Cummins CMI Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 25.4%+0.1pp | 25.3%+0.5pp | 25.6%+1.0pp | 25.6%+1.3pp | 25.3%+1.0pp | |
| Operating margin | 11.3%-0.4pp | 12%+1.0pp | 11.7%— | 12.3%— | 11.7%— | |
| Net margin | 8.2%-0.3pp | 8.8%-3.1pp | 8.3%— | 9.1%— | 8.5%— | |
| EBITDA margin | 14.6%-0.2pp | 15.2%+1.1pp | 15%— | 15.5%— | 14.8%— | |
| Free cash flow margin | 7.9%+7.9pp | 7.1%+6.3pp | 6.8%+5.8pp | 4.9%+1.4pp | 0%-7.5pp | |
| Returns | ||||||
| Return on equity | 23.9%-5.0pp | 26.1%-16.4pp | 24.9%— | 28.7%— | 28.9%— | |
| Return on assets | 8.3%-0.7pp | 9%-3.8pp | 8.5%— | 9.4%— | 9%— | |
| Return on invested capital | 22.9%-4.3pp | 24.8%-2.4pp | 24.2%— | 25.6%— | 27.2%— | |
| Efficiency | ||||||
| Asset turnover | 1×0.0× | 1×0.0× | 1×0.0× | 1×-0.1× | 1.1×0.0× | |
| Inventory turnover | 4.1×-0.1× | 4.4×-0.1× | 4×-0.3× | 4.1×-0.2× | 4.3×-0.2× | |
| Liquidity | ||||||
| Current ratio | 1.7×+0.4× | 1.8×+0.4× | 1.8×+0.4× | 1.6×+0.3× | 1.3×0.0× | |
| Quick ratio | 1.1×+0.3× | 1.2×+0.4× | 1.1×+0.3× | 1×+0.2× | 0.8×0.0× | |
| Cash ratio | 0.3×+0.1× | 0.3×+0.1× | 0.3×+0.1× | 0.2×+0.1× | 0.1×-0.1× | |
| Leverage | ||||||
| Debt-to-equity | 0.6×+0.1× | 0.6×0.0× | 0.7×0.0× | 0.7×0.0× | 0.6×-0.2× | |
| Debt-to-assets | 0.2×0.0× | 0.2×0.0× | 0.2×0.0× | 0.2×0.0× | 0.2×0.0× | |
| Net debt / EBITDA | 1.1×+0.1× | 1×0.0× | 1.1×— | 1.2×— | 1×— | |
| Interest coverage | 11.7×+0.6× | 12.2×+2.1× | 11.7×— | 12.3×— | 11.1×— | |
| Per Share | ||||||
| Book value per share | $88.98+12.7% | —— | $86.92+16.4% | $85.12+22.9% | $78.99+23.8% | |
| Valuation | ||||||
| Market capitalization | $74.34B+72.5% | $70.46B+47.3% | $58.2B+31.1% | $44.61B+17.8% | $43.09B+7.3% | |
| Enterprise value | $79.75B+66.2% | $75.51B+43.5% | $63.59B+29.1% | $50.75B+18.6% | $47.98B+8.0% | |
| Price / earnings | 26.7×+11.8× | 23.8×+12.1× | 20.9×— | 14.6×— | 14.9×— | |
| Price / sales | 2.2×+0.9× | 2.1×+0.7× | 1.7×+0.4× | 1.3×+0.2× | 1.3×+0.1× | |
| Price / book | 6×+2.1× | 5.7×+1.0× | 4.8×+0.5× | 3.8×-0.2× | 3.9×-0.5× | |
| EV / EBITDA | 16.1×+6.5× | 14.7×+3.8× | 12.6×— | 9.7×— | 9.5×— | |
| EV / sales | 2.4×+0.9× | 2.2×+0.7× | 1.9×+0.5× | 1.5×+0.3× | 1.4×+0.1× | |
| Free cash flow yield | 3.6%+3.6pp | 3.4%+2.8pp | 3.9%+3.2pp | 3.7%+0.5pp | 0%-6.4pp | |
| Earnings yield | 3.7%-3.0pp | 4.2%-4.3pp | 4.8%— | 6.9%— | 6.7%— | |
| Dividend yield | 1.5%-0.8pp | 1.5%-0.5pp | 1.8%-0.4pp | 2.2%-0.2pp | 2.3%-0.1pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Cummins's profit margins?
- Cummins (CMI) runs a 25.4% gross margin and a 11.3% operating margin, with a 8.2% net margin.
- Where do Cummins's ratios come from?
- Every ratio is computed from Cummins's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.
