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Cummins Inc.

CMI

Industrials · 556.38 +1.1% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:55 GMT-4

Market read

Cummins Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 12 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 24 directly disclosed connections are confirming.

Company+1.1% todayVolume comparison unavailable
Market group0 of 12 activeIndustrial-Tech Mix · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • Power-generation demand, especially from data centers, is growing while heavy-duty truck demand is falling in North America.
  • Power Systems segment EBITDA rose $188M year-over-year, attributed to higher volumes, improved leverage, lower net tariff costs and favorable pricing.

Invalidation: The isolated read changes if CMI's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Industrials · Specialty Industrial Machinery

No new filing conclusion is available. 0 of 12 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 24 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Power-generation demand, especially from data centers, is growing while heavy-duty truck demand is falling in North America.
  • Power Systems segment EBITDA rose $188M year-over-year, attributed to higher volumes, improved leverage, lower net tariff costs and favorable pricing.

Company research

Understand the business, not just the ticker

As of Sep 12, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements253
Verified relationships20
Evidence supporting the case
  • Data center and AI demand has repeated favorable evidence across 5 filings.
  • Pricing and mix has repeated favorable evidence across 5 filings.
  • Tariffs and trade policy has repeated favorable evidence across 5 filings.
  • Foreign exchange has repeated favorable evidence across 4 filings.
Evidence challenging the case
  • Latest annual revenue changed -1.3% year over year.
  • Credit and interest rates has repeated adverse evidence across 5 filings.
Questions before a position
  • EV/sales is 24% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

556.38
6m+3.3%12m+37.3%24m+89.6%
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$24.0B+21.3%$14.61-2.1%
2022-12-31$28.1B+16.9%$15.12-2.5%
2023-12-31$34.1B+21.3%$5.15+0.3%
2024-12-31$34.1B+0.1%$28.37-2.5%
2025-12-31$33.7B-1.3%$20.50-0.3%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 5 filings
“Net cash used in financing activities increased $1,465 million for the six months ended June 30, 2026, versus the comparable period in 2025, primarily due to lower proceeds from borrowings of $1,826 million and higher repurchases of common stock of $468 milli…”
10-Q · Aug 4, 2026 ↗
Data center and AI demandpositive · 5 filings
“Distribution segment sales for the six months ended June 30, 2026, increased $494 million versus the comparable period in 2025, mainly due to increased demand in power generation equipment in North America, especially in data center and commercial application…”
10-Q · Aug 4, 2026 ↗
Demand and volumemixed · 5 filings
“Power Systems segment EBITDA for the six months ended June 30, 2026, increased $310 million versus the comparable period in 2025, mainly due to higher volumes and improved operational leverage.”
10-Q · Aug 4, 2026 ↗
Pricing and mixmixed · 5 filings
“The increase in gross margin was primarily due to higher volumes and favorable pricing, partially offset by increased compensation expenses.”
10-Q · Aug 4, 2026 ↗

Valuation discipline

Descriptive valuation snapshot

Price/sales 2.3× · EV/sales 2.3×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

556.38+1.1% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for CMI. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for CMI. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind CMI

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

STLAStellantis N.V.partnerMay 5, 2026 ▾

“We have long-standing relationships with many of the leading manufacturers in the markets we serve, including PACCAR Inc., Traton Group, Daimler Trucks AG and Stellantis N.V.”

PCARPACCAR IncsupplierFeb 10, 2026 ▾

“We have long-standing relationships with many of the leading manufacturers in the markets we serve, including PACCAR Inc., Traton Group, Daimler Trucks AG and Stellantis N.V.”

Depended on by

ATMU18.8% of ATMUcustomerFeb 13, 2026 ▾

“Risks Related to Our Business Operations • Significant customer concentration among Cummins, PACCAR, and the Traton Group.”

Filing peers

ALSNPSIX

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 21 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

CMI is currently a Early Follower in the organic co-movement group Industrial-Tech Mix. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for CMI; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.