WallStSmart
CMI

Cummins Inc

NYSE: CMI · INDUSTRIALS · SPECIALTY INDUSTRIAL MACHINERY

$702.66
-3.96% today

Updated 2026-06-05

Market cap
$92.82B
P/E ratio
34.96
P/S ratio
2.74x
EPS (TTM)
$19.24
Dividend yield
1.22%
52W range
$303 – $716
Volume
0.9M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Cummins Inc (CMI) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Research-backed CMI price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$702.66
Today
Analyst consensus
$574.62
-18.22% · 12M
2030 Base
—
— future
NPV today
—
@ — WACC
25 analysts:
10 Buy4 Hold1 Sell

Management guidance

No specific revenue targets disclosed in available documents. Management emphasized record adjusted profitability in FY2025 despite truck market downturn, strategic shift toward high-margin Power Systems (data center revenue growth), capacity expansion for new engine standards, and strong data center backlog positioning for future growth. Company is curtailing losses in clean-energy segment (Accelera took $458M charge in Q4 2025).

Sources: Management guidance, analyst consensus, sector analysishigh confidence

CMI · Cummins Inc · Revenue & price projection · 2023–2030E

Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
—
NPV today: —
Base case (2030)
—
NPV today: —
Bull case (2030)
—
NPV today: —
WallStSmart.com

CMI financial forecast · Research-backed projections

Metric20252026 (E)2027 (E)2028 (E)2029 (E)2030 (E) ★
Revenue$33.7B$36.1B$39.2B$42.5B$46.2B$50.1B
Revenue growth-1.3%7.2%8.5%8.5%8.6%8.4%
Net margin——————
EPS$21.69$26.44$31.53$36.50$41.75$47.00
Diluted shares——————
Net debt——————
P/S multiple—1.0x1.0x1.0x1.0x1.0x
Implied price (base)—$3,133.18$3,408.02$3,682.86$4,012.66$4,342.47
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.

Scenario detail · Three drivers, three outcomes

2030E driverBearBaseBull
Revenue$50.1B$50.1B$50.1B
P/S multiple1.0x1.0x3.0x
Diluted shares0M0M0M
Net debt———
Implied P/E †———
2030 Price$—$—$—
NPV @ —$—$—$—
† Implied P/E: Multiples remain elevated across all three scenarios because CMI is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.

EV to per-share bridge · How we get to $— base case

Bridge from revenue to per-share price$50.1B revenue times 1.0x P/S equals $50B EV, minus — net debt equals $50B equity, divided by 0M shares equals $— per shareREVENUE$50.1B2030 base case× 1.0xP/S multipleENTERPRISE VALUE$50BTotal firm value− —Net debtEQUITY VALUE$50BOwners' claim÷ 0MDiluted shares2030 PRICE TARGET$—Base case · per shareRevenue × P/S − Net debt ÷ Diluted shares = Per-share priceBear case: $— · Bull case: $— · NPV @ 0% WACC: $—

CMI catalysts and risks

Growth catalysts
+ Data center power generation demand surge (record backlog, AI infrastructure expansion)
+ 2027 X15/X15N/X10 heavy-duty engine platform ramp (Forever Rising Tour nationwide customer engagement)
+ EPA regulations driving new engine standard adoption and replacement cycle
+ Power Systems segment expansion and record EBITDA margin trajectory
+ Recovery in North American truck market from cyclical low
+ Capacity expansion projects to capture incremental orders
Key risks
- North American truck market cyclicality (currently in worst cycle in 20 years per TIKR)
- Accelera hydrogen/clean energy losses and strategic review uncertainty
- Tariff pressures on margins noted in Q4 2025 earnings
- Energy transition execution risk vs. diesel core business dependency
- Potential macro slowdown impacting industrial capital spending
- Competitive intensity in data center power systems

Methodology · Cummins Inc 2030 stock forecast model

Cummins Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 25 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:

1. Share dilutionProjected from per-ticker schedule of SBC + equity raise activity, compounding year by year (-100% cumulative for CMI by 2030)
2. Net debtEV minus net debt yields equity value; debt projected from capex cycle trajectory (— by 2030)
3. Time valueNPV calculated using — WACC (sector fallback)
4. Multiple frameworkP/S compresses with scale: bear 1.0x / base 1.0x / bull 3.0x
5. Scenario designBull/Base/Bear vary revenue, margin, shares, debt, and multiple independently

WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 6, 2026.

CMI price target FAQ

How is the Cummins Inc 2030 stock forecast calculated?

The CMI 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.

What is the analyst consensus on CMI stock?

25 analysts cover CMI with an average 12-month price target of $574.62. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.