Cummins Inc. Financial Ratios — CMI Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	36.37	27.2	21.02	21.64	18.46	19.52	14.14	29.31	30.43	22.98	26.3	25.13	8.25	41.27	25.14
Return on Assets (%)	16.75	13.59	10.87	10.83	9.06	9.25	6.04	11.53	11.65	8.45	9.2	7.97	2.36	12.42	8.68
Return on Capital (%)	28.74	21.95	16.23	16.62	14.35	15.03	10.81	20.91	21.2	14.79	15.82	13.95	4.62	22.94	14.71
Return on Invested Capital (%)	23.99	19.51	14.95	14.74	16.01	14.22	8.55	17.73	17.62	11.22	12.26	12.03	3.62	15.16	13.98
Gross Margin (%)	25.43	25.48	24.74	25.29	25.89	25.46	24.97	24.13	25.37	24.7	23.71	23.93	24.22	24.75	25.29
EBITDA Margin (%)	13.55	12.97	12.5	12.87	13.77	12.92	12.53	12.63	13.41	12.72	11.91	11.98	6.76	13.01	14.76
Operating Margin (%)	11.75	10.89	10.15	10.5	11.08	9.9	9.68	10.06	10.56	9.32	9.16	9.19	3.75	9.89	11.48
Incremental Operating Margin (%)	18.04	32.77	396.97	13.65	-90.09	24.05	8.36	12.41	-48.5	17.07	8.38	9.38	-21.73	5,659.46	-114.12
Pretax Margin (%)	14.8	13.1	12.25	12.66	10.6	11.02	11.58	11.58	12.02	11.8	11.45	10.04	4.77	14.38	11.77
Profit Margin (%)	10.24	9.49	8.57	8.59	7.32	7.96	4.89	9.01	9.59	9.03	8.87	7.66	2.16	11.57	8.44
Net Income to Common Margin (%)	10.24	9.49	8.57	8.59	7.32	7.96	4.89	9.01	9.59	9.03	8.87	7.66	2.16	11.57	8.44
Effective Tax Rate (%)	27.14	23.47	25.06	28.68	27.41	24.56	57.97	20.56	19.97	22.54	21.34	22.56	48.34	17.03	25.38
Dvd Payout Ratio (%)	12.48	18.57	24.81	28.12	40.36	44.53	70.88	32.15	33.44	42.66	36.82	38.6	97.46	23.13	34.35
Sustainable Growth Rate (%)	31.83	22.15	15.8	15.56	11.01	10.83	4.12	19.89	20.25	13.18	16.61	15.43	0.21	31.73	16.5

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	783	775	1,740	1,686	1,639	1,856	2,006	2,476	2,868	4,617	4,613	8,355	7,208	7,598	8,114
ST Debt	125	77	68	109	63	288	418	879	922	682	708	3,489	2,032	2,405	898
LT Debt	658	698	1,672	1,577	1,576	1,568	1,588	1,597	1,946	3,935	3,905	4,866	5,176	5,193	7,216
Total Debt/EBITDA	0.32	0.34	0.8	0.68	0.62	0.82	0.78	0.82	0.91	1.83	1.61	2.48	3.13	1.71	1.63
Net Debt/EBITDA	-0.29	-0.26	-0.44	-0.25	-0.03	0.33	0.25	0.39	0.39	0.3	0.55	1.71	1.96	1.21	0.95
Total Debt/EBIT	0.37	0.41	0.99	0.84	0.77	1.07	1.01	1.04	1.15	2.5	2.1	3.24	5.64	2.25	2.1
Net Debt/EBIT	-0.33	-0.31	-0.55	-0.3	-0.03	0.42	0.32	0.49	0.5	0.41	0.71	2.23	3.53	1.6	1.22
EBITDA to Interest Expense	55.59	70.25	52.76	38.64	40.49	32.8	31.6	26.34	29	25.2	25.78	16.9	6.14	11.99	15.11
EBITDA-CapEx/Interest Expense	54.23	67.53	51.2	37.78	39.65	31.88	30.6	25.68	28.31	24.73	25.32	16.9	6.14	11.99	15.11
EBIT to Interest Expense	48.2	58.97	42.83	31.53	32.58	25.12	24.41	20.98	22.83	18.47	19.82	12.96	3.41	9.11	11.75
Interest Expense	44	32	41	64	65	69	81	114	109	100	111	199	375	370	329
Common Equity/Total Assets	47.07	52.62	50.99	49.16	48.94	45.8	40.16	38.55	38.04	35.63	34.36	29.62	27.65	32.56	36.33
Long-Term Debt/Equity (%)	11.28	10.01	21.25	19.49	20.34	21.86	19.45	19.34	22.99	43.78	41.54	47.59	52.26	45.92	53.82
Long-Term Debt/Capital (%)	9.95	9.01	17.4	16.13	16.79	17.36	15.61	14.88	17.17	28.92	27.86	26.19	30.25	27.47	33.53
Long-Term Debt/Total Assets (%)	5.64	5.56	11.35	10	10.41	10.45	8.79	8.38	9.86	17.39	16.47	16.06	16.17	16.46	21.23
Total Debt/Equity (%)	13.43	11.11	22.11	20.83	21.15	25.87	24.57	29.98	33.88	51.36	49.07	81.71	72.78	67.19	60.52
Total Debt/Capital (%)	11.84	10	18.11	17.24	17.46	20.55	19.72	23.06	25.31	33.93	32.92	44.97	42.12	40.19	37.7
Total Debt/Total Assets (%)	6.71	6.18	11.81	10.7	10.83	12.36	11.1	12.99	14.53	20.41	19.46	27.58	22.52	24.09	23.87
Net Debt to Equity	-12.02	-8.52	-12.19	-7.6	-0.93	10.26	7.8	14.2	14.62	8.49	16.67	56.27	45.61	47.65	35.11
Net Debt/Capital (%)	-13.66	-9.31	-13.88	-8.22	-0.94	9.3	7.24	12.44	12.13	7.48	13.72	34.92	30.25	31.26	25.2
EBITDA	2,446	2,248	2,163	2,473	2,632	2,263	2,560	3,003	3,161	2,520	2,862	3,364	2,302	4,437	4,970
EBITDA-CapEx	2,386	2,161	2,099	2,418	2,577	2,200	2,479	2,928	3,086	2,473	2,810	3,364	2,302	4,437	4,970
Operating Income (Loss)	2,121	1,887	1,756	2,018	2,118	1,733	1,977	2,392	2,489	1,847	2,200	2,580	1,278	3,372	3,865

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.48	0.52	0.85	0.6	0.48	0.32	0.28	0.24	0.23	0.61	0.45	0.23	0.21	0.2	0.38
Current Ratio	1.94	2.29	2.57	2.25	2.09	1.78	1.57	1.54	1.5	1.88	1.74	1.27	1.18	1.31	1.76
Quick Ratio	1.17	1.3	1.63	1.33	1.22	1.02	0.91	0.84	0.82	1.21	1.01	0.68	0.65	0.66	0.98
CFO/Avg Current Liab	0.6	0.45	0.64	0.61	0.53	0.48	0.46	0.39	0.5	0.43	0.34	0.21	0.33	0.12	0.35
Common Equity/Total Assets	47.07	52.62	50.99	49.16	48.94	45.8	40.16	38.55	38.04	35.63	34.36	29.62	27.65	32.56	36.33
Long-Term Debt/Equity (%)	11.28	10.01	21.25	19.49	20.34	21.86	19.45	19.34	22.99	43.78	41.54	47.59	52.26	45.92	53.82
Long-Term Debt/Capital (%)	9.95	9.01	17.4	16.13	16.79	17.36	15.61	14.88	17.17	28.92	27.86	26.19	30.25	27.47	33.53
Long-Term Debt/Total Assets (%)	5.64	5.56	11.35	10	10.41	10.45	8.79	8.38	9.86	17.39	16.47	16.06	16.17	16.46	21.23
Total Debt/Equity (%)	13.43	11.11	22.11	20.83	21.15	25.87	24.57	29.98	33.88	51.36	49.07	81.71	72.78	67.19	60.52
Total Debt/Capital (%)	11.84	10	18.11	17.24	17.46	20.55	19.72	23.06	25.31	33.93	32.92	44.97	42.12	40.19	37.7
Total Debt/Total Assets (%)	6.71	6.18	11.81	10.7	10.83	12.36	11.1	12.99	14.53	20.41	19.46	27.58	22.52	24.09	23.87
CFO/Total Liabilities	35.51	27.48	30.46	29.54	27.97	24.74	22.97	22.01	28.22	19.96	15.77	9.77	17.94	7.35	17.59
CFO/CapEx	34.55	17.61	32.64	41.2	37.55	30.78	28.11	31.71	42.41	57.91	43.38	- -	- -	- -	- -
Altman's Z-Score	5.13	5.51	5.26	5.09	4.43	4.77	4.7	4.34	4.63	4.14	4.14	3.61	3.37	4.35	4.99

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	8.62	7.33	6.75	6.87	6.63	5.99	6.15	6.35	6.5	5.8	6.86	6.4	6.32	6.34	6.12
Days Sales Outstanding	42.34	49.77	54.05	53.12	55.07	60.92	59.35	57.46	56.16	62.89	53.22	56.99	57.78	57.6	59.62
Inventory Turnover	6.54	5.92	5.66	5.47	5.08	4.85	5.25	5.21	4.86	4.32	4.71	4.29	4.58	4.49	4.35
Days Inventory Outstanding	55.84	61.62	64.5	66.68	71.81	75.26	69.54	70.08	75.16	84.55	77.48	85.1	79.74	81.21	83.9
Accounts Payable Turnover	9.37	9.01	9.1	8.64	7.81	7.31	7.14	6.9	6.47	5.55	6.59	6.22	6.08	6.27	6.51
Accounts Payable Turnover Days	38.96	40.51	40.1	42.27	46.75	49.9	51.14	52.92	56.44	65.77	55.36	58.72	60	58.24	56.06
Cash Conversion Cycle	59.22	70.89	78.45	77.54	80.13	86.28	77.75	74.62	74.88	81.67	75.34	83.37	77.52	80.57	87.46
Inventory to Cash Days	-13.5	-11.86	-10.45	-13.56	-16.75	-14.34	-10.2	-12.62	-19.01	-21.66	-24.26	-28.11	-21.96	-23.6	-24.28
Inventories	2,141	2,221	2,381	2,866	2,707	2,675	3,166	3,759	3,486	3,425	4,355	5,603	5,677	5,742	5,822
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	1,019	939	1,005	1,129	1,022	1,005	1,216	1,487	1,395	1,346	2,009	2,926	3,156	3,086	2,987
Finished Goods	1,220	1,393	1,487	1,859	1,796	1,779	2,078	2,405	2,214	2,216	2,538	2,917	2,770	2,875	3,091
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	16,900	20,565	26,319	26,268	15,419	22,988	29,269	21,115	26,969	33,533	31,085	34,236	33,971	47,898	70,512
- Cash & Cash Equivalents	1,484	1,369	2,699	2,301	1,711	1,120	1,369	1,303	1,129	3,401	2,592	2,101	2,179	1,671	2,845
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	339	371	360	344	344	299	905	911	958	927	1,255	1,250	1,054	1,037	1,059
+ Total Debt	783	775	1,740	1,686	1,639	1,856	2,006	2,476	2,868	4,617	4,613	8,355	7,208	7,598	8,114
Enterprise Value	16,261	20,095	25,570	25,904	15,591	23,763	30,613	22,977	29,325	35,215	33,766	41,268	39,492	54,269	76,076
Total Capital	6,614	7,749	9,610	9,779	9,389	9,030	10,170	10,735	11,333	13,606	14,014	18,580	17,112	18,906	21,522
Total Debt/Capital (%)	11.84	10	18.11	17.24	17.46	20.55	19.72	23.06	25.31	33.93	32.92	44.97	42.12	40.19	37.7
Total Debt / EV	0.05	0.04	0.07	0.07	0.11	0.08	0.07	0.11	0.1	0.13	0.14	0.2	0.18	0.14	0.11
EV/Sales	0.9	1.16	1.48	1.35	0.82	1.36	1.5	0.97	1.24	1.78	1.41	1.47	1.16	1.59	2.26
EV/EBITDA	6.65	8.94	11.82	10.47	5.92	10.5	11.96	7.65	9.28	13.97	11.8	12.27	17.16	12.23	15.31
EV/EBIT	7.67	10.65	14.56	12.84	7.36	13.71	15.48	9.61	11.78	19.07	15.35	16	30.9	16.09	19.68
EV/Cash Flow to Firm	7.72	12.91	12.06	11.21	7.38	11.93	13.25	9.31	8.97	12.58	14.41	19.5	9.49	30.25	19.68
EV/Free Cash Flow to Firm	7.51	12.23	11.71	10.95	7.19	11.57	12.8	9.03	8.77	12.37	14.1	19.5	9.49	30.25	19.68
Diluted Market Cap	17,041	20,554	26,418	26,398	15,701	23,138	29,552	21,757	27,936	33,838	31,827	34,478	34,187	48,490	70,799
Diluted Enterprise Value	16,679	20,331	25,819	26,127	15,973	24,173	31,094	23,841	30,633	35,981	35,103	41,982	40,270	55,454	77,127
EV per Share	84.69	105.87	136.96	142.17	88.99	141.28	184.75	145.42	194.59	238.49	236.95	292.06	278.51	394.97	550.73
TTM Sales	18,048	17,334	17,301	19,221	19,110	17,509	20,428	23,771	23,571	19,811	24,021	28,074	34,065	34,102	33,670
TTM EBITDA	2,446	2,248	2,163	2,473	2,632	2,263	2,560	3,003	3,161	2,520	2,862	3,364	2,302	4,437	4,970
TTM Operating Income	2,121	1,887	1,756	2,018	2,118	1,733	1,977	2,392	2,489	1,847	2,200	2,580	1,278	3,372	3,865
TTM Cash Flow to Firm	2,105	1,556	2,120	2,312	2,112	1,991	2,311	2,469	3,268	2,799	2,343	2,116	4,160	1,794	3,866
TTM Free Cash Flow to Firm	2,165	1,643	2,184	2,367	2,167	2,054	2,392	2,544	3,343	2,846	2,395	2,116	4,160	1,794	3,866

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	7.99	12.7	12.27	11.37	7.41	11.56	12.53	8.87	8.58	12.22	13.79	17.57	8.62	32.61	19.55
EV/EBIT	7.67	10.65	14.56	12.84	7.36	13.71	15.48	9.61	11.78	19.07	15.35	16	30.9	16.09	19.68
Enterprise Value	16,261	20,095	25,570	25,904	15,591	23,763	30,613	22,977	29,325	35,215	33,766	41,268	39,492	54,269	76,076
Low Price	79.53	82.2	103.41	122.64	84.99	79.88	134.06	124.4	130.03	101.03	203.38	184.28	203.18	226.53	260.02
EV/Sales	0.9	1.16	1.48	1.35	0.82	1.36	1.5	0.97	1.24	1.78	1.41	1.47	1.16	1.59	2.26
EV/EBITDA	6.65	8.94	11.82	10.47	5.92	10.5	11.96	7.65	9.28	13.97	11.8	12.27	17.16	12.23	15.31
Price/Earnings	9.19	12.47	17.78	15.95	11.2	16.57	29.46	10.12	12.31	18.81	14.8	15.94	46.19	12.21	24.76
Price/Earnings Average	10.46	11.86	15.31	15.94	15.93	14.12	26.52	11.42	11.18	15.34	16.41	14.26	45.27	10.45	18.39
Price/Earnings High	12.69	14.9	17.83	17.82	18.84	17.83	30.32	14.71	12.84	20.27	18.8	16.71	51.14	13.59	25.54
Price/Earnings Low	8.31	9.46	13.04	13.57	10.81	9.68	22.36	9.42	8.94	8.37	13.8	12.12	39.17	7.93	12.61
Price/Book Value	3.08	3.11	3.5	3.39	2.08	3.34	4.03	2.87	3.59	4.16	3.82	3.81	3.84	4.66	5.71
Price/Book Value Average	3.5	2.96	3.02	3.39	2.96	2.85	3.63	3.24	3.26	3.39	4.23	3.41	3.76	3.99	4.24
Price/Book Value High	4.25	3.72	3.51	3.79	3.5	3.6	4.15	4.18	3.75	4.48	4.85	4	4.25	5.19	5.89
Price/Book Value Low	2.78	2.36	2.57	2.88	2.01	1.95	3.06	2.67	2.61	1.85	3.56	2.9	3.26	3.03	2.91
Price/Tangible Book Value	3.43	3.55	3.93	3.79	2.34	3.79	5.62	3.97	5.17	5.78	5.22	8.68	8.87	8.63	8.86
Price/Tangible Book Value Average	3.9	3.38	3.39	3.79	3.33	3.23	5.06	4.48	4.7	4.71	5.78	7.76	8.69	7.38	6.58
Price/Tangible Book Value High	4.74	4.25	3.94	4.24	3.93	4.08	5.79	5.77	5.39	6.22	6.63	9.1	9.82	9.6	9.14
Price/Tangible Book Value Low	3.1	2.7	2.89	3.23	2.26	2.22	4.27	3.7	3.76	2.57	4.86	6.6	7.52	5.61	4.51
Price/Sales	0.94	1.18	1.52	1.37	0.82	1.32	1.44	0.91	1.18	1.7	1.31	1.22	1	1.41	2.09
Price/Sales Average	1.07	1.13	1.31	1.37	1.17	1.12	1.3	1.03	1.07	1.39	1.46	1.09	0.98	1.21	1.55
Price/Sales High	1.3	1.41	1.53	1.53	1.38	1.42	1.48	1.32	1.23	1.83	1.67	1.28	1.1	1.57	2.16
Price/Sales Low	0.85	0.9	1.12	1.17	0.79	0.77	1.09	0.85	0.86	0.76	1.22	0.93	0.85	0.92	1.06
Price/Cash Flow	8.19	13.39	12.62	11.62	7.59	11.91	12.92	9.12	8.74	12.36	13.98	17.47	8.56	32.4	19.44
Price/Cash Flow Average	9.33	12.74	10.87	11.61	10.79	10.15	11.64	10.28	7.94	10.08	15.5	15.63	8.39	27.72	14.44
Price/Cash Flow High	11.31	16	12.66	12.98	12.76	12.82	13.3	13.24	9.12	13.32	17.76	18.33	9.48	36.05	20.05
Price/Cash Flow Low	7.4	10.16	9.26	9.89	7.33	6.96	9.81	8.49	6.35	5.5	13.04	13.29	7.26	21.05	9.9
Price/Free Cash Flow Average	9.09	12.08	10.57	11.36	10.54	9.85	11.28	10	7.79	9.97	15.29	15.72	8.45	27.9	14.52
Price/Free Cash Flow High	11.03	15.17	12.31	12.7	12.46	12.44	12.9	12.89	8.95	13.17	17.52	18.43	9.54	36.29	20.17
Price/Free Cash Flow Low	7.22	9.63	9	9.67	7.15	6.76	9.51	8.26	6.23	5.44	12.86	13.37	7.31	21.19	9.96
EV/Sales Average	1.05	1.12	1.28	1.35	1.16	1.18	1.37	1.09	1.15	1.49	1.57	1.36	1.16	1.41	1.74
EV/Sales High	1.27	1.41	1.49	1.51	1.37	1.47	1.55	1.38	1.31	1.93	1.78	1.55	1.28	1.77	2.35
EV/Sales Low	0.83	0.89	1.08	1.15	0.79	0.83	1.16	0.91	0.95	0.86	1.34	1.19	1.02	1.12	1.25
EV/EBITDA Average	7.72	8.6	10.2	10.5	8.44	9.11	10.9	8.62	8.6	11.7	13.18	11.34	17.11	10.81	11.81
EV/EBITDA High	9.39	10.84	11.93	11.75	9.96	11.39	12.37	10.91	9.76	15.19	14.94	12.9	18.98	13.58	15.91
EV/EBITDA Low	6.09	6.84	8.65	8.93	5.76	6.39	9.28	7.24	7.05	6.77	11.27	9.97	15.16	8.58	8.5
EV/EBIT Average	8.9	10.25	12.57	12.87	10.49	11.9	14.11	10.83	10.93	15.97	17.15	14.78	30.82	14.22	15.19
EV/EBIT High	10.83	12.91	14.69	14.4	12.37	14.87	16.02	13.7	12.39	20.72	19.44	16.82	34.19	17.87	20.45
EV/EBIT Low	7.03	8.15	10.65	10.94	7.16	8.35	12.02	9.09	8.96	9.24	14.66	13	27.3	11.3	10.93
Last Price	88.02	108.35	140.97	144.17	88.01	136.67	176.64	133.64	178.96	227.1	218.14	242.29	239.57	348.6	510.45
High Price	121.49	129.51	141.39	161.03	148.04	147.1	181.79	194.18	186.73	244.67	277.09	254.09	265.28	387.9	526.5
Enterprise Value Average	18,872	19,341	22,065	25,968	22,213	20,624	27,897	25,896	27,197	29,490	37,732	38,132	39,383	47,948	58,699
Enterprise Value High	22,964	24,358	25,799	29,069	26,209	25,777	31,665	32,764	30,837	38,270	42,761	43,407	43,700	60,261	79,057
Enterprise Value Low	14,908	15,379	18,708	22,074	15,162	14,471	23,756	21,739	22,293	17,061	32,258	33,543	34,894	38,089	42,246

Shares Outstanding	192	190	187	182	175	168	166	158	151	148	142	141	142	137	138
Diluted Weighted Avg Shares	194	190	187	183	178	169	167	163	156	149	146	142	143	139	139
Basic Weighted Avg Shares	193	189	187	183	178	169	167	162	155	148	145	142	142	138	138
Revenue per Share	93.51	91.57	92.52	105.21	107.36	103.6	122.62	146.55	151.68	133.68	166.12	198.4	240.4	246.76	244.16
EBITDA per Share	12.67	11.88	11.57	13.54	14.79	13.39	15.37	18.51	20.34	17	19.79	23.77	16.25	32.11	36.04
Operating Income per Share	10.99	9.97	9.39	11.05	11.9	10.25	11.87	14.75	16.02	12.46	15.21	18.23	9.02	24.4	28.03
Basic EPS, GAAP	9.58	8.69	7.93	9.04	7.86	8.25	6	13.2	14.54	12.07	14.74	15.2	5.19	28.55	20.62
Basic EPS from Cont Ops	10.08	9.18	8.49	9.5	8.26	8.62	5.97	13.48	14.59	12.22	14.97	15.43	5.93	29.44	21.44
Diluted EPS, GAAP	9.55	8.67	7.91	9.02	7.84	8.23	5.97	13.15	14.48	12.01	14.61	15.12	5.15	28.37	20.5
Diluted EPS from Cont Ops	10.05	9.16	8.47	9.48	8.24	8.6	5.94	13.43	14.53	12.15	14.83	15.34	5.89	29.25	21.32
Dividend per Share	1.32	1.8	2.25	2.8	3.49	4	4.21	4.43	4.9	5.28	5.59	6.04	6.5	7.01	7.65
Cash Flow per Share	10.74	8.09	11.17	12.4	11.6	11.47	13.67	14.66	20.47	18.37	15.6	13.87	27.99	10.76	26.26
Free Cash Flow per Basic Share	10.43	7.63	10.83	12.1	11.29	11.1	13.18	14.2	19.99	18.05	15.24	13.87	27.99	10.76	26.26
Cash & Equivalents per Share	9.17	8.51	15.26	13.14	10.34	8.2	9.46	9.65	9.75	26.16	22.36	18.21	19.33	16.48	26.13
Book Value per Share	28.6	34.79	40.22	42.53	42.27	40.87	43.81	46.51	49.81	54.6	57.16	63.52	62.41	74.75	89.4
Tangible Book Value per Share	25.66	30.5	35.84	38.02	37.65	36.05	31.41	33.63	34.63	39.32	41.82	27.92	27.02	40.39	57.61

Cummins Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)