Atmus Filtration Technologies (ATMU) Stock Analysis & Winston Score

Atmus Filtration Technologies makes filters that clean air, fuel, oil, and coolant inside heavy-duty engines. Its main customers are truck makers, construction equipment companies, and farmers who need their diesel engines to run cleanly and reliably. Atmus was spun off from Cummins in 2023 and sells products under the well-known Fleetguard brand.

The company earns money by selling replacement filters — a recurring revenue stream, since filters must be swapped out regularly throughout an engine's life. Atmus operates globally, with strong reach across North America, Europe, and Asia, and generates roughly $1.6 billion in annual revenue. Its moat comes from deep relationships with original equipment manufacturers and a large installed base of engines already using its filters, but its biggest risk is that a slowdown in commercial trucking or construction activity can quickly reduce demand for its products.

Winston Score History

Politician Trades

3 trades / 12mo

1 Congressional buy and 2 sells on ATMU in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+9.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$41M/ year

→ Flat (+0% vs prior year)

2.3% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Insider Activity

0.9%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$210M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Atmus Filtration Technologies is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 83.3M (2021) → 82.8M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

28.0%

Modest — 28.0% gross margin

Operating Margin

17.2%

Healthy — 17.2% operating margin

ROCE

5.8%

Weak — 5.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+10.0%

Steady sales growth (10.0% YoY)

EPS YoY

+16.2%

Earnings growing fast (16.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

100%

Turns 100% of profit into real cash

FCF Margin

8.7%

Modest free cash flow (8.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

2.53

Heavy debt load (2.53)

Interest Cover

8.08x

Comfortably covers interest (8.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

19.9x

Fair value — P/E 19.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+2.3

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

0.42%

Small dividend — 0.42% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+10.0%

Dividend growing modestly (10.0% YoY)

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