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CMI

Cummins Inc

US$517.00+0.08% (US$0.43)
Day's range
US$507.20 – US$525.62
Day's volume
US$855.5m
52-week range
US$402.10 – US$724.89

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CMI in numbers

Market cap
US$71.2bn
P/B
5.54
Dividend yield (12m)
1.59%
Net debt/EBITDA
-0.68

The 12-month dividend yield of CMI is 1.59%, below its 5-year average of 2.26%.

CMI price history

02/10/202501/10/2026
Compare with

CMI risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+24.09%+140.27%+157.97%
Volatility (annualised)39.55%29.92%30.49%
Largest drawdown-27.30%-27.30%-27.30%
Positive months7/1224/3635/60

How much did investing in CMI return?

US$1,000.00 invested on 01/09/2021 would be worth US$2,579.69 today.

Value today in CMI
US$2,579.69
Return over the period
+157.97%
Return per year
+20.87%
In the S&P 500
US$1,776.31

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

CMI fundamentals

Valuation

  • P/E
    —
  • P/B
    5.54
  • EV/EBITDA
    13.51
  • EV/EBIT
    17.40
  • EV/Revenue
    1.95
  • P/EBIT
    18.28
  • P/S
    2.05
  • P/OCF
    15.32
  • P/FCF
    21.14
  • Earnings yield
    5.75%
  • PEG ratio
    —
  • Earnings per share
    —
  • Book value per share
    US$93.32

Debt

  • Net debt
    -US$3.4bn
  • Net debt/EBITDA
    -0.68
  • Net debt/Equity
    -0.27
  • Debt/Equity
    0.04
  • Current ratio
    1.73
  • Quick ratio
    1.13
  • Cash ratio
    0.37

Efficiency

  • Gross margin
    25.32%
  • EBITDA margin
    14.44%
  • Operating margin
    11.22%
  • Net margin
    —
  • Asset turnover
    0.97

Profitability

  • ROE
    —
  • ROA
    —
  • ROIC
    30.36%
  • Payout
    —

What is CMI's fair price?

Two classic value formulas, with today's numbers. The current price is US$517.00.

Graham's fair price
—
CMI's earnings per share and book value per share are not available, so the formula cannot be calculated.

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
US$109.27
78.87% below the price

US$6.56 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

CMI indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/B5.714.673.843.823.814.163.582.86
EV/EBITDA13.139.8811.809.408.3910.227.856.05
Dividend yield1.50%2.01%2.71%2.49%2.57%2.33%2.74%3.32%
Book value per shareUS$89.38US$74.71US$62.39US$63.48US$57.19US$54.60US$49.96US$46.70
ROIC32.69%31.35%11.78%23.55%39.93%38.33%30.57%32.22%
Gross margin25.29%24.75%24.22%23.93%23.71%24.70%25.37%24.13%
EBITDA margin15.24%14.12%8.18%13.23%14.02%14.85%14.31%14.29%
Net debt/EBITDA-0.62-0.07-0.400.18-0.84-1.18-0.13-0.14

CMI financial statements

Line202520242023202220212020
Net revenueUS$33.7bnUS$34.1bnUS$34.1bnUS$28.1bnUS$24bnUS$19.8bn
Cost of sales-US$25.2bn-US$25.7bn-US$25.8bn-US$21.4bn-US$18.3bn-US$14.9bn
Gross profitUS$8.5bnUS$8.4bnUS$8.2bnUS$6.7bnUS$5.7bnUS$4.9bn
EBITDAUS$5.1bnUS$4.8bnUS$2.8bnUS$3.7bnUS$3.4bnUS$2.9bn
EBITUS$4bnUS$3.8bnUS$1.8bnUS$2.9bnUS$2.7bnUS$2.3bn
Net finance result——————
Profit before taxUS$4bnUS$4.9bnUS$1.6bnUS$2.8bnUS$2.8bnUS$2.3bn
Income tax-US$1bn-US$835m-US$786m-US$636m-US$587m-US$527m
Net income——————

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does CMI pay dividends?

Dividend yield per year

  • 2.38%2017
  • 3.32%2018
  • 2.74%2019
  • 2.33%2020
  • 2.57%2021
  • 2.49%2022
  • 2.71%2023
  • 2.01%2024
  • 1.50%2025
  • 1.20%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend20/08/202603/09/2026US$2.20
Dividend21/05/202604/06/2026US$2.00
Dividend19/02/202605/03/2026US$2.00
Dividend20/11/202504/12/2025US$2.00
Dividend21/08/202504/09/2025US$2.00
Dividend22/05/202505/06/2025US$1.82
Dividend20/02/202506/03/2025US$1.82
Dividend21/11/202405/12/2024US$1.82
Dividend22/08/202405/09/2024US$1.82
Dividend22/05/202406/06/2024US$1.68
Dividend21/02/202407/03/2024US$1.68
Dividend21/11/202307/12/2023US$1.68
See all 40 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend23/08/202307/09/2023US$1.68
Dividend17/05/202301/06/2023US$1.57
Dividend22/02/202309/03/2023US$1.57
Dividend16/11/202201/12/2022US$1.57
Dividend17/08/202201/09/2022US$1.57
Dividend18/05/202202/06/2022US$1.45
Dividend16/02/202203/03/2022US$1.45
Dividend17/11/202102/12/2021US$1.45
Dividend18/08/202102/09/2021US$1.45
Dividend19/05/202103/06/2021US$1.35
Dividend17/02/202104/03/2021US$1.35
Dividend18/11/202003/12/2020US$1.35
Dividend19/08/202003/09/2020US$1.31
Dividend20/05/202004/06/2020US$1.31
Dividend19/02/202005/03/2020US$1.31
Dividend12/11/201902/12/2019US$1.31
Dividend19/08/201903/09/2019US$1.31
Dividend22/05/201905/06/2019US$1.14
Dividend20/02/201907/03/2019US$1.14
Dividend13/11/201803/12/2018US$1.14
Dividend20/08/201804/09/2018US$1.14
Dividend16/05/201801/06/2018US$1.08
Dividend21/02/201808/03/2018US$1.08
Dividend15/11/201701/12/2017US$1.08
Dividend15/08/201701/09/2017US$1.08
Dividend16/05/201701/06/2017US$1.03
Dividend21/02/201706/03/2017US$1.03
Dividend16/11/201601/12/2016US$1.03

About Cummins

Sector
Manufacturing

Questions about CMI

How much is CMI today?

CMI is at US$517.00 (0.08% on the day), last traded on 01/10/2026.

How much did CMI pay in dividends in 2025?

CMI paid US$7.64 per share in 2025, a dividend yield of 1.50%.

How much did CMI return in 12 months?

CMI returned 24.09% in 12 months, with annualised volatility of 39.55% and a largest drawdown of -27.30%.