Cummins
Cummins returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 15.76% | 15.92% | — | 22.04% | 8.09% | 8.1 pp |
| FY 2026 Q1 | Mar 31, 2026 | 15.89% | 16.98% | -50.98% | 22.97% | 8.32% | 8.2 pp |
| FY 2025 Q4 | Dec 31, 2025 | 17.59% | 18.01% | -7.39% | 25.14% | 9.02% | 9.9 pp |
| FY 2025 Q3 | Sep 30, 2025 | 16.55% | 17.67% | 141.53% | 23.84% | 8.47% | 8.8 pp |
| FY 2025 Q2 | Jun 30, 2025 | 18.2% | 18.78% | 87.27% | 27.56% | 9.35% | 10.5 pp |
| FY 2025 Q1 | Mar 31, 2025 | 19.02% | 19.28% | 50.24% | 27.78% | 8.98% | 11.3 pp |
| FY 2024 Q4 | Dec 31, 2024 | 20.42% | 19.03% | 100.12% | 41.27% | 12.8% | 12.7 pp |
| FY 2024 Q3 | Sep 30, 2024 | 8.04% | 8.72% | -717.86% | 20% | 6.95% | 0.3 pp |
| FY 2024 Q2 | Jun 30, 2024 | — | 8.35% | — | 19.55% | 6.59% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 8.36% | — | 20.74% | 6.52% | — |
| FY 2023 Q4 | Dec 31, 2023 | 6.14% | 9.27% | — | 8.25% | 2.7% | -1.6 pp |
| FY 2023 Q3 | Sep 30, 2023 | — | 18.78% | — | 29.38% | 9.3% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | 18.41% | — | 26.64% | 9.24% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | 18.55% | — | 27.94% | 9.24% | — |
| FY 2022 Q4 | Dec 31, 2022 | 17.27% | 16.5% | 2.94% | 24.65% | 8.08% | 9.6 pp |
| FY 2022 Q3 | Sep 30, 2022 | — | 14.8% | — | 23.25% | 7.34% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 16.23% | — | 24.67% | 8.8% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 15.19% | — | 23.52% | 8.39% | — |
| FY 2021 Q4 | Dec 31, 2021 | 20.93% | 16.44% | 31.52% | 25.77% | 9.34% | 13.2 pp |
| FY 2021 Q3 | Oct 3, 2021 | 22.57% | 17.72% | 114.7% | 28.36% | 10.19% | 14.9 pp |
| FY 2021 Q2 | Jul 4, 2021 | 21.74% | 19.35% | 750.64% | 29.29% | 10.42% | 14 pp |
| FY 2021 Q1 | Apr 4, 2021 | 19.13% | 16.63% | -31.41% | 24.79% | 8.8% | 11.4 pp |
| FY 2020 Q4 | Dec 31, 2020 | 18.32% | 15.25% | — | 22.98% | 8.55% | 10.6 pp |
| FY 2020 Q3 | Sep 27, 2020 | 15.9% | 13.53% | — | 20.48% | 7.63% | 8.2 pp |
| FY 2020 Q2 | Jun 28, 2020 | 16.2% | 14.79% | -480.56% | 22.09% | 8.44% | 8.5 pp |
| FY 2020 Q1 | Mar 29, 2020 | 21.13% | 19.12% | — | 28.32% | 10.66% | 13.4 pp |
| FY 2019 Q4 | Dec 31, 2019 | 22.77% | 20.65% | -23.31% | 30.43% | 11.69% | 15.1 pp |
| FY 2019 Q3 | Sep 29, 2019 | 26.28% | 23.49% | 240.15% | 33.85% | 13.12% | 18.6 pp |
| FY 2019 Q2 | Jun 30, 2019 | 27.32% | 23.76% | 255.72% | 33.5% | 13.59% | 19.6 pp |
| FY 2019 Q1 | Mar 31, 2019 | 26.39% | 23.52% | 362.96% | 32.59% | 13.24% | 18.7 pp |
| FY 2018 Q4 | Dec 31, 2018 | 24.43% | 22.22% | 192.31% | 29.31% | 11.78% | 16.7 pp |
| FY 2018 Q3 | Sep 30, 2018 | 13.62% | 21.36% | — | 17.38% | 6.86% | 5.9 pp |
| FY 2018 Q2 | Jul 1, 2018 | 11.8% | 20.48% | -49.74% | 14.18% | 5.84% | 4.1 pp |
| FY 2018 Q1 | Apr 1, 2018 | 10.57% | 19.96% | -47.95% | 12.75% | 5.37% | 2.9 pp |
| FY 2017 Q4 | Dec 31, 2017 | 11.97% | 20.49% | -52.63% | 14.14% | 6.01% | 4.3 pp |
| FY 2017 Q3 | Oct 1, 2017 | 19.56% | 19.75% | 29% | 22.67% | 10.26% | 11.9 pp |
| FY 2017 Q2 | Jul 2, 2017 | 18.88% | 18.28% | 80.03% | 20.72% | 9.86% | 11.2 pp |
| FY 2017 Q1 | Apr 2, 2017 | 18.75% | 18.32% | — | 20.86% | 10.03% | 11 pp |
| FY 2016 Q4 | Dec 31, 2016 | 18.74% | 17.51% | -18.02% | 19.52% | 9.66% | 11 pp |
| FY 2016 Q3 | Oct 2, 2016 | 15.69% | 14.57% | — | 16.03% | 8% | 8 pp |
| FY 2016 Q2 | Jul 3, 2016 | 16.63% | 16.07% | — | 17.23% | 8.61% | 8.9 pp |
| FY 2016 Q1 | Apr 3, 2016 | 17.95% | 17.52% | -65.2% | 18.23% | 9.15% | 10.3 pp |
| FY 2015 Q4 | Dec 31, 2015 | 19.83% | 17.82% | -77.42% | 18.46% | 9.51% | 12.1 pp |
| FY 2015 Q3 | Sep 27, 2015 | 22.69% | 20.56% | 6.38% | 21.71% | 11.19% | 15 pp |
| FY 2015 Q2 | Jun 28, 2015 | 22.86% | 21.36% | 31.33% | 22.06% | 11.51% | 15.2 pp |
| FY 2015 Q1 | Mar 29, 2015 | 23.18% | 20.98% | 19.93% | 22.57% | 11.69% | 15.5 pp |
| FY 2014 Q4 | Dec 31, 2014 | 23.59% | 20.46% | 22.02% | 21.64% | 11.38% | 15.9 pp |
| FY 2014 Q3 | Sep 28, 2014 | 24.17% | 20.73% | 32.26% | 22.08% | 11.54% | 16.5 pp |
| FY 2014 Q2 | Jun 29, 2014 | 23.33% | 20.7% | 12.95% | 21.68% | 11.66% | 15.6 pp |
| FY 2014 Q1 | Mar 30, 2014 | 24.08% | 21.26% | 9.66% | 21.96% | 11.88% | 16.4 pp |
| FY 2013 Q4 | Dec 31, 2013 | 23.75% | 20.23% | -28.39% | 21.02% | 11.64% | 16.1 pp |
| FY 2013 Q3 | Sep 29, 2013 | 22.5% | 20.08% | -279.72% | 20.92% | 11.4% | 14.8 pp |
| FY 2013 Q2 | Jun 30, 2013 | 23.89% | 21.8% | -117.6% | 22.13% | 12.06% | 16.2 pp |
| FY 2013 Q1 | Mar 31, 2013 | 25.48% | 22.46% | -94.99% | 23.25% | 12.66% | 17.8 pp |
| FY 2012 Q4 | Dec 31, 2012 | 30.53% | 25.87% | -15.99% | 27.2% | 14.35% | 22.8 pp |
| FY 2012 Q3 | Sep 30, 2012 | — | 30.35% | — | 31.21% | 16.1% | — |
| FY 2012 Q2 | Jul 1, 2012 | — | 33.09% | — | 34.17% | 17.15% | — |
| FY 2012 Q1 | Apr 1, 2012 | — | 35.52% | — | 36.04% | 17.72% | — |
| FY 2011 Q4 | Dec 31, 2011 | 40.49% | 35.39% | 367.79% | 36.37% | 17.63% | 32.8 pp |
| FY 2011 Q3 | Sep 25, 2011 | — | 34.19% | — | 35.32% | 15.86% | — |
| FY 2011 Q2 | Jun 26, 2011 | — | 32.24% | — | 33.03% | 14.55% | — |
| FY 2011 Q1 | Mar 27, 2011 | — | 27.81% | — | 28.51% | 12.66% | — |
| FY 2010 Q4 | Dec 31, 2010 | 26.74% | 23.69% | 62.75% | 24.64% | 10.82% | 19 pp |
| FY 2010 Q3 | Sep 26, 2010 | — | 22.76% | — | 24.43% | 10.4% | — |
| FY 2010 Q2 | Jun 27, 2010 | — | 18.92% | — | 20.95% | 8.77% | — |
| FY 2010 Q1 | Mar 28, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 27, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 28, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · CMI, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.