TacticScaleWhat CNH Industrial Does & How It Makes Money (CNH)
Updated October 2026 · reflects CNH Industrial's latest reported financials
Global maker of farm and construction equipment, plus equipment financing. CNH earns most of its revenue selling agricultural and construction equipment, implements, and precision-farming solutions through a global dealer network.
How CNH Industrial makes money
CNH earns most of its revenue selling agricultural and construction equipment, implements, and precision-farming solutions through a global dealer network. Its Financial Services arm adds interest and fee income from retail loans to end customers, wholesale financing to dealers, and receivables factoring.
What CNH Industrial does
CNH Industrial is one of the world's major equipment makers, with roots dating back to 1842 and headquarters in Basildon, UK. Its core Agriculture segment makes tractors, harvesters, hay and forage gear, seeding and planting equipment, and self-propelled sprayers under Case IH, New Holland, STEYR, and Raven, including precision agriculture technology. Its Construction segment makes excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steers, and compact track loaders under Case Construction, New Holland Construction, and Eurocomach. A Financial Services segment supports equipment sales. It provides retail loans to farmers and contractors buying new or used machines, wholesale financing for CNH dealers and distributors, revolving credit, and receivables factoring, including through the Banco CNH brand. The company sells across North America, Europe, the Middle East, Africa, South America, and Asia Pacific, so its results depend on farm economics and construction activity worldwide.
Products & services
- Case IH tractors and combine harvesters
- New Holland agricultural equipment
- Raven precision agriculture solutions
- Case Construction excavators and loaders
- STEYR tractors
- Banco CNH equipment financing
What is CNH Industrial worth?
On an owner-earnings DCF, CNH Industrial's most-likely value is about $17 versus a recent price near $11 (46% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$10) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 17.3× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
AGCO (AGCO) · Caterpillar (CAT) · Deere (DE) · First Tractor (601038.SS) · CITIC Heavy Industries (601608.SS)