Cummins Inc. (CMI) Stock Price & Analysis

Cummins Inc. (CMI) closed at USD 519.53 on Thursday, October 22, 2026, down 4.18% on the day. The US market is currently closed (pre-market); this is not a live price.

The prior close was USD 542.21; the Oct 22, 2026 session ranged USD 512.01–534.04 on volume of 1,306,307 shares. Market capitalization is $71.52B, with a 52-week range of USD 409.79–737.76 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:23 UTC.

Also available as compact Markdown for AI agents: nexqual.com/CMI.md

Key facts (CMI)

Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (CMI)

USDFY2021FY2022FY2023FY2024FY2025TTM
Revenue$24.0B$28.1B$34.1B$34.1B$33.7B$34.7B
Gross profit$5.70B$6.72B$8.25B$8.44B$8.52B—
Operating income$2.71B$2.93B$1.76B$3.75B$4.03B$3.89B
Net income$2.16B$2.18B$840M$4.07B$2.96B$2.83B
EPS (diluted)$14.61$15.12$5.15$28.37$20.50—
Free cash flow$1.52B$1.05B$2.75B$279M$2.39B$3.37B
Gross margin23.7%23.9%24.2%24.7%25.3%—
Operating margin11.3%10.4%5.2%11.0%12.0%11.2%
Net margin9.0%7.8%2.5%11.9%8.8%8.1%
Revenue growth+21.3%+16.9%+21.3%+0.1%-1.3%—
Cash + short-term investments$3.19B$2.57B$2.74B$2.26B$3.61B—
Total debt$3.64B$5.07B$4.92B$5.44B$6.89B—

Fiscal years end Dec. EPS is split-adjusted.

Valuation (price ÷ last four quarters, through Jun 30, 2026) (CMI)

P/E 25.3x · P/S 2.1x · EV/EBITDA 14.9x · EV/Sales 2.1x · P/FCF 21.2x · P/B 5.6x · FCF yield 4.71% · Earnings yield 3.95% · Dividend yield (paid, TTM) 1.55% · Net debt $2.96B · EV $74.5B

P/E at fiscal year-ends: Dec 2025 23.9x, Dec 2024 11.9x, Dec 2023 40.7x.

Superinvestors (SEC 13F-HR, Q2 2026) (CMI)

3 of 80 tracked investors hold CMI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.

InvestorFirm% of portfolioValueChange
Christopher BloomstranSemper Augustus1.05%$9.3MReduced -67.2%
First Eagle InvestmentFirst Eagle Investment Management0.64%$383MReduced -30.0%
Mairs & PowerMairs & Power Funds<0.01%$377KUnchanged

Insider sales (SEC Form 4, open-market, last ~7 months) (CMI)

0 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.

Trade dateInsiderRoleSharesValue% of holdings sold10b5-1 planInsider type
2026-08-24Newsome EarlVP - Chief Information Officer698$399K13.5%NoToo little history (no open-market trades in 2023–2025)
2026-05-14Jackson Donald GVP - Treasury & Tax730$519K7.9%NoToo little history (no open-market trades in 2023)
2026-05-12Bush Jennifer MaryVP & Pres. - Power Systems5,000$3.5M29.1%NoToo little history (no open-market trades in 2023 or 2024)
2026-05-11Fetch Bonnie JEVP & President - Operations643$452K5.2%NoToo little history (no open-market trades in 2023–2025)
2026-05-11Merritt Brett MichaelV.P & Pres. - Engine Business701$483K6.3%NoToo little history (no open-market trades in 2023 or 2024)
2026-05-11Fetch Bonnie JEVP & President - Operations652$457K5%NoToo little history (no open-market trades in 2023–2025)
2026-05-11Stoner Nathan RVP - China ABO607$421K6%NoToo little history (no open-market trades in 2023–2025)
2026-05-08Boakye MarvinVP - CHRO3,481$2.4M29%NoToo little history (no open-market trades in 2023 or 2025)
2026-05-08Lamb-Hale NicoleVP, CAO & Corporate Secretary2,408$1.7M14.6%NoToo little history (no open-market trades in 2023–2025)

% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).

Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

Analysts (CMI)

Consensus Buy (mean 2.14 on a 1–5 scale), 22 analysts; mean target USD 716.66 (low 530, high 890).

Rating changes, last 120 days:

DateFirmActionRatingPrice target
2026-10-19BarclaysTarget loweredOverweight$760 → $675
2026-10-12CitigroupTarget loweredBuy$790 → $630
2026-10-08Wells FargoTarget loweredOverweight$874 → $760
2026-10-05Truist SecuritiesTarget loweredBuy$894 → $779
2026-09-30UBSTarget loweredBuy$835 → $741
2026-09-23JP MorganTarget loweredNeutral$690 → $600
2026-08-11Evercore ISI GroupTarget loweredOutperform$845 → $782
2026-08-05UBSTarget loweredBuy$850 → $835
2026-07-17Morgan StanleyTarget raisedOverweight$752 → $761
2026-07-14CitigroupTarget raisedBuy$770 → $790
2026-07-02Truist SecuritiesTarget raisedBuy$815 → $901

Total return (dividends reinvested) (CMI)

1Y (from 2025-10-23)5Y (from 2021-10-18)
Total return+26.2%+142.0%
S&P 500 (SPY)+14.9%+80.3%
Per year+26.3%+19.3%
Volatility (annualized)37.0%26.2%
Max drawdown-28.7% (Jun 2026→Sep 2026)-27.3% (Jun 2026→Oct 2026)

CMI revenue by business segment (quarter ended Jun 30, 2026)

LineRevenueShare of totalYoY
Distribution$3.32B28.4%+9.4%
Components$2.43B20.8%+5.9%
Engine$2.35B20.1%+8.6%
Power Systems$1.22B10.4%+15.5%
Accelera$140.0M1.2%+42.9%
Total revenue$11.70B100%—

CMI revenue by product line (quarter ended Jun 30, 2026)

LineRevenueShare of totalYoY
Total on-highway$2.00B17.1%+6.2%
Power generation$1.38B11.8%+14.7%
Drivetrain and braking systems$1.12B9.6%+2.3%
Parts$1.08B9.2%+6.6%
Emission solutions$853.0M7.3%+9.8%
Medium-duty truck and bus$772.0M6.6%+14.2%
Power generation$744.0M6.4%+27.4%
Heavy-duty truck$739.0M6.3%+1.7%
Light-duty automotive$490.0M4.2%+1.7%
Service$470.0M4.0%+7.1%
Engines$395.0M3.4%+2.9%
Off-highway$348.0M3.0%+25.6%
Components and software$335.0M2.9%+11.3%
Industrial$298.0M2.5%+0.0%
Generator technologies$175.0M1.5%+1.7%
Automated transmissions$124.0M1.1%+0.8%
Total revenue$11.70B100%—

CMI revenue by region (quarter ended Jun 30, 2026)

LineRevenueShare of totalYoY
United States$5.30B45.3%+9.0%
Other international$2.63B22.5%+3.7%
China$1.07B9.2%+30.0%
India$446.0M3.8%+7.5%
Total revenue$11.70B100%—

As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).

CMI suppliers, customers and competitors (named in its 10-K)

RelationshipCompanySentence in the filing
SupplierOur Amplify Cell Technologies“Our Amplify joint venture will manufacture battery cells for electric commercial vehicles and industrial applications.”
CustomerPACCAR INC (PCAR)“The principal customers of our heavy-duty truck engines include truck manufacturers such as PACCAR Inc. (PACCAR), Traton Group (Traton) and Daimler Trucks AG (Daimler).”
CustomerDaimler Trucks“The principal customers of our heavy-duty truck engines include truck manufacturers such as PACCAR Inc. (PACCAR), Traton Group (Traton) and Daimler Trucks AG (Daimler).”
CustomerAtmus Filtration Technologies Inc. (ATMU)“Worldwide revenues decreased by 1 percent in 2025 compared to 2024, mainly due to weaker demand in on-highway commercial truck markets and the divestiture of Atmus in the first quarter of 2024, partially offset by higher demand in power generation markets, especially data center and commercial markets, non-tariff pricing mainly related to the launch of updated engine products in light-duty automotive markets and c…”
CustomerAnhui Jianghuai Automobile Group“The principal customers of our light-duty automotive engines are Stellantis, Anhui Jianghuai Automobile Group Co., Ltd., Volkswagen Caminhões e Ônibus and China National Heavy Duty Truck Group.”
PartnerStellantis (STLA)“Customers of the Components segment generally include the Engine, Distribution, Power Systems and Accelera segments, joint ventures including Tata Cummins Ltd., Dongfeng Cummins Engine Co., Ltd. and Beijing Foton Cummins Engine Co., Ltd., truck manufacturers and other OEMs, many of which are also customers of the Engine segment, such as PACCAR, Daimler, AB Volvo, Traton, Stellantis and other manufacturers that use…”
PartnerChongqing Cummins Engine Company“•Chongqing Cummins Engine Company, Ltd. - Chongqing Cummins Engine Company, Ltd. is a joint venture in China with Chongqing Machinery and Electric Co. Ltd. This joint venture manufactures several models of our heavy-duty and high-horsepower diesel engines primarily serving the industrial and power generation markets in China.”
PartnerChongqing Machinery and Electric“•Chongqing Cummins Engine Company, Ltd. - Chongqing Cummins Engine Company, Ltd. is a joint venture in China with Chongqing Machinery and Electric Co. Ltd. This joint venture manufactures several models of our heavy-duty and high-horsepower diesel engines primarily serving the industrial and power generation markets in China.”
PartnerEaton Corp plc (ETN)“The Eaton Cummins Automated Transmission Technologies (ECJV) joint venture is a consolidated 50/50 joint venture between Cummins Inc. and Eaton Corporation plc. and serves markets in North America and China.”
PartnerTata Cummins“Customers of the Components segment generally include the Engine, Distribution, Power Systems and Accelera segments, joint ventures including Tata Cummins Ltd., Dongfeng Cummins Engine Co., Ltd. and Beijing Foton Cummins Engine Co., Ltd., truck manufacturers and other OEMs, many of which are also customers of the Engine segment, such as PACCAR, Daimler, AB Volvo, Traton, Stellantis and other manufacturers that use…”
PartnerBeijing Foton Cummins Engine“Customers of the Components segment generally include the Engine, Distribution, Power Systems and Accelera segments, joint ventures including Tata Cummins Ltd., Dongfeng Cummins Engine Co., Ltd. and Beijing Foton Cummins Engine Co., Ltd., truck manufacturers and other OEMs, many of which are also customers of the Engine segment, such as PACCAR, Daimler, AB Volvo, Traton, Stellantis and other manufacturers that use…”
PartnerAmplify Cell Technologies“As of December 31, 2025, we contributed $412 million to our Amplify Cell Technologies LLC joint venture and our maximum remaining required contribution was $418 million, which could be reduced by future government incentives received by the joint venture.”
CompetitorCaterpillar (CAT)“Our primary competitors are Caterpillar, Inc., MTU (Rolls Royce Power Systems Group) and Kohler/SDMO (Kohler Group), but we also compete with INNIO, Generac, Mitsubishi Heavy Industries and numerous regional generator set assemblers.”
CompetitorBYD“Our primary competitors include Daimler, PACCAR, Traton, BYD Company Limited, Dana Incorporated and BorgWarner Inc.”

Quoted from the company's 10-K filed Feb 10, 2026.

Companies that name CMI in their SEC reports

Relationship to CMICompanyFilingSentence
partnerINNEOVA Holdings Ltd (INEO)20-F May 15, 2026“in Cummins Inc. for 30 years, and last held the position of general manager, joint ventures.”
customerSYPRIS SOLUTIONS INC (SYPR)10-K Mar 26, 2026“Tier 1 companies represent the primary suppliers to the OEMs and include Cummins Inc., Meritor, Detroit Diesel Corporation (Detroit Diesel), American Axle & Manufacturing Holdings, Inc. (America Axle) and Transmisiones y Equipos Mecanicos, S.A. de C.V. (Tremec), among others.”
partnerRUSH ENTERPRISES INC \TX\ (RUSHA)10-K Feb 25, 2026“We offer an integrated approach to meeting customer needs by providing service, parts and collision repairs in addition to new and used commercial vehicle sales and leasing, plus financial services, vehicle upfitting, CNG fuel systems through our joint venture with Cummins and vehicle telematics products.”
customerPACCAR INC (PCAR)10-K Feb 18, 2026“Engines not manufactured by the Company are purchased from Cummins Inc. (Cummins).”
supplierOtter Tail Corp (OTTR)10-K Feb 18, 2026“Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Kawasaki Heavy Industries, Polaris Inc. and The Toro Company.”
customerUSA Compression Partners, LP (USAC)10-K Feb 17, 2026“The substantial majority of the components for our natural gas compression equipment are supplied by Caterpillar Inc., Cummins Inc., INNIO Waukesha, and TECO-Westinghouse for engines;”
supplierAtmus Filtration Technologies Inc. (ATMU)10-K Feb 13, 2026“Cummins is Atmus' largest customer and accounted for approximately 18.8% of Atmus' net sales in 2025.”

CMI customer concentration

In the period ended Dec 31, 2025, a single direct customer accounted for 13% of revenue, per the company's 10-K filed Feb 10, 2026. The company does not name it.

CMI analyst estimates and revisions

PeriodEPS estimate90 days agoChangeRevenue estimateAnalysts
Current quarter (ends Sep 2026)$8.28$7.82+5.9%$9.88B9
Next quarter (ends Dec 2026)$8.49$8.01+5.9%$10.02B9
Current fiscal year (ends Dec 2026)$28.45$28.39+0.2%$37.67B13
Next fiscal year (ends Dec 2027)$34.34$32.29+6.4%$41.34B13

CMI options: expected move

Options price a move of about ±9.7% (±$50.45) by Nov 20, 2026, which includes earnings on Nov 5, 2026. Over the last 8 reports the stock moved ±5.4% on average.

ExpirationDaysATM implied volatilityExpected move
Nov 20, 20262842.6%±9.7%
Dec 18, 20265637.7%±11.9%
Mar 19, 202714736.5%±18.4%
Jun 17, 202723736.1%±22.9%
Sep 17, 202732935.9%±26.7%

30-day implied volatility 42% vs 26.1% realized over the last 30 trading days. Put/call ratio (volume) 0.81. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.

Key Statistics (as of October 23, 2026 at 09:23 UTC)

PriceUSD 519.53
Change▼ 4.18% (down)
Previous CloseUSD 542.21
OpenUSD 531.29
Day RangeUSD 512.01 – 534.04
52-Week RangeUSD 409.79 – 737.76
Volume1,306,307 shares
Market Cap$71.52B
ExchangeNYQ

Technical Analysis (CMI)

Nexqual's technical model rates CMI "STRONG SELL" based on 0 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:23 UTC.

Overall SignalSTRONG SELL
RSI (14)42.19 (neutral)
vs SMA50Below (USD 549.07)
MACD-4.84 (negative)

Analyst Ratings (CMI)

Wall Street analysts rate CMI "Buy" based on 22 analysts, with a mean price target of USD 716.66 (range USD 530–890), per Nexqual as of October 23, 2026 at 09:23 UTC.

Consensus RatingBuy
Analyst Count22
Mean TargetUSD 716.66
High TargetUSD 890
Low TargetUSD 530
Buy / Hold / Sell15 / 7 / 0

Earnings (CMI)

Next Earnings Date2026-11-05
EPS EstimateUSD 8.17
Revenue Estimate$9.88B

Recent Earnings History

QuarterActual vs Estimate
2026-06-30USD 6.73 vs est 7.17 ▼ miss
2026-03-31USD 4.71 vs est 5.62 ▼ miss
2025-12-31USD 4.27 vs est 5.02 ▼ miss
2025-09-30USD 3.86 vs est 4.77 ▼ miss

Source: Nexqual, October 23, 2026 at 09:23 UTC.

Financials & Fundamentals (CMI)

Total Revenue$34.71B
Revenue Growth (latest quarter, YoY)+9.40%
Gross Margin+25.77%
Operating Margin+11.90%
Profit Margin+7.82%
ROE+21.11%
Debt / Equity0.6
Current Ratio1.73
Total Cash$3.92B
Total Debt$8.29B
Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K)$3.37B (9.7% of revenue)

Source: Nexqual, October 23, 2026 at 09:23 UTC.

Financial Health Score (CMI)

Nexqual rates Cummins Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:23 UTC.

GrowthWeak — Revenue -1% YoY (annual), declining
ProfitabilitySolid — Gross margin 26%, operating 12% (last 12 months)
Balance SheetSolid — $3.92B cash and investments vs $6.89B debt (Jun 2026, SEC)
Cash FlowSolid — FCF $3.37B (last 4 quarters to Jun 2026, SEC), 10% margin
EfficiencyStrong — ROE 21%, ROA 7.0%

Ownership (CMI)

Insider Ownership+0.21%
Institutional Ownership+88.04%
Shares Outstanding137.66M
Float137.08M
Short % of Float+3.47%

Source: Nexqual, October 23, 2026 at 09:23 UTC.

Leadership (CMI)

Cummins Inc. is led by Jennifer W. Rumsey, CEO & Chairman of the Board, per Nexqual as of October 23, 2026 at 09:23 UTC.

CEO & Chairman of the BoardJennifer W. Rumsey
CFO & VPMark A. Smith
Executive VP & President of OperationsBonnie Jean Fetch
VP & President of Power Systems BusinessJennifer Mary Bush
VP & President of Accelera by Cummins and ComponentsAmy Rochelle Davis

Major Backers & Investors (CMI)

Notable institutional backers of Cummins Inc. include FMR, LLC, Fisher Asset Management, LLC, Morgan Stanley, according to Nexqual as of October 23, 2026 at 09:23 UTC.

Active Investors

InvestorStake
FMR, LLC4.42%
Fisher Asset Management, LLC2.61%
Morgan Stanley2.26%
Bank of America Corporation1.43%
Fidelity1.3%
NORGES BANK1.29%

Index Funds (Passive)

FundStake
Vanguard Group12.02%
BlackRock8.36%
State Street5.02%
Geode Capital2.35%

Source: Nexqual, October 23, 2026 at 09:23 UTC.

From Cummins Inc.'s Latest SEC 10-K Filing (filed 2026-02-10)

Key Strengths & Strategy (as disclosed to the SEC)

Partnerships

Legal & Regulatory Risks (Item 1A, quoted)

Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.

Peers & Related Stocks

SymbolNamePriceChange
ITWIllinois Tool Works Inc.USD 279.24▲ 0.88%
EMREmerson Electric CompanyUSD 160.29▼ 1.73%
AMEAMETEK, Inc.USD 238.82▼ 4.58%
ROKRockwell Automation, Inc.USD 423.87▼ 3.34%
PHParker-Hannifin CorporationUSD 893.21▼ 6.78%
ETNEaton Corporation, PLCUSD 368.99▼ 6.33%

Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:23 UTC. This page is informational and not investment advice.

For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt