CNH Industrial N.V. CNH

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited Kingdom

Last close 11.81 USD on Nov 2, 2026, +29.4% year to date

Quant rating

Quant rating B Rank 127 of 418 in Industrials

Growth B 156 of 418
Valuation C 217 of 418
Quality B 156 of 418
Revisions B 162 of 418
Momentum B 118 of 418

Wall Street consensus Buy (2.24)Average target 14.07 USD +19.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 14.6B
Enterprise value: 38.8B
52-week range: 9.00 – 14.46
3-year range: 9.00 – 14.46
Dividend yield: 0.85%
Beta (5 years): 1.23
Shares outstanding: 1,238M
Next earnings: Nov 9, 2026

About the company

CNH Industrial N.V. is an equipment and services company. The Company is engaged in the design, production, marketing, sale, and financing of agricultural and construction equipment. It operates through three segments: Agriculture, Construction and Financial Services. Its Agriculture segment designs, manufactures, and distributes a full line of farm machinery and implements, including two-wheel and four-wheel drive tractors, crawler tractors, combines, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, material handling equipment, and others. Its Construction segment designs, manufactures, and distributes a full line of construction equipment, including excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, and compact track loaders. Its Financial Services segment offers retail note and lease financing to end-use customers for the purchase of new and used agricultural and construction equipment and components.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	18,095	19,836	24,687	23,551	19,496	–
Revenue growth	−8.8%	−19.7%	4.8%	20.8%	31.9%	4.1%
EPS (basic, normalized)	0.55	1.11	1.70	1.46	1.35	–
EPS growth	−50.5%	−34.7%	16.4%	8.1%	–	–
Gross margin	31.5%	32.7%	31.8%	28.7%	27.6%	30.5%
Net margin	2.8%	6.3%	9.2%	8.6%	9.0%	7.2%
ROE	6.6%	15.9%	30.4%	29.6%	30.2%	22.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,868
Current ratio	–
Long-term debt (mil)	25,966
Net debt (mil)	24,195
Total equity (mil)	7,756
Net debt / equity	3.12x
Net debt / EBITDA	22.10x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	18,095	−8.8%	2.1x	1,095	−45.0%	35.4x	0.55	−50.5%	21.5x
2026	17,430	−3.7%	2.2x	1,094	−0.1%	35.5x	0.45	−18.9%	26.5x
2027	17,955	+3.0%	2.2x	1,466	+33.9%	26.5x	0.70	+56.9%	16.9x
2028	19,257	+7.3%	2.0x	1,977	+34.9%	19.6x	1.00	+43.2%	11.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	17,430	−0.3%	+1.2%	+5.1%	0.45	−0.4%	+0.4%	+9.2%
2027	17,955	−1.0%	−0.4%	+0.1%	0.70	+1.5%	+0.8%	−4.4%
2028	19,257	−0.8%	−1.2%	+0.3%	1.00	−1.4%	−1.3%	−7.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,818	5,488	4,654	4,876	3,828	4,711	4,399	5,157	3,826	4,803
Sales mean (mil)	4,318	5,315	4,584	4,513	3,509	4,167	3,906	4,610	3,474	4,377
Surprise	+11.6%	+3.3%	+1.5%	+8.0%	+9.1%	+13.1%	+12.6%	+11.9%	+10.1%	+9.7%
EPS reported	0.33	0.38	0.24	0.15	0.10	0.17	0.08	0.19	0.01	0.13
EPS mean	0.27	0.37	0.27	0.18	0.10	0.14	0.13	0.10	0.01	0.10
Surprise	+23.5%	+2.3%	−11.3%	−14.3%	+1.2%	+20.3%	−39.8%	+90.1%	+76.4%	+24.6%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CNH CNH Industrial N.V.	14.6B	22.10x	2.8%	1.88x	26.5x	16.9x	35.5x	26.5x
VOLVb Volvo AB	64.1B	2.60x	7.2%	3.28x	14.7x	12.2x	10.8x	9.3x
CAT Caterpillar Inc	282.1B	2.87x	13.1%	13.13x	22.5x	19.0x	18.2x	15.5x
DE Deere & Co	180.0B	6.48x	11.0%	6.43x	36.9x	29.4x	31.9x	27.1x
ETN Eaton Corporation PLC	142.2B	2.91x	14.9%	7.02x	26.9x	22.7x	20.7x	17.6x
PH Parker-Hannifin Corporation	117.1B	1.43x	17.0%	7.59x	26.1x	23.5x	18.4x	16.9x
Mean		6.40x	11.0%	6.56x	25.6x	20.6x	22.6x	18.8x
Median		2.89x	12.1%	6.73x	26.3x	20.8x	19.6x	17.2x

Technical analysis

1M−12.3%
3M+15.2%
1Y+13.7%
3Y+12.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, CNH Industrial N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	18,095	19,836	24,687	23,551	19,496	14,779
Cost of revenue	12,389	13,350	16,838	16,797	14,109	11,152
Gross profit	5,706	6,486	7,849	6,754	5,387	3,627
Selling, general & administrative expenses	1,876	1,712	1,863	1,752	1,454	1,296
Research & development	853	924	1,041	866	642	493
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	256	135	90.0	54.0	163	732
Other operating expenses	0	0	0	0	0	0
Operating income	2,721	3,715	4,855	4,082	3,128	1,106
Net interest income (expense)	−1,461	−1,573	−1,308	−585	−429	−541
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−640	−685	−844	−815	−760	−744
Net income before taxes	620	1,457	2,703	2,682	1,939	−179
Provision for taxes	184	336	594	747	229	85.0
Minority interest	5.0	−13.0	−12.0	−10.0	−37.0	−55.0
Equity in affiliates	69.0	138	178	104	91.0	66.0
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	510	1,246	2,275	2,029	1,764	−253
Extraordinary items	–	–	–	0	−41.0	−240
Net income	510	1,246	2,275	2,029	1,723	−493
EBIT, normalized	2,977	3,850	4,945	4,131	3,283	1,838
EBITDA, normalized	3,606	4,455	5,509	4,459	4,119	2,137
Basic EPS, normalized	0.55	1.11	1.70	1.46	1.35	–

Balance sheet in millions of USD, fiscal years

Balance sheet, CNH Industrial N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,578	3,191	4,322	4,376	5,044	8,785
Receivables	421	293	513	470	192	506
Total inventory	4,651	4,776	5,545	4,811	4,216	6,022
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	4,036	3,677	3,627	3,259	3,213	7,355
Goodwill	3,617	3,584	3,614	3,322	3,210	1,924
Intangibles	1,086	1,221	1,292	1,129	1,207	772
Long-term investments	437	490	479	385	333	921
Note receivable	23,105	23,085	24,249	19,260	15,376	18,457
Other long-term assets	10,466	10,876	13,006	12,026	26,077	19,290
Total assets	42,747	42,933	46,267	39,381	49,416	48,719
Liabilities
Accounts payable	2,247	2,292	3,611	3,702	3,530	6,357
Payable/accrued	–	–	–	–	–	–
Accrued expenses	4,009	4,150	4,993	1,434	1,426	1,779
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	10,020	10,838	–	9,588	–	11,542
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	16,742	16,044	27,326	13,374	20,897	14,511
Minority interest	95.0	117	120	49.0	75.0	122
Other liabilities	18,180	19,121	10,791	19,031	21,666	29,179
Total liabilities	35,017	35,282	38,237	32,454	42,638	43,812
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	25.0	25.0	25.0	25.0	25.0	25.0
Additional paid-in capital	1,388	1,415	1,578	1,504	4,464	4,388
Retained earnings (accumulated deficit)	10,506	10,309	9,654	7,906	4,818	3,279
Treasury stock	−1,422	−1,386	−865	−230	−84.0	−109
Other equity	−2,767	−2,712	−2,362	−2,278	−2,445	−2,676
Total equity	7,730	7,651	8,030	6,927	6,778	4,907
Total liabilities & shareholders' equity	42,747	42,933	46,267	39,381	49,416	48,719

Cash flow statement in millions of USD, fiscal years

Cash flow statement, CNH Industrial N.V., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	505	1,259	2,383	2,039	1,760	−438
Depreciation, depletion & amortization	629	605	564	535	1,148	1,172
Deferred taxes	−198	−107	−535	−50.0	−239	−264
Non-cash items	664	329	−28.0	85.0	245	1,177
Changes in working capital	938	−118	−1,477	−2,052	1,168	3,882
Cash from operations	2,538	1,968	907	557	4,082	5,529
Investing activities
Capital expenditures	−1,198	−1,186	−1,195	−999	−2,033	−1,850
Other investing cash flows	−182	−1,586	−2,504	−2,010	−2,968	−900
Cash from investing	−1,380	−2,772	−3,699	−3,009	−5,001	−2,750
Financing activities
Financing cash flow items	−1,566	−416	2,071	580	−14.0	−828
Cash dividends paid	−333	−607	−538	−423	−188	−8.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−121	956	1,065	1,807	−1,243	1,495
Cash from financing	−2,020	−67.0	2,598	1,964	−1,445	659
Foreign exchange effects	225	−308	110	−228	−403	418
Net change in cash	−637	−1,179	−84.0	−716	−2,767	3,856
Free cash flow	1,340	782	−288	−442	2,049	3,679

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.