Cummins (CMI) Financials

$286.83 -1.74 (-0.60%)

Closing price 04/15/2025 03:59 PM Eastern

Extended Trading

$286.00 -0.83 (-0.29%)

As of 04/15/2025 07:48 PM Eastern

Annual Income Statements for Cummins

This table shows Cummins' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,399	1,394	999	2,141	2,260	1,789	2,131	2,151	735	3,946
Consolidated Net Income / (Loss)	1,470	1,456	994	2,187	2,268	1,811	2,164	2,183	840	4,068
Net Income / (Loss) Continuing Operations	1,470	1,456	994	2,187	2,268	1,811	2,164	2,183	840	4,068
Total Pre-Tax Income	2,025	1,930	2,365	2,753	2,834	2,338	2,751	2,819	1,626	4,903
Total Operating Income	1,742	1,579	1,977	2,392	2,370	1,817	2,200	2,929	1,278	3,750
Total Gross Profit	4,947	4,458	5,100	5,737	5,980	4,894	5,695	6,719	8,249	8,439
Total Revenue	19,110	17,509	20,428	23,771	23,571	19,811	24,021	28,074	34,065	34,102
Operating Revenue	19,110	17,509	20,428	23,771	23,571	19,811	24,021	28,074	34,065	34,102
Total Cost of Revenue	14,163	13,051	15,328	18,034	17,591	14,917	18,326	21,355	25,816	25,663
Operating Cost of Revenue	14,163	13,051	15,328	18,034	17,591	14,917	18,326	21,355	25,816	25,663
Total Operating Expenses	3,205	2,879	3,123	3,345	3,610	3,077	3,495	4,139	6,971	5,084
Selling, General & Admin Expense	2,092	2,099	2,429	2,437	2,454	2,125	2,374	2,687	3,333	3,275
Research & Development Expense	735	637	754	902	1,001	906	1,090	1,278	1,500	1,463
Other Operating Expenses / (Income)	17	5.00	-60	6.00	36	46	31	174	2,138	346
Total Other Income / (Expense), net	283	351	388	361	464	521	551	239	348	1,548
Interest Expense	65	69	81	114	109	100	111	199	375	370
Interest & Investment Income	339	324	375	394	330	452	506	349	483	395
Other Income / (Expense), net	9.00	96	94	81	243	169	156	89	240	1,523
Income Tax Expense	555	474	1,371	566	566	527	587	636	786	835
Net Income / (Loss) Attributable to Noncontrolling Interest	71	62	-5.00	46	8.00	22	33	32	105	122
Basic Earnings per Share	$7.86	$8.25	$5.99	$13.20	$14.54	$12.07	$14.74	$15.20	$5.19	$28.55
Weighted Average Basic Shares Outstanding	178.04M	169.04M	166.63M	162.17M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M
Diluted Earnings per Share	$7.84	$8.23	$5.97	$13.15	$14.48	$12.01	$14.61	$15.12	$5.15	$28.37
Weighted Average Diluted Shares Outstanding	178.04M	169.04M	166.63M	162.17M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M
Weighted Average Basic & Diluted Shares Outstanding	178.04M	169.04M	166.63M	162.17M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M

This table shows Cummins' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Interest Expense	61	87	87	99	97	92	89	109	83	89
Interest & Investment Income	70	88	119	133	118	113	123	103	99	70
Other Income / (Expense), net	43	63	90	51	25	74	1,387	41	76	19
Net Income / (Loss) Attributable to Common Shareholders	400	631	790	720	656	-1,431	1,993	726	809	418
Consolidated Net Income / (Loss)	409	644	806	737	690	-1,393	2,028	752	843	445
Net Income / (Loss) Continuing Operations	409	644	806	737	690	-1,393	2,028	752	843	445
Total Pre-Tax Income	608	778	1,029	949	878	-1,230	2,221	977	1,043	662
Total Operating Income	626	898	1,026	864	950	-1,562	800	1,045	1,050	855
Total Gross Profit	1,642	1,819	2,029	2,148	2,071	2,001	2,041	2,193	2,171	2,034
Total Revenue	7,333	7,770	8,453	8,638	8,431	8,543	8,403	8,796	8,456	8,447
Operating Revenue	7,333	7,770	8,453	8,638	8,431	8,543	8,403	8,796	8,456	8,447
Total Cost of Revenue	5,691	5,951	6,424	6,490	6,360	6,542	6,362	6,603	6,285	6,413
Operating Cost of Revenue	5,691	5,951	6,424	6,490	6,360	6,542	6,362	6,603	6,285	6,413
Total Operating Expenses	1,086	1,105	1,122	1,284	1,239	3,326	1,241	1,251	1,220	1,372
Selling, General & Admin Expense	708	742	753	873	831	876	839	828	807	801
Research & Development Expense	348	333	350	384	376	390	369	379	359	356
Other Operating Expenses / (Income)	30	30	19	27	32	2,060	33	44	54	215
Income Tax Expense	199	134	223	212	188	163	193	225	200	217
Net Income / (Loss) Attributable to Noncontrolling Interest	9.00	13	16	17	34	38	35	26	34	27
Basic Earnings per Share	$2.83	$4.46	$5.58	$5.08	$4.63	($10.10)	$14.10	$5.30	$5.90	$3.25
Weighted Average Basic Shares Outstanding	141.10M	282.75M	141.50M	141.70M	141.80M	283.71M	141.30M	137.10M	137.20M	137.48M
Diluted Earnings per Share	$2.82	$4.44	$5.55	$5.05	$4.59	($10.04)	$14.03	$5.26	$5.86	$3.22
Weighted Average Diluted Shares Outstanding	142M	282.75M	142.40M	142.50M	142.80M	283.71M	142.10M	137.90M	138.10M	137.48M
Weighted Average Basic & Diluted Shares Outstanding	141.02M	282.75M	141.56M	141.65M	141.74M	283.71M	136.78M	137.05M	137.18M	137.48M

This table details how cash moves in and out of Cummins' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-590	-591	249	-66	-174	2,272	-809	-491	78	-508
Net Cash From Operating Activities	2,065	1,939	2,277	2,378	3,181	2,722	2,256	1,962	3,966	1,487
Net Cash From Continuing Operating Activities	2,065	1,939	2,277	2,378	3,181	2,722	2,256	1,962	3,966	1,487
Net Income / (Loss) Continuing Operations	1,470	1,456	994	2,187	2,268	1,811	2,164	2,183	840	4,068
Consolidated Net Income / (Loss)	1,470	1,456	994	2,187	2,268	1,811	2,164	2,183	840	4,068
Depreciation Expense	514	530	583	611	672	673	662	784	1,024	1,065
Non-Cash Adjustments To Reconcile Net Income	278	57	418	111	97	-156	-218	114	-207	-1,372
Changes in Operating Assets and Liabilities, net	-197	-104	282	-531	144	394	-352	-1,119	2,309	-2,274
Net Cash From Investing Activities	-918	-917	-1,052	-974	-1,150	-719	-873	-4,172	-1,643	-1,782
Net Cash From Continuing Investing Activities	-918	-917	-1,052	-974	-1,150	-719	-873	-4,172	-1,643	-1,782
Purchase of Property, Plant & Equipment	-799	-594	-587	-784	-775	-528	-734	-916	-1,213	-1,208
Acquisitions	-124	-135	-728	-107	-237	0.00	0.00	-3,191	-292	-58
Purchase of Investments	-274	-478	-194	-470	-515	-593	-806	-1,127	-1,395	-1,714
Divestitures	0.00	60	-	-	-	-	-	0.00	0.00	-174
Sale and/or Maturity of Investments	270	204	342	387	345	469	673	1,151	1,334	1,460
Other Investing Activities, net	-16	12	5.00	-	32	-67	-6.00	-89	-77	-88
Net Cash From Financing Activities	-1,650	-1,413	-1,074	-1,400	-2,095	280	-2,227	1,669	-2,177	-173
Net Cash From Continuing Financing Activities	-1,650	-1,413	-1,074	-1,400	-2,095	280	-2,227	1,669	-2,177	-173
Repayment of Debt	-113	-163	-60	-62	3.00	26	-73	-1,466	-1,163	-1,637
Repurchase of Common Equity	-900	-778	-451	-1,140	-1,271	-641	-1,402	-374	-175	-50
Payment of Dividends	-681	-839	-730	-748	-794	-782	-809	-855	-921	-969
Issuance of Debt	44	367	167	519	-109	1,677	57	4,364	82	2,483
Effect of Exchange Rate Changes	-87	-200	98	-70	-110	-11	-	50	-68	-40

This table details how cash moves in and out of Cummins' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	37	-398	-121	-178	810	-433	3,035	-3,624	143	-62
Net Cash From Operating Activities	382	817	495	483	1,529	1,459	276	-851	640	1,422
Net Cash From Continuing Operating Activities	382	817	495	483	1,529	1,459	2,942	-3,517	640	1,422
Net Income / (Loss) Continuing Operations	409	644	806	737	690	-1,393	2,028	752	843	445
Consolidated Net Income / (Loss)	409	644	806	737	690	-1,393	2,028	752	843	445
Depreciation Expense	216	240	246	257	257	264	265	263	266	271
Non-Cash Adjustments To Reconcile Net Income	-38	139	-25	-62	209	-329	1,293	-2,626	47	-86
Changes in Operating Assets and Liabilities, net	-205	-206	-532	-449	373	2,917	-644	-1,906	-516	792
Net Cash From Investing Activities	-2,920	-676	-228	-378	-254	-783	-406	-400	-263	-713
Net Cash From Continuing Investing Activities	-2,920	-676	-228	-378	-254	-783	-406	-400	-263	-713
Purchase of Property, Plant & Equipment	-202	-463	-193	-221	-280	-519	-169	-240	-259	-540
Purchase of Investments	-305	-389	-326	-322	-328	-419	-379	-334	-349	-652
Sale and/or Maturity of Investments	358	332	345	275	382	332	431	254	428	347
Other Investing Activities, net	-8.00	27	-54	24	-35	-12	-56	-81	-83	132
Net Cash From Financing Activities	2,502	-442	-363	-240	-466	-1,108	499	308	-243	-737
Net Cash From Continuing Financing Activities	2,502	-442	-363	-240	-466	-1,108	499	308	-243	-737
Repayment of Debt	-961	-424	-184	-53	-187	-739	-1,660	369	-189	-157
Repurchase of Common Equity	-23	-4.00	-	-	-	-	-	-	-	-50
Payment of Dividends	-222	-222	-222	-223	-238	-238	-239	-230	-250	-250
Issuance of Debt	3,708	208	43	36	134	-131	2,398	169	196	-280
Effect of Exchange Rate Changes	73	-97	-25	-43	1.00	-1.00	-	-	9.00	-34

This table presents Cummins' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	15,134	15,011	18,075	19,062	19,737	22,624	23,710	30,299	32,005	31,540
Total Current Assets	7,947	7,707	8,928	9,818	9,387	11,897	12,309	14,451	15,198	14,752
Cash & Equivalents	1,711	1,120	1,369	1,303	1,129	3,401	2,592	2,101	2,179	1,671
Short-Term Investments	100	260	198	222	341	461	595	472	562	593
Accounts Receivable	180	222	307	231	283	3,820	3,990	5,202	5,583	5,181
Inventories, net	2,707	2,675	3,166	3,759	3,486	3,425	4,355	5,603	5,677	5,742
Prepaid Expenses	609	627	577	668	761	790	777	1,073	1,197	1,565
Plant, Property, & Equipment, net	3,745	3,800	3,927	4,096	4,245	4,255	4,422	5,521	6,249	6,356
Total Noncurrent Assets	3,442	3,504	5,220	5,148	6,105	6,472	6,979	10,327	10,558	10,432
Long-Term Investments	975	946	1,156	1,222	1,237	1,441	1,538	1,759	1,800	1,889
Goodwill	482	480	1,082	1,126	1,286	1,293	1,287	2,343	2,499	2,370
Intangible Assets	328	332	973	909	1,003	963	900	2,687	2,519	2,351
Employee Benefit Assets	735	731	1,043	929	1,001	1,042	1,488	1,398	1,197	1,189
Other Noncurrent Operating Assets	922	1,015	966	962	1,578	1,733	1,766	2,140	2,543	2,633
Total Liabilities & Shareholders' Equity	15,134	15,011	18,075	19,062	19,737	22,624	23,710	30,299	32,005	31,540
Total Liabilities	7,384	7,837	9,911	10,803	11,272	13,635	14,309	20,074	22,101	20,232
Total Current Liabilities	3,803	4,325	5,677	6,384	6,260	6,335	7,084	11,421	12,903	11,234
Short-Term Debt	63	288	418	879	791	554	580	3,357	1,894	2,275
Accounts Payable	1,706	1,854	2,579	2,822	2,534	2,820	3,021	4,252	4,260	3,951
Accrued Expenses	1,222	1,303	1,369	1,506	1,842	1,786	1,945	2,191	4,421	2,577
Current Deferred Revenue	403	468	500	498	533	691	855	1,004	1,220	1,347
Current Employee Benefit Liabilities	409	412	811	679	560	484	683	617	1,108	1,084
Total Noncurrent Liabilities	3,581	3,512	4,234	4,419	5,012	7,300	7,225	8,653	9,198	8,998
Long-Term Debt	1,576	1,568	1,588	1,597	1,576	3,610	3,579	4,498	4,802	4,784
Noncurrent Deferred Revenue	1,358	1,289	1,561	658	821	840	850	844	966	1,065
Other Noncurrent Operating Liabilities	-	-	466	1,632	2,024	2,220	2,796	3,311	3,430	3,149
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,750	7,174	8,164	8,259	8,465	8,989	9,035	9,967	9,904	11,308
Total Preferred & Common Equity	7,406	6,875	7,259	7,348	7,507	8,062	8,146	8,975	8,850	10,271
Total Common Equity	7,406	6,875	7,259	7,348	7,507	8,062	8,146	8,975	8,850	10,271
Common Stock	2,178	2,153	2,210	2,271	2,346	2,404	2,099	2,243	2,564	2,636
Retained Earnings	10,322	11,040	11,464	12,917	14,416	15,419	16,741	18,037	17,851	20,828
Treasury Stock	-3,735	-4,489	-4,905	-6,028	-7,225	-7,779	-9,123	-9,415	-9,359	-10,748
Accumulated Other Comprehensive Income / (Loss)	-1,348	-1,821	-1,503	-1,807	-2,028	-1,982	-1,571	-1,890	-2,206	-2,445
Noncontrolling Interest	344	299	905	911	958	927	889	992	1,054	1,037

This table presents Cummins' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	29,769	30,299	31,433	31,735	32,097	32,005	31,827	31,320	32,052	31,540
Total Current Assets	14,398	14,451	15,368	15,410	15,912	15,198	15,620	14,962	15,316	14,752
Cash & Equivalents	2,499	2,101	1,980	1,802	2,387	2,179	2,541	1,590	1,733	1,671
Short-Term Investments	466	472	459	512	452	562	510	593	518	593
Accounts Receivable	4,799	5,202	5,834	5,863	5,662	5,583	5,463	5,606	5,387	5,181
Inventories, net	5,543	5,603	5,878	6,026	5,906	5,677	5,758	5,857	6,134	5,742
Prepaid Expenses	1,091	1,073	1,217	1,207	1,280	1,197	1,348	1,316	1,544	1,565
Plant, Property, & Equipment, net	5,201	5,521	5,590	5,723	5,801	6,249	6,011	6,053	6,176	6,356
Total Noncurrent Assets	10,170	10,327	10,475	10,602	10,384	10,558	10,196	10,305	10,560	10,432
Long-Term Investments	1,826	1,759	1,860	1,861	1,785	1,800	1,774	1,828	1,922	1,889
Goodwill	2,229	2,343	2,365	2,404	2,379	2,499	2,406	2,394	2,412	2,370
Intangible Assets	2,602	2,687	2,640	2,584	2,518	2,519	2,455	2,502	2,462	2,351
Employee Benefit Assets	1,536	1,398	1,496	1,523	1,500	1,197	1,187	1,192	1,208	1,189
Other Noncurrent Operating Assets	1,977	2,140	2,114	2,230	2,202	2,543	2,374	2,389	2,556	2,633
Total Liabilities & Shareholders' Equity	29,769	30,299	31,433	31,735	32,097	32,005	31,827	31,320	32,052	31,540
Total Liabilities	20,159	20,074	20,552	20,379	20,419	22,101	21,726	20,744	20,711	20,232
Total Current Liabilities	10,530	11,421	11,923	11,045	11,126	12,903	11,686	11,144	11,603	11,234
Short-Term Debt	2,665	3,357	3,343	2,611	2,514	1,894	1,064	2,077	2,731	2,275
Accounts Payable	4,000	4,252	4,636	4,308	4,262	4,260	4,476	4,405	4,206	3,951
Accrued Expenses	2,369	2,191	2,394	2,388	2,437	4,421	4,349	2,550	2,430	2,577
Current Deferred Revenue	921	1,004	1,040	1,017	1,029	1,220	1,236	1,311	1,225	1,347
Current Employee Benefit Liabilities	575	617	510	721	884	1,108	561	801	1,011	1,084
Total Noncurrent Liabilities	9,629	8,653	8,629	9,334	9,293	9,198	10,040	9,600	9,108	8,998
Long-Term Debt	5,450	4,498	4,409	5,089	4,950	4,802	5,771	5,426	4,856	4,784
Noncurrent Deferred Revenue	867	844	937	939	1,011	966	1,061	1,046	1,090	1,065
Other Noncurrent Operating Liabilities	2,634	3,311	3,283	3,306	3,332	3,430	3,208	3,128	3,162	3,149
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	9,358	9,967	10,620	11,356	11,678	9,904	10,101	10,576	11,341	11,308
Total Preferred & Common Equity	8,380	8,975	9,623	10,337	10,658	8,850	9,067	9,551	10,315	10,271
Total Common Equity	8,380	8,975	9,623	10,337	10,658	8,850	9,153	9,551	10,315	10,271
Common Stock	2,214	2,243	2,230	2,532	2,558	2,564	2,557	2,582	2,612	2,636
Retained Earnings	17,628	18,037	18,605	19,102	19,520	17,851	19,605	20,101	20,660	20,828
Treasury Stock	-9,449	-9,415	-9,389	-9,380	-9,369	-9,359	-10,745	-10,797	-10,783	-10,748
Accumulated Other Comprehensive Income / (Loss)	-2,013	-1,890	-1,823	-1,917	-2,051	-2,206	-2,264	-2,335	-2,174	-2,445
Noncontrolling Interest	978	992	997	1,019	1,020	1,054	1,034	1,025	1,026	1,037

This table displays calculated financial ratios and metrics derived from Cummins' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.58%	-8.38%	16.67%	16.36%	-0.84%	-15.95%	21.25%	16.87%	21.34%	0.11%
EBITDA Growth	-11.52%	-2.65%	20.36%	16.20%	6.52%	-19.06%	13.50%	25.98%	-33.14%	149.33%
EBIT Growth	-16.82%	-4.34%	23.64%	19.41%	5.66%	-24.00%	18.63%	28.10%	-49.70%	247.37%
NOPAT Growth	-11.13%	-5.80%	-30.24%	128.69%	-0.19%	-25.79%	22.96%	31.07%	-70.89%	371.26%
Net Income Growth	-15.32%	-0.95%	-31.73%	120.02%	3.70%	-20.15%	19.49%	0.88%	-61.52%	384.29%
EPS Growth	-13.08%	4.97%	-27.46%	120.27%	10.11%	-17.06%	21.65%	3.49%	-65.94%	450.87%
Operating Cash Flow Growth	-8.87%	-6.10%	17.43%	4.44%	33.77%	-14.43%	-17.12%	-13.03%	102.14%	-62.51%
Free Cash Flow Firm Growth	25.52%	2.31%	-91.94%	1,445.88%	29.46%	-4.39%	-55.69%	-454.74%	188.82%	-59.29%
Invested Capital Growth	3.11%	1.53%	11.08%	7.26%	1.72%	-3.38%	12.55%	55.61%	-12.29%	17.87%
Revenue Q/Q Growth	-1.67%	-1.48%	5.00%	2.81%	-2.27%	1.29%	0.08%	7.34%	2.32%	-0.28%
EBITDA Q/Q Growth	-14.69%	16.42%	4.49%	4.65%	-8.78%	8.13%	-8.18%	24.25%	-48.82%	59.69%
EBIT Q/Q Growth	-18.44%	22.08%	5.23%	5.64%	-11.51%	11.51%	-9.94%	28.37%	-61.73%	81.14%
NOPAT Q/Q Growth	-16.71%	17.24%	-39.45%	74.22%	-14.72%	15.24%	-11.51%	31.09%	-77.69%	215.16%
Net Income Q/Q Growth	-16.43%	17.61%	-41.50%	72.48%	-12.09%	13.26%	-4.84%	12.58%	-70.80%	82.42%
EPS Q/Q Growth	-16.06%	18.76%	-39.33%	65.83%	-9.67%	12.56%	-4.13%	12.58%	-73.76%	87.76%
Operating Cash Flow Q/Q Growth	8.23%	-8.36%	8.64%	8.39%	-4.56%	12.57%	-15.38%	4.53%	19.31%	-2.43%
Free Cash Flow Firm Q/Q Growth	19.70%	-23.92%	157.92%	-1.98%	-1.47%	12.21%	-53.25%	6.20%	46.80%	82.08%
Invested Capital Q/Q Growth	-6.37%	1.04%	-8.73%	1.59%	-2.12%	-2.16%	5.38%	6.29%	-15.63%	-3.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.89%	25.46%	24.97%	24.13%	25.37%	24.70%	23.71%	23.93%	24.22%	24.75%
EBITDA Margin	11.85%	12.59%	12.99%	12.97%	13.94%	13.42%	12.56%	13.54%	7.46%	18.59%
Operating Margin	9.12%	9.02%	9.68%	10.06%	10.05%	9.17%	9.16%	10.43%	3.75%	11.00%
EBIT Margin	9.16%	9.57%	10.14%	10.40%	11.09%	10.02%	9.81%	10.75%	4.46%	15.46%
Profit (Net Income) Margin	7.69%	8.32%	4.87%	9.20%	9.62%	9.14%	9.01%	7.78%	2.47%	11.93%
Tax Burden Percent	72.59%	75.44%	42.03%	79.44%	80.03%	77.46%	78.66%	77.44%	51.66%	82.97%
Interest Burden Percent	115.65%	115.22%	114.20%	111.32%	108.46%	117.72%	116.77%	93.41%	107.11%	92.98%
Effective Tax Rate	27.41%	24.56%	57.97%	20.56%	19.97%	22.54%	21.34%	22.56%	48.34%	17.03%
Return on Invested Capital (ROIC)	19.44%	17.90%	11.74%	24.62%	23.54%	17.62%	20.74%	20.09%	5.12%	23.68%
ROIC Less NNEP Spread (ROIC-NNEP)	4.96%	-14.85%	-15.73%	-33.43%	-98.01%	-36.95%	-30.10%	14.33%	11.45%	61.49%
Return on Net Nonoperating Assets (RNNOA)	-0.89%	1.61%	1.22%	2.01%	3.58%	3.13%	2.79%	2.16%	3.23%	14.67%
Return on Equity (ROE)	18.56%	19.51%	12.96%	26.63%	27.12%	20.75%	23.53%	22.25%	8.35%	38.36%
Cash Return on Invested Capital (CROIC)	16.38%	16.39%	1.24%	17.61%	21.84%	21.06%	8.94%	-23.42%	18.21%	7.28%
Operating Return on Assets (OROA)	11.33%	11.11%	12.52%	13.32%	13.47%	9.38%	10.17%	11.18%	4.87%	16.60%
Return on Assets (ROA)	9.52%	9.66%	6.01%	11.78%	11.69%	8.55%	9.34%	8.08%	2.70%	12.80%
Return on Common Equity (ROCE)	17.75%	18.67%	11.94%	23.69%	24.09%	18.51%	20.74%	19.41%	7.39%	34.57%
Return on Equity Simple (ROE_SIMPLE)	19.85%	21.18%	13.69%	29.76%	30.21%	22.46%	26.57%	24.32%	9.49%	39.61%
Net Operating Profit after Tax (NOPAT)	1,265	1,191	831	1,900	1,897	1,407	1,731	2,268	660	3,111
NOPAT Margin	6.62%	6.80%	4.07%	7.99%	8.05%	7.10%	7.20%	8.08%	1.94%	9.12%
Net Nonoperating Expense Percent (NNEP)	14.49%	32.75%	27.48%	58.05%	121.55%	54.57%	50.84%	5.76%	-6.33%	-37.80%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.73%	3.98%	16.94%
Cost of Revenue to Revenue	74.11%	74.54%	75.03%	75.87%	74.63%	75.30%	76.29%	76.07%	75.78%	75.25%
SG&A Expenses to Revenue	10.95%	11.99%	11.89%	10.25%	10.41%	10.73%	9.88%	9.57%	9.78%	9.60%
R&D to Revenue	3.85%	3.64%	3.69%	3.79%	4.25%	4.57%	4.54%	4.55%	4.40%	4.29%
Operating Expenses to Revenue	16.77%	16.44%	15.29%	14.07%	15.32%	15.53%	14.55%	14.74%	20.46%	14.91%
Earnings before Interest and Taxes (EBIT)	1,751	1,675	2,071	2,473	2,613	1,986	2,356	3,018	1,518	5,273
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,265	2,205	2,654	3,084	3,285	2,659	3,018	3,802	2,542	6,338
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.67	2.74	3.40	2.53	3.26	3.83	3.60	3.62	3.75	4.66
Price to Tangible Book Value (P/TBV)	1.88	3.11	4.74	3.50	4.69	5.32	4.92	8.23	8.66	8.62
Price to Revenue (P/Rev)	0.65	1.08	1.21	0.78	1.04	1.56	1.22	1.16	0.97	1.40
Price to Earnings (P/E)	8.85	13.52	24.69	8.69	10.84	17.26	13.77	15.09	45.14	12.12
Dividend Yield	5.04%	3.57%	2.83%	3.83%	3.07%	2.53%	2.73%	2.62%	2.78%	2.01%
Earnings Yield	11.30%	7.40%	4.05%	11.51%	9.23%	5.79%	7.26%	6.63%	2.22%	8.25%
Enterprise Value to Invested Capital (EV/IC)	1.75	2.78	3.34	2.41	3.09	3.91	3.40	2.71	3.02	3.64
Enterprise Value to Revenue (EV/Rev)	0.61	1.07	1.22	0.81	1.07	1.55	1.25	1.33	1.07	1.52
Enterprise Value to EBITDA (EV/EBITDA)	5.11	8.47	9.36	6.24	7.64	11.53	9.95	9.79	14.31	8.17
Enterprise Value to EBIT (EV/EBIT)	6.61	11.15	12.00	7.78	9.61	15.44	12.75	12.33	23.97	9.82
Enterprise Value to NOPAT (EV/NOPAT)	9.15	15.67	29.91	10.12	13.24	21.79	17.35	16.41	55.12	16.64
Enterprise Value to Operating Cash Flow (EV/OCF)	5.60	9.63	10.91	8.09	7.89	11.27	13.31	18.97	9.18	34.81
Enterprise Value to Free Cash Flow (EV/FCFF)	10.86	17.12	282.63	14.15	14.27	18.23	40.28	0.00	15.49	54.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.26	0.25	0.30	0.28	0.46	0.44	0.77	0.68	0.62
Long-Term Debt to Equity	0.20	0.22	0.19	0.19	0.19	0.40	0.38	0.44	0.48	0.42
Financial Leverage	-0.18	-0.11	-0.08	-0.06	-0.04	-0.08	-0.09	0.15	0.28	0.24
Leverage Ratio	1.95	2.02	2.16	2.26	2.32	2.43	2.52	2.75	3.10	3.00
Compound Leverage Factor	2.26	2.33	2.46	2.52	2.52	2.86	2.94	2.57	3.32	2.79
Debt to Total Capital	17.46%	20.55%	19.72%	23.06%	21.85%	31.66%	30.67%	43.45%	40.34%	38.43%
Short-Term Debt to Total Capital	0.67%	3.19%	4.11%	8.19%	7.30%	4.21%	4.28%	18.57%	11.41%	12.39%
Long-Term Debt to Total Capital	16.79%	17.36%	15.61%	14.88%	14.55%	27.45%	26.39%	24.88%	28.93%	26.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.66%	3.31%	8.90%	8.49%	8.84%	7.05%	9.26%	6.91%	6.35%	5.65%
Common Equity to Total Capital	78.88%	76.14%	71.38%	68.45%	69.31%	61.29%	60.07%	49.64%	53.31%	55.92%
Debt to EBITDA	0.72	0.84	0.76	0.80	0.72	1.57	1.38	2.07	2.63	1.11
Net Debt to EBITDA	-0.51	-0.21	-0.27	-0.09	-0.10	-0.43	-0.19	0.93	0.85	0.46
Long-Term Debt to EBITDA	0.70	0.71	0.60	0.52	0.48	1.36	1.19	1.18	1.89	0.75
Debt to NOPAT	1.30	1.56	2.41	1.30	1.25	2.96	2.40	3.46	10.14	2.27
Net Debt to NOPAT	-0.91	-0.39	-0.86	-0.14	-0.18	-0.81	-0.33	1.55	3.26	0.93
Long-Term Debt to NOPAT	1.25	1.32	1.91	0.84	0.83	2.56	2.07	1.98	7.27	1.54
Altman Z-Score	3.93	4.28	4.11	3.87	4.15	3.77	3.82	3.18	2.99	4.11
Noncontrolling Interest Sharing Ratio	4.34%	4.31%	7.85%	11.06%	11.17%	10.80%	11.87%	12.76%	11.45%	9.86%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.09	1.78	1.57	1.54	1.50	1.88	1.74	1.27	1.18	1.31
Quick Ratio	1.22	1.02	0.91	0.84	0.82	1.21	1.01	0.68	0.65	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,066	1,090	88	1,359	1,760	1,682	746	-2,645	2,349	956
Operating Cash Flow to CapEx	266.80%	334.31%	477.36%	303.32%	410.45%	515.53%	307.36%	214.19%	326.96%	123.10%
Free Cash Flow to Firm to Interest Expense	16.39	15.80	1.09	11.92	16.14	16.82	6.72	-13.29	6.26	2.58
Operating Cash Flow to Interest Expense	31.77	28.10	28.11	20.86	29.18	27.22	20.32	9.86	10.58	4.02
Operating Cash Flow Less CapEx to Interest Expense	19.86	19.70	22.22	13.98	22.07	21.94	13.71	5.26	7.34	0.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.24	1.16	1.23	1.28	1.22	0.94	1.04	1.04	1.09	1.07
Accounts Receivable Turnover	100.05	87.11	77.23	88.37	91.72	9.66	6.15	6.11	6.32	6.34
Inventory Turnover	5.08	4.85	5.25	5.21	4.86	4.32	4.71	4.29	4.58	4.49
Fixed Asset Turnover	5.14	4.64	5.29	5.93	5.65	4.66	5.54	5.65	5.79	5.41
Accounts Payable Turnover	7.90	7.33	6.92	6.68	6.57	5.57	6.28	5.87	6.07	6.25
Days Sales Outstanding (DSO)	3.65	4.19	4.73	4.13	3.98	37.80	59.34	59.75	57.78	57.60
Days Inventory Outstanding (DIO)	71.81	75.26	69.54	70.08	75.16	84.55	77.48	85.10	79.74	81.21
Days Payable Outstanding (DPO)	46.22	49.78	52.78	54.66	55.57	65.50	58.17	62.16	60.17	58.39
Cash Conversion Cycle (CCC)	29.24	29.67	21.49	19.55	23.58	56.85	78.65	82.70	77.35	80.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,603	6,704	7,447	7,988	8,125	7,850	8,835	13,748	12,059	14,214
Invested Capital Turnover	2.94	2.63	2.89	3.08	2.93	2.48	2.88	2.49	2.64	2.60
Increase / (Decrease) in Invested Capital	199	101	743	541	137	-275	985	4,913	-1,689	2,155
Enterprise Value (EV)	11,574	18,669	24,851	19,235	25,110	30,666	30,028	37,225	36,388	51,765
Market Capitalization	12,377	18,840	24,663	18,595	24,492	30,878	29,339	32,452	33,179	47,822
Book Value per Share	$41.70	$40.86	$43.74	$45.76	$49.00	$54.47	$56.95	$63.64	$62.44	$74.87
Tangible Book Value per Share	$37.14	$36.03	$31.36	$33.09	$34.06	$39.23	$41.66	$27.97	$27.03	$40.46
Total Capital	9,389	9,030	10,170	10,735	10,832	13,153	13,560	18,080	16,600	18,367
Total Debt	1,639	1,856	2,006	2,476	2,367	4,164	4,159	7,855	6,696	7,059
Total Long-Term Debt	1,576	1,568	1,588	1,597	1,576	3,610	3,579	4,498	4,802	4,784
Net Debt	-1,147	-470	-717	-271	-340	-1,139	-566	3,523	2,155	2,906
Capital Expenditures (CapEx)	774	580	477	784	775	528	734	916	1,213	1,208
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,396	2,290	2,102	2,788	2,448	2,254	2,618	3,814	1,448	3,529
Debt-free Net Working Capital (DFNWC)	4,207	3,670	3,669	4,313	3,918	6,116	5,805	6,387	4,189	5,793
Net Working Capital (NWC)	4,144	3,382	3,251	3,434	3,127	5,562	5,225	3,030	2,295	3,518
Net Nonoperating Expense (NNE)	-205	-265	-163	-287	-371	-404	-433	85	-180	-957
Net Nonoperating Obligations (NNO)	-1,147	-470	-717	-271	-340	-1,139	-566	3,523	2,155	2,906
Total Depreciation and Amortization (D&A)	514	530	583	611	672	673	662	784	1,024	1,065
Debt-free, Cash-free Net Working Capital to Revenue	12.54%	13.08%	10.29%	11.73%	10.39%	11.38%	10.90%	13.59%	4.25%	10.35%
Debt-free Net Working Capital to Revenue	22.01%	20.96%	17.96%	18.14%	16.62%	30.87%	24.17%	22.75%	12.30%	16.99%
Net Working Capital to Revenue	21.69%	19.32%	15.91%	14.45%	13.27%	28.08%	21.75%	10.79%	6.74%	10.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$7.86	$8.25	$5.99	$13.20	$14.54	$12.07	$14.74	$15.20	$5.19	$28.55
Adjusted Weighted Average Basic Shares Outstanding	174.32M	168.16M	165.68M	157.34M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M
Adjusted Diluted Earnings per Share	$7.84	$8.23	$5.97	$13.15	$14.48	$12.01	$14.61	$15.12	$5.15	$28.37
Adjusted Weighted Average Diluted Shares Outstanding	174.32M	168.16M	165.68M	157.34M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	174.32M	168.16M	165.68M	157.34M	150.27M	295.32M	284.85M	282.75M	283.71M	137.48M
Normalized Net Operating Profit after Tax (NOPAT)	1,527	1,295	1,384	1,900	1,992	1,407	1,731	2,268	660	3,111
Normalized NOPAT Margin	7.99%	7.40%	6.77%	7.99%	8.45%	7.10%	7.20%	8.08%	1.94%	9.12%
Pre Tax Income Margin	10.60%	11.02%	11.58%	11.58%	12.02%	11.80%	11.45%	10.04%	4.77%	14.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	26.94	24.28	25.57	21.69	23.97	19.86	21.23	15.17	4.05	14.25
NOPAT to Interest Expense	19.45	17.26	10.26	16.67	17.40	14.07	15.59	11.40	1.76	8.41
EBIT Less CapEx to Interest Expense	15.03	15.87	19.68	14.82	16.86	14.58	14.61	10.56	0.81	10.99
NOPAT Less CapEx to Interest Expense	7.55	8.86	4.37	9.79	10.29	8.79	8.98	6.79	-1.47	5.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.33%	57.62%	73.44%	34.20%	35.01%	43.18%	37.38%	39.17%	109.64%	23.82%
Augmented Payout Ratio	107.55%	111.06%	118.81%	86.33%	91.05%	78.58%	102.17%	56.30%	130.48%	25.05%

This table displays calculated financial ratios and metrics derived from Cummins' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.87%	32.82%	32.39%	31.16%	14.97%	9.95%	-0.59%	1.83%	0.30%	-1.12%
EBITDA Growth	15.08%	161.66%	106.36%	10.98%	39.21%	-201.92%	80.03%	15.10%	12.99%	193.55%
EBIT Growth	9.85%	226.87%	123.65%	2.92%	45.74%	-254.84%	95.97%	18.69%	15.49%	158.74%
NOPAT Growth	-8.14%	283.61%	116.17%	-9.54%	77.29%	-247.09%	-9.10%	19.87%	13.67%	152.56%
Net Income Growth	-24.40%	61.00%	90.54%	4.24%	68.70%	-316.30%	151.61%	2.04%	22.17%	131.95%
EPS Growth	-23.58%	61.45%	90.07%	2.23%	62.77%	-326.13%	152.79%	4.16%	27.67%	132.07%
Operating Cash Flow Growth	-32.86%	11.61%	201.83%	-19.37%	300.26%	78.58%	-44.24%	-276.19%	-58.14%	-2.54%
Free Cash Flow Firm Growth	-4,337.05%	-426.99%	-712.36%	-862.77%	85.17%	114.28%	166.56%	134.62%	163.14%	-365.32%
Invested Capital Growth	54.27%	55.61%	57.64%	56.02%	10.51%	-12.29%	-15.51%	-5.46%	3.23%	17.87%
Revenue Q/Q Growth	11.34%	5.96%	8.79%	2.19%	-2.40%	1.33%	-1.64%	4.68%	-3.87%	-0.11%
EBITDA Q/Q Growth	-16.19%	35.71%	13.41%	-13.95%	5.12%	-199.35%	321.90%	-44.98%	3.19%	-17.74%
EBIT Q/Q Growth	-24.75%	43.65%	16.13%	-18.01%	6.56%	-252.62%	259.75%	-50.34%	3.68%	-22.38%
NOPAT Q/Q Growth	-43.23%	76.52%	8.11%	-16.51%	11.27%	-246.45%	172.32%	10.11%	5.51%	-32.28%
Net Income Q/Q Growth	-42.15%	57.46%	25.16%	-8.56%	-6.38%	-301.88%	245.59%	-62.92%	12.10%	-47.21%
EPS Q/Q Growth	-42.92%	57.45%	25.00%	-9.01%	-9.11%	-318.74%	239.74%	-62.51%	11.41%	-45.05%
Operating Cash Flow Q/Q Growth	-36.23%	113.87%	-39.41%	-2.42%	216.56%	-4.58%	-81.08%	-408.33%	175.21%	122.19%
Free Cash Flow Firm Q/Q Growth	-750.84%	-0.99%	-6.42%	-5.29%	86.89%	197.25%	335.04%	-45.24%	-76.09%	-508.70%
Invested Capital Q/Q Growth	35.60%	6.29%	4.26%	3.82%	-3.95%	-15.63%	0.43%	16.16%	4.88%	-3.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	22.39%	23.41%	24.00%	24.87%	24.56%	23.42%	24.29%	24.93%	25.67%	24.08%
EBITDA Margin	12.07%	15.46%	16.11%	13.57%	14.61%	-14.33%	29.18%	15.34%	16.46%	13.56%
Operating Margin	8.54%	11.56%	12.14%	10.00%	11.27%	-18.28%	9.52%	11.88%	12.42%	10.12%
EBIT Margin	9.12%	12.37%	13.20%	10.59%	11.56%	-17.42%	26.03%	12.35%	13.32%	10.35%
Profit (Net Income) Margin	5.58%	8.29%	9.54%	8.53%	8.18%	-16.31%	24.13%	8.55%	9.97%	5.27%
Tax Burden Percent	67.27%	82.78%	78.33%	77.66%	78.59%	113.25%	91.31%	76.97%	80.82%	67.22%
Interest Burden Percent	90.88%	80.96%	92.20%	103.72%	90.05%	82.66%	101.55%	89.96%	92.63%	75.74%
Effective Tax Rate	32.73%	17.22%	21.67%	22.34%	21.41%	0.00%	8.69%	23.03%	19.18%	32.78%
Return on Invested Capital (ROIC)	14.09%	23.79%	24.46%	20.48%	21.66%	-33.79%	22.36%	21.59%	23.63%	17.66%
ROIC Less NNEP Spread (ROIC-NNEP)	13.20%	17.07%	24.61%	24.36%	19.75%	-44.34%	69.87%	20.10%	23.44%	12.54%
Return on Net Nonoperating Assets (RNNOA)	1.92%	2.57%	3.87%	3.95%	5.51%	-12.51%	18.19%	6.43%	6.14%	2.99%
Return on Equity (ROE)	16.01%	26.36%	28.33%	24.43%	27.17%	-46.30%	40.55%	28.02%	29.77%	20.65%
Cash Return on Invested Capital (CROIC)	-26.45%	-23.42%	-21.65%	-22.18%	11.76%	18.21%	22.63%	11.83%	3.62%	7.28%
Operating Return on Assets (OROA)	9.03%	12.86%	14.33%	12.13%	12.45%	-19.05%	27.99%	13.38%	14.20%	11.11%
Return on Assets (ROA)	5.52%	8.62%	10.35%	9.77%	8.81%	-17.83%	25.95%	9.27%	10.63%	5.65%
Return on Common Equity (ROCE)	14.16%	22.99%	25.28%	22.18%	24.29%	-41.00%	36.29%	25.41%	27.13%	18.62%
Return on Equity Simple (ROE_SIMPLE)	23.14%	0.00%	26.67%	25.11%	26.99%	0.00%	22.74%	21.75%	21.62%	0.00%
Net Operating Profit after Tax (NOPAT)	421	743	804	671	747	-1,093	730	804	849	575
NOPAT Margin	5.74%	9.57%	9.51%	7.77%	8.86%	-12.80%	8.69%	9.14%	10.04%	6.80%
Net Nonoperating Expense Percent (NNEP)	0.90%	6.72%	-0.15%	-3.87%	1.91%	10.55%	-47.50%	1.49%	0.19%	5.13%
Return On Investment Capital (ROIC_SIMPLE)	-	4.17%	-	-	-	-6.59%	-	-	-	3.13%
Cost of Revenue to Revenue	77.61%	76.59%	76.00%	75.13%	75.44%	76.58%	75.71%	75.07%	74.33%	75.92%
SG&A Expenses to Revenue	9.66%	9.55%	8.91%	10.11%	9.86%	10.25%	9.98%	9.41%	9.54%	9.48%
R&D to Revenue	4.75%	4.29%	4.14%	4.45%	4.46%	4.57%	4.39%	4.31%	4.25%	4.21%
Operating Expenses to Revenue	14.81%	14.22%	13.27%	14.86%	14.70%	38.93%	14.77%	14.22%	14.43%	16.24%
Earnings before Interest and Taxes (EBIT)	669	961	1,116	915	975	-1,488	2,187	1,086	1,126	874
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	885	1,201	1,362	1,172	1,232	-1,224	2,452	1,349	1,392	1,145
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.29	3.62	3.41	3.27	2.96	3.75	4.56	3.97	4.30	4.66
Price to Tangible Book Value (P/TBV)	7.76	8.23	7.11	6.32	5.47	8.66	9.73	8.14	8.16	8.62
Price to Revenue (P/Rev)	1.05	1.16	1.09	1.05	0.95	0.97	1.23	1.11	1.30	1.40
Price to Earnings (P/E)	14.39	15.09	13.01	13.29	11.28	45.14	21.55	19.48	21.16	12.12
Dividend Yield	3.03%	2.62%	2.65%	2.63%	2.87%	2.78%	2.24%	2.43%	2.12%	2.01%
Earnings Yield	6.95%	6.63%	7.69%	7.52%	8.87%	2.22%	4.64%	5.13%	4.73%	8.25%
Enterprise Value to Invested Capital (EV/IC)	2.48	2.71	2.62	2.58	2.46	3.02	3.70	3.01	3.31	3.64
Enterprise Value to Revenue (EV/Rev)	1.23	1.33	1.25	1.19	1.06	1.07	1.32	1.24	1.43	1.52
Enterprise Value to EBITDA (EV/EBITDA)	10.49	9.79	8.33	8.30	7.08	14.31	12.34	11.13	12.30	8.17
Enterprise Value to EBIT (EV/EBIT)	13.65	12.33	10.33	10.47	8.87	23.97	17.31	15.36	16.77	9.82
Enterprise Value to NOPAT (EV/NOPAT)	18.55	16.41	13.88	14.55	11.89	55.12	58.21	47.11	49.45	16.64
Enterprise Value to Operating Cash Flow (EV/OCF)	17.10	18.97	16.37	17.60	10.58	9.18	11.96	17.57	32.03	34.81
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	21.98	15.49	14.97	24.75	92.94	54.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.84	0.77	0.71	0.68	0.64	0.68	0.68	0.71	0.67	0.62
Long-Term Debt to Equity	0.57	0.44	0.41	0.45	0.42	0.48	0.57	0.51	0.43	0.42
Financial Leverage	0.15	0.15	0.16	0.16	0.28	0.28	0.26	0.32	0.26	0.24
Leverage Ratio	2.84	2.75	2.74	2.68	2.91	3.10	3.02	2.88	2.79	3.00
Compound Leverage Factor	2.58	2.23	2.53	2.77	2.62	2.56	3.06	2.59	2.58	2.27
Debt to Total Capital	45.78%	43.45%	41.60%	40.41%	38.99%	40.34%	40.36%	41.50%	40.08%	38.43%
Short-Term Debt to Total Capital	15.04%	18.57%	17.94%	13.70%	13.13%	11.41%	6.28%	11.49%	14.43%	12.39%
Long-Term Debt to Total Capital	30.75%	24.88%	23.66%	26.71%	25.86%	28.93%	34.08%	30.01%	25.66%	26.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.94%	6.91%	6.75%	5.35%	5.33%	6.35%	6.11%	5.67%	5.42%	5.65%
Common Equity to Total Capital	47.28%	49.64%	51.64%	54.25%	55.68%	53.31%	54.04%	52.83%	54.50%	55.92%
Debt to EBITDA	2.65	2.07	1.72	1.67	1.50	2.63	1.88	1.97	1.91	1.11
Net Debt to EBITDA	1.09	0.93	0.77	0.76	0.53	0.85	0.55	0.92	0.86	0.46
Long-Term Debt to EBITDA	1.78	1.18	0.98	1.10	1.00	1.89	1.59	1.42	1.22	0.75
Debt to NOPAT	4.69	3.46	2.87	2.92	2.52	10.14	8.88	8.34	7.69	2.27
Net Debt to NOPAT	1.92	1.55	1.28	1.34	0.88	3.26	2.61	3.88	3.46	0.93
Long-Term Debt to NOPAT	3.15	1.98	1.63	1.93	1.67	7.27	7.50	6.03	4.92	1.54
Altman Z-Score	2.76	2.95	2.99	3.11	3.09	2.68	3.46	3.35	3.51	3.65
Noncontrolling Interest Sharing Ratio	11.56%	12.76%	10.79%	9.21%	10.57%	11.45%	10.52%	9.32%	8.89%	9.86%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.37	1.27	1.29	1.40	1.43	1.18	1.34	1.34	1.32	1.31
Quick Ratio	0.74	0.68	0.69	0.74	0.76	0.65	0.73	0.70	0.66	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,129	-4,170	-4,437	-4,672	-612	596	2,953	1,617	387	-1,580
Operating Cash Flow to CapEx	189.11%	176.46%	256.48%	218.55%	546.07%	281.12%	163.31%	-354.58%	247.10%	263.33%
Free Cash Flow to Firm to Interest Expense	-67.69	-47.93	-51.00	-47.19	-6.31	6.47	33.19	14.84	4.66	-17.76
Operating Cash Flow to Interest Expense	6.26	9.39	5.69	4.88	15.76	15.86	3.10	-7.81	7.71	15.98
Operating Cash Flow Less CapEx to Interest Expense	2.95	4.07	3.47	2.65	12.88	10.22	1.20	-10.01	4.59	9.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.99	1.04	1.09	1.15	1.08	1.09	1.08	1.08	1.07	1.07
Accounts Receivable Turnover	5.84	6.11	5.91	6.43	6.37	6.32	6.02	5.96	6.19	6.34
Inventory Turnover	4.04	4.29	4.38	4.55	4.41	4.58	4.43	4.35	4.28	4.49
Fixed Asset Turnover	5.57	5.65	6.05	6.37	6.05	5.79	5.86	5.80	5.71	5.41
Accounts Payable Turnover	5.53	5.87	5.64	6.37	6.11	6.07	5.65	5.94	6.09	6.25
Days Sales Outstanding (DSO)	62.46	59.75	61.77	56.80	57.35	57.78	60.61	61.25	58.96	57.60
Days Inventory Outstanding (DIO)	90.30	85.10	83.30	80.20	82.83	79.74	82.46	83.84	85.19	81.21
Days Payable Outstanding (DPO)	66.00	62.16	64.74	57.32	59.77	60.17	64.57	61.47	59.92	58.39
Cash Conversion Cycle (CCC)	86.76	82.70	80.33	79.67	80.40	77.35	78.50	83.62	84.24	80.42
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,934	13,748	14,334	14,881	14,293	12,059	12,111	14,068	14,755	14,214
Invested Capital Turnover	2.45	2.49	2.57	2.64	2.45	2.64	2.57	2.36	2.35	2.60
Increase / (Decrease) in Invested Capital	4,550	4,913	5,241	5,343	1,359	-1,689	-2,223	-813	462	2,155
Enterprise Value (EV)	32,094	37,225	37,536	38,325	35,172	36,388	44,809	42,395	48,815	51,765
Market Capitalization	27,540	32,452	32,825	33,781	31,537	33,179	41,765	37,878	44,375	47,822
Book Value per Share	$59.44	$63.64	$68.07	$73.02	$75.24	$62.44	$64.77	$69.83	$75.27	$74.87
Tangible Book Value per Share	$25.17	$27.97	$32.66	$37.79	$40.67	$27.03	$30.37	$34.03	$39.70	$40.46
Total Capital	17,725	18,080	18,633	19,056	19,142	16,600	16,936	18,079	18,928	18,367
Total Debt	8,115	7,855	7,752	7,700	7,464	6,696	6,835	7,503	7,587	7,059
Total Long-Term Debt	5,450	4,498	4,409	5,089	4,950	4,802	5,771	5,426	4,856	4,784
Net Debt	3,324	3,523	3,453	3,525	2,615	2,155	2,010	3,492	3,414	2,906
Capital Expenditures (CapEx)	202	463	193	221	280	519	169	240	259	540
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,568	3,814	4,349	4,662	4,236	1,448	1,947	3,712	4,193	3,529
Debt-free Net Working Capital (DFNWC)	6,533	6,387	6,788	6,976	7,300	4,189	4,998	5,895	6,444	5,793
Net Working Capital (NWC)	3,868	3,030	3,445	4,365	4,786	2,295	3,934	3,818	3,713	3,518
Net Nonoperating Expense (NNE)	12	99	-2.35	-66	57	300	-1,298	52	5.66	130
Net Nonoperating Obligations (NNO)	3,324	3,523	3,453	3,525	2,615	2,155	2,010	3,492	3,414	2,906
Total Depreciation and Amortization (D&A)	216	240	246	257	257	264	265	263	266	271
Debt-free, Cash-free Net Working Capital to Revenue	13.64%	13.59%	14.43%	14.48%	12.72%	4.25%	5.72%	10.86%	12.26%	10.35%
Debt-free Net Working Capital to Revenue	24.98%	22.75%	22.52%	21.67%	21.93%	12.30%	14.69%	17.25%	18.84%	16.99%
Net Working Capital to Revenue	14.79%	10.79%	11.43%	13.56%	14.38%	6.74%	11.57%	11.17%	10.86%	10.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.83	$4.46	$5.58	$5.08	$4.63	($10.10)	$14.10	$5.30	$5.90	$3.25
Adjusted Weighted Average Basic Shares Outstanding	141.10M	282.75M	141.50M	141.70M	141.80M	283.71M	141.30M	137.10M	137.20M	137.48M
Adjusted Diluted Earnings per Share	$2.82	$4.44	$5.55	$5.05	$4.59	($10.04)	$14.03	$5.26	$5.86	$3.22
Adjusted Weighted Average Diluted Shares Outstanding	142M	282.75M	142.40M	142.50M	142.80M	283.71M	142.10M	137.90M	138.10M	137.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	141.02M	282.75M	141.56M	141.65M	141.74M	283.71M	136.78M	137.05M	137.18M	137.48M
Normalized Net Operating Profit after Tax (NOPAT)	421	743	804	671	747	-1,093	730	804	849	575
Normalized NOPAT Margin	5.74%	9.57%	9.51%	7.77%	8.86%	-12.80%	8.69%	9.14%	10.04%	6.80%
Pre Tax Income Margin	8.29%	10.01%	12.17%	10.99%	10.41%	-14.40%	26.43%	11.11%	12.33%	7.84%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.97	11.05	12.83	9.24	10.05	-16.17	24.57	9.96	13.57	9.82
NOPAT to Interest Expense	6.90	8.54	9.24	6.78	7.70	-11.88	8.21	7.38	10.22	6.46
EBIT Less CapEx to Interest Expense	7.66	5.72	10.61	7.01	7.16	-21.82	22.67	7.76	10.45	3.75
NOPAT Less CapEx to Interest Expense	3.59	3.22	7.02	4.55	4.81	-17.53	6.31	5.18	7.10	0.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	41.93%	39.17%	33.90%	34.25%	31.46%	109.64%	45.49%	45.50%	42.91%	23.82%
Augmented Payout Ratio	69.98%	56.30%	33.90%	34.25%	37.68%	130.48%	45.49%	45.50%	42.91%	25.05%

Frequently Asked Questions About Cummins' Financials

When does Cummins's financial year end?

According to the most recent income statement we have on file, Cummins' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Cummins' net income changed over the last 9 years?

Cummins' net income appears to be on an upward trend, with a most recent value of $4.07 billion in 2024, rising from $1.47 billion in 2015. The previous period was $840 million in 2023.

What is Cummins's operating income?

Cummins's total operating income in 2024 was $3.75 billion, based on the following breakdown:

Total Gross Profit: $8.44 billion
Total Operating Expenses: $5.08 billion

How has Cummins revenue changed over the last 9 years?

Over the last 9 years, Cummins' total revenue changed from $19.11 billion in 2015 to $34.10 billion in 2024, a change of 78.5%.

How much debt does Cummins have?

Cummins' total liabilities were at $20.23 billion at the end of 2024, a 8.5% decrease from 2023, and a 174.0% increase since 2015.

How much cash does Cummins have?

In the past 9 years, Cummins' cash and equivalents has ranged from $1.12 billion in 2016 to $3.40 billion in 2020, and is currently $1.67 billion as of their latest financial filing in 2024.

How has Cummins' book value per share changed over the last 9 years?

Over the last 9 years, Cummins' book value per share changed from 41.70 in 2015 to 74.87 in 2024, a change of 79.6%.

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This page (NYSE:CMI) was last updated on 4/16/2025 by MarketBeat.com Staff

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