CNH
CNH Industrial N.V.
CNH's fundamentals are mixed, but it looks expensive: trading at 54x earnings, about five times its usual 11x. Its downside scenario is about three times its upside.
CNH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Weak |
CNH's revenue, profitability and cash flow are currently stable, but its balance sheet is weak.
CNH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.9x | $1.52 | -87% |
| Fair | 11x | $2.37 | -80% |
| Forward | 21x | $11.97 | — |
| Expensive | 25x | $5.49 | -54% |
| Current | 54x | $11.97 | — |
Historical ranges are pointers, not guarantees.
CNH's PE is in its expensive range at 54x. If earnings grow as analysts expect, today's price would be 21x next year's earnings.
CNH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect CNH's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
CNH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.57 | +157% |
| Q3 2026 | $0.22 | -49% |
| Q2 2026 | $0.26 | -57% |
| Q1 2026 | $0.32 | -59% |
| Q4 2025 | $0.41 | -59% |
| Q3 2025 | $0.43 | -68% |
| Q2 2025 | $0.61 | -60% |
| Q1 2025 | $0.78 | -55% |
| Q4 2024 | $0.99 | -44% |
CNH's earnings per share have fallen from their peak: $0.22 over the past year, against $1.76 in late 2023.
CNH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.4B | -1% |
| Q2 2026 | $4.8B | +2% |
| Q1 2026 | $3.8B | -0.1% |
| Q4 2025 | $5.2B | +5.8% |
| Q3 2025 | $4.4B | -5.5% |
| Q2 2025 | $4.7B | -14% |
| Q1 2025 | $3.8B | -21% |
| Q4 2024 | $4.9B | -28% |
CNH's revenue fell from its 2021 peak and has held roughly level since: $4.4B last quarter, down 1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.2% | +4 points |
| Q2 2026 | 3.6% | -2.3 points |
| Q1 2026 | 0.3% | -3.9 points |
| Q4 2025 | 2.6% | -2.4 points |
| Q3 2025 | 1.2% | -7.1 points |
| Q2 2025 | 5.8% | -3.9 points |
| Q1 2025 | 4.2% | -5.7 points |
| Q4 2024 | 4.9% | -3.6 points |
CNH's operating margin was 5.2% last quarter, up 4 points from the same quarter a year ago.
CNH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $686M | +4.1% |
| Q2 2026 | $145M | -81% |
| Q1 2026 | $35M | -78% |
| Q4 2025 | $945M | -44% |
| Q3 2025 | $659M | -17% |
| Q2 2025 | $772M | +104% |
| Q1 2025 | $162M | +$1.1B |
| Q4 2024 | $1.7B | +12% |
CNH still generates free cash flow, though less than at its 2020 peak: $1.8B over the past year.
CNH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -2M shares |
| 1 year | -1.1% | -14M shares |
| 3 years | -8.3% | -112M shares |
| 5 years | -9% | -122M shares |
| Available history | -13% | -186M shares |
CNH has 1.2B diluted shares, down 1.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2022 | $20M |
| Q1 2022 | $20M |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
CNH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 5.4x | High |
| Q1 2022 | 5.0x | High |
| Q4 2021 | 7.0x | High |
| Q3 2021 | 3.9x | Elevated |
| Q2 2021 | 4.0x | Elevated |
| Q1 2021 | 5.7x | High |
| Q4 2020 | 11.0x | High |
| Q3 2020 | 7.6x | High |
CNH's net debt is about 5.4 years of its operating earnings (EBITDA), up from 4.0 years a year ago.
CNH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.0 | Neutral |
| Stochastic | 39.1 | Neutral |
CNH's weekly RSI is 52 (neutral) and its Stochastic is 39 (neutral).
CNH PE vs Industrials Sector
| Metric | CNH | Sector median | Relative |
|---|---|---|---|
| PE | 54x | 24x | 126% above |
| PE % | 96 | 58 | 38 pts above |
CNH is trading at 54x earnings, a 126% premium to the Industrials sector's median of 24x.
CNH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.0 | 0.6% below |
| 20 week MA | $11.8 | 1.5% above |
| 50 week MA | $11.2 | 7.4% above |
| 100 week MA | $11.5 | 3.8% above |
| 200 week MA | $12.0 | 0.2% below |
CNH's trend is mixed: it's above three of its five weekly moving averages, and 0.2% below its 200-week average.
CNH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $11.1 | $12.8 | +15% |
| 2021 | $12.8 | $18.9 | +48% |
| 2022 | $18.9 | $16.2 | -15% |
| 2023 | $16.2 | $12.2 | -25% |
| 2024 | $12.2 | $11.3 | -7.3% |
| 2025 | $11.3 | $9.44 | -16% |
| 2026 YTD | $9.44 | $12.0 | +27% |
CNH has finished four years in a row lower, and it's up 27% so far in 2026.