A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
CNH Industrial N.V.
CNH
$13.9B
Mkt Cap
$11.15
+4.99%
CNH Industrial N.V. (CNH) has a current P/E ratio of 27.2, compared to its historical median P/E of 10.5. The stock is currently considered Expensive based on its historical valuation range.
CNH Industrial N.V. (CNH) has a 5-year average return on invested capital (ROIC) of 9.0%. This is below average and may indicate limited pricing power.
CNH Industrial N.V. (CNH) has a market capitalization of $13.8B. It is classified as a large-cap stock.
Yes, CNH Industrial N.V. (CNH) pays a dividend with a trailing twelve-month yield of 2.41%.
Based on historical P/E analysis, CNH Industrial N.V. (CNH) appears expensive. The current P/E of 27.2 is 159% above its historical median of 10.5. The estimated fair value CAGR (P/E method) is 12.1%.
CNH Industrial N.V. (CNH) operates in the Construction Machinery & Equip industry, within the Industrials sector.
CNH Industrial N.V. (CNH) reported annual revenue of $18.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
CNH Industrial N.V. is a leading global equipment manufacturer that develops, manufactures, and sells agricultural and construction equipment through three business segments: Agriculture, Construction, and Financial Services. The Agriculture segment offers a full line of tractors, harvesters, crop protection equipment, and precision agriculture solutions including guidance and automated steering systems, while the Construction segment provides equipment for building and infrastructure projects. The Financial Services segment provides retail financing for end customers purchasing or leasing CNH and other manufacturers' equipment, as well as wholesale financing to dealers. CNH operates through a global network of industrial, commercial, and financial services subsidiaries in 32 countries with commercial presence in approximately 166 countries across North America, EMEA, South America, and Asia Pacific. The company's "Iron + Tech" strategy focuses on integrating advanced technologies—including precision agriculture, automation, connectivity, and autonomy—across its product portfolio to enhance productivity and sustainability. CNH's competitive positioning relies on product and technology leadership, commercial expansion through dealer network rationalization and targeted sales initiatives, and a commitment to cost reduction and quality improvements to offset tariff impacts and strengthen margins.
【Tariff headwinds and margin recovery】 Management expects 2026 to represent the trough of the agricultural industry cycle, with global industry retail demand forecasted at approximately 80% of mid-cycle levels. The company faces significant tariff headwinds estimated at 210–220 basis points for agriculture and approximately 600 basis points for construction, which it plans to offset through sourcing optimization, production moves, and pricing actions. Despite near-term margin pressure, CNH expects positive net pricing for agriculture throughout 2026 and anticipates sequential margin improvement in the second half of the year compared to the first half. Management is focused on achieving dealer inventory targets and aligning production with retail demand, positioning the company for earnings growth in 2027 as the industry cycle stabilizes and replacement demand from aging machine parks provides support. The company continues to execute on long-term cost reduction initiatives targeting $550 million in cumulative savings by 2030 and aims to raise agriculture EBIT margins to 16%–17% by 2030 on an industry mid-cycle basis.
| Metric | Target | Period |
|---|---|---|
| Industrial net sales | flat to down 4% year-over-year | FY2026 |
| Industrial EBIT margin | 2.5% to 3.5% | FY2026 |
| Agriculture EBIT margin | 4.5% to 5.5% | FY2026 |
| Construction EBIT margin | 1% to 2% | FY2026 |
| Industrial free cash flow | $150 million to $350 million | FY2026 |
| Adjusted EPS | $0.35 to $0.45 | FY2026 |
| Agriculture net sales | flat to down 5% year-over-year | FY2026 |
| Construction net sales | flat year-over-year | FY2026 |
Industrial net sales (FY2026): “we reaffirm our forecast for 2026 industrial net sales to be flat to down 4% year-over-year”
Industrial EBIT margin (FY2026): “we reaffirm our forecast for 2026 industrial net sales to be flat to down 4% year-over-year, and industrial EBIT margin between 2.5% and 3.5%”
Agriculture EBIT margin (FY2026): “we are reaffirming our EBIT margin guidance of 4.5%-5.5%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 18.1B | 18.1B | 19.8B | 24.7B | 23.6B | 19.5B |
| Net Income | 386M | 510M | 1.2B | 2.3B | 2.0B | 1.7B |
| EPS | $0.31 | $0.41 | $0.99 | $1.69 | $1.49 | $1.27 |
| Free Cash Flow | 0 | 2.5B | 2.0B | 907M | 557M | 4.1B |
| ROIC | 0.0% | 5.0% | 7.9% | 11.6% | 10.5% | 9.8% |
| Gross Margin | - | 31.5% | 32.7% | 31.8% | 28.7% | 27.6% |
| Debt/Equity | 1,030.00 | 3.44 | 3.49 | 3.38 | 3.31 | 3.07 |
| Dividends/Share | $0.27 | $0.25 | $0.47 | $0.40 | $0.30 | $0.13 |
| Operating Income | 0 | 2.2B | 3.2B | 4.2B | 3.5B | 2.5B |
| Operating Margin | 0.0% | 12.0% | 16.1% | 17.1% | 14.9% | 12.8% |
| ROE | 12866.7% | 6.6% | 15.8% | 30.3% | 29.5% | 29.2% |
| Shares Outstanding | 1,240M | 1,244M | 1,259M | 1,346M | 1,362M | 1,357M |
| Metric | 2014 | 2015 | 2016 | 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 32.6B | 25.9B | 25.1B | 27.7B | 29.7B | 28.1B | 14.8B | 19.5B | 23.6B | 24.7B | 19.8B | 18.1B | 18.1B |
| Gross Margin | 21.6% | 21.4% | 22.1% | 21.9% | 22.7% | 22.2% | 24.5% | 27.6% | 28.7% | 31.8% | 32.7% | 31.5% | N/A |
| R&D | 1.1B | 856M | 860M | 957M | 1.1B | 1.0B | 493M | 642M | 866M | 1.0B | 924M | 1.0B | 1.1B |
| SG&A | 2.9B | 2.3B | 2.2B | 2.3B | 2.4B | 2.2B | 1.3B | 1.5B | 1.8B | 1.9B | 1.7B | 1.9B | 2.0B |
| EBIT | 2.2B | 1.6B | 1.5B | 1.7B | 2.3B | 1.9B | 252M | 2.5B | 3.5B | 4.2B | 3.2B | 2.2B | 0 |
| Op. Margin | 6.8% | 6.3% | 5.8% | 6.0% | 7.7% | 6.9% | 1.7% | 12.8% | 14.9% | 17.1% | 16.1% | 12.0% | 0.0% |
| Net Income | 710M | 253M | -264M | 272M | 1.1B | 1.4B | -493M | 1.7B | 2.0B | 2.3B | 1.2B | 510M | 386M |
| Net Margin | 2.2% | 1.0% | -1.1% | 1.0% | 3.6% | 5.1% | -3.3% | 8.8% | 8.6% | 9.2% | 6.3% | 2.8% | 2.1% |
| Non-Recurring | 176M | 86M | 41M | 93M | 59M | 129M | 601M | 35M | 73M | 137M | 120M | 22M | 20M |
| Returns on Capital | |||||||||||||
| ROIC | 7.2% | 8.8% | 12.1% | 5.4% | 6.7% | 7.7% | 1.0% | 9.8% | 10.5% | 11.6% | 7.9% | 5.0% | 0.0% |
| ROE | 14.3% | 5.2% | -5.8% | 6.4% | 23.0% | 25.4% | -8.9% | 29.2% | 29.5% | 30.3% | 15.8% | 6.6% | 12866.7% |
| ROA | 1.3% | 0.5% | -0.6% | 0.6% | 2.3% | 3.0% | -1.0% | 3.5% | 4.6% | 5.3% | 2.8% | 1.2% | 0.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 681M | 2.8B | 2.8B | 2.9B | 2.6B | 1.8B | 5.5B | 4.1B | 557M | 907M | 2.0B | 2.5B | 2.4B |
| Free Cash Flow | -2.2B | 279M | 634M | 2.9B | 2.6B | 1.8B | 5.5B | 4.1B | 557M | 907M | 2.0B | 2.5B | 0 |
| Owner Earnings | -508M | 1.6B | 2.1B | 2.1B | 1.8B | 1.1B | 5.2B | 3.7B | 142M | 431M | 1.5B | 2.1B | -2.3B |
| CapEx | 2.8B | 2.5B | 2.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 1.1B | 1.1B | 716M | 725M | 703M | 660M | 299M | 295M | 328M | 377M | 417M | 432M | 4.7B |
| Growth CapEx | 1.7B | 1.4B | 1.4B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 1.1B | 1.1B | 716M | 725M | 703M | 660M | 299M | 295M | 328M | 377M | 417M | 432M | 4.7B |
| CapEx/OCF | 416.4% | 90.0% | 77.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 382M | 297M | 207M | 168M | 243M | 283M | 8.0M | 188M | 423M | 538M | 607M | 333M | 333M |
| Dividend Yield | 4.1% | 3.9% | 2.8% | 1.5% | 2.0% | 2.6% | 0.1% | 1.1% | 2.4% | 3.1% | 4.4% | 2.3% | 2.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 49M | 49M | 1.7M | 19M | 35M | 33M | 30M | 90M | 87M | 99M | 71M | 45M | 41M |
| Debt Repayment | 15.3B | 10.7B | 13.8B | 16.8B | 16.9B | 12.9B | 7.2B | 9.1B | 9.2B | 8.2B | 13.5B | 13.0B | 13.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 14.9B | -2.3B | 7.6B | 20.5B | 19.4B | 20.0B | 17.3B | 15.9B | 18.6B | 23.0B | 23.7B | 24.2B | 1.5B |
| Cash & Equiv. | 5.2B | 5.4B | 5.0B | 5.4B | 5.0B | 4.9B | 8.8B | 5.0B | 4.4B | 4.3B | 3.2B | 2.6B | 1.6B |
| Long-Term Debt | 17.4B | 50M | 12.6B | 1.6B | 1.5B | 1.5B | 1.2B | 1.1B | 1.2B | 1.5B | 1.3B | 1.3B | 3.1B |
| Debt/Equity | 4.05 | 0.63 | 2.92 | 6.12 | 4.82 | 4.06 | 5.22 | 3.07 | 3.31 | 3.38 | 3.49 | 3.44 | 1030.00 |
| Interest Coverage | 1.7 | 1.5 | 1.4 | 1.8 | 2.8 | 2.4 | 0.4 | 4.6 | 4.8 | 3.1 | 2.0 | 1.5 | 1.5 |
| Equity | 5.0B | 4.8B | 4.3B | 4.2B | 5.1B | 6.1B | 5.0B | 6.8B | 6.9B | 8.1B | 7.7B | 7.8B | 3.0M |
| Total Assets | 51.9B | 46.7B | 45.5B | 48.3B | 46.1B | 47.4B | 48.7B | 49.4B | 39.4B | 46.3B | 42.9B | 42.7B | 42.0B |
| Total Liabilities | 46.9B | 41.8B | 41.1B | 44.0B | 41.0B | 41.2B | 43.7B | 42.6B | 32.4B | 38.1B | 35.2B | 34.9B | 34.2B |
| Intangibles | 850M | 810M | 787M | 792M | 788M | 806M | 772M | 1.2B | 1.1B | 1.3B | 1.2B | 1.1B | 1.1B |
| Retained Earnings | 2.3B | 2.2B | 1.8B | 1.8B | 2.6B | 3.8B | 3.3B | 4.8B | 7.9B | 9.7B | 10.3B | 10.5B | 10.5B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 330M |
| Per Share Data | |||||||||||||
| EPS | 0.52 | 0.19 | -0.19 | 0.20 | 0.78 | 1.05 | -0.36 | 1.27 | 1.49 | 1.69 | 0.99 | 0.41 | 0.31 |
| Owner EPS | -0.37 | 1.19 | 1.48 | 1.56 | 1.33 | 0.84 | 3.80 | 2.73 | 0.10 | 0.32 | 1.18 | 1.66 | -1.85 |
| Book Value | 3.63 | 3.64 | 3.11 | 3.11 | 3.70 | 4.52 | 3.64 | 5.02 | 5.09 | 6.01 | 6.13 | 6.25 | 0.00 |
| Cash Flow/Share | 0.50 | 2.09 | 1.99 | 2.11 | 1.87 | 1.35 | 4.04 | 3.01 | 0.41 | 0.67 | 1.56 | 2.04 | 4.07 |
| Dividends/Share | 0.28 | 0.21 | 0.15 | 0.12 | 0.17 | 0.20 | 0.01 | 0.13 | 0.30 | 0.40 | 0.47 | 0.25 | 0.27 |
| Shares Out. | 1.4B | 1.3B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.4B | 1.3B | 1.3B | 1.2B | 1.2B |
| Valuation | |||||||||||||
| P/E Ratio | 11.3 | 27.1 | N/A | 50.6 | 8.8 | 8.2 | N/A | 11.9 | 9.8 | 6.7 | 11.2 | 23.0 | 36.0 |
| P/FCF | N/A | 24.6 | 14.0 | 4.8 | 3.7 | 6.4 | 2.5 | 5.0 | 35.8 | 16.9 | 7.1 | 4.6 | N/A |
| EV/EBIT | 10.4 | 2.8 | 11.4 | 20.6 | 12.6 | 16.2 | 122.8 | 14.5 | 11.0 | 8.1 | 10.8 | 15.3 | N/A |
| Price/Book | N/A | 571.1 | 422.1 | N/A | N/A | N/A | N/A | N/A | N/A | 1.9 | 1.8 | 1.5 | N/A |
| Price/Sales | 0.3 | 0.3 | 0.3 | 0.4 | 0.4 | 0.4 | 0.6 | 0.9 | 0.7 | 0.7 | 0.7 | 0.8 | 0.8 |
| FCF Yield | -26.8% | 4.1% | 7.2% | 20.8% | 27.0% | 15.6% | 40.5% | 19.9% | 2.8% | 5.9% | 14.1% | 21.6% | N/A |
| Market Cap | 8.1B | 6.9B | 8.9B | 13.8B | 9.4B | 11.7B | 13.7B | 20.5B | 19.9B | 15.3B | 13.9B | 11.7B | 13.8B |
| Avg. Price | 6.83 | 5.79 | 5.30 | 8.31 | 8.99 | 7.94 | 6.36 | 12.62 | 12.81 | 12.91 | 10.86 | 11.69 | 11.15 |
| Year-End Price | 5.90 | 5.15 | 6.38 | 10.12 | 6.90 | 8.63 | 9.98 | 15.12 | 14.64 | 11.39 | 11.08 | 9.44 | 11.15 |
CNH Industrial N.V. passes 2 of 9 quality checks, indicating weak fundamentals.
CNH Industrial N.V. trades at 27.2x trailing earnings, compared to its 15-year median P/E of 10.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 5.5x vs a median of 5.7x. The company's 5-year average ROIC is 9.0% with a gross margin of 30.5%. Total shareholder yield (dividends) is 2.4%. At current prices, the estimated annualized return to fair value is -12.5%.
CNH Industrial N.V. (CNH) has a net profit margin of 2.8%. This is a modest margin.
CNH Industrial N.V. (CNH) generated $2.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CNH Industrial N.V. (CNH) has a debt-to-equity ratio of 3.44. This indicates higher leverage, which may increase financial risk.
CNH Industrial N.V. (CNH) reported earnings per share (EPS) of $0.41 in its most recent fiscal year.
CNH Industrial N.V. (CNH) has a return on equity (ROE) of 6.6%. This indicates moderate shareholder returns.
CNH Industrial N.V. (CNH) has a 5-year average gross margin of 30.5%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for CNH Industrial N.V. (CNH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CNH Industrial N.V. (CNH) has a book value per share of $6.25, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to represent the trough of the agricultural industry cycle, with global industry retail demand forecasted at approximately 80% of mid-cycle levels. The company faces significant tariff headwinds estimated at 210–220 basis points for agriculture and approximately 600 basis points for construction, which it plans to offset through sourcing optimization, production moves, and pricing actions. Despite near-term margin pressure, CNH expects positive net pricing for agriculture throughout 2026 and anticipates sequential margin improvement in the second half of the year compared to the first half. Management is focused on achieving dealer inventory targets and aligning production with retail demand, positioning the company for earnings growth in 2027 as the industry cycle stabilizes and replacement demand from aging machine parks provides support. The company continues to execute on long-term cost reduction initiatives targeting $550 million in cumulative savings by 2030 and aims to raise agriculture EBIT margins to 16%–17% by 2030 on an industry mid-cycle basis.
Based on recent SEC filings and earnings calls, CNH Industrial N.V. (CNH) has provided the following forward guidance: Industrial net sales: flat to down 4% year-over-year (FY2026); Industrial EBIT margin: 2.5% to 3.5% (FY2026); Agriculture EBIT margin: 4.5% to 5.5% (FY2026); Construction EBIT margin: 1% to 2% (FY2026); Industrial free cash flow: $150 million to $350 million (FY2026), plus 3 additional metrics.
Construction EBIT margin (FY2026): “EBIT margin is still forecasted to be between 1% and 2%”
Industrial free cash flow (FY2026): “Industrial free cash flow is still forecasted to be between $150 million and $350 million”
Adjusted EPS (FY2026): “Adjusted EPS is reaffirmed at between $0.35 and $0.45, assuming an average share count of about 1.25 billion”
Agriculture net sales (FY2026): “we are comfortable reaffirming our net sales guidance of flat to down 5%”
Construction net sales (FY2026): “we still forecast our own net sales to be about flat year-over-year”