CUMMINS INC（CMI）の決算・業績分析
CUMMINS INCの2025年有価証券報告書をAI分析。売上高$33.7B(-1.3%)。営業利益$4.0B。Industrials。
目次
CUMMINS INCの2025年度 業績サマリー
CUMMINS INC（証券コード: CMI）の2025年度決算・業績分析。売上高は$33.7B（前年比-1.3%）。営業利益は$4.0B（前年比+7.3%）。純利益は$3.0B（前年比-27.3%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
CUMMINS INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Cummins Inc. achieved a 16.9% YoY revenue increase to $28.1B (XBRL), driven by demand in on-highway, off-highway, and power generation markets.
- Operating income rose 8.2% YoY to $2.9B (XBRL), with a strong ROE of 24.7% (XBRL) and ROIC of 12.1% (XBRL).
- Shareholder returns totaled $1.2B (XBRL) through dividends ($855M) and share repurchases ($374M), despite a 2.50x debt-to-equity ratio (XBRL).
CUMMINS INCの売上高変化の要因
- •Total revenue grew 16.9% YoY to $28.1B (XBRL), with historical growth of 7.5% CAGR over five years (XBRL). The increase was driven by demand in on-highway, off-highway, power generation, and general industrial markets (XBRL). Segment-specific revenue figures are not provided in the data (XBRL). The historical time series shows revenue increasing from $23.8B in FY2020 to $28.1B in FY2024, with a projected $34.1B in FY2025 (XBRL).
CUMMINS INCの営業利益変化の要因
- •Gross profit was $6.7B (XBRL) with a 23.9% margin (XBRL), while operating income rose 8.2% YoY to $2.9B (XBRL) at a 10.4% margin (XBRL). Net income grew 0.9% YoY to $2.2B (XBRL) at a 7.8% margin (XBRL). R&D expenses totaled $1.3B (XBRL), but SG&A expenses are not quantified (XBRL).
CUMMINS INCの事業リスクと対応
Regulatory compliance risks from emissions standards and litigation (10-K).
Potential stipulated penalties and litigation from non-compliance with settlement agreements (10-K).
High costs of developing engines to meet evolving global emission standards (10-K).
Unpredictable regulatory changes impacting compliance and competitive position (10-K).
Reputational damage and financial impact from ongoing legal and regulatory challenges (10-K).
A $2.0B charge in 2023 for emissions-related settlements (10-K).
Immaterial stipulated penalties post-Q2 2024 (10-K).
CUMMINS INCの今後の見通し・業績予想
CUMMINS INCの事業内容
Cummins Inc. is a global leader in power solutions, generating revenue through the sale of diesel, natural gas, electric, and hybrid powertrains, components, and systems to OEMs, distributors, dealers, and end-users (10-K). Key segments include Engine (diesel/natural gas engines), Components (turbochargers, fuel systems), Distribution (global sales network), Power Systems (electric generation), and Accelera (innovative components like batteries and hydrogen tech) (10-K). Competitive advantages include global manufacturing, extensive service networks, and brand recognition, though no significant customer concentration is reported (10-K).
CUMMINS INCのAI業績分析レポート（2024年度）
Cummins Inc. (CMI) Annual Report Analysis FY2024
Highlights
Business Overview
Cummins Inc. is a global power solutions leader, selling diesel, natural gas, electric, and hybrid powertrains, components, and systems to OEMs, distributors, dealers, and end-users (10-K). Key segments include Engine, Components, Distribution, Power Systems, and Accelera (10-K). Competitive advantages include global manufacturing, service networks, and brand recognition (10-K). No significant customer concentration is reported (10-K).
Revenue Analysis
Total revenue increased 16.9% YoY to $28.1B (XBRL), with historical growth of 7.5% CAGR over five years (XBRL). The increase was driven by demand in on-highway, off-highway, power generation, and general industrial markets (XBRL). Segment-specific revenue figures are not provided (XBRL). The historical time series shows revenue increasing from $23.8B in FY2020 to $28.1B in FY2024, with a projected $34.1B in FY2025 (XBRL).
Profitability Analysis
Gross profit was $6.7B (XBRL) with a 23.9% margin (XBRL). Operating income rose 8.2% YoY to $2.9B (XBRL) at a 10.4% margin (XBRL). Net income grew 0.9% YoY to $2.2B (XBRL) at a 7.8% margin (XBRL). R&D expenses totaled $1.3B (XBRL), but SG&A expenses are not quantified (XBRL).
Balance Sheet Analysis
Equity ratio was 27.6% (XBRL), with total debt not quantified (XBRL) but a debt-to-equity ratio of 2.50x (XBRL). Current ratio was 1.18x (XBRL), and cash reserves stood at $2.7B (XBRL). Total assets increased from $19.1B in FY2020 to $32.0B in FY2024 (XBRL), while total equity rose from $7.5B to $8.8B (XBRL).
Cash Flow Analysis
Operating cash flow was $2.0B (XBRL), with free cash flow of $1.0B (XBRL) after $916M in CapEx (XBRL). Investing activities totaled -$4.2B (XBRL), primarily from CapEx. Financing activities included $1.7B (XBRL), with $855M in dividends paid (XBRL) and $374M in share repurchases (XBRL).
Working Capital Analysis
Cash conversion cycle (CCC) was 97 days (XBRL), with receivables days at 73 days (XBRL), inventory days at 97 days (XBRL), and payables days at 73 days (XBRL). Asset turnover was 0.88x (XBRL).
Risks
Outlook
Management highlights trends in electrification adoption, geopolitical risks, and market demand shifts in on-highway and power generation sectors (10-K). Forward-looking guidance for FY2025 is not quantified in the provided text (10-K).
Industrialsの企業一覧
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