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Stock

Cummins

CMI
49
Industrial - Machinery · Industrials
Also trades as: 0I58.L GBP 5.18 (+0.38%)
Price
$518.50
-1.03 (-0.20%)
Market Cap
$71.38B
Winston Score
49
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
17/30
Growth
Mixed
6/20
Cash Flow
Strong
8/10
Stability
Strong
7/10
Valuation
Strong
7/10
Ownership
Weak
2/15
Dividends
Mixed
2/5

49 of 100 counted points = Winston Score 49.

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Share count falling — buybacks

−4.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 145.9M (2021) → 138.7M (2025)

§Winston Score History

The full picture

Cummins makes engines and power equipment used in big trucks, buses, construction machines, and generators. The company sells to truck manufacturers like Paccar and Daimler, as well as mining and agricultural equipment makers. It is one of the largest independent engine makers in the world, with a strong presence in the heavy-duty diesel engine market.

Cummins earns money by selling engines, components, and filtration products, and also through aftermarket parts and service — which provides steady, recurring revenue even when new equipment sales slow down. The company operates globally, with major markets in North America, China, and India, and generates roughly $35 billion in annual revenue. Its deep relationships with truck manufacturers and a wide service network give it a durable competitive position, but the shift away from diesel engines toward electric and hydrogen powertrains is the central long-term challenge the business must navigate.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.4% YoY

YoY Growth Rate

Slow revenue growth

Reported EPS Growth

+4.5% YoY

Quarterly reporting periods ended:

30 Jun 2025: $6.46

30 Jun 2026: $6.75

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$1.4B/ year

→ Flat (-5% vs prior year)

4.1% of revenue

In line with sector average (4%)

Steady R&D investment year-over-year

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$6.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Cummins is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
26.1%
Modest — 26.1% gross margin
Profit after running costs
Operating Margin
13.5%
Healthy — 13.5% operating margin
Return on the money invested
ROCE
18.3%
Strong — 18.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+2.9%
Nearly flat sales (+2.9% YoY)
Profit growth
EPS YoY
-8.1%
Earnings shrinking (-8.1% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
171%
Turns 171% of profit into real cash
Spare cash per sale
FCF Margin
9.7%
Modest free cash flow (9.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.64
Moderate — manageable debt (0.64)
Covers its interest
Interest Cover
12.03x
Comfortably covers interest (12.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
26.4x
Growth-priced — P/E 26.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+8.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (26.4 → 17.6)

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Dividends

Dividend
Dividend Yield
1.69%
Small dividend — 1.69% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+9.9%
Dividend growing modestly (9.9% YoY)
Payout Ratio
41%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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