CMI vs. WAB: Cummins vs. Wabtec Stock Comparison

November 11, 2026

How do Cummins (CMI) and Wabtec (WAB) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Cummins (CMI) and Wabtec (WAB) are both classified in the Construction Machinery & Heavy Transportation Equipment sub-industry within the broader Machinery industry, placing them in the closest GICS peer bucket.

Company profile comparison for Cummins (CMI) and Wabtec (WAB)
Profile Item	CMI	WAB
Name	Cummins Inc.	Wabtec Corporation
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Machinery	Machinery
GICS Sub-Industry	Construction Machinery & Heavy Transportation Equipment	Construction Machinery & Heavy Transportation Equipment
Market Capitalization	61.69 billion USD	47.59 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	February 21, 1973	June 16, 1995
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

CMI

WAB

GSPC

Cummins (CMI) vs. Wabtec (WAB), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Cummins (CMI) and Wabtec (WAB). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Cummins (CMI) and Wabtec (WAB). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Cummins (CMI) and Wabtec (WAB)
Metric	CMI	WAB
Total Return (1Y)	-0.52%	44.64%
Total Return (3Y, Annualized)	31.79%	39.37%
Total Return (5Y, Annualized)	17.12%	25.90%

Risk Profile

Drawdown History

CMI

WAB

GSPC

Cummins (CMI) vs. Wabtec (WAB), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Cummins (CMI) and Wabtec (WAB). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Cummins (CMI) and Wabtec (WAB)
Metric	CMI	WAB
Volatility (1Y, Annualized)	36.83%	27.53%
Beta (5Y)	1.26	0.91
Max Drawdown (5Y)	-38.12%	-23.55%
Avg. Volume (3M)	1.14M	890.96K

Risk-Adjusted Performance

Risk-Return Positioning

CMI and WAB are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Cummins (CMI) and Wabtec (WAB)
Metric	CMI	WAB
Sharpe Ratio (1Y)	-0.13	1.47
Sortino Ratio (1Y)	-0.18	2.34

Profitability

ROE (TTM)

Cummins (CMI) at 25.05% sits in the top ROE quartile, while Wabtec (WAB) at 12.24% is closer to the peer norm — stronger capital efficiency for CMI.

CMI

Capital Goods industry group

25.05%

Max: 40.55%
CMI: 25.05%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

WAB

Capital Goods industry group

12.24%

Max: 40.55%
Q3: 19.29%
WAB: 12.24%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Cummins (CMI) vs. Wabtec (WAB): A comparison of their ROE against the Capital Goods industry group benchmark.

Net Margin (TTM)

Both Cummins (CMI) at 9.26% and Wabtec (WAB) at 11.20% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

CMI

Capital Goods industry group

9.26%

Max: 27.47%
Q3: 12.10%
CMI: 9.26%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

WAB

Capital Goods industry group

11.20%

Max: 27.47%
Q3: 12.10%
WAB: 11.20%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

Cummins (CMI) vs. Wabtec (WAB): A comparison of their net margin against the Capital Goods industry group benchmark.

Operating Margin (TTM)

Wabtec (WAB) at 20.22% operates in the top operating margin quartile, ahead of Cummins (CMI) at 13.95%, which runs around its industry’s norm.

CMI

Capital Goods industry group

13.95%

Max: 36.60%
Q3: 18.33%
CMI: 13.95%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

WAB

Capital Goods industry group

20.22%

Max: 36.60%
WAB: 20.22%
Q3: 18.33%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

Cummins (CMI) vs. Wabtec (WAB): A comparison of their operating margin against the Capital Goods industry group benchmark.

Profitability Metrics

Profitability metrics for Cummins (CMI) and Wabtec (WAB)
Metric	CMI	WAB
ROE (TTM)	25.05%	12.24%
ROA (TTM)	7.60%	6.28%
Net Margin (TTM)	9.26%	11.20%
Operating Margin (TTM)	13.95%	20.22%
Gross Margin (TTM)	26.32%	36.17%

Growth

Revenue Growth

Wabtec (WAB) at 7.51% is around its peer norm for revenue growth, while Cummins (CMI) at -1.27% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Cummins (CMI) vs. Wabtec (WAB): A comparison of their Revenue Growth across different time periods.

EPS Growth

Wabtec (WAB) at 13.08% is around its peer norm for EPS growth, while Cummins (CMI) at -27.74% drops into the bottom quartile, signaling weaker earnings momentum.

Cummins (CMI) vs. Wabtec (WAB): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Cummins (CMI) and Wabtec (WAB)
Metric	CMI	WAB
Revenue Growth (YoY)	-1.27%	7.51%
Revenue Growth (3Y CAGR)	6.25%	10.12%
EPS Growth (YoY)	-27.74%	13.08%
EPS Growth (3Y CAGR)	10.68%	25.44%

Financial Strength

Current Ratio (MRQ)

Cummins (CMI) at 1.74 keeps current ratio within its industry’s typical mid-range, while Wabtec (WAB) at 1.10 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for WAB.

CMI

Capital Goods industry group

1.74

Max: 5.22
Q3: 2.95
Median: 2.08
CMI: 1.74
Q1: 1.43
Min: 0.36

WAB

Capital Goods industry group

1.10

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
WAB: 1.10
Min: 0.36

Cummins (CMI) vs. Wabtec (WAB): A comparison of their current ratio against the Capital Goods industry group benchmark.

Debt / Equity (MRQ)

Both Cummins (CMI) at 0.52 and Wabtec (WAB) at 0.60 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

CMI

Capital Goods industry group

0.52

Max: 2.33
Q3: 1.12
Median: 0.60
CMI: 0.52
Q1: 0.29
Min: 0.00

WAB

Capital Goods industry group

0.60

Max: 2.33
Q3: 1.12
WAB: 0.60
Median: 0.60
Q1: 0.29
Min: 0.00

Cummins (CMI) vs. Wabtec (WAB): A comparison of their debt-to-equity ratio against the Capital Goods industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Cummins (CMI) and Wabtec (WAB)
Metric	CMI	WAB
Current Ratio (MRQ)	1.74	1.10
Debt / Equity (MRQ)	0.52	0.60
Net Debt / EBITDA	0.62	2.28

Dividends

Dividend Yield (TTM)

Cummins (CMI) at 1.83% delivers top-quartile income for its industry, while Wabtec (WAB) at 0.42% pays a more typical yield — both are credible income propositions, CMI the richer one.

CMI

Capital Goods industry group

1.83%

Max: 2.66%
CMI: 1.83%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

WAB

Capital Goods industry group

0.42%

Max: 2.66%
Q3: 1.14%
WAB: 0.42%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Cummins (CMI) vs. Wabtec (WAB): A comparison of their dividend yield against the Capital Goods industry group benchmark.

Dividend Payout Ratio (TTM)

Wabtec (WAB) at 14.66% pays out a band-typical share of earnings, while Cummins (CMI) at 34.21% distributes more than its industry norm — less retained, thinner cover.

CMI

Capital Goods industry group

34.21%

Max: 67.39%
CMI: 34.21%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

WAB

Capital Goods industry group

14.66%

Max: 67.39%
Q3: 28.02%
WAB: 14.66%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

Cummins (CMI) vs. Wabtec (WAB): A comparison of their payout ratio against the Capital Goods industry group benchmark.

Dividend Metrics

Dividend metrics for Cummins (CMI) and Wabtec (WAB)
Metric	CMI	WAB
Dividend Yield (TTM)	1.83%	0.42%
Dividend Payout Ratio (TTM)	34.21%	14.66%

Valuation

P/E Ratio (TTM)

Cummins (CMI) at 18.78 sits in the cheaper P/E ratio quartile, while Wabtec (WAB) at 35.23 is closer to its industry’s usual earnings multiple — a discount for CMI, though growth and earnings durability still matter.

CMI

Capital Goods industry group

18.78

Max: 59.38
Q3: 35.92
Median: 25.41
Q1: 19.47
CMI: 18.78
Min: 3.03

WAB

Capital Goods industry group

35.23

Max: 59.38
Q3: 35.92
WAB: 35.23
Median: 25.41
Q1: 19.47
Min: 3.03

Cummins (CMI) vs. Wabtec (WAB): A comparison of their P/E ratio against the Capital Goods industry group benchmark.

P/S Ratio (TTM)

Cummins (CMI) at 1.72 is priced about in line with its industry on P/S ratio, while Wabtec (WAB) at 3.90 sits in the pricier quartile — WAB costs more per dollar of sales.

CMI

Capital Goods industry group

1.72

Max: 7.54
Q3: 3.76
Median: 2.15
CMI: 1.72
Q1: 1.03
Min: 0.03

WAB

Capital Goods industry group

3.90

Max: 7.54
WAB: 3.90
Q3: 3.76
Median: 2.15
Q1: 1.03
Min: 0.03

Cummins (CMI) vs. Wabtec (WAB): A comparison of their P/S ratio against the Capital Goods industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both Cummins (CMI) at 4.63 and Wabtec (WAB) at 4.20 are valued close to their industries’ norm against book — neither stands out from peers.

CMI

Capital Goods industry group

4.63

Max: 9.66
Q3: 5.00
CMI: 4.63
Median: 3.12
Q1: 1.81
Min: -1.08

WAB

Capital Goods industry group

4.20

Max: 9.66
Q3: 5.00
WAB: 4.20
Median: 3.12
Q1: 1.81
Min: -1.08

Cummins (CMI) vs. Wabtec (WAB): A comparison of their P/B ratio against the Capital Goods industry group benchmark.

Valuation Metrics

Valuation metrics for Cummins (CMI) and Wabtec (WAB)
Metric	CMI	WAB
P/E Ratio (TTM)	18.78	35.23
P/S Ratio (TTM)	1.72	3.90
P/B Ratio (MRQ)	4.63	4.20
Free Cash Flow Yield (TTM)	4.06%	2.60%