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Cummins CMI Debt-to-equity

Debt-to-equity at other companies

Caterpillar logo
CaterpillarCAT
1.7×+0.1×
Generac Holdings logo
Generac HoldingsGNRC
0.5×0.0×
Paccar logo
PaccarPCAR
0.0×
Wabtec logo
WabtecWAB
0.6×+0.2×
Eaton Corporation logo
Eaton CorporationETN
0.2×-0.3×
Parker-Hannifin logo
Parker-HannifinPH
0.7×+0.1×

Other financials

Income statement

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Revenue$8.4B+2.7%
Gross profit$2.2B+4.1%
Operating income$949.0M-16.3%
Net income$680.0M-20.0%
EPS (diluted)$4.71-21.0%

Balance sheet

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Cash & equivalents$2.6B+70.6%
Total debt$8.0B+25.0%
Total equity$12.4B+13.1%
Total assets$34.4B+5.9%

Cash flow

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Operating cash flow$309.0M+10,400%
CapEx$189.0M+16.7%
Free cash flow$120.0M+173%

Valuation

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Market cap$99.05B+72.5%
Enterprise value$104.46B+66.2%
P/E35.5×+15.7×
P/S2.9×+1.2×

Profitability

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Gross margin25.4%+0.1pp
Operating margin11.3%-0.4pp
Net margin8.2%-0.3pp

Returns & leverage

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Return on equity23.9%-5.0pp
Current ratio1.7×+0.4×

Where this comes from

Calculated from Cummins’s reported figures.

Based on the most recent quarter.

The official record: Cummins’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Cummins's debt-to-equity?
Cummins (CMI) reported debt-to-equity of 0.6× in Q1 2026.
How has Cummins's debt-to-equity changed year-over-year?
Cummins's debt-to-equity increased by 10.5% year-over-year, from 0.6× to 0.6×.
What is the long-term trend for Cummins's debt-to-equity?
Over 4 years (2021 to 2025), Cummins's debt-to-equity has grown at a 5.0% compound annual growth rate (CAGR), from 2.1× to 2.6×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.