Cummins Inc. (CMI) Key Metrics
CMI valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $73.15B
- Enterprise value
- $76.59B
- P/E (TTM)
- 27.2 10-yr median 16.3
- Forward P/E
- 15.4
- PEG ratio
- 1.06
- Price / sales
- 2.1 10-yr median 1.3
- Price / book
- 5.6 10-yr median 3.9
- EV / EBITDA
- 14.5 10-yr median 9.7
- Dividend yield
- 1.66% $8.80 a year
- Beta
- 1.24
CMI key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCMI valuation Price multiples at each fiscal year-end price.
CMI returns How much profit the business earns on the capital it uses.
CMI per-share figures Results divided by the shares outstanding at year-end.
CMI financial health Debt, liquidity and how easily interest is covered.
CMI efficiency & capital use Working capital cycle and where the cash goes.
CMI valuation history
CMI returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CMI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CMI cash returned to shareholders
CMI price vs earnings per share
CMI key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $70.80B | $48.49B | $34.19B | $34.48B | $31.83B | $33.84B | $27.94B | $21.76B | $29.55B | $23.14B |
| Enterprise value | $75.30B | $53.82B | $38.65B | $40.26B | $33.25B | $34.59B | $29.33B | $22.71B | $29.99B | $23.58B |
| P/E ratio | 24.9 | 12.3 | 46.5 | 16.0 | 14.9 | 18.9 | 12.4 | 10.2 | 29.6 | 16.6 |
| Price / sales | 2.1 | 1.4 | 1.0 | 1.2 | 1.3 | 1.7 | 1.2 | 0.9 | 1.4 | 1.3 |
| Price / book | 5.7 | 4.7 | 3.9 | 3.8 | 3.8 | 4.2 | 3.7 | 3.0 | 4.1 | 3.4 |
| Price / free cash flow | 29.7 | 173.8 | 12.4 | 33.0 | 21.7 | 15.8 | 11.6 | 13.6 | 17.5 | 17.3 |
| Price / operating cash flow | 19.6 | 32.6 | 8.6 | 17.6 | 14.1 | 12.4 | 8.8 | 9.1 | 13.0 | 12.0 |
| EV / sales | 2.2 | 1.6 | 1.1 | 1.4 | 1.4 | 1.7 | 1.2 | 1.0 | 1.5 | 1.3 |
| EV / EBITDA | 14.0 | 8.5 | 21.9 | 10.6 | 9.4 | 11.1 | 8.1 | 6.5 | 9.9 | 9.3 |
| EV / free cash flow | 31.6 | 192.9 | 14.0 | 38.5 | 22.6 | 16.1 | 12.2 | 14.2 | 17.7 | 17.6 |
| Earnings yield | 4.0% | 8.1% | 2.1% | 6.2% | 6.7% | 5.3% | 8.1% | 9.8% | 3.4% | 6.0% |
| Free cash flow yield | 3.4% | 0.6% | 8.1% | 3.0% | 4.6% | 6.3% | 8.6% | 7.3% | 5.7% | 5.8% |
| Dividend yield | 1.5% | 2.0% | 2.7% | 2.5% | 2.5% | 2.3% | 2.7% | 3.3% | 2.4% | 2.9% |
| Shareholder yield (dividends + buybacks) | 1.5% | 2.0% | 2.7% | 3.6% | 6.9% | 4.2% | 7.3% | 8.5% | 3.9% | 6.3% |
| Share price at fiscal year-end | $510.45 | $348.60 | $239.57 | $242.29 | $218.14 | $227.10 | $178.96 | $133.64 | $176.64 | $136.67 |
| Per share | ||||||||||
| Revenue per share | $242.75 | $245.16 | $238.72 | $197.29 | $164.64 | $132.96 | $151.00 | $146.01 | $122.10 | $103.42 |
| Earnings per share | $20.50 | $28.37 | $5.15 | $15.12 | $14.61 | $12.01 | $14.48 | $13.15 | $5.97 | $8.23 |
| Operating cash flow per share | $26.11 | $10.69 | $27.79 | $13.79 | $15.46 | $18.27 | $20.38 | $14.61 | $13.61 | $11.43 |
| Free cash flow per share | $17.20 | $2.01 | $19.29 | $7.35 | $10.08 | $14.41 | $15.41 | $9.79 | $10.10 | $7.92 |
| Cash per share | $26.02 | $16.28 | $19.21 | $18.08 | $21.84 | $25.92 | $9.42 | $9.37 | $9.37 | $8.15 |
| Book value per share | $89.03 | $73.84 | $62.02 | $63.07 | $58.08 | $54.11 | $48.09 | $45.14 | $43.39 | $40.61 |
| Tangible book value per share | $57.38 | $39.90 | $26.85 | $27.72 | $43.09 | $38.97 | $33.43 | $32.64 | $31.11 | $35.81 |
| Dividends per share | $7.61 | $6.97 | $6.45 | $6.01 | $5.54 | $5.25 | $4.88 | $4.41 | $4.19 | $3.99 |
| Capex per share | $8.90 | $8.68 | $8.50 | $6.44 | $5.39 | $3.86 | $4.96 | $4.82 | $3.51 | $3.51 |
| Debt per share | $58.50 | $54.62 | $50.51 | $58.71 | $31.62 | $30.99 | $18.37 | $15.21 | $11.99 | $10.76 |
| Shares outstanding | 138.7M | 139.1M | 142.7M | 142.3M | 145.9M | 149.0M | 156.1M | 162.8M | 167.3M | 169.3M |
| Change in shares outstanding | −0.3% | −2.5% | +0.3% | −2.5% | −2.1% | −4.5% | −4.1% | −2.7% | −1.2% | −5.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 25.1% | 41.3% | 8.2% | 24.7% | 25.8% | 23.0% | 30.4% | 29.3% | 14.1% | 19.5% |
| Return on invested capital (ROIC) | 18.5% | 21.5% | 6.5% | 18.4% | 22.7% | 19.8% | 25.1% | 27.7% | 15.5% | 19.5% |
| Return on assets (ROA) | 8.7% | 12.4% | 2.4% | 8.0% | 9.2% | 8.4% | 11.6% | 11.5% | 6.0% | 9.2% |
| Return on tangible assets | 9.6% | 14.7% | 2.7% | 8.5% | 9.9% | 8.8% | 13.0% | 12.6% | 6.2% | 9.8% |
| Free cash flow margin | 7.1% | 0.8% | 8.1% | 3.7% | 6.1% | 10.8% | 10.2% | 6.7% | 8.3% | 7.7% |
| Income quality (OCF / net income) | 1.27 | 0.38 | 5.40 | 0.91 | 1.06 | 1.52 | 1.41 | 1.11 | 2.28 | 1.39 |
| Financial health | ||||||||||
| Total debt | $8.11B | $7.60B | $7.21B | $8.36B | $4.61B | $4.62B | $2.87B | $2.48B | $2.01B | $1.82B |
| Cash & short-term investments | $3.61B | $2.26B | $2.74B | $2.57B | $3.19B | $3.86B | $1.47B | $1.52B | $1.57B | $1.38B |
| Net debt | $4.50B | $5.33B | $4.47B | $5.78B | $1.43B | $755.0M | $1.40B | $951.0M | $439.0M | $441.0M |
| Debt / equity | 0.66 | 0.74 | 0.81 | 0.93 | 0.54 | 0.57 | 0.38 | 0.34 | 0.28 | 0.26 |
| Debt / assets | 0.24 | 0.24 | 0.23 | 0.28 | 0.19 | 0.20 | 0.15 | 0.13 | 0.11 | 0.12 |
| Net debt / EBITDA | 0.83 | 0.84 | 2.54 | 1.52 | 0.40 | 0.24 | 0.39 | 0.27 | 0.14 | 0.17 |
| Current ratio | 1.76 | 1.31 | 1.18 | 1.27 | 1.74 | 1.88 | 1.50 | 1.54 | 1.57 | 1.78 |
| Quick ratio | 1.16 | 0.80 | 0.74 | 0.77 | 1.12 | 1.34 | 0.94 | 0.95 | 1.01 | 1.16 |
| Interest coverage | 12.2 | 10.1 | 4.7 | 14.7 | 24.4 | 22.7 | 24.8 | 24.4 | 28.8 | 27.2 |
| Working capital | $7.32B | $3.52B | $2.29B | $3.03B | $5.22B | $5.56B | $3.13B | $3.43B | $3.25B | $3.38B |
| Invested capital | $16.85B | $15.61B | $13.32B | $14.76B | $9.90B | $8.82B | $8.90B | $8.30B | $7.70B | $7.32B |
| Tangible asset value | $9.02B | $6.59B | $4.89B | $5.20B | $7.21B | $6.73B | $6.18B | $6.22B | $6.11B | $6.36B |
| Net current asset value | −$3.66B | −$5.48B | −$6.90B | −$5.62B | −$2.00B | −$1.74B | −$1.89B | −$985.0M | −$983.0M | −$130.0M |
| Graham number | $202.64 | $217.09 | $84.78 | $146.46 | $138.16 | $120.90 | $125.16 | $115.57 | $76.35 | $86.74 |
| Graham net-net per share | −$69.94 | −$80.60 | −$86.43 | −$75.88 | −$40.80 | −$34.87 | −$33.99 | −$27.64 | −$24.19 | −$16.84 |
| Capital allocation | ||||||||||
| Dividends paid | $1.05B | $969.0M | $921.0M | $855.0M | $809.0M | $782.0M | $761.0M | $718.0M | $701.0M | $676.0M |
| Share buybacks (net) | — | $0 | $4.0M | $374.0M | $1.40B | $641.0M | $1.27B | $1.14B | $451.0M | $778.0M |
| Dividend payout ratio | 37.1% | 24.6% | 125.3% | 39.7% | 38.0% | 43.7% | 33.7% | 33.5% | 70.2% | 48.5% |
| Dividends + buybacks / free cash flow | 44.2% | 347.3% | 33.6% | 117.5% | 150.4% | 66.3% | 84.5% | 116.6% | 68.2% | 108.4% |
| Capex / revenue | 3.7% | 3.5% | 3.6% | 3.3% | 3.3% | 2.9% | 3.3% | 3.3% | 2.9% | 3.4% |
| Capex / operating cash flow | 34.1% | 81.2% | 30.6% | 46.7% | 34.8% | 21.1% | 24.4% | 33.0% | 25.8% | 30.7% |
| Capex / depreciation | 1.12 | 1.13 | 1.18 | 1.17 | 1.19 | 0.85 | 1.15 | 1.28 | 1.01 | 1.12 |
| Stock-based compensation / revenue | — | — | 0.2% | 0.1% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% |
| R&D / revenue | 4.1% | 4.3% | 4.4% | 4.6% | 4.5% | 4.6% | 4.2% | 3.8% | 3.7% | 3.6% |
| SG&A / revenue | 9.3% | 9.6% | 9.4% | 9.6% | 9.9% | 10.7% | 10.4% | 10.3% | 11.7% | 11.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 59.6 | 57.6 | 57.8 | 59.8 | 59.3 | 69.0 | 58.3 | 57.5 | 59.3 | 60.9 |
| Days of inventory on hand | 83.9 | 81.2 | 79.7 | 85.1 | 77.5 | 84.6 | 75.2 | 70.1 | 69.5 | 75.3 |
| Days payables outstanding | 56.2 | 58.4 | 60.2 | 62.2 | 58.2 | 65.5 | 55.6 | 54.7 | 52.8 | 49.8 |
| Cash conversion cycle (days) | 87.3 | 80.4 | 77.3 | 82.7 | 78.6 | 88.0 | 77.9 | 72.9 | 76.1 | 86.4 |
| Receivables turnover | 6.12 | 6.34 | 6.32 | 6.11 | 6.15 | 5.29 | 6.26 | 6.35 | 6.15 | 5.99 |
| Payables turnover | 6.49 | 6.25 | 6.07 | 5.87 | 6.27 | 5.57 | 6.57 | 6.68 | 6.92 | 7.33 |
| Inventory turnover | 4.35 | 4.49 | 4.58 | 4.29 | 4.71 | 4.32 | 4.86 | 5.21 | 5.25 | 4.85 |
| Asset turnover | 1.03 | 1.07 | 1.09 | 1.04 | 1.04 | 0.94 | 1.22 | 1.28 | 1.23 | 1.16 |
| Average receivables | $5.50B | $5.38B | $5.39B | $4.60B | $3.90B | $3.75B | $3.77B | $3.74B | $3.32B | $2.92B |
| Average payables | $3.88B | $4.11B | $4.26B | $3.64B | $2.92B | $2.68B | $2.68B | $2.70B | $2.22B | $1.78B |
| Average inventory | $5.78B | $5.71B | $5.64B | $4.98B | $3.89B | $3.46B | $3.62B | $3.46B | $2.92B | $2.69B |
| Intangibles / total assets | 12.9% | 15.0% | 15.7% | 16.6% | 9.2% | 10.0% | 11.6% | 10.7% | 11.4% | 5.4% |
Computed from CMI's annual financial statements (latest annual report filed February 10, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CMI valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Cummins traded at 24.9 times earnings, against a 10-year median of 16.3. Based on the latest twelve months, the trailing P/E is 27.2 and the forward P/E is 15.4. Cummins earned a return on equity of 25.1% and a return on invested capital of 18.5% in fiscal 2025. It ended the year with $8.1 billion of debt and $3.6 billion in cash and short-term investments, net debt of $4.5 billion. It returned $1.1 billion to shareholders: $1.1 billion in dividends and $0 in share buybacks, 44% of free cash flow. The share count fell 18.1% from 169.3M to 138.7M over 9 years.
See the CMI income statement, the CMI chart for price history, or the CMI stock overview for the latest quote and news.
CMI key metrics FAQ
What is Cummins's P/E ratio?
Cummins's trailing P/E ratio is 27.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.4. At the end of fiscal 2025 it was 24.9, compared with a 10-year median of 16.3.
What is Cummins's EV/EBITDA?
Cummins's enterprise value was 14.0 times EBITDA at the end of fiscal 2025 (enterprise value $75.3 billion, EBITDA $5.4 billion); the current EV/EBITDA is 14.5.
What is Cummins's return on equity?
Cummins's return on equity (ROE) was 25.1% in fiscal 2025: net income of $2.8 billion on average shareholders' equity of $11.3 billion.
What is Cummins's ROIC?
Cummins's return on invested capital was 18.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Cummins have?
Cummins had total debt of $8.1 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.66 and $4.5 billion of net debt (0.83 times EBITDA).
What is Cummins's dividend yield?
Cummins's forward dividend yield is 1.66%. Cummins paid $1.1 billion in dividends in fiscal 2025 ($7.61 per share), a payout ratio of 37.1%.
What is Cummins's free cash flow yield?
Cummins generated $2.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.4% on its market value at year-end ($70.8 billion).
What is Cummins's current ratio?
Cummins's current ratio was 1.76 at the end of fiscal 2025: current assets were 1.76 times current liabilities.