.3M142.7M139.1M138.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.2B$2.6B$2.7B$2.3B$3.6B
Receivables$4.0B$5.2B$5.6B$5.2B$5.8B
Inventory$4.4B$5.6B$5.7B$5.7B$5.8B
Total current assets$12.3B$14.5B$15.2B$14.8B$16.9B
PP&E, net$4.4B$5.5B$6.8B$6.9B$7.5B
Goodwill & intangibles$2.2B$5.0B$5.0B$4.7B$4.4B
Total assets$23.7B$30.3B$32.0B$31.5B$34.0B
Accounts payable$3.0B$4.3B$4.3B$4.0B$3.8B
Total current liabilities$7.1B$11.4B$12.9B$11.2B$9.6B
Long-term debt$3.6B$4.5B$4.8B$4.8B$6.8B
Total liabilities$14.3B$20.1B$22.1B$20.2B$20.6B
Shareholders' equity$9.4B$10.2B$9.9B$11.3B$13.4B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.2B$2.2B$840.0M$4.1B$2.8B
Depreciation & amortization$662.0M$784.0M$1.0B$1.1B$1.1B
Stock-based compensation$37.0M$33.0M$0$0$0
Change in working capital−$365.0M−$1.0B$2.5B−$2.2B−$496.0M
Operating cash flow$2.3B$2.0B$4.0B$1.5B$3.6B
Capital expenditure−$786.0M−$916.0M−$1.2B−$1.2B−$1.2B
Free cash flow$1.5B$1.0B$2.8B$279.0M$2.4B
Investing cash flow−$873.0M−$4.2B−$1.6B−$1.8B−$1.8B
Net debt issued / repaid$6.0M$2.8B−$1.1B$915.0M$454.0M
Buybacks−$1.4B−$374.0M$0$0$0
Dividends paid−$809.0M−$855.0M−$921.0M−$969.0M−$1.1B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin23.7%23.9%24.2%24.7%25.3%
Operating margin11.3%10.4%5.2%11.0%11.9%
Net margin8.9%7.7%2.2%11.6%8.4%
FCF margin6.1%3.6%8.1%0.8%7.1%
ROE25.8%24.7%8.2%41.3%25.1%
ROIC21.5%15.4%6.8%19.9%17.7%
ROA9.2%8.0%2.4%12.4%8.7%
Debt / equity0.540.930.810.740.66
Interest coverage25.8x15.2x5.3x14.3x13.0x
Current ratio1.741.271.181.311.76
Revenue growth+21.3%+16.9%+21.3%+0.1%−1.3%
EPS growth+24.8%+1.1%−65.7%+450.4%−28.3%
P/E at year end13.2x14.9x44.3x12.0x25.0x
EV / EBITDA at year end8.4x10.0x12.2x8.3x14.0x
FCF yield at year end5.22%3.12%8.45%0.59%3.36%
Dividend payout38.0%39.7%125.3%24.6%37.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Components$7.7B$9.7B$13.4B$11.7B$10.1B
Distribution$7.8B$8.9B$10.2B$11.4B$12.4B
Engine$10.0B$10.9B$11.7B$11.7B$10.9B
Power Systems$4.4B$5.0B$5.7B$6.4B$7.5B
Accelera——$354.0M$414.0M$460.0M
New Power$116.0M$198.0M———
Total Segment−$5.9B−$6.8B−$7.3B−$7.5B−$7.7B

Revenue by region · FY2025

UNITED STATES$19.0B · 66%
Non-US$9.7B · 34%

Street estimates by fiscal year

Next report 2026-11-05 · consensus EPS $8.18 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$37.6B$37.1B – $38.1B$29.45$28.84 – $30.081018.0x
2027$41.3B$39.8B – $43.2B$34.66$33.40 – $36.771115.3x
2028$44.8B$41.9B – $48.1B$40.34$34.25 – $42.731013.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$7.21$6.73−6.7%$9.3B$9.5B+1.4%
2026-05-05$5.63$6.15+9.2%$8.4B$8.4B+0.4%
2026-02-05$5.10$5.81+13.9%$8.1B$8.5B+5.3%
2025-11-06$4.83$5.59+15.7%$8.0B$8.3B+4.1%
2025-08-05$5.23$6.43+22.9%$8.4B$8.6B+2.5%
2025-05-05$4.91$5.96+21.4%$8.2B$8.2B−0.0%
2025-02-04$4.70$5.16+9.8%$8.1B$8.4B+4.7%
2024-11-05$4.80$5.86+22.1%$8.3B$8.5B+2.0%
2024-08-01$4.81$5.26+9.4%$8.3B$8.8B+5.6%
2024-05-02$5.09$5.10+0.2%$8.5B$8.4B−0.6%
2024-02-06$4.45$4.14−7.0%$8.1B$8.5B+5.5%
2023-11-02$4.68$4.59−1.9%$8.2B$8.4B+2.7%
2023-08-03$5.29$5.05−4.5%$8.4B$8.6B+3.2%
2023-05-02$4.75$5.55+16.8%$8.1B$8.5B+4.3%
2023-02-06$4.50$4.43−1.6%$7.3B$7.8B+6.6%
2022-11-03$4.85$2.82−41.9%$6.6B$7.3B+11.5%
2022-08-02$4.35$4.94+13.6%$6.5B$6.6B+1.6%
2022-05-03$3.55$4.04+13.8%$6.0B$6.4B+6.0%
2022-02-03$3.15$2.73−13.3%$5.8B$5.8B+1.0%
2021-11-02$3.91$3.69−5.6%$6.0B$6.0B−0.2%
2021-08-03$4.05$4.10+1.2%$6.0B$6.1B+1.8%
2021-05-04$3.47$4.04+16.4%$5.4B$6.1B+13.3%
2021-02-04$2.80$3.36+20.0%$4.7B$5.8B+25.0%
2020-10-27$2.43$3.57+46.9%$861.7M$5.1B+493.9%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.206-150.906-220.706-290.807-060.807-130.707-201.107-271.408-030.508-100.808-170.808-241.108-31
Week ofNotionalSharesTrades
2026-08-31$1.1B1,933,52474,854
2026-08-24$755.0M1,318,62859,342
2026-08-17$755.3M1,240,00760,650
2026-08-10$493.4M774,38644,827
2026-08-03$1.4B2,262,25376,538
2026-07-27$1.1B1,795,60162,860

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1555.2%
DateShort shareShort volumeTotal volume
2026-10-1555.2%255,760463,093
2026-10-1453.4%316,539592,525
2026-10-1358.8%250,577426,363
2026-10-1250.7%171,884338,701
2026-10-0943.9%184,653421,006
2026-10-0862.9%299,888476,602
2026-10-0761.1%286,535469,108
2026-10-0635.5%109,314308,049
2026-10-0542.3%150,482355,835
2026-10-0255.9%241,390431,795
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.1Jan+2.7Feb+1.7Mar+5.7Apr-0.1May+0.8Jun+5.5Jul-0.1Aug-0.4Sep+0.9Oct+2.6Nov+1.3Dec
MonthAvg returnUp yearsYears
Jan+0.1%55%20
Feb+2.7%60%20
Mar+1.7%52%21
Apr+5.7%60%20
May−0.1%50%20
Jun+0.8%55%20
Jul+5.5%65%20
Aug−0.1%55%20
Sep−0.4%60%20
Oct+0.9%55%20
Nov+2.6%65%20
Dec+1.3%45%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1447.1
MFI47.4
ADX41.8
Stochastic %K / %D68.4 / 65.5
Williams %R-27.9
CCI138
TSI / signal-16.3 / -25.8
Chaikin money flow0.21
ATR$13.73
Bollinger width4.3%
Volume vs 20-day avg0.85x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$524.98 (+1.2%)
SMA 50$557.25 (−4.7%)
SMA 200$603.56 (−12.0%)
EMA 21$531.09 (+0.0%)
EMA 50$556.32 (−4.5%)
EMA 200$572.22 (−7.1%)
Bollinger upper$536.31 (−0.9%)
Bollinger lower$513.66 (+3.4%)
Parabolic SAR$512.17 (+3.7%)
Open the live chart, 110+ indicators

About Cummins Inc.

Cummins Inc. is a global innovator in power solutions, responsible for the design, manufacturing, distribution, and maintenance of a broad array of diesel and natural gas engines, alongside cutting-edge electric and hybrid powertrains, and associated components. Its operations are strategically divided into five segments: Engine, Distribution, Components, Power Systems, and New Power. The company's extensive engine portfolio, available under the Cummins brand and others, powers a vast range of heavy and medium-duty applications, including commercial trucks, buses, recreational vehicles, light-duty automobiles, construction and mining equipment, marine vessels, railway systems, oil and gas operations, defense, and agriculture. Complementing these engines, Cummins provides both new and remanufactured parts and comprehensive servicing. Beyond its core engine offerings, Cummins delivers sophisticated power generation systems, high-horsepower engines, and specialized application engineering. It also offers custom-designed assemblies, retail and wholesale aftermarket components, and expert repair services conducted both in-shop and on-site. The company's technological scope extends to emission control solutions, turbochargers, a variety of filtration systems (for air, fuel, lubricants, and hydraulics), coolants, fuel additives, and advanced electronic control modules, sensors, and supporting software. Fuel systems, both new and reconditioned, are also a key part of their product line, as are automated transmissions. For electrical power generation, Cummins provides standby and primary power generators, complete with controls, paralleling systems, and transfer switches, featuring products like Stamford and AVK A/C alternators. Embracing future energy demands, the company is a frontrunner in electrified power systems, encompassing battery technologies, fuel cells, and hydrogen production. This includes a robust offering of filtration, aftertreatment, control, air handling systems, automated transmissions, electric power generation, and battery solutions. Cummins distributes its diverse product range to original equipment manufacturers, an extensive network of distributors and dealers, and various other clientele worldwide. Founded in 1919 as the Cummins Engine Company, the enterprise adopted its current name, Cummins Inc., in 2001 and maintains its headquarters in Columbus, Indiana.

https://www.cummins.com

Key executives

NameTitlePayBorn
Jennifer W. RumseyChief Executive Officer & Chairman of the Board$8.6M1974
Mark A. SmithChief Financial Officer & Vice President$3.2M1968
Marvin BoakyeVice President & Chief Human Resources Officer$2.8M1974
Jennifer Mary BushVice President & President of Power Systems Business$1.9M1974
Bonnie Jean FetchExecutive Vice President & President of Operations$1.5M1971
Amy Rochelle DavisVice President & President of Accelera by Cummins and Components$1.5M1970
James HopkinsVice President of Financial Planning, Capital Management & Investor Relation——
Jonathan WoodVice President & Chief Technical Officer—1971

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
J. W. Rumsey, Chair and Chief Executive Officer2025$1.5M$6.4M$7.0M$19.9M
M. A. Smith, Vice President and Chief Financial Officer2025$896,500$2.2M$2.3M$7.6M
A.R. Davis, Vice President and President – Accelera and Components2025$741,500$2.7M$667,350$6.4M
J. M. Bush Vice President and President – Power Systems2025$679,250$2.5M$1.2M$5.8M
B. J. Fetch Executive Vice President and President – Operations2025$642,292$2.5M$844,117$4.5M

Employees

63k201862k201958k202060k202174k202276k202370k202467k2025

Dividends

Ex-dateAmountPaid
2026-11-20$2.22026-12-03
2026-08-21$2.22026-09-03
2026-05-22$22026-06-04
2026-02-20$22026-03-05
2025-11-21$22025-12-04
2025-08-22$22025-09-04
2025-05-23$1.822025-06-05
2025-02-21$1.822025-03-06

Moat model

Weak · Cost Advantage · 2026-06-30
Cost advantage71
Intangibles49
Switching costs36
Network effect35
Efficient scale71
Our component scores (0-100) and overall 51.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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