CUMMINS INC (CMI): what the price assumes

In the published model solve dated 2026-Q2, anchored at $564.85, CUMMINS INC (CMI) is priced for +20.3% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/CMI

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 9.5% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

Every valuation family lands below the price. The price therefore sits beyond what those standard frames encode.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that call it expensive: Asset, Earnings, Growth

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.2%); the inversion above states its own rate.

Per-Model Detail (n=12)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Interest expense is not separately reported in the latest filings, so interest coverage cannot be computed.

Bullet Takeaways

• Electricity, not freight, is currently doing the work: Power Systems sales rose 19 percent in the March 2026 quarter on higher power generation demand in China and North America, while truck-facing demand went the other way.

• The sharpest specific risk is that the customers can build the product themselves, and some already do; the FY2025 report warns about any significant reduction in engine outsourcing by its truck-maker customers, and CNH tells its own investors that its internal combustion engines "are primarily supplied by FPT Industrial S.p.A., a company controlled by Iveco N.V."

• The near-term swing factor is the truck cycle turning: management expects North American medium-duty and heavy-duty demand "to begin improving over the remainder of 2026", with tariffs and input cost inflation named as the pressure working against it.

Bull Case

The most interesting number in the recent filings has nothing to do with trucks. In the March 2026 quarter, Power Systems sales rose 19 percent, and the FY2026 quarterly report attributes it to "higher demand in power generation markets, especially in China and North America." Distribution sales rose 7 percent on the same driver. Meanwhile the truck-facing business shrank. A company most investors file under diesel engines for lorries is currently being pulled along by demand for electricity, and that is not what the label on the tin says.

The generator business is not a side project. The FY2025 annual report describes the segment as designing and selling "standby and prime power generators, engines (16 liters and larger) for standby and prime power generator sets and industrial applications (including mining, oil and gas, marine, rail and defense), alternators and other power components." Those are the machines that get installed when a grid connection is either unavailable or untrusted. Whatever is happening to electricity demand in China and North America is arriving at Cummins as orders for large engines, which is exactly the product it has been refining for a century.

The second unexpected move is a retreat, and it counts as good news for a shareholder. The zero-emissions arm has been cut back rather than scaled up. The FY2025 report states that the company intends to "stop new commercial activity in the electrolyzer space, subject to information and consultation in accordance with local legal requirements" while continuing to fulfil existing commitments, and explains why in one line: "The slower adoption of zero-emission solutions reduced Accelera's near-term revenue outlook, prompting significant restructuring actions and a refined strategic investment approach." Management stopped funding a market that did not arrive on schedule. Shareholders were paying for that optionality out of current earnings; now they are paying less.

What makes the core durable is unglamorous and hard to replicate: the service footprint. Cummins reaches customers through roughly "640 wholly-owned, joint venture and independent distributor locations and more than 13,000 Cummins certified dealer locations in approximately 190 countries and territories." An engine that fails in a remote mine or a data center basement needs a technician and a part within hours, and that network is the reason a fleet buyer chooses one supplier over a cheaper one. Regulation reinforces it. The company frames emissions capability as competitive rather than merely compliant, noting that its ability to meet current and future standards "is an essential element in maintaining our leadership position in regulated markets." Every tightening of a standard raises the engineering cost of entry.

The financial result of all this is a manufacturer that behaves better than manufacturers usually do. Revenue of $33.89B produced $4.161B of operating income and $2.671B of free cash flow over the trailing year, with a trailing return on equity of 22.6%. Net debt sits at about one times operating profit and operating income covered the interest bill 12.9 times. That is a cyclical business carrying a balance sheet built for the bottom of a cycle rather than the top, and it is currently sitting near the bottom of the truck cycle with the power business growing anyway.

Bear Case

The structural truth is simple and a holder would rather not sit with it: this is a maker of truck engines in the weak phase of a truck cycle, carrying a price that assumes it is something else. Engine segment sales fell 7 percent in 2025, which the FY2025 report attributes to "lower demand in North American heavy-duty and medium-duty truck markets", and the March 2026 quarter records the same weakness in medium-duty and heavy-duty truck markets, offset by power generation. At about 23 times company-wide operating income, today's price embeds operating-profit growth of roughly 24.6% a year for five consecutive years. Among comparable fast growers, only about 31% have sustained a pace like that for five years, and those companies were not usually selling to freight cycles.

No family of valuation method reaches this price. The closest is the peer-multiple lens, and the price still sits about 46% above its central estimate. The price sits about 231% above the earnings-power family's central estimate. That family values the company on what it currently produces, with nothing added for the future. The asset lens is further away again. That combination has a plain reading: the price is not defended by any conventional frame, and the entire case rests on a step change in what Cummins earns rather than on a re-rating of what it earns now.

The customer problem is the mechanism most likely to prevent that step change. Cummins sells engines to companies that also make engines. Its own risk disclosure names the exposure directly, warning about any significant reduction in the level of engine production outsourcing by its truck manufacturer and OEM customers. The evidence that this is not hypothetical sits in the peer filings. CNH tells investors its internal combustion engines "are primarily supplied by FPT Industrial S.p.A., a company controlled by Iveco N.V.", an affiliated supplier rather than a merchant one. PCAR describes its own research and development running to "demonstration and development projects for Kenworth, Peterbilt and DAF vehicles, including battery-electric, hydrogen combustion and hybrid technologies." In the power generation market that is currently carrying the growth, CAT is already there, listing "Reciprocating engine-powered generator sets" among its Power and Energy products. The best end market Cummins has is also the one where its largest competitor is strongest.

Then there is the geography. Only about 56% of revenue comes from the United States; China is about 10%, India about 5%, and other international markets about 29%. That diversification is an asset in a normal decade and a liability in this one. The FY2025 report flags that "The potential for trade disruption, including embargoes, sanctions and export controls, could cause production disruptions and negatively impact earnings", and the March 2026 quarterly report lists increases in costs and tariffs among the challenges to its own outlook. A tariff on a component crossing a border twice during assembly is a margin event, and the trailing 12.4% operating margin does not have enormous room in it.

None of this is a solvency argument, and it would be dishonest to dress it as one. Net debt runs at about one times operating profit and interest was covered 12.9 times over the trailing year. The company will comfortably survive a weak cycle. The question is what the shares are worth while it does, because a business earning a 12.4% operating margin at 23 times that income has already been paid in advance for a recovery that the truck market has not yet delivered.

Valuation

At $664.60 a share, valuing this cyclical manufacturer comes down to deciding which year you are looking at. Over the trailing twelve months, Cummins turned $33.89B of revenue into $4.161B of operating income, a 12.4% operating margin. The market is paying about 23 times that operating income, and the assumption embedded in it is operating-profit growth of roughly 24.6% a year for five years. That is not an ordinary industrial expectation. The company has posted growth at that kind of rate before, so the annual pace is not the stretch. Sustaining it for five straight years is, and only about three in ten fast growers have managed that.

The methods available for cross-checking all come up short, which is unusual and worth stating plainly. Peer multiples land closest, with the price about 46% above that family's central estimate. It sits about 55% above the forward-growth family. And it sits about 231% above the earnings-power family. That last family does nothing more elaborate than capitalize the free cash flow of $2.671B the company produced over the trailing year and hold it flat forever. When no family reaches the price, the price is not expressing a preference among methods. It is expressing a view that the business is changing into a different business.

The geographic mix explains part of why someone would believe that. The United States accounts for roughly 56% of revenue, China about 10%, India about 5%, and other international markets about 29%. The power generation demand that lifted Power Systems sales 19 percent in the March 2026 quarter showed up in China and North America simultaneously, which is a different pattern from the freight cycle that has historically driven the Engine segment. Two of the segments are now being pulled by electricity infrastructure rather than by truck orders, and that is the observable fact the growth assumption is built on.

The peer set sharpens where the risk in that assumption sits. CAT lists reciprocating engine-powered generator sets in its own Power and Energy portfolio and describes operating "under highly competitive conditions", while GEV names Hitachi Energy, Siemens Energy and Schneider Electric among competitors on the electrification side. The market Cummins is growing into is not an empty one. On the truck side, PCAR runs its own development programmes across Kenworth, Peterbilt and DAF. This is a strong company competing against other strong companies, in both of its stories.

The balance sheet does not constrain any of it. Net debt of $4.155B against $7.337B of gross borrowings works out to about one times operating profit, and interest was covered 12.9 times over the trailing year. Stated book value is $88.98 per share, and the trailing return on equity is 22.6%. The count of shares outstanding has drifted down slightly over the four years to March 2026. What all of that means for the buyer is that the downside here is not financial distress. It is the ordinary risk of paying a growth price for a cycle, and finding out which one you bought.

Catalysts

The clearest dated statement about the next twelve months is management's own. In the March 2026 quarterly report the company said it expects demand for medium-duty and heavy-duty trucks in North America "to begin improving over the remainder of 2026", and that it anticipates its aftermarket business will remain stable, driven primarily by the Engine and Power Systems businesses. Against that, the same filing lists increases in costs, tariffs and other inflationary pressures among the challenges, along with the risk that trade disruption reduces business confidence and raises product costs. Those two statements are the bull and bear case for 2026 in the company's own words, printed one after the other.

The power generation cycle is the other thing moving. Power Systems sales rose 19 percent in the March 2026 quarter and Distribution sales rose 7 percent, both attributed to higher demand in power generation markets in China and North America. Watch whether that persists into the back half of 2026, because it is currently offsetting the truck weakness rather than adding to a recovery.

Two structural items are already behind the numbers and worth holding in mind when reading year-over-year comparisons. The company divested Atmus on March 18, 2024, which removed a filtration business from the reported base. And in the fourth quarter of 2025 it decided to stop new commercial activity in the electrolyzer space while fulfilling existing customer commitments, recording additional charges in that quarter after concluding that hydrogen and alternative power market conditions had deteriorated and government incentives had been reduced. The zero-emissions segment is now a smaller call on capital than it was a year ago.

Peer Cohorts (Per Segment, With Filing Citations)

Engine (reported)

• PCAR (PACCAR Inc)
• FY2025 10-K: …Emissions Trucks - PACCAR's research and development efforts include demonstration and development projects for Kenworth, Peterbilt and DAF vehicles, including battery-electric, hydrogen combustion and hybrid technologies. PACCAR is currently producing battery-electric Kenworth, Peterbilt and DAF trucks. Low Carbon…
• FY2025 10-K: 4-01-01 2024-12-31 0000075362 pcar:TruckPartsAndOtherMember us-gaap:NondesignatedMember us-gaap:OtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember 2025-12-31 0000075362 pcar:WholesaleMember pcar:FinancialServicesMember pcar:FinancingReceivablesGreaterThan60DaysPastDueMember pcar:DealerMember 2025-12-31…
• CAT (CATERPILLAR INC)
• FY2025 10-K: " "CAT," design versions of "CAT" and "Caterpillar," "EMD," "FG Wilson," "MWM," "Perkins," "Progress Rail," "SEM" and "Solar Turbines." We conduct operations in our MP&E line of business under highly competitive conditions, including intense price competition. We place great emphasis on the high quality and…
• FY2025 10-K: …with these regulations remains a focus. Emissions compliance in developing markets is complex due to rapidly evolving and unique requirements where enforcement processes can often vary. We employ robust product development, manufacturing processes and testing to help us comply with these regulations. The competitive…
• DE (DEERE & CO)
• FY2025 10-K: …attachment returns are estimable and accrued at the time a sale is recognized. The estimated returns are based on historical return rates, current dealer inventory levels, and current economic conditions. The estimated returns are recorded in "Other assets" for the inventory value of estimated returns, adjusted for…
• FY2025 10-K: , including engines, power train components, and electronic components. Considerable effort is being dedicated to manufacturing cost optimization through improvements in process, optimization of factories, including product line relocation, product design, advanced manufacturing technology, and supply management and…
• CNH (CNH INDUSTRIAL N.V.)
• FY2025 10-K: …lead to new or additional investments in product designs to comply with these regulations. Our internal combustion engines are primarily supplied by FPT Industrial S.p.A., a company controlled by Iveco N.V., and compliance with emissions regulations is contractually allocated to our suppliers. Failure of our…
• FY2025 10-K: …and our costs of compliance to continue to increase in the future. Such laws govern, among other things, products - with requirements on emissions of polluting gases and particulate matter, increased fuel efficiency and safety constantly evolving, and industrial plants - with requirements for reduced air emissions,…
• AGCO (AGCO CORP /DE)
• FY2025 10-K: …Resources Manufacturing and Assembly We manufacture and assemble our products globally. Our locations are intended to optimize capacity, technology and local costs. We balance our manufacturing resources with externally-sourced machinery, components and/or replacement parts to enable us to better control costs,…
• FY2025 10-K: …and regulations concerning emissions to the air, discharges of processed or other types of wastewater, and the generation, handling, storage, transportation, treatment and disposal of waste materials. These laws and regulations are constantly changing, and the effects that they may have on us in the future are…
• PSIX (POWER SOLUTIONS INTERNATIONAL, INC.)
• FY2025 10-K: …and are expensed, net of contract reimbursements, when incurred. From time to time, the Company enters into agreements with its customers to fund a portion of the research, development and engineering costs of a particular project. These reimbursements are accounted for as a reduction of the related research,…
• FY2025 10-K: …of this, the Company is developing reimbursement and commercial remedies from key suppliers for components supplied by third parties, where applicable, at the same time ensuring any contractual obligations with customers include more favorable warranty terms for the Company wherever possible. Also, the Company…

Components (reported)

• BWA (BORGWARNER INC)
• FY2025 10-K: …of related automotive components and systems. • Turbos & Thermal Technologies. This segment's products include turbochargers, eBoosters, eTurbos, emissions systems, thermal systems, gasoline ignition technology, smart remote actuators, powertrain sensors, cabin heaters, battery heaters and battery cooling systems. •…
• FY2025 10-K: …bwa:DrivetrainMorseSystemsMember 2023-01-01 2023-12-31 0000908255 us-gaap:OperatingSegmentsMember bwa:CustomerMember bwa:PowerDriveSystemsMember 2023-01-01 2023-12-31 0000908255 us-gaap:OperatingSegmentsMember bwa:CustomerMember bwa:BatteryChargingSystemsMember 2023-01-01 2023-12-31 0000908255…
• ALSN (ALLISON TRANSMISSION HOLDINGS, INC.)
• FY2025 10-K: …for costs related to internal-use software. The new guidance removes the software project development stages and provides new guidance on evaluating if the probable-to-complete recognition threshold has been met. The guidance will become effective for the Company beginning January 1, 2028 with early adoption…
• FY2025 10-K: …facilities will produce our Allison Off-Highway Drive & Motion Systems products. 13 Table of Contents Suppliers and Raw Materials A significant amount of the part numbers that make up our propulsion solutions are purchased from outside suppliers, and during 2025, we purchased approximately $1,022 million of direct…
• DAN (DAN)
• FY2025 10-K: …the customer or that have experienced a precipitous decline in program volumes. Note 19. Revenue from Contracts with Customers We generate revenue from selling production parts to original equipment manufacturers (OEMs) and service parts to OEMs and aftermarket customers. While we provide production and service parts…
• FY2025 10-K: $ 7,734 $ 7,613 Refer to Segment Results of Operations in Item 7 and Note 20 to our consolidated financial statements in Item 8 for further financial information about our operating segments. Our business is diversified across end-markets, products and customers. The following table summarizes the markets, products…
• GTX (Garrett Motion Inc.)
• FY2025 10-K: …us-gaap:RelatedPartyMember gtx:CenterbridgePartnersLPAndOaktreeCapitalManagementLPMember 2023-04-12 2023-04-12 0001735707 us-gaap:SeriesAPreferredStockMember us-gaap:RelatedPartyMember gtx:CenterbridgePartnersLPAndOaktreeCapitalManagementLPMember 2023-04-12 2023-04-12 0001735707…
• FY2025 10-K: …thermal management, and compliance with emissions standards and overall greenhouse gas and other emission reduction targets. Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").…
• APTV (APTIV PLC)
• FY2025 10-K: …Safety and User Experience segment to Intelligent Systems, and will rename its Engineered Components Group segment to Engineered Components. There is no impact to the composition of either segment. Aptiv is a global industrial technology company focused on enabling a more automated, electrified and digitalized…
• FY2025 10-K: …structure and management reporting support the management of these core product lines: Advanced Safety and User Experience . This segment provides critical technologies and services to enhance vehicle safety, security, comfort and convenience, including intelligent sensors, high-performance compute, advanced software…
• MOD (MODINE MANUFACTURING CO)
• FY2025 10-K: ANAGEMENT AND RELATED STOCKHOLDER MATTERS. 96 ​ ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. 96 ​ ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. 97 PART IV ​ ​ ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. 97 ​ ITEM 16. FORM 10-K SUMMARY. 97 ​ SCHEDULE II - VALUATION AND…
• FY2025 10-K: SalesMember 2024-04-01 2025-03-31 0000067347 us-gaap:ForeignExchangeContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CostOfSalesMember 2024-04-01 2025-03-31 0000067347 us-gaap:CommodityContractMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:CostOfSalesMember 2024-04-01 2025-03-31…

Distribution (reported)

• GWW (W.W. GRAINGER, INC.)
• FY2025 10-K: …are owned and leased. These facilities range in size from under 1,000 to over 1 million square feet. (5) In Canada, Grainger has 32 branch locations, five DCs and other facilities which total two million square feet. (6) In Mexico, Grainger has 15 branch locations, two DCs and one other location which total 650,000…
• FY2025 10-K: …wer e not material. Finance leases are reported in Property, buildings and equipment - net, and as a short and long-term finance lease liability in Accrued expenses and Other non-current liabilities. NOTE 9 - STOCK INCENTIVE PLANS The Company maintains stock incentive plans under which the Company may grant a variety…
• DXPE (DXP Enterprises, Inc.)
• FY2025 10-K: …website address does not constitute incorporation by reference of the information contained on the website and such information should not be considered part of this report. 5 Table of Contents Industry Overview The industrial distribution market is highly fragmented. Based on 2024 sales as reported by Industrial…
• FY2025 10-K: …awards, options, investment rights, and cash-based awards. Restricted Stock Awards The Company grants restricted stock awards ("RSAs") to employees and non-employee directors. RSAs qualify as participating securities as each award contains non-forfeitable rights to dividends. RSAs are considered outstanding at the…
• AIT (APPLIED INDUSTRIAL TECHNOLOGIES, INC.)
• FY2025 10-K: …production equipment and processes, a greater focus on plant floor optimization, and compliance and regulatory requirements. INDUSTRY AND COMPETITION We primarily compete within North America which we believe offers significant growth potential given our industry position, established distribution and sales network,…
• FY2025 10-K: …feet of floor space) at June 30, 2025 were: Location of Principal Leased Real Property Type of Facility Fontana, California Distribution center, rubber shop, fluid power shop, and service center Newark, California Fluid power shop Midland, Michigan Flow control shop Strongsville, Ohio Offices and warehouse Portland,…
• WCC (WESCO International, Inc.)
• FY2025 10-K: …dated as of April 14, 2023, by and among WESCO Distribution, Inc., the other U.S. borrowers party thereto, WESCO Distribution Canada LP, the other Canadian borrowers party thereto, WESCO International, Inc., the lenders party thereto and Barclays Bank PLC., as administrative agent Incorporated by reference to Exhibit…
• FY2025 10-K: …Inc. Retirement Savings Plan"), which provides employer matching contributions. Contributions are made in cash and employees have the option to transfer balances allocated to their accounts into any of the available investment options. The WESCO Distribution, Inc. Retirement Savings plan provides an employer matching…
• DNOW (DNOW INC.)
• FY2025 10-K: …The emphasis that both our customers and suppliers place on our AML helps secure our central and critical position in the global PVF supply chain. We utilize a variety of freight carriers in addition to our corporate truck fleet to ensure timely and efficient delivery of our products. With respect to deliveries of…
• FY2025 10-K: …The customer service representatives develop order packages based on specific customer needs, interface with manufacturers to determine product availability, ensure on-time delivery and establish pricing of materials and services based on guidelines and predetermined metrics established by management. Operations Our…

Power Systems (reported)

• GNRC (GENERAC HOLDINGS INC.)
• FY2025 10-K: …aging and under-invested legacy infrastructure systems, such as energy production, telecommunications, transportation, and data centers. o Expanding investment for increasingly critical technology infrastructure as we transition to a more "connected" society. ● Home as a Sanctuary, driving increased demand for…
• FY2025 10-K: …develop, and our energy technology solutions are uniquely and strategically positioned to participate in this next-generation grid. Given our competitive strengths in our traditional power generation markets, we believe we are well-positioned to execute on the growing opportunity for backup power for homes and…
• CAT (CATERPILLAR INC)
• FY2025 10-K: " "CAT," design versions of "CAT" and "Caterpillar," "EMD," "FG Wilson," "MWM," "Perkins," "Progress Rail," "SEM" and "Solar Turbines." We conduct operations in our MP&E line of business under highly competitive conditions, including intense price competition. We place great emphasis on the high quality and…
• FY2025 10-K: . We also compete with other companies on a more limited range of products, services and/or geographic regions. The Power & Energy portfolio includes the following products and related parts: • Reciprocating engine-powered generator sets • Reciprocating engines, drivetrain and integrated systems and solutions supplied…
• GEV (GE Vernova Inc.)
• FY2025 10-K: , Framatome, and Rolls-Royce. Key Wind segment competitors include Vestas, Siemens-Gamesa, Nordex, Envision, and Goldwind. Key Electrification segment competitors include Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric, and ABB. SEGMENTS. We report three business segments that are…
• FY2025 10-K: …power plants, helping our customers deliver reliable energy, and supporting coal-fired plant customers transitioning to a lower-carbon future. We believe that gas power plays an essential role in the energy transition , serving as a fundamental source of reliable and dispatchable power to support industrialization,…
• PSIX (POWER SOLUTIONS INTERNATIONAL, INC.)
• FY2025 10-K: …Company's power systems could materially impede widespread market acceptance and demand for its power systems. In addition, the Company may be subject to a claim by end-users of its OEM customers' products or others alleging that they have suffered property damage, personal injury or death because its power systems…
• FY2025 10-K: …for key components in its power systems, production costs will increase, and given competitive market conditions, or contractual limitations, the Company may not be able to pass all or any of those cost increases on to OEM customers in the form of higher sales prices. To the extent that its competitors do not suffer…
• AGCO (AGCO CORP /DE)
• FY2025 10-K: SystemsMember agco:APASegmentMember 2023-01-01 2023-12-31 0000880266 us-gaap:OperatingSegmentsMember agco:GrainStorageAndProteinProductionSystemsMember 2023-01-01 2023-12-31 0000880266 us-gaap:MaterialReconcilingItemsMember agco:GrainStorageAndProteinProductionSystemsMember 2023-01-01 2023-12-31 0000880266…
• FY2025 10-K: SystemsMember agco:NorthAmericaSegmentMember 2024-01-01 2024-12-31 0000880266 agco:GrainStorageAndProteinProductionSystemsMember agco:SouthAmericaSegmentMember 2024-01-01 2024-12-31 0000880266 agco:GrainStorageAndProteinProductionSystemsMember agco:EMESegmentMember 2024-01-01 2024-12-31 0000880266…

Accelera (reported)

• BE (Bloom Energy Corp)
• FY2025 10-K: …by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨…
• FY2025 10-K: …us-gaap:AccountsReceivableMember 2024-01-01 2024-12-31 0001664703 be:CustomerThreeMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2024-01-01 2024-12-31 0001664703 be:CustomerOneMember us-gaap:CustomerConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-12-31 0001664703…
• PLUG (PLUG)
• FY2025 10-K: …GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products. ​ GenKey: GenKey is our vertically integrated "turn-key" solution combining either GenDrive or GenSure fuel cell power with GenFuel fuel and GenCare aftermarket service, offering complete simplicity to customers…
• FY2025 10-K: …accrual ​ ​ (23,901) ​ ​ 45,226 Releases to service cost of sales ​ ​ (42,877) ​ ​ (51,578) (Decrease)/increase to loss accrual related to customer warrants ​ ​ (706) ​ ​ 3,313 Foreign currency translation adjustment ​ ​ 1,115 ​ ​ (458) Ending balance ​ $ 67,987 ​ $ 134,356 ​ ​ The Company recorded a benefit for loss…
• FCEL (FUELCELL ENERGY, INC.)
• FY2025 10-K: 2023-08-18 2023-08-18 0000886128 fcel:SeniorTermLoanMember fcel:OpcoFinancingFacilityMember 2023-05-19 2023-05-19 0000886128 fcel:PrepaymentOnOrPriorToSecondAnniversaryMember fcel:DerbySeniorBackLeverageLoanFacilityMember fcel:BackLeverageFinancingMember 2024-08-25 2024-08-25 0000886128…
• FY2025 10-K: EventNonContinuingMember fcel:BackLeverageFinancingMember fcel:AmalgamatedLenderMember 2023-08-18 0000886128 fcel:CarbonOffsetEventContinuingMember fcel:BackLeverageFinancingMember fcel:AmalgamatedLenderMember 2023-08-18 0000886128 fcel:BackLeverageFinancingMember fcel:LibertyLenderMember 2023-08-18 0000886128…
• ENVX (ENVX)
• FY2025 10-K: …to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller…
• FY2025 10-K: …envx:StrategicRealignmentOfFab1Member 2024-12-30 2025-12-28 0001828318 us-gaap:SellingGeneralAndAdministrativeExpensesMember envx:StrategicRealignmentOfFab1Member 2024-12-30 2025-12-28 0001828318 us-gaap:MachineryAndEquipmentMember envx:StrategicRealignmentOfFab1Member 2024-01-01 2024-12-29 0001828318…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.