Cummins Inc. (CMI) Stock

Cummins Inc. (CMI) is a Industrials stock trading at $648.28 (as of 2026-07-17), with a market capitalization of $89.46B and a trailing P/E of 32.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Cummins Inc. designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components. It operates through five segments—Engine, Distribution, Components, Power Systems, and New Power—serving markets including heavy and medium-duty trucks and buses, construction and mining, marine and rail, oil and gas, defense, agriculture, and others.

Understand Cummins Inc.: how it makes money

Cummins designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components, and it makes money by selling engines, power systems, components, distribution-related products, and parts and service offerings including remanufactured parts.

Cummins’ profit engine combines selling powertrain products (engines, components, power systems) with ongoing parts and services (including remanufactured parts) through its distribution and components businesses, so performance depends on both new equipment demand and the installed base seeking replacements and service.

Business quality (Mixed): Well-specified business model (engines, components, power systems plus parts and services), but the provided data does not give a clean, mutually exclusive segment revenue breakdown that sums to the total.

Valuation: At 34× earnings, CMI trades in line with the Machinery average (34×). Note: one-time items can distort reported P/E.

Bull case

Breadth across powertrain types: Cummins offers diesel and natural gas engines and also electric and hybrid powertrains and related components.
Parts and services include remanufactured offerings: The company provides new parts and services, as well as remanufactured parts, supporting a recurring element tied to customer equipment needs.
Diverse end-markets: Its engines and powertrains are used across heavy and medium-duty truck, bus, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.

Bear case

Demand cyclicality tied to equipment markets: Sales are linked to markets that use heavy and medium-duty engines, including construction and mining, which can be cyclical.
Regional variation: The business has exposure to both North America and international revenue, so results can vary by region.
Unclear segment revenue mapping from provided data: The provided segment revenue candidates are not cleanly consistent or complete, limiting visibility into which segment is driving results.

Valuation — source: SEC EDGAR (first-party)
Price	$648.28
Market Cap	$89.46B
P/E Ratio	32.1
EV / EBITDA	17.5
Price / Book	6.69
Price / Sales	2.64
FCF Yield	3.0%
DCF Value (model)	$364.61
DCF Upside vs Price	-43.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$33.67B
Net Margin	8.8%
Revenue Growth (YoY)	2.7%
EPS Growth (YoY)	-21.0%
FCF Growth (YoY)	-172.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	5.18 (safe)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	32.1
Sector P/E (Industrials)	28.7
Industry P/E (Machinery)	32.9
vs Sector	11.9%
vs Industry	-2.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($9.06B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Industrials
Industry	Machinery
CEO	Jennifer W. Rumsey
Employees	69,600
Country	US
IPO Date	1947-10-03

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Data as of 2026-07-17.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.