Cummins Inc.
- Open
- 545.00
- Day high
- 556.37
- Day low
- 542.70
- Prev close
- 551.15
- Volume
- 1.4M
- Mkt cap
- $75.8B
- P/E (TTM)
- 28.0
- EPS (TTM)
- $19.65
- P/B
- 5.9
- P/S
- 2.2
- Yield
- 1.49%
- Per share
- $8.20
- ▼Insiders net selling -$399K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Cummins Inc. (CMI) is a Industrials company listed on NYSE. The stock is up 40% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 2 published research articles covering CMI.
Cummins Inc. (CMI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CMI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $7.21 | $6.73 | -6.7% | $9.5B | +1.4% |
| May 5, 2026 | $5.63 | $6.15 | +9.2% | $8.4B | +0.4% |
| Feb 5, 2026 | $5.10 | $5.81 | +13.9% | $8.5B | +5.3% |
| Nov 6, 2025 | $4.83 | $5.59 | +15.7% | $8.3B | +4.1% |
| Feb 4, 2025 | $4.70 | $5.16 | +9.8% | $8.4B | +4.7% |
| Aug 1, 2024 | $4.81 | $5.26 | +9.4% | $8.8B | +5.6% |
| May 2, 2024 | $5.09 | $5.10 | +0.2% | $8.4B | -0.6% |
| Nov 2, 2023 | $4.65 | $4.59 | -1.3% | $8.4B | +1.8% |
| Aug 3, 2023 | $5.29 | $5.05 | -4.5% | $8.6B | +3.2% |
| May 2, 2023 | $4.75 | $5.55 | +16.8% | $8.5B | +4.3% |
| Feb 6, 2023 | $4.50 | $4.43 | -1.6% | $7.8B | +6.6% |
| Nov 3, 2022 | $4.85 | $2.82 | -41.9% | $7.3B | +11.5% |
CMI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 25, 2026 | Newsome Earlofficer: VP - Chief Information Officer | Sell | 698 | $572.22 |
| May 14, 2026 | JACKSON DONALD Gofficer: VP - Treasury & Tax | Sell | 160 | $711.61 |
| May 14, 2026 | JACKSON DONALD Gofficer: VP - Treasury & Tax | Sell | 480 | $710.36 |
| May 14, 2026 | JACKSON DONALD Gofficer: VP - Treasury & Tax | Sell | 90 | $712.70 |
| May 13, 2026 | Harris Carla Adirector | Grant | 306 | — |
| May 13, 2026 | Belske Gary Ldirector | Grant | 306 | — |
| May 13, 2026 | Bush Jennifer Maryofficer: VP & Pres. - Power Systems | Sell | 940 | $694.13 |
| May 13, 2026 | MILLER WILLIAM Idirector | Grant | 306 | — |
| May 13, 2026 | Bush Jennifer Maryofficer: VP & Pres. - Power Systems | Sell | 40 | $699.10 |
| May 13, 2026 | Tsien Matthewdirector | Grant | 306 | — |
| May 13, 2026 | Di Leo Allen Bruno Vdirector | Grant | 306 | — |
| May 13, 2026 | Fetch Bonnie Jofficer: EVP & President - Operations | Sell | 643 | $702.66 |
| May 13, 2026 | LYNCH THOMAS Jdirector | Grant | 306 | — |
| May 13, 2026 | Stone John Hdirector | Grant | 306 | — |
| May 13, 2026 | Bush Jennifer Maryofficer: VP & Pres. - Power Systems | Sell | 1,799 | $697.29 |
Source: CMI SEC Form 4 filings, latest Aug 25, 2026. For informational purposes only — not investment advice.
See the full CMI insider & 13F page →CMI research & analysis
[CMI] Cummins Inc. Thesis 2026: Heavy-Duty Truck Cycle Inflection + Accelera Clean Energy + Atmus Spin-Off Aftermath Anchor 5-Segment Diversification
Cummins Inc. FY2025 revenue ~$33-35B (-1-3%) with adj. EPS ~$22.00-23.50 reflecting continued heavy-duty truck cycle decline (post-pandemic peak normalization) + selected industrial demand + Distribution segment steady contribution + Atmus Filtration spin-off completion (March 14, 2024 separated $1.6B revenue filtration business) partially offset by selected pricing + selected Power Systems generator demand. Large US diesel engine + power solutions manufacturer founded 1919 in Columbus, Indiana. 5 segments: Engine ~$12B (~35% — diesel + natural gas engines; X15 + X12 + B-series + L-series; ~30-40% US Class 8 truck market share), Distribution ~$10B (~28%), Components ~$8B (~22% — Meritor August 2022 acquisition $3.7B axle/brake + selected hybrid; Atmus spin-off March 2024 separated filtration), Power Systems ~$5B (~13% — generators + data center backup), Accelera ~$0.5B (~1.5% — clean energy: hydrogen electrolyzers + fuel cells + battery electric powertrains). CEO Jennifer Rumsey since August 1, 2022 (succeeded Tom Linebarger; ex-Cummins President + COO + Components President; ~25-year Cummins career; first female CEO of Cummins). EPA 2027 emissions rule (significantly tighter NOx + greenhouse gas standards effective January 1, 2027): potential pre-buy thesis driving FY2026 H2-FY2027 H1 demand surge ahead of new emissions rules. Capital return: dividend $7.00-7.20/share (17 consecutive year increases) + buybacks $0.5-1B; net debt $3-4B; A2/A investment grade. FY2026 thesis: heavy-duty truck cycle inflection + Accelera commercialization + Power Systems demand + capital return. Risks: trucking cycle volatility, EV transition pace, Accelera losses sustained.
Electrolyser Manufacturing Shifts Away From In-House Production
On their Q2 2026 calls HydrogenPro and Nel said they will no longer build whole electrolysers in house; HydrogenPro took a NOK 32m impairment on Tianjin.
02582.HK601012.SHHYPRF
Cummins Inc. company profile
Overview
Cummins Inc. (NYSE:CMI) is a global power solutions company founded in 1919 and headquartered in Columbus, Indiana. The company has evolved from its origins as a diesel engine manufacturer into a diversified industrial powerhouse serving multiple sectors including transportation, construction, mining, marine, and power generation. With over a century of operations, Cummins has established itself as a leading provider of engines, power systems, and related technologies worldwide, operating through five primary business segments and maintaining a strong presence in both traditional and emerging clean energy markets.
Business
Cummins operates as a comprehensive power solutions provider across multiple industrial sectors, designing and manufacturing engines, power generation systems, and related components for diverse applications. The company's business is organized into five distinct segments: 1. **Engine Segment** (~34% of revenue): This division produces diesel and natural gas engines for heavy-duty and medium-duty trucks, buses, recreational vehicles, construction equipment, mining machinery, marine vessels, and agricultural equipment. The engines range from smaller automotive applications to large industrial powerplants, with the company's flagship products including the X15 and X12 series engines for heavy-duty trucking applications. 2. **Distribution Segment** (~33% of revenue): This segment provides aftermarket parts, service, and remanufactured components through a global network of distributors and dealers. The division handles both genuine Cummins parts and third-party components, offering repair services, maintenance programs, and technical support to keep equipment operational throughout its lifecycle. 3. **Components Segment** (~34% of revenue): This division manufactures filtration systems, turbochargers, fuel systems, and emission control technologies. Key products include air and fuel filters, exhaust aftertreatment systems, turbochargers for improved engine efficiency, and electronic control modules that manage engine performance and emissions compliance. 4. **Power Systems Segment** (~19% of revenue): This segment produces standby and prime power generators, alternators, and power generation systems for commercial, industrial, and residential applications. The division has seen significant growth driven by data center demand, backup power requirements, and grid stability needs, with products ranging from small residential generators to large industrial power plants. 5. **Accelera Segment** (~1% of revenue): Cummins' newest division focuses on electrification and hydrogen technologies, including battery electric powertrains, fuel cell systems, and hydrogen production equipment (electrolyzers). This segment represents the company's strategic investment in zero-emission technologies and clean energy solutions. The company serves original equipment manufacturers (OEMs), fleet operators, distributors, and end-users across construction, transportation, mining, marine, oil and gas, defense, and power generation industries. Cummins' products are essential components in applications ranging from long-haul trucking and construction equipment to emergency backup power systems and emerging hydrogen production facilities.
Revenue model
Cummins generates revenue through multiple business models across its diversified portfolio. The company primarily makes money through direct product sales to original equipment manufacturers (OEMs) who integrate Cummins engines and components into their vehicles and equipment. This includes selling diesel and natural gas engines to truck manufacturers like PACCAR, Volvo, and Navistar, as well as providing power generation systems to industrial customers. The company also operates a substantial aftermarket services business through its Distribution segment, generating recurring revenue from parts sales, maintenance services, and remanufactured components. This aftermarket business provides higher-margin revenue streams as customers require ongoing support throughout the 15-20 year lifecycle of their equipment. The Distribution segment benefits from Cummins' large installed base of engines and power systems globally. Additionally, Cummins earns revenue through licensing agreements and technology partnerships, where the company licenses its engine technologies and emissions solutions to other manufacturers. The Components segment generates revenue by selling filtration systems, turbochargers, and emission control technologies both to internal Cummins applications and external customers. Several factors influence Cummins' profitability margins. **Positive margin drivers** include the company's strong aftermarket business with higher-margin parts and service revenue, economies of scale in manufacturing, pricing power in specialized applications, and the ability to pass through commodity cost increases to customers through contractual arrangements. The company's technological leadership in emissions compliance also provides competitive advantages and pricing power. **Negative margin pressures** include commodity price volatility affecting steel, aluminum, and other raw materials, intense competition in core markets leading to pricing pressure, regulatory compliance costs for emissions standards, and cyclical demand patterns in key end markets like construction and trucking. Economic downturns significantly impact demand for new equipment, while supply chain disruptions can increase manufacturing costs and premium freight expenses. The company's substantial investments in electrification and hydrogen technologies through the Accelera segment currently represent a margin headwind as these businesses scale toward profitability.
Competitive moat
Cummins possesses a moderate to strong competitive moat built on several key advantages, though the company faces emerging challenges from industry transformation. The company's primary moat stems from its **extensive installed base and aftermarket network**, with millions of Cummins engines and power systems in operation globally requiring ongoing parts, service, and support. This creates a recurring revenue stream that competitors cannot easily replicate, as customers typically prefer genuine parts and authorized service for critical equipment. The company benefits from **significant switching costs** in its core markets, as fleet operators and OEMs invest heavily in training, tooling, and service infrastructure specific to Cummins products. Once integrated into a customer's operations, changing engine suppliers involves substantial costs and operational disruption. Cummins also maintains **technological leadership** in emissions compliance and fuel efficiency, areas where regulatory requirements create barriers to entry and provide the company with pricing power. However, Cummins' moat faces **meaningful challenges** from the industry's transition toward electrification and alternative fuels. Traditional internal combustion engine expertise may become less valuable as the transportation sector shifts toward battery electric and hydrogen fuel cell technologies. New entrants with electric vehicle expertise, including Tesla and various Chinese manufacturers, pose competitive threats in emerging markets where Cummins lacks established advantages. The company's **scale advantages** in manufacturing and R&D provide some protection, as developing competitive engine technologies requires substantial investment and expertise. Cummins' global distribution network and established relationships with major OEMs also create competitive barriers. Nevertheless, the company must successfully navigate the energy transition to maintain its competitive position, making significant investments in electrification and hydrogen technologies through its Accelera segment to defend against potential disruption.
Risks & safety
Cummins demonstrates a **moderate margin of safety** with solid financial fundamentals but some areas of concern: **Debt and Liquidity:** - Cash and short-term investments: $1.5 billion - Debt-to-equity ratio: 0.66, indicating manageable leverage - Current ratio: 1.34, showing adequate short-term liquidity - Free cash flow: Volatile, ranging from negative $165 million in Q1 2025 to positive $882 million in Q4 2024 **Valuation Metrics:** - P/E ratio: 13.1 (based on Q1 2025), suggesting reasonable valuation - EV/EBITDA: 10.8, within acceptable range for industrial companies - Price-to-book ratio: 3.9, indicating some premium to book value - Graham number suggests potential undervaluation relative to earnings power **Other Considerations:** - Strong EBITDA margins averaging 15-18% across segments - Cyclical earnings volatility due to economic sensitivity - Substantial capital investments in electrification creating near-term headwinds - Exposure to tariff and trade policy uncertainties - Regulatory compliance costs for emissions standards
Recent development
Over the past few years, Cummins has undertaken significant strategic initiatives to position itself for the industry's transformation toward cleaner technologies. The company launched its **Destination Zero strategy**, committing to net-zero emissions by 2050 and driving substantial investments in electrification and hydrogen technologies through the newly formed Accelera segment. Key product developments include the introduction of the **HELM engine platform** offering fuel flexibility across diesel, natural gas, and future alternative fuels, and the launch of the **X15N natural gas engine** for heavy-duty trucking applications. The company has also developed new power generation products, including the Centum Series generators, capitalizing on strong demand from data centers and backup power applications. Cummins has pursued strategic partnerships and acquisitions to accelerate its clean technology capabilities. The company formed **Amplify Cell Technologies**, a joint venture with Daimler Trucks, PACCAR, and EVE Energy to manufacture battery cells in the United States. It also acquired First Mode to enhance retrofit hybrid solutions for mining and rail applications, and completed the acquisition of Meritor to expand its components capabilities. The company successfully **separated its filtration business** through the Atmus Filtration Technologies IPO, allowing greater focus on core power solutions while maintaining exposure to the growing filtration market. Cummins has also secured significant contracts in emerging markets, including a 100 MW electrolyzer system for bp's green hydrogen project, demonstrating progress in scaling its hydrogen production capabilities. Recent quarters have shown management pausing full-year guidance due to economic uncertainty and potential tariff impacts, while continuing to invest in capacity expansion and operational efficiency improvements across all segments.
CMI company profile · for informational purposes only — not investment advice.
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