CMI vs ETN: Cummins and Eaton Corporation compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Eaton Corporation is the larger company, worth $152.5B, about 2.2 times Cummins.
- Eaton Corporation grew revenue faster over the last year (+21.4% vs +9.4%).
- On earnings, Cummins is the cheaper stock (26.4x vs 38.4x).
- Eaton Corporation's price assumes faster free cash flow growth: about 15% a year, against 10% for Cummins (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CMI | ETN |
|---|---|---|
| Market cap | $70.1B | $152.5B |
| Share price | $517.32 | $429.65 |
| Revenue (last fiscal year) | $33.7B | $27.4B |
| Free cash flow (last fiscal year) | $2.4B | $3.6B |
| Revenue growth, last year | +9.4% | +21.4% |
| Revenue growth per year, last 5 fiscal years | +8.8% | +8.7% |
| Operating margin | 11.2% | — |
| Net margin | 7.8% | 12.8% |
| Return on equity | 21.1% | 18.9% |
| P/E (trailing) | 26.4x | 38.4x |
| Price / free cash flow | 29.4x | 34.1x |
| EV / EBITDA | 13.8x | 28.3x |
| FCF growth the price implies | 10.0% | 15.0% |
| Dividend yield | 1.5% | 1.1% |
| Debt / equity | 1.69x | 1.77x |
| Fundamental grade | C | D |
| Superinvestors holding it | 7 | 6 |
| Insider purchases, last 12 months | 6 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Cummins
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $24.0B | $1.5B | 11.3% |
| 2022 | $28.1B | $1.0B | 10.4% |
| 2023 | $34.1B | $2.8B | 5.2% |
| 2024 | $34.1B | $279M | 11.0% |
| 2025 | $33.7B | $2.4B | 12.0% |
Eaton Corporation
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.6B | $1.6B | — |
| 2022 | $20.8B | $1.9B | — |
| 2023 | $23.2B | $2.9B | — |
| 2024 | $24.9B | $3.5B | — |
| 2025 | $27.4B | $3.6B | — |
Where the revenue comes from
Cummins · by segments, 2021
Engine$10.0B33%
Distribution$7.8B26%
Components$7.7B26%
Power Systems$4.4B15%
New Power$116M0%
Eaton Corporation · by segments, 2025
Electrical Americas$13.3B48%
Electrical Global$6.8B25%
Aerospace$4.2B15%
Vehicle$2.5B9%
eMobility$604M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CMI in InvestinglyQuestions
Which is bigger, Cummins or Eaton Corporation?
Eaton Corporation (ETN), at $152.5B against $70.1B.
Is CMI or ETN cheaper?
By trailing P/E, Cummins (26.4x) is cheaper than Eaton Corporation (38.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CMI or ETN?
Eaton Corporation: revenue grew +21.4% over the last year, against +9.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.