• Cummins average return on tangible equity for 2023 was 38.08, a 23.28% decline from 2022.
• Cummins average return on tangible equity for 2022 was 30.89, a 3.14% increase from 2021.
• Cummins average return on tangible equity for 2021 was 31.89, a 9.47% decline 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.