Cummins vs GE Vernova
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The short version
- GE Vernova is the larger business, with $38.1B of revenue in fiscal 2025 against $33.7B for Cummins.
- GE Vernova grew revenue faster (9.0%, against −1.3%).
- Cummins kept more of each dollar of sales as operating profit (12.0% operating margin, against 3.7%).
- GE Vernova turned more of its sales into free cash flow (9.8% FCF margin, against 7.1%).
- Investors pay more for each dollar of Cummins’s earnings: a P/E of 26.4x against 23.4x for GE Vernova.
| Latest fiscal year | CMI · FY25 | GEV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $71.7B | $220.1B |
| Revenue | $33.7B | $38.1B |
| Free cash flow | $2.4B | $3.7B |
| Net income | $3.0B | $4.9B |
| Growth | ||
| Revenue growth | −1.3% | 9.0% |
| 5-year growth | 11.2% | — |
| Share count change | −0.3% | −0.7% |
| Profitability | ||
| Gross margin | 25.3% | 19.8% |
| Operating margin | 12.0% | 3.7% |
| Net margin | 8.8% | 12.8% |
| FCF margin | 7.1% | 9.8% |
| Return on capital | 18.3% | — |
| Return on equity | 26.2% | 47.1% |
| Balance sheet | ||
| Net debt | $3.6B | −$8.5B |
| Net debt / EBITDA | 0.7x | −3.8x |
| Dividends and buybacks | $1.1B | $3.6B |
| Valuation & quality | ||
| P/E | 26.4x | 23.4x |
| Piotroski F-score | 7 | 7 |
Revenue
FY16
CMI $17.5B
GEV —
FY17
CMI $20.4B
GEV —
FY18
CMI $23.8B
GEV —
FY19
CMI $23.6B
GEV —
FY20
CMI $19.8B
GEV —
FY21
CMI $24.0B
GEV —
FY22
CMI $28.1B
GEV $29.7B
FY23
CMI $34.1B
GEV $33.2B
FY24
CMI $34.1B
GEV $34.9B
FY25
CMI $33.7B
GEV $38.1B
CMI
GEV
Operating margin
FY16
CMI 10.7%
GEV —
FY17
CMI 11.4%
GEV —
FY18
CMI 11.7%
GEV —
FY19
CMI 11.5%
GEV —
FY20
CMI 11.5%
GEV —
FY21
CMI 11.3%
GEV —
FY22
CMI 10.4%
GEV −9.7%
FY23
CMI 5.2%
GEV −2.8%
FY24
CMI 11.0%
GEV 1.4%
FY25
CMI 12.0%
GEV 3.7%
CMI
GEV
Free cash flow
FY16
CMI $1.4B
GEV —
FY17
CMI $1.8B
GEV —
FY18
CMI $1.7B
GEV —
FY19
CMI $2.5B
GEV —
FY20
CMI $2.2B
GEV —
FY21
CMI $1.5B
GEV —
FY22
CMI $1.0B
GEV −$627M
FY23
CMI $2.8B
GEV $442M
FY24
CMI $279M
GEV $1.7B
FY25
CMI $2.4B
GEV $3.7B
CMI
GEV
Return on capital
FY16
CMI 18.7%
GEV —
FY17
CMI 14.5%
GEV —
FY18
CMI 25.0%
GEV —
FY19
CMI 23.5%
GEV —
FY20
CMI 19.5%
GEV —
FY21
CMI 22.8%
GEV —
FY22
CMI 18.3%
GEV —
FY23
CMI 6.4%
GEV —
FY24
CMI 21.2%
GEV 5.9%
FY25
CMI 18.3%
GEV —
CMI
GEV
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.