Cummins vs Paccar
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The short version
- Cummins is the larger business, with $33.7B of revenue in fiscal 2025 against $28.4B for Paccar.
- Cummins grew revenue faster (−1.3%, against −15.5%).
- Paccar turned more of its sales into free cash flow (12.9% FCF margin, against 7.1%).
- Investors pay more for each dollar of Cummins’s earnings: a P/E of 26.4x against 22.5x for Paccar.
| Latest fiscal year | CMI · FY25 | PCAR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $71.7B | $56.4B |
| Revenue | $33.7B | $28.4B |
| Free cash flow | $2.4B | $3.7B |
| Net income | $3.0B | $2.4B |
| Growth | ||
| Revenue growth | −1.3% | −15.5% |
| 5-year growth | 11.2% | 8.7% |
| Share count change | −0.3% | 0.0% |
| Profitability | ||
| Gross margin | 25.3% | 20.1% |
| Operating margin | 12.0% | — |
| Net margin | 8.8% | 8.4% |
| FCF margin | 7.1% | 12.9% |
| Return on capital | 18.3% | — |
| Return on equity | 26.2% | 12.9% |
| Balance sheet | ||
| Net debt | $3.6B | — |
| Net debt / EBITDA | 0.7x | — |
| Dividends and buybacks | $1.1B | $2.3B |
| Valuation & quality | ||
| P/E | 26.4x | 22.5x |
| Piotroski F-score | 7 | — |
Revenue
FY16
CMI $17.5B
PCAR $17.0B
FY17
CMI $20.4B
PCAR $19.5B
FY18
CMI $23.8B
PCAR $23.5B
FY19
CMI $23.6B
PCAR $25.6B
FY20
CMI $19.8B
PCAR $18.7B
FY21
CMI $24.0B
PCAR $23.5B
FY22
CMI $28.1B
PCAR $28.8B
FY23
CMI $34.1B
PCAR $35.1B
FY24
CMI $34.1B
PCAR $33.7B
FY25
CMI $33.7B
PCAR $28.4B
CMI
PCAR
Operating margin
FY16
CMI 10.7%
PCAR —
FY17
CMI 11.4%
PCAR —
FY18
CMI 11.7%
PCAR —
FY19
CMI 11.5%
PCAR —
FY20
CMI 11.5%
PCAR —
FY21
CMI 11.3%
PCAR —
FY22
CMI 10.4%
PCAR —
FY23
CMI 5.2%
PCAR —
FY24
CMI 11.0%
PCAR —
FY25
CMI 12.0%
PCAR —
CMI
PCAR
Free cash flow
FY16
CMI $1.4B
PCAR $1.9B
FY17
CMI $1.8B
PCAR $2.3B
FY18
CMI $1.7B
PCAR $2.5B
FY19
CMI $2.5B
PCAR $2.3B
FY20
CMI $2.2B
PCAR $2.4B
FY21
CMI $1.5B
PCAR $1.6B
FY22
CMI $1.0B
PCAR $2.5B
FY23
CMI $2.8B
PCAR $3.5B
FY24
CMI $279M
PCAR $3.8B
FY25
CMI $2.4B
PCAR $3.7B
CMI
PCAR
Return on capital
FY16
CMI 18.7%
PCAR —
FY17
CMI 14.5%
PCAR —
FY18
CMI 25.0%
PCAR —
FY19
CMI 23.5%
PCAR —
FY20
CMI 19.5%
PCAR —
FY21
CMI 22.8%
PCAR —
FY22
CMI 18.3%
PCAR —
FY23
CMI 6.4%
PCAR —
FY24
CMI 21.2%
PCAR —
FY25
CMI 18.3%
PCAR —
CMI
PCAR
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.