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Makes Case IH and New Holland agricultural equipment plus Case construction machinery.
Makes Case IH and New Holland agricultural equipment plus Case construction machinery.
Sells machinery to farmers and contractors through independent dealers, and earns interest and fees through its captive finance arm, which lends to those buyers. Agriculture is the larger business and the profit centre. It spun off truck-and-bus maker Iveco in 2022 to become a pure machinery company; the Agnelli family's holding company Exor controls it.
Moat: narrow (brand, distribution). Established multi-brand dealer network, but scale trails market leader Deere.
Headquarters: Basildon, United Kingdom · Founded: 2013 · Employees: 34,197
Size CNH Industrial (CNH) is a United States Industrials company (Trucks/Construction/Farm Machinery) with a market value of $14.3B, the 619th largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.56 on 6 Nov 2026.
Performance Over six months the shares gained 5.5%, against -12.1% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 0.6% over the last twelve months (peer median +9.0%); the operating margin is 13.3% (peer median 13.1%).
Valuation It trades at 21.1× forward earnings against a peer median of 14.6× (7th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is -7%, so the hurdle is +14 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 1.4 points below its cost of capital (7.4% WACC).
Backlog Backlog (remaining performance obligations) was $141M at 30 Jun 2026, up 52% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit CNH Industrial has 9 bonds outstanding ($4.80B), rated BBB by the agencies and trading like BBB at a weighted spread of 86 bp.
Short interest Short interest is 3.9% of the free float (15 Oct 2026).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $18.2B | $18.1B | $19.8B | $24.7B | $23.6B |
| Revenue growth | — | -9% | -20% | +5% | — |
| Gross profit | $5.48B | $5.69B | $6.51B | $7.89B | $6.97B |
| EBITDA | $3.08B | $3.42B | $4.48B | $5.55B | $4.89B |
| Net income | $311M | $510M | $1.25B | $2.27B | $2.03B |
| Free cash flow | $611M | $1.34B | $782M | -$288M | -$442M |
| Capital expenditure | $1.17B | $1.20B | $1.19B | $1.20B | $999M |
| Total debt | $26.3B | $27.0B | $27.2B | $27.6B | $23.2B |
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 |
|---|---|---|---|---|---|---|
| CNH Industrial CNH | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% |
| Deere & DE | $181B | +17% | +8% | 20% | 32.0× | 16.2% |
| AGCO AGCO | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Kubota 6326.T | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CNH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.7% | -7.1% | 9th highest of 21 |
| 6-month return | +5.5% | -12.1% | 4th highest of 21 |
| Distance from 52-week high | -20.1% | -30.9% | 6th highest of 21 |
| Revenue growth (TTM) | +0.6% | +9.0% | 3rd lowest of 21 |
| Operating margin | 13.3% | 13.1% | 10th highest of 21 |
| Forward P/E | 21.1× | 14.6× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.4% | -1.1% | 7th most demanding of 18 |
| Growth delivered (Del g) | -7.0% | +8.5% | lowest of 18 |
| Hurdle (Req g minus delivered) | +14.4 pp | -2.7 pp | most demanding of 18 |
| ROIC minus cost of capital | -1.4 pp | +9.5 pp | 5th lowest of 20 |
| EV / EBITDA | 12.4× | 11.2× | 5th most expensive of 13 |
| Net debt / EBITDA | 7.7× | 0.9× | most indebted of 13 |
| Bond spread | 86 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CNH Industrial CNH | United States | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% | -7.0% |
| Yangzijiang Shipbuilding (Holdings) BS6.SI | Singapore | $13.5B | +11% | +26% | 32% | 8.2× | -10.1% | +11.8% |
| Metso METSO.HE | Finland | $15.8B | +14% | +8% | 15% | 23.6× | 15.3% | +9.6% |
| XCMG Construction Machinery 000425.SZ | China | $12.6B | -28% | +8% | 8% | 11.0× | -3.2% | +6.4% |
| Hdksoe 009540.KS | South Korea | $12.5B | -48% | +23% | 23% | 4.4× | n/a | n/a |
| Sinotruk Hong Kong 3808.HK | Hong Kong | $12.3B | -12% | +38% | 7% | 9.4× | -3.2% | +1.5% |
| Wartsila Oyj Abp WRT1V.HE | Finland | $17.1B | -25% | -2% | 13% | 23.5× | 7.2% | +8.5% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Ashok Leyland ASHOKLEY.NS | India | $10.7B | +1% | +16% | 17% | 24.8× | n/a | n/a |
| Hanwha Ocean 042660.KS | South Korea | $10.7B | -64% | +18% | 13% | 8.7× | -12.4% | +13.2% |
| SamsungHvyInd 010140.KS | South Korea | $10.2B | -50% | +30% | 27% | 13.3× | -20.3% | +11.4% |
| Hd Hyundai Heavy Industries 329180.KS | South Korea | $20.3B | -62% | +41% | 15% | 9.5× | -7.0% | +16.2% |
| Toro TTC | United States | $9.92B | +10% | +5% | 11% | 21.2× | 5.6% | +6.0% |
| Doosan Enerbility 034020.KS | South Korea | $21.1B | -65% | +9% | 5% | 82.3× | 22.7% | +13.2% |
| Sany Heavy Industry 6031.HK | Hong Kong | $24.2B | -27% | +25% | 11% | 12.9× | -1.1% | -2.9% |
| Weir WEIR.L | United Kingdom | $8.18B | -3% | +6% | 18% | 18.1× | 19.3% | +5.5% |
| Mazagon Dock Shipbuilders MAZDOCK.NS | India | $7.87B | -31% | +8% | 15% | 30.5× | n/a | n/a |
| CRRC 1766.HK | Hong Kong | $26.4B | +4% | +7% | 6% | 9.2× | -2.4% | +3.1% |
| AGCO AGCO | United States | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% | +2.0% |
| Gaztransport & Technigaz GTT.PA | France | $7.50B | -13% | +9% | 64% | 16.1× | -3.1% | +15.2% |
| Konecranes KCR.HE | Finland | $7.47B | +5% | -1% | 13% | 15.9× | 9.1% | +5.7% |
CNH Industrial has 9 bonds outstanding with $4.80B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.33%, a spread of 86 bp over government bonds.
CNH Industrial reported $141M of remaining performance obligations at 30 Jun 2026, up 52% from a year earlier and up 10% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.