# Cummins Inc. (CMI) — Stock CV

Cummins Inc. is a $72.0B industrial company. Revenue grew 2.9% over the last year, it keeps 8¢ of every dollar of sales as profit, and its net debt equals ~1.1 years of free cash flow. It trades at 26.5× earnings — in the most expensive third of its own history.

> Cummins is a leading manufacturer of diesel and other engines used in heavy- and medium-duty commercial trucks, off-highway equipment, and locomotives, in addition to prime power and standby generators.

## Identity

- **Ticker**: CMI
- **Sector**: Industrials
- **Industry**: Engines & Turbines
- **Headquarters**: COLUMBUS, IN
- **Employees**: 67 400
- **Website**: https://www.cummins.com
- **Market cap**: $72.0B
- **Last price**: $523.39
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $34.7B
- **Net income**: $2.71B
- **Free cash flow**: $3.37B
- **Net debt**: $3.54B
- **P/E**: 26.5
- **Revenue growth (YoY)**: 2.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 44 |
| Growth | 69 |
| Profitability | 65 |
| Health | 80 |
| Quality | 90 |
| Moat | 68 |

## Qualifications (beginner checklist) — 11 of 11 passed

- [x] Revenue growing — +2.9% YoY
- [x] Profitable — $2.71B TTM
- [x] Profit growing — +10.7% YoY
- [x] Generates cash — $3.37B TTM
- [x] Debt under control — ~1.1y of cash flow to repay
- [x] Established company — $72.0B market cap
- [x] Not printing shares — -6.9% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 3.9 — safe
- [x] Pays a dividend — yield 1.53%
- [x] Valuation not extreme — P/E 26.5

## Experience (career milestones)

- **FY2024** — Best year on record: $3.95B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $17.5B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak

## Strengths

- Could repay net debt from ~1.3 years of free cash flow
- High returns on invested capital (ROIC 19.5%)
- Altman Z-Score 3.90 — low bankruptcy-risk zone

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $24.0B | $2.13B | $1.52B |
| FY2022 | $28.1B | $2.15B | $1.05B |
| FY2023 | $34.1B | $735M | $2.75B |
| FY2024 | $34.1B | $3.95B | $279M |
| FY2025 | $33.7B | $2.84B | $2.39B |

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Source: https://stockcv.com/CMI — derived from company filings; may be delayed or incomplete. Information, not investment advice.