CNH Industrial
CNH Industrial's revenue fell 8.8% to $18.1 billion in fiscal 2025. Its net margin was 2.8%, down from 6.3% a year earlier. It paid out $333 million in dividends and buybacks. The diluted share count fell 0.7%.
Net margin is net 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.
What CNH Industrial does
CNH makes and sells farm equipment and construction equipment, and finances its customers' purchases. Its farm products include tractors, harvesters, hay and forage equipment, planting equipment and sprayers, sold mainly under the Case IH and New Holland brands. Its construction products include excavators, loaders, graders, dozers and compact machines, sold mainly under the CASE and New Holland Construction brands. Customers include farmers, contractors, rental companies and local governments.
CNH has three segments: Agriculture, Construction and Financial Services. The financial arm lends to buyers of new and used equipment and finances dealers' stock of machines. Sales to farmers depend on things like farm income, government subsidy programs, weather and the price of used equipment. Sales of construction equipment follow building activity and government spending on roads and other projects.
It has operations in 32 countries and sells in about 166. It competes with large full-line makers, makers that specialize in one product, regional makers, and low-cost local makers in emerging markets. CNH says it is investing in precision farming technology, such as satellite positioning, automation and machine vision, and it bought Raven, Hemisphere GNSS and Augmenta to build that. The company says the farm equipment industry is in a cyclical downturn, especially for large farms in the Americas.
Its biggest risks, as it describes them
- Problems with acquisitions, joint ventures or partners that could hurt its product lines.
- Falling behind rivals in technology, including AI-enabled farm and construction equipment.
- Cyberattacks or computer system failures that disrupt operations and expose data.
- Currency devaluations that reduce the value of money it holds in other countries.
- Having to pay for underfunded pension plans out of its operating cash.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2017 to 2025, earnings per share grew 9.4% a year and net income 8.2% a year, as the share count fell by 8%.
Returns on capital
Cash flow
Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for CNH Industrial's filings doesn't give both for any year, so free cash flow is left out.
Payouts and share count
Valuation
Two ways to value CNH Industrial yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from CNH Industrial's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from CNH Industrial's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $2.1B, net cash of −$24.2B at December 31, 2025 and 1,251 million diluted shares, from its filings. The scenarios are fitted to CNH Industrial: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -8.4% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Agricultural & Farm Machinery), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means CNH Industrial's net debt is larger than what that scenario's cash flows are worth today.
- Last close, October 26, 2026
- $11.25
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from CNH Industrial's earnings per share of $0.25 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.7×, the middle of CNH Industrial's own P/E today, its peers' median and its sector's median (the Industrials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $11.25
- Value at this multiple, against the last close
- —
- CNH Industrial's P/E at the last close
- 45.0×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| CNH IndustrialCNH | $11.25 | $0.25 | 45.0× |
| DeereDE | $641.25 | $18.00 | 35.6× |
| ToroTTC | $105.46 | $3.75 | 28.1× |
| LindsayLNN | $105.94 | $5.33 | 19.9× |
| AGCOAGCO | $104.21 | $7.23 | 14.4× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 5.0 | 4.4 | 4.3 | 3.2 | 2.6 |
| Debt incl. finance leases | 20.9 | 23.0 | 27.3 | 26.9 | 26.8 |
| Net debt (negative means net cash) | 15.9 | 18.6 | 23.0 | 23.7 | 24.2 |
| Net debt to EBITDA | 5.7x | 5.0x | 5.2x | 6.8x | 9.6x |
| Debt to equity | 3.1x | 3.3x | 3.4x | 3.5x | 3.4x |
| Interest coverage | 4.5x | 4.7x | 3.0x | 1.9x | 1.4x |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $700,182 of CNH Industrial shares on the open market, and 1 insider sold $490,140.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 4, 2026 | Francesco Vincenzo Maria TutinoChief Human Resources Officer | Sold | 48,385 | $10.13 | $490,140 | Form 4 |
| Nov 18, 2025 | Suzanne HeywoodDirector | Bought | 52,522 | $9.52 | $500,009 | Form 4 |
| Nov 12, 2025 | Howard W. BuffettDirector | Bought | 4,100 | $10.29 | $42,189 | Form 4 |
| Nov 11, 2025 | Vagn O SorensenDirector | Bought | 10,385 | $9.62 | $99,904 | Form 4 |
| Nov 11, 2025 | Howard W. BuffettDirector | Bought | 6,000 | $9.68 | $58,080 | Form 4 |
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Fail | Fail |
| Cash from operations exceeds net income | Fail | Pass | Pass |
| Debt fell relative to assets | Fail | Pass | Fail |
| Current ratio rose | — | — | — |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | Pass | Pass | Fail |
| Revenue rose relative to assets | Pass | Fail | Fail |
| F-score | — | — | — |
| Accruals ratio | 3.2% | −1.6% | −4.7% |
Compare
Put CNH Industrial 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 |
|---|---|---|---|---|---|---|---|---|
| CNH Industrial | FY25 | −8.8% | — | — | 4.6% | 9.6x | — | |
| AGCO | FY25 | −13.6% | 5.9% | 7.3% | 10.4% | 1.7x | 8 | Compare |
| Deere | FY25 | −11.7% | — | 13.3% | — | — | — | Compare |
| Toro | FY25 | −1.6% | 9.1% | 12.8% | 15.9% | 1.1x | 6 | Compare |
| Lindsay | FY26 | −6.0% | 10.5% | 5.5% | 11.9% | −0.8x | 5 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 25.1 | 27.7 | 29.7 | 28.1 | 14.8 | 19.5 | 23.6 | 24.7 | 19.8 | 18.1 |
| Revenue growth | −3.1% | 10.4% | 7.2% | −5.5% | −47.4% | 31.9% | 20.8% | 4.8% | −19.6% | −8.8% |
| Gross profit | 5.7 | 6.1 | 6.7 | 6.2 | 3.6 | 5.4 | 6.8 | 7.8 | 6.5 | 5.7 |
| Research and development | 0.9 | 1.0 | 1.1 | 1.0 | 0.5 | 0.6 | 0.9 | 1.0 | 0.9 | 1.0 |
| Operating income | 1.5 | 1.7 | — | — | — | — | — | — | — | — |
| Net income | −0.3 | 0.3 | 1.1 | 1.4 | −0.5 | 1.7 | 2.0 | 2.3 | 1.2 | 0.5 |
| Diluted EPS (US$) | −0.19 | 0.20 | 0.78 | 1.05 | −0.36 | 1.27 | 1.49 | 1.69 | 0.99 | 0.41 |
| Diluted shares (millions) | 1,362 | 1,367 | 1,361 | 1,354 | 1,351 | 1,361 | 1,362 | 1,350 | 1,260 | 1,251 |
| Cash flow | ||||||||||
| Cash from operations | 2.8 | 2.9 | 2.6 | 1.8 | 5.5 | 4.1 | 0.6 | 0.9 | 2.0 | 2.5 |
| Capital expenditure | — | — | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | 0.2 | 0.2 | 0.2 | 0.3 | 0.0 | 0.2 | 0.4 | 0.5 | 0.6 | 0.3 |
| Share buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acquisitions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-based compensation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 5.0 | 5.4 | 5.0 | 4.9 | 8.8 | 5.0 | 4.4 | 4.3 | 3.2 | 2.6 |
| Debt incl. finance leases | 25.3 | 25.9 | 24.4 | 24.9 | 26.1 | 20.9 | 23.0 | 27.3 | 26.9 | 26.8 |
| Total assets | 45.5 | 48.3 | 46.1 | 47.4 | 48.7 | 49.4 | 39.4 | 46.3 | 42.9 | 42.7 |
| Total liabilities | 41.1 | 44.0 | 41.0 | 41.2 | 43.7 | 42.6 | 32.4 | 38.1 | 35.2 | 34.9 |
| Shareholders' equity | 4.3 | 4.2 | 5.1 | 6.1 | 5.0 | 6.8 | 6.9 | 8.1 | 7.7 | 7.8 |
| Margins and ratios | ||||||||||
| Gross margin | 22.6% | 22.1% | 22.7% | 22.2% | 24.5% | 27.6% | 28.7% | 31.8% | 32.7% | 31.5% |
| Operating margin | 5.8% | 6.0% | — | — | — | — | — | — | — | — |
| Net margin | −1.1% | 1.0% | 3.6% | 5.1% | −3.3% | 8.8% | 8.6% | 9.2% | 6.3% | 2.8% |
| Free cash flow margin | — | — | — | — | — | — | — | — | — | — |
| Return on capital | 4.5% | 3.4% | 6.6% | 7.8% | 1.6% | 9.8% | 10.2% | 11.2% | 7.5% | 4.6% |
| Return on equity | −5.8% | 6.4% | 23.0% | 25.4% | −8.9% | 29.2% | 29.5% | 30.3% | 15.8% | 6.6% |
| Return on assets | −0.6% | 0.6% | 2.3% | 3.0% | −1.0% | 3.5% | 4.6% | 5.3% | 2.8% | 1.2% |
| Net debt to EBITDA | 9.3x | 8.6x | 6.5x | 7.6x | 22.1x | 5.7x | 5.0x | 5.2x | 6.8x | 9.6x |