Tearsheet

Cummins (CMI)

Market Price (12/18/2025): $497.73 | Market Cap: $68.7 Bil
Sector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment

Cummins (CMI)

Market Price (12/18/2025): $497.73
Market Cap: $68.7 Bil
Sector: Industrials
Industry: Construction Machinery & Heavy Transportation Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg QQuarterly Revenue Change % is -1.6%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%, CFO LTM is 3.5 Bil, FCF LTM is 2.3 Bil	Key risks CMI key risks include [1] a significant cyclical downturn in its core North American truck markets and [2] legal and reputational exposure from allegations of emissions fraud.
2	Low stock price volatility Vol 12M is 31%
3	Megatrend and thematic drivers Megatrends include Hydrogen Economy, Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Energy Transition & Decarbonization. Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.3%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 10%, CFO LTM is 3.5 Bil, FCF LTM is 2.3 Bil
2	Low stock price volatility Vol 12M is 31%
3	Megatrend and thematic drivers Megatrends include Hydrogen Economy, Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Energy Transition & Decarbonization. Show more.
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.8%, Rev Chg QQuarterly Revenue Change % is -1.6%
5	Key risks CMI key risks include [1] a significant cyclical downturn in its core North American truck markets and [2] legal and reputational exposure from allegations of emissions fraud.

Valuation, Metrics & Events

	12/18/25	2024	2023	2022	2021
Share Price CYE	$497.73	$341.76	$229.49	$225.61	$197.75
Market Cap CYE ($ Bil)	68.7	46.9	32.5	31.9	28.2
Total Debt ($ Bil)	8.2	7.6	7.2	8.4	4.6
Total Cash ($ Bil)	3.2	2.3	2.7	2.6	3.2
Enterprise Value ($ Bil)	73.7	54.5	39.7	40.3	32.8
Valuation Ratios
P/S TTM	1.7	1.4	1.0	1.2	1.3
P/EBIT TTM	14.0	9.1	17.0	11.4	11.0
P/E TTM	21.9	12.2	46.2	15.9	14.8
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	13.9	12.8	12.6	10.0	13.4
P/E TTM (Sector)	17.2	16.6	15.4	12.2	16.5

	12/18/25	2024	2023
Share Price CYE	$497.73	$341.76	$229.49
Market Cap CYE ($ Bil)	68.7	46.9	32.5
Total Debt ($ Bil)	8.2	7.6	7.2
Total Cash ($ Bil)	3.2	2.3	2.7
Enterprise Value ($ Bil)	73.7	54.5	39.7
Valuation Ratios
P/S TTM	1.7	1.4	1.0
P/EBIT TTM	14.0	9.1	17.0
P/E TTM	21.9	12.2	46.2
Sector Ratios
P/S TTM (Sector)	1.7	1.5	1.4
P/EBIT TTM (Sector)	13.9	12.8	12.6
P/E TTM (Sector)	17.2	16.6	15.4

	CMI	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	33.6
Rev Chg Q	-1.6%	7.3%
Rev Chg LTM	-1.8%	6.0%
Rev Chg 3Y Avg	9.4%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	3.8
CFO LTM ($ Bil)	3.5
Net Inc LTM ($ Bil)	2.7
Op Mgn LTM	11.2%	18.8%
CFO/Rev LTM	10.4%	20.4%
Net Inc Mgn	7.9%	13.1%
VALUATION	MODERATE
P/S	1.7	3.2
P/CFO	16.6	16.0
P/FCF	25.6	20.7
P/E	21.9	23.5
STABILITY	GOOD
Debt/Equity	0.14	0.21
Cash/Assets	0.09	0.07

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Metric	Value	Date	Source
Total Engine Unit Shipments	647,500	12312023	Link
Accelera Electrolyzer Manufacturing Capacity	500 megawatts per year	10032024	Link
Global Sites with Solar Arrays	66	12312023	Link
Cummins Water Works Cumulative Water Benefits	8.7 billion gallons	11052024	Link
Heavy-Duty Engine Shipments	107400	9302023	Link

Upcoming
2/03/2026	Earnings Release	Rev: $8.0 Bil (E) EPS: $5.17 (E)

CMI Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Robust Demand in Power Systems and Data Center Markets: Cummins experienced strong performance in its Power Systems and Distribution segments throughout Q2 and Q3 2025, driven significantly by increased demand for power generation, particularly for data centers and mission-critical applications. This trend highlighted a growing secular driver for a substantial portion of the company's business, despite a decline in the North American truck market.

2. Consistent Dividend Increases and Shareholder Returns: The company demonstrated a commitment to shareholder value by consistently increasing its quarterly common stock cash dividend. The dividend was raised to $2.00 per share, marking the 16th consecutive year of dividend growth, which likely bolstered investor confidence.

Stock Movement Drivers

Fundamental Drivers

The 21.3% change in CMI stock from 9/17/2025 to 12/17/2025 was primarily driven by a 33.9% change in the company's P/E Multiple.

	9172025	12172025	Change
Stock Price ($)	410.01	497.44	21.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	33720.00	33581.00	-0.41%
Net Income Margin (%)	8.72%	7.94%	-8.91%
P/E Multiple	19.21	25.73	33.93%
Shares Outstanding (Mil)	137.80	138.00	-0.15%
Cumulative Contribution			21.32%

LTM = Last Twelve Months as of date shown

Market Drivers

9/17/2025 to 12/17/2025

	Return	Correlation
CMI	21.3%
Market (SPY)	1.9%	44.1%
Sector (XLI)	1.6%	62.6%

Fundamental Drivers

The 59.4% change in CMI stock from 6/18/2025 to 12/17/2025 was primarily driven by a 66.4% change in the company's P/E Multiple.

	6182025	12172025	Change
Stock Price ($)	312.04	497.44	59.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	33873.00	33581.00	-0.86%
Net Income Margin (%)	8.20%	7.94%	-3.09%
P/E Multiple	15.46	25.73	66.41%
Shares Outstanding (Mil)	137.60	138.00	-0.29%
Cumulative Contribution			59.41%

LTM = Last Twelve Months as of date shown

Market Drivers

6/18/2025 to 12/17/2025

	Return	Correlation
CMI	59.4%
Market (SPY)	12.7%	49.2%
Sector (XLI)	8.3%	64.1%

Fundamental Drivers

The 40.5% change in CMI stock from 12/17/2024 to 12/17/2025 was primarily driven by a 29.6% change in the company's Net Income Margin (%).

	12172024	12172025	Change
Stock Price ($)	354.14	497.44	40.46%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	34198.00	33581.00	-1.80%
Net Income Margin (%)	6.13%	7.94%	29.57%
P/E Multiple	23.17	25.73	11.05%
Shares Outstanding (Mil)	137.20	138.00	-0.58%
Cumulative Contribution			40.46%

LTM = Last Twelve Months as of date shown

Market Drivers

12/17/2024 to 12/17/2025

	Return	Correlation
CMI	40.5%
Market (SPY)	12.1%	74.7%
Sector (XLI)	13.9%	79.1%

Fundamental Drivers

The 126.7% change in CMI stock from 12/18/2022 to 12/17/2025 was primarily driven by a 59.1% change in the company's P/E Multiple.

	12182022	12172025	Change
Stock Price ($)	219.38	497.44	126.75%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	26154.00	33581.00	28.40%
Net Income Margin (%)	7.32%	7.94%	8.56%
P/E Multiple	16.17	25.73	59.09%
Shares Outstanding (Mil)	141.10	138.00	2.20%
Cumulative Contribution			126.64%

LTM = Last Twelve Months as of date shown

Market Drivers

12/18/2023 to 12/17/2025

	Return	Correlation
CMI	114.3%
Market (SPY)	44.9%	62.7%
Sector (XLI)	39.5%	70.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CMI Return	31%	-2%	14%	2%	49%	51%	234%
Peers Return	24%	23%	9%	27%	14%	27%	206%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
CMI Win Rate	67%	58%	50%	42%	67%	83%
Peers Win Rate	63%	63%	40%	50%	57%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
CMI Max Drawdown	-42%	-7%	-14%	-14%	-4%	-23%
Peers Max Drawdown	-41%	-3%	-20%	-9%	-9%	-18%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CAT, PCAR, DE, ETN, BWA. See CMI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	CMI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-32.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	48.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	634 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-42.7%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	74.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	74 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-34.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	53.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	582 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-75.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	315.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	525 days	1480 days

Compare to CAT, GWW, XYL, IR, FTV

In The Past

Cummins's stock fell -32.6% during the 2022 Inflation Shock from a high on 3/15/2021. A -32.6% loss requires a 48.5% gain to breakeven.

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About Cummins (CMI)

Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines. It also provides power generation systems, high-horsepower engines, heavy and medium duty engines, application engineering services, custom-designed assemblies, retail and wholesale aftermarket parts, and in-shop and field-based repair services. In addition, the company offers emission solutions; turbochargers; air and fuel filters, fuel water separators, lube and hydraulic filters, coolants, fuel additives, and other filtration systems; and electronic control modules, sensors, and supporting software, as well as new, replacement, and remanufactured fuel systems. Further, it provides automated transmissions; standby and prime power generators, controls, paralleling systems, and transfer switches, as well as A/C generator/alternator products under the Stamford and AVK brands; and electrified power systems with components and subsystems, including battery, fuel cell, and hydrogen production technologies. Additionally, it offers filtration, aftertreatment, controls systems, air handling systems, automated transmissions, electric power generation systems, and batteries. The company sells its products to original equipment manufacturers, distributors, dealers, and other customers. The company was formerly known as Cummins Engine Company and changed its name to Cummins Inc. in 2001. Cummins Inc. was founded in 1919 and is headquartered in Columbus, Indiana.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for Cummins (CMI):

The Intel of heavy-duty engines.
The Generac of industrial power.

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Major Products

Diesel and Natural Gas Engines: Manufactures engines for a wide range of on- and off-highway, marine, and rail applications.
Power Generation Systems: Provides generator sets and related equipment for prime, standby, and distributed power needs.
Engine Components: Offers turbochargers, aftertreatment, filtration, fuel systems, and automated transmissions.
Electrified Power Systems: Develops battery-electric and fuel cell electric powertrains for various commercial applications.
Hydrogen Technologies: Manufactures electrolyzers for green hydrogen production and hydrogen internal combustion engines.

Services

Parts & Service Support: Provides genuine parts, maintenance, repairs, and technical support globally for Cummins products.

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Cummins Inc. (CMI) - Major Customers

Cummins Inc. primarily sells its engines, power generation systems, and related technologies to other companies, often Original Equipment Manufacturers (OEMs) who integrate Cummins products into their own vehicles and equipment. Its major customers span various industries, including heavy-duty trucking, construction, agriculture, mining, and power generation.

Some of Cummins' major customer companies include:

PACCAR Inc. (PCAR) - A leading global technology company that manufactures light, medium, and heavy-duty trucks under the Kenworth, Peterbilt, and DAF nameplates.
Daimler Truck AG (DTG) - One of the world's largest commercial vehicle manufacturers, producing trucks under brands like Freightliner and Western Star.
Navistar International Corporation (part of Traton SE, TRATON) - A major manufacturer of commercial trucks, buses, and engines under the International brand.
CNH Industrial N.V. (CNHI) - A global leader in agricultural and construction equipment, with brands such as Case IH, New Holland, and Steyr.
Komatsu Ltd. (KMTUY) - A multinational corporation that manufactures construction, mining, forestry, and military equipment.

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BorgWarner (BWA)
Donaldson Company (DCI)
Garrett Motion (GTX)
Parker-Hannifin (PH)
Aptiv (APTV)

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Jennifer Rumsey, President and Chief Executive Officer

Jennifer Rumsey became President and CEO of Cummins Inc. on August 1, 2022, and subsequently assumed the role of Chair and CEO on August 1, 2023. Prior to these appointments, she served as President and Chief Operating Officer, a role she took in March 2021. Her leadership journey at Cummins also includes serving as Vice President and President of the Components Segment and Vice President and Chief Technical Officer, where she led a global technical organization. Before joining Cummins in 2000, Rumsey began her career at a fuel processing and fuel cell start-up company in Cambridge, Massachusetts. She co-authored Cummins' "Destination Zero" strategy, which outlines the company's plan to reduce greenhouse gas and air quality impacts and achieve net-zero emissions by 2050.

Mark Smith, Vice President and Chief Financial Officer

Mark Smith serves as the Vice President and Chief Financial Officer for Cummins Inc., overseeing the company's finance operations and working with finance controllers to meet operational and financial commitments. He joined Cummins in 1995 and has held various leadership roles within the company, including Vice President of Investor Relations and Controller for both the Components and Filtration businesses. His experience at Cummins also includes finance and business strategy positions in the Engine and Power Generation businesses across the U.S. and the U.K. Before his tenure at Cummins, Smith spent six years as a public accountant with Ernst & Young in the U.K. He is a qualified member of the Institute of Chartered Accountants in England and Wales.

Amy Davis, President, Accelera by Cummins and Components

Amy Davis is the President of Accelera by Cummins, the company's business segment focused on zero-emissions technologies, and also leads the Components segment, which is Cummins' largest by revenue. She joined Cummins in 1994 and has held numerous leadership roles throughout her career with the company. Her previous positions include serving as Vice President of the Filtration business, where she achieved record revenues and profits. Davis also served as President and owner of the Cummins Northeast distributor, transforming it into a high-growth operation, and held roles at AT&T Corporation and Alcan Corporation as Vice President of Sales in the Global Aerospace and Transportation Business.

Nicole Y. Lamb-Hale, Chief Administrative Officer and Corporate Secretary

Nicole Y. Lamb-Hale was appointed Chief Administrative Officer and Corporate Secretary of Cummins Inc. in June 2025. In this role, she is an officer of the company and a member of its global leadership team. Prior to becoming CAO, Lamb-Hale served as Cummins' Chief Legal Officer. Before joining Cummins, she was a Managing Director at Kroll, LLC, a global risk advisory firm, and headed its Washington, D.C. office.

Bonnie Fetch, Executive Vice President and President – Operations

Bonnie Fetch serves as Executive Vice President and President – Operations for Cummins Inc. In this capacity, she is responsible for overseeing Cummins' New and Recon Parts business, remanufacturing operations, and global operating functions including Supply Chain, IT, Cummins Services, Digital/Analytics, and Quality. Before assuming her current role, Fetch served as Vice President & President - Distribution Business, leading approximately 16,000 employees globally.

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The public company Cummins (CMI) faces several key risks to its business:

Cyclical Downturn in Truck Markets: Cummins' financial performance is heavily influenced by the cyclical nature of demand in the heavy- and medium-duty truck markets. Recent reports indicate a significant decline in North American truck production, leading to a direct impact on the company's Engine segment revenue. This market weakness is anticipated to persist, putting pressure on revenue and margins within its Engine and Component segments.
Regulatory and Environmental Challenges and Transition to New Technologies: The industry in which Cummins operates is subject to stringent environmental regulations and an increasing global emphasis on greener technologies. Changes in emission standards necessitate substantial investment in research and development for new products, including electrification and alternative power solutions, to maintain market share and brand reputation. Moreover, Cummins has been subject to securities investigations regarding allegations of emissions fraud, posing legal and reputational risks.
Geopolitical and Macroeconomic Uncertainty: Geopolitical factors, such as trade policies, tariffs, and international trade restrictions—especially those involving China—have negatively affected Cummins' competitive standing and profitability. The company is also susceptible to broader macroeconomic risks, including potential economic downturns, inflationary pressures, and supply chain disruptions, which can increase operating costs and reduce demand for its products.

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The accelerating global transition to electric and hydrogen fuel cell powertrains in the commercial vehicle and industrial power generation sectors poses a clear emerging threat. While Cummins is actively investing in and developing its "New Power" solutions, the rapid pace of regulatory mandates, technological advancements, and increasing adoption by fleet operators and governments presents a significant risk to its traditional internal combustion engine (ICE) business. This shift could lead to a faster-than-anticipated decline in demand for conventional diesel and natural gas engines, potentially eroding Cummins' core revenue streams before its new power ventures achieve sufficient scale and profitability to compensate. The intensified competition from both established original equipment manufacturers (OEMs) diversifying their powertrain offerings and new pure-play electric and hydrogen vehicle manufacturers further exacerbates this threat, as they vie for market leadership in the evolving power landscape.

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Cummins (CMI) Addressable Market Sizes:

Industrial Engines: The global industrial engine market was estimated at USD 56,954.4 million in 2024 and is projected to reach USD 81,880.7 million by 2030. Asia Pacific held the largest share, over 39.54% in 2024. The North American industrial engine market accounted for over 27% in 2024. The U.S. industrial engine market is expected to grow at a CAGR of over 7% from 2025 to 2030. Another estimate values the global market at USD 125.1 billion in 2023, anticipated to grow to USD 323.9 billion by 2033.
Off-Highway Vehicle Engines: The global off-highway vehicle engines market was valued at USD 28.6 billion in 2024 and is projected to grow at a CAGR of 5.3% between 2025 and 2034. Another report estimates the global market at USD 277.83 billion in 2024, projected to reach USD 1,077.43 billion by 2032. Asia Pacific dominated the global market with a share of 41.61% in 2023.
Heavy-Duty Engines: The global heavy-duty engines market was valued at USD 52.14 billion in 2024 and is expected to reach USD 72.79 billion by 2029. Another source reports the global market size at USD 56.68 billion in 2024, projected to reach USD 105.60 billion by 2034. Asia-Pacific was the largest region in the heavy-duty engines market in 2024. The market for heavy-duty engines in North America is expected to be worth more than USD 14.5 billion by 2032.
Medium-Duty Engines: The global medium-duty engine market was valued at USD 9.2 billion in 2024 and is projected to grow to USD 16.9 billion by 2034. Another source estimates the global market at USD 9.8 billion in 2025, reaching USD 18.2 billion by 2035. The global medium-duty truck engine market size was valued at USD 13.2 billion in 2024 and is forecasted to hit USD 20.8 billion by 2033.
Power Generation Equipment: The global power generation equipment market size was valued at USD 110.4 billion in 2022 and is projected to reach USD 173.1 billion by 2032. Another estimate for the global power generation equipment market is USD 236.14 billion in 2024, projected to grow to USD 403.12 billion by 2035. In 2023, the North America region generated a 35% revenue share in the market.
Hydrogen Combustion Engines: The global hydrogen combustion engine market is estimated to be valued at USD 54.16 billion in 2025 and is expected to reach USD 105.61 billion by 2032. Another report indicates the global market was valued at USD 18.22 billion in 2023 and is predicted to reach USD 35.01 billion by 2030. The Asia Pacific region is projected to dominate, capturing a significant market share of 35.3% in 2025. North America is expected to be the fastest-growing region in the hydrogen IC engines market between 2024–2035.
Fuel Cells: The global fuel cell market size was valued at over USD 7.29 billion in 2024 and is anticipated to reach USD 18.58 billion by 2034. Another source estimates the global fuel cell market size at USD 9 billion in 2024, projected to reach USD 34 billion by 2033. The Asia Pacific fuel cell market accounted for the largest share in 2024. The U.S. fuel cell market size exceeded USD 1.55 billion in 2024.
Electrolyzers: The global electrolyzer market size was valued at USD 132.15 billion in 2024, expected to grow to USD 323.93 billion by 2034. Another source reports the global electrolyzers market size was valued at USD 5.77 billion in 2024 and is projected to reach USD 182.38 billion by 2032. Asia Pacific dominated the electrolyzers market with a market share of 90.64% in 2024. North America dominated the global industry, accounting for over 42.0% in 2023. Europe accounted for the largest market share in 2024.

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Here are 3-5 expected drivers of future revenue growth for Cummins (CMI) over the next 2-3 years:

Growth in Power Systems, Driven by Data Center Demand

Cummins anticipates significant revenue growth from its Power Systems segment, primarily fueled by the accelerating demand for data centers. This surge is attributed to increased digitization, cloud adoption, and the rapid expansion of artificial intelligence (AI) infrastructure. The company is actively expanding capacity, investing in vertical integration, and launching new products and platforms to capitalize on the estimated 7-10% market growth in data centers through 2030.
Expansion of Accelera by Cummins and Zero-Emissions Technologies

Accelera, Cummins' business unit focused on zero-emissions solutions, is projected to be a key growth driver, with the company aiming for the segment to reach breakeven by 2027. This growth is expected through entry into new markets, strategic partnerships, and an increased share of wallet with existing customers. Cummins continues to invest in the development and deployment of new products and capabilities, such as increased electrolyzer installations, as part of its "Destination Zero" strategy to support the energy transition.
Introduction of New, Environmentally Compliant Products

New product launches, such as the X15N natural gas engine (part of the HELM platform), are expected to contribute to market share gains in the trucking industry. These innovations align with evolving environmental regulations and customer demand for reduced carbon emissions, positioning Cummins to capture new business.
Strategic Pricing Actions and Operational Efficiencies

Cummins has consistently implemented pricing actions and focused on operational improvements across its segments. These strategies have contributed to increased revenues and improved margins, and are expected to continue supporting top-line growth and profitability in the coming years.

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Share Repurchases

Cummins authorized a new $2 billion share repurchase program in December 2021, to commence upon the completion of its 2019 $2 billion program.
The company repurchased $374 million of common stock in 2022.
No share repurchases were made in 2023, 2024, or the second quarter of 2025. As of December 31, 2024, $218 million remained available under the 2019 repurchase program.

Share Issuance

On March 18, 2024, Cummins completed the divestiture of its remaining 80.5% ownership of Atmus Filtration Technologies Inc. through a tax-free split-off, which reduced outstanding common stock by 5.6 million shares.

Inbound Investments

Cummins received a $2.1 million grant (prize money) on September 29, 2025, from the Department of Energy and other investors.

Outbound Investments

In February 2025, Cummins announced the acquisition of Meritor Inc. for $3.7 billion in an all-cash deal.
In February 2025, Cummins also acquired assets of First Mode, including hybrid mining and rail product lines, and its full technology portfolio, which features hydrogen and battery powertrain solutions.
In April 2023, Cummins signed a definitive agreement with Tata Motors to manufacture low-to zero-emissions technology products in India, establishing a new entity called TCPL Green Energy Solutions (GES).

Capital Expenditures

Cummins' capital expenditures were $734 million in 2021, $916 million in 2022, $1.213 billion in 2023, and $1.208 billion in 2024.
The company planned to spend an estimated $1.2 billion to $1.3 billion in 2023 on capital expenditures, with over 60% of these investments focused in North America on new product lines and targeted capacity expansions.
Cummins is investing over $1 billion to modernize engine plants in New York, North Carolina, and Indiana, and $10 million to convert a Minnesota plant to produce hydrogen electrolyzers, supporting its "Destination Zero" goal. Additionally, the Cummins Group plans to invest about $1 billion in its India operations over the next decade for the transition to hydrogen and other green energy technologies.

Better Bets than Cummins (CMI)

	CMI	Better Performance than CMI
Metric	Value	INDUSTRY: Construction Machinery & Heavy Transportation Equipment
Rev Chg LTM	-1.8%	FSS (11.8%), GATX (10.7%), TEX (4.6%), WAB (4.4%), CAT (-1.5%)
Rev Chg 3Y Avg	9.4%	FSS (15.3%), TRN (11.1%), GATX (10.3%), WAB (10.0%), OSK (9.9%)
Op Mgn LTM	11.2%	GATX (30.6%), CAT (17.7%), WAB (16.4%), FSS (15.9%), PCAR (11.4%)
CFO/Rev LTM	10.4%	GATX (41.6%), CAT (17.8%), PCAR (16.0%), WAB (13.8%), FSS (12.1%)
FCF/Rev LTM	6.8%	WAB (11.8%), CAT (11.7%), PCAR (10.8%), FSS (10.7%), OSK (7.3%)
Total Yield	6.3%	GBX (17.1%), PCAR (9.6%), OSK (9.6%), TRN (8.6%)
P/S	1.7	GBX (0.4), TEX (0.6), OSK (0.8), TRN (1.0), ALG (1.4)
P/Op Inc	15.5	TRN (6.2), TEX (8.6), OSK (8.7), GATX (12.0), PCAR (15.4)

	CMI	Better Performance than CMI
Metric	Value	SECTOR: Industrials
Rev Chg LTM	-1.8%	UBER (18.2%), GE (17.7%), GEV (9.4%), RTX (8.8%), CAT (-1.5%)
Rev Chg 3Y Avg	9.4%	UBER (19.6%), GE (15.7%), BA (10.1%), ETN (9.7%), RTX (9.4%)
Op Mgn LTM	11.2%	UNP (40.6%), GE (20.5%), DE (20.0%), HON (18.9%), CAT (17.7%)
CFO/Rev LTM	10.4%	UNP (39.6%), DE (19.7%), UBER (18.1%), CAT (17.8%), GE (17.2%)
FCF/Rev LTM	6.8%	UNP (24.5%), UBER (17.5%), GE (14.7%), CAT (11.7%), DE (9.4%)
Total Yield	6.3%	UPS (15.4%), TDG (15.3%), UBER (8.1%), UNP (7.3%), HON (6.8%)
P/S	1.7	DAL (0.6), FDX (0.6), UPS (0.8), FERG (1.4), LMT (1.6)
P/Op Inc	15.5	UPS (8.6), FDX (8.8), CP (12.2), CSX (13.7), UNP (14.0)

	CMI	Better Performance than CMI
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-1.8%	NVDA (65.2%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	9.4%	NVDA (91.6%), META (17.3%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	11.2%	NVDA (58.8%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	10.4%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	6.8%	NVDA (41.3%), MSFT (26.6%), META (23.7%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	6.3%	XOM (9.8%), JNJ (8.4%), BAC (7.7%), HD (6.7%), JPM (6.7%)
P/S	1.7	UNH (0.7), WMT (1.2), XOM (1.5), COST (1.5), CVX (1.6)
P/Op Inc	15.5	MRK (9.4), UNH (11.9), TMUS (13.9), DIS (14.4), QCOM (14.5)

		Best Bets In Industrials Sector
	CMI	GATX	VRSK	PAYX	ADT	AME	NDSN	PCTY	FTV	VRRM	CSW
What You Pay
P/E	21.8	20.1	38.1	27.6	11.1	29.5	26.6	39.3	26.9	77.1	28.4
P/EBIT	14.0	9.6	26.0	20.0	5.6	23.5	18.0	28.2	13.1	22.8	21.9
What You Get
Rev Chg Q	-1.6%	8.4%	5.9%	10.2%	4.4%	10.8%	12.1%	12.5%	2.3%	16.1%	21.5%
Rev Chg LTM	-1.8%	10.7%	7.3%	5.6%	6.3%	3.7%	4.5%	13.3%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	9.4%	10.3%	13.4%	6.5%	3.4%	5.9%	3.6%	21.4%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	4.8%	39.2%	33.2%	31.6%	24.7%	23.2%	21.5%	21.5%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Cummins Earnings Notes
2	How Cummins Stock Gained 60%
3	Cummins vs GATX: Which Stock Could Rally?	Counter-Intuitive Comparisons
4	Cummins Stock Jump Looks Great, But How Secure Is That Gain?	Return
5	Cummins vs United Rentals: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Cummins vs GATX: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	Day 8 of Gains Streak for Cummins Stock with 14% Return (vs. 18% YTD) [8/13/2025]	Notification
8	How Does Cummins Stock Stack Up Against Its Peers?	Peer Comparison
9	Day 7 of Gains Streak for Cummins Stock with 12% Return (vs. 16% YTD) [8/12/2025]	Notification
10	Better Bet Than CMI Stock: Pay Less Than Cummins To Get More From OKE, CCL
11	ARTICLES
12	Large Cap Stocks Trading At 52-Week High		December 4th, 2025
13	Large Cap Stocks Trading At 52-Week High		December 3rd, 2025
14	S&P 500 Stocks Trading At 52-Week High		December 3rd, 2025
15	GATX vs Cummins: Which Is the Stronger Buy Today?		November 25th, 2025
16	What Is Happening With Cummins Stock?		November 14th, 2025

	Title
0	DASHBOARDS
1	Cummins Earnings Notes
2	How Cummins Stock Gained 60%
3	Cummins vs GATX: Which Stock Could Rally?
4	Cummins Stock Jump Looks Great, But How Secure Is That Gain?
5	Cummins vs United Rentals: Which Is A Better Investment?
6	Cummins vs GATX: Which Is A Better Investment?
7	Day 8 of Gains Streak for Cummins Stock with 14% Return (vs. 18% YTD) [8/13/2025]
8	How Does Cummins Stock Stack Up Against Its Peers?
9	Day 7 of Gains Streak for Cummins Stock with 12% Return (vs. 16% YTD) [8/12/2025]
10	Better Bet Than CMI Stock: Pay Less Than Cummins To Get More From OKE, CCL
11	ARTICLES
12	Large Cap Stocks Trading At 52-Week High
13	Large Cap Stocks Trading At 52-Week High
14	S&P 500 Stocks Trading At 52-Week High
15	GATX vs Cummins: Which Is the Stronger Buy Today?
16	What Is Happening With Cummins Stock?

Trade Ideas

Select past ideas related to CMI. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.8%	19.8%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.2%	2.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.9%	5.9%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	4.2%	4.2%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	1.5%	1.5%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	19.8%	19.8%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.2%	2.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.9%	5.9%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	4.2%	4.2%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	1.5%	1.5%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	282.6%	459.2%
WVE	WAVE Life Sciences	2.7	128.5%	32.1%
ALMS	Alumis	0.8	89.8%	34.6%
NUVB	Nuvation Bio	2.9	82.4%	220.3%
SEMR	SEMrush	1.8	75.7%	-0.2%
TE	T1 Energy	0.8	70.4%
ANF	Abercrombie & Fitch	5.6	68.4%	-21.6%
CBLL	CeriBell	0.8	67.5%	-16.6%
FTRE	Fortrea	1.5	65.4%	-13.2%
VERA	Vera Therapeutics	3.1	64.7%	14.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.3%	-85.2%
RZLT	Rezolute	0.2	-80.3%	-59.0%
JANX	Janux Therapeutics	0.9	-50.9%	-73.7%
FRMI	Fermi	6.3	-50.6%
AGIO	Agios Pharmaceuticals	1.5	-43.6%	-22.6%
IMSR	Terrestrial Energy	0.7	-38.9%
LENZ	LENZ Therapeutics	0.5	-36.3%	-43.3%
LWLG	Lightwave Logic	0.4	-36.3%	41.4%
UAMY	United States Antimony	0.5	-33.7%	156.5%
BETR	Better Home & Finance	0.5	-33.6%	292.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

Peer Comparisons for Cummins

Peers to compare with:

Financials

	CMI	CAT	PCAR	DE	ETN	BWA	Median
Name	Cummins	Caterpil.	PACCAR	Deere	Eaton	BorgWarn.
Mkt Price	497.44	561.89	111.63	481.00	315.82	44.66	398.41
Mkt Cap	68.6	263.3	58.7	130.2	122.8	9.5	95.7
Rev LTM	33,581	64,671	29,532	43,397	26,633	14,183	31,556
Op Inc LTM	3,754	11,415	3,365	8,663	5,049	1,317	4,402
FCF LTM	2,278	7,560	3,194	4,101	3,322	1,261	3,258
FCF 3Y Avg	1,594	8,616	3,005	3,986	3,114	816	3,060
CFO LTM	3,509	11,541	4,717	8,556	4,104	1,711	4,411
CFO 3Y Avg	2,786	11,936	4,450	8,522	3,881	1,479	4,166

Growth & Margins

	CMI	CAT	PCAR	DE	ETN	BWA	Median
Name	Cummins	Caterpil.	PACCAR	Deere	Eaton	BorgWarn.
Rev Chg LTM	-1.8%	-1.5%	-15.2%	-20.9%	8.2%	0.1%	-1.7%
Rev Chg 3Y Avg	9.4%	4.9%	3.8%	-0.6%	9.7%	7.8%	6.3%
Rev Chg Q	-1.6%	9.5%	-19.0%	-8.3%	10.1%	4.1%	1.2%
QoQ Delta Rev Chg LTM	-0.4%	2.4%	-5.0%	-2.4%	2.5%	1.0%	0.3%
Op Mgn LTM	11.2%	17.7%	11.4%	20.0%	19.0%	9.3%	14.5%
Op Mgn 3Y Avg	10.4%	18.9%	14.4%	22.3%	17.8%	9.1%	16.1%
QoQ Delta Op Mgn LTM	0.0%	-0.6%	-1.0%	-1.2%	0.1%	0.1%	-0.3%
CFO/Rev LTM	10.4%	17.8%	16.0%	19.7%	15.4%	12.1%	15.7%
CFO/Rev 3Y Avg	8.3%	18.2%	13.7%	16.5%	15.8%	10.5%	14.7%
FCF/Rev LTM	6.8%	11.7%	10.8%	9.4%	12.5%	8.9%	10.1%
FCF/Rev 3Y Avg	4.8%	13.1%	9.2%	7.8%	12.6%	5.8%	8.5%

Valuation

	CMI	CAT	PCAR	DE	ETN	BWA	Median
Name	Cummins	Caterpil.	PACCAR	Deere	Eaton	BorgWarn.
Mkt Cap	68.6	263.3	58.7	130.2	122.8	9.5	95.7
P/S	1.7	4.1	1.8	3.2	5.5	0.7	2.5
P/EBIT	14.0	21.5	15.4	14.3	29.0	17.1	16.2
P/E	21.8	28.4	19.2	26.4	37.1	70.1	27.4
P/CFO	16.6	22.8	11.0	16.1	35.5	5.5	16.3
Total Yield	6.3%	4.6%	9.6%	5.0%	3.0%	2.1%	4.8%
Dividend Yield	1.8%	1.0%	4.4%	1.2%	0.3%	0.6%	1.1%
FCF Yield 3Y Avg	3.8%	4.9%	6.1%	3.4%	2.7%	9.2%	4.3%
D/E	0.1	0.2	0.3	0.5	0.1	0.4	0.2
Net D/E	0.1	0.1	0.1	0.4	0.1	0.2	0.1

Returns

	CMI	CAT	PCAR	DE	ETN	BWA	Median
Name	Cummins	Caterpil.	PACCAR	Deere	Eaton	BorgWarn.
1M Rtn	9.1%	1.8%	18.6%	1.1%	-7.9%	3.2%	2.5%
3M Rtn	21.3%	25.0%	11.1%	2.9%	-12.8%	1.5%	7.0%
6M Rtn	59.4%	57.2%	23.9%	-7.8%	-5.2%	35.2%	29.5%
12M Rtn	40.5%	51.8%	4.2%	10.0%	-7.8%	36.4%	23.2%
3Y Rtn	126.7%	154.1%	88.2%	16.3%	113.4%	30.4%	100.8%
1M Excs Rtn	8.4%	1.0%	17.8%	0.3%	-8.6%	2.5%	1.8%
3M Excs Rtn	15.8%	19.3%	9.1%	0.0%	-16.1%	-0.5%	4.6%
6M Excs Rtn	47.0%	44.8%	11.5%	-20.1%	-17.5%	22.8%	17.1%
12M Excs Rtn	27.0%	38.8%	-8.1%	-0.3%	-21.2%	22.1%	10.9%
3Y Excs Rtn	52.2%	85.3%	16.1%	-53.7%	36.6%	-40.6%	26.4%

Comparison Analyses

	Title
0	How Does Cummins Stock Stack Up Against Its Peers?
1	With 17% Gains On The Table, AME May Outshine CMI
2	Why ROP With 45% Upside May Beat CMI?
3	CMI or ROK - With 12% Return Forecast, ROK Probably Deserves Your Money
4	CMI or EMR - With 18% Return Forecast, EMR Probably Deserves Your Money
5	CMI Could Deliver 7.5% Returns And Outperform CAT
6	Cummins vs. Stryker: With Return Forecast Of 31%, Stryker Is A Better Bet
7	Cummins vs. Zoetis: Both Seem Similar Bets
8	Cummins vs. Waste Management: With Return Forecast Of 22%, Cummins Is A Better Bet
9	Cummins vs. McDonald's: With Return Forecast Of 20%, Cummins Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/11/2025	2/12/2024	2/14/2023	2/8/2022	2/10/2021	2/11/2020
Key Financials
Total Revenue	33,581	34,102	34,065	28,074	24,021	19,811	23,571
EBITDA	5,266	6,338	3,025	3,802	3,524	3,111	3,615
Operating Income	3,754	3,382	3,323	2,580	2,200	1,847	2,489
Net Income	2,668	3,946	735	2,151	2,131	1,789	2,260
EPS	19.37	28.55	5.19	15.20	14.74	12.07	14.54
Growth Rates
Total Revenue Growth	-1.8%	0.1%	21.3%	16.9%	21.3%	-16.0%	-0.8%
EBITDA Growth	18.6%	109.5%	-20.4%	7.9%	13.3%	-13.9%	3.9%
Operating Income Growth	8.7%	1.8%	28.8%	17.3%	19.1%	-25.8%	4.1%
Net Income Growth	27.2%	436.9%	-65.8%	0.9%	19.1%	-20.8%	5.6%
Margins
EBITDA Margin	15.7%	18.6%	8.9%	13.5%	14.7%	15.7%	15.3%
Operating Income Margin	11.2%	9.9%	9.8%	9.2%	9.2%	9.3%	10.6%
Net Income Margin	7.9%	11.6%	2.2%	7.7%	8.9%	9.0%	9.6%
Cash & Debt
Total Cash	3,159	2,264	2,741	2,573	3,187	3,862	1,470
Total Debt	8,182	7,598	7,208	8,355	4,613	4,617	2,868
Net Debt / (Cash)	5,023	5,334	4,467	5,782	1,426	755	1,398
Cash Flows
Net Cash from Operations	3,509	1,487	3,966	1,962	2,256	2,722	3,181
Free Cash from Operations	2,278	279	2,753	1,046	1,522	2,147	2,406
Returns to Shareholders
Dividends	1,028	969	921	855	809	782	761
Share Repurchases	-0	-0	-0	374	1,402	641	1,271

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/5/2025	5/5/2025	2/11/2025	11/5/2024	8/1/2024	5/2/2024	2/12/2024	11/2/2023	8/3/2023	5/2/2023	2/14/2023
Key Financials Quarterly
Total Revenue	8,317	8,643	8,174	8,447	8,456	8,796	8,403	8,543	8,431	8,638	8,453	7,770
Ebitda	1,190	1,591	1,463	1,022	1,392	1,349	2,575	-874	1,232	1,305	1,362	1,105
Operating Income	962	1,108	1,020	664	963	942	830	717	833	864	938	670
Net Income	536	890	824	418	809	726	1,993	-1,431	656	720	790	631
EPS	3.88	6.46	5.99	3.04	5.90	5.30	14.10	-10.08	4.63	5.08	5.58	4.47
Key Financials TTM
Total Revenue TTM	33,581	33,720	33,873	34,102	34,198	34,173	34,015	34,065	33,292	32,194	30,142	28,074
Ebitda TTM	5,266	5,468	5,226	6,338	4,442	4,282	4,238	3,025	5,004	4,657	4,408	3,802
Operating Income TTM	3,754	3,755	3,589	3,399	3,452	3,322	3,244	3,352	3,305	3,028	2,969	2,580
Net Income TTM	2,668	2,941	2,777	3,946	2,097	1,944	1,938	735	2,797	2,541	2,523	2,151
Growth Rates Quarterly
Total Revenue Growth	-1.6%	-1.7%	-2.7%	-1.1%	0.3%	1.8%	-0.6%	9.9%	15.0%	31.2%	32.4%	32.8%
EBITDA Growth	-14.5%	17.9%	-43.2%	216.9%	13.0%	3.4%	89.1%	-179.1%	39.2%	23.6%	80.2%	56.7%
Operating Income Growth	-0.1%	17.6%	22.9%	-7.4%	15.6%	9.0%	-11.5%	7.0%	49.8%	7.3%	70.9%	76.8%
Net Income Growth	-33.7%	22.6%	-58.7%	129.2%	23.3%	0.8%	152.3%	-326.8%	64.0%	2.6%	89.0%	60.2%
Margins Quarterly
EBITDA Margin	14.3%	18.4%	17.9%	12.1%	16.5%	15.3%	30.6%	-10.2%	14.6%	15.1%	16.1%	14.2%
Operating Income Margin	11.6%	12.8%	12.5%	7.9%	11.4%	10.7%	9.9%	8.4%	9.9%	10.0%	11.1%	8.6%
Net Income Margin	6.4%	10.3%	10.1%	4.9%	9.6%	8.3%	23.7%	-16.8%	7.8%	8.3%	9.3%	8.1%
Cash & Debt
Total Cash	3,159	3,074	2,158	2,264	2,251	2,183	3,051	2,741	2,839	2,314	2,439	2,573
Total Debt	8,182	8,684	8,035	7,598	8,113	7,967	7,296	7,208	7,970	8,221	8,249	8,355
Net Debt / (Cash)	5,023	5,610	5,877	5,334	5,862	5,784	4,245	4,467	5,131	5,907	5,810	5,782
Cash Flows Quarterly
FCF from Operations	1,305	785	-3	1,422	640	-851	276	1,459	1,529	483	495	817
Cash Flows TTM
FCF from Operations TTM	3,509	2,844	1,208	1,487	1,524	2,413	3,747	3,966	3,324	2,177	2,293	1,962
Returns to Shareholders Quarterly
Dividends	276	251	251	250	250	230	239	238	238	223	222	222
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	4
Return on Invested Capital (ROIC) Quarterly
ROIC	51.6%	59.8%	52.8%	33.5%	53.1%	50.1%	71.4%	64.2%	51.0%	45.4%	50.6%	38.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	54.2%	50.7%	46.5%	52.9%	43.6%	41.9%	55.9%	38.8%	51.0%	39.6%	40.1%	34.6%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Components	13,409	9,736	7,665	4,650	5,253
Engine	11,684	10,945	9,954	5,925	7,570
Distribution	10,249	8,929	7,772	7,110	8,040
Power Systems	5,673	5,033	4,415	2,055	2,670
Accelera	354	198	116	71	38
Intersegment sales	-7,304	-6,767	-5,901
Total	34,065	28,074	24,021	19,811	23,571

Price Behavior

Price Behavior

Market Price	$497.44
Market Cap ($ Bil)	68.6
First Trading Date	12/18/1984
Distance from 52W High	-5.2%
	50 Days	200 Days
DMA Price	$461.64	$373.42
DMA Trend	up	up
Distance from DMA	7.8%	33.2%
	3M	1YR
Volatility	31.1%	31.4%
Downside Capture	102.43	119.99
Upside Capture	191.30	140.32
Correlation (SPY)	41.8%	74.6%

CMI Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.95	0.85	0.93	1.10	1.16	1.03
Up Beta	1.32	-0.24	0.07	0.60	1.03	0.95
Down Beta	1.21	1.03	0.87	1.13	1.24	1.06
Up Capture	204%	174%	181%	187%	159%	133%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	24	34	76	136	404
Down Capture	17%	64%	81%	85%	110%	101%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	17	28	49	111	345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of CMI With Other Asset Classes (Last 1Y)
	CMI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	36.9%	12.7%	12.1%	61.5%	2.2%	-2.2%	-12.7%
Annualized Volatility	31.3%	19.0%	19.7%	19.3%	15.9%	17.7%	35.4%
Sharpe Ratio	1.02	0.50	0.46	2.36	-0.05	-0.28	-0.17
Correlation With Other Assets		79.1%	74.6%	-1.3%	27.1%	49.3%	29.4%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of CMI With Other Asset Classes (Last 5Y)
	CMI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	20.2%	13.1%	14.4%	18.3%	11.4%	4.8%	36.3%
Annualized Volatility	26.5%	17.2%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.70	0.61	0.68	0.95	0.49	0.17	0.63
Correlation With Other Assets		72.8%	59.9%	5.9%	21.0%	45.6%	22.2%

Based On 10-Year Data

		Comparison of CMI With Other Asset Classes (Last 10Y)
	CMI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	21.9%	13.1%	14.5%	14.6%	6.1%	5.4%	70.7%
Annualized Volatility	27.6%	19.9%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.76	0.59	0.69	0.82	0.27	0.23	0.91
Correlation With Other Assets		75.3%	63.9%	0.3%	27.8%	46.4%	12.6%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	1,923,399
Short Interest: % Change Since 11152025	33.4%
Average Daily Volume	1,068,096
Days-to-Cover Short Interest	1.80
Basic Shares Quantity	138,000,000
Short % of Basic Shares	1.4%

Returns Analyses

	Title
0	Cummins Stock Jump Looks Great, But How Secure Is That Gain?
1	CMI YTD Stock Return Of -9.5% Outperforms IR by 2.7% and Underperforms XYL by -13%
2	Cummins Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	5.4%	9.2%	16.1%
8/5/2025	3.2%	7.4%	9.0%
5/5/2025	0.8%	2.3%	8.8%
2/4/2025	4.4%	7.4%	0.2%
11/5/2024	8.9%	10.1%	16.8%
8/1/2024	4.9%	0.1%	6.6%
5/2/2024	-1.3%	1.8%	-0.2%
2/6/2024	4.3%	6.5%	14.1%
...
SUMMARY STATS
# Positive	14	16	18
# Negative	10	8	6
Median Positive	3.5%	3.6%	7.2%
Median Negative	-1.4%	-2.4%	-11.9%
Max Positive	8.9%	10.1%	16.8%
Max Negative	-7.5%	-9.0%	-16.0%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5052025	10-Q 3/31/2025
12312024	2112025	10-K 12/31/2024
9302024	11052024	10-Q 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2122024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2142023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5032022	10-Q 3/31/2022
12312021	2082022	10-K 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Cummins (CMI)

Market Price (12/18/2025): $497.73 | Market Cap: $68.7 BilSector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment

Cummins (CMI)

Market Price (12/18/2025): $497.73Market Cap: $68.7 BilSector: IndustrialsIndustry: Construction Machinery & Heavy Transportation Equipment

Valuation, Metrics & Events

CMI Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Cummins (CMI)

Major Products

Services

Cummins Inc. (CMI) - Major Customers

Growth in Power Systems, Driven by Data Center Demand

Expansion of Accelera by Cummins and Zero-Emissions Technologies

Introduction of New, Environmentally Compliant Products

Strategic Pricing Actions and Operational Efficiencies

Interactive Breakdown

Better Bets than Cummins (CMI)

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Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

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External Quote Links

Market Price (12/18/2025): $497.73 | Market Cap: $68.7 Bil
Sector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment

Market Price (12/18/2025): $497.73
Market Cap: $68.7 Bil
Sector: Industrials
Industry: Construction Machinery & Heavy Transportation Equipment