Price to Book Value (P/BV)
since 2005
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Cummins Inc. pages available for free this week:
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Calculation
Cummins Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total Cummins Inc. shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 12, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 8, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 13, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 12, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Cummins Inc. Annual Report.
The share price exhibits notable fluctuations over the analyzed period. Initially, it increased from $27.07 in 2006 to a peak of $53.40 in 2008, followed by a sharp decline to $20.80 in 2009. Subsequently, the share price recovered strongly, reaching $100.87 in 2011 and peaking further at $245.11 in 2021. After a slight decrease in 2022, it rose again to $256.85 in 2024. Overall, the share price demonstrates a long-term upward trend with periods of volatility, particularly during economic downturns.
Book value per share (BVPS) shows a consistent and steady increase throughout the entire timeframe, rising from $10.03 in 2006 to $62.39 in 2024. This growth indicates sustained accumulation of equity or reinvested earnings, reflecting strengthening fundamentals and an expanding asset base per share over the years.
The Price-to-Book Value (P/BV) ratio varies considerably across the years. Starting at 2.7 in 2006, it peaks at 4.31 in 2012 and stays above 3.0 for most of the period after 2007, except in 2009 when it sharply drops to 1.3, likely reflecting market undervaluation during a financial downturn. The ratio remains relatively elevated in recent years, with values over 4.0 in 2021 and 2024, suggesting that the market price generally trades at a substantial premium to book value, possibly due to investor confidence or growth expectations.
In summary, the data illustrate a company experiencing significant market valuation growth and strengthening book value over the long term, despite intermittent short-term fluctuations in share price and valuation multiples, especially during periods of economic stress.
Comparison to Competitors
Cummins Inc., P/BV, long-term trends, comparison to competitors
| Cummins Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Feb 12, 2024 | ||||||||
| Feb 14, 2023 | ||||||||
| Feb 8, 2022 | ||||||||
| Feb 10, 2021 | ||||||||
| Feb 11, 2020 | ||||||||
| Feb 11, 2019 | ||||||||
| Feb 14, 2018 | ||||||||
| Feb 13, 2017 | ||||||||
| Feb 12, 2016 | ||||||||
| Feb 17, 2015 | ||||||||
| Feb 18, 2014 | ||||||||
| Feb 20, 2013 | ||||||||
| Feb 21, 2012 | ||||||||
| Feb 24, 2011 | ||||||||
| Feb 26, 2010 | ||||||||
| Feb 27, 2009 | ||||||||
| Feb 26, 2008 | ||||||||
| Feb 27, 2007 | ||||||||
| Feb 28, 2006 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
Cummins Inc., P/BV, long-term trends, comparison to sector (capital goods)
| Cummins Inc. | Capital Goods | |
|---|---|---|
| Feb 12, 2024 | ||
| Feb 14, 2023 | ||
| Feb 8, 2022 | ||
| Feb 10, 2021 | ||
| Feb 11, 2020 | ||
| Feb 11, 2019 | ||
| Feb 14, 2018 | ||
| Feb 13, 2017 | ||
| Feb 12, 2016 | ||
| Feb 17, 2015 | ||
| Feb 18, 2014 | ||
| Feb 20, 2013 | ||
| Feb 21, 2012 | ||
| Feb 24, 2011 | ||
| Feb 26, 2010 | ||
| Feb 27, 2009 | ||
| Feb 26, 2008 | ||
| Feb 27, 2007 | ||
| Feb 28, 2006 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Cummins Inc., P/BV, long-term trends, comparison to industry (industrials)
| Cummins Inc. | Industrials | |
|---|---|---|
| Feb 12, 2024 | ||
| Feb 14, 2023 | ||
| Feb 8, 2022 | ||
| Feb 10, 2021 | ||
| Feb 11, 2020 | ||
| Feb 11, 2019 | ||
| Feb 14, 2018 | ||
| Feb 13, 2017 | ||
| Feb 12, 2016 | ||
| Feb 17, 2015 | ||
| Feb 18, 2014 | ||
| Feb 20, 2013 | ||
| Feb 21, 2012 | ||
| Feb 24, 2011 | ||
| Feb 26, 2010 | ||
| Feb 27, 2009 | ||
| Feb 26, 2008 | ||
| Feb 27, 2007 | ||
| Feb 28, 2006 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).