PerpEquities

Equity · Industrials

Is Cummins (CMI) tradable as a perp? Not yet

Cummins Inc. designs, manufactures, and services diesel, natural gas, electric, and hybrid powertrains, plus components, for diverse industries worldwide.

Not yet listed on any perp exchange

No perpetual-futures venue lists CMI yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

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Company data

Company fundamentals

Updated 58m ago
Market cap
$73.4B
Updated 58m ago
Revenue
$34.7B
Trailing 12 months
Revenue growth
+12%
Next fiscal year
Profit margin
+7.8%
P/E
27.1
Peer P/E 30.1
Free cash flow
$3.4B
Trailing 12 months
More metrics
Net income
$2.7B
Trailing 12 months
P/S
2.1
Peer P/E
30.1
Similar listed perps
Revenue estimate
$37.6B
Next fiscal year
Earnings
2026-11-05
Revenue est. $9.8B · Updated 58m ago
Dividend
$2.2
2026-08-21

Fundamental detail

Annual + quarterly
Latest revenue$33.7B
Net margin+8.4%
Free cash flow$2.4B
Net debt$5.3B
2020$19.8B
2021$24B
2022$28.1B
2023$34.1B
2024$34.1B
2025$33.7B
PeriodRevenueGrowthNet incomeFCF
2020$19.8B-16%$1.8B$2.1B
2021$24B+21%$2.1B$1.5B
2022$28.1B+17%$2.2B$1B
2023$34.1B+21%$735M$2.8B
2024$34.1B0%$3.9B$279M
2025$33.7B-1%$2.8B$2.4B
PeriodGross marginOperating marginNet marginROEROA
2020+24.7%+11.5%+9.0%+22.2%+7.9%
2021+23.7%+11.3%+8.9%+25.1%+9.0%
2022+23.9%+10.4%+7.7%+24.0%+7.1%
2023+24.2%+5.2%+2.2%+8.3%+2.3%
2024+24.7%+11.0%+11.6%+38.4%+12.5%
2025+25.3%+11.5%+8.4%+23.0%+8.4%
PeriodCashDebtNet debtCurrent ratio
2020$3.4B$4.6B$1.2B1.88
2021$2.6B$4.6B$2B1.74
2022$2.1B$8.4B$6.3B1.27
2023$2.2B$7.2B$5B1.18
2024$1.7B$7.6B$5.9B1.31
2025$2.8B$8.1B$5.3B1.76
PeriodMarket capEnterprise valueP/SP/E
2020$33.7B$34.9B1.718.8
2021$31.5B$33.6B1.314.8
2022$34.3B$40.5B1.215.9
2023$33.9B$39B1.046.2
2024$48.2B$54.1B1.412.2
2025$70.4B$75.7B2.124.8
Q3 2024$8.5B
Q4 2024$8.4B
Q1 2025$8.2B
Q2 2025$8.6B
Q3 2025$8.3B
Q4 2025$8.5B
Q1 2026$8.4B
Q2 2026$9.5B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$8.5B0%$809M$381M
Q4 2024$8.4B-1%$418M$882M
Q1 2025$8.2B-3%$824M-$165M
Q2 2025$8.6B-2%$890M$554M
Q3 2025$8.3B-2%$536M$1B
Q4 2025$8.5B+1%$593M$990M
Q1 2026$8.4B+3%$654M$120M
Q2 2026$9.5B+9%$932M$1.3B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+25.7%+12.4%+9.6%+7.8%+2.5%
Q4 2024+24.1%+8.7%+4.9%+4.1%+1.3%
Q1 2025+26.4%+13.9%+10.1%+7.5%+2.5%
Q2 2025+26.4%+14.2%+10.3%+7.5%+2.6%
Q3 2025+25.6%+12.0%+6.4%+4.4%+1.6%
Q4 2025+22.9%+7.5%+6.9%+4.8%+1.7%
Q1 2026+26.7%+11.3%+7.8%+5.3%+1.9%
Q2 2026+26.1%+13.5%+9.9%+7.3%+2.6%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$1.7B$8.1B$6.4B1.32
Q4 2024$1.7B$7.6B$5.9B1.31
Q1 2025$1.5B$8B$6.5B1.34
Q2 2025$2.3B$8.7B$6.4B1.64
Q3 2025$2.6B$8.2B$5.6B1.77
Q4 2025$2.8B$8.1B$5.3B1.76
Q1 2026$2.6B$8.2B$5.6B1.71
Q2 2026$3.2B$8.3B$5.1B1.73
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$44.4B$50.8B5.313.7
Q4 2024$47.9B$53.8B5.728.7
Q1 2025$43.1B$49.6B5.313.1
Q2 2025$45.1B$51.5B5.212.7
Q3 2025$58.2B$63.8B7.027.2
Q4 2025$70.5B$75.8B8.329.7
Q1 2026$74.4B$80B8.928.4
Q2 2026$98.5B$103.6B10.426.4

Refreshed 58m ago

Charts: revenue, profit, cash flow & valuation
Revenue$9.5BQ2 2026
$2.4B$4.7B$7.1B$9.5BQ3 2023: $8.4BQ4 2023: $8.5BQ1 2024: $8.4BQ2 2024: $8.8BQ3 2024: $8.5BQ4 2024: $8.4BQ1 2025: $8.2BQ2 2025: $8.6BQ3 2025: $8.3BQ4 2025: $8.5BQ1 2026: $8.4BQ2 2026: $9.5BQ3 2023Q2 2026
Net income$932MQ2 2026
-$575M$281M$1.1B$2BQ3 2023: $656MQ4 2023: -$1.4BQ1 2024: $2BQ2 2024: $726MQ3 2024: $809MQ4 2024: $418MQ1 2025: $824MQ2 2025: $890MQ3 2025: $536MQ4 2025: $593MQ1 2026: $654MQ2 2026: $932MQ3 2023Q2 2026
EBITDA$1.5BQ2 2026
-$11.8M$850.5M$1.7B$2.6BQ3 2023: $1.2BQ4 2023: -$874MQ1 2024: $2.6BQ2 2024: $1.3BQ3 2024: $1.4BQ4 2024: $1BQ1 2025: $1.5BQ2 2025: $1.6BQ3 2025: $1.2BQ4 2025: $1.1BQ1 2026: $1.2BQ2 2026: $1.5BQ3 2023Q2 2026
Free cash flow$1.3BQ2 2026
-$505.8M$79.5M$664.8M$1.3BQ3 2023: $1.2BQ4 2023: $940MQ1 2024: $107MQ2 2024: -$1.1BQ3 2024: $381MQ4 2024: $882MQ1 2025: -$165MQ2 2025: $554MQ3 2025: $1BQ4 2025: $990MQ1 2026: $120MQ2 2026: $1.3BQ3 2023Q2 2026
EPS$6.73Q2 2026
-$4.05$1.97$8$14Q3 2023: $4.59Q4 2023: -$10.1Q1 2024: $14Q2 2024: $5.26Q3 2024: $5.86Q4 2024: $3.02Q1 2025: $5.96Q2 2025: $6.42Q3 2025: $3.85Q4 2025: $4.27Q1 2026: $4.71Q2 2026: $6.73Q3 2023Q2 2026
Cash / Debt$3.2BQ2 2026
$2.2B$4.3B$6.5B$8.7BQ3 2023 · Cash: $2.4BQ3 2023 · Debt: $8BQ4 2023 · Cash: $2.2BQ4 2023 · Debt: $7.2BQ1 2024 · Cash: $2.5BQ1 2024 · Debt: $7.3BQ2 2024 · Cash: $1.6BQ2 2024 · Debt: $8BQ3 2024 · Cash: $1.7BQ3 2024 · Debt: $8.1BQ4 2024 · Cash: $1.7BQ4 2024 · Debt: $7.6BQ1 2025 · Cash: $1.5BQ1 2025 · Debt: $8BQ2 2025 · Cash: $2.3BQ2 2025 · Debt: $8.7BQ3 2025 · Cash: $2.6BQ3 2025 · Debt: $8.2BQ4 2025 · Cash: $2.8BQ4 2025 · Debt: $8.1BQ1 2026 · Cash: $2.6BQ1 2026 · Debt: $8.2BQ2 2026 · Cash: $3.2BQ2 2026 · Debt: $8.3BQ3 2023Q2 2026
CashDebt
Profitability+26.1%Q2 2026
-5.9%+5.0%+15.8%+26.7%Q3 2023 · Gross margin: +24.6%Q4 2023 · Gross margin: +23.4%Q1 2024 · Gross margin: +24.3%Q2 2024 · Gross margin: +24.9%Q3 2024 · Gross margin: +25.7%Q4 2024 · Gross margin: +24.1%Q1 2025 · Gross margin: +26.4%Q2 2025 · Gross margin: +26.4%Q3 2025 · Gross margin: +25.6%Q4 2025 · Gross margin: +22.9%Q1 2026 · Gross margin: +26.7%Q2 2026 · Gross margin: +26.1%Q3 2023 · Operating margin: +11.3%Q4 2023 · Operating margin: -14.2%Q1 2024 · Operating margin: +11.0%Q2 2024 · Operating margin: +11.9%Q3 2024 · Operating margin: +12.4%Q4 2024 · Operating margin: +8.7%Q1 2025 · Operating margin: +13.9%Q2 2025 · Operating margin: +14.2%Q3 2025 · Operating margin: +12.0%Q4 2025 · Operating margin: +7.5%Q1 2026 · Operating margin: +11.3%Q2 2026 · Operating margin: +13.5%Q3 2023 · Net margin: +7.8%Q4 2023 · Net margin: -16.8%Q1 2024 · Net margin: +23.7%Q2 2024 · Net margin: +8.3%Q3 2024 · Net margin: +9.6%Q4 2024 · Net margin: +4.9%Q1 2025 · Net margin: +10.1%Q2 2025 · Net margin: +10.3%Q3 2025 · Net margin: +6.4%Q4 2025 · Net margin: +6.9%Q1 2026 · Net margin: +7.8%Q2 2026 · Net margin: +9.9%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+9.4%Q2 2026
+0.3%+3.3%+6.4%+9.4%Q3 2024: +0.3%Q4 2024: -1.1%Q1 2025: -2.7%Q2 2025: -1.7%Q3 2025: -1.6%Q4 2025: +1.1%Q1 2026: +2.7%Q2 2026: +9.4%Q3 2023Q2 2026
Shares outstanding138.6MQ2 2026
35.7M71.4M107.1M142.8MQ3 2023: 142.8MQ4 2023: 141.9MQ1 2024: 142.1MQ2 2024: 137.9MQ3 2024: 138.1MQ4 2024: 138.4MQ1 2025: 138.3MQ2 2025: 138.4MQ3 2025: 138.6MQ4 2025: 139MQ1 2026: 138.8MQ2 2026: 138.6MQ3 2023Q2 2026
Valuation26.4Q2 2026
3.011.920.829.7Q3 2023 · P/E: 12.3Q4 2023 · P/E: -5.9Q1 2024 · P/E: 5.2Q2 2024 · P/E: 12.8Q3 2024 · P/E: 13.7Q4 2024 · P/E: 28.7Q1 2025 · P/E: 13.1Q2 2025 · P/E: 12.7Q3 2025 · P/E: 27.2Q4 2025 · P/E: 29.7Q1 2026 · P/E: 28.4Q2 2026 · P/E: 26.4Q3 2023 · P/S: 3.8Q4 2023 · P/S: 4.0Q1 2024 · P/S: 5.0Q2 2024 · P/S: 4.2Q3 2024 · P/S: 5.3Q4 2024 · P/S: 5.7Q1 2025 · P/S: 5.3Q2 2025 · P/S: 5.2Q3 2025 · P/S: 7.0Q4 2025 · P/S: 8.3Q1 2026 · P/S: 8.9Q2 2026 · P/S: 10.4Q3 2023Q2 2026
P/EP/S
Revenue$33.7B2025
$8.5B$17.1B$25.6B$34.1B2018: $23.8B2019: $23.6B2020: $19.8B2021: $24B2022: $28.1B2023: $34.1B2024: $34.1B2025: $33.7B20182025
Net income$2.8B2025
$986.5M$2B$3B$3.9B2018: $2.1B2019: $2.3B2020: $1.8B2021: $2.1B2022: $2.2B2023: $735M2024: $3.9B2025: $2.8B20182025
EBITDA$5.4B2025
$1.6B$3.2B$4.8B$6.3B2018: $3.5B2019: $3.6B2020: $3.1B2021: $3.5B2022: $3.8B2023: $3B2024: $6.3B2025: $5.4B20182025
Free cash flow$2.4B2025
$688.3M$1.4B$2.1B$2.8B2018: $1.6B2019: $2.4B2020: $2.1B2021: $1.5B2022: $1B2023: $2.8B2024: $279M2025: $2.4B20182025
EPS$20.52025
$7.09$14.2$21.3$28.42018: $13.22019: $14.52020: $122021: $14.62022: $15.12023: $5.152024: $28.42025: $20.520182025
Cash / Debt$2.8B2025
$2.1B$4.2B$6.3B$8.4B2018 · Cash: $1.3B2018 · Debt: $2.5B2019 · Cash: $1.1B2019 · Debt: $2.9B2020 · Cash: $3.4B2020 · Debt: $4.6B2021 · Cash: $2.6B2021 · Debt: $4.6B2022 · Cash: $2.1B2022 · Debt: $8.4B2023 · Cash: $2.2B2023 · Debt: $7.2B2024 · Cash: $1.7B2024 · Debt: $7.6B2025 · Cash: $2.8B2025 · Debt: $8.1B20182025
CashDebt
Profitability+25.3%2025
+6.3%+12.7%+19.0%+25.4%2018 · Gross margin: +24.1%2019 · Gross margin: +25.4%2020 · Gross margin: +24.7%2021 · Gross margin: +23.7%2022 · Gross margin: +23.9%2023 · Gross margin: +24.2%2024 · Gross margin: +24.7%2025 · Gross margin: +25.3%2018 · Operating margin: +11.7%2019 · Operating margin: +11.5%2020 · Operating margin: +11.5%2021 · Operating margin: +11.3%2022 · Operating margin: +10.4%2023 · Operating margin: +5.2%2024 · Operating margin: +11.0%2025 · Operating margin: +11.5%2018 · Net margin: +9.0%2019 · Net margin: +9.6%2020 · Net margin: +9.0%2021 · Net margin: +8.9%2022 · Net margin: +7.7%2023 · Net margin: +2.2%2024 · Net margin: +11.6%2025 · Net margin: +8.4%20182025
Gross marginOperating marginNet margin
Revenue growth-1.3%2025
-6.6%+2.7%+12.0%+21.3%2019: -0.8%2020: -16.0%2021: +21.3%2022: +16.9%2023: +21.3%2024: +0.1%2025: -1.3%20182025
Shares outstanding138.7M2025
40.7M81.4M122.1M162.8M2018: 162.8M2019: 156.1M2020: 149M2021: 145.9M2022: 142.3M2023: 142.7M2024: 139.1M2025: 138.7M20182025
Valuation24.82025
11.523.134.646.22018 · P/E: 10.12019 · P/E: 12.32020 · P/E: 18.82021 · P/E: 14.82022 · P/E: 15.92023 · P/E: 46.22024 · P/E: 12.22025 · P/E: 24.82018 · P/S: 0.92019 · P/S: 1.22020 · P/S: 1.72021 · P/S: 1.32022 · P/S: 1.22023 · P/S: 1.02024 · P/S: 1.42025 · P/S: 2.120182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 202629.54$37.6B+12%10
FY 202734.54$41B+22%12
FY 202840.40$44.3B+31%10
Q1 20277.73$9.4B+12%2
Q1 20277.58$9.2B+10%3
Q2 20278.66$10.3B+9%2

Company events

6
2026-11-05EarningsActual - / Estimate 8.2-
2026-08-21Dividend$2.2-
2026-08-04EarningsActual 6.73 / Estimate 7.21Miss
2026-05-22Dividend$2-
2026-05-05EarningsActual 6.15 / Estimate 5.63Beat
2026-02-20Dividend$2-

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
NOC$74.9B1.716.7+10.5%3HWM$91.9B10.149.2+20.5%1GD$95.5B1.721.2+8.2%2PWR$95.7B2.972.0+4.1%1VRT$96B8.455.2+15.1%13ROK$46.2B5.238.9+13.4%5SUMIELEC$41.3B1.216.2+7.6%2RKLB$37.4B48.6-233.2-21.5%23

Analyst track record

How the analysts covering CMI have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings101251
Analysts1724
Buy / hold / sell62 / 39 / 0113 / 126 / 12
Upgrades / downgrades / initiations5 / 1 / 312 / 8 / 7
Price targets hit / missed14 / 83 (14%)150 / 83 (64%)
Avg. return after a rating (TipRanks)-17.8%+27.7%
Best / worst call+36.1% / -41.9%+132.8% / -41.9%

After buy calls on this stock: median 21-day move +1.6% vs S&P 500 -0.1% (n = 110)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Kyle MengesCiti100% hit rate on this stock · 15 targets measuredBuytarget $790Aug 4, 2026
  2. Angel CastilloMorgan Stanley100% hit rate on this stock · 12 targets measuredBuytarget $761Aug 5, 2026

Latest ratings

DateAnalystCallTarget
Sep 3, 2026Chad DillardBernsteinHoldMaintained$700
Aug 31, 2026Chad DillardBernsteinHoldMaintained$700article ↗
Aug 24, 2026Unknown AnalystCICCBuyInitiated$781article ↗
Aug 24, 2026Stephen VolkmannJefferiesBuyMaintained$675article ↗
Aug 20, 2026Stephen VolkmannJefferiesBuyMaintained$775article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$450$500$550$600$650$700$750$800Oct 25 · Buy 6 · Hold 8 · Sell 0Oct 25Nov 25 · Buy 8 · Hold 8 · Sell 0Dec 25 · Buy 10 · Hold 7 · Sell 0Dec 25Jan 26 · Buy 9 · Hold 8 · Sell 0Feb 26 · Buy 8 · Hold 7 · Sell 0Feb 26Mar 26 · Buy 7 · Hold 7 · Sell 0Apr 26 · Buy 7 · Hold 7 · Sell 0Apr 26May 26 · Buy 8 · Hold 6 · Sell 0Jun 26 · Buy 9 · Hold 5 · Sell 0Jun 26Jul 26 · Buy 9 · Hold 4 · Sell 0Aug 26 · Buy 11 · Hold 4 · Sell 0Aug 26Sep 26 · Buy 11 · Hold 4 · Sell 0Oct 25 · avg. target $444Nov 25 · avg. target $507Dec 25 · avg. target $519Jan 26 · avg. target $548Feb 26 · avg. target $607Mar 26 · avg. target $617Apr 26 · avg. target $632May 26 · avg. target $736Jun 26 · avg. target $772Jul 26 · avg. target $781Aug 26 · avg. target $770Sep 26 · avg. target $770Oct 25 · month-end close $438Nov 25 · month-end close $498Dec 25 · month-end close $510Jan 26 · month-end close $579Feb 26 · month-end close $584Mar 26 · month-end close $538Apr 26 · month-end close $671May 26 · month-end close $647Jun 26 · month-end close $713Jul 26 · month-end close $634Aug 26 · month-end close $564Sep 26 · month-end close $524

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 18, 2026 · 101 ratings