At a glance
Atmus Filtration Technologies Inc. is worth $3.68B, about 18 times its fiscal 2025 earnings. Revenue grew 5.7% to $1.76B in fiscal 2025, with 11.8% kept as profit; over 4 years it has grown 5.2% a year. It pays a 0.53% dividend yield, and returned $106.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −1.4% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Atmus Filtration Technologies makes filters for commercial trucks and buses and for off-road machines used in farming, construction, mining and power generation. It sells mainly under the Fleetguard brand. Products include fuel, lube (engine oil), air and hydraulic filters, plus coolants and other chemicals. In fiscal 2025, fuel products made up 45% of net sales, lube 20%, air 17% and other products 18%.
Atmus earns money in two ways. About 14% of 2025 net sales were first-fit parts, installed in new vehicles and equipment by original equipment manufacturers (OEMs). The other 86% came from the aftermarket, meaning replacement filters fitted during servicing or repairs. Filters wear out and get changed regularly, so each first-fit win can bring years of repeat sales. Ten long-time OEM customers made up about 70% of net sales. They include Cummins, Daimler, Deere, Paccar/DAF, the Traton Group and Volvo. Cummins alone was 18.8%.
Atmus reaches buyers through OEM dealers, independent distributors and retail outlets such as truck stops. On-highway vehicles made up 58% of 2025 net sales and off-highway equipment 42%. About half of net sales (50.6%) came from the United States. Net sales totaled $1.76 billion in fiscal 2025, with net income of $207.4 million. Atmus also has joint ventures in China and India.
Price history
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ATMU -1.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Fuel Products | $797.6M | 45.2% |
| Lube | $348.8M | 19.8% |
| Other | $316.4M | 17.9% |
| Air | $301.5M | 17.1% |
By geography
| United States | $892.3M | 50.6% |
| Non-US | $872.0M | 49.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $527.9M, up 16.4% from a year earlier, and net income was $63.9M (+6.7%).
- For fiscal 2025, revenue was $1.76B (+5.7% year over year; +5.2% a year from FY2021 to FY2025) with a 11.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +5.2% good |
|---|---|
| Operating margin | 16.9% good |
| Free cash flow margin | 8.4% watch |
| Return on equity (FY2025) | 54.8% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 15.4% good |
| Net cash (cash minus debt) | $-741.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.44B | $170.1M | $176.5M |
| FY2022 | $1.56B | $170.4M | $128.2M |
| FY2023 | $1.63B | $171.3M | $143.2M |
| FY2024 | $1.67B | $185.6M | $56.8M |
| FY2025 | $1.76B | $207.4M | $148.8M |
Valuation snapshot
| Market value | $3.68B |
|---|---|
| P/E ratio | 18 |
| Dividend yield | 0.53% |
Rank among 1514 US companies
Market value at each year end
Atmus Filtration Technologies’s market value went from $1.96B at the end of 2023 to $3.68B on Oct 28, 2026, up 88%; since the end of 2025 it is down 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.68B | -13.0% |
| 2025 | $4.23B | +30.0% |
| 2024 | $3.26B | +66.4% |
| 2023 | $1.96B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ATMU price data to Oct 28, 2026 | -12.8% | -1.4% | +34.4% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -12.8% |
| 2025 | +33.2% |
| 2024 | +67.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 4 open-market purchases ($210K) and 5 sales ($1.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 1, 2026 | Stephanie Disher Chief Executive Officer, Director | sell | $1.2M |
| Jun 1, 2026 | Jack Kienzler Chief Financial Officer | sell | $232K |
| Aug 17, 2026 | Renee Swan Chief People Officer | sell | $197K |
| Jun 1, 2026 | Charles Masters Senior Vice President | sell | $131K |
| Jun 1, 2026 | Renee Swan Chief People Officer | sell | $116K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.2% | Apr 30, 2026 |
| FMR LLC | 6.5% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.73% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 5.7% | Dec 31, 2025 |
| Invesco Ltd. | 5.5% | Jun 30, 2026 |
| Vanguard Capital Management | 5.11% | Mar 31, 2026 |
| Eminence Capital, LP | 4.7% | Dec 31, 2025 |
ETFs with the most weight in ATMU
| RSHO Tema American Reshoring ETF | 2.73% |
| JSML Janus Henderson Small Cap Growth Alpha ETF | 1.59% |
| OMFS Invesco Russell 2000 Dynamic Multifactor ETF | 1.04% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.77% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.71% |
| WCEO Hypatia Women CEO ETF | 0.56% |
| ROSC Hartford Multifactor Small Cap ETF | 0.52% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.41% |
What could go wrong
- Heavy reliance on three big customers. Cummins, PACCAR and the Traton Group made up about 18.8%, 16.3% and 11.5% of 2025 net sales, nearly half combined. Key agreements set no fixed volumes, so losing one would hurt.
- Losing an OEM could shrink aftermarket sales. Filters fitted to new vehicles feed later replacement sales. If a major OEM switched suppliers, or buyers' preferences shifted to other brands, the aftermarket business, about 86% of 2025 net sales, could weaken.
- Profits from businesses it doesn't control. Atmus earns significant profits from businesses it does not directly control, such as its joint ventures in China and India. It has limited control over their decisions and results.
- New engine technology could change filter demand. Fuel and lube products were about 65% of 2025 net sales. Vehicles using other power sources may need different filters, and keeping pace requires steady investment with uncertain returns.
- Customers work in cyclical industries. Trucking, construction, farming and mining tend to rise and fall with the economy. In a downturn, customers build fewer vehicles and run equipment less, which can reduce both new-equipment and replacement filter sales.
- Large debt with assets pledged to lenders. Total debt was $1.0 billion against $259 million of cash and investments as of June 30, 2026. Substantially all assets are pledged to lenders, which could limit flexibility if business slows.
Recent events
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Executive or board change
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Executive or board change
For income and retirement investors
Atmus offers little income so far. It began paying dividends in fiscal 2024, at $0.10 per share, and raised them to $0.21 in fiscal 2025. That fiscal 2025 dividend used about 8% of earnings and 12% of free cash flow (cash left after running the business and paying for equipment). But the yield was just 0.53% as of October 28, 2026, and the company says dividends are not guaranteed. Buybacks have been larger: $60.7 million in fiscal 2025, against $17.3 million in dividends, and the share count fell about 2% between July 2023 and July 2026.
The share price history covers only about 3.4 years as of October 28, 2026, so it does not show how the stock held up in the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its steepest fall in that span, 34.8%, came in the year to October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Atmus Filtration make money?
Atmus makes money selling filters, mostly under the Fleetguard brand, for commercial trucks, buses and off-road equipment used in farming, construction, mining and power generation. About 86% of fiscal 2025 net sales came from aftermarket replacement filters. The other 14% came from first-fit filters that manufacturers install in new vehicles. Fuel products were the biggest line, at 45% of net sales. Net sales were $1.76 billion in fiscal 2025, with net income of $207.4 million.
Is Atmus Filtration part of Cummins?
Atmus is a separate company listed on the NYSE, but it grew out of Cummins and remains closely tied to it. Its 10-K describes a 65-year history embedded with Cummins, and the two signed transaction agreements as part of Atmus' IPO. Cummins was the largest customer, at about 18.8% of fiscal 2025 net sales, followed by PACCAR at 16.3% and the Traton Group at 11.5%. CEO Stephanie Disher previously ran Cummins Filtration.
Does Atmus Filtration pay a dividend?
Yes, but it is small. Atmus paid $0.21 per share in fiscal 2025, up from $0.10 in fiscal 2024. It paid none in fiscal 2022 or 2023. The dividend yield was 0.53% as of October 28, 2026. The payout used about 8% of fiscal 2025 earnings. The company spent more on share buybacks ($60.7 million) than on dividends ($17.3 million) that year, and it states that dividends are not guaranteed.
How much debt does Atmus Filtration have?
Atmus had about $1.0 billion of total debt as of June 30, 2026, against $259 million of cash and investments. That leaves net debt of about $741 million. Shareholders' equity was $454.8 million. The 10-K describes the debt as a term loan and a revolving credit facility (a bank line it can draw on as needed). Substantially all of its assets are pledged as security. The company lists this debt as a risk.
How has ATMU stock performed?
ATMU has gained strongly over three years but has swung widely. As of October 28, 2026, it returned about 34% a year over three years (143% in total). It rose about 67% in calendar 2024 and 33% in 2025, then fell 12.8% year to date. The one-year return was -1.4%, and its steepest fall from a peak was 34.8%. Its one-year beta of 1.33 means it tended to move about a third more than the overall market.