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CUMMINS INC CMI

NYSE · stock · Engines & Turbines · website · IPO 1964-09-10 · LEI

CUMMINS INC statistics & valuation

Market cap$94.6B
P / S2.8×
P / B7.1×
P / FCF39.7×
Dividend yield1.11%
FCF margin7.1%
Return on capital16.5%
Graham number -66.9%$211.16

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($211.16); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
25.50% 25.00% 24.10% 25.40% 24.70% 23.70% 23.90% 24.20% 24.70% 25.30% 2016201720182019202020212022202320242025
Operating margin (%)
10.70% 11.40% 11.70% 11.50% 11.50% 11.30% 10.40% 5.20% 11.00% 12.00% 2016201720182019202020212022202320242025
Return on equity (%)
2016201720182019202020212022202320242025
Shares outstanding
169.3M 167.3M 162.8M 156.1M 149.0M 145.9M 142.3M 142.7M 139.1M 138.7M 2016201720182019202020212022202320242025
Net debt ($)
2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
2016201720182019202020212022202320242025
Free cash flow margin (%)
8.00% 8.70% 7.00% 10.50% 11.10% 6.30% 3.70% 8.10% 0.80% 7.10% 2016201720182019202020212022202320242025
Debt / equity (×)
2016201720182019202020212022202320242025
EPS ($)
$8.23 $5.97 $13.15 $14.48 $12.01 $14.61 $15.12 $5.15 $28.37 $20.50 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

CUMMINS INC trades at about 31.1× earnings — above its 10-year norm (10-year range 11×–46.5×, median 17.9×).

11× 46.5×

Shaded band = 10-year range (11×–46.5×); dot = today's 31.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin25.3%24.7%24.2%23.9%23.7%24.7%25.4%24.1%25.0%25.5%
Operating margin12.0%11.0%5.2%10.4%11.3%11.5%11.5%11.7%11.4%10.7%
FCF margin7.1%0.8%8.1%3.7%6.3%11.1%10.5%7.0%8.7%8.0%
Current ratio1.761.311.181.271.741.881.501.541.571.78

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.