Cummins Inc. (CMI)
Cummins makes diesel and alternative-fuel engines, power generation, and related components.
Industrials stock comparison
CMI vs NDSN: how the two businesses compare
- Bigger business: CMI, with $33.7B of yearly revenue, about 12× NDSN's $2.8B.
- More cash from each sale: NDSN turns 26 cents of each sales dollar into operating cash flow, against 11 cents at CMI.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Cummins (CMI) is the larger business by reported revenue: $33.7B in its fiscal year ended Dec 2025, about 12× NDSN's $2.8B (fiscal year ended Oct 2025). The SEC places them in related industries (Engines & Turbines; General Industrial Machinery & Equipment, NEC), and both map to the Economic trends research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Industrials
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- Different
- CMI December 31 · NDSN October 31
- Reviewed
- Feb 10, 2026
CMI vs NDSN: quick comparison
| Company fact | CMI | NDSN |
|---|---|---|
| Company | Cummins Inc. | Nordson Corporation |
| Exchange | NYSE | NASDAQ |
| SEC industry | Engines & Turbines | General Industrial Machinery & Equipment, NEC |
| Fiscal year-end | December 31 | October 31 |
| Latest annual filing | 10-K · 2026-02-10 | 10-K · 2025-12-17 |
CMI vs NDSN: audited financials
- Scale: CMI's $33.7B of revenue is about 12× NDSN's $2.8B.
- Cash conversion: operating cash flow equalled CMI 10.8% of revenue; NDSN 25.8% of revenue, or 1.48× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-12-31 for CMI, 2025-10-31 for NDSN), so each figure reflects somewhat different demand and cost conditions.
| Metric | CMI | NDSN |
|---|---|---|
| Revenue | $33.7B2025-01-01 to 2025-12-31 · SEC filing | $2.8B2024-11-01 to 2025-10-31 · SEC filing |
| Net income | — | $484M2024-11-01 to 2025-10-31 · SEC filing |
| Operating cash flow | $3.6B2025-01-01 to 2025-12-31 · SEC filing | $719M2024-11-01 to 2025-10-31 · SEC filing |
| Diluted EPS | $20.502025-01-01 to 2025-12-31 · SEC filing | $8.512024-11-01 to 2025-10-31 · SEC filing |
| Net margin | — | 17.4%2024-11-01 to 2025-10-31 · SEC filing |
CMI: FY ending 2025-12-31 · NDSN: FY ending 2025-10-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CMI and NDSN overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 35.
- Shared research theme: Economic trends.
Differences
- Different four-digit SIC codes: CMI is 3510 (Engines & Turbines); NDSN is 3569 (General Industrial Machinery & Equipment, NEC).
- Offset fiscal calendars: CMI's year ends December 31 and NDSN's October 31, about 2 months apart.
- Only CMI maps to Tariffs & trade.
- Scale: CMI reported about 12× the annual revenue of NDSN.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Nordson Corporation (NDSN)
Nordson makes precision dispensing and fluid-management equipment for manufacturing and electronics.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CMI
We have not yet published a company-specific driver list for CMI. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-10.
What moves NDSN
We have not yet published a company-specific driver list for NDSN. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-12-17.
The investment question
You now know CMI reports about 12× NDSN's revenue. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
Members-only research
What members are reading this month
Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?A member research report on Meta’s AI rally: Muse, subscription economics, the cash-flow burden, legal costs and the earnings assumptions behind the new price.
Sep 9, 2026
Seagate: More Terabytes, Better EconomicsA retrospective case study of Seagate’s capacity-density thesis as of January 28, 2026, separating known qualifications and financials from an uncertain next phase.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC 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 NDSN's ends October 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 11 matched transaction rows for CMI and 3 matched transaction rows for NDSN. 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
NDSN 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 NDSN
CMI vs NDSN FAQs
Are CMI and NDSN direct competitors?
Not necessarily. Cummins files as Engines & Turbines and Nordson as General Industrial Machinery & Equipment, NEC. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is CMI or NDSN the bigger company by revenue?
Cummins (CMI) is the larger business by reported revenue: $33.7B in its fiscal year ended Dec 2025, about 12× NDSN's $2.8B (fiscal year ended Oct 2025). The SEC places them in related industries (Engines & Turbines; General Industrial Machinery & Equipment, NEC), and both map to the Economic trends research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CMI or NDSN?
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 NDSN 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 Nordson Corporation 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 2026-10-03. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-03. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CMI vs NDSN compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included