Cummins Inc. (CMI) intrinsic value & 10-year financials
Cummins Inc. (CMI) has a Graham intrinsic value of $433.31 per share. At $531.33 on Oct 17, 2026, the stock trades 23% above that value. Over the last 10 fiscal years revenue grew 7.5% a year to $33.7B, with an average return on invested capital of 21.4%.
- Graham intrinsic value
- $433.31
- Share price (Oct 17, 2026)
- $531.33
- Price vs Graham value
- 23% above
- Market cap
- $73.7B
- Revenue (FY2025)
- $33.7B
- Revenue growth (10-yr CAGR)
- 7.5%
- ROIC (10-yr avg)
- 21.4%
- Free cash flow (FY2025)
- $2.4B
CMI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $33.7B | $3.0B | $20.50 | $2.4B | 12.0% | 20.2% |
| FY2024 | $34.1B | $4.1B | $28.37 | $279.0M | 11.0% | 25.0% |
| FY2023 | $34.1B | $840.0M | $5.15 | $2.8B | 5.2% | 8.0% |
| FY2022 | $28.1B | $2.2B | $15.12 | $1.0B | 10.4% | 21.8% |
| FY2021 | $24.0B | $2.2B | $14.61 | $1.5B | 11.3% | 24.0% |
| FY2020 | $19.8B | $1.8B | $12.01 | $2.2B | 11.5% | 21.7% |
| FY2019 | $23.6B | $2.3B | $14.48 | $2.5B | 11.5% | 27.7% |
| FY2018 | $23.8B | $2.2B | $13.15 | $1.7B | 11.7% | 29.3% |
| FY2017 | $20.4B | $994.0M | $5.97 | $1.8B | 11.6% | 16.0% |
| FY2016 | $17.5B | $1.5B | $8.23 | $1.4B | 11.0% | 19.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cummins has demonstrated mature, steady growth, with revenue compounding at 7.5% annually over the past decade.
Cummins has earned high returns on invested capital, averaging 21.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Cummins shows that management has aggressively returned capital to shareholders by retiring 18.1% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Cummins is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $433.31 per share.