• Cummins average return on tangible equity for 2023 was 34.53, a 5.37% increase from 2022.
• Cummins average return on tangible equity for 2022 was 32.77, a 0.24% increase from 2021.
• Cummins average return on tangible equity for 2021 was 32.69, a 18.74% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.