Atmus Filtration Technologies Inc.
- Open
- 50.84
- Day high
- 51.16
- Day low
- 49.95
- Prev close
- 50.99
- Volume
- 158K
- Mkt cap
- $4.1B
- P/E (TTM)
- 19.5
- EPS (TTM)
- $2.58
- P/B
- 10.2
- P/S
- 2.3
- Yield
- 0.44%
- Per share
- $0.22
- ▼Insiders net selling -$1.5M over the last 3 months (3 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
Atmus Filtration Technologies Inc. (ATMU) is a Industrials company listed on NYSE. The stock is up 37% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 4 sales (SEC Form 4).
Atmus Filtration Technologies Inc. (ATMU) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ATMU earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $0.65 | $0.69 | +6.2% | $478M | +0.7% |
| Feb 13, 2026 | $0.57 | $0.66 | +15.8% | $447M | -7.3% |
| Nov 7, 2025 | $0.61 | $0.69 | +13.1% | $448M | +6.0% |
| Aug 8, 2025 | $0.66 | $0.75 | +13.6% | $454M | +8.7% |
| May 2, 2025 | $0.59 | $0.63 | +6.8% | $111M | -74.3% |
| Feb 21, 2025 | $0.53 | $0.58 | +9.4% | $407M | -5.6% |
| Nov 8, 2024 | $0.50 | $0.61 | +22.0% | $404M | +1.1% |
| Aug 2, 2024 | $0.55 | $0.67 | +21.8% | $433M | +7.8% |
| May 3, 2024 | $0.55 | $0.54 | -1.8% | $427M | +2.5% |
| Feb 14, 2024 | $0.40 | $0.42 | +5.0% | $400M | +4.5% |
| Nov 3, 2023 | $0.45 | $0.45 | +0.0% | $396M | +1.3% |
| Jun 1, 2023 | — | $0.63 | — | $419M | — |
ATMU insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 2, 2026 | Masters Charlesofficer: Senior Vice President | Sell | 2,890 | $45.25 |
| Jun 2, 2026 | Swan Reneeofficer: Chief People Officer | Sell | 2,566 | $45.25 |
| Jun 2, 2026 | Disher Stephaniedirector, officer: Chief Executive Officer | Sell | 25,652 | $45.25 |
| Jun 2, 2026 | Kienzler Jackofficer: Chief Financial Officer | Sell | 5,132 | $45.25 |
| May 13, 2026 | TAYLOR STUART A IIdirector | Grant | 2,619 | — |
| May 13, 2026 | Carpenter Kevin Nofficer: SVP-Chief Supply Chain Officer | Grant | 28,509 | — |
| May 13, 2026 | HAGGERTY GRETCHEN Rdirector | Grant | 2,619 | — |
| May 13, 2026 | HAGGERTY GRETCHEN Rdirector | Buy | 1,872 | $55.74 |
| May 13, 2026 | HAGGERTY GRETCHEN Rdirector | Buy | 1 | $55.74 |
| May 13, 2026 | HAGGERTY GRETCHEN Rdirector | Buy | 100 | $55.71 |
| May 13, 2026 | Donoso Diegodirector | Grant | 2,619 | — |
| May 13, 2026 | Bennett Roy Edwindirector | Grant | 2,619 | — |
| May 13, 2026 | Sharp Heathdirector | Grant | 2,619 | — |
| May 13, 2026 | Macadam Stephen E.director | Grant | 2,619 | — |
| May 13, 2026 | Leipold Jane Adirector | Grant | 2,619 | — |
Source: ATMU SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.
See the full ATMU insider & 13F page →Atmus Filtration Technologies Inc. company profile
Overview
Atmus Filtration Technologies Inc. (NYSE:ATMU) is a global manufacturer and distributor of filtration products that was spun off from Cummins Inc. and went public in May 2023. Founded in 1958 and headquartered in Nashville, Tennessee, the company operates under the well-established Fleetguard brand name, serving customers across North America, Europe, South America, Asia, Australia, and Africa. As a relatively new public company, Atmus has quickly established itself as an independent filtration specialist after decades of operating as part of Cummins' broader industrial portfolio.
Business
Atmus Filtration Technologies operates in the specialized industrial filtration market, designing and manufacturing critical filtration components for heavy-duty vehicles and industrial equipment. The filtration industry serves as a vital component of the broader automotive and industrial machinery sectors, where clean fluids and air are essential for engine performance, longevity, and emissions compliance. The company's core product portfolio includes several essential filtration categories. Fuel filters remove contaminants from diesel and gasoline to protect fuel injection systems and ensure optimal combustion. Lube filters (oil filters) clean engine oil to prevent wear and extend engine life. Air filters prevent dust and particles from entering engines, while crankcase ventilation systems manage blow-by gases and maintain proper engine pressure. The company also produces hydraulic filters for heavy machinery, coolant filters for thermal management systems, and fuel additives that enhance fuel quality and performance. These products serve two primary market segments with distinct characteristics: 1. Aftermarket segment (~80% of revenue): This represents replacement filters sold to vehicle owners, fleet operators, and maintenance facilities for existing vehicles and equipment. This market provides recurring revenue as filters require regular replacement based on operating hours or mileage intervals. 2. First-fit segment (~20% of revenue): This involves selling filters directly to original equipment manufacturers (OEMs) who install them in new vehicles and equipment during manufacturing. This segment is more cyclical and tied to new vehicle production volumes. The company's products are used across diverse applications including on-highway commercial trucks, off-highway construction and mining equipment, agricultural machinery, and power generation systems. Atmus is also expanding into industrial filtration markets beyond automotive applications, targeting air, liquids, and water filtration for manufacturing and industrial processes.
Revenue model
Atmus generates revenue through direct product sales across two distinct business models that serve different customer needs and market dynamics. The aftermarket business model represents approximately 80% of total revenue and operates on a replacement cycle basis. Customers include independent distributors, dealerships, fleet maintenance facilities, and end-users who purchase replacement filters for existing vehicles and equipment. This model benefits from the installed base of millions of vehicles and machines that require regular filter changes, typically every 10,000-25,000 miles for trucks or based on operating hours for industrial equipment. The aftermarket provides relatively stable, recurring revenue with higher margins due to the critical nature of filtration and established brand loyalty. The first-fit business model accounts for roughly 20% of revenue and involves selling directly to original equipment manufacturers like truck manufacturers, construction equipment producers, and agricultural machinery companies. These OEMs integrate Atmus filters into new vehicles during production. This segment operates on longer-term supply contracts but faces pricing pressure and volume volatility tied to new vehicle production cycles. Several factors influence the company's profitability margins. Positive margin drivers include the company's strong brand recognition in the Fleetguard name, which commands premium pricing; the mission-critical nature of filtration that reduces price sensitivity; economies of scale in manufacturing; and the transition from Cummins' distribution network to dedicated Atmus facilities, which has improved margins by 410 basis points since 2022. Margin pressures come from raw material cost fluctuations, particularly steel, plastics, and resins, with approximately three-month pricing lags; competitive pricing pressure in the first-fit OEM segment; foreign exchange headwinds in international markets; and cyclical downturns in heavy-duty truck and construction equipment markets that reduce volumes and manufacturing absorption.
Competitive moat
Atmus possesses a moderate but meaningful competitive moat built primarily around brand strength, distribution network, and switching costs, though the moat faces some structural limitations. The company's strongest defensive position comes from the Fleetguard brand, which has built decades of trust and recognition in commercial vehicle filtration. Fleet operators and maintenance professionals often prefer established, proven filtration brands due to the high cost of engine failure, creating meaningful brand loyalty and pricing power. The company's extensive global distribution network, particularly after transitioning 95% of volumes from Cummins to dedicated Atmus facilities, provides important competitive advantages in product availability and customer service. Switching costs also contribute to the moat, as maintenance facilities and fleet operators develop familiarity with specific filter specifications, part numbers, and replacement intervals. The mission-critical nature of filtration creates reluctance to experiment with unproven alternatives, particularly in commercial applications where downtime is expensive. However, the moat has notable limitations. Filtration technology, while important, is not highly proprietary - the basic function of removing contaminants through media and housing design is well-understood across the industry. Competitors like Donaldson, Mann+Hummel, and various private-label manufacturers can produce functionally equivalent products. The first-fit OEM segment faces particular competitive pressure, as manufacturers often multi-source suppliers and focus heavily on cost reduction. The company's expansion into industrial filtration markets beyond automotive represents both an opportunity to strengthen the moat through diversification and a challenge, as Atmus will compete against established industrial filtration specialists with their own strong positions. Overall, while Atmus benefits from meaningful competitive advantages, the moat is not insurmountable and requires continuous investment in brand building, distribution, and product innovation to maintain.
Risks & safety
Atmus demonstrates solid financial stability with adequate liquidity and manageable leverage, though some metrics warrant monitoring. • Liquidity position: Strong with $184 million in cash and short-term investments as of Q1 2025, current ratio of 2.23, and quick ratio of 1.46, providing ample coverage for near-term obligations • Debt levels: Debt-to-equity ratio of 2.22 appears elevated but reflects the recent spin-off capital structure; the company generates consistent positive free cash flow ($16.3 million in Q1 2025, $56.8 million for full year 2024) • Operational cash generation: Healthy operating cash flow of $105 million in 2024 demonstrates the business model's cash-generating ability, though quarterly volatility exists • Valuation metrics: Trading at 17.0x forward P/E and 13.3x EV/EBITDA based on recent quarters, suggesting reasonable but not cheap valuation for a cyclical industrial company • Other considerations: Recent public company status means limited trading history; exposure to cyclical heavy-duty truck and construction markets creates earnings volatility; ongoing supply chain transformation costs may pressure near-term margins
Recent development
Since going public in May 2023, Atmus has executed a comprehensive transformation strategy focused on four key pillars. The company has made significant progress in supply chain independence, transitioning 95% of its distribution network from former parent Cummins to dedicated Atmus facilities, which has contributed to a 410 basis point improvement in adjusted EBITDA margins since 2022. In product innovation, Atmus launched its next-generation NanoNet N3 media technology, representing advanced filtration capabilities for meeting stricter emissions standards. The company has also realigned its organization to focus more aggressively on first-fit market growth, increasing bid rates for new OEM business opportunities and winning new contracts, including a significant European OEM fuel filtration agreement. The aftermarket expansion strategy has shown strong results, with the company outperforming the overall market by approximately 2 percentage points through improved distribution, enhanced brand marketing with the "We Protect" campaign, and expanded geographic coverage. Atmus has opened new facilities including warehouses in the UK and Brazil, and a new media manufacturing facility in South Korea. Perhaps most significantly, the company has begun pursuing industrial filtration expansion beyond its traditional automotive focus. While maintaining a disciplined approach to mergers and acquisitions, Atmus is building a pipeline of potential targets in industrial air, liquids, and water filtration markets, with expectations of completing 1-2 acquisitions annually in the $100-150 million range. The company has also launched initial organic industrial filtration products, though these are not expected to generate material revenue in 2025. Capital allocation initiatives have included implementing a quarterly dividend of $0.05 per share and authorizing $150 million in share repurchases, with $20 million already executed and $130 million remaining available.
ATMU company profile · for informational purposes only — not investment advice.
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