Cummins vs Wabtec
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The short version
- Cummins is the larger business, with $33.7B of revenue in fiscal 2025 against $11.2B for Wabtec, about 3.0 times as much.
- Wabtec grew revenue faster (7.5%, against −1.3%).
- Wabtec kept more of each dollar of sales as operating profit (16.1% operating margin, against 12.0%).
- Wabtec turned more of its sales into free cash flow (13.4% FCF margin, against 7.1%).
- Cummins earned a higher return on the capital invested in it (18.3%, against 9.1%).
- Investors pay more for each dollar of Wabtec’s earnings: a P/E of 33.8x against 26.4x for Cummins.
| Latest fiscal year | CMI · FY25 | WAB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $71.7B | $46.0B |
| Revenue | $33.7B | $11.2B |
| Free cash flow | $2.4B | $1.5B |
| Net income | $3.0B | $1.2B |
| Growth | ||
| Revenue growth | −1.3% | 7.5% |
| 5-year growth | 11.2% | 8.1% |
| Share count change | −0.3% | −2.1% |
| Profitability | ||
| Gross margin | 25.3% | 34.1% |
| Operating margin | 12.0% | 16.1% |
| Net margin | 8.8% | 10.5% |
| FCF margin | 7.1% | 13.4% |
| Return on capital | 18.3% | 9.1% |
| Return on equity | 26.2% | 11.0% |
| Balance sheet | ||
| Net debt | $3.6B | $4.8B |
| Net debt / EBITDA | 0.7x | 2.1x |
| Dividends and buybacks | $1.1B | $396M |
| Valuation & quality | ||
| P/E | 26.4x | 33.8x |
| Piotroski F-score | 7 | 7 |
FY16
CMI $17.5B
WAB $2.9B
FY17
CMI $20.4B
WAB $3.9B
FY18
CMI $23.8B
WAB $4.4B
FY19
CMI $23.6B
WAB $8.2B
FY20
CMI $19.8B
WAB $7.6B
FY21
CMI $24.0B
WAB $7.8B
FY22
CMI $28.1B
WAB $8.4B
FY23
CMI $34.1B
WAB $9.7B
FY24
CMI $34.1B
WAB $10.4B
FY25
CMI $33.7B
WAB $11.2B
CMI
WAB
FY16
CMI 10.7%
WAB 15.6%
FY17
CMI 11.4%
WAB 10.9%
FY18
CMI 11.7%
WAB 10.9%
FY19
CMI 11.5%
WAB 8.1%
FY20
CMI 11.5%
WAB 9.9%
FY21
CMI 11.3%
WAB 11.2%
FY22
CMI 10.4%
WAB 12.1%
FY23
CMI 5.2%
WAB 13.1%
FY24
CMI 11.0%
WAB 15.5%
FY25
CMI 12.0%
WAB 16.1%
CMI
WAB
FY16
CMI $1.4B
WAB $400M
FY17
CMI $1.8B
WAB $99.3M
FY18
CMI $1.7B
WAB $221M
FY19
CMI $2.5B
WAB $830M
FY20
CMI $2.2B
WAB $648M
FY21
CMI $1.5B
WAB $943M
FY22
CMI $1.0B
WAB $889M
FY23
CMI $2.8B
WAB $1.0B
FY24
CMI $279M
WAB $1.6B
FY25
CMI $2.4B
WAB $1.5B
CMI
WAB
FY16
CMI 18.7%
WAB 10.4%
FY17
CMI 14.5%
WAB 7.0%
FY18
CMI 25.0%
WAB 7.1%
FY19
CMI 23.5%
WAB 4.9%
FY20
CMI 19.5%
WAB 4.0%
FY21
CMI 22.8%
WAB 4.9%
FY22
CMI 18.3%
WAB 5.5%
FY23
CMI 6.4%
WAB 6.9%
FY24
CMI 21.2%
WAB 8.9%
FY25
CMI 18.3%
WAB 9.1%
CMI
WAB
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.