# CNH Industrial N.V. (CNH)

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

**Price:** USD 11.58 (+0.52% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 11.52 · day 11.22–11.71 · 52w 9–14.46 · market cap $18.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $18.2B, net income $311M (1.7% margin) (SEC filings).
- Valuation: P/E 59.9x (avg 13.8x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $490K; 1 not under a Rule 10b5-1 plan ($490K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.28 on a 1–5 scale) (18 analysts), mean target USD 14.25 (range 9–21).
- Total return with dividends: 1Y +8.4% vs S&P 500 +14.9%; 5Y -14.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-09, EPS estimate USD 0.1, revenue estimate $4.53B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.5B | $23.6B | $24.7B | $19.8B | $18.1B | $18.2B |
| Gross profit | $5.39B | $6.75B | $7.85B | $6.49B | $5.71B | — |
| Net income | $1.72B | $2.03B | $2.27B | $1.25B | $510M | $311M |
| EPS (diluted) | $1.27 | $1.49 | $1.69 | $0.99 | $0.41 | — |
| Gross margin | 27.6% | 28.7% | 31.8% | 32.7% | 31.5% | — |
| Net margin | 8.8% | 8.6% | 9.2% | 6.3% | 2.8% | 1.7% |
| Revenue growth | +31.9% | +20.8% | +4.8% | -19.7% | -8.8% | — |
| Cash + short-term investments | $5.04B | $4.38B | $4.32B | $3.19B | $2.58B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 59.9x · P/S 1.0x · P/B 2.4x · Earnings yield 1.67% · Dividend yield (paid, TTM) 0.75%
P/E at fiscal year-ends: Dec 2025 22.6x, Dec 2024 11.5x, Dec 2023 7.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 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 |
|---|---|---|---|---|---|---|---|
| 2026-05-04 | Tutino Francesco Vincenzo Maria | Chief Human Resources Officer | 48,385 | $490K | 40.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% 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 2.28 on a 1–5 scale), 18 analysts; mean target USD 14.25 (low 9, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Barclays | Target raised | Overweight | $12 → $14 |
| 2026-10-08 | JP Morgan | Target raised | Underweight | $10 → $11 |
| 2026-10-05 | Truist Securities | Target raised | Buy | $15 → $17 |
| 2026-09-03 | Evercore ISI Group | Upgrade | In-Line → Outperform | $12.5 → $18 |
| 2026-08-20 | DA Davidson | Maintained | Neutral | $12 |
| 2026-08-19 | DA Davidson | Maintained | Neutral | $12 |
| 2026-08-11 | Evercore ISI Group | Target raised | In-Line | $12.25 → $12.5 |
| 2026-08-04 | Truist Securities | Target lowered | Buy | $16 → $15 |
| 2026-08-04 | Citigroup | Target raised | Buy | $12 → $13 |
| 2026-08-04 | BMO Capital | Target raised | Market Perform | $11 → $12 |
| 2026-07-13 | JP Morgan | Target raised | Underweight | $9.5 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +8.4% | -14.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +8.4% | -3.0% |
| Volatility (annualized) | 42.9% | 36.4% |
| Max drawdown | -24.1% (Feb 2026→Mar 2026) | -42.0% (Jan 2023→Dec 2025) |

## Peers (Farm & Heavy Construction Machinery)
OSK (Oshkosh Corporation (Holding Co) USD 134.29 -0.91% · AGCO (AGCO Corporation) USD 106.17 +0.90% · FSS (Federal Signal Corporation) USD 115.54 -0.99% · PCAR (PACCAR Inc.) USD 109.59 -0.57% · TEX (Terex Corporation) USD 52.11 -1.81% · DE (Deere & Company) USD 643.62 +1.11%

## More
Full page: https://nexqual.com/CNH · 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)


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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Titan Machinery Inc. (TITN) | 10-K 2026-03-31 | "On March 30, 2026, the Company's wholly-owned Australian subsidiary, O'Connors, entered into a new dealer agreement (the "CNH Industrial Australia Dealer Agreement") with CNH Industrial Australia Pty …" |
| related | Ferrari N.V. (RACE) | 20-F 2026-02-19 | "Related parties also include companies over which the Exor Group is capable of exercising control, joint control or significant influence, including Stellantis N.V., and together with its subsidiaries…" |
| 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…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Agriculture Constrcution & Eliminations & Other Industrial Activities | $4.14B | 86.3% | +3.0% |
| Agriculture | $3.28B | 68.2% | +0.9% |
| Agricultural Equipment | $3.28B | 68.2% | +0.9% |
| Construction | $866.0M | 18.0% | +12.0% |
| Construction Equipment | $866.0M | 18.0% | +12.0% |
| Total revenue | $4.80B | 100% | — |
The lines above cover 258.8% of total revenue.

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $4.13B | 85.9% | +2.9% |
| Agricultural Equipment | $3.28B | 68.2% | +0.9% |
| Construction Equipment | $866.0M | 18.0% | +12.0% |
| Service | $18.0M | 0.4% | +28.6% |
| Total revenue | $4.80B | 100% | — |
The lines above cover 172.5% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Rest Of World & Other | $17.70B | 97.8% | -9.1% |
| — United States (part of Rest Of World & Other) | $5.81B | 32.1% | -19.2% |
| — Others Countries (part of Rest Of World & Other) | $3.17B | 17.5% | +3.9% |
| — BRAZIL (part of Rest Of World & Other) | $2.50B | 13.8% | -8.9% |
| — Canada (part of Rest Of World & Other) | $1.55B | 8.5% | -11.4% |
| — France (part of Rest Of World & Other) | $986.0M | 5.4% | -7.0% |
| — Australia (part of Rest Of World & Other) | $693.0M | 3.8% | -22.0% |
| — India (part of Rest Of World & Other) | $634.0M | 3.5% | +19.2% |
| — Argentina (part of Rest Of World & Other) | $547.0M | 3.0% | -3.4% |
| — Italy (part of Rest Of World & Other) | $462.0M | 2.6% | +9.5% |
| — Germany (part of Rest Of World & Other) | $445.0M | 2.5% | +11.5% |
| — Poland (part of Rest Of World & Other) | $317.0M | 1.8% | +10.5% |
| — Spain (part of Rest Of World & Other) | $310.0M | 1.7% | +19.7% |
| — China (part of Rest Of World & Other) | $276.0M | 1.5% | -15.3% |
| United Kingdom | $393.0M | 2.2% | +9.5% |
| Total revenue | $18.09B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.10 | $0.11 | -13.8% | $4.53B | 14 |
| Next quarter (ends 2026-12-31) | $0.21 | $0.18 | +16.5% | $5.13B | 14 |
| Current fiscal year (ends 2026-12-31) | $0.45 | $0.41 | +9.1% | $18.27B | 16 |
| Next fiscal year (ends 2027-12-31) | $0.69 | $0.73 | -6.1% | $19.10B | 16 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±15.8%; last 8 reports averaged ±4.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 53.6% | ±15.8% |
| 2026-12-18 | 56 | 43.8% | ±15.5% |
| 2027-01-15 | 84 | 33.1% | ±14.7% |
| 2027-03-19 | 147 | 41.9% | ±22.7% |
| 2027-06-17 | 237 | 49.2% | ±32.6% |