Question 1

What is Cummins's P/S ratio?

Accepted Answer

Cummins (CMI) P/S ratio is 2.7× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for Cummins?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Cummins specifically, the relevant sector benchmark is the current sector median of 3.1×.

Question 5

Is Cummins's P/S ratio high or low?

Accepted Answer

Cummins's P/S ratio of 2.7× is above its own 5-year average of 1.3× and below the sector median of 3.1×. That places the current reading at the 96th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Cummins's historical P/S ratio range?

Accepted Answer

In the available daily series, Cummins (CMI) P/S ratio has ranged from a low of 0.2× in 2002 to a high of 3.0× in 2026. The 5-year average is 1.3× and the 5-year median is 1.2×.

Question 7

What was Cummins's P/S ratio in 2025?

Accepted Answer

Cummins (CMI) P/S ratio at the end of 2025 was 2.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

Why does Cummins's P/S ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$70.5B	$33.7B	2.1×	+0.7×	Dec 31, 2025
2024	$47.9B	$34.1B	1.4×	+0.4×	Dec 31, 2024
2023	$34B	$34.1B	1.0×	-0.2×	Dec 31, 2023
2022	$34.2B	$28.1B	1.2×	-0.1×	Dec 31, 2022
2021	$31.1B	$24B	1.3×	-0.4×	Dec 31, 2021
2020	$33.6B	$19.8B	1.7×	+0.5×	Dec 31, 2020
2019	$27.1B	$23.6B	1.2×	+0.3×	Dec 31, 2019
2018	$21B	$23.8B	0.9×	-0.5×	Dec 31, 2018
2017	$29.2B	$20.4B	1.4×	+0.1×	Dec 31, 2017
2016	$22.9B	$17.5B	1.3×	+0.5×	Dec 31, 2016
2015	$15.4B	$19.1B	0.8×	-0.5×	Dec 31, 2015
2014	$26.1B	$19.2B	1.4×	-0.1×	Dec 31, 2014
2013	$26B	$17.3B	1.5×	+0.3×	Dec 31, 2013
2012	$20.4B	$17.3B	1.2×	+0.2×	Dec 31, 2012
2011	$16.8B	$18B	0.9×	-0.7×	Dec 31, 2011
2010	$21.5B	$13.2B	1.6×	+0.8×	Dec 31, 2010
2009	$9.1B	$10.8B	0.8×	+0.5×	Dec 31, 2009
2008	$5.2B	$14.3B	0.4×	-0.6×	Dec 31, 2008
2007	$12.5B	$13B	1.0×	+0.4×	Dec 31, 2007
2006	$5.91B	$11.4B	0.5×	+0.1×	Dec 31, 2006
2005	$4.59B	$9.92B	0.5×	+0.0×	Dec 31, 2005
2004	$3.59B	$8.44B	0.4×	+0.1×	Dec 31, 2004
2003	$2.32B	$6.3B	0.4×	+0.2×	Dec 31, 2003
2002	$1.09B	$5.85B	0.2×	—	Dec 31, 2002


Franklin Electric Co. (FELE)	1.9×
Lockheed Martin (LMT)	1.8×
Upwork (UPWK)	1.8×
Boeing (BA)	1.8×
General Dynamics (GD)	1.8×
Expeditors International (EXPD)	1.7×
Northrop Grumman (NOC)	1.7×
Masco (MAS)	1.6×
Pool (POOL)	1.4×
C.H. Robinson Worldwide (CHRW)	1.2×
Alamo Group (ALG)	1.2×
Huntington Ingalls Industries (HII)	1.2×
Jacobs Solutions (J)	1.1×
Textron (TXT)	1.0×
Tennant (TNC)	1.0×
United Parcel Service (UPS)	0.9×
Delta Air Lines (DAL)	0.9×
FedEx (FDX)	0.9×
AGCO (AGCO)	0.8×
United Airlines Holdings (UAL)	0.7×
Stanley Black & Decker (SWK)	0.7×
Matthews International (MATW)	0.7×
Amentum Holdings (AMTM)	0.5×
ABM Industries (ABM)	0.3×
Andersons (ANDE)	0.2×

P/S Ratio for Cummins (CMI) 2002-2026

P/S Ratio daily chart for Cummins (CMI)

Historical P/S Ratio for Cummins (CMI) from 2002 to 2025

About P/S Ratio at Cummins (CMI)

Cummins P/S Ratio by Year

Cummins P/S Ratio 2025: 2.1×

Cummins P/S Ratio 2024: 1.4×

Cummins P/S Ratio 2023: 1.0×

Cummins P/S Ratio 2022: 1.2×

Cummins P/S Ratio 2021: 1.3×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Cummins (CMI) Key Financials