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CNH INDUSTRIAL N.V.

CNH · Industrials · $13.8B mkt cap · FY2025 filings · Shallow moat ·

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Shallow moat
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The five investor questions

23

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $17.8B to $15.3B, decreasing; diluted EPS 1.27 to 0.41, decreasing.

26

Median gross margin 21.2% over 6y, stable.

—

Not enough years of ROIC data to score returns on capital.

78

Net cash position — no leverage risk.

61

Owner earnings changed trend unclear over up to the ten most recent annual observations.

The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
28% below value if growth stopped today
$1.7B
$15.41
$15.41
$11.15
28% below value if growth stopped today

A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.

How to read this

What today’s price assumes: owner earnings shrinking ~6%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

7 years of fundamentals

The business, in plain English

CNH INDUSTRIAL N.V. booked $15.3B of revenue in FY2025 in the Industrials sector and kept 19.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, 3.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $13.1B (FY2020) to $15.3B (FY2025) — about 3.2% a year compounded over 5 years.

CNH's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2019–FY2025 · 7 fiscal years, normalized from CNH’s SEC filings

Sales, as filed$15.3B FY2025
$0$10B$20B2019202120232025
Revenue kept after cost of goods19.3% FY2025
0%10%20%2019202120232025
Standard ROIC or separately labeled Operating ROIC

Not disclosed in CNH’s filings for these years — we don’t estimate it.

Cash an owner could take out$510M FY2025
$0$2B2019202120232025

Gaps in a line mean that item isn’t in CNH’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How CNH INDUSTRIAL N.V. makes its money

CNH INDUSTRIAL N.V.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$15.3B100%
Cost of revenue$12.4B81%
$3.0B19%
Income before tax$620M4%
Income tax$184M1%
$510M3%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What CNH INDUSTRIAL N.V. owns — and owes

CNH INDUSTRIAL N.V.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$42.7B100%
Cash and equivalents$2.6B6%
Stockholders’ equity$7.8B18%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives CNH INDUSTRIAL N.V.’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net income$510MFY2025
Income before tax$620MFY2025
Operating incomeUnavailableFY2025
Revenue$15.3BFY2025
Ending assets$42.7BFY2025
Beginning assets$42.9BFY2024
Ending equity$7.8BFY2025
Beginning equity$7.7BFY2024
Source:
  • SEC filingFiling detailsAccession 0001567094-26-000006
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

Where CNH INDUSTRIAL N.V.'s cash went

CNH INDUSTRIAL N.V.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$2.5B100%
Depreciation and amortization$432M17%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding CNH INDUSTRIAL N.V.

Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.

1 holding0 exited16 not holding17/19 resolved2 unavailable

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Oakmark / Harris Associates58,127,119 shares$639M · 1% of eligible reported 13FTrimmed · -15,293,247 shares (−21%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
First EagleNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Pershing SquareNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported
Southeastern Asset ManagementUnavailableComparison unavailableFiling unavailable
Tweedy, BrowneUnavailableComparison unavailableFiling unavailable

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
34 SEC filings
  1. 13F-HR · Q4 2025Filing detailsAccession 0000813917-26-000022 · filed Feb 17, 2026
  2. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  3. 13F-HR · Q4 2025Filing detailsAccession 0000860643-26-000001 · filed Feb 12, 2026
  4. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  5. 13F-HR · Q4 2025Filing detailsAccession 0000905567-26-000001 · filed Feb 3, 2026
  6. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  7. 13F-HR · Q4 2025Filing detailsAccession 0000919574-26-000775 · filed Feb 13, 2026
  8. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  9. 13F-HR · Q4 2025Filing detailsAccession 0001061768-26-000005 · filed Feb 13, 2026
  10. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  11. 13F-HR · Q4 2025Filing detailsAccession 0001096343-26-000011 · filed Feb 6, 2026
  12. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  13. 13F-HR · Q4 2025Filing detailsAccession 0001104659-26-016458 · filed Feb 17, 2026
  14. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  15. 13F-HR · Q4 2025Filing detailsAccession 0001112520-26-000008 · filed Feb 13, 2026
  16. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  17. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000654 · filed Feb 12, 2026
  18. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000791 · filed Feb 13, 2026
  19. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001057 · filed Feb 17, 2026
  20. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001068 · filed Feb 17, 2026
  21. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001091 · filed Feb 17, 2026
  22. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  23. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  24. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002336 · filed May 15, 2026
  27. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-050636 · filed Feb 13, 2026
  28. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-054580 · filed Feb 17, 2026
  29. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  30. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  31. 13F-HR · Q4 2025Filing detailsAccession 0001325447-26-000004 · filed Feb 4, 2026
  32. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  33. 13F-HR · Q4 2025Filing detailsAccession 0001569205-26-000002 · filed Feb 17, 2026
  34. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
· event Mar 31, 2026 · retrieved Jul 26, 2026

Flagship explainer

What CNH INDUSTRIAL N.V. insiders reported

Records still being gathered — partial as of retrieval Aug 11, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale46.8 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 11, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for CNH; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved .

Track record

How CNH INDUSTRIAL N.V.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2014–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored CNH on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100200Indexed price · log scale (2012 = 100)2014201620182020202220242026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, CNH did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Industrials context

#187 of 428 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #185CECO CECO ENVIRONMENTAL CORP.46.9Shallow moat
  2. #186AZTA AZENTA, INC.46.9Shallow moat
  3. #188BKR Baker Hughes Co46.8Shallow moat
  4. #189PPIH PERMA-PIPE INTERNATIONAL HOLDINGS, INC.46.2Shallow moat

Compare CNH with its nearest peers →All Industrials companies on the Index →

Common questions about CNH

Does CNH INDUSTRIAL N.V. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores CNH INDUSTRIAL N.V. (CNH) 46.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 23, pricing power 26, returns on capital not measurable from the filings, balance-sheet safety 78, capital allocation 61.
Is CNH trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $15.41 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $11.15, that is 28% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has CNH's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 46.8 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CNH. See the disclaimer.