Cummins vs Wabtec
Cummins is the larger business, with $33.67bn of revenue in fiscal 2025 against $11.17bn for Wabtec (3.0 times as much). Wabtec grew faster (7.5% against -1.3%). Wabtec kept more of each dollar of sales as profit: a net margin of 10.5% against 8.4%.
| Latest fiscal year | CumminsCMI, 2025 | WabtecWAB, 2025 |
|---|---|---|
| Revenue | $33.67bn | $11.17bn |
| Revenue growth | -1.3% | 7.5% |
| Net income | $2.84bn | $1.17bn |
| Operating margin | 12.0% | — |
| Net margin | 8.4% | 10.5% |
| Return on equity | 25.1% | 11.0% |
| Free cash flow | $2.39bn | $1.50bn |
| Cash | $2.85bn | $789m |
| Total debt | $7.55bn | $5.57bn |
| Debt to equity | 61.2% | — |
| Dividend per share | $7.64 | $1.00 |
| Dividend yield | 1.6% | 0.4% |
| Share buybacks | — | $223m |
| Employees | — | 31,000 |
| Market value | $69.69bn | $49.03bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 71 (Strong) | 66 (Moderate) |
| Insider trades, 12 months | 0 buys, 56 sales | 0 buys, 132 sales |