Caterpillar vs Cummins
Caterpillar is the larger business, with $67.59bn of revenue in fiscal 2025 against $33.67bn for Cummins (2.0 times as much). Caterpillar grew faster (4.3% against -1.3%). Caterpillar kept more of each dollar of sales as profit: a net margin of 13.1% against 8.4%. Cummins carries less debt relative to equity (61.2% against 169.9%).
| Latest fiscal year | CaterpillarCAT, 2025 | CumminsCMI, 2025 |
|---|---|---|
| Revenue | $67.59bn | $33.67bn |
| Revenue growth | 4.3% | -1.3% |
| Net income | $8.88bn | $2.84bn |
| Operating margin | 16.5% | 12.0% |
| Net margin | 13.1% | 8.4% |
| Return on equity | 43.5% | 25.1% |
| Free cash flow | $8.92bn | $2.39bn |
| Cash | $9.98bn | $2.85bn |
| Total debt | $36.21bn | $7.55bn |
| Debt to equity | 169.9% | 61.2% |
| Dividend per share | $5.94 | $7.64 |
| Dividend yield | 1.0% | 1.6% |
| Share buybacks | $5.19bn | — |
| Employees | — | — |
| Market value | $286.28bn | $69.69bn |
| Price vs our value range | — | Above our value range |
| Moat score | 66 (Moderate) | 71 (Strong) |
| Insider trades, 12 months | 2 buys, 91 sales | 0 buys, 56 sales |