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CNH Industrial

CNH on NYSE. CNH Industrial sells farm and construction equipment and financing to farmers, builders, and dealers. Market value $16.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Cash flow or capital spending isn't reported, so free cash flow is unknown.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
81.9×full

You pay 81.9 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
8.7%five-year median

Each dollar kept in the business earns 9 cents a year. Above 10 is good.

Quality score: 55 of 100. Price score: 27 of 100. Our list needs 70 on quality and 60 on price.

$13.27 a share, 47% above its 1-year low

Over the past year the price has ranged from $9.00 to $14.46.

Dividend: 0.8% a year

Paid every year for at least 5 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
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20212022202320242025
Revenue
$19.5bn$23.6bn$24.7bn$19.8bn$18.1bn
Operating margin
12.8%14.5%16.4%8.1%4.1%
Debt to equity
3.073.313.383.493.44
Shares outstanding
1.36bn1.34bn1.25bn1.25bn1.24bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt3.44× equity
  • Revenue growth, five yearsSlow, 4.1% a year
  • Buying back its own sharesYes, 9% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $4.8 billion last quarter, up 2% on a year ago.
  • Profit: $138 million, down 35% on a year ago.
  • 1% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $24.1 billion more than cash, down from $24.9 billion a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$4.7bn
December 2024$4.9bn
March 2025$3.8bn
June 2025$4.7bn
September 2025$4.4bn
December 2025$5.2bn
March 2026$3.8bn
June 2026$4.8bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$306m
December 2024Not reported
March 2025$131m
June 2025$213m
September 2025$80m
December 2025$86m
March 2026$7m
June 2026$138m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
2 November 2026

Who owns it

16 long-term investors we follow own it, unchanged from 16 last quarter. 519 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $700,182 of shares on the open market. 1 sold $490,140.

  • Tutino Francesco Vincenzo Maria
    Chief Human Resources Officer
    Sold
    Date
    4 May 2026
    Shares
    48,385
    Price
    $10.13
    Value
    $490,140
  • Heywood Suzanne
    Director
    Bought
    Date
    18 November 2025
    Shares
    52,522
    Price
    $9.52
    Value
    $500,009
  • Buffett Howard W.
    Director
    Bought
    Date
    12 November 2025
    Shares
    4,100
    Price
    $10.29
    Value
    $42,189
  • Sorensen Vagn O
    Director
    Bought
    Date
    11 November 2025
    Shares
    10,385
    Price
    $9.62
    Value
    $99,904
  • Buffett Howard W.
    Director
    Bought
    Date
    11 November 2025
    Shares
    6,000
    Price
    $9.68
    Value
    $58,080

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 3.4× its equity.
  • It isn't cheap on profits: 81.9× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.