{"slug":"cummins","name":"Cummins","name_en":"Cummins","ticker":"CMI","updated_at":"2026-07-12T04:03:12.942336+00:00","canonical":"https://valuechain.wiki/cummins","same_as":["https://finance.yahoo.com/quote/CMI","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=26172"],"citable":"밸류체인 그래프 기준 Cummins의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 4)이고, 사슬을 2차까지 넓히면 24곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Cummins is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 24 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"엔진·발전 · 데이터센터 백업발전 세계 2위","kicker_en":"Engines & power · No.2 in datacenter backup power","lead":"디젤 엔진·발전 기업이지만, AI 데이터센터 백업 발전(genset)이라는 옆문으로 재평가된 노드다 — 캐터필러에 이은 세계 2위로, 정전 대비 발전세트 수요가 파워시스템 매출을 $2.0B(+18%)로 밀어올리고 수주잔고가 2026~27년까지 찼다. 하이퍼스케일러(마이크로소프트·아마존)의 AI 데이터센터 증설이 수요 축이며, 온하이웨이 트럭(PACCAR)·광산장비(고마쓰) 엔진이 안정적 본업이다. 재평가 축은 이 백업발전 어뉴이티가 얼마나 크고 오래가느냐다.","lead_en":"An engine and power-generation firm re-rated through a side door — AI-datacenter backup gensets. As the world No.2 after Caterpillar, standby-power demand lifted Power Systems revenue to $2.0B (+18%) with backlog stretching into 2026-27. Hyperscalers' AI-datacenter buildout (Microsoft, Amazon) is the demand axis, while on-highway truck (PACCAR) and mining (Komatsu) engines are the stable core. The re-rating axis is how large and durable that backup-power annuity becomes.","segments":{"parts":[{"desc":"데이터센터 백업 발전세트가 급성장하는 파워시스템 — 매출 $2.0B(+18%)로 재평가의 핵심 축.","name":"발전(genset)"},{"desc":"온하이웨이(PACCAR)·광산(고마쓰) 등 디젤·듀얼퓨얼 엔진 — 사이클성 있으나 안정 본업.","name":"엔진"},{"desc":"부품·정비 유통망 — 설치기반에 기댄 애프터마켓 캐시.","name":"유통·서비스"}],"total":"파워시스템 $2.0B (+18%)","concentration":"데이터센터 백업 발전 세계 2위."},"segments_en":{"parts":[{"desc":"Power Systems, growing fast on datacenter backup gensets — $2.0B (+18%), the core re-rating axis.","name":"Power generation (gensets)"},{"desc":"Diesel/Dual-Fuel engines for on-highway (PACCAR) and mining (Komatsu) — cyclical but the stable core.","name":"Engines"},{"desc":"Parts and service network — aftermarket cash leaning on the installed base.","name":"Distribution"}],"total":"Power Systems $2.0B (+18%)","concentration":"World No.2 in datacenter backup power."},"returns_yearly":{"2021":-1.7,"2022":14.1,"2023":1.7,"2024":48.9,"2025":49.4,"2026":33.3},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":3,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":17.9}},{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"aurora","name":"Aurora Innovation","name_en":"Aurora Innovation","tier":2,"returns_yearly":{"2022":-89.3,"2023":261.2,"2024":44.2,"2025":-39,"2026":66.1}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":2,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":2,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"paccar","name":"팩카","name_en":"Paccar","tier":1,"returns_yearly":{"2021":5.6,"2022":17,"2023":55,"2024":10.8,"2025":8,"2026":14.4}},{"slug":"komatsu","name":"고마쓰","name_en":"Komatsu","tier":1,"returns_yearly":{"2021":0.5,"2022":17.4,"2023":40.1,"2024":16.4,"2025":30.5,"2026":9.5}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}}],"benefiting":[],"analysis":"커민스의 투자 논점은 'AI 전력 옆문으로 재평가된 엔진 강자'다. 캐터필러와 함께 하이퍼스케일 백업발전을 사실상 과점(세계 2위)하며, AI 데이터센터 정전 대비 수요가 파워시스템을 +18%·수주잔고 2026~27년까지로 끌어올렸다 — 마이크로소프트·아마존이 대표 고객이다. 본업인 온하이웨이 엔진은 PACCAR가 자체 미제조 엔진을 커민스에서 조달하는 관계, 광산은 고마쓰 울트라클래스 트럭 엔진(듀얼퓨얼)으로 안정 캐시를 준다. 관건은 백업발전 수요의 규모·지속성이 사이클성 트럭 엔진을 대체할 성장축이 되는지이며, 리스크는 데이터센터 캐펙스 사이클과 엔진 부품 수급이다.","analysis_en":"Cummins's thesis is 'an engine leader re-rated through the AI-power side door.' With Caterpillar it effectively oligopolizes hyperscale backup power (world No.2), and AI-datacenter standby demand lifted Power Systems +18% with backlog into 2026-27 — Microsoft and Amazon are flagship customers. The core on-highway business runs through PACCAR (which sources from Cummins the engines it does not build), while mining provides stable cash via Komatsu ultra-class truck engines (Dual Fuel). The key is whether backup-power demand's scale and durability become a growth axis that offsets cyclical truck engines; the risks are the datacenter-capex cycle and engine-parts supply.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"하이퍼스케일러·데이터센터 (백업 발전)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"파워시스템 분기 매출(+18%)","value":2000000000,"period":"2025","basis_en":"Power Systems segment revenue (+18%)","qualifier":"approx"},"note":"하이퍼스케일러에 백업 발전세트(genset) 공급(세계 2위, 수주잔고 2026~27).","note_en":"Supplies backup gensets to hyperscalers (world No.2, backlog into 2026-27).","sources":[{"stance":"confirms","publisher":"Cummins","publisher_en":"Cummins","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.cummins.com/kr/ko","title":"커민스 코리아(발전·엔진)","title_en":"Cummins Korea (power generation, engines)","excerpt":"데이터센터 발전 수요로 파워시스템 +18%.","excerpt_en":"Power Systems +18% on datacenter power demand."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/0000026172/000002617225000036/cmi2025q38-kex99.htm","title":"Cummins FY2025 3분기 실적(8-K)","title_en":"Cummins FY2025 Q3 results (8-K)","excerpt":"파워시스템 매출 $2.0B(+18%), 데이터센터 발전 수요.","excerpt_en":"Power Systems revenue $2.0B (+18%) on datacenter demand."}]},{"direction":"revenue","counterparty":"고마쓰","counterparty_slug":"komatsu","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"고마쓰 울트라클래스 광산 트럭용 엔진 판매(듀얼퓨얼 개조 포함).","note_en":"Sells engines for Komatsu ultra-class mining trucks, including Dual Fuel retrofits.","sources":[{"stance":"confirms","publisher":"Komatsu","publisher_en":"Komatsu","kind":"ir","lang":"en","published_at":"2024-08-27","url":"https://www.komatsu.jp/en/newsroom/2024/20240827","title":"발레·고마쓰·커민스, 듀얼퓨얼 프로그램 출범","title_en":"Vale, Komatsu and Cummins launch Dual Fuel Program","excerpt":"Vale, Komatsu, and Cummins Dual Fuel Program: Cummins builds the ethanol-diesel engines for Komatsu trucks.","excerpt_en":"Cummins builds the ethanol-diesel engines for Komatsu trucks."}]},{"direction":"revenue","counterparty":"PACCAR (엔진 조달 고객)","counterparty_slug":"paccar","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"PACCAR가 자체 미제조 엔진을 커민스에서 조달 — 커민스 온하이웨이 엔진의 주요 트럭 OEM 고객.","note_en":"PACCAR sources engines it does not build from Cummins; a key truck-OEM customer for Cummins on-highway engines.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. SEC","kind":"filing","lang":"en","published_at":"2026-02-18","url":"https://www.sec.gov/Archives/edgar/data/75362/000119312526057025/pcar-20251231.htm","title":"PACCAR Inc Form 10-K (FY2025)","title_en":"PACCAR Inc Form 10-K (FY2025)","excerpt":"PACCAR가 자사 미제조 엔진을 커민스에서 구매(PACCAR 10-K).","excerpt_en":"PACCAR purchases engines it does not manufacture from Cummins (PACCAR 10-K)."}]},{"direction":"revenue","counterparty":"산업·운송 (엔진·발전)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"산업·운송용 엔진·발전.","note_en":"Engines and power for industrial and transport.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/0000026172/000002617225000036/cmi2025q38-kex99.htm","title":"Cummins FY2025 3분기 실적(8-K)","title_en":"Cummins FY2025 Q3 results (8-K)","excerpt":"엔진·유통 사업.","excerpt_en":"Engine and distribution businesses."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"마이크로소프트 AI 데이터센터에 백업 발전세트 공급 — 대규모 컴퓨트의 정전 리스크를 막는 필수 인프라라, MS의 데이터센터 증설 속도가 커민스 파워시스템 수요의 직접 견인.","note_en":"Supplies backup gensets to Microsoft's AI datacenters — essential infrastructure guarding large compute against outages, so Microsoft's datacenter buildout pace directly drives Cummins Power Systems demand.","sources":[{"stance":"confirms","publisher":"Cummins","publisher_en":"Cummins","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.cummins.com/kr/ko","title":"커민스 코리아(발전·엔진)","title_en":"Cummins Korea (power generation, engines)","excerpt":"MS 데이터센터에 백업 발전세트 공급.","excerpt_en":"Backup gensets to Microsoft datacenters."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"AWS 데이터센터에 백업 발전세트 공급 — 하이퍼스케일 백업전력을 캐터필러와 과점하는 구조에서 아마존은 대표 수요처.","note_en":"Supplies backup gensets to AWS datacenters — with Cummins and Caterpillar oligopolizing hyperscale backup power, Amazon is a flagship demand source.","sources":[{"stance":"confirms","publisher":"Cummins","publisher_en":"Cummins","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.cummins.com/kr/ko","title":"커민스 코리아(발전·엔진)","title_en":"Cummins Korea (power generation, engines)","excerpt":"AWS 데이터센터에 백업 발전세트 공급.","excerpt_en":"Backup gensets to AWS datacenters."}]},{"direction":"cost","counterparty":"부품·엔진·제조 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"엔진·발전 부품·제조.","note_en":"Engine/genset parts and manufacturing.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/0000026172/000002617225000036/cmi2025q38-kex99.htm","title":"Cummins FY2025 3분기 실적(8-K)","title_en":"Cummins FY2025 Q3 results (8-K)","excerpt":"발전세트 제조.","excerpt_en":"Makes generator sets."}]},{"direction":"cost","counterparty":"엔진·연료시스템 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"엔진·연료시스템 부품.","note_en":"Engine and fuel-system parts.","sources":[{"stance":"confirms","publisher":"Cummins","publisher_en":"Cummins","kind":"ir","lang":"ko","published_at":"2026-01-01","url":"https://www.cummins.com/kr/ko","title":"커민스 코리아(발전·엔진)","title_en":"Cummins Korea (power generation, engines)","excerpt":"엔진 수직통합.","excerpt_en":"Vertically integrated engines."}]}]}