Tearsheet

CNH Industrial (CNH)

Market Price (12/4/2025): $9.52 | Market Cap: $11.9 Bil
Sector: Industrials | Industry: Agricultural & Farm Machinery

CNH Industrial (CNH)

Market Price (12/4/2025): $9.52
Market Cap: $11.9 Bil
Sector: Industrials
Industry: Agricultural & Farm Machinery

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 6.8%, Dividend Yield is 2.4%, FCF Yield is 15%	Weak multi-year price returns 2Y Excs Rtn is -56%, 3Y Excs Rtn is -107%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 185%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 3.3 Bil, FCF LTM is 2.0 Bil		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -18%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.0%, Rev Chg QQuarterly Revenue Change % is -5.5%
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.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 2.4%, FCF Yield is 15%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 3.3 Bil, FCF LTM is 2.0 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 -56%, 3Y Excs Rtn is -107%
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 185%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -18%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -6.0%, Rev Chg QQuarterly Revenue Change % is -5.5%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$9.52	$11.12	$11.48	$14.72	$16.30
Market Cap CYE ($ Bil)	11.9	13.9	15.1	19.8	22.1
Total Debt ($ Bil)	27.4	27.2	27.6	23.2	21.1
Total Cash ($ Bil)	2.3	3.2	4.3	4.4	5.0
Enterprise Value ($ Bil)	37.0	41.1	42.7	43.0	43.2
Valuation Ratios
P/S TTM	0.8	0.7	0.7	0.9	1.4
P/EBIT TTM	6.0	4.6	4.0	6.3	10.6
P/E TTM	22.8	11.4	7.1	10.7	15.3
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0	0.0	0.0

	12/4/25	2024	2023
Share Price CYE	$9.52	$11.12	$11.48
Market Cap CYE ($ Bil)	11.9	13.9	15.1
Total Debt ($ Bil)	27.4	27.2	27.6
Total Cash ($ Bil)	2.3	3.2	4.3
Enterprise Value ($ Bil)	37.0	41.1	42.7
Valuation Ratios
P/S TTM	0.8	0.7	0.7
P/EBIT TTM	6.0	4.6	4.0
P/E TTM	22.8	11.4	7.1
Sector Ratios
P/S TTM (Sector)	0.0	0.0	0.0
P/EBIT TTM (Sector)	0.0	0.0	0.0
P/E TTM (Sector)	0.0	0.0	0.0

	CNH	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	17.8
Rev Chg Q	-5.5%	7.1%
Rev Chg LTM	-18.1%	6.1%
Rev Chg 3Y Avg	-6.0%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	3.0
CFO LTM ($ Bil)	3.3
Net Inc LTM ($ Bil)	0.6
Op Mgn LTM	16.8%	18.8%
CFO/Rev LTM	18.4%	20.5%
Net Inc Mgn	3.4%	13.1%
VALUATION	LOW
P/S	0.8	3.2
P/CFO	4.1	15.8
P/FCF	6.7	20.5
P/E	22.8	23.5
STABILITY	POOR
Debt/Equity	2.02	0.20
Cash/Assets	0.05	0.07

AI Generated Analysis | Feedback

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

Recent
11/07/2025	Earnings Release	Rev: $4.0 Bil (A) vs. $4.0 Bil (E) EPS: 0.08 (A) vs. $0.13 (E)
Upcoming
2/03/2026	Earnings Release	Rev: $4.0 Bil (E) EPS: $0.11 (E)

CNH Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points explaining the -17% stock movement for CNH Industrial (CNH) from approximately August 31, 2025, to December 4, 2025:

1. CNH Industrial reported significantly weaker-than-expected third-quarter 2025 financial results. The company announced a substantial decline in net income, with diluted earnings per share falling to $0.06 in Q3 2025, compared to $0.24 in Q3 2024. Consolidated revenues were down 5% to $4.40 billion, and net sales of Industrial Activities decreased by 7% year-over-year. Adjusted earnings per share of $0.08 also missed analyst expectations of $0.13. This disappointing performance triggered a sharp sell-off, with shares tumbling more than 11% in premarket trading on November 7, 2025.

2. The company issued a lowered and narrowed full-year 2025 outlook. Following the weak Q3 results, CNH Industrial updated its 2025 outlook, forecasting a decline in Agriculture segment net sales of between 11% and 13% year-over-year, and Construction segment net sales down between 3% and 5% year-over-year. The adjusted diluted earnings per share (EPS) outlook for 2025 was also reduced to a range of $0.44–$0.50, which was below prior guidance and analyst consensus estimates. This revised guidance indicated continued market headwinds and increased uncertainty for the company's near-term profitability.

3. Persistent weak industry demand and ongoing inventory challenges impacted sales and margins. CNH Industrial cited lower industry demand and efforts to reduce excess channel inventory as primary drivers for the decline in net sales of Industrial Activities. The agricultural segment, a major revenue contributor, experienced a 10% drop in sales. The company continued to focus on maintaining disciplined production levels and reducing dealer inventories, but the challenging trade environment for farmers and builders contributed to the overall sales decline.

4. Tariff headwinds contributed to pressure on profit margins. Ongoing trade tensions and the August 2025 expansion of U.S. steel and aluminum tariffs were highlighted as factors adding pressure to CNH Industrial's margins. The company noted that it shares these net tariff costs with its customers, which further negatively impacted its 2025 margins, leading to the lowered outlook.

5. Multiple analyst downgrades and price target reductions reflected cautious sentiment. Following the Q3 earnings report and the revised 2025 outlook, several financial institutions downgraded their ratings and/or lowered their price targets for CNH Industrial. For example, JPMorgan downgraded the stock to Underweight from Neutral on December 1, 2025, and adjusted its price target. DA Davidson lowered its price target to $10.00 from $13.00, and Citigroup dropped its target price from $16.00 to $13.00. These actions by analysts underscored a more cautious view on the company's prospects given the prevailing market conditions and financial performance.

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Stock Movement Drivers

Fundamental Drivers

The -15.3% change in CNH stock from 9/3/2025 to 12/3/2025 was primarily driven by a -26.4% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	11.22	9.50	-15.33%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18069.00	17814.00	-1.41%
Net Income Margin (%)	4.55%	3.35%	-26.42%
P/E Multiple	17.04	19.89	16.72%
Shares Outstanding (Mil)	1250.00	1250.00	0.00%
Cumulative Contribution			-15.33%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
CNH	-15.3%
Market (SPY)	6.2%	36.0%
Sector (XLI)	2.9%	47.3%

Fundamental Drivers

The -23.6% change in CNH stock from 6/4/2025 to 12/3/2025 was primarily driven by a -37.4% change in the company's Net Income Margin (%).

	6042025	12032025	Change
Stock Price ($)	12.44	9.50	-23.63%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18846.00	17814.00	-5.48%
Net Income Margin (%)	5.35%	3.35%	-37.40%
P/E Multiple	15.39	19.89	29.28%
Shares Outstanding (Mil)	1248.00	1250.00	-0.16%
Cumulative Contribution			-23.63%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
CNH	-23.6%
Market (SPY)	15.1%	40.9%
Sector (XLI)	7.6%	54.3%

Fundamental Drivers

The -21.8% change in CNH stock from 12/3/2024 to 12/3/2025 was primarily driven by a -56.0% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	12.14	9.50	-21.76%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	21752.00	17814.00	-18.10%
Net Income Margin (%)	7.61%	3.35%	-55.95%
P/E Multiple	9.18	19.89	116.71%
Shares Outstanding (Mil)	1251.00	1250.00	0.08%
Cumulative Contribution			-21.76%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
CNH	-21.8%
Market (SPY)	14.3%	59.3%
Sector (XLI)	9.8%	67.5%

Fundamental Drivers

The -37.9% change in CNH stock from 12/4/2022 to 12/3/2025 was primarily driven by a -57.4% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	15.29	9.50	-37.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	22088.00	17814.00	-19.35%
Net Income Margin (%)	7.87%	3.35%	-57.43%
P/E Multiple	11.87	19.89	67.60%
Shares Outstanding (Mil)	1350.00	1250.00	7.41%
Cumulative Contribution			-38.20%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
CNH	-8.1%
Market (SPY)	53.2%	49.7%
Sector (XLI)	45.4%	59.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
CNH Return	21%	53%	-10%	-22%	-3%	-17%	5%
Peers Return	24%	11%	11%	12%	-7%	-10%	43%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
CNH Win Rate	42%	58%	50%	25%	42%	30%
Peers Win Rate	53%	43%	43%	35%	33%	49%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
CNH Max Drawdown	-53%	-3%	-39%	-37%	-19%	-15%
Peers Max Drawdown	-32%	-7%	-19%	-9%	-16%	-24%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: DE, AGCO, GENC, WNC, AEBI.
[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 12/3/2025 (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, AGCO, GENC, WNC, AEBI

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)

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.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for CNH Industrial:

Imagine John Deere, but also manufacturing construction equipment like excavators and loaders, as well as commercial trucks and buses.
A diversified industrial company, somewhat like a blend of Volvo Group (for trucks, buses, and construction equipment) and John Deere (for agricultural machinery).

AI Generated Analysis | Feedback

Agricultural Machinery: Manufactures and distributes a wide range of agricultural equipment, including tractors, combines, and hay & forage equipment.
Construction Equipment: Produces and sells various construction machines such as excavators, loaders, and backhoe loaders.
Financial Services: Provides financing, leasing, and insurance solutions to customers and dealers for the purchase of its equipment.

AI Generated Analysis | Feedback

CNH Industrial (Symbol: CNH) Major Customers

CNH Industrial (CNH) primarily sells its products and services to other companies (B2B), rather than directly to individuals. Its extensive portfolio of agricultural equipment, construction equipment, commercial vehicles, and powertrains is utilized across various industrial sectors globally.

Due to the highly diversified nature of its customer base and its go-to-market strategy primarily through an independent global dealer network, CNH Industrial does not have a small number of identifiable "major customer companies" that account for a significant portion of its revenue. Instead, its ultimate customers are millions of businesses across numerous industries worldwide. Therefore, specific named customer companies are not publicly disclosed by CNH.

However, the company serves the following broad categories of business customers:

Agricultural Enterprises: This category includes individual farmers, large-scale farming operations, and agribusinesses that utilize CNH's agricultural machinery (e.g., tractors, combines, harvesters, planters, sprayers) for crop production, livestock farming, and other agricultural activities.
Construction and Infrastructure Companies: This comprises construction firms, civil engineering companies, road builders, mining operations, material handling companies, and equipment rental companies. They purchase and lease CNH's construction equipment (e.g., excavators, loaders, dozers, backhoes, graders) for various building, infrastructure development, and earth-moving projects.
Logistics, Transportation, and Municipalities: This category encompasses trucking companies, freight carriers, public and private passenger transport operators, utility companies, emergency services (firefighting), and municipalities. These customers acquire CNH's commercial vehicles (e.g., light, medium, and heavy-duty trucks, buses, coaches) for cargo transport, public transit, specialized industrial applications, and public services.

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Dana Incorporated (DAN)
Parker Hannifin (PH)
Michelin (ML)

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Gerrit Marx, Chief Executive Officer

Gerrit Marx was appointed CEO of CNH Industrial in July 2024. Prior to this, he served as CEO of Iveco Group N.V. from January 2022 to June 2024, following its spin-off from CNH Industrial, where he was President of Commercial and Specialty Vehicles 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 focused on automotive and industrial assets. During his time at Bain Capital, he also held interim roles such as CEO of Wittur Group and President of the Powertools Division at Apex Tool Group. His career also includes executive positions at Volkswagen AG China, Skoda China, and Daimler AG (now Mercedes-Benz Group AG), and he began at McKinsey & Company in 1999.

James Nickolas, Chief Financial Officer

James (Jim) Nickolas assumed the role of Chief Financial Officer at CNH Industrial on May 6, 2025. He brings over 30 years of experience in corporate finance, mergers and acquisitions, business strategy, tax, and investment banking. Before joining CNH Industrial, Mr. Nickolas was the CFO and Executive Vice President at Martin Marietta, a U.S.-based construction materials supplier. He also spent nearly a decade at Caterpillar, holding senior roles such as Head of Corporate Development and Caterpillar Ventures, CFO of the Resources Industries segment, and CFO of the Global Mining unit. Earlier in his career, he worked at JP Morgan Securities as an Executive Director of Investment Banking and began at Coopers & Lybrand L.L.P. as a Senior Tax Associate.

Friedrich Eichler, Chief Technology Officer

Friedrich Eichler was appointed Chief Technology Officer of CNH Industrial in June 2023. He has more than 30 years of experience in automotive engineering, having worked with major carmakers such as Volkswagen Group and Mercedes-Benz Group. His background includes leading the development of advanced powertrains and innovative technologies.

Humayun Chishti, President, Construction

Humayun Chishti was appointed President, Construction in July 2024. He joined CNH Industrial in 2002 and previously served as the finance business partner for the Construction segment.

Douglas MacLeod, President, Financial Services

Douglas MacLeod was confirmed as President, Financial Services in July 2024, having been with CNH Industrial for over 15 years.

AI Generated Analysis | Feedback

The rapid emergence and adoption of highly specialized, often electric and autonomous, robotic farming equipment from tech startups and dedicated agricultural technology firms. These specialized robotic units are designed to perform specific tasks (e.g., weeding, planting, pest control) with high precision and efficiency, potentially reducing the overall demand for traditional large, multi-purpose agricultural machinery and shifting value towards task-specific automation and AI-driven solutions. This trend threatens to disaggregate the conventional agricultural equipment market and diminish the core value proposition of integrated heavy machinery.

AI Generated Analysis | Feedback

CNH Industrial (symbol: CNH) operates primarily in the agricultural equipment, construction equipment, and financial services sectors. The addressable markets for its main products and services are sized as follows:

Agricultural Equipment

The global agriculture equipment market was valued at approximately USD 238.044 billion in 2024 and is projected to reach USD 421.00531 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 5.32% from 2025 to 2035.
Another estimate pegs the global agriculture equipment market size at USD 193.46 billion in 2024, projected to grow to USD 344.73 billion by 2032, with a CAGR of 7.5% during the forecast period.
In the United States, the agriculture equipment market was valued at USD 42.5 billion in 2023 and is projected to reach USD 56.8 billion by 2029, growing at a CAGR of 4.9%.

Construction Equipment

The global construction equipment market was valued at USD 226.79 billion in 2024 and is expected to reach USD 330.01 billion by 2032, with a CAGR of 4.80% from 2025 to 2032.
Another report states the global construction equipment market size was USD 249.99 billion in 2025 and is projected to reach USD 349.91 billion by 2034, exhibiting a CAGR of 3.42% from 2026 to 2034.
The Asia-Pacific region is the dominant market, holding over 43.8% of the global market share in 2024.

Financial Services

Information on the specific addressable market size for CNH Industrial's financial services (equipment financing) was not readily available as a distinct global market value in the provided search results.

AI Generated Analysis | Feedback

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

Advancing Iron + Tech Integration and Precision Agriculture: CNH Industrial is prioritizing the integration of "Iron + Tech" and investing heavily in precision agriculture technologies. The company aims to nearly double Precision Tech sales as a percentage of total Agriculture Net Sales during its strategic plan period and intends to develop 90% of its Precision Tech systems in-house by 2030. This focus includes autonomous systems and data-driven solutions, which are expected to drive long-term growth in a rapidly evolving market.
Expanding Product Leadership and New Product Launches: CNH Industrial plans to consolidate its position as a top player in major markets by strengthening its product leadership across the agricultural cycle. This involves significant new product launches and updates, including a complete refresh of its tractor lineup and the introduction of new generation combines. These new offerings are designed to enhance customer efficiency and reduce the total cost of ownership.
Strengthening Go-to-Market Approach and Dealer Strategy Enhancement: The company is implementing a new dual-brand dealer strategy and investing approximately 100 basis points of annual margin over five years into growth-oriented dealers. This initiative aims to improve farmer engagement, strengthen its dealer network, and enhance customer-centric service capabilities through integrated platforms and AI-powered solutions.
Growth in the Construction Segment: Despite broader challenges, CNH Industrial's construction segment has shown resilience, with sales increasing by 8% in the third quarter of 2025. The company is targeting a mid-cycle adjusted EBIT margin of 7-8% for its Construction segment by 2030 and sees demand driven by urbanization and the significant need for infrastructure development.
Expansion into Emerging Markets: CNH Industrial is actively targeting growth opportunities in emerging markets. These regions are expected to experience increasing demand for agricultural and construction equipment due to factors such as global population growth and urbanization, presenting avenues for future revenue expansion.

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Share Repurchases

In March 2024, CNH Industrial's board approved an additional $500 million share buyback program, slated to commence after the completion of an existing $1 billion share repurchase program.
The company concluded the €400 million (approximately $423.8 million) component of its $1 billion share buyback program by December 2023, repurchasing 39,171,237 common shares.
Shareholders reapproved and extended the company's share buyback authorization in May 2025, with CNH Industrial continuing to operate under a $500 million program approved the prior year.

Share Issuance

In May 2025, CNH Industrial shareholders approved an amendment and restatement of the Equity Incentive Plan, authorizing an increase of 20,000,000 common shares for issuance under the plan.
In February 2020, the Board of Directors approved the issuance of up to 50 million common shares under the Equity Incentive Plan.
Additionally, in April 2020, shareholders approved the issuance of up to 7 million common shares to executive directors as part of the 2021-2023 Long-Term Incentive Plan.

Outbound Investments

In June 2021, CNH Industrial acquired Raven Industries, Inc., a U.S.-based leader in precision agriculture technology, for an enterprise value of $2.1 billion, significantly enhancing its capabilities in autonomous and precision agriculture.
The company acquired Specialty Enterprises LLC, North America's largest manufacturer of premium aluminum spray booms for agricultural applications, to strengthen Case IH's sprayer product platform and accelerate technology development.
CNH Industrial has made 10 investments across various sectors, including Crop Tech, Electric Vehicles, and Autonomous Vehicles, with notable recent investments such as a Seed round in BemAgro in February 2024.

Capital Expenditures

CNH Industrial's total capital expenditures were $644 million in 2023, $461 million in 2022, and $365 million in 2021, with the increase in 2023 primarily due to higher investments in new product introductions and technology.
These capital expenditures are principally focused on initiatives to introduce new products, enhance manufacturing efficiency, increase capacity, and cover maintenance and engineering needs.
Since 2019, CNH Industrial has nearly doubled its R&D and capital expenditures, with 25% of this investment now directed towards Precision Technology.

Better Bets than CNH Industrial (CNH)

	CNH	Better Performance than CNH
Metric	Value	INDUSTRY: Agricultural & Farm Machinery
Rev Chg LTM	-18.1%	LNN (11.4%), BLBD (9.3%), TTC (0.7%), REVG (-3.2%), HY (-8.3%)
Rev Chg 3Y Avg	-6.0%	BLBD (25.6%), TTC (1.9%), REVG (1.7%), DE (-0.6%), AGCO (-3.9%)
Op Mgn LTM	16.8%	WNC (22.6%), DE (20.0%)
CFO/Rev LTM	18.4%	DE (19.7%), LNN (19.7%)
FCF/Rev LTM	11.4%	LNN (13.4%)
Total Yield	6.8%	ARTW (19.8%), MTW (16.0%), BLBD (8.5%), GENC (7.4%), TTC (6.9%)
P/S	0.8	MTW (0.2), HY (0.2), TWI (0.3), CMCO (0.4), XOS (0.5)
P/Op Inc	4.5	WNC (0.0)

	CNH	Better Performance than CNH
Metric	Value	SECTOR: Industrials
Rev Chg LTM	-18.1%	UBER (18.2%), GE (17.7%), GEV (9.4%), RTX (8.8%), CAT (-4.9%)
Rev Chg 3Y Avg	-6.0%	UBER (19.6%), GE (15.7%), BA (10.1%), RTX (9.4%), CAT (5.8%)
Op Mgn LTM	16.8%	UNP (40.6%), GE (20.5%), DE (20.0%), ETN (19.0%), CAT (18.2%)
CFO/Rev LTM	18.4%	UNP (39.6%), WM (23.6%), ADP (22.8%), DE (19.7%), PH (19.0%)
FCF/Rev LTM	11.4%	UNP (24.5%), UBER (17.5%), GE (14.7%), ETN (12.5%), CAT (12.3%)
Total Yield	6.8%	UPS (15.4%), UBER (8.1%), CP (7.4%), UNP (7.3%), TDG (7.2%)
P/S	0.8	WCC (0.4), UAL (0.5), DAL (0.6), FDX (0.6), LUV (0.6)
P/Op Inc	4.5	CMRE (3.2), WLFC (3.3), AAL (3.3), DLX (3.4), GBX (4.1)

	CNH	Better Performance than CNH
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-18.1%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-6.0%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	16.8%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	18.4%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	11.4%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	6.8%	XOM (10.3%), JNJ (8.4%), UNH (8.1%), BAC (7.7%), KO (7.5%)
P/S	0.8	CVS (0.2), MCK (0.2), CI (0.3), ELV (0.4), UNH (0.7)
P/Op Inc	4.5	CHTR (2.8), IBKR (3.6), RCI (3.8), BCE (4.0), EIX (4.1)

		Best Bets In Industrials Sector
	CNH
What You Pay
P/E	22.7
P/EBIT	6.0
What You Get
Rev Chg Q	-5.5%
Rev Chg LTM	-18.1%
Rev Chg 3Y Avg	-6.0%
FCF/Rev 3Y Avg	4.4%

[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	CNH Industrial Earnings Notes
2	CNH Industrial Stock Drop Looks Sharp, But How Deep Can It Go?	Return
3	CNH Dip Buy Analysis
4	CNH Industrial (CNH) Valuation Ratios Comparison	Financials
5	CNH Industrial Total Shareholder Return (TSR): 1.5% in 2024 and -8.2% 3-yr compounded annual returns (below peer average)
6	Now Is Not The Time To Buy CNH Industrial Stock	Buy or Fear
7	ARTICLES
8	Stocks Trading At 52-Week Low		December 3rd, 2025
9	Stocks Trading At 52-Week Low		November 27th, 2025

	Title
0	DASHBOARDS
1	CNH Industrial Earnings Notes
2	CNH Industrial Stock Drop Looks Sharp, But How Deep Can It Go?
3	CNH Dip Buy Analysis
4	CNH Industrial (CNH) Valuation Ratios Comparison
5	CNH Industrial Total Shareholder Return (TSR): 1.5% in 2024 and -8.2% 3-yr compounded annual returns (below peer average)
6	Now Is Not The Time To Buy CNH Industrial Stock
7	ARTICLES
8	Stocks Trading At 52-Week Low
9	Stocks Trading At 52-Week Low

Trade Ideas

Select past ideas related to CNH. 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	7.3%	7.3%	-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	2.3%	2.3%	-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	4.8%	4.8%	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	1.6%	1.6%	-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	2.2%	2.2%	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	7.3%	7.3%	-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	2.3%	2.3%	-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	4.8%	4.8%	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	1.6%	1.6%	-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	2.2%	2.2%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for CNH Industrial

Peers to compare with:

Financials

	CNH	DE	AGCO	GENC	WNC	AEBI	Median
Name	CNH Indu.	Deere	AGCO	Gencor I.	Wabash N.	Aebi Sch.
Mkt Price	9.50	481.82	105.13	13.20	9.06	12.02	12.61
Mkt Cap	11.9	130.4	7.8	0.2	0.0	-	7.8
Rev LTM	17,814	43,397	10,049	118	1,638	1,052	5,844
Op Inc LTM	2,987	8,663	658	15	371	68	514
FCF LTM	2,024	4,101	749	-1	108	-40	429
FCF 3Y Avg	786	3,986	654	3	118	-	654
CFO LTM	3,285	8,556	1,022	0	150	-28	586
CFO 3Y Avg	1,970	8,522	1,050	5	186	-	1,050

Growth & Margins

	CNH	DE	AGCO	GENC	WNC	AEBI	Median
Name	CNH Indu.	Deere	AGCO	Gencor I.	Wabash N.	Aebi Sch.
Rev Chg LTM	-18.1%	-20.9%	-20.1%	3.9%	-22.9%	-	-20.1%
Rev Chg 3Y Avg	-6.0%	-0.6%	-3.9%	5.4%	-9.8%	-	-3.9%
Rev Chg Q	-5.5%	-8.3%	-4.7%	5.6%	-17.8%	-	-5.5%
QoQ Delta Rev Chg LTM	-1.4%	-2.4%	-1.2%	1.2%	-4.8%	-	-1.4%
Op Mgn LTM	16.8%	20.0%	6.5%	13.2%	22.6%	6.4%	15.0%
Op Mgn 3Y Avg	18.6%	22.3%	9.2%	12.5%	6.8%	-	12.5%
QoQ Delta Op Mgn LTM	-1.4%	-1.2%	0.4%	0.8%	29.6%	-	0.4%
CFO/Rev LTM	18.4%	19.7%	10.2%	0.1%	9.2%	-2.7%	9.7%
CFO/Rev 3Y Avg	10.0%	16.5%	8.6%	4.4%	8.7%	-	8.7%
FCF/Rev LTM	11.4%	9.4%	7.5%	-0.8%	6.6%	-3.8%	7.0%
FCF/Rev 3Y Avg	4.4%	7.8%	5.4%	2.3%	5.6%	-	5.4%

Valuation

	CNH	DE	AGCO	GENC	WNC	AEBI	Median
Name	CNH Indu.	Deere	AGCO	Gencor I.	Wabash N.	Aebi Sch.
Mkt Cap	11.9	130.4	7.8	0.2	0.0	-	7.8
P/S	0.8	3.2	0.8	1.7	0.0	-	0.8
P/EBIT	6.0	14.3	33.3	13.3	0.0	-	13.3
P/E	22.7	26.4	21.3	13.5	0.0	-	21.3
P/CFO	4.1	16.1	7.8	1,682.1	0.0	-	7.8
Total Yield	6.8%	5.0%	5.8%	7.4%	67,757.1%	-	6.8%
Dividend Yield	2.4%	1.2%	1.1%	0.0%	3,467.9%	-	1.2%
FCF Yield 3Y Avg	5.9%	3.4%	8.0%	0.6%	12,421.5%	-	5.9%
D/E	2.0	0.5	0.4	0.0	1,078.5	-	0.5
Net D/E	1.9	0.4	0.3	-0.7	851.5	-	0.4

Returns

	CNH	DE	AGCO	GENC	WNC	AEBI	Median
Name	CNH Indu.	Deere	AGCO	Gencor I.	Wabash N.	Aebi Sch.
1M Rtn	-8.7%	4.3%	0.2%	-2.9%	14.4%	8.1%	2.2%
3M Rtn	-15.3%	3.0%	-2.3%	-17.2%	-17.1%	4.9%	-8.8%
6M Rtn	-23.6%	-4.5%	6.0%	-7.4%	-0.0%	-	-4.5%
12M Rtn	-21.8%	6.4%	5.7%	-39.6%	-52.6%	-	-21.8%
3Y Rtn	-37.9%	12.7%	-14.6%	22.3%	-63.2%	-	-14.6%
1M Excs Rtn	-8.7%	4.3%	0.2%	-2.8%	14.4%	8.2%	2.3%
3M Excs Rtn	-21.7%	-3.5%	-9.2%	-23.7%	-24.7%	0.8%	-15.5%
6M Excs Rtn	-38.4%	-19.2%	-8.8%	-22.1%	-14.7%	-	-19.2%
12M Excs Rtn	-36.5%	-8.7%	-8.5%	-54.1%	-66.6%	-	-36.5%
3Y Excs Rtn	-107.2%	-59.0%	-83.8%	-42.6%	-135.1%	-	-83.8%

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	11/7/2025	2/28/2025	2/29/2024	2/28/2023	3/1/2022	3/3/2021	3/3/2020
Key Financials
Total Revenue	17,814	19,836	24,687	23,551	19,496	14,779	28,079
EBITDA	2,866	3,673	4,612	3,951	3,025	1,019	3,183
Operating Income	2,987	3,850	4,945	4,136	3,291	1,838	3,001
Net Income	597	1,246	2,275	2,029	1,723	-493	1,422
EPS	0.47	0.99	1.71	1.50	1.27	-0.36	1.05
Growth Rates
Total Revenue Growth	-18.1%	-19.7%	4.8%	20.8%	31.9%	-47.4%	-5.5%
EBITDA Growth	-28.2%	-20.4%	16.7%	30.6%	196.9%	-68.0%	-12.0%
Operating Income Growth	-30.3%	-22.1%	19.6%	25.7%	79.1%	-38.8%	-10.0%
Net Income Growth	-63.9%	-45.2%	12.1%	17.8%	449.5%	-134.7%	33.1%
Margins
EBITDA Margin	16.1%	18.5%	18.7%	16.8%	15.5%	6.9%	11.3%
Operating Income Margin	16.8%	19.4%	20.0%	17.6%	16.9%	12.4%	10.7%
Net Income Margin	3.4%	6.3%	9.2%	8.6%	8.8%	-3.3%	5.1%
Cash & Debt
Total Cash	2,303	3,191	4,322	4,376	5,044	8,785	4,875
Total Debt	27,415	27,164	27,626	23,190	21,093	26,506	25,303
Net Debt / (Cash)	25,112	23,973	23,304	18,814	16,049	17,721	20,428
Cash Flows
Net Cash from Operations	3,285	1,968	907	557	4,082	5,529	1,826
Free Cash from Operations	2,024	782	-288	-442	3,161	4,683	-136
Returns to Shareholders
Dividends	329	607	538	423	188	8	283
Share Repurchases	68	702	652	153	-0	-0	-0

$ 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	11/7/2025	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	2/28/2023
Key Financials Quarterly
Total Revenue	4,399	4,711	3,828	4,876	4,654	5,488	4,818	6,792	5,986	6,567	5,342	6,943
Ebitda	588	791	674	813	893	1,023	944	1,129	1,154	1,299	1,030	1,097
Operating Income	574	823	689	901	877	1,088	984	1,334	1,199	1,350	1,062	1,180
Net Income	80	213	131	173	306	399	368	582	537	706	482	592
EPS	0.06	0.17	0.10	0.14	0.24	0.32	0.29	0.47	0.40	0.53	0.36	0.44
Key Financials TTM
Total Revenue TTM	17,814	18,069	18,846	19,836	21,752	23,084	24,163	24,687	24,838	24,733	24,248	23,551
Ebitda TTM	2,866	3,171	3,403	3,673	3,989	4,250	4,526	4,612	4,580	4,481	4,232	3,951
Operating Income TTM	2,987	3,290	3,555	3,850	4,283	4,605	4,867	4,945	4,791	4,682	4,401	4,136
Net Income TTM	597	823	1,009	1,246	1,655	1,886	2,193	2,307	2,317	2,336	2,178	2,029
Growth Rates Quarterly
Total Revenue Growth	-5.5%	-14.2%	-20.5%	-28.2%	-22.3%	-16.4%	-9.8%	-2.2%	1.8%	8.0%	15.0%	26.7%
EBITDA Growth	-34.2%	-22.7%	-28.6%	-28.0%	-22.6%	-21.2%	-8.3%	2.9%	9.4%	23.7%	37.5%	85.6%
Operating Income Growth	-34.5%	-24.4%	-30.0%	-32.5%	-26.9%	-19.4%	-7.3%	13.1%	10.0%	26.3%	33.2%	44.8%
Net Income Growth	-73.9%	-46.6%	-64.4%	-70.3%	-43.0%	-43.5%	-23.7%	-1.7%	-3.4%	28.8%	44.7%	96.0%
Margins Quarterly
EBITDA Margin	13.4%	16.8%	17.6%	16.7%	19.2%	18.6%	19.6%	16.6%	19.3%	19.8%	19.3%	15.8%
Operating Income Margin	13.0%	17.5%	18.0%	18.5%	18.8%	19.8%	20.4%	19.6%	20.0%	20.6%	19.9%	17.0%
Net Income Margin	1.8%	4.5%	3.4%	3.5%	6.6%	7.3%	7.6%	8.6%	9.0%	10.8%	9.0%	8.5%
Cash & Debt
Total Cash	2,303	2,512	1,695	3,191	1,801	2,002	3,236	4,322	2,979	3,194	3,213	4,376
Total Debt	27,415	27,694	26,294	27,164	27,602	27,105	28,098	27,626	25,199	25,101	23,772	23,190
Net Debt / (Cash)	25,112	25,182	24,599	23,973	25,801	25,103	24,862	23,304	22,220	21,907	20,559	18,814
Cash Flows Quarterly
FCF from Operations	659	772	162	1,692	791	379	-894	1,515	232	-139	-701	1,443
Cash Flows TTM
FCF from Operations TTM	3,285	3,417	3,024	1,968	1,791	1,232	714	907	835	875	743	557
Returns to Shareholders Quarterly
Dividends	1	320	1	7	6	593	1	7	2	528	1	7
Share Repurchases	50	-0	5	13	48	60	581	428	55	98	71	37
Return on Invested Capital (ROIC) Quarterly
ROIC	9.0%	9.5%	8.0%	9.5%	10.8%	13.7%	12.8%	20.6%	16.0%	19.0%	15.0%	19.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	8.4%	9.5%	10.8%	12.4%	13.8%	14.8%	15.6%	16.6%	16.2%	16.1%	15.7%	15.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
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	$9.50
Market Cap ($ Bil)	11.9
First Trading Date	09/30/2013
Distance from 52W High	-31.2%
	50 Days	200 Days
DMA Price	$10.26	$11.81
DMA Trend	down	down
Distance from DMA	-7.4%	-19.6%
	3M	1YR
Volatility	28.8%	35.9%
Downside Capture	130.99	104.41
Upside Capture	16.96	66.24
Correlation (SPY)	35.2%	59.2%

CNH Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.98	0.83	0.86	1.06	1.07	1.03
Up Beta	-0.38	-0.19	0.03	0.96	1.22	1.13
Down Beta	0.76	1.74	1.55	1.73	1.18	1.00
Up Capture	47%	8%	7%	19%	53%	51%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	7	17	26	56	118	372
Down Capture	178%	118%	132%	136%	103%	104%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	23	35	66	123	361

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

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of CNH With Other Asset Classes (Last 1Y)
	CNH	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-22.8%	8.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	35.8%	18.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.67	0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		67.5%	59.2%	-4.9%	22.9%	47.7%	29.0%

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 CNH With Other Asset Classes (Last 5Y)
	CNH	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	0.3%	13.1%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	34.7%	17.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.09	0.61	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		64.8%	53.6%	11.0%	26.0%	43.5%	22.4%

Based On 10-Year Data

		Comparison of CNH With Other Asset Classes (Last 10Y)
	CNH	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.6%	12.8%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	36.5%	19.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.28	0.57	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		67.3%	59.0%	2.0%	32.6%	45.8%	15.5%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	47,750,319
Short Interest: % Change Since 10312025	-8.4%
Average Daily Volume	15,481,881
Days-to-Cover Short Interest	3.08
Basic Shares Quantity	1,250,000,000
Short % of Basic Shares	3.8%

Returns Analyses

	Title
0	CNH Industrial Stock Drop Looks Sharp, But How Deep Can It Go?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	8042025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2282025	10-K 12/31/2024
9302024	11122024	10-Q 9/30/2024
6302024	8022024	10-Q 6/30/2024
3312024	5062024	10-Q 3/31/2024
12312023	2292024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8022023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11092022	10-Q 9/30/2022
6302022	8032022	6-K 6/30/2022
3312022	5092022	6-K 3/31/2022
12312021	3012022	20-F 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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CNH Industrial (CNH)

Market Price (12/4/2025): $9.52 | Market Cap: $11.9 BilSector: Industrials | Industry: Agricultural & Farm Machinery

CNH Industrial (CNH)

Market Price (12/4/2025): $9.52Market Cap: $11.9 BilSector: IndustrialsIndustry: Agricultural & Farm Machinery

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About CNH Industrial (CNH)

CNH Industrial (Symbol: CNH) Major Customers

Agricultural Equipment

Construction Equipment

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Market Price (12/4/2025): $9.52 | Market Cap: $11.9 Bil
Sector: Industrials | Industry: Agricultural & Farm Machinery

Market Price (12/4/2025): $9.52
Market Cap: $11.9 Bil
Sector: Industrials
Industry: Agricultural & Farm Machinery