CNH · CIK 1567094
What CNH Industrial N.V. told the SEC could break it.
Trade policy was the dominant pressure in CNH's 2025 register: tariffs, cited alongside lower shipment volumes, helped push cost of goods sold to 80.7% of net sales and roughly halve Adjusted EBIT, from $1,470 million in 2024 to $772 million in 2025. As a maker of agriculture and construction equipment producing and purchasing across borders, it also carries meaningful currency risk — it estimates net trade flows equal to about 19% of 2025 revenue were exposed, chiefly through EUR/USD. And its supply chain has narrow points: certain components and parts come from a single supplier and cannot be quickly re-sourced, with potentially substantial switching costs.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- tariffs materially raising COGS and cutting EBIThigh
Tariff costs were a stated driver of CNH's 2025 margin compression — cost of goods sold rose to 80.7% of net sales and Adjusted EBIT fell from $1,470M (2024) to $772M (2025), with tariffs cited alongside lower volumes as the cause.
“Adjusted EBIT was $772 million in 2025, compared to $1,470 million in 2024. The decline, driven by lower shipment volumes and the impact from tariffs, was partially offset by lower quality costs.”
Currency (FX)
- net trade flows = 19% of revenue exposed to currency risk (mainly EUR/USD)medium
CNH estimates net trade flows equivalent to 19% of 2025 revenue were exposed to currency risk, with EUR/USD the principal exposure tied to production and purchases in its Agriculture and Construction businesses.
“We estimate that in 2025, the total net trade flows exposed to currency risk amounted to the equivalent of 19% of our revenue (20% in 2024).”
SEC filing →As of 2026
Sole-source dependency
- single-supplier components and partsmedium
Certain components and parts in CNH's agricultural and construction equipment are available from only a single supplier and cannot be quickly re-sourced; switching costs may be substantial and could hurt quality and efficiency.
“Certain components and parts used in our products are available from a single supplier and cannot be sourced quickly otherwise.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Under our Dealer Agreements, we are obligated to actively promote the sale of CNH equipment within our designated geographic areas of responsibility, fulfill the product warranty obligations of CNH (subject to CNH's payment to us of the agreed upon reimbursement), maintain adequate facilities and workforce to service the needs of our customers, stock equipment and parts inventories at the level deemed necessary by CNH”
Cited →“2025 from five major OEMs (Volvo, Hyster-Yale, Kubota, CNH, and Takeuchi).”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch