Cummins (CMI) stock
Industrials · Construction Machinery & Heavy Transportation Equipment
Cummins (CMI) is a Construction Machinery & Heavy Transportation Equipment company in the Industrials sector, headquartered in Columbus, Indiana. As of October 23, 2026, CMI closed at $517.40, a market capitalization of $71.23 billion, the 177th largest company in the S&P 500. Over the last twelve months it generated $34.71 billion in revenue (+9% year over year) and $3.37 billion in free cash flow. The stock trades at 26.4x trailing earnings and 14.9x forward earnings.
- 1-year total return: +25.7% (dividends reinvested)
- 5-year return: +19.2% a year
- 52-week range: $413.98 – $737.76
- Gross margin 25.8%, operating margin 11.9%
- Dividend yield: 1.70%, 20 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 29th largest of 83 Industrials stocks in the S&P 500
CMI price chart
1Y price change: +23.9% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| CMI | -1.4% | +2.4% | +25.7% | +36.5% | +19.2% | +18.1% | +11.0% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1973.
CMI key statistics
- Market cap
- $71.2B
- #177 in S&P 500
- P/E (TTM)
- 26.4x
- Forward P/E
- 14.9x
- EPS (TTM)
- $19.57
- Revenue (TTM)
- $34.7B
- +9%
- Free cash flow
- $3.4B
- Gross margin
- 25.8%
- Operating margin
- 11.9%
- Return on equity
- 21.1%
- Dividend yield
- 1.70%
- 52-week range
- $413.98 – $737.76
- Beta
- 1.24
- Price / sales
- 2.1x
- EV / EBITDA
- 15.3x
- Debt / equity
- 0.60x
- Employees
- 67,400
CMI report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth9.4%C
- Gross margin25.8%C
- Operating margin11.9%C
- FCF margin9.7%C
- Return on equity21.1%B
- Net debt / EBITDA0.9xB
- Forward P/E14.9xA
- PEG ratio1.1xB
- Shareholder yield1.7%C
- Share count change / yr-1.4%B
Cummins financials
Revenue went from $17.5B in fiscal 2016 to $33.7B in fiscal 2025, growing 7.5% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.5B | $20.4B | $23.8B | $23.6B | $19.8B | $24.0B | $28.1B | $34.1B | $34.1B | $33.7B |
| Gross profit | $4.5B | $5.1B | $5.7B | $6.0B | $4.9B | $5.7B | $6.7B | $8.2B | $8.4B | $8.5B |
| Operating income | $1.9B | $2.3B | $2.8B | $2.7B | $2.3B | $2.7B | $2.9B | $1.8B | $3.8B | $4.0B |
| Net income | $1.5B | $994.0M | $2.2B | $2.3B | $1.8B | $2.2B | $2.2B | $840.0M | $4.1B | $3.0B |
| EPS (diluted) | $8.23 | $5.97 | $13.15 | $14.48 | $12.01 | $14.61 | $15.12 | $5.15 | $28.37 | $20.50 |
| Free cash flow | $1.4B | $1.8B | $1.7B | $2.5B | $2.2B | $1.5B | $1.0B | $2.8B | $279.0M | $2.4B |
| Buybacks | $778.0M | $451.0M | $1.1B | $1.3B | $641.0M | $1.4B | $374.0M | $0 | $0 | — |
| Dividends paid | $676.0M | $701.0M | $718.0M | $761.0M | $782.0M | $809.0M | $855.0M | $921.0M | $969.0M | $1.1B |
| Diluted shares | 169.3M | 167.3M | 162.8M | 156.1M | 149.0M | 145.9M | 142.3M | 142.7M | 139.1M | 138.7M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into CMI?
A reverse DCF asks what growth the current price requires. With an enterprise value of $75.6B and $3.4B of trailing free cash flow, Cummins needs to grow free cash flow about 13.5% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 1.7% a year over the last five years.
P/E ratio history
Current 25.2x vs. median 16.3x (10th–90th percentile 11.2x–33.2x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
CMI dividend
- Dividend yield
- 1.70%
- Annual dividend
- $8.80
- Years of increases
- 20
- 5-yr dividend growth
- 7.7%
- per year
- Payout ratio
- 41%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
CMI analyst price targets
19 analysts' average 12-month target is $716.66 (+39% vs. $517.40). Targets range from $530.00 to $890.00. 68% rate it a buy.
CMI earnings
Next report: November 5, 2026. Last quarter's revenue was $9.5B (+9% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 4, 2026 | $7.17 | $6.73 | -6.1% |
| May 5, 2026 | $5.65 | $6.15 | +8.8% |
| Feb 5, 2026 | $5.08 | $5.81 | +14.3% |
| Nov 6, 2025 | $4.77 | $3.86 | -19.0% |
| Aug 5, 2025 | $5.21 | $6.43 | +23.5% |
| May 5, 2025 | $4.92 | $5.96 | +21.0% |
| Feb 4, 2025 | $4.69 | $4.54 | -3.3% |
| Nov 5, 2024 | $4.81 | $5.86 | +21.9% |
Stocks like CMI
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 CAT Caterpillar | -2.42% | +33% | $315.8B | 29.6x | Compare |
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 WAB Westinghouse Air Brake Technolo | -1.49% | +39% | $46.0B | 33.8x | Compare |
 GE GE Aerospace | -2.69% | -6% | $296.4B | 32.6x | Compare |
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 GEV GE Vernova | -1.50% | +37% | $217.1B | 23.4x | Compare |
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 UNP Union Pacific | -1.75% | +36% | $174.0B | 22.8x | Compare |
CMI news
- Applied Digital’s Co-Founders Load Up on Shares as the Stock Hit a One-Year Low · Oct 23, 2026
- 3 Hydrogen Stocks With Revenue Growth Up To 43% · Oct 22, 2026
- BE Stock Slips Overnight: Bloom Energy’s Valuation In Focus Ahead Of Q3 Earnings · Oct 20, 2026
- Zacks Investment Ideas feature highlights: Cummins, Argenx and PACCAR · Oct 16, 2026
- Is Bloom Energy Stock Priced Right Against Its Peers? · Oct 15, 2026
CMI stock FAQ
What is CMI's market cap?
Cummins's market capitalization is $71.23 billion as of October 23, 2026, ranking 177th in the S&P 500.
What is CMI's P/E ratio?
CMI trades at a trailing price-to-earnings ratio of 26.4x and a forward P/E of 14.9x. Its median P/E over the period we track is 16.3x.
Does CMI pay a dividend?
Yes. Cummins pays $8.80 per share a year, a 1.70% yield. It has raised its dividend 20 years in a row. Dividends grew 7.7% a year over the last five years.
How much has CMI stock returned?
Including reinvested dividends, CMI returned +25.7% over one year, +19.2% a year over five years, +18.1% a year over ten years through October 23, 2026.
Is CMI stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Cummins must grow free cash flow about 13% a year for the next decade. Its free cash flow grew 2% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the CMI price target?
19 analysts cover CMI with an average 12-month price target of $716.66, +39% from the current price. 68% of them rate it a buy.
When does CMI report earnings?
Cummins is expected to report earnings on November 5, 2026.
How many employees does Cummins have?
Cummins has about 67,400 full-time employees, or $514,956 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology