Cummins

The company has generally allocated capital prudently: a long record of dividends, including a 10% increase to 2.00 dollars per share in October 2025; a tax-efficient split-off of Atmus that reduced share count by about 5.6 million; and no repurchases in the first nine months of 2025 as management prioritized balance sheet strength and investments.

Capex guidance of roughly 1.2 to 1.3 billion in 2025 targets growth areas, with strong returns visible in power generation. Accelera impairments and a strategic review of electrolyzers suggest discipline in scaling emerging technologies.

Risks include customer concentration, potential future contributions to the Amplify battery JV, and the inherent cyclicality of core end markets.