Cummins CMI Ratios & Valuation
| TTM Q1 '26 | TTM Q4 '25 | TTM Q3 '25 | TTM Q2 '25 | TTM Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 101.9%+3.0pp | 101.8%+3.9pp | 101.2%+3.8pp | 100.2%+3.2pp | 98.9%+2.4pp | |
| Operating margin | 47.3%— | 47.7%— | 46.7%— | —— | —— | |
| Net margin | 34.4%— | 34.7%— | 37.8%— | —— | —— | |
| EBITDA margin | 60.4%— | 60.6%— | 59.5%— | —— | —— | |
| Free cash flow margin | 26.6%+21.3pp | 18.8%+5.9pp | 12.5%-7.6pp | 6.7%-18.9pp | 5.4%-20.2pp | |
| Returns | ||||||
| Return on equity | 103.7%— | 108.7%— | 125.1%— | —— | —— | |
| Return on assets | 35.2%— | 35.8%— | 39.6%— | —— | —— | |
| Return on invested capital | 97.4%— | 101.7%— | 104.1%— | —— | —— | |
| Efficiency | ||||||
| Asset turnover | 4.1×-0.2× | 4.1×-0.2× | 4.2×-0.1× | 4.2×-0.1× | 4.3×-0.1× | |
| Inventory turnover | 16.6×-0.8× | 16.8×-0.8× | 16.9×-0.7× | 17.2×-0.6× | 17.4×-0.6× | |
| Liquidity | ||||||
| Current ratio | 6.9×+1.6× | 6.5×+1.2× | 6.1×+0.9× | 5.6×+0.3× | 5.3×0.0× | |
| Quick ratio | 4.4×+1.2× | 4.1×+0.9× | 3.8×+0.6× | 3.4×+0.1× | 3.2×-0.1× | |
| Cash ratio | 1×+0.5× | 0.9×+0.3× | 0.8×+0.1× | 0.7×-0.1× | 0.6×-0.2× | |
| Leverage | ||||||
| Debt-to-equity | 2.7×+0.1× | 2.6×-0.1× | 2.6×-0.1× | 2.6×-0.1× | 2.5×-0.1× | |
| Debt-to-assets | 0.9×+0.1× | 0.9×+0.1× | 0.9×+0.1× | 0.9×+0.1× | 0.8×0.0× | |
| Net debt / EBITDA | 4.3×— | 4.2×— | 4.2×— | —— | —— | |
| Interest coverage | 48×— | 47.4×— | 45.3×— | —— | —— | |
| Valuation | ||||||
| Market capitalization | $247.61B+43.0% | $216.36B+27.1% | $193.72B+23.9% | $179.9B+24.6% | $173.17B+22.7% | |
| Enterprise value | $269.61B+40.0% | $237.84B+25.8% | $214.95B+23.5% | $200.59B+24.6% | $192.64B+22.1% | |
| Price / earnings | 86×— | 74.2×— | 62.1×— | —— | —— | |
| Price / sales | 7.3×+2.3× | 6.4×+1.4× | 5.7×+1.1× | 5.3×+1.0× | 5.1×+0.9× | |
| Price / book | 20.3×+3.5× | 18.3×+0.9× | 17.2×+0.7× | 16.7×+1.4× | 16.9×+2.2× | |
| EV / EBITDA | 53.1×— | 46.6×— | 42.8×— | —— | —— | |
| EV / sales | 8×+2.3× | 7.1×+1.5× | 6.4×+1.3× | 5.9×+1.2× | 5.7×+0.9× | |
| Free cash flow yield | 14.6%+10.1pp | 11%+0.1pp | 8.2%-10.2pp | 5.1%-19.3pp | 4.5%-19.8pp | |
| Earnings yield | 19.6%— | 22.6%— | 26.9%— | —— | —— | |
| Dividend yield | 7%-2.0pp | 7.8%-1.2pp | 8.3%-1.4pp | 8.7%-1.6pp | 9%-1.5pp |
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.
