# Cummins Inc. (CMI)

> Source: Nexqual · https://nexqual.com/CMI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Cummins Inc. (CMI), nexqual.com/CMI" · informational, not investment advice.

**Price:** USD 519.53 (-4.18% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 542.21 · day 512.01–534.04 · 52w 409.79–737.76 · market cap $71.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $34.7B, net income $2.83B (8.1% margin), free cash flow $3.37B (SEC filings).
- Valuation: P/E 25.3x (avg 25.5x at the last 3 fiscal year-ends), EV/EBITDA 14.9x, net debt $2.96B.
- 3 of 80 tracked superinvestors hold CMI (13F, Q2 2026): 0 new, 0 added, 2 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 9 Form 4 filings, $10.2M; 9 not under a Rule 10b5-1 plan ($10.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.14 on a 1–5 scale) (22 analysts), mean target USD 716.66 (range 530–890).
- Total return with dividends: 1Y +26.2% vs S&P 500 +14.9%; 5Y +142.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 8.28, revenue estimate $9.88B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| 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 margin | 23.7% | 23.9% | 24.2% | 24.7% | 25.3% | — |
| Operating margin | 11.3% | 10.4% | 5.2% | 11.0% | 12.0% | 11.2% |
| Net margin | 9.0% | 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)
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)
3 of 80 tracked investors hold CMI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Bloomstran | Semper Augustus | 1.05% | $9.3M | Reduced -67.2% |
| First Eagle Investment | First Eagle Investment Management | 0.64% | $383M | Reduced -30.0% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $377K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 9 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-24 | Newsome Earl | VP - Chief Information Officer | 698 | $399K | 13.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Jackson Donald G | VP - Treasury & Tax | 730 | $519K | 7.9% | No | Too little history (no open-market trades in 2023) |
| 2026-05-12 | Bush Jennifer Mary | VP & Pres. - Power Systems | 5,000 | $3.5M | 29.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Fetch Bonnie J | EVP & President - Operations | 643 | $452K | 5.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Merritt Brett Michael | V.P & Pres. - Engine Business | 701 | $483K | 6.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-11 | Fetch Bonnie J | EVP & President - Operations | 652 | $457K | 5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Stoner Nathan R | VP - China ABO | 607 | $421K | 6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-08 | Boakye Marvin | VP - CHRO | 3,481 | $2.4M | 29% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-08 | Lamb-Hale Nicole | VP, CAO & Corporate Secretary | 2,408 | $1.7M | 14.6% | No | Too 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
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:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Barclays | Target lowered | Overweight | $760 → $675 |
| 2026-10-12 | Citigroup | Target lowered | Buy | $790 → $630 |
| 2026-10-08 | Wells Fargo | Target lowered | Overweight | $874 → $760 |
| 2026-10-05 | Truist Securities | Target lowered | Buy | $894 → $779 |
| 2026-09-30 | UBS | Target lowered | Buy | $835 → $741 |
| 2026-09-23 | JP Morgan | Target lowered | Neutral | $690 → $600 |
| 2026-08-11 | Evercore ISI Group | Target lowered | Outperform | $845 → $782 |
| 2026-08-05 | UBS | Target lowered | Buy | $850 → $835 |
| 2026-07-17 | Morgan Stanley | Target raised | Overweight | $752 → $761 |
| 2026-07-14 | Citigroup | Target raised | Buy | $770 → $790 |
| 2026-07-02 | Truist Securities | Target raised | Buy | $815 → $901 |

## Total return (dividends reinvested)
|  | 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) |

## Peers (Specialty Industrial Machinery)
ITW (Illinois Tool Works Inc.) USD 279.24 +0.88% · EMR (Emerson Electric Company) USD 160.29 -1.73% · AME (AMETEK, Inc.) USD 238.82 -4.58% · ROK (Rockwell Automation, Inc.) USD 423.87 -3.34% · PH (Parker-Hannifin Corporation) USD 893.21 -6.78% · ETN (Eaton Corporation, PLC) USD 368.99 -6.33%

## More
Full page: https://nexqual.com/CMI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CMI's own 10-K filed 2026-02-10 (https://www.sec.gov/Archives/edgar/data/26172/000002617226000009/cmi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Our Amplify Cell Technologies | "Our Amplify joint venture will manufacture battery cells for electric commercial vehicles and industrial applications." |
| Customer | PACCAR 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)." |
| Customer | Daimler 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)." |
| Customer | Atmus 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…" |
| Customer | Anhui 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." |
| Partner | Stellantis (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…" |
| Partner | Chongqing 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…" |
| Partner | Chongqing 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…" |
| Partner | Eaton 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." |
| Partner | Tata 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…" |
| Partner | Beijing 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…" |
| Partner | Amplify 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 incent…" |
| Competitor | Caterpillar (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 se…" |
| Competitor | BYD | "Our primary competitors include Daimler, PACCAR, Traton, BYD Company Limited, Dana Incorporated and BorgWarner Inc." |

Other companies that name CMI in their own reports (relationship from CMI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | INNEOVA Holdings Ltd (INEO) | 20-F 2026-05-15 | "in Cummins Inc. for 30 years, and last held the position of general manager, joint ventures." |
| customer | SYPRIS SOLUTIONS INC (SYPR) | 10-K 2026-03-26 | "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)…" |
| partner | RUSH ENTERPRISES INC \TX\ (RUSHA) | 10-K 2026-02-25 | "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, v…" |
| customer | PACCAR INC (PCAR) | 10-K 2026-02-18 | "Engines not manufactured by the Company are purchased from Cummins Inc. (Cummins)." |
| supplier | Otter Tail Corp (OTTR) | 10-K 2026-02-18 | "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., Ka…" |
| customer | USA Compression Partners, LP (USAC) | 10-K 2026-02-17 | "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;" |
| supplier | Atmus Filtration Technologies Inc. (ATMU) | 10-K 2026-02-13 | "Cummins is Atmus' largest customer and accounted for approximately 18.8% of Atmus' net sales in 2025." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Distribution | $3.32B | 28.4% | +9.4% |
| Components | $2.43B | 20.8% | +5.9% |
| Engine | $2.35B | 20.1% | +8.6% |
| Power Systems | $1.22B | 10.4% | +15.5% |
| Accelera | $140.0M | 1.2% | +42.9% |
| Total revenue | $11.70B | 100% | — |
The lines above cover 80.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total on-highway | $2.00B | 17.1% | +6.2% |
| Power generation | $1.38B | 11.8% | +14.7% |
| Drivetrain and braking systems | $1.12B | 9.6% | +2.3% |
| Parts | $1.08B | 9.2% | +6.6% |
| Emission solutions | $853.0M | 7.3% | +9.8% |
| Medium-duty truck and bus | $772.0M | 6.6% | +14.2% |
| Power generation | $744.0M | 6.4% | +27.4% |
| Heavy-duty truck | $739.0M | 6.3% | +1.7% |
| Light-duty automotive | $490.0M | 4.2% | +1.7% |
| Service | $470.0M | 4.0% | +7.1% |
| Engines | $395.0M | 3.4% | +2.9% |
| Off-highway | $348.0M | 3.0% | +25.6% |
| Components and software | $335.0M | 2.9% | +11.3% |
| Industrial | $298.0M | 2.5% | +0.0% |
| Generator technologies | $175.0M | 1.5% | +1.7% |
| Automated transmissions | $124.0M | 1.1% | +0.8% |
| Total revenue | $11.70B | 100% | — |
The lines above cover 96.7% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $5.30B | 45.3% | +9.0% |
| Other international | $2.63B | 22.5% | +3.7% |
| China | $1.07B | 9.2% | +30.0% |
| India | $446.0M | 3.8% | +7.5% |
| Total revenue | $11.70B | 100% | — |
The lines above cover 80.8% of total revenue.

## Customer concentration

Period ended 2025-12-31: 13% of revenue from unnamed direct customers (10-K, filed 2026-02-10).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $8.28 | $7.82 | +5.9% | $9.88B | 9 |
| Next quarter (ends 2026-12-31) | $8.49 | $8.01 | +5.9% | $10.02B | 9 |
| Current fiscal year (ends 2026-12-31) | $28.45 | $28.39 | +0.2% | $37.67B | 13 |
| Next fiscal year (ends 2027-12-31) | $34.34 | $32.29 | +6.4% | $41.34B | 13 |