Atmus Filtration Technologies

ATMU · NYSE · Industrials · Financials, fiscal 2021 to 2025

ATMU · Last close · November 6, 2026

$50.60

Value Atmus Filtration Technologies yourself

Atmus Filtration Technologies' revenue rose 5.7% to $1.8 billion in fiscal 2025. Its operating margin was 16.9%, up from 15.9% a year earlier. Free cash flow was $149 million, up 162.0%. It paid out $78 million in dividends and buybacks, 52% of free cash flow. The diluted share count fell 1.0%.

Atmus Filtration Technologies Inc. Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0001921963-26-000015 Updated November 6, 2026

Revenue

$1.8B

5.7%

Operating margin

16.9%

1.0 pts

Net income

$207M

11.8%

Free cash flow

$149M

162.0%

Return on capital

34.5%

2.1 pts

Market cap

$4.1B

Nov 6 close

P/E

18.7x

On $2.70 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Atmus Filtration Technologies does

Atmus Filtration makes filtration products for trucks and other on-highway commercial vehicles, and for off-highway equipment used in agriculture, construction, mining and power generation. Its filters, mostly sold under the Fleetguard brand, are meant to cut emissions and protect engines and other equipment.

It sells in two ways. About 14% of its 2025 net sales came from first-fit sales to vehicle and equipment makers, where its products are installed in new machines. About 86% came from the aftermarket, where its products replace worn or used filters. The company says the aftermarket gives it a recurring revenue base.

Its report points to a concentration of customers, naming Cummins, PACCAR and the Traton Group as large buyers, and says it earns significant income from investees it does not directly control. Its strategy includes growing in the aftermarket and expanding into industrial filtration.

Its biggest risks, as it describes them

A few large customers, including Cummins, PACCAR and the Traton Group, making up much of its sales.
Losing a top vehicle maker relationship, or aftermarket buyers changing their habits.
Earning a lot from investees it does not control.
Shifts in vehicle technology that could reduce demand for filters.
Shortages or higher prices of materials and components.

From Atmus Filtration Technologies's annual report on Form 10-K, filed February 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2021 to 2025, earnings per share grew 5.2% a year and net income 5.1% a year, as buybacks cut the share count by 1%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	0	0	168	184	236
Debt incl. finance leases	—	1	601	594	572
Net debt (negative means net cash)	—	1	433	410	336
Net debt to EBITDA	—	0.0x	1.6x	1.4x	1.0x
Debt to equity	—	0.0x	7.4x	2.6x	1.5x
Interest coverage	266.9x	291.3x	9.6x	6.6x	8.9x
Current ratio	—	1.5x	1.9x	2.2x	2.4x
Quick ratio	—	0.8x	1.2x	1.4x	1.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Atmus Filtration Technologies' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Atmus Filtration Technologies' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $209,552 of Atmus Filtration Technologies shares on the open market, and 5 insiders sold $1.8 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 17, 2026	Renee SwanChief People Officer	Sold	3,870	$50.89	$196,944	Form 4
Aug 12, 2026	Stephen E. MacadamDirector	Bought	2,000	$49.78	$99,560	Form 4
Jun 1, 2026	Stephanie DisherChief Executive Officer, Director	Sold	25,652	$45.25	$1.2 million	Form 4
Jun 1, 2026	Jack KienzlerChief Financial Officer	Sold	5,132	$45.25	$232,223	Form 4
Jun 1, 2026	Charles MastersSenior Vice President	Sold	2,890	$45.25	$130,772	Form 4
Jun 1, 2026	Renee SwanChief People Officer	Sold	2,566	$45.25	$116,112	Form 4
May 12, 2026	Gretchen R HaggertyDirector	Bought	1,973	$55.74	$109,992	Form 4
Nov 13, 2025	Diego DonosoDirector	Sold	20	$48.84	$977	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	5 of 9	7 of 9
Rule of 40	13.0%	6.0%	14.1%
Altman Z''	3.79	4.74	5.54
Accruals ratio	−1.8%	7.0%	0.4%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	Fail	Pass
Cash from operations exceeds net income	Pass	Fail	Fail
Debt fell relative to assets	—	Pass	Pass
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	—	Fail	Fail
F-score	—	5 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Atmus Filtration Technologies side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Atmus Filtration Technologies	FY25	5.7%	16.9%	8.4%	34.5%	1.0x	7
Zurn Elkay Water Solutions	FY25	8.3%	16.4%	—	11.2%	0.6x	8	Compare
RBC Bearings	FY26	14.3%	22.5%	18.3%	8.0%	1.6x	6	Compare
Franklin Electric	FY25	5.4%	12.6%	9.1%	16.0%	0.2x	6	Compare
Mueller Water Products	FY25	8.8%	18.2%	12.0%	20.1%	0.1x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,439	1,562	1,628	1,670	1,764
Revenue growth	—	8.6%	4.2%	2.5%	5.7%
Gross profit	349	359	433	462	498
Research and development	42	39	42	41	41
Operating income	214	204	248	266	299
Net income	170	170	171	186	207
Diluted EPS (US$)	2.04	2.05	2.05	2.22	2.50
Diluted shares (millions)	83	83	83	84	83
Cash flow
Cash from operations	210	166	189	105	203
Capital expenditure	33	38	46	49	54
Free cash flow	176	128	143	57	149
Dividends paid	0	0	0	8	17
Share buybacks	0	0	0	20	61
Acquisitions	0	0	0	0	0
Stock-based compensation	0	0	7	12	12
Balance sheet at fiscal year end
Cash and short-term investments	0	0	168	184	236
Debt incl. finance leases	—	1	601	594	572
Total assets	—	867	1,089	1,190	1,351
Total liabilities	—	412	1,008	963	972
Shareholders' equity	428	456	81	227	378
Margins and ratios
Gross margin	24.3%	23.0%	26.6%	27.7%	28.2%
Operating margin	14.8%	13.1%	15.3%	15.9%	16.9%
Net margin	11.8%	10.9%	10.5%	11.1%	11.8%
Free cash flow margin	12.3%	8.2%	8.8%	3.4%	8.4%
Rule of 40 (growth + FCF margin)	—	16.8%	13.0%	6.0%	14.1%
Return on capital	—	—	38.7%	36.6%	34.5%
Return on equity	—	—	63.9%	120.5%	68.5%
Return on assets	—	—	17.5%	16.3%	16.3%
Net debt to EBITDA	—	0.0x	1.6x	1.4x	1.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Atmus Filtration Technologies' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Atmus Filtration Technologies.