Cummins Inc (CMI)
Industrials · Construction Machinery & Heavy Transportation Equipment · US stock · S&P 500 component
$531.33
▼ -1.40 (0.26%)
Fair valueFair
$562 +5.7% to fair value
$281fair band $393–$730$843
Day's range
$527.10 – $539.99
52-week range
$399.97 – $735.02
About Cummins Inc
Cummins designs, manufactures and services engines and related power products. These include diesel and natural gas engines for trucks, buses and construction equipment, as well as generator sets, filtration, emissions systems and components for electric and hydrogen-based power. Revenue comes from selling engines and parts to equipment makers and distributors, and from aftermarket parts and service. Its results follow cycles in trucking, construction and mining.
Revenue over the last twelve months came to $34.7 billion. Revenue growth over three years averaged 6.2% a year. Operating margin is 11.2% and return on invested capital is 18%. Net debt to EBITDA is 0.7 times. It pays a dividend with a yield of 1.5%. The X-Ray Score is 55 out of 100. These figures describe past results as reported and are a factual snapshot, not a forecast. Some measures, such as margins for real estate trusts and banks, are defined differently from those of industrial firms, so comparisons should be made with care.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $399.97 – $735.02Volume 1,255,500Daily, split-adjusted
Vitals
Market cap$73.6B
52-week range$399.97 – $735.02
Volume (last day)1,255,500
P/E (TTM)26.1
EBIT / EV yield5.0%
Free-cash-flow yield4.6%
Dividend yield1.5%
Revenue (TTM)$34.7B
Net income (TTM)$2.8B
Operating margin11.2%
Return on capital17.7%
Debt incl. leases$7.2B
Cash & securities$3.9B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$562model spread $532 – $594
Fair
+5.7% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Multiples use through-the-cycle earnings (0.93x of the last twelve months)
Price $531
Undervalued < $393Fair $393 – $730Overvalued > $730
10-year DCF (market-scaled)
$546
Peer multiples
$536
Earnings power floor (not blended)
$188
Fundamentals-adjusted multiple
$603
Growth the price implies
17.6%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Valuation
Fair
62/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield5.0%
Free-cash-flow yield4.6%
Fair value vs price1.1×
Growth
Weak
47/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)6.2%
EPS growth (3y)10.7%
Growth consistency50%
Profitability
Fair
51/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital17.7%
Operating margin11.2%
Gross profitability24.7%
Financial health
Fair
59/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA0.7×
Interest cover12.1×
Dividends
Fair
57/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.5%
Dividends vs free cash flow34%
Dividend growth7.3%
Quarterly results: last 6 quarters
-2.7%
Mar '25
-1.7%
Jun '25
-1.6%
Sep '25
+1.1%
Dec '25
+2.7%
Mar '26
+9.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $9.5B, diluted EPS $6.73.
Compare with peers
CAT Caterpillar Inc45 PCAR Paccar Inc43 WAB Westinghouse Air Brake...40Other Construction Machinery & Heavy Transportation Equipment companies by X-Ray Score.
Fundamentals checklist
● 5 Good · ● 10 Average · ● 1 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Good
Revenue growth (3y)Average
Growth consistencyBad
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 58/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $24.0B | $28.1B | $34.1B | $34.1B | $33.7B |
| Operating income | $2.7B | $2.9B | $1.8B | $3.8B | $4.0B |
| Net income | $2.2B | $2.2B | $840M | $4.1B | $3.0B |
| Operating cash flow | $2.3B | $2.0B | $4.0B | $1.5B | $3.6B |
| Operating margin | 11.3% | 10.4% | 5.2% | 11.0% | 12.0% |
| Free cash flow | $1.5B | $1.0B | $2.8B | $279M | $2.4B |
| Diluted EPS | $14.61 | $15.12 | $5.15 | $28.37 | $20.50 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 3 neutral · 8 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 526.7 | Bullish |
| EMA 10 | 527.7 | Bullish |
| SMA 20 | 525.0 | Bullish |
| EMA 20 | 530.5 | Bullish |
| SMA 50 | 557.2 | Bearish |
| EMA 50 | 556.0 | Bearish |
| SMA 100 | 611.4 | Bearish |
| EMA 100 | 580.2 | Bearish |
| SMA 200 | 601.0 | Bearish |
| EMA 200 | 570.2 | Bearish |
Oscillators (daily)
| RSI (14) | 47.19 | Neutral |
| MACD (12, 26) | -7.10 | Bearish |
| Momentum (12) | 2.86 | Bullish |
| Stochastic %K (14) | 72.48 | Neutral |
| Williams %R (14) | -27.52 | Neutral |
| CCI (20) | 136.8 | Bearish |
Pivot points (classic, last session)
S3 512.7 | S2 519.9 | S1 525.6 | Pivot 532.8 | R1 538.5 | R2 545.7 | R3 551.4 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
8.20 USD
Yield on today's price
1.54%
Frequency
Quarterly
Next ex-dividend date
20 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| 20 Nov 2026 (upcoming) | 2.2000 |
| 21 Aug 2026 | 2.2000 |
| 22 May 2026 | 2.0000 |
| 20 Feb 2026 | 2.0000 |
| 21 Nov 2025 | 2.0000 |
| 22 Aug 2025 | 2.0000 |
| 23 May 2025 | 1.8200 |
| 21 Feb 2025 | 1.8200 |
| 22 Nov 2024 | 1.8200 |
| 23 Aug 2024 | 1.8200 |
| 23 May 2024 | 1.6800 |
| 22 Feb 2024 | 1.6800 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
CMI SEC filings
4 Aug 2026
10-QSEC EDGAR
Quarterly report
4 Aug 2026
8-KSEC EDGAR
Results of operations
14 May 2026
8-KSEC EDGAR
Shareholder vote results
5 May 2026
10-QSEC EDGAR
Quarterly report
5 May 2026
8-KSEC EDGAR
Results of operations
2 Apr 2026
DEF 14ASEC EDGAR
Proxy statement
10 Feb 2026
10-KSEC EDGAR
Annual report
5 Feb 2026
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.