Company Valuation: Cummins Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 31,201 34,168 33,958 47,822 70,461 77,195 - -
Change - 9.51% -0.62% 40.83% 47.34% 9.56% - -
Enterprise Value (EV) 1 32,173 39,450 38,475 52,617 74,404 80,740 79,119 75,885
Change - 22.62% -2.47% 36.76% 41.41% 8.52% -2.01% -4.09%
P/E 14.9x 16x 46.5x 12.3x 24.9x 19.6x 16.6x 14.6x
PBR 3.67x 3.81x 3.86x 4.72x 5.73x 5.43x 4.56x 3.87x
PEG - 4.58x -0.7x 0x -0.9x 0.5x 0.9x 1.1x
Capitalization / Revenue 1.3x 1.22x 1x 1.4x 2.09x 2.05x 1.89x 1.74x
EV / Revenue 1.34x 1.41x 1.13x 1.54x 2.21x 2.15x 1.94x 1.71x
EV / EBITDA 9.14x 10.4x 7.41x 9.8x 12.7x 11.8x 10.2x 8.85x
EV / EBIT 11.9x 13.5x 9.77x 14x 16.6x 14.4x 12.4x 10.5x
EV / FCF 21.1x 37.7x 14x 189x 31.2x 24.8x 19.9x 16.3x
FCF Yield 4.73% 2.65% 7.16% 0.53% 3.21% 4.04% 5.03% 6.14%
Dividend per Share 2 5.6 6.04 6.5 7 7.64 8.356 9.036 9.602
Rate of return 2.57% 2.49% 2.71% 2.01% 1.5% 1.49% 1.61% 1.71%
EPS 2 14.61 15.12 5.15 28.37 20.5 28.57 33.73 38.39
Distribution rate 38.3% 39.9% 126% 24.7% 37.3% 29.2% 26.8% 25%
Net sales 1 24,021 28,074 34,065 34,102 33,670 37,618 40,873 44,250
EBITDA 1 3,521 3,799 5,195 5,369 5,843 6,862 7,748 8,579
EBIT 1 2,706 2,929 3,939 3,750 4,483 5,590 6,398 7,206
Net income 1 2,131 2,151 735 3,946 2,843 3,954 4,634 5,212
Net Debt 1 972 5,282 4,517 4,795 3,943 3,544 1,924 -1,310
Reference price 2 218.14 242.29 239.57 348.60 510.45 560.75 560.75 560.75
Nbr of stocks (in thousands) 143,032 141,022 141,745 137,182 138,036 137,664 - -
Announcement Date 2/3/22 2/6/23 2/6/24 2/4/25 2/5/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
19.63x2.15x11.77x1.49% 77.2B
53.58x9.62x48.22x1.28% 14.8B
27.18x2.6x15.95x-.--% 10.34B
14.66x1.65x9.03x1.14% 5.22B
76.16x - - 0.76% 4.99B
17.13x2.28x11.24x0.46% 3.94B
39.01x - - - 3.14B
21.63x - - 2.13% 2.8B
14.36x0.28x3.7x1.71% 1.9B
-11.78x0.54x4.13x-.--% 1.66B
Average 27.16x 2.73x 14.86x 1% 12.6B
Weighted average by Cap. 26.22x 3.08x 16.45x 1.26%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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