Cummins management check
CMI · Industrials · Construction Machinery & Heavy Transportation Equipment · CEO Jennifer W. Rumsey
Filings as of
5 good · 1 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $254, against $208 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.89 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
700159.4% of net income$19.9m of reported pay in fiscal 2025, against $3k of net income.
- Watch
Do they own the stock?
Insiders are selling8 insiders sold $10.2m in the last six months and none bought.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -1.4% a year over the last three fiscal years. Stock-based pay was 0.3% of revenue in the latest year.
- Good
Is leadership stable?
4 leadership filings in 3 yearsCEO in the pay table: Jennifer W. Rumsey. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Industrials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 78 | 55 | |
| Pay for performance | 95 | 86 | |
| CEO cost | 0 | 48 | |
| Skin in the game | — | — | 55 |
| Dilution | 68 | 62 | |
| Stable leadership | 100 | 75 | |
| Clean books | 100 | 100 |
Closest peers
Others in Construction Machinery & Heavy Transportation Equipment, by management score. Cummins is 21st of 81 in its sector.
- 12CATCaterpillar Inc.87
- 129WABWabtec74
- 133CMICummins73
- 134PWRQuanta Services73
- 135VRTVertiv73
- 328PCARPaccar59
Pay versus performance
From the proxy statement filed April 2, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Jennifer W. Rumsey | $19.9m | $37.3m | $6.1m | $254 | $208 | $3k |
| 2024 | — | $21.9m | $32.7m | $7.9m | $170 | $176 | $4k |
| 2023 | — | $12.8m | $12.8m | $4.7m | $114 | $150 | $735 |
| 2022 | — | $11.5m | $8.9m | $3.2m | $112 | $125 | $2k |
| 2021 | — | $15.6m | $17.3m | $5.6m | $98 | $118 | $2k |
The board says pay is tied most to EBITDA. Its other key measures: ROIC, Operating Cash Flow.
Insiders and the CEO's stake
8 insiders sold $10.2m in the last six months and none bought.
- SoldJennifer Mary BushVP & Pres. - Power Systems$3.5mMay 12, 2026
- SoldMarvin BoakyeVP - CHRO$2.4mMay 8, 2026
- SoldNicole Lamb-HaleVP, CAO & Corporate Secretary$1.7mMay 8, 2026
- SoldBonnie J FetchEVP & President - Operations$908kMay 11, 2026
Leadership and governance on file
- Jul 14, 2025Leadership change8-K 5.02
- Mar 18, 2025Leadership change8-K 5.02
- May 30, 2024Leadership change8-K 5.02
- Feb 12, 2024Leadership change8-K 5.02
- Oct 10, 2023Leadership change8-K 5.02
- Aug 29, 2023Leadership change8-K 5.02
- Jul 12, 2023Leadership change8-K 5.02
- May 11, 2023Leadership change8-K 5.02
- Nov 15, 2022Leadership change8-K 5.02
- Jul 14, 2022Leadership change8-K 5.02
- Jul 11, 2022Leadership change8-K 5.02
- Feb 11, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 14, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $6.4bn returned to owners in buybacks and dividends, and $342.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $24.0bn | $28.1bn | $34.1bn | $34.1bn | $33.7bn |
| Net income | — | — | — | — | — |
| Stock-based pay | $37.0m | $33.0m | $79.0m | $100.0m | $93.0m |
| Buybacks | $1.4bn | $374.0m | $0 | $0 | — |
| Dividends | $809.0m | $855.0m | $921.0m | $969.0m | $1.1bn |
| Diluted shares | 146m | 142m | 143m | 139m | 139m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.