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CNH Industrial N.V. ("CNH" or the "Company") was formed in 2013 by the business combination transaction between Fiat Industrial S.p.A. and its subsidiary CNH Global N.V.. CNH was incorporated on November 23, 2012, as a public limited liability company ( naamloze vennootschap ) under the laws of the Netherlands.
15.50% operating margin is respectable but not wide. ROIC at 32.68%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 8.8% YoY. Margins deteriorated 3.9pp alongside, both lines moving the wrong way.
ROIC dropped from 42.66% to 32.68%, capital efficiency is deteriorating. Operating margin contracted 3.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$18.09B
▼ -8.8% YoY
Net Income (TTM)
$386M
▼ -59.1% YoY
Op. Margin
14.59%
▼ -3.9pp YoY
ROIC
30.97%
▼ -10.0pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$2.41B
▲ +29.0% YoY
Net Debt
-$1.32B
Net Cash Position
Cash & Equiv.
$1.60B
5Y CAGR: +4.1%
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