Cummins
CMI NYSE· Construction Machinery & Heavy Transportation Equipment
Last close · Oct 26, 2026
$522.13
KIRA · Stoqly’s AI analyst, in plain words
- Cummins had $33.7B of revenue in fiscal 2025, down 1.3% on the year before. Over five years, revenue changed +11.2% a year on average.
- Its operating margin was 12.0%, up 0.9 pts: of every 100 in sales, about 12 is left after running the business.
- Cummins made $3.0B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 10.7% a year.
- Free cash flow was $2.4B in fiscal 2025, 7.1% of revenue.
- Cummins returned $1.1B to shareholders in fiscal 2025, 44% of free cash flow. The diluted share count fell 0.3%.
- Cummins owes $3.6B more than it holds in cash, about 0.7 years of operating profit.
Market cap
$72.3B
P/E
26.7x
Revenue
$33.7B
Net income
$3.0B
Free cash flow
$2.4B
Operating margin
12.0%
Cummins in 30 seconds · fiscal 2025
Are sales growing?
−1.3%
No. Sales fell 1.3% last year.
Does it make a profit?
8.8%
A little. It keeps 8.8% of every sale as profit.
Does profit turn into cash?
7.1%
Partly. 7.1% of sales ends up as free cash.
Is debt under control?
0.7x
Yes. It could repay its debt with 0.7 years of operating profit.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
26.7x
One share costs 26.7 times its yearly profit per share. Typical for its sector: 26.0x.
What Cummins does
Cummins designs, makes, sells and services engines and related power equipment. It was founded in 1919 in Columbus, Indiana as one of the first diesel engine makers. Its products include diesel, natural gas and gasoline engines, power generators, and parts such as turbochargers, fuel systems, transmissions, axles and brakes. It sells to truck and equipment makers, distributors, dealers and other customers worldwide, through about 640 distributor locations and more than 13,000 certified dealer locations in about 190 countries and territories. Cummins has five reportable segments. Measured before intersegment eliminations, the Distribution segment, its main sales and service channel, made up 30% of 2025 net sales. The Engine segment made up 26%, Components 25% and Power Systems 18%. Power Systems makes generators for uses such as data centers and hospitals. The fifth, Accelera, makes battery and electric powertrain technologies and is in the early stages of commercializing them.
Biggest risks, in its own words
- The outcome of the emissions-related regulatory settlements, and the expense and reputational damage that follow.
- Tariffs, trade limits and tougher environmental and climate rules that could reduce demand for its products.
- Truck makers and other large customers moving engine production in-house or facing financial trouble.
- New technologies, such as electric power, that could reduce demand for its current engines.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 10, 2026
- Legal name
- CUMMINS INC.
- CIK
- 0000026172
Cummins · CMI
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $24.0B | $28.1B | $34.1B | $34.1B | $33.7B |
| Revenue growth | 21.3% | 16.9% | 21.3% | 0.1% | −1.3% |
| Gross margin | 23.7% | 23.9% | 24.2% | 24.8% | 25.3% |
| Operating margin | 11.3% | 10.4% | 5.2% | 11.0% | 12.0% |
| Net income | $2.2B | $2.2B | $840M | $4.1B | $3.0B |
| Net margin | 9.0% | 7.8% | 2.5% | 11.9% | 8.8% |
| Diluted EPS | $14.61 | $15.12 | $5.15 | $28.37 | $20.50 |
| Cash | |||||
| Cash from operations | $2.3B | $2.0B | $4.0B | $1.5B | $3.6B |
| Capital expenditure | $734M | $916M | $1.2B | $1.2B | $1.2B |
| Free cash flow | $1.5B | $1.0B | $2.8B | $279M | $2.4B |
| FCF margin | 6.3% | 3.7% | 8.1% | 0.8% | 7.1% |
| Dividends paid | $809M | $855M | $921M | $969M | $1.1B |
| Share buybacks | $1.4B | $374M | $0.0M | $0.0M | $0.0M |
| Share count change | −2.1% | −2.5% | 0.3% | −2.5% | −0.3% |
| Debt and strength | |||||
| Cash and short-term investments | $3.2B | $2.6B | $2.7B | $2.3B | $3.6B |
| Debt incl. finance leases | $4.0B | $7.6B | $6.4B | $6.7B | $7.2B |
| Shareholders' equity | $8.1B | $9.0B | $8.9B | $10.3B | $12.3B |
| Net debt / EBITDA | 0.2x | 1.4x | 1.3x | 0.9x | 0.7x |
| Current ratio | 1.7x | 1.3x | 1.2x | 1.3x | 1.8x |
| Interest coverage | 24.4x | 14.7x | 4.7x | 10.1x | 12.2x |
| Returns and quality | |||||
| Return on capital | 22.8% | 18.3% | 6.4% | 21.2% | 18.3% |
| Return on equity | 26.7% | 25.5% | 9.4% | 42.6% | 26.2% |
| Piotroski F-score | 7 | 5 | 5 | 6 | 7 |
| Altman Z'' | 5.2 | 3.8 | 3.1 | 4.3 | 5.1 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$37.8M
12 insiders
Of sales under plans
26%
$9.6M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cummins · CMI
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Cummins CMI | $72.3B | −1.3% | 12.0% | 7.1% | 18.3% | 26.7x | 7 |
| Paccar PCAR | $55.1B | −15.5% | — | 12.9% | — | 21.9x | — |
| Caterpillar CAT | $320.1B | 4.3% | 16.5% | 13.2% | 18.5% | 29.8x | 6 |
| Wabtec WAB | $46.9B | 7.5% | 16.1% | 13.4% | 9.1% | 34.5x | 7 |
| Oshkosh OSK | $8.4B | −2.9% | 9.0% | 5.9% | 14.8% | 14.8x | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $522.13 a share, the company is worth $72.3B: 26.7 times its earnings of the last four quarters.
Cummins grew sales faster than 2 of its 4 similar companies. Its P/E is higher than 2 of 4.
Source: SEC EDGAR XBRL filings (CIK 0000026172). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.