Tearsheet

CNH Industrial (CNH)

Market Price (3/30/2026): $10.73 | Market Cap: $13.4 Bil
Sector: Industrials | Industry: Agricultural & Farm Machinery

CNH Industrial (CNH)

Market Price (3/30/2026): $10.73
Market Cap: $13.4 Bil
Sector: Industrials
Industry: Agricultural & Farm Machinery

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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%, Dividend Yield is 2.5%, FCF Yield is 10%	Weak multi-year price returns 2Y Excs Rtn is -32%, 3Y Excs Rtn is -81%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 183%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 2.5 Bil		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.9%
2	Low stock price volatility Vol 12M is 36%		Key risks CNH key risks include [1] high vulnerability to downturns in its core agricultural and construction markets, Show more.
3	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, and Hydrogen Economy. Themes include Autonomous Driving Technology, EV Manufacturing, 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%, Dividend Yield is 2.5%, FCF Yield is 10%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 2.5 Bil
2	Low stock price volatility Vol 12M is 36%
3	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, and Hydrogen Economy. Themes include Autonomous Driving Technology, EV Manufacturing, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -32%, 3Y Excs Rtn is -81%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 183%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.8%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.9%
7	Key risks CNH key risks include [1] high vulnerability to downturns in its core agricultural and construction markets, Show more.

Valuation, Metrics & Events

	3/30/26	2025	2024	2023	2022
Share Price CYE	$10.73	$9.22	$11.33	$12.18	$16.06
Market Cap CYE ($ Bil)	13.4	11.5	14.2	16.0	21.6
Total Debt ($ Bil)	27.0	27.0	27.2	27.6	23.2
Total Cash ($ Bil)	2.6	2.6	3.2	4.3	4.4
Enterprise Value ($ Bil)	37.8	38.5	41.4	43.6	44.8
Valuation Ratios
P/S TTM	0.7	0.6	0.7	0.6	0.9
P/EBIT TTM	6.4	5.5	4.6	4.0	6.3
P/E TTM	26.2	22.5	11.4	7.0	10.6
P/FCF TTM	10.0	8.6	18.1	-55.7	-48.8
Sector Ratios
P/S TTM (Sector)	1.6	1.7	1.6	1.4	1.2
P/EBIT TTM (Sector)	11.1	11.5	11.6	10.8	9.0
P/E TTM (Sector)	14.7	15.6	15.5	15.0	11.8
P/FCF TTM (Sector)	11.6	11.8	12.5	10.7	8.1

	3/30/26	2025	2024
Share Price CYE	$10.73	$9.22	$11.33
Market Cap CYE ($ Bil)	13.4	11.5	14.2
Total Debt ($ Bil)	27.0	27.0	27.2
Total Cash ($ Bil)	2.6	2.6	3.2
Enterprise Value ($ Bil)	37.8	38.5	41.4
Valuation Ratios
P/S TTM	0.7	0.6	0.7
P/EBIT TTM	6.4	5.5	4.6
P/E TTM	26.2	22.5	11.4
P/FCF TTM	10.0	8.6	18.1
Sector Ratios
P/S TTM (Sector)	1.6	1.7	1.6
P/EBIT TTM (Sector)	11.1	11.5	11.6
P/E TTM (Sector)	14.7	15.6	15.5
P/FCF TTM (Sector)	11.6	11.8	12.5

	CNH	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	18.1
Rev Chg Q	5.8%	7.3%
Rev Chg LTM	-8.8%	6.7%
Rev Chg 3Y Avg	-7.9%	5.7%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	2.8
CFO LTM ($ Bil)	2.5
Net Inc LTM ($ Bil)	0.5
Op Mgn LTM	15.5%	18.6%
CFO/Rev LTM	14.0%	20.7%
Net Inc Mgn	2.8%	12.8%
VALUATION	MODERATE
P/S	0.7	3.1
P/CFO	5.3	14.8
P/FCF	10.0	19.4
P/E	26.2	23.7
STABILITY	POOR
Debt/Equity	2.02	0.22
Cash/Assets	0.06	0.07

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Metric	Value	Date	Source
Active Patents	7381	12312023	Link
Dealer Network Size	more than 11,500	12312023	Link
Manufacturing Plants	37	12312023	Link
Precision Technology Revenue	$784 million	12312024	Link
Research and Development Expenditure (LTM)	$861 million	6302025	Link
Managed Portfolio (Financial Services)	$28.0 billion	3312025	Link

Upcoming
5/07/2026	Earnings Release	Rev: $3.0 Bil (E) EPS: $0.02 (E)
5/21/2026	Dividend	Amount: $0.10 Payment On: 5/29/2026

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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CNH Industrial (CNH) stock has gained about 15% since 11/30/2025 because of the following key factors:

1. Stronger-than-expected Q4 2025 financial performance. CNH Industrial reported Q4 2025 consolidated revenues of $5.16 billion, an increase of 6% year-over-year, surpassing analyst estimates. Net sales from Industrial Activities rose 8% to $4.45 billion, and adjusted diluted EPS was $0.19, significantly exceeding analyst expectations of $0.11. Additionally, the company reported robust Industrial Free Cash Flow of $817 million for the quarter.

2. Market stabilization and long-term growth outlook in agricultural machinery. Despite a challenging 2025 for the agricultural equipment market, industry sentiment indicated cautious optimism for 2026 as a potential "trough year" ahead of an anticipated recovery in 2027. The global agricultural machinery market is projected to grow from $159.63 billion in 2026 to $206.93 billion by 2031, at a compound annual growth rate (CAGR) of 5.33%, driven by increasing mechanization and precision farming trends.

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Stock Movement Drivers

Fundamental Drivers

The 13.7% change in CNH stock from 11/30/2025 to 3/29/2026 was primarily driven by a 32.5% change in the company's P/E Multiple.

(LTM values as of)	11302025	3292026	Change
Stock Price ($)	9.43	10.72	13.7%
Change Contribution By:
Total Revenues ($ Mil)	17,814	18,095	1.6%
Net Income Margin (%)	3.4%	2.8%	-15.9%
P/E Multiple	19.7	26.2	32.5%
Shares Outstanding (Mil)	1,250	1,245	0.4%
Cumulative Contribution			13.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026

	Return	Correlation
CNH	13.7%
Market (SPY)	-5.3%	38.4%
Sector (XLI)	3.9%	61.9%

Fundamental Drivers

The -6.4% change in CNH stock from 8/31/2025 to 3/29/2026 was primarily driven by a -38.1% change in the company's Net Income Margin (%).

(LTM values as of)	8312025	3292026	Change
Stock Price ($)	11.45	10.72	-6.4%
Change Contribution By:
Total Revenues ($ Mil)	18,069	18,095	0.1%
Net Income Margin (%)	4.6%	2.8%	-38.1%
P/E Multiple	17.4	26.2	50.5%
Shares Outstanding (Mil)	1,250	1,245	0.4%
Cumulative Contribution			-6.4%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/29/2026

	Return	Correlation
CNH	-6.4%
Market (SPY)	0.6%	35.3%
Sector (XLI)	5.5%	56.6%

Fundamental Drivers

The -15.2% change in CNH stock from 2/28/2025 to 3/29/2026 was primarily driven by a -55.1% change in the company's Net Income Margin (%).

(LTM values as of)	2282025	3292026	Change
Stock Price ($)	12.64	10.72	-15.2%
Change Contribution By:
Total Revenues ($ Mil)	19,836	18,095	-8.8%
Net Income Margin (%)	6.3%	2.8%	-55.1%
P/E Multiple	12.7	26.2	106.2%
Shares Outstanding (Mil)	1,251	1,245	0.5%
Cumulative Contribution			-15.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/29/2026

	Return	Correlation
CNH	-15.2%
Market (SPY)	9.8%	57.3%
Sector (XLI)	18.4%	68.0%

Fundamental Drivers

The -29.0% change in CNH stock from 2/28/2023 to 3/29/2026 was primarily driven by a -67.3% change in the company's Net Income Margin (%).

(LTM values as of)	2282023	3292026	Change
Stock Price ($)	15.10	10.72	-29.0%
Change Contribution By:
Total Revenues ($ Mil)	23,551	18,095	-23.2%
Net Income Margin (%)	8.6%	2.8%	-67.3%
P/E Multiple	10.0	26.2	162.1%
Shares Outstanding (Mil)	1,342	1,245	7.8%
Cumulative Contribution			-29.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/29/2026

	Return	Correlation
CNH	-29.0%
Market (SPY)	69.4%	48.1%
Sector (XLI)	65.1%	61.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CNH Return	53%	-10%	-22%	-3%	-17%	19%	3%
Peers Return	19%	17%	21%	1%	22%	15%	137%
S&P 500 Return	27%	-19%	24%	23%	16%	-5%	72%
Monthly Win Rates [3]
CNH Win Rate	58%	50%	25%	42%	25%	67%
Peers Win Rate	60%	50%	47%	50%	57%	67%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
CNH Max Drawdown	-3%	-39%	-37%	-19%	-17%	0%
Peers Max Drawdown	-2%	-20%	-10%	-15%	-19%	0%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: DE, CAT, AGCO, PCAR, TEX.
[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] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	CNH	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-50.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	100.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-54.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	120.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	256 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-45.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	82.6%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	805 days	120 days

Compare to DE, CAT, AGCO, PCAR, TEX

In The Past

CNH Industrial's stock fell -50.1% during the 2022 Inflation Shock from a high on 12/27/2021. A -50.1% loss requires a 100.3% gain to breakeven.

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About CNH Industrial (CNH)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

CNH Industrial N.V. designs, produces, markets, sells, and finances agricultural and construction equipment, trucks, commercial vehicles, buses, and specialty vehicles in North America, Europe, South America, and internationally. It operates through five segments: Agriculture, Construction, Commercial and Specialty Vehicles, Powertrain, and Financial. The Agriculture segment provides farm machinery and implements that include two-and four-wheel drive tractors, crawler tractors, combines, cotton pickers, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, soil preparation and cultivation implements, and material handling equipment under the New Holland Agriculture, Case IH, STEYR, Miller, Kongskilde, Överum, K-Line, and JF brands. The Construction segment offers excavators, crawler dozers, graders, wheel and backhoe loaders, and skid steer and compact track loaders under the CASE Construction and New Holland Construction brands. The Commercial and Specialty Vehicles segment provides light, medium, and heavy vehicles for the transportation and distribution of goods under the IVECO brand; commuter buses and city-buses under the IVECO BUS and Heuliez Bus brands; quarry and mining equipment under the IVECO ASTRA brand; firefighting vehicles under the Magirus brand; and vehicles for civil defense and peace-keeping missions under the Iveco Defence Vehicles brand. The Powertrain segment offers engines, transmission systems, and axles for on- and off-road applications, as well as for marine and power generation under the FPT Industrial brand. The Financial Services segment provides and administers retail financing to customers for the purchase or lease of new and used industrial equipment or vehicles, and other equipment; wholesale financing, which primarily consists of floor plan financing; and trade receivables factoring services. The company was founded in 1842 and is headquratered in London, the United Kingdom.

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Analogies for CNH Industrial:

Imagine a company that's a blend of John Deere (for farm equipment) and Caterpillar (for construction equipment), but also manufactures commercial trucks and buses.
It's like a European version of John Deere and Caterpillar combined, with an added focus on commercial trucks and buses (like IVECO).

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Agricultural Equipment: Manufactures a wide range of farm machinery, including tractors, harvesters, and various planting and soil preparation implements.
Construction Equipment: Produces heavy machinery for construction, such as excavators, loaders, dozers, and skid steer loaders.
Commercial Vehicles: Provides light, medium, and heavy trucks for transportation and distribution, along with buses for commuter and city use.
Specialty Vehicles: Develops vehicles for specific applications, including quarry and mining, firefighting, and defense missions.
Powertrain Components: Offers engines, transmission systems, and axles for on- and off-road vehicles, marine applications, and power generation.
Financial Services: Provides retail and wholesale financing to customers for the purchase or lease of industrial equipment and vehicles.

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Gerrit Marx, Chief Executive Officer

Gerrit Marx assumed the role of Chief Executive Officer of CNH in July 2024. His career spans approximately 25 years across various regions and sectors, with a focus on industrials, machinery & equipment, and automotive. Prior to his current role, he served as CEO of Iveco Group N.V. from January 2022 to June 2024, a publicly listed company for commercial vehicles, powertrains, buses, and specialty vehicles, following its spin-off from CNH. He was President of Commercial and Specialty Vehicles at CNH from January 2019. From 2012, Mr. Marx was a member of the European Leadership Team at Bain Capital, a multi-asset investment firm, where he oversaw portfolio activities and led transformational change programs, particularly in automotive and industrial assets. His earlier career included roles such as Executive Vice President of Volkswagen AG China and President of Skoda China (2011-2012), and various positions of increasing responsibility at Daimler AG (now Mercedes-Benz Group AG) from 2007-2011, including President and CEO of Daimler Trucks China. He started his career at McKinsey & Company in 1999.

James (Jim) Nickolas, Chief Financial Officer

James (Jim) Nickolas became Chief Financial Officer of CNH on May 6, 2025, succeeding Oddone Incisa. He brings over three decades of experience in corporate finance, mergers and acquisitions (M&A), and business strategy. Before joining CNH, Mr. Nickolas was the CFO and Executive Vice President at Martin Marietta, a U.S.-based supplier of construction materials, starting in August 2017. He spent nearly a decade at Caterpillar (2008-2017), where his senior financial positions included Head of Corporate Development and Caterpillar Ventures, CFO of the Resources Industries Segment, and CFO of the Global Mining unit. Earlier in his career, from 2001 to mid-2008, he served as Executive Director of Investment Banking at JP Morgan Securities. He began his professional journey as a Senior Tax Associate at Coopers & Lybrand L.L.P.

Stefano Pampalone, Agriculture Chief Commercial Officer

Stefano Pampalone serves as the Agriculture Chief Commercial Officer at CNH, holding global responsibility for the Agriculture segment's commercial strategy, brand, and aftermarket activities. He joined CNH in 1999. Prior to his current appointment, Mr. Pampalone was the President of the Construction segment, a role in which he successfully led the business to achieve record margin growth in 2023.

Jay Schroeder, Chief Technology Officer

Jay Schroeder is the Chief Technology Officer at CNH. In this role, he is responsible for advancing the company's technological capabilities.

Chun Woytera, Chief Quality & Customer Advocacy Officer and Chief Sustainability Officer

Chun Woytera holds the positions of Chief Quality & Customer Advocacy Officer and Chief Sustainability Officer at CNH, a role she assumed after transitioning from her previous position as President, Asia Pacific. She has been with CNH since 1997. In this newly created role, Ms. Woytera is tasked with advancing overall quality, a cornerstone for customer success and future growth, and leading the company's sustainability efforts.

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The key risks to CNH Industrial's business operations primarily stem from the cyclical nature of its core markets, coupled with external macroeconomic and competitive pressures.

Softening Demand and Cyclicality in Agricultural and Construction Markets: CNH Industrial faces significant challenges due to a pronounced downturn in global agriculture and construction equipment markets. This softening demand has led to reduced sales volumes and projected revenue decreases, particularly in the agricultural sector, with declines expected to continue. The company is also actively working to reduce excess dealer inventory, which remains above target levels in key regions, directly impacted by this downturn.
Geopolitical Instability, Inflationary Pressures, and Supply Chain Vulnerabilities: Ongoing geopolitical uncertainties and conflicts pose risks to CNH Industrial's supply chains and pricing. Inflationary pressures contribute to elevated input costs, such as for diesel and fertilizer, which can impact farmers' income and their willingness to invest in new equipment. These factors can lead to disruptions in production and delivery schedules, ultimately affecting profitability.
Intense Competitive Landscape: The agricultural and construction equipment industries in which CNH Industrial operates are highly competitive. This intense competition can lead to pressure on pricing, compression of profit margins, and a continuous need for substantial investment in research and development to maintain a competitive edge and market share.

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The accelerated industry shift towards electrification and autonomous operation across CNH Industrial's core segments represents a clear emerging threat.

Specifically, the emergence of pure-play electric and autonomous heavy-duty truck manufacturers, electric bus companies, and autonomous agricultural machinery startups directly challenges CNH's established market share in traditional diesel-powered and human-operated equipment and vehicles. These new entrants, often unburdened by legacy internal combustion engine (ICE) infrastructure, can innovate rapidly and capture market share by offering fundamentally different technologies and business models, akin to how Netflix challenged Blockbuster or the iPhone disrupted BlackBerry.

Furthermore, this industry transformation poses a significant emerging threat to CNH's Powertrain segment (FPT Industrial). As the demand for electric and alternative fuel powertrains grows, specialized companies developing advanced electric motors, battery systems, fuel cells, and electric drivetrains could erode FPT Industrial's traditional business centered on ICE engines and related components.

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CNH Industrial N.V. (NYSE: CNH) operates in several global industrial sectors. The addressable markets for its main products and services are significant across various regions.

Agricultural Equipment

The global agriculture equipment market was valued at approximately USD 207.21 billion in 2025. It is projected to grow to USD 402.18 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 7.70% from 2026 to 2034. The Asia Pacific region is a dominant force in this market, holding a 39.80% share in 2025.

Construction Equipment

The global construction equipment market reached an estimated size of USD 258.5 billion in 2025. Projections indicate this market will expand to USD 352.0 billion by 2034, with a CAGR of 3.31% from 2026 to 2034. The Asia Pacific region leads this market, accounting for over 43.8% of the market share in 2025.

Commercial and Specialty Vehicles (Trucks)

The global commercial vehicle market was valued at approximately USD 1292.42 billion in 2025. This market is expected to grow from USD 1401.88 billion in 2026 to USD 2328.28 billion by 2034, at a CAGR of 6.5%. North America held a significant share of this market, approximately 59.54% in 2025. Light commercial vehicles constitute a substantial portion, accounting for 67.1% of the global market in 2026.

Commercial and Specialty Vehicles (Buses)

The global bus market was valued at USD 129.90 billion in 2025. It is projected to grow from USD 144.52 billion in 2026 to USD 354.27 billion by 2034, with a strong CAGR of 11.86%. Asia Pacific was the leading region in this market, holding a 59.7% share in 2025.

Powertrain (Industrial Engines)

The global industrial engines market was valued at USD 61.6 billion in 2025. This market is projected to reach USD 108.5 billion by 2034, with a CAGR of 6.49% during the forecast period. Asia-Pacific leads the industrial engines market, accounting for 38% of the market share.

Financial Services

The global equipment finance services market was valued at USD 1.2 trillion in 2022. This market is projected to grow to USD 3.1 trillion by 2032, exhibiting a CAGR of 9.7% from 2023 to 2032. In 2022, North America held the largest market share, while Asia-Pacific is expected to experience the highest CAGR during the forecast period.

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CNH Industrial (CNH) anticipates several key drivers for future revenue growth over the next two to three years, primarily stemming from its strategic business plan that emphasizes product innovation, technological integration, and market expansion.

Product Portfolio Refresh and Expansion: CNH plans a comprehensive refresh of its agricultural machinery, with new tractor product lines scheduled for release starting in 2026, covering a wide horsepower range. The company is also expanding its harvester lineup, with new generation combines introduced in 2024 designed to lower the total cost of ownership for farmers. In the construction segment, new product launches are expected to contribute to growth.
Advancing Precision Technology and Digitalization ("Iron + Tech"): A significant driver will be the integration of advanced technologies, with CNH aiming to nearly double the contribution of Precision Tech sales to its Agriculture Net Sales by 2030. This strategy includes embedding artificial intelligence, automation, satellite connectivity, and agronomic insights across its product lines, notably through its FieldOps™ digital platform.
Strengthening and Expanding the Dealer Network: CNH is investing in its dealer network to enhance customer engagement and service. This involves implementing a new dual-brand dealer strategy for brands like Case IH, New Holland, and STEYR, and investing in growth-oriented dealers to ensure improved and faster customer service.
Market Share Consolidation and Strategic Expansion: CNH's strategic business plan, detailed at its Investor Day 2025, sets ambitious targets to achieve a top two market position across all significant agriculture markets by 2030. In the construction sector, the company aims to consolidate its position among the top five players in North and South America through expanded offerings.
Growth in Aftermarket Services: Particularly within the construction segment, CNH anticipates revenue growth through expanded aftermarket service offerings and digital integration.

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Share Repurchases

CNH Industrial completed transactions for approximately €234.9 million ($254.6 million) to repurchase 24,741,114 common shares as of December 8, 2023, under a $1 billion buyback program.
In February 2024, an additional $500 million share buyback program was announced, set to commence after the completion of an existing $1 billion share buyback program.
The company made approximately $700 million in share repurchases in 2024, with expected repurchases of around $250 million in 2025 and annually thereafter.

Share Issuance

CNH Industrial issued approximately 3.0 million Restricted Stock Units (RSUs) in 2025, 3.5 million in 2024, and 2.1 million in 2023 to key executive officers and selected employees.
A capital increase involving 554,023 common shares was noted in the changes to share capital during 2022, 2023, and 2024.

Outbound Investments

CNH Industrial's "Iron + Tech" strategy has been supported by acquisitions such as Raven, Hemisphere, and Augmenta, which have helped internalize critical capabilities and reduce reliance on third-party suppliers.
The company formed CNH Industrial Ventures to explore collaborations and investments in promising digital and technology start-ups within the agriculture and construction sectors.
The Construction segment pursued a multi-brand strategy, including the acquisition of the Eurocomach brand (within the Sampierana SpA portfolio).

Capital Expenditures

Capital expenditures are projected to be maintained at approximately $500 million-$600 million in both 2024 and 2025, following $667 million in 2023.
Expenditure on property, plant and equipment, and intangible assets (excluding operating leases) totaled $543 million in 2025, with spending on assets under operating leases at $655 million, remaining flat compared to 2024.
Since 2019, CNH Industrial has nearly doubled its research and development (R&D) and capital expenditures, with 25% of this investment directed towards Precision Technology.

Interactive Breakdown

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Better Bets vs. CNH Industrial (CNH)

INDUSTRY: Agricultural & Farm Machinery

Higher Rev Chg 3Y Avg | Lower P/S (Values for CNH: -7.9% | 0.7x)

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Higher Rev Chg LTM (Value for CNH: -8.8%)

AEBI (40.6%)

Aebi Schmidt

BLBD (11.6%)

Blue Bird

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Lindsay

TTC (-0.6%)

Toro

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Blue Bird

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DE (7.8%)

Deere

Higher Total Yield (Value for CNH: 6.3%)

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Lindsay

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CNH: -7.9% | 0.7x)

DAL (7.9% | 0.7x)

Delta Air Lines

UAL (9.7% | 0.5x)

United Airlines

WCC (3.2% | 0.5x)

WESCO International

ACM (6.5% | 0.7x)

AECOM

SWK (-3.7% | 0.7x)

Stanley Black & Decker

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CNH: -7.9% | 4.8x)

AAL (3.8% | 4.2x)

American Airlines

CMRE (-4.1% | 4.4x)

Costamare

PBI (-7.8% | 4.4x)

Pitney Bowes

CNXC (16.6% | 2.7x)

Concentrix

DLX (-1.6% | 4.7x)

Deluxe

Higher Rev Chg LTM (Value for CNH: -8.8%)

GE (18.5%)

GE Aerospace

RTX (9.7%)

RTX

GEV (9.0%)

GE Vernova

CAT (4.3%)

Caterpillar

DE (-2.5%)

Deere

Higher Rev Chg 3Y Avg (Value for CNH: -7.9%)

GE (18.3%)

GE Aerospace

BA (12.3%)

Boeing

RTX (9.9%)

RTX

CAT (4.6%)

Caterpillar

DE (-4.7%)

Deere

Higher Op Mgn LTM (Value for CNH: 15.5%)

UNP (40.2%)

Union Pacific

GE (18.9%)

GE Aerospace

DE (18.0%)

Deere

HON (17.5%)

Honeywell International

CAT (16.5%)

Caterpillar

Higher CFO/Rev LTM (Value for CNH: 14.0%)

UBER (19.4%)

Uber Technologies

GE (18.6%)

GE Aerospace

CAT (17.4%)

Caterpillar

HON (17.1%)

Honeywell International

DE (16.8%)

Deere

Higher FCF/Rev LTM (Value for CNH: 7.4%)

GE (15.8%)

GE Aerospace

CAT (11.0%)

Caterpillar

GEV (9.7%)

GE Vernova

RTX (8.4%)

RTX

DE (7.8%)

Deere

Higher Total Yield (Value for CNH: 6.3%)

UPS (13.6%)

United Parcel Service

ADP (8.3%)

Automatic Data Processing

UNP (7.3%)

Union Pacific

FDX (7.0%)

FedEx

UBER (7.0%)

Uber Technologies

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CNH: -7.9% | 0.7x)

UNH (11.4% | 0.5x)

UnitedHealth

MCK (13.3% | 0.3x)

McKesson

CVS (7.7% | 0.2x)

CVS Health

CI (15.3% | 0.3x)

Cigna

GM (5.8% | 0.4x)

General Motors

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CNH: -7.9% | 4.8x)

IBKR (38.4% | 3.2x)

Interactive Brokers

CHTR (0.5% | 2.1x)

Charter Communications

BCE (0.4% | 4.3x)

BCE

RCI (12.5% | 4.2x)

Rogers Communications

JEF (16.1% | 1.9x)

Jefferies Financial

Higher Rev Chg LTM (Value for CNH: -8.8%)

NVDA (65.5%)

NVIDIA

MSFT (16.7%)

Microsoft

GOOGL (15.1%)

Alphabet

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for CNH: -7.9%)

NVDA (101.8%)

NVIDIA

MSFT (14.4%)

Microsoft

GOOGL (12.5%)

Alphabet

AMZN (11.7%)

Amazon.com

AAPL (4.1%)

Apple

Higher Op Mgn LTM (Value for CNH: 15.5%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

GOOGL (32.0%)

Alphabet

Higher CFO/Rev LTM (Value for CNH: 14.0%)

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

GOOGL (40.9%)

Alphabet

AAPL (31.1%)

Apple

AMZN (19.5%)

Amazon.com

Higher FCF/Rev LTM (Value for CNH: 7.4%)

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

GOOGL (18.2%)

Alphabet

Higher Total Yield (Value for CNH: 6.3%)

BAC (8.8%)

Bank of America

JPM (7.4%)

JPMorgan Chase

JNJ (6.8%)

Johnson & Johnson

BRK-B (6.6%)

Berkshire Hathaway

XOM (6.4%)

Exxon Mobil

Best Bets in Industrials

What You Pay

P/EBIT (Value for CNH: 6.3x)

GATX (8.9x)

GATX

PAYX (13.6x)

Paychex

AGX (58.4x)

Argan

TDG (15.6x)

TransDigm

PCTY (16.9x)

Paylocity

STRL (30.1x)

Sterling Infrastructure

PAYC (10.3x)

Paycom Software

CSW (25.2x)

CSW Industrials

POWL (28.9x)

Powell Industries

AZZ (7.6x)

AZZ

P/E (Value for CNH: 26.2x)

GATX (17.9x)

GATX

PAYX (20.1x)

Paychex

AGX (57.1x)

Argan

TDG (32.7x)

TransDigm

PCTY (23.9x)

Paylocity

STRL (44.5x)

Sterling Infrastructure

PAYC (14.2x)

Paycom Software

CSW (34.5x)

CSW Industrials

POWL (34.8x)

Powell Industries

AZZ (11.4x)

AZZ

What You Get

Rev Chg 3Y Avg (Value for CNH: -7.9%)

GATX (11.0%)

GATX

PAYX (8.9%)

Paychex

AGX (28.8%)

Argan

TDG (17.5%)

TransDigm

PCTY (19.0%)

Paylocity

STRL (12.1%)

Sterling Infrastructure

PAYC (14.4%)

Paycom Software

CSW (11.0%)

CSW Industrials

POWL (27.3%)

Powell Industries

AZZ (14.0%)

AZZ

Rev Chg LTM (Value for CNH: -8.8%)

GATX (9.8%)

GATX

PAYX (16.4%)

Paychex

AGX (8.1%)

Argan

TDG (11.7%)

TransDigm

PCTY (12.1%)

Paylocity

STRL (17.7%)

Sterling Infrastructure

PAYC (8.9%)

Paycom Software

CSW (16.9%)

CSW Industrials

POWL (5.1%)

Powell Industries

AZZ (1.5%)

AZZ

Rev Chg Q (Value for CNH: 5.8%)

GATX (8.6%)

GATX

PAYX (19.9%)

Paychex

AGX (12.7%)

Argan

TDG (13.9%)

TransDigm

PCTY (10.4%)

Paylocity

STRL (51.5%)

Sterling Infrastructure

PAYC (10.2%)

Paycom Software

CSW (20.3%)

CSW Industrials

POWL (4.0%)

Powell Industries

AZZ (5.5%)

AZZ

FCF/Rev 3Y Avg (Value for CNH: 3.4%)

GATX (37.4%)

GATX

PAYX (33.2%)

Paychex

AGX (27.3%)

Argan

TDG (22.1%)

TransDigm

PCTY (21.7%)

Paylocity

STRL (18.4%)

Sterling Infrastructure

PAYC (18.2%)

Paycom Software

CSW (18.0%)

CSW Industrials

POWL (17.7%)

Powell Industries

AZZ (16.7%)

AZZ

[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	Date
0	DASHBOARDS
1	CNH Industrial Stock Plummets 13% With 10-Day Losing Streak	03/17/2026
2	CNH Industrial Stock 10-Day Losing Spree: Stock Falls 15%	03/17/2026
3	CNH Stock Falls -14% In 9-Day Spree On Citigroup Target Cut	03/16/2026
4	CNH Stock Falls -13% With A 8-day Losing Spree On Weak 2026 Guidance	03/13/2026
5	How Low Can CNH Industrial Stock Really Go?	10/17/2025
6	CNH Dip Buy Analysis	07/10/2025
7	CNH Industrial (CNH) Valuation Ratios Comparison	05/15/2025
8	CNH Industrial Total Shareholder Return (TSR): 2.0% in 2024 and -8.2% 3-yr compounded annual returns (below peer average)	03/07/2025
9	Now Is Not The Time To Buy CNH Industrial Stock	02/28/2025
10	ARTICLES
11	10-Day Sell-Off Sends CNH Industrial Stock Down -15%	03/17/2026
12	Stocks Trading At 52-Week Low	01/01/2026

	Title
0	DASHBOARDS
1	CNH Industrial Stock Plummets 13% With 10-Day Losing Streak
2	CNH Industrial Stock 10-Day Losing Spree: Stock Falls 15%
3	CNH Stock Falls -14% In 9-Day Spree On Citigroup Target Cut
4	CNH Stock Falls -13% With A 8-day Losing Spree On Weak 2026 Guidance
5	How Low Can CNH Industrial Stock Really Go?
6	CNH Dip Buy Analysis
7	CNH Industrial (CNH) Valuation Ratios Comparison
8	CNH Industrial Total Shareholder Return (TSR): 2.0% in 2024 and -8.2% 3-yr compounded annual returns (below peer average)
9	Now Is Not The Time To Buy CNH Industrial Stock
10	ARTICLES
11	10-Day Sell-Off Sends CNH Industrial Stock Down -15%
12	Stocks Trading At 52-Week Low

Trade Ideas

Select ideas related to CNH.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
EFX_2272026_Monopoly_xInd_xCD_Getting_Cheaper	02272026	EFX	Equifax	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	0.0%	0.0%	0.0%
LZ_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02202026	LZ	LegalZoom.com	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	7.2%	7.2%	-5.0%
ADP_2132026_Dip_Buyer_ValueBuy	02132026	ADP	Automatic Data Processing	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	1.1%	1.1%	-3.0%
TREX_2132026_Dip_Buyer_ValueBuy	02132026	TREX	Trex	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	-3.2%	-3.2%	-5.9%
PCTY_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02132026	PCTY	Paylocity	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-0.6%	-0.6%	-4.8%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AGX	Argan	7.8	37.9%	81.1%
TBN	Tamboran Resources	0.9	25.6%	59.4%
U	Unity Software	8.3	13.5%	-56.0%
ADMA	ADMA Biologics	2.2	11.6%	-49.3%
METC	Ramaco Resources	1.0	11.4%	-13.6%
MEOH	Methanex	5.0	9.7%	64.8%
PTON	Peloton Interactive	1.9	8.8%	-28.1%
OXM	Oxford Industries	0.5	8.7%	3.0%
REX	REX American Resources	1.6	8.3%	47.7%
SGML	Sigma Lithium	1.2	7.8%	-20.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BUR	Burford Capital	0.9	-47.1%	-53.6%
RCKT	Rocket Pharmaceuticals	0.4	-19.6%	7.4%
ZBIO	Zenas BioPharma	0.8	-17.8%	-49.8%
BKSY	BlackSky Technology	0.8	-17.2%	24.2%
PSNL	Personalis	0.6	-13.4%	-20.4%
SLS	SELLAS Life Sciences	0.5	-11.8%	15.8%
ANAB	AnaptysBio	1.6	-11.7%	18.4%
FLY	Firefly Aerospace	2.2	-11.6%	6.0%
INBX	Inhibrx Biosciences	0.9	-11.2%	-26.1%
YOU	Clear Secure	4.6	-11.2%	36.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
BCPC	Balchem	5.4	610.4%	8.9%
KOD	Kodiak Sciences	2.0	66.3%	32.3%
OLPX	Olaplex	1.3	51.9%	50.7%
CAR	Avis Budget	5.2	48.6%	15.7%
TBN	Tamboran Resources	0.9	36.0%	59.4%
ELVN	Enliven Therapeutics	2.4	33.8%	152.1%
TROX	Tronox	1.4	30.1%	120.3%
BORR	Borr Drilling	1.8	28.7%	50.1%
BRZE	Braze	2.5	25.5%	-32.9%
INDI	Indie Semiconductor	0.6	24.6%	-9.6%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PIPR	Piper Sandler Cos	1.2	-75.2%	-12.4%
BUR	Burford Capital	0.9	-46.2%	-53.6%
WVE	WAVE Life Sciences	1.1	-45.9%	-62.6%
TASK	TaskUs	0.6	-37.8%	-15.9%
MAZE	Maze Therapeutics	1.4	-36.7%	-26.7%
ADMA	ADMA Biologics	2.2	-35.4%	-49.3%
CRCL	Circle Internet	21.5	-25.7%	18.1%
PLAY	Dave & Buster's Entertainment	0.3	-23.5%	-39.5%
EL	Estee Lauder Companies	24.3	-21.8%	-35.6%
NTSK	Netskope	1.9	-18.9%	-55.9%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	1.8	133.2%	104.5%
DAWN	Day One Biopharmaceuticals	2.2	101.0%	129.7%
VG	Venture Global	42.7	85.4%	157.4%
AAOI	Applied Optoelectronics	6.2	82.9%	181.7%
TNGX	Tango Therapeutics	2.1	68.9%	117.4%
AXTI	AXT	2.7	63.3%	270.8%
BW	Babcock & Wilcox Enterprises	1.5	61.7%	134.4%
PARR	Par Pacific	3.3	61.6%	86.9%
LWLG	Lightwave Logic	0.9	61.5%	123.3%
SM	SM Energy	3.8	56.2%	76.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	1.1	-58.6%	-62.6%
BUR	Burford Capital	0.9	-51.4%	-53.6%
OLMA	Olema Pharmaceuticals	1.2	-44.0%	-45.3%
WING	Wingstop	4.3	-43.1%	-35.2%
FRMI	Fermi	3.7	-43.0%	-22.8%
PAR	PAR Technology	0.5	-43.0%	-64.7%
SES	SES AI	0.3	-42.6%	-45.1%
USAS	Americas Gold And Silver	1.5	-41.9%	7.6%
ITRG	Integra Resources	0.4	-41.0%	-36.2%
VITL	Vital Farms	0.6	-40.6%	-58.9%

Peer Comparisons

Peers to compare with:

Financials

	CNH	DE	CAT	AGCO	PCAR	TEX	Median
Name	CNH Indu.	Deere	Caterpil.	AGCO	PACCAR	Terex
Mkt Price	10.72	566.64	695.40	113.53	112.75	56.44	113.14
Mkt Cap	13.3	153.2	324.1	8.4	59.3	3.7	36.3
Rev LTM	18,095	45,746	67,589	10,082	28,445	5,421	23,270
Op Inc LTM	2,805	8,225	11,151	699	2,962	475	2,883
FCF LTM	1,340	3,576	7,453	740	3,029	322	2,185
FCF 3Y Avg	611	4,087	8,689	541	2,951	281	1,781
CFO LTM	2,538	7,701	11,739	988	4,416	440	3,477
CFO 3Y Avg	1,804	8,545	12,220	927	4,416	408	3,110

Growth & Margins

	CNH	DE	CAT	AGCO	PCAR	TEX	Median
Name	CNH Indu.	Deere	Caterpil.	AGCO	PACCAR	Terex
Rev Chg LTM	-8.8%	-2.5%	4.3%	-13.5%	-15.5%	5.7%	-5.7%
Rev Chg 3Y Avg	-7.9%	-4.7%	4.6%	-6.2%	0.7%	7.3%	-2.0%
Rev Chg Q	5.8%	13.1%	18.0%	1.1%	-13.7%	6.2%	6.0%
QoQ Delta Rev Chg LTM	1.6%	2.4%	4.5%	0.3%	-3.7%	1.4%	1.5%
Op Mgn LTM	15.5%	18.0%	16.5%	6.9%	10.4%	8.8%	13.0%
Op Mgn 3Y Avg	18.3%	21.4%	18.7%	8.9%	14.0%	10.5%	16.1%
QoQ Delta Op Mgn LTM	-1.3%	-0.9%	-1.2%	0.4%	-1.0%	1.4%	-0.9%
CFO/Rev LTM	14.0%	16.8%	17.4%	9.8%	15.5%	8.1%	14.8%
CFO/Rev 3Y Avg	9.2%	17.0%	18.4%	7.8%	13.7%	7.8%	11.5%
FCF/Rev LTM	7.4%	7.8%	11.0%	7.3%	10.6%	5.9%	7.6%
FCF/Rev 3Y Avg	3.4%	8.1%	13.1%	4.6%	9.2%	5.4%	6.7%

Valuation

	CNH	DE	CAT	AGCO	PCAR	TEX	Median
Name	CNH Indu.	Deere	Caterpil.	AGCO	PACCAR	Terex
Mkt Cap	13.3	153.2	324.1	8.4	59.3	3.7	36.3
P/S	0.7	3.3	4.8	0.8	2.1	0.7	1.5
P/EBIT	6.3	16.5	26.9	11.6	20.0	7.9	14.1
P/E	26.2	31.8	36.5	11.5	25.0	16.7	25.6
P/CFO	5.3	19.9	27.6	8.5	13.4	8.4	11.0
Total Yield	6.3%	4.3%	3.6%	9.7%	7.8%	7.2%	6.8%
Dividend Yield	2.5%	1.1%	0.8%	1.0%	3.8%	1.2%	1.2%
FCF Yield 3Y Avg	5.1%	3.5%	4.8%	6.8%	5.4%	8.0%	5.3%
D/E	2.0	0.4	0.1	0.3	0.3	0.7	0.4
Net D/E	1.8	0.4	0.1	0.2	0.1	0.5	0.3

Returns

	CNH	DE	CAT	AGCO	PCAR	TEX	Median
Name	CNH Indu.	Deere	Caterpil.	AGCO	PACCAR	Terex
1M Rtn	-12.8%	-10.0%	-6.4%	-16.8%	-10.6%	-18.0%	-11.7%
3M Rtn	13.6%	21.3%	19.6%	7.9%	1.1%	2.5%	10.7%
6M Rtn	-1.5%	23.0%	50.1%	3.9%	14.3%	9.6%	12.0%
12M Rtn	-10.4%	23.4%	113.8%	22.6%	19.3%	48.7%	23.0%
3Y Rtn	-23.4%	45.9%	225.2%	-6.1%	74.4%	23.9%	34.9%
1M Excs Rtn	-4.0%	-0.7%	0.2%	-7.3%	-1.3%	-9.2%	-2.6%
3M Excs Rtn	22.3%	29.8%	27.5%	16.2%	9.5%	11.7%	19.2%
6M Excs Rtn	2.8%	25.8%	54.3%	9.2%	23.8%	15.8%	19.8%
12M Excs Rtn	-25.2%	7.3%	95.2%	6.4%	4.7%	30.1%	6.8%
3Y Excs Rtn	-81.4%	-12.2%	170.2%	-62.7%	17.3%	-38.1%	-25.1%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/26/2026	2/26/2026	2/28/2025	2/29/2024	2/28/2023	3/1/2022	3/3/2021
Key Financials
Total Revenue	18,095	18,095	19,836	24,687	23,551	19,496	14,779
EBITDA	2,731	2,731	3,673	4,612	3,951	3,025	1,019
Operating Income	2,805	2,805	3,850	4,945	4,136	3,291	1,838
Net Income	510	510	1,246	2,275	2,029	1,723	-493
EPS	0.40	0.41	0.99	1.71	1.50	1.27	-0.36
Growth Rates
Total Revenue Growth	-8.8%	-8.8%	-19.7%	4.8%	20.8%	31.9%	-47.4%
EBITDA Growth	-25.6%	-25.6%	-20.4%	16.7%	30.6%	196.9%	-68.0%
Operating Income Growth	-27.1%	-27.1%	-22.1%	19.6%	25.7%	79.1%	-38.8%
Net Income Growth	-59.1%	-59.1%	-45.2%	12.1%	17.8%	449.5%	-134.7%
Margins
EBITDA Margin	15.1%	15.1%	18.5%	18.7%	16.8%	15.5%	6.9%
Operating Income Margin	15.5%	15.5%	19.4%	20.0%	17.6%	16.9%	12.4%
Net Income Margin	2.8%	2.8%	6.3%	9.2%	8.6%	8.8%	-3.3%
Cash & Debt
Total Cash	2,578	2,578	3,191	4,322	4,376	5,044	8,785
Total Debt	27,034	27,034	27,164	27,626	23,190	21,093	26,506
Net Debt / (Cash)	24,456	24,456	23,973	23,304	18,814	16,049	17,721
Cash Flows
Net Cash from Operations	2,538	2,538	1,968	907	557	4,082	5,529
Free Cash from Operations	1,340	1,340	782	-288	-442	3,161	4,683
Returns to Shareholders
Dividends	333	333	607	538	423	188	8
Share Repurchases	100	100	702	652	153	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	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
Filing Date	2/26/2026	11/7/2025	8/4/2025	5/6/2025	2/28/2025	11/12/2024	8/2/2024	5/6/2024	2/29/2024	11/8/2023	8/2/2023	5/9/2023
Key Financials Quarterly
Total Revenue	5,157	4,399	4,711	3,828	4,876	4,654	5,488	4,818	6,792	5,986	6,567	5,342
Ebitda	678	588	791	674	813	893	1,023	944	1,129	1,154	1,299	1,030
Operating Income	719	574	823	689	901	877	1,088	984	1,334	1,199	1,350	1,062
Net Income	86	80	213	131	173	306	399	368	582	537	706	482
EPS	0.07	0.06	0.17	0.10	0.14	0.24	0.32	0.29	0.47	0.40	0.53	0.36
Key Financials TTM
Total Revenue TTM	18,095	17,814	18,069	18,846	19,836	21,752	23,084	24,163	24,687	24,838	24,733	24,248
Ebitda TTM	2,731	2,866	3,171	3,403	3,673	3,989	4,250	4,526	4,612	4,580	4,481	4,232
Operating Income TTM	2,805	2,987	3,290	3,555	3,850	4,283	4,605	4,867	4,945	4,791	4,682	4,401
Net Income TTM	510	597	823	1,009	1,246	1,655	1,886	2,193	2,307	2,317	2,336	2,178
Growth Rates Quarterly
Total Revenue Growth	5.8%	-5.5%	-14.2%	-20.5%	-28.2%	-22.3%	-16.4%	-9.8%	-2.2%	1.8%	8.0%	15.0%
EBITDA Growth	-16.6%	-34.2%	-22.7%	-28.6%	-28.0%	-22.6%	-21.2%	-8.3%	2.9%	9.4%	23.7%	37.5%
Operating Income Growth	-20.2%	-34.5%	-24.4%	-30.0%	-32.5%	-26.9%	-19.4%	-7.3%	13.1%	10.0%	26.3%	33.2%
Net Income Growth	-50.3%	-73.9%	-46.6%	-64.4%	-70.3%	-43.0%	-43.5%	-23.7%	-1.7%	-3.4%	28.8%	44.7%
Margins Quarterly
EBITDA Margin	13.1%	13.4%	16.8%	17.6%	16.7%	19.2%	18.6%	19.6%	16.6%	19.3%	19.8%	19.3%
Operating Income Margin	13.9%	13.0%	17.5%	18.0%	18.5%	18.8%	19.8%	20.4%	19.6%	20.0%	20.6%	19.9%
Net Income Margin	1.7%	1.8%	4.5%	3.4%	3.5%	6.6%	7.3%	7.6%	8.6%	9.0%	10.8%	9.0%
Cash & Debt
Total Cash	2,578	2,303	2,512	1,695	3,191	1,801	2,002	3,236	4,322	2,979	3,194	3,213
Total Debt	27,034	27,415	27,694	26,294	27,164	27,602	27,105	28,098	27,626	25,199	25,101	23,772
Net Debt / (Cash)	24,456	25,112	25,182	24,599	23,973	25,801	25,103	24,862	23,304	22,220	21,907	20,559
Cash Flows Quarterly
FCF from Operations	945	659	772	162	1,692	791	379	-894	1,515	232	-139	-701
Cash Flows TTM
FCF from Operations TTM	2,538	3,285	3,417	3,024	1,968	1,791	1,232	714	907	835	875	743
Returns to Shareholders Quarterly
Dividends	11	1	320	1	7	6	593	1	7	2	528	1
Share Repurchases	45	50	-0	5	13	48	60	581	428	55	98	71
Return on Invested Capital (ROIC) Quarterly
ROIC	6.4%	9.0%	9.5%	8.0%	6.5%	10.8%	13.7%	12.8%	20.6%	16.0%	19.0%	15.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	8.1%	8.4%	9.5%	10.8%	8.5%	13.8%	14.8%	15.6%	16.6%	16.2%	16.1%	15.7%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Agriculture	18,148	17,969	14,721	10,923	10,959
Construction	3,932	3,572	3,081	2,170	2,768
Financial Services	2,573	1,996	1,672	1,823	2,011
Eliminations and other	34	14	22	-1,934	-2,215
Commercial and Specialty Vehicles				9,421	10,439
Powertrain				3,629	4,117
Total	24,687	23,551	19,496	26,032	28,079

Price Behavior

Price Behavior

Market Price	$10.72
Market Cap ($ Bil)	13.4
First Trading Date	09/30/2013
Distance from 52W High	-22.3%
	50 Days	200 Days
DMA Price	$11.47	$11.26
DMA Trend	down	up
Distance from DMA	-6.6%	-4.8%
	3M	1YR
Volatility	37.3%	36.3%
Downside Capture	0.20	0.76
Upside Capture	127.47	77.29
Correlation (SPY)	40.3%	60.9%

CNH Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.32	0.75	0.79	0.79	1.10	1.06
Up Beta	1.12	1.63	1.62	0.60	1.24	1.20
Down Beta	2.17	1.95	1.46	1.63	1.26	1.04
Up Capture	48%	113%	114%	47%	64%	56%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	14	25	33	60	123	370
Down Capture	-158%	-147%	-68%	43%	94%	103%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	7	16	28	63	124	366

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

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CNH
CNH	-11.9%	36.4%	-0.28	-
Sector ETF (XLI)	20.5%	19.2%	0.84	69.9%
Equity (SPY)	14.5%	18.9%	0.59	60.8%
Gold (GLD)	50.2%	27.7%	1.46	2.7%
Commodities (DBC)	17.8%	17.6%	0.85	23.4%
Real Estate (VNQ)	0.4%	16.4%	-0.15	50.2%
Bitcoin (BTCUSD)	-23.7%	44.2%	-0.49	25.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CNH
CNH	-3.3%	34.8%	-0.02	-
Sector ETF (XLI)	12.3%	17.2%	0.56	64.4%
Equity (SPY)	11.8%	17.0%	0.54	53.2%
Gold (GLD)	20.7%	17.7%	0.96	11.5%
Commodities (DBC)	11.6%	18.9%	0.50	26.3%
Real Estate (VNQ)	3.0%	18.8%	0.07	43.8%
Bitcoin (BTCUSD)	4.0%	56.6%	0.29	18.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CNH
CNH	7.7%	36.3%	0.31	-
Sector ETF (XLI)	13.0%	19.8%	0.58	67.4%
Equity (SPY)	14.0%	17.9%	0.67	58.5%
Gold (GLD)	13.3%	15.8%	0.70	3.9%
Commodities (DBC)	8.2%	17.6%	0.39	32.0%
Real Estate (VNQ)	4.7%	20.7%	0.19	45.6%
Bitcoin (BTCUSD)	66.4%	66.8%	1.06	14.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	48.3 Mil
Short Interest: % Change Since 2282026	4.4%
Average Daily Volume	12.5 Mil
Days-to-Cover Short Interest	3.9 days
Basic Shares Quantity	1,245.0 Mil
Short % of Basic Shares	3.9%

Returns Analyses

	Title
0	How Low Can CNH Industrial Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/1/2025	-3.8%	-4.0%	-11.7%
5/1/2025	7.3%	5.4%	10.1%
2/4/2025	1.4%	-2.1%	-4.5%
11/8/2024	-8.3%	-8.3%	3.7%
7/31/2024	4.7%	-5.6%	-1.2%
5/2/2024	3.1%	2.8%	-2.9%
2/14/2024	6.2%	1.1%	5.2%
11/7/2023	-10.6%	-13.6%	-3.4%
...
SUMMARY STATS
# Positive	6	4	3
# Negative	5	7	8
Median Positive	4.5%	2.2%	5.2%
Median Negative	-8.3%	-8.1%	-4.0%
Max Positive	7.3%	5.4%	10.1%
Max Negative	-10.6%	-13.6%	-14.9%

	Forward Returns
8/1/2025	-3.8%	-4.0%	-11.7%
5/1/2025	7.3%	5.4%	10.1%
2/4/2025	1.4%	-2.1%	-4.5%
11/8/2024	-8.3%	-8.3%	3.7%
7/31/2024	4.7%	-5.6%	-1.2%
5/2/2024	3.1%	2.8%	-2.9%
2/14/2024	6.2%	1.1%	5.2%
11/7/2023	-10.6%	-13.6%	-3.4%
7/28/2023	-6.1%	-8.1%	-14.9%
5/5/2023	4.2%	1.5%	-3.6%
2/2/2023	-8.8%	-10.4%	-4.9%
SUMMARY STATS
# Positive	6	4	3
# Negative	5	7	8
Median Positive	4.5%	2.2%	5.2%
Median Negative	-8.3%	-8.1%	-4.0%
Max Positive	7.3%	5.4%	10.1%
Max Negative	-10.6%	-13.6%	-14.9%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/26/2026	10-K
09/30/2025	11/07/2025	10-Q
06/30/2025	08/04/2025	10-Q
03/31/2025	05/06/2025	10-Q
12/31/2024	02/28/2025	10-K
09/30/2024	11/12/2024	10-Q
06/30/2024	08/02/2024	10-Q
03/31/2024	05/06/2024	10-Q
12/31/2023	02/29/2024	10-K
09/30/2023	11/08/2023	10-Q
06/30/2023	08/02/2023	10-Q
03/31/2023	05/09/2023	10-Q
12/31/2022	02/28/2023	10-K
09/30/2022	11/09/2022	10-Q
06/30/2022	08/03/2022	6-K
03/31/2022	05/09/2022	6-K

Recent Forward Guidance [BETA]

Latest: null Earnings Reported N/A/N/A/N/A | Prior: null Earnings Reported N/A/N/A/N/A

null

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Heywood, Suzanne		Direct	Buy	11192025	9.52	52,522	500,009	5,896,945	Form
2	Sorensen, Vagn O		Direct	Buy	11132025	9.62	10,385	99,904	388,610	Form
3	Buffett, Howard W		See footnote	Buy	11132025	9.68	6,000	58,107	283,785	Form
4	Buffett, Howard W		See footnote	Buy	11132025	10.29	4,100	42,209	343,881	Form
5	Tutino, Francesco Vincenzo Maria	Chief Human Resources Officer	Direct	Sell	9192025	12.53	12,271	153,699	187,129	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Heywood, Suzanne		Direct	Buy	11192025	9.52	52,522	500,009	5,896,945	Form
2	Sorensen, Vagn O		Direct	Buy	11132025	9.62	10,385	99,904	388,610	Form
3	Buffett, Howard W		See footnote	Buy	11132025	9.68	6,000	58,107	283,785	Form
4	Buffett, Howard W		See footnote	Buy	11132025	10.29	4,100	42,209	343,881	Form
5	Tutino, Francesco Vincenzo Maria	Chief Human Resources Officer	Direct	Sell	9192025	12.53	12,271	153,699	187,129	Form
6	Bastoni, Elizabeth A		Direct	Sell	5142025	13.34	99	1,320	72,502	Form
7	Nasi, Alessandro		Direct	Sell	5142025	13.34	245	3,267	4,820,509	Form
8	Linehan, Karen		Direct	Sell	5142025	13.34	181	2,414	230,135	Form
9	Tamsons, Asa		Direct	Sell	5142025	13.34	179	2,387	120,775	Form
10	Kramer, Richard J		Direct	Sell	5142025	13.34	245	3,267	70,555	Form
11	Buffett, Howard W		Direct	Sell	5142025	13.34	99	1,320	310,746	Form
12	Sorensen, Vagn O		Direct	Sell	5142025	13.34	2,525	33,671	400,197	Form
13	Manley, Kelly	Chief Human Resources Officer	Direct	Sell	5122025	12.70	3,575	45,390	2,050,126	Form
14	Heywood, Suzanne		Direct	Sell	5122025	12.70	11,053	140,331	7,197,539	Form
15	Schroeder, Jay	Chief Technology Officer	Direct	Sell	5122025	12.70	2,154	27,348	415,958	Form
16	Chishti, Humayun	President, Construction	Direct	Sell	5122025	12.70	1,217	15,451	63,558	Form
17	Pampalone, Stefano	See Remarks	Direct	Sell	5122025	12.70	8,543	108,464	5,491,622	Form
18	Incisa, Oddone	Chief Financial Officer	Direct	Sell	5122025	12.70	22,515	285,855	10,875,230	Form
19	Russo, Roberto	See Remarks	Direct	Sell	5122025	12.70	7,632	96,897	2,473,124	Form
20	MacLeod, Douglas	President, Financial Services	Direct	Sell	5122025	12.70	1,992	25,291	175,791	Form
21	Pampalone, Stefano	See Remarks	Direct	Sell	3042025	11.64	12,935	150,563	4,858,345	Form
22	Marx, Gerrit A	Chief Executive Officer	Direct	Sell	3042025	11.64	320,472	3,730,294	4,366,583	Form
23	MacLeod, Douglas	President, Financial Services	Direct	Sell	3042025	11.64	1,697	19,753	104,038	Form
24	Heywood, Suzanne		Direct	Sell	3042025	11.64	24,213	281,839	6,423,627	Form
25	Incisa, Oddone	Chief Financial Officer	Direct	Sell	3042025	11.64	32,910	383,072	9,558,252	Form
26	Schroeder, Jay	Chief Technology Officer	Direct	Sell	3042025	11.64	2,090	24,328	307,196	Form
27	Russo, Roberto	See Remarks	Direct	Sell	3042025	11.64	11,156	129,856	2,127,693	Form
28	Chishti, Humayun	President, Construction	Direct	Sell	3042025	11.64	1,132	13,176	18,892	Form
29	Manley, Kelly	Chief Human Resources Officer	Direct	Sell	3042025	11.64	5,613	65,335	1,732,207	Form

CNH Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing CNH?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What CNH Makes & Who Pays

TTM figures based on

CNH Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

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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CNH Industrial (CNH)

Market Price (3/30/2026): $10.73 | Market Cap: $13.4 BilSector: Industrials | Industry: Agricultural & Farm Machinery

CNH Industrial (CNH)

Market Price (3/30/2026): $10.73Market Cap: $13.4 BilSector: IndustrialsIndustry: Agricultural & Farm Machinery

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

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 CNH Industrial (CNH)

Agricultural Equipment

Construction Equipment

Commercial and Specialty Vehicles (Trucks)

Commercial and Specialty Vehicles (Buses)

Powertrain (Industrial Engines)

Financial Services

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. CNH Industrial (CNH)

INDUSTRY: Agricultural & Farm Machinery

Higher Rev Chg 3Y Avg | Lower P/S (Values for CNH: -7.9% | 0.7x)

Higher Rev Chg LTM (Value for CNH: -8.8%)

Higher Rev Chg 3Y Avg (Value for CNH: -7.9%)

Higher Op Mgn LTM (Value for CNH: 15.5%)

Higher CFO/Rev LTM (Value for CNH: 14.0%)

Higher FCF/Rev LTM (Value for CNH: 7.4%)

Higher Total Yield (Value for CNH: 6.3%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CNH: -7.9% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CNH: -7.9% | 4.8x)

Higher Rev Chg LTM (Value for CNH: -8.8%)

Higher Rev Chg 3Y Avg (Value for CNH: -7.9%)

Higher Op Mgn LTM (Value for CNH: 15.5%)

Higher CFO/Rev LTM (Value for CNH: 14.0%)

Higher FCF/Rev LTM (Value for CNH: 7.4%)

Higher Total Yield (Value for CNH: 6.3%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CNH: -7.9% | 0.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CNH: -7.9% | 4.8x)

Higher Rev Chg LTM (Value for CNH: -8.8%)

Higher Rev Chg 3Y Avg (Value for CNH: -7.9%)

Higher Op Mgn LTM (Value for CNH: 15.5%)

Higher CFO/Rev LTM (Value for CNH: 14.0%)

Higher FCF/Rev LTM (Value for CNH: 7.4%)

Higher Total Yield (Value for CNH: 6.3%)

Best Bets in Industrials

P/EBIT (Value for CNH: 6.3x)

P/E (Value for CNH: 26.2x)

Rev Chg 3Y Avg (Value for CNH: -7.9%)

Rev Chg LTM (Value for CNH: -8.8%)

Rev Chg Q (Value for CNH: 5.8%)

FCF/Rev 3Y Avg (Value for CNH: 3.4%)

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Market Price (3/30/2026): $10.73 | Market Cap: $13.4 Bil
Sector: Industrials | Industry: Agricultural & Farm Machinery

Market Price (3/30/2026): $10.73
Market Cap: $13.4 Bil
Sector: Industrials
Industry: Agricultural & Farm Machinery