CMI vs ITW: Cummins and Illinois Tool Works compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Illinois Tool Works is the larger company, worth $75.2B, close to Cummins's $70.1B.
- Cummins grew revenue faster over the last year (+9.4% vs +6.1%).
- Illinois Tool Works keeps more of each dollar of revenue as operating profit (26.5% vs 11.2%).
- On earnings, Illinois Tool Works is the cheaper stock (24.3x vs 26.4x).
- Cummins's price assumes faster free cash flow growth: about 10% a year, against 9% for Illinois Tool Works (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 | ITW |
|---|---|---|
| Market cap | $70.1B | $75.2B |
| Share price | $517.32 | $264.13 |
| Revenue (last fiscal year) | $33.7B | $16.0B |
| Free cash flow (last fiscal year) | $2.4B | $2.7B |
| Revenue growth, last year | +9.4% | +6.1% |
| Revenue growth per year, last 5 fiscal years | +8.8% | +2.6% |
| Operating margin | 11.2% | 26.5% |
| Net margin | 7.8% | 19.4% |
| Return on equity | 21.1% | 110.3% |
| P/E (trailing) | 26.4x | 24.3x |
| Price / free cash flow | 29.4x | 27.8x |
| EV / EBITDA | 13.8x | 16.8x |
| FCF growth the price implies | 10.0% | 9.3% |
| Dividend yield | 1.5% | 2.4% |
| Debt / equity | 1.69x | 4.70x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 6 |
| Insider purchases, last 12 months | 6 | 6 |
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% |
Illinois Tool Works
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $14.5B | $2.3B | 24.1% |
| 2022 | $15.9B | $1.9B | 23.8% |
| 2023 | $16.1B | $3.1B | 25.1% |
| 2024 | $15.9B | $2.8B | 26.8% |
| 2025 | $16.0B | $2.7B | 26.3% |
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%
Illinois Tool Works · by segments, 2025
Automotive OEM$3.3B20%
Test & Measurement and Electronics$2.8B18%
Food Equipment$2.7B17%
Welding$1.9B12%
Construction Products$1.8B11%
Specialty Products$1.8B11%
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 Illinois Tool Works?
Illinois Tool Works (ITW), at $75.2B against $70.1B.
Is CMI or ITW cheaper?
By trailing P/E, Illinois Tool Works (24.3x) is cheaper than Cummins (26.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, CMI or ITW?
Cummins: revenue grew +9.4% over the last year, against +6.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.