Cummins vs Oshkosh
Add, change or remove companies; up to four.
The short version
- Cummins is the larger business, with $33.7B of revenue in fiscal 2025 against $10.4B for Oshkosh, about 3.2 times as much.
- Cummins grew revenue faster (−1.3%, against −2.9%).
- Cummins kept more of each dollar of sales as operating profit (12.0% operating margin, against 9.0%).
- Cummins turned more of its sales into free cash flow (7.1% FCF margin, against 5.9%).
- Cummins earned a higher return on the capital invested in it (18.3%, against 14.8%).
- Investors pay more for each dollar of Cummins’s earnings: a P/E of 26.4x against 14.7x for Oshkosh.
| Latest fiscal year | CMI · FY25 | OSK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $71.7B | $8.3B |
| Revenue | $33.7B | $10.4B |
| Free cash flow | $2.4B | $618M |
| Net income | $3.0B | $647M |
| Growth | ||
| Revenue growth | −1.3% | −2.9% |
| 5-year growth | 11.2% | 8.7% |
| Share count change | −0.3% | −1.9% |
| Profitability | ||
| Gross margin | 25.3% | 17.5% |
| Operating margin | 12.0% | 9.0% |
| Net margin | 8.8% | 6.2% |
| FCF margin | 7.1% | 5.9% |
| Return on capital | 18.3% | 14.8% |
| Return on equity | 26.2% | 14.9% |
| Balance sheet | ||
| Net debt | $3.6B | $692M |
| Net debt / EBITDA | 0.7x | 0.6x |
| Dividends and buybacks | $1.1B | $408M |
| Valuation & quality | ||
| P/E | 26.4x | 14.7x |
| Piotroski F-score | 7 | 5 |
FY16
CMI $17.5B
OSK $6.3B
FY17
CMI $20.4B
OSK $6.8B
FY18
CMI $23.8B
OSK $7.7B
FY19
CMI $23.6B
OSK $8.4B
FY20
CMI $19.8B
OSK $6.9B
FY21
CMI $24.0B
OSK $7.7B
FY22
CMI $28.1B
OSK $8.3B
FY23
CMI $34.1B
OSK $9.7B
FY24
CMI $34.1B
OSK $10.7B
FY25
CMI $33.7B
OSK $10.4B
CMI
OSK
FY16
CMI 10.7%
OSK 5.8%
FY17
CMI 11.4%
OSK 6.9%
FY18
CMI 11.7%
OSK 8.5%
FY19
CMI 11.5%
OSK 9.5%
FY20
CMI 11.5%
OSK 7.1%
FY21
CMI 11.3%
OSK 7.7%
FY22
CMI 10.4%
OSK 4.5%
FY23
CMI 5.2%
OSK 8.7%
FY24
CMI 11.0%
OSK 9.4%
FY25
CMI 12.0%
OSK 9.0%
CMI
OSK
FY16
CMI $1.4B
OSK $491M
FY17
CMI $1.8B
OSK $161M
FY18
CMI $1.7B
OSK $341M
FY19
CMI $2.5B
OSK $421M
FY20
CMI $2.2B
OSK $215M
FY21
CMI $1.5B
OSK $1.1B
FY22
CMI $1.0B
OSK $332M
FY23
CMI $2.8B
OSK $274M
FY24
CMI $279M
OSK $269M
FY25
CMI $2.4B
OSK $618M
CMI
OSK
FY16
CMI 18.7%
OSK 9.7%
FY17
CMI 14.5%
OSK 12.5%
FY18
CMI 25.0%
OSK 18.7%
FY19
CMI 23.5%
OSK 21.0%
FY20
CMI 19.5%
OSK 11.7%
FY21
CMI 22.8%
OSK 18.4%
FY22
CMI 18.3%
OSK 8.2%
FY23
CMI 6.4%
OSK 17.6%
FY24
CMI 21.2%
OSK 17.5%
FY25
CMI 18.3%
OSK 14.8%
CMI
OSK
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.