Cummins Inc. (CMI)
Cummins makes diesel and alternative-fuel engines, power generation, and related components.
Industrials stock comparison
CMI vs DE: which business are you actually underwriting?
Compare Cummins Inc. with Deere & Company using their business models, SEC classifications, fiscal calendars, current primary filings, and the research questions that matter. This is a thesis framework—not a price target or automatic winner.
- Sector
- Industrials
- Industry
- Different SIC
- Shared themes
- 1
- Updated
- 2026-02-10
CMI vs DE: quick comparison
| Company fact | CMI | DE |
|---|---|---|
| Company | Cummins Inc. | Deere & Company |
| Exchange | NYSE | NYSE |
| Headquarters | — | Moline, Illinois |
| Founded | — | 1837 |
| SEC industry | Engines & Turbines | Farm Machinery & Equipment |
| Fiscal year-end | December 31 | November 1 |
| Latest annual filing | 10-K · 2026-02-10 | 10-K · 2025-12-18 |
CMI vs DE: audited financials
DE reported about 1.4× the revenue of CMI in the latest audited fiscal year. Scale and margin are starting facts for the thesis, not the verdict.
| Metric | CMI | DE |
|---|---|---|
| Revenue | $33.7B | $45.7B |
| Net income | — | $5.0B |
| Operating cash flow | $3.6B | $7.5B |
| Diluted EPS | $20.50 | $18.50 |
| Net margin | — | 11.0% |
CMI: FY ending 2025-12-31 · DE: FY ending 2025-11-02. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
How the businesses differ
Why this pair belongs in the comparison set
CMI and DE have different SEC industry classifications, but both map to the maintained Economic trends research theme inside the Industrials sector. A shared classification or theme makes the pair useful for a defined research question; it does not mean the companies have identical products, economics, or risks.
Deere & Company (DE)
Deere is the leading maker of agricultural and construction equipment, sold under the John Deere brand. It is layering precision-agriculture technology and autonomy onto its machinery to lift farmer productivity.
The useful starting point is not which ticker has performed better. It is whether the two companies convert the same economic forces into revenue and cash flow in the same way. CMI is classified by the SEC as Engines & Turbines, while DE is classified as Farm Machinery & Equipment. The different industry codes are a warning against treating sector membership as proof of identical economics.
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The thesis, the numbers behind it, and what would break it. Full access is $15 a month.
Read the full researchWhich thesis does each company fit?
Use the distinction below to decide which filing deserves deeper work. It is a research routing rule, not a recommendation or prediction.
Study CMI when…
- Capital-spending and manufacturing PMIs
- Reshoring and supply-chain reconfiguration
- Defense budgets and geopolitical conflict
- Freight rates and logistics demand
Study DE when…
- Agricultural equipment demand tied to farm income and crop prices
- Precision-agriculture and autonomy technology attach rates as a margin lever beyond hardware
- Construction and forestry equipment demand tied to infrastructure and construction spending
- Dealer and used-equipment inventory levels as a leading indicator of new-equipment orders
Shared research themes
Economic trends
SEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable.CMI's fiscal year ends December 31, while DE's ends November 1. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 11matched transaction rows for CMIand 21 for DE. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CMI primary filings
DE primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving CMI or DE
CMI vs DE FAQs
Are CMI and DE direct competitors?
Cummins Inc. and Deere & Company sit in the same Industrials sector but have different SEC industry classifications. The comparison is most useful for portfolio role and sector exposure, not as a claim that every product competes directly.
Which is better, CMI or DE?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CMI vs DE comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Cummins Inc. and Deere & Company tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-09-25. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-25. Independent educational research; not investment advice.
A comparison is the setup. The thesis is the call.
CMI vs DE shows how the businesses differ. Membership is the monthly sourced view of who could benefit, what could break, and what evidence matters next. $15/month or $150/year.
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