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Cummins CMI Net debt / EBITDA

Net debt / EBITDA at other companies

Caterpillar logo
CaterpillarCAT
2×+0.3×
Paccar logo
PaccarPCAR
0×0.0×
Wabtec logo
WabtecWAB
2.7×+1.0×
TransDigm Group logo
TransDigm GroupTDG
5.8×+0.4×
Eaton Corporation logo
Eaton CorporationETN
0.4×-0.8×
Parker-Hannifin logo
Parker-HannifinPH
1.9×+0.3×

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
Debt / equity0.6×+0.1×
Current ratio1.7×+0.4×

Where this comes from

Calculated from Cummins’s reported figures.

net debt/ebitda=1.1×

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 net debt / EBITDA?
Cummins (CMI) reported net debt / EBITDA of 1.1× in Q1 2026.
How has Cummins's net debt / EBITDA changed year-over-year?
Cummins's net debt / EBITDA increased by 12.3% year-over-year, from 1× to 1.1×.
What is the long-term trend for Cummins's net debt / EBITDA?
Over 2 years (2021 to 2025), Cummins's net debt / EBITDA has grown at a 46.1% compound annual growth rate (CAGR), from 2× to 4.2×.
What does net debt / EBITDA mean?
How many years of operating earnings it would take to pay off the company's net debt.
How do you interpret net debt / EBITDA?
Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.
How does net debt / EBITDA compare across companies?
A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.