Financials Cummins Inc.

Equities

CMI

US2310211063

Auto, Truck & Motorcycle Parts

Market Closed - Nyse Other stock markets 04:00:02 2024-05-09 pm EDT			5-day change	1st Jan Change
294.6 ^USD	+1.91%		+5.10%	+22.96%

May. 09	Cummins Leases Warehouse, Distribution Facility at Mohr Logistics Park	MT
May. 08	Cummins Insider Sold Shares Worth $1,113,010, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	27,077	33,612	31,201	34,168	33,958	39,538	-	-
Enterprise Value (EV) ¹	27,974	33,914	32,173	39,450	38,475	43,757	43,592	43,048
P/E ratio	12.4 x	18.9 x	14.9 x	16 x	46.5 x	10.6 x	13.3 x	11.7 x
Yield	2.74%	2.32%	2.57%	2.49%	2.71%	2.38%	2.49%	2.7%
Capitalization / Revenue	1.15 x	1.7 x	1.3 x	1.22 x	1 x	1.2 x	1.14 x	1.08 x
EV / Revenue	1.19 x	1.71 x	1.34 x	1.41 x	1.13 x	1.33 x	1.26 x	1.17 x
EV / EBITDA	7.5 x	10.9 x	9.14 x	10.4 x	7.41 x	8.83 x	8.21 x	7.49 x
EV / FCF	11.3 x	15.5 x	21.1 x	37.7 x	14 x	16 x	17.6 x	16.2 x
FCF Yield	8.87%	6.47%	4.73%	2.65%	7.16%	6.24%	5.67%	6.18%
Price to Book	3.59 x	4.16 x	3.67 x	3.81 x	3.86 x	3.8 x	3.29 x	2.68 x
Nbr of stocks (in thousands)	151,304	148,007	143,032	141,022	141,745	136,780	-	-
Reference price ²	179.0	227.1	218.1	242.3	239.6	289.1	289.1	289.1
Announcement Date	2/4/20	2/4/21	2/3/22	2/6/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	23,571	19,811	24,021	28,074	34,065	32,885	34,680	36,708
EBITDA ¹	3,731	3,108	3,521	3,799	5,195	4,953	5,313	5,747
EBIT ¹	3,062	2,269	2,706	2,929	3,939	3,834	4,190	4,576
Operating Margin	12.99%	11.45%	11.27%	10.43%	11.56%	11.66%	12.08%	12.47%
Earnings before Tax (EBT) ¹	2,834	2,338	2,751	2,819	1,626	4,761	3,907	4,342
Net income ¹	2,260	1,789	2,131	2,151	735	3,797	2,967	3,329
Net margin	9.59%	9.03%	8.87%	7.66%	2.16%	11.55%	8.56%	9.07%
EPS ²	14.48	12.01	14.61	15.12	5.150	27.39	21.76	24.73
Free Cash Flow ¹	2,481	2,194	1,522	1,046	2,753	2,732	2,470	2,658
FCF margin	10.53%	11.07%	6.34%	3.73%	8.08%	8.31%	7.12%	7.24%
FCF Conversion (EBITDA)	66.5%	70.59%	43.23%	27.53%	52.99%	55.17%	46.5%	46.25%
FCF Conversion (Net income)	109.78%	122.64%	71.42%	48.63%	374.56%	71.95%	83.25%	79.85%
Dividend per Share ²	4.900	5.280	5.600	6.040	6.500	6.893	7.207	7.817
Announcement Date	2/4/20	2/4/21	2/3/22	2/6/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	5,850	6,385	6,586	7,333	7,770	8,453	8,638	8,431	8,543	8,403	8,370	8,057	8,053	8,282	8,828
EBITDA ¹	705	755	1,055	884	1,105	1,361	1,327	1,230	1,233	2,572	1,288	1,206	1,145	-	-
EBIT ¹	495	604	897	626	802	1,026	997	950	899	923	1,038	947.2	852.1	1,051	-
Operating Margin	8.46%	9.46%	13.62%	8.54%	10.32%	12.14%	11.54%	11.27%	10.52%	10.98%	12.4%	11.76%	10.58%	12.69%	-
Earnings before Tax (EBT) ¹	514	578	855	608	778	1,029	949	878	-1,230	2,221	917.5	842.5	793.2	955.6	1,036
Net income ¹	394	418	702	400	631	790	720	656	-1,431	1,993	656.2	607.5	553.8	774.1	854.8
Net margin	6.74%	6.55%	10.66%	5.45%	8.12%	9.35%	8.34%	7.78%	-16.75%	23.72%	7.84%	7.54%	6.88%	9.35%	9.68%
EPS ²	2.730	2.920	4.940	2.820	4.430	5.550	5.050	4.590	-10.08	14.03	4.768	4.430	4.095	5.346	5.872
Dividend per Share ²	1.450	1.450	1.450	1.570	1.570	1.570	1.570	1.680	1.680	1.680	1.656	1.722	1.722	1.749	1.769
Announcement Date	2/3/22	5/3/22	8/2/22	11/3/22	2/6/23	5/2/23	8/3/23	11/2/23	2/6/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	897	302	972	5,282	4,517	4,219	4,054	3,510
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2404 x	0.0972 x	0.2761 x	1.39 x	0.8695 x	0.8519 x	0.7631 x	0.6108 x
Free Cash Flow ¹	2,481	2,194	1,522	1,046	2,753	2,732	2,470	2,658
ROE (net income / shareholders' equity)	30.4%	23%	25.8%	26%	31.5%	29.4%	26.9%	25.9%
ROA (Net income/ Total Assets)	11.6%	8.45%	9.2%	8.26%	9.02%	9.3%	9.31%	9.52%
Assets ¹	19,399	21,181	23,168	26,048	8,148	40,826	31,869	34,970
Book Value Per Share ²	49.80	54.60	59.50	63.50	62.00	76.10	87.90	108.0
Cash Flow per Share ²	20.40	18.30	15.50	13.80	27.80	22.70	28.90	34.60
Capex ¹	700	528	734	916	1,213	1,227	1,236	1,345
Capex / Sales	2.97%	2.67%	3.06%	3.26%	3.56%	3.73%	3.56%	3.67%
Announcement Date	2/4/20	2/4/21	2/3/22	2/6/23	2/6/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cummins Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

289.1 USD

Average target price

291.2 USD

Spread / Average Target

+0.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Engine & Powertrain Systems

	1st Jan change	Capi.
CUMMINS INC.	+22.96%	39.54B
CUMMINS INDIA LIMITED	+72.92%	11.44B
VITESCO TECHNOLOGIES GROUP AG	-9.34%	2.99B
DORMAN PRODUCTS, INC.	+10.54%	2.83B
ATMUS FILTRATION TECHNOLOGIES INC.	+28.86%	2.51B
GARRETT MOTION INC.	-2.17%	2.12B
CHONGQING ZONGSHEN POWER MACHINERY CO.,LTD	+85.67%	2.02B
WUXI BEST PRECISION MACHINERY CO., LTD.	-10.24%	1.27B
YAPP AUTOMOTIVE SYSTEMS CO., LTD.	-7.23%	1.13B
FEILONG AUTO COMPONENTS CO., LTD.	-14.38%	938M

Engine & Powertrain Systems