Cummins: A Return To Growth Solidifies The Bull Case

Cummins Inc. (CMI) is rated Buy, driven by robust Power Systems growth offsetting truck engine headwinds. CMI expects FY 2026 revenue growth of 3–8% and EBITDA margin expansion to 17–18%, fueled by data center power demand. Power Systems and Distribution segments are delivering double-digit growth, while Accelera hydrogen ambitions are scaled back amid persistent losses.