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CNH Industrial N.V.
Industrials · Agricultural & Farm Machinery
Structural: #2 global ag-equipment OEM behind $DE; ~80% ag / 20% construction mix post Iveco truck spinoff (2022). Precision-ag platform anchored by Raven (acquired 2021) - autonomy, guidance, spray control - competing with $DE John Deere Operations Center and $AGCO Fendt/PTx.
Captive CNH Capital finance arm (~$25B receivables) funds dealer floorplans and end-customer paper, mirroring $DE Financial.
- Deep-cyclical leverage to next North American row-crop capex up-cycle; fleet age at multi-year highs after 2024-2025 destocking.
- Precision-ag attach rate climbing - Raven + FieldOps + autonomous-tillage retrofits lift per-unit ASP and recurring software take.
- Construction segment (skid steers, backhoes, telehandlers) levered to US infrastructure + residential rebuild cycle.
- Capital-return discipline: buybacks + dividend; cleaner balance sheet post Iveco spin.
- Trades at a persistent discount to $DE on EV/EBITDA despite overlapping end markets.
- Row-crop net farm income down sharply 2024-2025; dealer destocking + used-equipment glut weigh on new-unit orders.
- Distant #2 behind $DE in dealer density, parts logistics and precision-ag mindshare; share-gain thesis is slow.
- Construction is a small, sub-scale segment vs $CAT and $DE - limited pricing power.
- FX + Brazil/Argentina exposure adds translation volatility.
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