CNH Industrial
CNH NYSE Agricultural & Farm Machinery Financials FY2016–FY2025
CNH Industrial's revenue fell 8.8% to $18.1 billion in fiscal 2025. Its net margin was 2.8%, down from 6.3% a year earlier. It paid out $333 million in dividends and buybacks. The diluted share count fell 0.7%.
About these figures. Debt is CNH's total debt from its balance sheet, which includes the borrowings of its financial services business that funds loans to dealers and customers. CNH reports its capital spending under its own labels, which the SEC's structured data leaves out, so capital spending and free cash flow are left blank.
What CNH Industrial does
CNH makes and sells farm equipment and construction equipment, and finances its customers' purchases. Its farm products include tractors, harvesters, hay and forage equipment, planting equipment and sprayers, sold mainly under the Case IH and New Holland brands. Its construction products include excavators, loaders, graders, dozers and compact machines, sold mainly under the CASE and New Holland Construction brands. Customers include farmers, contractors, rental companies and local governments.
CNH has three segments: Agriculture, Construction and Financial Services. The financial arm lends to buyers of new and used equipment and finances dealers' stock of machines. Sales to farmers depend on things like farm income, government subsidy programs, weather and the price of used equipment. Sales of construction equipment follow building activity and government spending on roads and other projects.
It has operations in 32 countries and sells in about 166. It competes with large full-line makers, makers that specialize in one product, regional makers, and low-cost local makers in emerging markets. CNH says it is investing in precision farming technology, such as satellite positioning, automation and machine vision, and it bought Raven, Hemisphere GNSS and Augmenta to build that. The company says the farm equipment industry is in a cyclical downturn, especially for large farms in the Americas.
- Legal name
- CNH INDUSTRIAL N.V.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001567094-26-000006
0001567094
Revenue and margins
CNH Industrial had $18.1B of revenue in fiscal 2025, down 8.8% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
CNH Industrial returned $333M to shareholders in fiscal 2025. The diluted share count fell 0.7%.
Value CNH Industrial yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$24.2B and divides by 1,251.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 46.0x · peers 23.9x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably CNH Industrial can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $5.0B | $4.4B | $4.3B | $3.2B | $2.6B |
| Debt incl. finance leases | $20.9B | $23.0B | $27.3B | $26.9B | $26.8B |
| Net debt / EBITDA | 5.7x | 5.0x | 5.2x | 6.8x | 9.6x |
| Debt / equity | 3.1x | 3.3x | 3.4x | 3.5x | 3.4x |
| Interest coverage | 4.5x | 4.7x | 3.0x | 1.9x | 1.4x |
| Total assets | $49.4B | $39.4B | $46.3B | $42.9B | $42.7B |
| Total liabilities | $42.6B | $32.4B | $38.1B | $35.2B | $34.9B |
| Shareholders' equity | $6.8B | $6.9B | $8.1B | $7.7B | $7.8B |
| Net debt (− = net cash) | $15.9B | $18.6B | $23.0B | $23.7B | $24.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.7M
3 insiders
Sold, 12 months
$0.5M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 4, 2026 | Francesco Vincenzo Maria TutinoChief Human Resources Officer | Sold | 48,385 | $10.13 | $0.5M | Form 4 |
| Nov 18, 2025 | Suzanne HeywoodDirector | Bought | 52,522 | $9.52 | $0.5M | Form 4 |
| Nov 12, 2025 | Howard W. BuffettDirector | Bought | 4,100 | $10.29 | $0.0M | Form 4 |
| Nov 11, 2025 | Howard W. BuffettDirector | Bought | 6,000 | $9.68 | $0.1M | Form 4 |
| Nov 11, 2025 | Vagn O SorensenDirector | Bought | 10,385 | $9.62 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | 3.2% | −1.6% | −4.7% |
| Altman Z'' | — | — | — |
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 | |
|---|---|---|---|---|---|---|---|---|
| CNH Industrial CNH | $14.3B | −8.8% | — | — | 4.6% | 46.0x | — | |
| AGCO AGCO | $7.6B | −13.6% | 5.9% | 7.3% | 10.4% | 14.7x | 8 | Compare → |
| Deere DE | $174.9B | −11.7% | — | 13.4% | — | 35.9x | — | Compare → |
| Toro TTC | $10.1B | −1.6% | 9.1% | 12.8% | 15.9% | 28.1x | 6 | Compare → |
| Lindsay LNN | $1.1B | −6.0% | 10.5% | 5.5% | 11.9% | — | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $25.1B | $27.7B | $29.7B | $28.1B | $14.8B | $19.5B | $23.6B | $24.7B | $19.8B | $18.1B |
| Gross profit | $5.7B | $6.1B | $6.7B | $6.2B | $3.6B | $5.4B | $6.8B | $7.8B | $6.5B | $5.7B |
| Research and development | $860M | $957M | $1.1B | $1.0B | $493M | $642M | $866M | $1.0B | $924M | $1.0B |
| Operating income | $1.5B | $1.7B | — | — | — | — | — | — | — | — |
| Interest expense | $1.0B | $940M | $812M | $798M | $660M | $549M | $734M | $1.3B | $1.6B | $1.5B |
| Pretax income | −$22.0M | $659M | $1.5B | $1.2B | −$179M | $1.9B | $2.7B | $2.7B | $1.5B | $620M |
| Income tax | $297M | $457M | $417M | −$271M | $85.0M | $229M | $747M | $594M | $336M | $184M |
| Net income | −$264M | $272M | $1.1B | $1.4B | −$493M | $1.7B | $2.0B | $2.3B | $1.2B | $510M |
| Diluted EPS | −$0.19 | $0.20 | $0.78 | $1.05 | −$0.36 | $1.27 | $1.49 | $1.69 | $0.99 | $0.41 |
| Diluted shares | 1.36B | 1.37B | 1.36B | 1.35B | 1.35B | 1.36B | 1.36B | 1.35B | 1.26B | 1.25B |
| Cash flow | ||||||||||
| Cash from operations | $2.8B | $2.9B | $2.6B | $1.8B | $5.5B | $4.1B | $557M | $907M | $2.0B | $2.5B |
| Depreciation and amortization | $716M | $725M | $703M | $660M | $299M | $295M | $328M | $377M | $417M | $432M |
| Stock-based compensation | $3.0M | $19.0M | $35.0M | $33.0M | $30.0M | $90.0M | $87.0M | $99.0M | $71.0M | $45.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $207M | $168M | $243M | $283M | $8.0M | $188M | $423M | $538M | $607M | $333M |
| Dividends and buybacks | $207M | $168M | $243M | $283M | $8.0M | $188M | $423M | $538M | $607M | $333M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $5.0B | $5.4B | $5.0B | $4.9B | $8.8B | $5.0B | $4.4B | $4.3B | $3.2B | $2.6B |
| Total debt | $25.3B | $25.9B | $24.4B | $24.9B | $26.1B | $20.9B | $23.0B | $27.3B | $26.9B | $26.8B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $5.6B | $6.5B | $6.7B | $7.1B | $6.0B | $4.2B | $4.8B | $5.5B | $4.8B | $4.7B |
| Property and equipment, net | $6.4B | $6.8B | $5.9B | $5.3B | $4.9B | $1.5B | $1.5B | $1.9B | $1.9B | $2.2B |
| Total assets | $45.5B | $48.3B | $46.1B | $47.4B | $48.7B | $49.4B | $39.4B | $46.3B | $42.9B | $42.7B |
| Total liabilities | $41.1B | $44.0B | $41.0B | $41.2B | $43.7B | $42.6B | $32.4B | $38.1B | $35.2B | $34.9B |
| Shareholders' equity | $4.3B | $4.2B | $5.1B | $6.1B | $5.0B | $6.8B | $6.9B | $8.1B | $7.7B | $7.8B |
| Margins | ||||||||||
| Gross margin | 22.6% | 22.1% | 22.7% | 22.3% | 24.5% | 27.6% | 28.7% | 31.8% | 32.7% | 31.5% |
| Operating margin | 5.8% | 6.0% | — | — | — | — | — | — | — | — |
| EBITDA margin | 8.6% | 8.6% | 10.0% | 9.4% | 5.3% | 14.3% | 15.9% | 17.9% | 17.5% | 13.9% |
| Net margin | −1.1% | 1.0% | 3.6% | 5.1% | −3.3% | 8.8% | 8.6% | 9.2% | 6.3% | 2.8% |
| Returns | ||||||||||
| Return on capital | 4.6% | 3.4% | 6.6% | 7.8% | 1.6% | 9.8% | 10.2% | 11.2% | 7.5% | 4.6% |
| Return on equity | −5.8% | 6.4% | 23.0% | 25.4% | −8.9% | 29.2% | 29.5% | 30.3% | 15.8% | 6.6% |
| Return on assets | −0.6% | 0.6% | 2.3% | 3.0% | −1.0% | 3.5% | 4.6% | 5.3% | 2.8% | 1.2% |
| Growth | ||||||||||
| Revenue growth | −3.2% | 10.4% | 7.2% | −5.5% | −47.4% | 31.9% | 20.8% | 4.8% | −19.7% | −8.8% |
| Net income growth | −204.4% | — | 292.7% | 33.2% | −134.7% | — | 17.8% | 12.1% | −45.2% | −59.1% |
| EPS growth | −200.0% | — | 290.0% | 34.6% | −134.3% | — | 17.3% | 13.4% | −41.4% | −58.6% |
| Share count change | −0.1% | 0.4% | −0.4% | −0.5% | −0.2% | 0.7% | 0.1% | −0.9% | −6.7% | −0.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 9.4x | 8.6x | 6.5x | 7.6x | 22.1x | 5.7x | 5.0x | 5.2x | 6.8x | 9.6x |
| Debt / equity | 5.9x | 6.1x | 4.8x | 4.1x | 5.2x | 3.1x | 3.3x | 3.4x | 3.5x | 3.4x |
| Interest coverage | 1.4x | 1.8x | 2.8x | 2.5x | 0.7x | 4.5x | 4.7x | 3.0x | 1.9x | 1.4x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.0% | 0.1% | 0.1% | 0.1% | 0.2% | 0.5% | 0.4% | 0.4% | 0.4% | 0.3% |
| Quality scores | ||||||||||
| Accruals ratio | −6.6% | −5.5% | −3.2% | −0.9% | −12.5% | −4.8% | 3.3% | 3.2% | −1.6% | −4.7% |
Source: SEC EDGAR XBRL filings (CIK 0001567094). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.