Cummins (CMI)
Market Price (8/10/2026): $645.0 | Market Cap: $88.9 BilInvestor Relations Sector: Industrials | Industry: Construction Machinery & Heavy Transportation Equipment
Cummins (CMI)
Market Price (8/10/2026): $645.0Market Cap: $88.9 BilSector: IndustrialsIndustry: Construction Machinery & Heavy Transportation Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 4.6 Bil, FCF LTM is 3.4 Bil Low stock price volatilityVol 12M is 36% Megatrend and thematic driversMegatrends include Hydrogen Economy, Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Energy Transition & Decarbonization. Show more. | Key risksCMI key risks include [1] a significant cyclical downturn in its core North American truck markets and [2] legal and reputational exposure from allegations of emissions fraud. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, CFO LTM is 4.6 Bil, FCF LTM is 3.4 Bil |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Hydrogen Economy, Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Energy Transition & Decarbonization. Show more. |
| Key risksCMI key risks include [1] a significant cyclical downturn in its core North American truck markets and [2] legal and reputational exposure from allegations of emissions fraud. |
Qualitative Assessment
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Cummins (CMI) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Cummins' reported earnings per share (EPS) for fiscal Q2 2026 (which ended June 2026) missed analyst expectations. The company reported an EPS of $6.73, which was $0.48, or 6.1%, below the consensus estimate of $7.21.
2. Despite record revenue, Cummins experienced pressure on its EBITDA margins in fiscal Q2 2026 due to higher costs. Although revenues increased 9.4% year-over-year to $9.46 billion, beating analyst estimates, the adjusted EBITDA of $1.65 billion missed expectations of $1.70 billion. The EBITDA margin narrowed to 17.5% from 18.4% in the same quarter last year, primarily due to higher incentive compensation, and partly by increased research, development, and freight costs.
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Cummins (CMI) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Cummins' reported earnings per share (EPS) for fiscal Q2 2026 (which ended June 2026) missed analyst expectations. The company reported an EPS of $6.73, which was $0.48, or 6.1%, below the consensus estimate of $7.21.
2. Despite record revenue, Cummins experienced pressure on its EBITDA margins in fiscal Q2 2026 due to higher costs. Although revenues increased 9.4% year-over-year to $9.46 billion, beating analyst estimates, the adjusted EBITDA of $1.65 billion missed expectations of $1.70 billion. The EBITDA margin narrowed to 17.5% from 18.4% in the same quarter last year, primarily due to higher incentive compensation, and partly by increased research, development, and freight costs.
3. Significant insider selling occurred within the period. Over the 90 days leading up to July 26, 2026, Cummins insiders executed 28 sale transactions totaling approximately $9.83 million in net value.
4. A lingering legal overhang from an adverse jury verdict in a trade-secret case involving C3.ai contributed to investor uncertainty. This legal issue was noted as a factor in the stock's slides in late July 2026.
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Stock Movement Drivers
Fundamental Drivers
The -3.7% change in CMI stock from 4/30/2026 to 8/9/2026 was primarily driven by a -7.4% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 668.91 | 644.26 | -3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,670 | 34,708 | 3.1% |
| Net Income Margin (%) | 8.4% | 7.8% | -7.4% |
| P/E Multiple | 32.5 | 32.7 | 0.6% |
| Shares Outstanding (Mil) | 138 | 138 | 0.2% |
| Cumulative Contribution | -3.7% |
Market Drivers
4/30/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| CMI | -3.7% | |
| Market (SPY) | 7.6% | 53.7% |
| Sector (XLI) | 6.1% | 74.1% |
Fundamental Drivers
The 12.0% change in CMI stock from 1/31/2026 to 8/9/2026 was primarily driven by a 10.0% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 575.07 | 644.26 | 12.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,581 | 34,708 | 3.4% |
| Net Income Margin (%) | 7.9% | 7.8% | -1.5% |
| P/E Multiple | 29.7 | 32.7 | 10.0% |
| Shares Outstanding (Mil) | 138 | 138 | 0.1% |
| Cumulative Contribution | 12.0% |
Market Drivers
1/31/2026 to 8/9/2026| Return | Correlation | |
|---|---|---|
| CMI | 12.0% | |
| Market (SPY) | 12.1% | 60.8% |
| Sector (XLI) | 12.2% | 75.1% |
Fundamental Drivers
The 78.1% change in CMI stock from 7/31/2025 to 8/9/2026 was primarily driven by a 82.5% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 361.83 | 644.26 | 78.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,873 | 34,708 | 2.5% |
| Net Income Margin (%) | 8.2% | 7.8% | -4.6% |
| P/E Multiple | 17.9 | 32.7 | 82.5% |
| Shares Outstanding (Mil) | 138 | 138 | -0.2% |
| Cumulative Contribution | 78.1% |
Market Drivers
7/31/2025 to 8/9/2026| Return | Correlation | |
|---|---|---|
| CMI | 78.1% | |
| Market (SPY) | 23.4% | 57.7% |
| Sector (XLI) | 23.1% | 73.5% |
Fundamental Drivers
The 163.4% change in CMI stock from 7/31/2023 to 8/9/2026 was primarily driven by a 138.6% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8092026 | Change |
|---|---|---|---|
| Stock Price ($) | 244.58 | 644.26 | 163.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 30,142 | 34,708 | 15.1% |
| Net Income Margin (%) | 8.4% | 7.8% | -6.5% |
| P/E Multiple | 13.7 | 32.7 | 138.6% |
| Shares Outstanding (Mil) | 142 | 138 | 2.6% |
| Cumulative Contribution | 163.4% |
Market Drivers
7/31/2023 to 8/9/2026| Return | Correlation | |
|---|---|---|
| CMI | 163.4% | |
| Market (SPY) | 74.9% | 58.9% |
| Sector (XLI) | 74.7% | 71.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CMI Return | -2% | 14% | 2% | 49% | 49% | 27% | 222% |
| Peers Return | 23% | 9% | 27% | 14% | 24% | 39% | 236% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| CMI Win Rate | 58% | 50% | 42% | 67% | 83% | 62% | |
| Peers Win Rate | 63% | 40% | 50% | 57% | 60% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CMI Max Drawdown | -24% | -21% | -20% | -11% | -30% | -17% | |
| Peers Max Drawdown | -19% | -29% | -21% | -19% | -26% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CAT, PCAR, DE, ETN, BWA. See CMI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | CMI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.5% | -18.8% |
| % Gain to Breakeven | 43.8% | 23.1% |
| Time to Breakeven | 121 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.9% | -9.5% |
| % Gain to Breakeven | 18.9% | 10.5% |
| Time to Breakeven | 108 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.7% | -6.7% |
| % Gain to Breakeven | 20.1% | 7.1% |
| Time to Breakeven | 33 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -14.2% | -24.5% |
| % Gain to Breakeven | 16.5% | 32.4% |
| Time to Breakeven | 36 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.3% | -33.7% |
| % Gain to Breakeven | 62.1% | 50.9% |
| Time to Breakeven | 64 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.0% | -19.2% |
| % Gain to Breakeven | 19.1% | 23.8% |
| Time to Breakeven | 25 days | 105 days |
In The Past
Cummins's stock fell -30.5% during the 2025 US Tariff Shock. Such a loss loss requires a 43.8% gain to breakeven.
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| Event | CMI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.5% | -18.8% |
| % Gain to Breakeven | 43.8% | 23.1% |
| Time to Breakeven | 121 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.3% | -33.7% |
| % Gain to Breakeven | 62.1% | 50.9% |
| Time to Breakeven | 64 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.9% | -12.2% |
| % Gain to Breakeven | 51.3% | 13.9% |
| Time to Breakeven | 199 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -40.4% | -6.8% |
| % Gain to Breakeven | 67.9% | 7.3% |
| Time to Breakeven | 295 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.8% | -17.9% |
| % Gain to Breakeven | 33.0% | 21.8% |
| Time to Breakeven | 158 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -72.1% | -53.4% |
| % Gain to Breakeven | 258.8% | 114.4% |
| Time to Breakeven | 488 days | 1085 days |
In The Past
Cummins's stock fell -30.5% during the 2025 US Tariff Shock. Such a loss loss requires a 43.8% 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 Cummins (CMI)
Cummins Inc. (CMI) is a global power technology company that designs, manufactures, distributes, and services a broad portfolio of power solutions. At its core, Cummins is renowned for its diesel and natural gas engines, which power a wide array of heavy and medium-duty applications worldwide. The company is also actively developing and supplying electric and hybrid powertrains, signifying its strategic move towards future power technologies.
The company's main offerings span several critical areas. Beyond its iconic engines, Cummins provides comprehensive components such as emission solutions, turbochargers, advanced filtration systems, fuel systems, and automated transmissions. It also specializes in power generation systems, including standby and prime power generators, and high-horsepower engines used across various industries. A significant growth area is its "New Power" segment, which focuses on electrified power systems, battery technologies, fuel cells, and hydrogen production.
Cummins serves an extensive and diverse customer base across numerous global markets. Its products are integral to original equipment manufacturers (OEMs) in industries such as heavy and medium-duty trucking, construction, mining, marine, rail, agriculture, and defense. Additionally, Cummins supplies directly to distributors, dealers, and end-users, providing both new parts and services, as well as remanufactured parts and engines, backed by a global service and support network.
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1. Intel for heavy-duty engines and power systems
2. Bosch for commercial vehicle and industrial powertrains
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- Engines: Cummins designs, manufactures, and services diesel and natural gas engines for a broad spectrum of industries and vehicle types.
- Electric & Hybrid Powertrains: The company develops electrified power systems, including battery, fuel cell, and hydrogen production technologies.
- Engine Components: Cummins offers various engine-related components such as emission solutions, turbochargers, filtration systems, and electronic controls.
- Power Generation Systems: The company provides complete power generation systems, including standby and prime power generators and control mechanisms.
- Parts & Services: Cummins supplies new and remanufactured parts, along with comprehensive in-shop and field-based repair and maintenance services.
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Cummins Inc. (CMI) primarily sells its products to other companies, specifically original equipment manufacturers (OEMs), distributors, and dealers, who then integrate Cummins' engines, powertrains, and components into their finished products or use them in their operations. Its major customers, generally OEMs in heavy-duty industries, include:
- PACCAR Inc. (NYSE: PCAR): A leading manufacturer of heavy-duty trucks under the Peterbilt and Kenworth brands.
- Daimler Truck Holding AG (OTC: DTGFF): The world's largest truck and bus manufacturer, with brands like Freightliner and Western Star in North America.
- Navistar International Corporation: A manufacturer of International brand trucks and buses, now a subsidiary of TRATON SE (a public company listed on the Frankfurt Stock Exchange, but Navistar itself is no longer separately traded).
- Volvo Group (OTC: VOLVY): A global manufacturer of trucks (Volvo Trucks, Mack Trucks), buses, construction equipment, and marine and industrial engines.
- Komatsu Ltd. (OTC: KMTUY): A major manufacturer of construction, mining, and utility equipment.
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- Eaton Corporation plc (ETN)
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Jennifer Rumsey, Chair and Chief Executive Officer
Jennifer Rumsey became President and CEO of Cummins Inc. on August 1, 2022, and assumed the role of Chair and CEO on August 1, 2023. Before her current role, she served as President and Chief Operating Officer from March 2021. Prior to that, she was Vice President and President of the Components Segment. Rumsey joined Cummins in 2000, where her early career focused on advanced controls in research and technology. She also worked at a fuel processing and fuel cell start-up company in Cambridge, MA, prior to joining Cummins. She co-authored Cummins' "Destination Zero" strategy, which aims for net-zero emissions by 2050.
Mark Smith, Vice President and Chief Financial Officer
Mark Smith joined Cummins in 1995 and currently serves as Vice President and Chief Financial Officer. He has held numerous leadership positions within Cummins, including Vice President of Investor Relations and Controller for both the Components and Filtration businesses. His experience also includes finance and business strategy roles in the Engine and Power Generation businesses across the U.S. and the U.K. Before his tenure at Cummins, Smith worked for six years as a public accountant with Ernst & Young in the U.K. He is a qualified member of the Institute of Chartered Accountants in England and Wales.
Bonnie Fetch, Executive Vice President and President – Operations
Bonnie Fetch was appointed Executive Vice President and President – Operations, effective March 15. Previously, she held the position of Vice President and President – Distribution Business. Fetch joined Cummins in 2018. Prior to Cummins, she spent two decades at Caterpillar, where she held various leadership roles in Logistics, Human Resources, Product Design, Manufacturing, and General Management. Her early career also included managing full-service restaurants and owning a small business in the travel industry.
Amy Davis, President, Accelera by Cummins and Components
Amy Davis is the President of Accelera by Cummins and the Components segment. In this role, she oversees Accelera, Cummins' newest business segment focused on zero-emissions technologies, and the Components segment, which is the company's largest by revenue. She leads a team of more than 2,000 innovators across four continents dedicated to advancing electrified, fuel cell, and hydrogen products.
Jenny Bush, President, Power Systems Business
Jenny Bush serves as the President of the Power Systems Business at Cummins Inc.
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Key Risks to Cummins Inc. (CMI)
Cummins Inc. (CMI) faces several significant risks to its business operations and financial performance. These primarily stem from its exposure to cyclical industrial markets, ongoing regulatory compliance challenges, and the impact of global geopolitical and trade tensions.
The most significant risk to Cummins is its **dependence on cyclical industries and weak demand in key end markets**, particularly the North American heavy- and medium-duty truck markets. The company's performance is closely tied to the health of sectors such as construction, agriculture, and transportation. Recent reports indicate a sharp cyclical decline and prolonged downturn in North American heavy- and medium-duty truck demand, directly impacting Cummins' core Engine and Components segments. This reduced demand leads to lower sales, impacting profitability, and current order levels are at multi-year lows with no clear immediate catalysts for recovery.
Another key risk is **regulatory compliance and litigation**, particularly concerning emissions standards. Cummins has faced substantial challenges in this area, including a $2.0 billion charge in 2023 related to emissions certification and compliance issues. The need for stringent compliance measures and proactive management of regulatory relationships is critical, as ongoing regulatory pressures and potential for further penalties and reputational damage remain a concern.
Finally, **geopolitical risks and tariff uncertainties** pose a significant threat to Cummins' global operations. The company's international presence exposes it to risks associated with global trade tensions, tariffs, and policy changes, which can disrupt supply chains, increase costs, and negatively affect competitive positioning. Uncertainty regarding future relationships between major global economies, such as the U.S. and China, including trade policies, treaties, government regulations, and tariffs, could adversely impact demand for Cummins' products and its financial performance.
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Cummins Inc. (CMI) operates in several global markets for its main products and services. Here are the addressable market sizes for some of its key offerings:
- Diesel and Natural Gas Engines:
- The global heavy-duty trucks market, a key end-market for Cummins' engines, was valued at USD 311.4 billion in 2024 and is estimated to reach USD 458.4 billion by 2034.
- The global natural gas engine market was valued at approximately USD 5.34 billion in 2023 and is expected to reach USD 8.97 billion by 2032.
- The global gas-powered commercial vehicle market was estimated at USD 112.60 billion in 2025 and is predicted to increase to approximately USD 151.91 billion by 2035.
- Electric and Hybrid Powertrains:
- The global electric commercial vehicle market was valued at USD 60.98 billion in 2024 and is expected to reach USD 415.29 billion by 2032.
- The global hybrid powertrain market is projected to reach a valuation of USD 130.98 billion in 2025 and is anticipated to reach USD 483.33 billion by 2034.
- Power Generation Systems:
- The global industrial power generation equipment market was estimated at USD 75.9 billion in 2024 and is expected to grow to USD 125.8 billion by 2034.
- The global industrial generator market was worth USD 19.86 billion in 2024 and is anticipated to be worth USD 35.06 billion by 2033.
- Components (General Engine & Aftermarket Parts):
- The global automotive engine components market is valued at USD 87.48 billion in 2025 and is expected to grow to USD 130.46 billion in 2034.
- The global heavy-duty automotive aftermarket market was valued at USD 149.75 billion in 2024 and is projected to reach USD 204.26 billion by 2033.
- Automated Transmissions:
- The global commercial vehicle transmission market was valued at USD 26.9 billion in 2024 and is projected to reach USD 36.4 billion by 2030.
- The global commercial vehicle automated manual transmission (AMT) market is projected to grow from USD 3,584.4 million in 2025 to USD 7,667.2 million by 2035.
- Fuel Cell and Hydrogen Production Technologies:
- The global fuel cell technology market was valued at USD 5.70 billion in 2023, with projections indicating it will reach USD 20.12 billion by 2032.
- The global hydrogen generation market size is projected to grow from USD 68.31 billion in 2024 to USD 167.12 billion by 2035.
- The global hydrogen electrolyzer market is projected to grow from USD 8.8 billion in 2026 to USD 77.0 billion by 2036.
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Here are 3-5 expected drivers of future revenue growth for Cummins (CMI) over the next 2-3 years:
- Robust Demand in Power Generation, Particularly Data Centers: Cummins expects continued strong demand in global power generation markets, with a significant boost from data center applications. The company's Power Systems and Distribution segments are experiencing record sales and profitability due to this trend, with data center-related revenue projected to increase substantially.
- Recovery in North America Heavy and Medium-Duty Truck Markets: Despite a downturn in North American truck markets in 2025, Cummins anticipates a strengthening of demand in these segments, particularly in the second half of 2026.
- New Product Introductions and Platforms: The launch of new engines, such as the X10 and B7.2 as part of the Cummins HELM™ platforms, is expected to drive growth. These new products are designed to enhance performance and efficiency, and are strategically aligned with upcoming regulations like the EPA 2027 low-NOx rule, which could lead to increased content per truck.
- Growth in Aftermarket Demand and Improved Pricing: The Distribution segment is forecasted to experience continued revenue growth driven by sustained strength in power generation markets and higher aftermarket demand for parts and services. Improved pricing strategies across various segments are also contributing to revenue growth.
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Share Repurchases
- In December 2021, Cummins' board authorized a new $2 billion share repurchase program, following the completion of a previous $2 billion program authorized in 2019.
- During the first nine months of 2021, Cummins repurchased approximately $1.23 billion of its own shares.
- In 2024, Cummins returned $969 million to shareholders through dividends and reduced shares outstanding by approximately 5.6 million (4%) with the successful divestiture of Atmus.
Share Issuance
- In 2024, Cummins successfully divested its Filtration business, Atmus Filtration Technologies, which led to a reduction in shares outstanding by approximately 4%.
- The number of shares of Cummins in 2026 is 138.7 million, with no change from 2025.
Inbound Investments
- In July 2024, Cummins secured a $75 million grant from the Department of Energy to transform its Columbus Engine Plant in Indiana into a facility for zero-emissions components and electric powertrain systems. Cummins will match this grant with an additional $75 million investment, totaling $150 million.
- Mercuria Capital Strategies LLC bought 16,230 shares of Cummins (NYSE:CMI) in Q3 2025, valued at approximately $6.86 million, making CMI its fifth-largest position.
- Several institutional investors significantly increased their holdings in Cummins during 2025, including Norges Bank ($505.9M), Boston Partners ($473.5M), American Century (up 138.8% to 909,653 shares), BNY Mellon (up 50.8% to 1,450,659 shares), and Ontario Teachers (up 5,158.9% to 435,960 shares).
Outbound Investments
- Cummins acquired First Mode in February 2025, a developer of hybrid retrofit kits for mining operations focused on decarbonization solutions for the industrial sector.
- In February 2022, Cummins acquired Meritor for $3.7 billion.
- In February 2022, Cummins acquired Jacobs Vehicle Systems for $325 million.
Capital Expenditures
- Cummins' capital expenditures for fiscal years ending December 2021 to 2025 averaged $1.061 billion.
- Capital expenditures were $734 million in 2021, $916 million in 2022, $1.213 billion in 2023, $1.208 billion in 2024, and $1.235 billion in 2025.
- Cummins plans to invest $1.35 billion to $1.45 billion in capital by 2026, primarily in its Power Systems sector, and an additional $200 million across manufacturing sites in the U.S., England, and India to increase capacity for power generation.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 534.75 |
| Mkt Cap | 128.3 |
| Rev LTM | 32,366 |
| Op Inc LTM | 4,592 |
| FCF LTM | 3,568 |
| FCF 3Y Avg | 3,158 |
| CFO LTM | 4,798 |
| CFO 3Y Avg | 4,355 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.5% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 7.0% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 6.2% |
| Op Inc Chg 3Y Avg | 5.7% |
| Op Mgn LTM | 14.3% |
| Op Mgn 3Y Avg | 15.5% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 16.1% |
| CFO/Rev 3Y Avg | 15.1% |
| FCF/Rev LTM | 10.2% |
| FCF/Rev 3Y Avg | 9.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 128.3 |
| P/S | 3.1 |
| P/Op Inc | 24.0 |
| P/EBIT | 23.2 |
| P/E | 34.3 |
| P/CFO | 20.1 |
| Total Yield | 3.9% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.5% |
| 3M Rtn | 10.1% |
| 6M Rtn | 14.3% |
| 12M Rtn | 54.7% |
| 3Y Rtn | 94.3% |
| 1M Excs Rtn | 2.4% |
| 3M Excs Rtn | 4.4% |
| 6M Excs Rtn | 8.2% |
| 12M Excs Rtn | 33.6% |
| 3Y Excs Rtn | 21.3% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Distribution | 12,405 | 11,384 | 10,249 | 8,929 | 7,772 |
| Engine | 10,875 | 11,712 | 11,684 | 10,945 | 9,954 |
| Components | 10,149 | 11,679 | 13,409 | 9,736 | 7,665 |
| Power Systems | 7,463 | 6,408 | 5,673 | 5,033 | 4,415 |
| Accelera | 460 | 414 | 354 | 198 | 116 |
| Intersegment sales | -7,682 | -7,495 | -7,304 | -6,767 | -5,901 |
| Total | 33,670 | 34,102 | 34,065 | 28,074 | 24,021 |
| $ Mil | 2004 | 2001 | 2000 | 1999 | 1998 |
|---|---|---|---|---|---|
| Engine | 341 | -91 | 24 | 182 | 136 |
| Filtration and Other | 84 | 66 | 122 | 122 | 121 |
| Power Generation | 69 | 81 | 103 | 52 | 25 |
| International Distributor | 51 | ||||
| Total | 545 | 56 | 249 | 356 | 282 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Net liabilities deducted in arriving at net segment assets | 14,531 | 11,270 | 9,486 | 8,947 | 8,498 |
| Components | 6,965 | 7,306 | 2,938 | 2,878 | 2,911 |
| Cash, cash equivalents and marketable securities | 2,741 | 2,573 | 3,187 | 3,862 | 1,470 |
| Distribution | 2,348 | 2,698 | 2,294 | 2,444 | 2,536 |
| Power Systems | 1,938 | 2,382 | 2,251 | 2,134 | 2,245 |
| Accelera | 1,159 | 1,158 | 602 | 504 | 472 |
| Deferred tax assets not allocated to segments | 1,082 | 625 | 428 | 479 | 441 |
| Engine | 930 | 1,451 | 1,554 | 1,306 | 1,094 |
| Pension and Other postretirement benefit (OPEB) adjustments excluded from net assets | 307 | 832 | 966 | 67 | 67 |
| Deferred debt costs not allocated to segments | 4 | 4 | 4 | 3 | 3 |
| Total | 32,005 | 30,299 | 23,710 | 22,624 | 19,737 |
Price Behavior
| Market Price | $644.26 | |
| Market Cap ($ Bil) | 89.1 | |
| First Trading Date | 12/18/1984 | |
| Distance from 52W High | -11.5% | |
| 50 Days | 200 Days | |
| DMA Price | $667.51 | $583.00 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -3.5% | 10.5% |
| 3M | 1YR | |
| Volatility | 42.6% | 36.5% |
| Downside Capture | 211.12 | 155.64 |
| Upside Capture | 147.50 | 180.49 |
| Correlation (SPY) | 51.5% | 57.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.05 | 1.76 | 1.92 | 1.94 | 1.68 | 1.18 |
| Up Beta | 3.48 | 1.43 | 2.26 | 2.26 | 1.77 | 1.11 |
| Down Beta | 0.53 | 1.33 | 1.21 | 1.71 | 1.56 | 1.15 |
| Up Capture | 124% | 223% | 193% | 230% | 292% | 239% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 23 | 33 | 66 | 140 | 406 |
| Down Capture | 287% | 186% | 212% | 165% | 130% | 104% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 20 | 30 | 60 | 112 | 346 |
[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 CMI | |
|---|---|---|---|---|
| CMI | 71.9% | 36.3% | 1.55 | - |
| Sector ETF (XLI) | 24.1% | 17.0% | 1.10 | 73.7% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 57.7% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 30.5% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -5.5% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 11.9% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | 35.6% |
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 CMI | |
|---|---|---|---|---|
| CMI | 25.6% | 28.8% | 0.81 | - |
| Sector ETF (XLI) | 14.0% | 17.6% | 0.62 | 72.7% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 59.7% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 14.0% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 14.6% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 41.0% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | 25.9% |
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 CMI | |
|---|---|---|---|---|
| CMI | 21.2% | 28.5% | 0.72 | - |
| Sector ETF (XLI) | 14.2% | 20.0% | 0.62 | 74.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 62.9% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 7.7% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 22.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 44.4% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | 13.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -2.0% | ||
| 5/5/2026 | 2.8% | 7.0% | 4.2% |
| 2/5/2026 | -10.7% | -1.1% | -10.7% |
| 11/6/2025 | 5.4% | 9.2% | 16.1% |
| 8/5/2025 | 3.2% | 7.4% | 9.0% |
| 5/5/2025 | 0.8% | 2.3% | 8.8% |
| 2/4/2025 | 4.4% | 7.4% | 0.2% |
| 11/5/2024 | 8.9% | 10.1% | 16.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 17 |
| # Negative | 11 | 8 | 6 |
| Median Positive | 3.2% | 4.1% | 6.6% |
| Median Negative | -2.0% | -2.4% | -11.9% |
| Max Positive | 8.9% | 10.1% | 16.8% |
| Max Negative | -10.7% | -9.0% | -16.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -2.0% | ||
| 5/5/2026 | 2.8% | 7.0% | 4.2% |
| 2/5/2026 | -10.7% | -1.1% | -10.7% |
| 11/6/2025 | 5.4% | 9.2% | 16.1% |
| 8/5/2025 | 3.2% | 7.4% | 9.0% |
| 5/5/2025 | 0.8% | 2.3% | 8.8% |
| 2/4/2025 | 4.4% | 7.4% | 0.2% |
| 11/5/2024 | 8.9% | 10.1% | 16.8% |
| 8/1/2024 | 4.9% | 0.1% | 6.6% |
| 5/2/2024 | -1.3% | 1.8% | -0.2% |
| 2/6/2024 | 4.3% | 6.5% | 14.1% |
| 11/2/2023 | -0.1% | -0.3% | 4.6% |
| 8/3/2023 | -7.5% | -9.0% | -11.6% |
| 5/2/2023 | -3.0% | -4.6% | -12.2% |
| 2/6/2023 | -2.0% | -3.6% | 0.7% |
| 11/3/2022 | -3.5% | -1.5% | 4.2% |
| 8/2/2022 | 0.4% | 0.8% | 0.8% |
| 5/3/2022 | 3.7% | 4.0% | 7.4% |
| 2/3/2022 | 0.6% | -1.8% | -16.0% |
| 11/2/2021 | -1.2% | -3.0% | -14.2% |
| 8/3/2021 | 1.7% | 0.7% | 3.7% |
| 5/4/2021 | 0.8% | 6.8% | 3.0% |
| 2/4/2021 | -1.5% | 4.1% | 13.5% |
| 10/27/2020 | -0.4% | 3.2% | 7.0% |
| SUMMARY STATS | |||
| # Positive | 13 | 15 | 17 |
| # Negative | 11 | 8 | 6 |
| Median Positive | 3.2% | 4.1% | 6.6% |
| Median Negative | -2.0% | -2.4% | -11.9% |
| Max Positive | 8.9% | 10.1% | 16.8% |
| Max Negative | -10.7% | -9.0% | -16.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/12/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/08/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/10/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/11/2020 | 10-K |
| 09/30/2019 | 10/29/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 10.0% | 11.5% | 13.0% | 2.0% | Raised | Guidance: 9.5% for 2026 | |
| 2026 EBITDA Margin | 18.0% | 18.25% | 18.5% | 0.1% | Raised | Guidance: 18.13% for 2026 | |
| 2026 Effective Tax Rate | 23.0% | ||||||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 8.0% | 9.5% | 11.0% | 4.0% | Raised | Guidance: 5.5% for 2026 | |
| 2026 EBITDA Margin | 17.75% | 18.13% | 18.5% | 0.6% | Raised | Guidance: 17.5% for 2026 | |
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 3.0% | 5.5% | 8.0% | ||||
| 2026 EBITDA Margin | 17.0% | 17.5% | 18.0% | ||||
| 2026 Effective Tax Rate | 24.0% | -2.5% | Lowered | Guidance: 26.5% for 2025 | |||
Q3 2025 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Effective Tax Rate | 26.5% | 2.0% | Raised | Guidance: 24.5% for 2025 | |||
Insider Activity
Updated 5/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bush, Jennifer Mary | VP & Pres. - Power Systems | Direct | Sell | 5132026 | 696.21 | 5,000 | 3,481,066 | 8,344,928 | Form |
| 2 | Fetch, Bonnie J | EVP & President - Operations | 401(k) Plan | Sell | 5132026 | 702.66 | 643 | Form | ||
| 3 | Fetch, Bonnie J | EVP & President - Operations | Direct | Sell | 5112026 | 700.19 | 652 | 456,524 | 8,177,518 | Form |
| 4 | Stoner, Nathan R | VP - China ABO | Direct | Sell | 5112026 | 694.06 | 607 | 421,294 | 6,556,555 | Form |
| 5 | Boakye, Marvin | VP - CHRO | Direct | Sell | 5112026 | 679.90 | 3,481 | 2,366,730 | 5,784,584 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bush, Jennifer Mary | VP & Pres. - Power Systems | Direct | Sell | 5132026 | 696.21 | 5,000 | 3,481,066 | 8,344,928 | Form |
| 2 | Fetch, Bonnie J | EVP & President - Operations | 401(k) Plan | Sell | 5132026 | 702.66 | 643 | Form | ||
| 3 | Fetch, Bonnie J | EVP & President - Operations | Direct | Sell | 5112026 | 700.19 | 652 | 456,524 | 8,177,518 | Form |
| 4 | Stoner, Nathan R | VP - China ABO | Direct | Sell | 5112026 | 694.06 | 607 | 421,294 | 6,556,555 | Form |
| 5 | Boakye, Marvin | VP - CHRO | Direct | Sell | 5112026 | 679.90 | 3,481 | 2,366,730 | 5,784,584 | Form |
| 6 | Lamb-Hale, Nicole | VP, CAO & Corporate Secretary | Direct | Sell | 5082026 | 685.34 | 2,408 | 1,650,296 | 9,652,312 | Form |
| 7 | Jackson, Donald G | VP - Treasury & Tax | Direct | Sell | 2252026 | 600.13 | 1,600 | 960,201 | 4,329,089 | Form |
| 8 | Jackson, Donald G | VP - Treasury & Tax | Direct | Sell | 2252026 | 402.17 | 3,390 | 1,363,361 | 2,901,119 | Form |
| 9 | Davis, Amy Rochelle | VP & Pres. - Accelera and Com | Direct | Sell | 2242026 | 586.64 | 1,864 | 1,093,504 | 10,458,107 | Form |
| 10 | Newsome, Earl | VP - Chief Information Officer | Direct | Sell | 2232026 | 583.67 | 1,300 | 758,776 | 1,978,071 | Form |
| 11 | Bush, Jennifer Mary | VP & Pres. - Power Systems | Direct | Sell | 2232026 | 584.93 | 4,270 | 2,497,658 | 8,850,113 | Form |
| 12 | Miller, William I | Direct | Sell | 2132026 | 597.10 | 18,107 | 10,811,646 | 20,446,378 | Form | |
| 13 | Merritt, Brett Michael | V.P & Pres. - Engine Business | Direct | Sell | 11252025 | 489.32 | 1,450 | 709,514 | 4,536,729 | Form |
| 14 | Rumsey, Jennifer | Chair and CEO | Direct | Sell | 11132025 | 473.89 | 4,570 | 2,165,657 | 20,320,211 | Form |
| 15 | Smith, Mark Andrew | VP - Chief Financial Officer | Direct | Sell | 11102025 | 470.66 | 13,110 | 6,170,411 | 14,864,524 | Form |
| 16 | Smith, Mark Andrew | VP - Chief Financial Officer | Direct | Sell | 10312025 | 449.10 | 200 | 89,819 | 14,183,318 | Form |
| 17 | Smith, Mark Andrew | VP - Chief Financial Officer | Direct | Sell | 10082025 | 439.30 | 8,000 | 3,514,402 | 13,873,979 | Form |
| 18 | Enright, Robert | VP - Supply Chain | Direct | Sell | 8262025 | 402.26 | 1,860 | 748,210 | 384,162 | Form |
| 19 | Quintos, Karen H | Trust | Sell | 8202025 | 405.33 | 1,307 | 529,761 | 2,118,512 | Form | |
| 20 | Davis, Amy Rochelle | VP & Pres. - Accelera and Com | Direct | Sell | 8152025 | 402.88 | 5,002 | 2,015,215 | 8,354,970 | Form |
| 21 | Smith, Mark Andrew | VP - Chief Financial Officer | Direct | Sell | 8142025 | 405.00 | 6,500 | 2,632,500 | 12,790,710 | Form |
| 22 | Smith, Mark Andrew | VP - Chief Financial Officer | Direct | Sell | 8142025 | 395.00 | 6,000 | 2,370,000 | 12,474,890 | Form |
| 23 | Peters, Luther E | VP - Corporate Controller | Direct | Sell | 8122025 | 389.19 | 4,850 | 1,887,559 | 2,994,191 | Form |
| 24 | Bush, Jennifer Mary | VP & Pres. - Power Systems | Direct | Sell | 8122025 | 388.13 | 520 | 201,826 | 5,872,426 | Form |
| 25 | Stone, John H | Direct | Buy | 5162025 | 332.08 | 1,000 | 332,080 | 810,607 | Form |
Investor Activity (13F)
Updated Aug 10, 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.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Albar Capital Partners LLP | $41.1 Mil | 6.6% | 36 | New | 13F |
| Weybosset Research & Management LLC | $20.4 Mil | 5.9% | 33 | Hold | 13F |
| Hamlin Capital Management, LLC | $226.8 Mil | 5.5% | 30 | TRIM -11.2% | 13F |
| Marshfield Associates | $241.5 Mil | 4.8% | 17 | TRIM -41.2% | 13F |
| Eldred Rock Partners, LLC | $13.5 Mil | 3.4% | 31 | TRIM -27.2% | 13F |
| Semper Augustus Investments Group LLC | $21.3 Mil | 2.5% | 44 | Hold | 13F |
| Evergreen Quality Fund GP, Ltd. | $50.9 Mil | 1.2% | 40 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| FIFTHDELTA Ltd | $49.9 Mil | 10.5% | 10 | Exited | Dec 31, 2025 | 13F |
| Cartenna Capital, LP | $25.5 Mil | 1.3% | 36 | Exited | Dec 31, 2025 | 13F |
| Marshfield Associates | $241.5 Mil | 4.8% | 17 | TRIM -41.2% | Mar 31, 2026 | 13F |
| Eldred Rock Partners, LLC | $13.5 Mil | 3.4% | 31 | TRIM -27.2% | Mar 31, 2026 | 13F |
| Hamlin Capital Management, LLC | $226.8 Mil | 5.5% | 30 | TRIM -11.2% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Marshfield Associates | $241.5 Mil | 4.8% | 17 | TRIM -41.2% | 13F |
| Hamlin Capital Management, LLC | $226.8 Mil | 5.5% | 30 | TRIM -11.2% | 13F |
| Evergreen Quality Fund GP, Ltd. | $50.9 Mil | 1.2% | 40 | Hold | 13F |
| Albar Capital Partners LLP | $41.1 Mil | 6.6% | 36 | New | 13F |
| Semper Augustus Investments Group LLC | $21.3 Mil | 2.5% | 44 | Hold | 13F |
| Weybosset Research & Management LLC | $20.4 Mil | 5.9% | 33 | Hold | 13F |
| Eldred Rock Partners, LLC | $13.5 Mil | 3.4% | 31 | TRIM -27.2% | 13F |
Cummins — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction Machinery & Heavy Transportation Equipment Resources |
| Equipment World |
| Construction Equipment |
| OEM Off-Highway |
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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