CMI
Cummins Inc.
CMI's fundamentals are strong: free cash flow grew 52% and earnings per share grew 23%. At 19x earnings, it's trading in line with its usual 18x. Analysts expect that strong growth to continue.
CMI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
CMI's revenue, profitability, cash flow and balance sheet are all currently healthy.
CMI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $305 | -33% |
| Forward | 14x | $455 | — |
| Fair | 18x | $423 | -7.2% |
| Current | 19x | $455 | — |
| Expensive | 25x | $596 | +31% |
Historical ranges are pointers, not guarantees.
CMI's PE is in its fair range at 19x. If earnings grow as analysts expect, today's price would be 14x next year's earnings, in its cheap range.
CMI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for CMI, with profitability improving.
CMI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $32.34 | +35% |
| Q3 2026 | $23.94 | +23% |
| Q2 2026 | $19.55 | -8.9% |
| Q1 2026 | $19.25 | -5.2% |
| Q4 2025 | $20.50 | -28% |
| Q3 2025 | $19.47 | +29% |
| Q2 2025 | $21.47 | +55% |
| Q1 2025 | $20.30 | +49% |
| Q4 2024 | $28.37 | +451% |
CMI earned $23.94 per share over the past year, up 23% from the year before.
CMI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $9.4B | +13% |
| Q2 2026 | $9.5B | +9.4% |
| Q1 2026 | $8.4B | +2.7% |
| Q4 2025 | $8.5B | +1.1% |
| Q3 2025 | $8.3B | -1.6% |
| Q2 2025 | $8.6B | -1.7% |
| Q1 2025 | $8.2B | -2.7% |
| Q4 2024 | $8.4B | -1.1% |
CMI's revenue has grown year over year for four quarters in a row: $9.4B last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +5.1 points |
| Q2 2026 | 14% | -0.7 points |
| Q1 2026 | 11% | -2.6 points |
| Q4 2025 | 9.5% | +0.8 points |
| Q3 2025 | 10% | -2.2 points |
| Q2 2025 | 14% | +2.3 points |
| Q1 2025 | 14% | +2.9 points |
| Q4 2024 | 8.7% | +23 points |
CMI's operating margin was 15% last quarter, up 5.1 points from the same quarter a year ago, near the top of its range since 2019.
CMI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +9.4% |
| Q2 2026 | $1.3B | +126% |
| Q1 2026 | $120M | +$285M |
| Q4 2025 | $990M | +12% |
| Q3 2025 | $1B | +164% |
| Q2 2025 | $554M | +$1.6B |
| Q1 2025 | -$165M | -254% |
| Q4 2024 | $882M | -6.2% |
CMI generated $3.5B in free cash flow over the past year, up 52% from the year before.
CMI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -400K shares |
| 1 year | -0.5% | -700K shares |
| 3 years | -3.3% | -4.7M shares |
| 5 years | -4.6% | -6.6M shares |
| Available history | -12% | -18M shares |
CMI has 138M diluted shares, down 0.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $359M |
| Q2 2026 | $225M |
| Q1 2026 | $243M |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | $4M |
CMI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.6x | Very low |
| Q2 2026 | 0.8x | Very low |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 1.1x | Healthy |
CMI's net debt is less than a year of its operating earnings (EBITDA).
CMI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 28.0 | Oversold |
| Stochastic | 3.3 | Oversold |
CMI's weekly RSI is 28 (oversold) and its Stochastic is 3 (oversold).
CMI PE vs Industrials Sector
| Metric | CMI | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 24x | 21% below |
| PE % | 58 | 58 | Same percentile |
CMI is trading at 19x earnings, a 21% discount to the Industrials sector's median of 24x.
CMI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $503.9 | 9.6% below |
| 20 week MA | $569.7 | 20% below |
| 50 week MA | $584.4 | 22% below |
| 100 week MA | $475.1 | 4.2% below |
| 200 week MA | $370.2 | 23% above |
CMI has fallen below most of its moving averages, though it's still 23% above its 200-week average.
CMI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $180.7 | $226.5 | +25% |
| 2021 | $226.5 | $214.0 | -5.5% |
| 2022 | $214.0 | $241.3 | +13% |
| 2023 | $241.3 | $239.6 | -0.7% |
| 2024 | $239.6 | $351.2 | +47% |
| 2025 | $351.2 | $519.1 | +48% |
| 2026 YTD | $519.1 | $455.4 | -12% |
CMI has finished higher in four of the last six years. It's down 12% so far in 2026.