CNH Industrial N.V.
$11.91
−0.06 (−0.50%) · delayed · Nov 13, 2026
Five-year price
52w $9.12 to $14.46
- Market cap
- $14.7B
- Enterprise value
- $12.1B
- P/E
- 29.0×
- 11.6× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 17.2%
- ROIC
- —
- Debt / equity
- —
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 21.1%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 192% (5y avg)
- ●Growing revenueRevenue CAGR 5y 3.2%
- ●Shrinking share countDiluted shares -7.4% over 5y
Value
50
- ○P/E below 15P/E 29.0
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 17.2%
- ○Price below Graham NumberGraham Number $7.62
- ●P/B below 3P/B 1.9
Safety
n/a
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-2.6B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
83
- ●Adequate size (revenue > $2B)Revenue $15.3B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 291%
- ●Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 11.6
- ●P/E × P/B ≤ 22.5Product 21.9
Valuation lab
What do you have to believe?
At $11.91, the market is pricing in about −14.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$2.6B · 1235M shares · 5y revenue CAGR 3.2%
Intrinsic value
$35.72
Price
$11.91
Margin of safety
67%
What the price implies
The market is paying for −14.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
55% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 23,216 | 25,769 | 27,831 | 26,149 | 13,083 | 17,802 | 21,541 | 22,080 | 17,060 | 15,346 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,451 | 1,663 | — | — | — | — | — | — | — | — |
| Operating margin | 6.3% | 6.5% | — | — | — | — | — | — | — | — |
| Pre-tax income | (22) | 659 | 1,466 | 1,170 | (179) | 1,939 | 2,682 | 2,703 | 1,457 | 620 |
| Income tax | 297 | 457 | 417 | (271) | 85 | 229 | 747 | 594 | 336 | 184 |
| Net income | (264) | 272 | 1,068 | 1,422 | (493) | 1,723 | 2,029 | 2,275 | 1,246 | 510 |
| EPS (diluted) | -0.19 | 0.20 | 0.78 | 1.05 | -0.36 | 1.27 | 1.49 | 1.69 | 0.99 | 0.41 |
| Diluted shares | 1,362 | 1,367 | 1,361 | 1,354 | 1,351 | 1,361 | 1,362 | 1,350 | 1,260 | 1,251 |
Who owns it