CMICUMMINS INC

Engines & Turbines

Revenue: $33.7B; 1.3% YoY
Operating margin: 12.0%; 8.7% YoY
EBITDA: $5.1B; 6.5% YoY
Market cap: $68.8B
Employees: —
Net debt / EBITDA: 0.7×; $3.6B net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
348% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 64th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$68.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$38M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$24.0B	$28.1B	$34.1B	$34.1B	$33.7B	1.3%
Operating income	$2.7B	$2.9B	$1.8B	$3.8B	$4.0B	7.3%
Operating cash flow	$2.3B	$2.0B	$4.0B	$1.5B	$3.6B	144%
Capex	$734M	$916M	$1.2B	$1.2B	$1.2B	2.2%
Stock-based comp	$37M	$33M	$79M	$100M	$93M	7.0%
Buybacks	$1.4B	$374M	$0	$0	—
Dividends	$809M	$855M	$921M	$969M	$1.1B	8.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $38M · 56
Net: −$38M

Pay vs performance

No pay-versus-performance disclosure yet.