Loading…
Designs and manufactures diesel and natural-gas engines and powertrains for trucks, equipment and power generation, expanding into hydrogen/electric.
Designs and manufactures diesel and natural-gas engines and powertrains for trucks, equipment and power generation, expanding into hydrogen/electric.
Sells engines to truck and equipment makers, then earns repeat income from replacement parts, filtration and service through its distributor network, so the installed base matters. It bought axle and brake maker Meritor in 2022. Power-generation units sell into backup and data-center power, and it runs joint ventures in China and India.
Moat: narrow (scale, brand, installed base). Decades of engine-reliability reputation and a large parts/service network support fleet-operator loyalty.
Headquarters: Columbus, Indiana, US · Founded: 1919 · Employees: 67,400
Size Cummins (CMI) is a United States Industrials company (Auto Parts: OEM) with a market value of $62.0B, the 214th largest of 3,117 United States companies the cockpit tracks. Shares closed at $450.07 on 6 Nov 2026.
Performance Over six months the shares fell 33.6%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 2.9% over the last twelve months (peer median +9.1%); the operating margin is 11.4% (peer median 17.8%).
Valuation It trades at 13.8× forward earnings against a peer median of 22.9× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 5.8 points above its cost of capital (10.5% WACC).
Backlog Backlog (remaining performance obligations) was $6.30B at 31 Dec 2025, up 17% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit Cummins has 11 bonds outstanding ($6.67B), rated A by the agencies and trading like AA at a weighted spread of 58 bp.
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $34.7B | $33.7B | $34.1B | $34.0B | $28.1B |
| Revenue growth | — | -1% | 0% | +21% | — |
| Gross profit | $8.72B | $8.41B | $8.31B | $8.10B | $6.65B |
| EBITDA | $5.09B | $5.00B | $4.63B | $4.29B | $3.47B |
| Net income | $2.71B | $2.84B | $3.95B | $735M | $2.15B |
| Free cash flow | $3.37B | $2.39B | $279M | $2.75B | $1.05B |
| Capital expenditure | $1.28B | $1.24B | $1.21B | $1.21B | $916M |
| Total debt | $8.29B | $8.11B | $7.60B | $7.21B | $8.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cummins CMI | $62.0B | -34% | +3% | 11% | 13.8× | 11.6% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Paccar PCAR | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% |
| Daimler Truck DTG.DE | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% |
| Volvo VOLV-A.ST | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CMI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.5% | +3.0% | 4th lowest of 21 |
| 6-month return | -33.6% | -1.0% | 2nd lowest of 20 |
| Distance from 52-week high | -39.0% | -13.7% | 4th lowest of 21 |
| Revenue growth (TTM) | +2.9% | +9.1% | 3rd lowest of 20 |
| Operating margin | 11.4% | 17.8% | 6th lowest of 21 |
| Forward P/E | 13.8× | 22.9× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 11.6% | 11.5% | 10th least demanding of 19 |
| Growth delivered (Del g) | +11.2% | +8.4% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | +0.4 pp | +4.2 pp | 5th least demanding of 19 |
| ROIC minus cost of capital | +5.8 pp | +2.9 pp | 8th highest of 21 |
| EV / EBITDA | 13.2× | 17.7× | 5th cheapest of 21 |
| Net debt / EBITDA | 0.9× | 2.0× | 5th least indebted of 21 |
| Bond spread | 58 bp | 77 bp | 3rd tightest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cummins CMI | United States | $62.0B | -34% | +3% | 11% | 13.8× | 11.6% | +11.2% |
| Fastenal FAST | United States | $60.8B | +20% | +14% | 21% | 38.3× | 14.2% | +7.7% |
| United Rentals URI | United States | $65.4B | +13% | +9% | 26% | 17.8× | 19.7% | +13.5% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
| Delta Air Lines DAL | United States | $57.4B | +19% | +14% | 7% | 13.4× | 9.9% | +30.0% |
| W. W. Grainger GWW | United States | $67.9B | +17% | +9% | 17% | 28.2× | 11.9% | +8.7% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |
| Vertiv VRT | United States | $70.4B | -46% | +35% | 21% | 20.0× | 25.4% | +18.5% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| Norfolk Southern NSC | United States | $71.9B | +3% | +6% | 33% | 22.6× | 16.6% | +4.5% |
| FedEx FDX | United States | $72.2B | +1% | +8% | 7% | 15.4× | 8.3% | +2.5% |
| Ametek AME | United States | $52.4B | -1% | +14% | 27% | 24.8× | 18.5% | +10.3% |
| Northrop Grumman NOC | United States | $74.6B | -4% | +7% | 11% | 17.8× | 0.2% | +2.7% |
| Bloom Energy BE | United States | $51.2B | -21% | +111% | 15% | 36.5× | n/a | n/a |
| Republic Services RSG | United States | $75.2B | +24% | +4% | 20% | 31.9× | 6.6% | +10.3% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Illinois Tool Works ITW | United States | $79.8B | +11% | +5% | 27% | 23.4× | 9.7% | +5.0% |
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
| Quanta Services PWR | United States | $81.5B | -27% | +37% | 7% | 26.4× | 24.3% | +20.5% |
| Johnson Controls JCI | United States | $81.8B | -3% | +9% | 16% | 21.3× | 17.8% | +1.6% |
Cummins has 11 bonds outstanding with $6.67B face value. The agencies rate it A; its bonds trade like AA. Weighted yield 5.41%, a spread of 58 bp over government bonds.
Cummins reported $6.30B of remaining performance obligations at 31 Dec 2025, up 17% from a year earlier and up 5% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.03.