Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026

Cummins Inc (CMI)

A forensic read on Cummins Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

8.9

Distress distance

Clean

Earnings quality

Forensic signals

33.4

P / E (ttm)

23.0%

ROE

$87.9B

Market cap

1.37%

Dividend yield

-1.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Cummins Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 8.9, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+14.1%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +14.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +12% against revenue -1%. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 5% of net operating assets, diverging from the balance-sheet accrual read.

Key fundamentals

Latest Revenue$33.67B

Revenue Growth YoY-1.3%

Revenue CAGR (3yr)+6.2%

Net Margin8.4%

Free Cash Flow$2.39B

Return on Equity23.0%

Debt / Equity0.56x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.