CNH Industrial vs Toro
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KIRA’s take AI analyst
I put CNH Industrial and Toro side by side, using each one’s latest annual report. Here is what stands out:
- CNH Industrial is the larger business, with $18.1B of revenue in fiscal 2025 against $4.5B for Toro, about 4.0 times as much.
- Toro grew revenue faster (−1.6%, against −8.8%).
- Toro earned a higher return on the capital invested in it (15.9%, against 4.6%).
- Investors pay more for each dollar of CNH Industrial’s earnings: a P/E of 45.0x against 28.1x for Toro.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
CNH Industrial
CNH
0/8
Toro
TTC
8/8
Revenue growth5-year growthGross marginNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | CNH FY25 | TTC FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $10.1B |
| Revenue | $18.1B | $4.5B |
| Free cash flow | — | $578M |
| Net income | $510M | $316M |
| Growth | ||
| Revenue growth | −8.8% | −1.6% |
| 5-year growth | 4.1% | 6.0% |
| Share count change | −0.7% | −4.4% |
| Profitability | ||
| Gross margin | 31.5% | 33.4% |
| Operating margin | — | 9.1% |
| Net margin | 2.8% | 7.0% |
| FCF margin | — | 12.8% |
| Return on capital | 4.6% | 15.9% |
| Return on equity | 6.6% | 21.0% |
| Balance sheet | ||
| Net debt | $24.2B | $581M |
| Net debt / EBITDA | 9.6x | 1.1x |
| Dividends and buybacks | $333M | $441M |
| Valuation & quality | ||
| P/E | 45.0x | 28.1x |
| Piotroski F-score | — | 6 |
Ten years
Revenue
FY16
CNH $25.1B
TTC $2.4B
FY17
CNH $27.7B
TTC $2.5B
FY18
CNH $29.7B
TTC $2.6B
FY19
CNH $28.1B
TTC $3.1B
FY20
CNH $14.8B
TTC $3.4B
FY21
CNH $19.5B
TTC $4.0B
FY22
CNH $23.6B
TTC $4.5B
FY23
CNH $24.7B
TTC $4.6B
FY24
CNH $19.8B
TTC $4.6B
FY25
CNH $18.1B
TTC $4.5B
CNH
TTC
Operating margin
FY16
CNH 5.8%
TTC 14.0%
FY17
CNH 6.0%
TTC 14.2%
FY18
CNH —
TTC 14.3%
FY19
CNH —
TTC 10.4%
FY20
CNH —
TTC 12.6%
FY21
CNH —
TTC 13.1%
FY22
CNH —
TTC 12.8%
FY23
CNH —
TTC 9.5%
FY24
CNH —
TTC 11.6%
FY25
CNH —
TTC 9.1%
CNH
TTC
Free cash flow
FY16
CNH —
TTC $334M
FY17
CNH —
TTC $302M
FY18
CNH —
TTC $275M
FY19
CNH —
TTC $244M
FY20
CNH —
TTC $461M
FY21
CNH —
TTC $452M
FY22
CNH —
TTC $154M
FY23
CNH —
TTC $157M
FY24
CNH —
TTC $466M
FY25
CNH —
TTC $578M
CNH
TTC
Return on capital
FY16
CNH 4.6%
TTC 34.9%
FY17
CNH 3.4%
TTC 42.5%
FY18
CNH 6.6%
TTC 40.9%
FY19
CNH 7.8%
TTC 26.3%
FY20
CNH 1.6%
TTC 24.4%
FY21
CNH 9.8%
TTC 29.7%
FY22
CNH 10.2%
TTC 25.7%
FY23
CNH 11.2%
TTC 15.8%
FY24
CNH 7.5%
TTC 18.8%
FY25
CNH 4.6%
TTC 15.9%
CNH
TTC
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.