CNH Industrial NV
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CNH Industrial NV AI Insights
Informational only. Not investment advice.Snapshot
- Debt/Equity of 3.5x with 27.4B debt vs 7.7B equity; interest expense (1.5B TTM) consumes 52% of operating income (2.9B)[Debt to Equity]
- EPS down 47% 3Y while revenue down 9% 3Y - margin compression accelerating faster than topline decline[EPS Growth 3Y]
- Operating margin 16.8% TTM vs industry median 6.7% - 2.5x advantage despite cyclical downturn[Operating Margin TTM]
Watch Triggers
- Interest Expense TTM: Exceeds 60% of Operating Income — Would signal debt burden becoming unsustainable, threatening dividend and R&D
- Total Revenue TTM: Quarterly revenue growth turns positive YoY — First signal of ag cycle inflection - historically precedes margin expansion
- Accounts Receivable: Receivables growth exceeds revenue growth by >5% — Would indicate dealer/customer credit stress in captive finance portfolio
Bull Case
Operating margin 16.8% TTM is 2.5x industry median (6.7%) - structural cost advantage persists through cycle with FCF of 2B despite 9% revenue decline
P/S of 0.68x vs industry median 2.24x and P/E of 19x vs median 24x - priced for permanent decline despite cyclical nature
Bear Case
Captive finance model creates 27.4B debt (3.5x equity) with 1.5B interest expense eating 52% of operating income - rate-sensitive earnings
EPS collapsed 47% over 3Y while revenue only down 9% - operating leverage works both ways in cyclical downturn
Bull vs Bear Balance
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Forward Thesis
Interest burden will compress net margins further if rates stay elevated through 2025
- 1.5B interest expense on 27.4B debt
- Net margin already at 3.4% TTM vs 16.8% operating margin
- Captive finance receivables (23B) sensitive to rate spreads
Ag equipment cycle trough could trigger earnings inflection in 2026 if commodity prices stabilize
- Revenue already down 7.5% 5Y and 9.2% 3Y
- FCF still positive at 2B TTM despite downturn
- R&D maintained at 921M (5.2% of revenue)
Valuation Context
Caveats
Public Strategies Rankings
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CNH Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$12.95B | — | ||
$37.4B | — | ||
25 | — | ||
$18.1B | -8.8% | — | |
$0.41 | -60.2% | — | |
15.5% | -3.9% | — | |
2.82% | -3.5% | — | |
$1.34B | +71.4% | — | |
6.63% | -9.2% | — | |
Beta 5Y (Monthly) | unknown | — |
CNH Dividend History
2026
$0.10002025
$0.25002024
$0.47002023
$0.36002022
$0.28002021
$0.11002019
$0.18002018
$0.14002017
$0.11002016
$0.13002015
$0.20002014
$0.2000CNH Stock Splits
CNH SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/26/26 | 12/31/25 | Unknown | |
11/07/25 | 09/30/25 | 10-Q | |
08/04/25 | 06/30/25 | 10-Q | |
05/06/25 | 03/31/25 | 10-Q | |
02/28/25 | 12/31/24 | 10-K | |
11/12/24 | 09/30/24 | 10-Q | |
08/02/24 | 06/30/24 | 10-Q | |
05/06/24 | 03/31/24 | 10-Q | |
02/29/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
11/09/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 6-K | |
05/09/22 | 03/31/22 | 6-K | |
03/01/22 | 12/31/21 | 20-F | |
11/10/21 | 09/30/21 | 6-K | |
08/05/21 | 06/30/21 | 6-K | |
05/11/21 | 03/31/21 | 6-K | |
03/03/21 | 12/31/20 | 20-F | |
11/10/20 | 09/30/20 | 6-K | |
08/04/20 | 06/30/20 | 6-K | |
05/11/21 | 03/31/20 | 6-K | |
05/08/20 | 03/31/20 | 6-K | |
03/03/20 | 12/31/19 | 20-F | |
11/12/19 | 09/30/19 | 6-K | |
08/02/19 | 06/30/19 | 6-K | |
05/09/19 | 03/31/19 | 6-K | |
03/01/19 | 12/31/18 | 20-F | |
11/13/18 | 09/30/18 | 6-K | |
08/03/18 | 06/30/18 | 6-K | |
05/08/18 | 03/31/18 | 6-K | |
03/02/18 | 12/31/17 | 20-F | |
05/16/19 | 09/30/17 | 6-K/A | |
11/06/17 | 09/30/17 | 6-K | |
08/04/17 | 06/30/17 | 6-K | |
05/05/17 | 03/31/17 | 6-K | |
03/02/17 | 12/31/16 | 20-F | |
11/07/16 | 09/30/16 | 6-K | |
08/04/17 | 06/30/16 | 6-K/A | |
08/02/16 | 06/30/16 | 6-K | |
05/10/16 | 03/31/16 | 6-K | |
03/04/16 | 12/31/15 | 20-F | |
11/05/15 | 09/30/15 | 6-K | |
08/06/15 | 06/30/15 | 6-K | |
05/08/15 | 03/31/15 | 6-K | |
03/04/15 | 12/31/14 | 20-F | |
11/06/14 | 09/30/14 | 6-K | |
08/06/14 | 06/30/14 | 6-K | |
05/19/14 | 03/31/14 | 6-K | |
04/25/14 | 12/31/13 | 20-F | |
11/06/14 | 09/30/13 | 6-K | |
11/01/13 | 09/30/13 | 6-K | |
08/06/14 | 06/30/13 | 6-K | |
05/19/14 | 03/31/13 | 6-K | |
03/04/15 | 12/31/12 | 20-F | |
11/01/13 | 09/30/12 | 6-K |