Cummins Inc.
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+ FollowMarket Cap$68.87B
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Earnings Call Q2 2026
August 4, 2026 - AI Summary
Q2 results were strong and beat the “cycle-over-cycle” theme
- Record Q2 sales: $9.5B, +9% YoY
- EBITDA: $1.7B (17.5% margin) vs $1.6B (18.4%) YoY
- Main drivers of higher EBITDA dollars: higher power generation volumes, joint venture earnings, and positive pricing
- Offsets / headwinds noted: tariffs (described as *immaterial to EBITDA dollars in Q2* by CFO) plus higher incentive compensation tied to record full-year projections
Capacity-constrained but high-demand “Power Systems” momentum is the standout opportunity
- Management repeatedly emphasized exceptionally strong data center backup / prime power demand
- North America power generation revenue: +19% YoY (data centers + additional capacity brought online end of 2025)
- China (incl. JVs): $2.3B, +30% YoY, driven by accelerating data center demand; also noted strong on/off-highway and construction improvement
- Power Gen revenues outlook: still expected +15% to +25% in 2026, but growth is constrained by capacity for large gensets—customers sometimes shifting toward smaller configurations
2026 outlook: raised again (good), with clearer end-market visibility (good/surprising)
- Full-year revenue growth forecast raised to: +10% to +13% (from prior +8% to +11%)
- EBITDA margin dollars guidance raised (midpoint): to ~18.0%–18.5%
- Underlying optimism attributed to: stronger North America on-highway, continued power generation, and improved China demand in multiple end markets (especially data centers)
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$176.43
62.6% downside
Current Fair Value
62.6% downsideOvervalued by 62.6% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $68.87 Billion |
|---|---|
| Enterprise Value | $74.98 Billion |
| Annual dividend | $8.20 |
| Dividend yield | 1.64% |
| Earnings per Share | $20.62 |
| Beta | 1.24 |
| Outstanding Shares | 138,100,000 |
Return
| Return on Equity | 21.13% |
|---|---|
| Return on Assets | 7.62% |
| Return on Invested Capital | 15.37% |
Valuation & Multiples
| P/E Ratio | 25.45 |
|---|---|
| PEG | 539.29 |
| Price to Sales | 1.88 |
| Price to Book Ratio | 4.72 |
| Enterprise Value to Revenue | 2.16 |
| Enterprise Value to EBIT | 19.55 |
| Enterprise Value to Net Income | 27 |
| Total Debt to Enterprise | 0.12 |
| Debt to Equity | 0.72 |
Revenue Sources
No data
Last Earnings Call
Report Date
August 4, 2026
EPS Estimate
$7.21
Consensus analyst estimateRevenue Estimate
$9.33 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 5, 2026
EPS Estimate
$8.21
Consensus analyst estimateRevenue Estimate
$9.87 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 10.00, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 10.0000▲ 889.54% |
|---|---|
| Total Calls | 600▼ 99.92% |
| Total Puts | 6,000▼ 99.26% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.76%▼ 80.13% |
|---|---|
| Total Invested | $3.98B▼ 95.28% |
| Investors Holding | 797▼ 1373.00% |
About Cummins Inc.
67,400 employees
CEO: Norman Linebarger
Cummins Inc. specializes in the development, production, global distribution, and maintenance of a wide array of power solutions, including diesel and natural gas engines, as well as cutting-edge electric and hybrid powertrain systems, a...