CMI - Comprehensive Filing Intelligence

FY 2025•10-K•Filed Feb 10, 2026
5.0/10
Filing Health:CAUTION

Notable concerns that warrant closer review

Executive Summary

Significant restructuring actions were taken in the Accelera segment due to market deterioration, including plans to stop new commercial activity in the electrolyzer space.. The company recorded a $2.0 billion charge in Q4 2023 related to an agreement to resolve regulatory civil claims regarding emissions certification and compliance.. Accelera segment restructuring charges of $458 million in 2025.

Top Concerns

  • !The company experienced a decline in net income due to non-recurring charges and weaker demand in specific markets, partially offset by strong performance in power generation.
  • !Management faces challenges from increasing costs, tariffs, and trade disruptions, which could materially impact future results.
  • !Forward-looking guidance indicates continued strength in power systems but weakness in North American truck markets, with ongoing uncertainty due to global trade and regulatory factors.
  • !Goodwill decreased by $60 million ($1,784M to $1,724M) in the prior year due to foreign currency translation and other factors, but increased by $50 million in the current year ($1,724M to $1,774M) du...
  • !Significant long-term contracts ($6.3 billion) and extended warranty arrangements are recognized over extended periods, requiring careful estimation and management of future revenue recognition.

Top Positives

  • +The company's liquidity and financial condition are assessed as strong, supported by robust operating cash flow and access to credit facilities.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

8.0/10

Management tone is balanced with focus on strong growth in power generation markets, especially data center and commercial markets.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

7.0/10

Earnings quality shows moderate accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is moderate.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

3.0/10

Overall risk profile shows regulatory and litigation risk from emissions issues as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

6.0/10

Segment health analysis shows Distribution as strongest performer while Engine lags.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.

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