CNH Industrial (CNH)
Market Price (9/3/2026): $13.65 | Market Cap: $16.9 BilSector: Industrials | Industry: Agricultural & Farm Machinery
CNH Industrial (CNH)
Market Price (9/3/2026): $13.65Market Cap: $16.9 BilSector: IndustrialsIndustry: Agricultural & Farm Machinery
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Stock buyback supportStock Buyback 3Y Total is 1.3 Bil Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, and Hydrogen Economy. Themes include Autonomous Driving Technology, EV Manufacturing, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -0.1% Weak multi-year price returns3Y Excs Rtn is -63% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 144% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.3% Key risksCNH key risks include [1] high vulnerability to downturns in its core agricultural and construction markets, Show more. |
| Stock buyback supportStock Buyback 3Y Total is 1.3 Bil |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, and Hydrogen Economy. Themes include Autonomous Driving Technology, EV Manufacturing, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -0.1% |
| Weak multi-year price returns3Y Excs Rtn is -63% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 144% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.3% |
| Key risksCNH key risks include [1] high vulnerability to downturns in its core agricultural and construction markets, Show more. |
Qualitative Assessment
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CNH Industrial (CNH) stock has gained about 35% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Raised Full-Year Outlook. CNH Industrial reported better-than-expected results for its fiscal second quarter ended June 30, 2026, with adjusted earnings per share (EPS) of $0.13, surpassing analyst estimates of $0.11 by 18.18%. Consolidated revenues for the quarter reached $4.80 billion, a 2% increase year-over-year, exceeding the consensus estimate of $4.77 billion. The company further fueled investor confidence by narrowing its full-year 2026 guidance to the higher end of previous ranges, projecting adjusted diluted EPS between $0.41 and $0.46 and industrial activities net sales to be flat to up 2%.
2. Positive Analyst Upgrades and Increased Price Targets. A significant number of financial analysts responded positively to CNH Industrial's performance and outlook during the specified period. Robert W. Baird upgraded the stock from "neutral" to "outperform" and raised its price target from $11.00 to $15.00. Similarly, Evercore upgraded CNH Industrial from an "in-line" to an "outperform" rating, setting an $18.00 price objective. Citigroup also increased its price target from $12.00 to $13.00, reiterating a "buy" rating. As of September 2, 2026, the stock has an average "Hold" rating, but with eight "Buy" ratings from a total of 15 analysts.
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CNH Industrial (CNH) stock has gained about 35% since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q2 2026 Performance and Raised Full-Year Outlook. CNH Industrial reported better-than-expected results for its fiscal second quarter ended June 30, 2026, with adjusted earnings per share (EPS) of $0.13, surpassing analyst estimates of $0.11 by 18.18%. Consolidated revenues for the quarter reached $4.80 billion, a 2% increase year-over-year, exceeding the consensus estimate of $4.77 billion. The company further fueled investor confidence by narrowing its full-year 2026 guidance to the higher end of previous ranges, projecting adjusted diluted EPS between $0.41 and $0.46 and industrial activities net sales to be flat to up 2%.
2. Positive Analyst Upgrades and Increased Price Targets. A significant number of financial analysts responded positively to CNH Industrial's performance and outlook during the specified period. Robert W. Baird upgraded the stock from "neutral" to "outperform" and raised its price target from $11.00 to $15.00. Similarly, Evercore upgraded CNH Industrial from an "in-line" to an "outperform" rating, setting an $18.00 price objective. Citigroup also increased its price target from $12.00 to $13.00, reiterating a "buy" rating. As of September 2, 2026, the stock has an average "Hold" rating, but with eight "Buy" ratings from a total of 15 analysts.
3. Strategic Alliance for Seeding Technology Expansion. CNH Industrial announced a strategic alliance with Bourgault Industries on August 31, 2026, aimed at expanding its global seeding portfolio. This collaboration is designed to accelerate the introduction of advanced seeding solutions to the market and broaden customer choices, aligning with CNH's long-term "Path to 2030" strategy. This company-specific initiative generated fresh investor attention and contributed to the stock's positive momentum.
4. Demonstrated Resilience in Core Markets and Favorable Construction Equipment Demand. Despite a challenging agricultural market, CNH Industrial exhibited resilience and identified constructive equipment-cycle indicators, such as normalizing dealer inventory and aging fleets. The company also benefited from strong performance in its construction segment, which saw global industry sales volume for heavy equipment increase by 17% year-over-year and light equipment by 6% in fiscal Q2 2026. Construction net sales increased 12% to $866 million in the quarter. CNH's ability to maintain or raise its guidance while some competitors faced downward revisions underscored its relative strength within the industrial machinery sector.
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Stock Movement Drivers
Fundamental Drivers
The 33.7% change in CNH stock from 5/31/2026 to 9/2/2026 was primarily driven by a 65.5% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.21 | 13.65 | 33.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,093 | 18,185 | 0.5% |
| Net Income Margin (%) | 2.1% | 1.7% | -19.8% |
| P/E Multiple | 32.8 | 54.3 | 65.5% |
| Shares Outstanding (Mil) | 1,241 | 1,238 | 0.2% |
| Cumulative Contribution | 33.7% |
Market Drivers
5/31/2026 to 9/2/2026| Return | Correlation | |
|---|---|---|
| CNH | 33.7% | |
| Market (SPY) | 1.1% | 28.5% |
| Sector (XLI) | -0.2% | 38.5% |
Fundamental Drivers
The 12.0% change in CNH stock from 2/28/2026 to 9/2/2026 was primarily driven by a 82.7% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.18 | 13.65 | 12.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,095 | 18,185 | 0.5% |
| Net Income Margin (%) | 2.8% | 1.7% | -39.3% |
| P/E Multiple | 29.7 | 54.3 | 82.7% |
| Shares Outstanding (Mil) | 1,245 | 1,238 | 0.6% |
| Cumulative Contribution | 12.0% |
Market Drivers
2/28/2026 to 9/2/2026| Return | Correlation | |
|---|---|---|
| CNH | 12.0% | |
| Market (SPY) | 11.8% | 38.1% |
| Sector (XLI) | -2.2% | 55.1% |
Fundamental Drivers
The 20.4% change in CNH stock from 8/31/2025 to 9/2/2026 was primarily driven by a 215.5% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.34 | 13.65 | 20.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,069 | 18,185 | 0.6% |
| Net Income Margin (%) | 4.6% | 1.7% | -62.5% |
| P/E Multiple | 17.2 | 54.3 | 215.5% |
| Shares Outstanding (Mil) | 1,250 | 1,238 | 1.0% |
| Cumulative Contribution | 20.4% |
Market Drivers
8/31/2025 to 9/2/2026| Return | Correlation | |
|---|---|---|
| CNH | 20.4% | |
| Market (SPY) | 19.6% | 34.5% |
| Sector (XLI) | 14.8% | 54.0% |
Fundamental Drivers
The 6.1% change in CNH stock from 8/31/2023 to 9/2/2026 was primarily driven by a 637.4% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.86 | 13.65 | 6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,733 | 18,185 | -26.5% |
| Net Income Margin (%) | 9.4% | 1.7% | -81.9% |
| P/E Multiple | 7.4 | 54.3 | 637.4% |
| Shares Outstanding (Mil) | 1,338 | 1,238 | 8.1% |
| Cumulative Contribution | 6.1% |
Market Drivers
8/31/2023 to 9/2/2026| Return | Correlation | |
|---|---|---|
| CNH | 6.1% | |
| Market (SPY) | 75.9% | 43.8% |
| Sector (XLI) | 66.3% | 57.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CNH Return | 53% | -10% | -22% | -3% | -17% | 37% | 18% |
| Peers Return | 19% | 17% | 21% | 1% | 22% | 25% | 159% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| CNH Win Rate | 58% | 50% | 25% | 42% | 25% | 56% | |
| Peers Win Rate | 60% | 50% | 47% | 50% | 57% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| CNH Max Drawdown | -17% | -39% | -44% | -25% | -33% | -24% | |
| Peers Max Drawdown | -23% | -32% | -21% | -24% | -27% | -22% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 9/2/2026 (YTD)
How Low Can It Go
| Event | CNH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.3% | -18.8% |
| % Gain to Breakeven | 30.4% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.4% | -24.5% |
| % Gain to Breakeven | 52.5% | 32.4% |
| Time to Breakeven | 141 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.1% | -33.7% |
| % Gain to Breakeven | 85.6% | 50.9% |
| Time to Breakeven | 228 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.0% | -19.2% |
| % Gain to Breakeven | 42.9% | 23.8% |
| Time to Breakeven | 722 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.6% | -12.2% |
| % Gain to Breakeven | 53.0% | 13.9% |
| Time to Breakeven | 315 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -32.4% | -6.8% |
| % Gain to Breakeven | 48.0% | 7.3% |
| Time to Breakeven | 303 days | 15 days |
In The Past
CNH Industrial's stock fell -23.3% during the 2025 US Tariff Shock. Such a loss loss requires a 30.4% gain to breakeven.
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| Event | CNH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -23.3% | -18.8% |
| % Gain to Breakeven | 30.4% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -34.4% | -24.5% |
| % Gain to Breakeven | 52.5% | 32.4% |
| Time to Breakeven | 141 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.1% | -33.7% |
| % Gain to Breakeven | 85.6% | 50.9% |
| Time to Breakeven | 228 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.0% | -19.2% |
| % Gain to Breakeven | 42.9% | 23.8% |
| Time to Breakeven | 722 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -34.6% | -12.2% |
| % Gain to Breakeven | 53.0% | 13.9% |
| Time to Breakeven | 315 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -32.4% | -6.8% |
| % Gain to Breakeven | 48.0% | 7.3% |
| Time to Breakeven | 303 days | 15 days |
In The Past
CNH Industrial's stock fell -23.3% during the 2025 US Tariff Shock. Such a loss loss requires a 30.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CNH Industrial (CNH)
CNH Industrial N.V. is a global industrial company that designs, produces, markets, sells, and finances a comprehensive range of equipment and vehicles. Headquartered in the UK, it serves customers across North America, Europe, South America, and other international markets, playing a crucial role in various sectors of the global economy.
The company's core offerings span several key sectors. In agriculture, CNH provides farm machinery such as two- and four-wheel drive tractors, combines, and harvesting equipment under brands like Case IH and New Holland Agriculture. Its construction segment supplies equipment including excavators, wheel loaders, and skid steer loaders through brands like CASE Construction. CNH also manufactures commercial and specialty vehicles, including light, medium, and heavy trucks (IVECO), city and commuter buses (IVECO BUS), and specialized vehicles for defense and firefighting.
Beyond manufacturing, CNH Industrial's Powertrain segment supplies engines and transmission systems for various applications, while its Financial Services segment offers retail financing to customers for equipment purchases and wholesale financing to its dealer network. Its primary customers are therefore diverse, including farmers, construction companies, transportation and logistics businesses, and government and civil defense agencies, all seeking industrial equipment, vehicles, and related financial solutions.
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- 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.
Peer Outperformance in Agricultural & Farm Machinery
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 124.41 |
| Mkt Cap | 40.6 |
| Rev LTM | 23,000 |
| Op Inc LTM | 2,646 |
| FCF LTM | 1,787 |
| FCF 3Y Avg | 1,924 |
| CFO LTM | 3,064 |
| CFO 3Y Avg | 3,282 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.9% |
| Rev Chg 3Y Avg | -6.0% |
| Rev Chg Q | 3.4% |
| QoQ Delta Rev Chg LTM | 0.9% |
| Op Inc Chg LTM | -1.2% |
| Op Inc Chg 3Y Avg | -15.0% |
| Op Mgn LTM | 11.9% |
| Op Mgn 3Y Avg | 15.1% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 12.6% |
| CFO/Rev 3Y Avg | 12.8% |
| FCF/Rev LTM | 6.0% |
| FCF/Rev 3Y Avg | 7.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Agriculture | 12,390 | 14,007 | 18,148 | 17,969 | 14,721 |
| Construction | 2,956 | 3,053 | 3,932 | 3,572 | 3,081 |
| Financial Services | 2,720 | 2,774 | 2,573 | 1,996 | 1,672 |
| Eliminations and other | 29 | 2 | 34 | 14 | 22 |
| Total | 18,095 | 19,836 | 24,687 | 23,551 | 19,496 |
| $ Mil | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Agriculture | 949 | 818 | 952 | 1,770 | 2,008 |
| Financial Services | 479 | 478 | 515 | 554 | 514 |
| Powertrain | 362 | 232 | 186 | 223 | 187 |
| Commercial and Specialty Vehicles | 272 | 333 | 283 | 29 | 74 |
| Construction | 21 | 2 | 90 | 79 | -97 |
| Eliminations and other | -421 | -424 | -391 | -456 | -409 |
| Total | 1,662 | 1,439 | 1,635 | 2,199 | 2,277 |
| $ Mil | 2013 |
|---|---|
| Financial Services | 28,616 |
| Commercial and Specialty Vehicles | 9,902 |
| Agriculture | 9,207 |
| Other activities | 7,538 |
| Treasury assets | 4,488 |
| Powertrain | 2,815 |
| Construction | 2,688 |
| Tax assets | 2,020 |
| Difference, principally development costs capitalized under IFRS | -2,619 |
| Unallocated items & adjustments | -10,812 |
| Total | 53,843 |
Price Behavior
| Market Price | $13.65 | |
| Market Cap ($ Bil) | 16.9 | |
| First Trading Date | 09/30/2013 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $10.90 | $10.64 |
| DMA Trend | up | up |
| Distance from DMA | 25.2% | 28.3% |
| 3M | 1YR | |
| Volatility | 49.6% | 40.8% |
| Downside Capture | 109.79 | 90.46 |
| Upside Capture | 203.26 | 94.89 |
| Correlation (SPY) | 30.1% | 35.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.19 | 0.99 | 1.12 | 1.35 | 1.12 | 1.05 |
| Up Beta | 1.86 | -0.45 | -0.51 | 1.31 | 1.14 | 1.23 |
| Down Beta | -6.14 | 0.83 | 1.21 | 1.45 | 1.56 | 1.07 |
| Up Capture | 248% | 184% | 216% | 115% | 79% | 53% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 23 | 34 | 60 | 120 | 363 |
| Down Capture | 21% | 141% | 129% | 140% | 101% | 101% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 18 | 29 | 65 | 128 | 374 |
[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 | 23.2% | 40.8% | 0.60 | - |
| Sector ETF (XLI) | 16.0% | 17.1% | 0.70 | 54.0% |
| Equity (SPY) | 20.6% | 12.8% | 1.19 | 34.5% |
| Gold (GLD) | 23.8% | 29.1% | 0.73 | 15.3% |
| Commodities (DBC) | 41.7% | 20.4% | 1.60 | -16.4% |
| Real Estate (VNQ) | 9.7% | 13.6% | 0.43 | 27.5% |
| Bitcoin (BTCUSD) | -30.7% | 43.5% | -0.72 | 8.9% |
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 | -0.3% | 36.5% | 0.07 | - |
| Sector ETF (XLI) | 12.2% | 17.6% | 0.53 | 62.2% |
| Equity (SPY) | 12.7% | 17.2% | 0.57 | 50.6% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 12.9% |
| Commodities (DBC) | 10.8% | 19.5% | 0.43 | 16.6% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.01 | 42.0% |
| Bitcoin (BTCUSD) | 9.5% | 52.6% | 0.37 | 18.9% |
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 | 8.9% | 36.7% | 0.34 | - |
| Sector ETF (XLI) | 13.2% | 20.0% | 0.58 | 67.0% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 57.5% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 6.2% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 25.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 45.7% |
| Bitcoin (BTCUSD) | 63.0% | 66.1% | 1.03 | 14.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 5.4% | 6.4% | 15.4% |
| 4/30/2026 | 6.3% | 7.3% | 2.3% |
| 2/17/2026 | 2.7% | -0.2% | -16.7% |
| 11/7/2025 | -5.8% | -1.6% | -8.8% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 6 | 5 |
| # Negative | 6 | 9 | 10 |
| Median Positive | 4.7% | 4.1% | 5.2% |
| Median Negative | -7.2% | -5.6% | -4.7% |
| Max Positive | 7.3% | 7.3% | 15.4% |
| Max Negative | -10.6% | -13.6% | -16.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 5.4% | 6.4% | 15.4% |
| 4/30/2026 | 6.3% | 7.3% | 2.3% |
| 2/17/2026 | 2.7% | -0.2% | -16.7% |
| 11/7/2025 | -5.8% | -1.6% | -8.8% |
| 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% | -8.0% | -14.9% |
| 5/5/2023 | 4.2% | 1.5% | -3.6% |
| 2/2/2023 | -8.8% | -10.4% | -4.9% |
| SUMMARY STATS | |||
| # Positive | 9 | 6 | 5 |
| # Negative | 6 | 9 | 10 |
| Median Positive | 4.7% | 4.1% | 5.2% |
| Median Negative | -7.2% | -5.6% | -4.7% |
| Max Positive | 7.3% | 7.3% | 15.4% |
| Max Negative | -10.6% | -13.6% | -16.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/03/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 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 |
| 12/31/2021 | 03/01/2022 | 20-F |
| 09/30/2021 | 11/10/2021 | 6-K |
| 06/30/2021 | 08/05/2021 | 6-K |
| 03/31/2021 | 05/11/2021 | 6-K |
| 12/31/2020 | 03/03/2021 | 20-F |
| 09/30/2020 | 11/10/2020 | 6-K |
| 06/30/2020 | 08/04/2020 | 6-K |
| 03/31/2020 | 05/08/2020 | 6-K |
| 12/31/2019 | 03/03/2020 | 20-F |
| 09/30/2019 | 11/12/2019 | 6-K |
Recent Forward Guidance
Updated 8/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Agriculture segment adjusted EBIT margin | Reported | 5.0% | 5.25% | 5.5% | 0.2% | Raised | Guidance: 5.0% for 2026 | |
| 2026 Construction segment adjusted EBIT margin | Reported | 1.8% | 2.05% | 2.3% | 0.6% | Raised | Guidance: 1.5% for 2026 | |
| 2026 Agriculture segment net sales | Reported | |||||||
| 2026 Construction segment net sales | Reported | |||||||
| 2026 Adjusted diluted EPS | Reported | 0.41 | 0.43 | 0.46 | 8.8% | Raised | Guidance: 0.4 for 2026 | |
| 2026 Free Cash Flow of Industrial Activities | Reported | 200.00 Mil | 300.00 Mil | 400.00 Mil | 20.0% | Raised | Guidance: 250.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Agriculture segment adjusted EBIT margin | Reported | 4.5% | 5.0% | 0.0% | Affirmed | Guidance: 5.0% for 2026 | ||
| 2026 Construction segment adjusted EBIT margin | Reported | 1.0% | 1.5% | 0.0% | Affirmed | Guidance: 1.5% for 2026 | ||
| 2026 Agriculture segment net sales growth | Reported | -5.0% | -2.5% | 0.0% | Affirmed | Guidance: -2.5% for 2026 | ||
| 2026 Construction segment net sales growth | Reported | 0.0% | 0.0% | Affirmed | Guidance: 0.0% for 2026 | |||
| 2026 Adjusted diluted EPS | Reported | 0.35 | 0.4 | 0.0% | Affirmed | Guidance: 0.4 for 2026 | ||
| 2026 Free Cash Flow of Industrial Activities | Reported | 150.00 Mil | 250.00 Mil | 0.0% | Affirmed | Guidance: 250.00 Mil for 2026 | ||
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Agriculture segment adjusted EBIT margin | Reported | 4.5% | 5.0% | 5.5% | -1.0% | Lower New | Actual: 5.95% for 2025 | |
| 2026 Construction segment adjusted EBIT margin | Reported | 1.0% | 1.5% | 2.0% | -0.4% | Lower New | Actual: 1.95% for 2025 | |
| 2026 Agriculture segment net sales growth | Reported | -5.0% | -2.5% | 0.0% | 9.5% | Higher New | Actual: -12.0% for 2025 | |
| 2026 Construction segment net sales growth | Reported | 0.0% | 4.0% | Higher New | Actual: -4.0% for 2025 | |||
| 2026 Adjusted diluted EPS | Reported | 0.35 | 0.4 | 0.45 | -14.9% | Lower New | Actual: 0.47 for 2025 | |
| 2026 Free Cash Flow of Industrial Activities | Reported | 150.00 Mil | 250.00 Mil | 350.00 Mil | -28.6% | Lower New | Actual: 350.00 Mil for 2025 | |
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Agriculture segment adjusted EBIT margin | Reported | 5.7% | 5.95% | 6.2% | -2.0% | Lowered | Guidance: 8.0% for 2025 | |
| 2025 Construction segment adjusted EBIT margin | Reported | 1.7% | 1.95% | 2.2% | -1.0% | Lowered | Guidance: 3.0% for 2025 | |
| 2025 Agriculture segment net sales growth | Reported | -13.0% | -12.0% | -11.0% | 4.0% | Raised | Guidance: -16.0% for 2025 | |
| 2025 Construction segment net sales growth | Reported | -5.0% | -4.0% | -3.0% | 5.5% | Raised | Guidance: -9.5% for 2025 | |
| 2025 Adjusted diluted EPS | Reported | 0.44 | 0.47 | 0.5 | -21.7% | Lowered | Guidance: 0.6 for 2025 | |
| 2025 Free cash flow of Industrial Activities | Reported | 200.00 Mil | 350.00 Mil | 500.00 Mil | 16.7% | Raised | Guidance: 300.00 Mil for 2025 | |
Insider Activity
Updated 5/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tutino, Francesco Vincenzo Maria | Chief Human Resources Officer | Direct | Sell | 5052026 | 10.13 | 48,385 | 490,087 | 728,531 | Form |
| 2 | Heywood, Suzanne | Direct | Buy | 11192025 | 9.52 | 52,522 | 500,009 | 5,896,945 | Form | |
| 3 | Buffett, Howard W | See footnote | Buy | 11132025 | 10.29 | 4,100 | 42,209 | 343,881 | Form | |
| 4 | Sorensen, Vagn O | Direct | Buy | 11132025 | 9.62 | 10,385 | 99,904 | 388,610 | Form | |
| 5 | Buffett, Howard W | See footnote | Buy | 11132025 | 9.68 | 6,000 | 58,107 | 283,785 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Tutino, Francesco Vincenzo Maria | Chief Human Resources Officer | Direct | Sell | 5052026 | 10.13 | 48,385 | 490,087 | 728,531 | Form |
| 2 | Heywood, Suzanne | Direct | Buy | 11192025 | 9.52 | 52,522 | 500,009 | 5,896,945 | Form | |
| 3 | Buffett, Howard W | See footnote | Buy | 11132025 | 10.29 | 4,100 | 42,209 | 343,881 | Form | |
| 4 | Sorensen, Vagn O | Direct | Buy | 11132025 | 9.62 | 10,385 | 99,904 | 388,610 | Form | |
| 5 | Buffett, Howard W | See footnote | Buy | 11132025 | 9.68 | 6,000 | 58,107 | 283,785 | Form | |
| 6 | Tutino, Francesco Vincenzo Maria | Chief Human Resources Officer | Direct | Sell | 9192025 | 12.53 | 12,271 | 153,699 | 187,129 | Form |
| 7 | Bastoni, Elizabeth A | Direct | Sell | 5142025 | 13.34 | 99 | 1,320 | 72,502 | Form | |
| 8 | Nasi, Alessandro | Direct | Sell | 5142025 | 13.34 | 245 | 3,267 | 4,820,509 | Form | |
| 9 | Linehan, Karen | Direct | Sell | 5142025 | 13.34 | 181 | 2,414 | 230,135 | Form | |
| 10 | Tamsons, Asa | Direct | Sell | 5142025 | 13.34 | 179 | 2,387 | 120,775 | Form | |
| 11 | Kramer, Richard J | Direct | Sell | 5142025 | 13.34 | 245 | 3,267 | 70,555 | Form | |
| 12 | Buffett, Howard W | Direct | Sell | 5142025 | 13.34 | 99 | 1,320 | 310,746 | Form | |
| 13 | Sorensen, Vagn O | Direct | Sell | 5142025 | 13.34 | 2,525 | 33,671 | 400,197 | Form | |
| 14 | Manley, Kelly | Chief Human Resources Officer | Direct | Sell | 5122025 | 12.70 | 3,575 | 45,390 | 2,050,126 | Form |
| 15 | Heywood, Suzanne | Direct | Sell | 5122025 | 12.70 | 11,053 | 140,331 | 7,197,539 | Form | |
| 16 | Schroeder, Jay | Chief Technology Officer | Direct | Sell | 5122025 | 12.70 | 2,154 | 27,348 | 415,958 | Form |
| 17 | Chishti, Humayun | President, Construction | Direct | Sell | 5122025 | 12.70 | 1,217 | 15,451 | 63,558 | Form |
| 18 | Pampalone, Stefano | See Remarks | Direct | Sell | 5122025 | 12.70 | 8,543 | 108,464 | 5,491,622 | Form |
| 19 | Incisa, Oddone | Chief Financial Officer | Direct | Sell | 5122025 | 12.70 | 22,515 | 285,855 | 10,875,230 | Form |
| 20 | Russo, Roberto | See Remarks | Direct | Sell | 5122025 | 12.70 | 7,632 | 96,897 | 2,473,124 | Form |
| 21 | MacLeod, Douglas | President, Financial Services | Direct | Sell | 5122025 | 12.70 | 1,992 | 25,291 | 175,791 | Form |
Investor Activity (13F)
Updated Sep 3, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Agricultural & Farm Machinery Resources |
| Farm Equipment |
| AgEquipment Intelligence |
| Implement & Tractor |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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