WallStSmart
CMI

Cummins Inc

NYSE: CMI · INDUSTRIALS · SPECIALTY INDUSTRIAL MACHINERY

$638.95
-0.54% today

Updated 2026-04-29

Market cap
$91.35B
P/E ratio
32.26
P/S ratio
2.71x
EPS (TTM)
$20.48
Dividend yield
1.16%
52W range
$279 – $663
Volume
0.8M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Cummins Inc (CMI) Financial Forecast & Price Target 2030

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

Price target summary

Current
$638.95
Consensus
$574.62
-10.07%
2030 Target
$4,342.47
+579.63%
DCF
$370.38
-61.70% MoS
25 analysts:
10 Buy4 Hold0 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

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$7,255.78
$50.1B Rev × 20x P/S
Base case (2030)
$4,342.47
$50.1B Rev × 12x P/S
Bear case (2030)
$2,913.30
$50.1B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$34.1B$34.1B$33.7B$36.1B$39.2B$42.5B$46.2B$50.1B
Revenue growth—0.1%-1.3%7.2%8.5%8.5%8.6%8.4%
EPS$19.16$20.76$20.52$26.44$31.53$36.50$41.75$47.00
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$3,133.18$3,408.02$3,682.86$4,012.66$4,342.47

Catalysts & 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's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 25 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

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