Cummins (XTER:CUM) Scaled Net Operating Assets: 0.55 (As of Mar. 2026)


XTER:CUM Cummins Inc XTER:CUM
84 GF Score
Price €581.60
GF Value €287.00
Valuation Significantly Overvalued
! 9 Warning Signs
View Full Analysis

What is Cummins Scaled Net Operating Assets?

Cummins XTER:CUM 84 Scaled Net Operating Assets is 0.55 as of Mar. 2026. GuruFocus rates XTER:CUM with a GF Score™ of 84/100 and a GF Value™ of €287.00 (Significantly Overvalued). The stock has 9 warning signs investors should review.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Cummins's operating assets for the quarter that ended in Mar. 2026 was €27,042 Mil. Cummins's operating liabilities for the quarter that ended in Mar. 2026 was €11,101 Mil. Cummins's Total Assets for the quarter that ended in Dec. 2025 was €29,029 Mil. Therefore, Cummins's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.55.

Cummins Scaled Net Operating Assets Historical Data

* Premium members only.

The historical data trend for Cummins's Scaled Net Operating Assets can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Cummins Scaled Net Operating Assets Chart

Cummins Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Scaled Net Operating Assets
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.52 0.72 0.46 0.54 0.51

Cummins Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Scaled Net Operating Assets Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.55 0.53 0.52 0.53 0.55

XTER:CUM vs EMR, ITW, PH: Scaled Net Operating Assets Comparison

For the Specialty Industrial Machinery subindustry, Cummins's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Cummins Scaled Net Operating Assets vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Cummins's Scaled Net Operating Assets distribution charts can be found below:

* The bar in red indicates where Cummins's Scaled Net Operating Assets falls into.


XTER:CUM
84GF Score
Cummins Inc XTER:CUM
Scaled Net Operating Assets is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Cummins Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

Cummins's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(25947.082-10649.38)/30120.7
=0.51

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=29029.168 - 3082.086
=25947.082

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=17578.736 - 6162.464 - 766.892
=10649.38

Cummins's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(27042.495-11100.545)/29029.168
=0.55

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Cash, Cash Equivalents, Marketable Securities
=29794.925 - 2752.43
=27042.495

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=18228.145 - 6182.155 - 945.445
=11100.545

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

What does a Scaled Net Operating Assets of 0.55 mean?
Cummins (XTER:CUM) has a Scaled Net Operating Assets of 0.55 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Cummins and its competitors.
Is Cummins' Scaled Net Operating Assets too high?
Cummins' current Scaled Net Operating Assets is 0.55. Overall, Cummins has a GF Score™ of 84/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cummins' Scaled Net Operating Assets compare to EMR and ITW?
Cummins' Scaled Net Operating Assets of 0.55 can be compared against companies in the Industrial Products industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Scaled Net Operating Assets for an Industrial Products company?
A good Scaled Net Operating Assets depends on the Industrial Products industry context. However, Scaled Net Operating Assets should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Cummins and its competitors. Cummins's current Scaled Net Operating Assets is 0.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cummins stock overvalued right now?
Based on GuruFocus' analysis, Cummins (XTER:CUM) is currently considered Significantly Overvalued. The stock's GF Value™ is €287.00, compared to a current price of €581.60 — trading 102.6% above its estimated fair value. The current Scaled Net Operating Assets is 0.55. Cummins' overall GF Score™ is 84/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Cummins (XTER:CUM), the current Scaled Net Operating Assets is 0.55 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Cummins (XTER:CUM) Overvalued in 2026?

Based on GuruFocus' analysis, Cummins stock appears to be overvalued. The current stock price of €581.60 is trading 102.6% above its estimated GF Value™ of €287.00. GuruFocus considers Cummins to be Significantly Overvalued.

Key valuation signals for XTER:CUM:

  • Scaled Net Operating Assets: 0.55
  • GF Value™: €287.00 vs. price of €581.60 (102.6% above fair value)
  • GF Score™: 84/100 with 9 warning signs

No single metric tells the full story. See the XTER:CUM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Cummins Business Description

Address 500 Jackson Street, Box 3005, Columbus, IN, USA, 47202-3005
Cummins is a leading manufacturer of diesel and other engines used in heavy- and medium-duty commercial trucks, off-highway equipment, and locomotives, in addition to prime power and standby generators. The company also sells powertrain components, which include filtration products, transmissions, turbochargers, aftertreatment systems, and fuel systems. Sales are approximately 60% US and Canada and 40% rest of the world. Much of Cummins' foreign sales (China, India, and so forth) are through joint ventures. The company operates 650 distributors and over 19,000 dealer locations across 190 countries. Cummins' business model is unique as it competes with many of its heavy-duty truck manufacturer customers, which also make their own engines.
84GF Score

Get the complete analysis for XTER:CUM

Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€581.60
Price
€287.00
GF Value