Enterprise Value (EV)
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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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Current Enterprise Value (EV)
Cummins Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Loans payable (per books) | |
| Add: Commercial paper (per books) | |
| Add: Current maturities of long-term debt (per books) | |
| Add: Long-term debt (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2023-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Cummins Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Cummins Inc. Annual Report.
3 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity Trends
- The common equity (market value) demonstrated a notable increase from 24,689 million US dollars in 2019 to a peak of 36,192 million US dollars in 2020. Subsequently, it decreased to 31,834 million in 2021 before rising again to 36,436 million by the end of 2023. This indicates some variability but an overall upward trend over the five-year period.
- Total equity followed a similar pattern to common equity. It rose from 25,647 million US dollars in 2019 to 37,119 million in 2020, declined to 32,761 million in 2021, and then increased steadily to 37,490 million in 2023. This reflects a recovery phase after the 2020 peak dip, suggesting capital reinforcement or retained earnings growth in later years.
- Debt and Capital Structure
- The total equity and debt figure showed a consistent upward trajectory from 28,014 million US dollars in 2019 to 44,186 million in 2023. Unlike the fluctuations in equity, this measure indicates ongoing growth in the company's overall capital structure, with debt presumably contributing to the increase post-2020. The rise especially from 2021 to 2023 suggests enhanced leverage or financing activity.
- Enterprise Value
- Enterprise value (EV) increased significantly from 26,544 million US dollars in 2019 to 37,421 million in 2020. Afterwards, it declined in 2021 to 33,733 million, then rose again to 41,445 million by 2023. The EV pattern mirrors the fluctuations seen in equity values but shows sustained growth overall, indicating market expectations of company value are generally positive despite short-term variances.
- Summary
- The data reveals an overall growth in the company’s market capitalization and capitalization structure over the five-year period, despite a dip in 2021 across several metrics. The increase in total equity and total debt suggests a balanced approach towards financing, while enterprise value confirms market confidence trending upward in recent years. These patterns may be reflective of broader market conditions, operational performance, or strategic financial management.