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Not Investment Advice

CAT

NYSE · USD
Caterpillar Inc.
Industrials · Agricultural - Machinery
CEO Joseph E. Creed Employees 118,000 R&D / revenue 3.2%
Last price
$730.76−0.66%last session
Market cap
$335.9B
P/E (TTM)
31.3x
From 52w high
−31.9%
From 52w low
+43.2%
1-year return
+36.3%
RSI 14 · vs SMA200
30.7 · −9.1%
IS score
69.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CAT   SPY   XLI (sector ETF) · weekly closes
100120140160180200Jan 26Apr 26Jul 26Oct 26CAT 136SPY 116XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
69
Profitability
70
Growth
35
Value
90
Momentum
100
Risk (safety)
73
Quality
47
Balance sheet
69
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for CAT (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 9 / 9Altman Z 5.9Beta 1.594 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.22M bought
Form 144 notices (12m): 27, $229.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-09-28
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+307
455 new holders, 99 closed
4,077 filers hold 72.5% · 1,443 added, 1,613 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+248
1,562 funds adding shares
1,314 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
40.7%
20-day avg 52.7%, 50-day avg 48.1%
Latest 12.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$67.6B
Revenue growth YoY+4.3%
Gross margin32.3%
Operating income$11.2B
Operating margin16.6%
Net income$8.9B
Net margin13.1%
EPS (diluted)$18.83
Cash flow
Operating cash flow$11.7B
Capital expenditure$1.5B
Free cash flow$10.3B
FCF conversion (FCF / OCF)87.5%
Stock-based compensation$242.0M
FCF less SBC$10.0B
Buybacks$5.2B
Dividends$2.7B
Balance sheet & returns
Cash & short-term investments$10.0B
Total debt$43.3B
Net debt$33.4B
Shareholders' equity$21.3B
Goodwill & intangibles$5.6B
Debt / equity2.33
ROE (TTM)54.1%
ROIC (TTM)13.3%
Operating margin by fiscal year
13.5%FY202113.3%FY202219.3%FY202320.2%FY202416.6%FY2025
Revenue $51.0B (FY2021) to $67.6B (FY2025), a 7.3% CAGR.

Valuation

P/E (TTM)31.3x
EV / EBITDA21.5x
Price / sales4.50x
Price / FCF37.3x
FCF yield2.68%
Buyback yield1.55%
SBC / revenue0.3%
Price / book17.35x
Forward P/E FY202626.8x
Forward P/E FY202722.4x
Forward P/E FY202818.6x
Forward multiples divide today's price by Street EPS estimates. Street mean target $971.38 across 13 analysts last quarter is theirs, not ours.

CAT vs industry median

43 companies in Agricultural - Machinery
Gross margin 33.9% 19.4% Operating margin 17.5% 1.5% Net margin 14.5% 0.9% ROIC 13.3% 5.2%
CAT (TTM)Industry median Asset turnover 0.73 vs industry 0.76 · financial leverage 5.29

Earnings delivery

Next report 2026-10-29 · consensus EPS $7.04
75%
beat rate, 9 of 12 quarters
+9.1%
median EPS surprise
4
longest beat streak
+15+10+9+8-3+2-2-3+9+10+19+31
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-31 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CAT Caterpillar Inc. $335.9B31.3x54.1%14.5%+4.3% +36.3%
DE Deere & Company $173.1B35.6x18.3%10.9%+9.9% +42.0%
GE GE Aerospace $325.6B36.8x48.8%17.8%+21.8% +5.2%
RTX RTX Corporation $261.4B33.7x12.0%8.7%+11.8% +24.0%
GEV GE Vernova Inc. $245.3B26.1x91.5%6.0%+13.0% +53.1%
UNP Union Pacific Corporation $171.7B23.4x39.7%29.0%+4.2% —
ETN Eaton Corporation plc $152.0B39.7x19.7%9.6%+15.5% —
BA The Boeing Company $150.3B71.2x173.6%-1.8%+24.8% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-10-15Officer/Director Change; Other Events; Exhibits
2026-09-01Material Agreement; Financial Obligation; Exhibits
2026-08-04Earnings Release; Regulation FD; Exhibits
2026-06-11Shareholder Vote; Regulation FD; Exhibits
2026-04-30Earnings Release; Regulation FD; Exhibits
2026-04-13Other Events; Exhibits

Context

Shares outstanding459,675,000
Free float99.8%
Institutional ownership72.5%
Beta1.59
Dividend yield0.86%
Last dividend$1.63 on 2026-10-26
50 / 200-day average$815.28 / $804.97

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CAT sits among 10 scored companies in Agricultural - Machinery (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCATIndustry medianIndustry percentileSector median
P/E (TTM) 31.0x 27.5x
57th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 2.39 — 1.42
Price / sales 4.5x 0.8x
100th		 2.0x
Price / book 17.3x 1.8x
100th		 2.9x
Price / tangible book 37.6x 6.3x
100th		 5.6x
Price / free cash flow 28.4x 23.2x
71st		 20.8x
Price / operating cash flow 24.8x 12.3x
88th		 14.5x
Enterprise value $374.3B $7.0B
100th		 $4.8B
EV / sales 5.0x 1.3x
100th		 2.4x
EV / EBITDA 21.5x 13.4x
100th		 13.6x
EV / EBIT 24.9x 20.1x
88th		 19.9x
EV / free cash flow 31.7x 27.8x
57th		 24.3x
Earnings yield 3.2% 3.0%
56th		 3.3%
FCF yield 3.5% 3.8%
44th		 3.8%
Operating cash flow yield 4.0% 6.8%
22nd		 6.2%
Graham number (per share) $148.66 $86.60
86th		 $38.21

Profitability (TTM)

MeasureCATIndustry medianIndustry percentileSector median
Gross margin 33.9% 27.1%
89th		 30.5%
EBITDA margin 23.3% 12.0%
89th		 14.3%
Operating margin 17.5% 8.7%
89th		 9.8%
EBIT margin 20.1% 9.1%
100th		 9.9%
Net margin 14.5% 5.2%
100th		 6.0%
NOPAT margin 13.5% 6.8%
89th		 7.8%
FCF margin 15.8% 6.9%
100th		 7.0%
Operating cash flow margin 18.2% 11.0%
100th		 11.2%
R&D / revenue 3.0% 2.3%
67th		 0.0%
SG&A / revenue 10.1% 10.6%
44th		 14.1%
Stock comp / revenue 0.3% 0.4%
44th		 0.6%
Effective tax rate 22.8% 22.9%
44th		 21.0%

Returns on capital

MeasureCATIndustry medianIndustry percentileSector median
ROE (on average equity) 56.9% 11.6%
100th		 11.9%
ROA 11.2% 4.5%
89th		 4.8%
ROIC 17.5% 9.1%
100th		 8.7%
ROCE 23.9% 9.8%
100th		 9.4%
Return on tangible assets 15.6% 7.0%
89th		 7.9%
Cash ROIC (OCF / invested capital) 23.5% 12.6%
89th		 12.8%
Gross profitability (GP / assets) 24.7% 16.3%
89th		 19.2%
ROIC, 3-yr average 16.3% 7.7%
100th		 7.8%
ROIC, 5-yr average 18.0% 11.1%
100th		 8.6%
ROE, 5-yr average 51.9% 15.2%
100th		 12.5%
Incremental ROIC 54.9% -14.2%
88th		 20.5%

Growth

MeasureCATIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 18.4% 2.2%
88th		 8.6%
Revenue growth (QoQ) 18.0% 9.3%
67th		 9.9%
Revenue CAGR, 3 yr 4.9% -3.4%
75th		 5.0%
Revenue CAGR, 5 yr 10.2% 3.9%
86th		 8.3%
Gross profit CAGR, 3 yr 6.4% -7.7%
75th		 6.5%
Operating income CAGR, 3 yr 7.7% -14.9%
86th		 6.4%
Net income growth (TTM YoY) 14.8% -6.4%
67th		 11.3%
Net income CAGR, 3 yr 9.0% -8.1%
67th		 6.6%
EPS growth (TTM YoY) 17.0% -6.2%
67th		 13.3%
EPS CAGR, 3 yr 13.0% -6.5%
83rd		 5.6%
EPS CAGR, 5 yr 24.1% 3.7%
100th		 8.3%
FCF growth (TTM YoY) 52.6% -5.7%
83rd		 14.7%
FCF CAGR, 3 yr 17.6% 14.2%
60th		 12.2%
Operating cash flow CAGR, 3 yr 10.6% 6.7%
57th		 8.8%
Book value CAGR, 3 yr 5.8% 5.8%
50th		 7.3%
Dividend CAGR, 3 yr 5.1% 3.5%
100th		 2.7%
Sustainable growth rate 42.2% 10.1%
100th		 11.0%

Margin history & stability

MeasureCATIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 34.7% 28.4%
88th		 30.6%
Operating margin, 3-yr average 18.8% 12.4%
88th		 10.0%
Net margin, 3-yr average 15.3% 6.0%
100th		 6.2%
FCF margin, 3-yr average 14.4% 6.2%
100th		 7.1%
Revenue stability (0-1) 0.81 0.27
62nd		 0.81
Earnings stability (0-1) 0.81 0.33
88th		 0.47
Margin stability (0-1) 0.93 0.93
62nd		 0.90

Liquidity (latest quarter)

MeasureCATIndustry medianIndustry percentileSector median
Cash & short-term investments $6.7B $291.7M
89th		 $249.6M
Net cash (− = net debt) −$38.4B −$616.6M
11th		 −$666.5M
Working capital $14.7B $553.0M
89th		 $376.4M
Current ratio 1.37 1.85
33rd		 1.79
Quick ratio 0.85 1.05
33rd		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.17 0.22
22nd		 0.32
Defensive interval (days) 918 days 897 days
56th		 614 days

Leverage & solvency (latest quarter)

MeasureCATIndustry medianIndustry percentileSector median
Total debt $45.1B $844.5M
89th		 $919.8M
Debt / equity 2.33 1.19
89th		 0.65
Net debt / equity 1.98 0.94
89th		 0.46
Debt / assets 44.0% 40.2%
78th		 29.3%
Debt / capital 69.9% 53.8%
89th		 39.5%
Debt / EBITDA 2.59 2.59
50th		 2.44
Net debt / EBITDA 2.21 2.21
50th		 1.86
Interest coverage (EBIT / interest) 13.7x 5.0x
78th		 5.0x
Cash interest coverage 12.4x 6.0x
78th		 6.1x
Debt payback (years of OCF) 3.3 yrs 3.3 yrs
50th		 3.2 yrs
Liabilities / assets 81.1% 66.8%
89th		 56.7%
IS credit model rating A+ — —
Implied credit spread (bps) 125 262
33rd		 200

Efficiency

MeasureCATIndustry medianIndustry percentileSector median
Asset turnover 0.77 0.84
33rd		 0.75
Fixed asset turnover 4.78 4.98
22nd		 5.14
Inventory turnover 2.5 3.5
0th		 5.0
Receivables turnover 4.5 6.1
22nd		 6.7
Days sales outstanding 81 days 60 days
78th		 54 days
Days inventory outstanding 145 days 105 days
100th		 72 days
Days payables outstanding 70 days 52 days
100th		 41 days
Cash conversion cycle (days) 156 days 116 days
78th		 63 days
Capex / revenue 2.3% 2.4%
44th		 3.0%
Capex / depreciation 0.74 0.75
44th		 0.76
Operating expense ratio 16.9% 14.9%
78th		 17.7%

Cash flow & earnings quality

MeasureCATIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.25 1.40
29th		 1.50
FCF / net income 1.09 0.95
57th		 1.15
FCF / operating cash flow 87.1% 56.0%
75th		 74.0%
Capex / operating cash flow 12.9% 44.0%
25th		 26.1%
Accruals ratio -2.8% -3.7%
67th		 -4.0%
Sloan accruals ratio 0.5% -5.4%
78th		 -2.4%
Earnings quality score (0-1) 1.00 1.00
29th		 1.00

Dividends & buybacks

MeasureCATIndustry medianIndustry percentileSector median
Dividend yield 0.9% 1.0%
22nd		 0.6%
Dividend per share (TTM) $6.28 $0.89
89th		 $0.44
Payout ratio (dividends / net income) 26.0% 27.1%
43rd		 22.5%
Dividends / FCF 23.8% 24.8%
43rd		 19.6%
Dividend growth (YoY) 6.2% 3.9%
71st		 5.6%
Buyback yield 2.2% 1.2%
67th		 0.5%
Shareholder yield (dividends + buybacks) 3.0% 2.6%
56th		 2.0%
Share count change (YoY) -1.9% -1.9%
50th		 0.0%
Buybacks, last 5 years $30.5B $365.3M
100th		 $76.0M

Scores & forensic checks

MeasureCATIndustry medianIndustry percentileSector median
IS score 70 47
89th		 53
IS profitability 69 29
100th		 37
IS growth 70 43
88th		 54
IS value 35 52
0th		 47
IS momentum 90 63
88th		 76
IS risk (safety) 100 65
78th		 80
IS quality 73 66
89th		 67
IS balance sheet 47 44
56th		 56
IS earnings quality 69 68
67th		 70
IS cash flow 70 43
78th		 54
Piotroski F-score (0-9) 9 6
100th		 6
Altman Z-score 5.9 2.6
89th		 3.3
Beneish M-score −2.46 −2.50
62nd		 −2.52
Ohlson O-score −7.48 −7.44
44th		 −7.49
IS credit score 79 62
56th		 65

Per share

MeasureCATIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $23.42 $4.95
100th		 $2.21
Book value per share $41.94 $33.22
56th		 $18.38
Tangible book per share $28.49 $16.95
67th		 $4.39
Revenue per share $161.58 $49.77
78th		 $36.64
FCF per share $25.55 $4.46
100th		 $2.70
Operating cash flow per share $29.34 $7.17
100th		 $4.28
Cash per share $14.51 $4.61
78th		 $3.02

Size (TTM)

MeasureCATIndustry medianIndustry percentileSector median
Market cap $335.9B $7.1B
100th		 $3.9B
Revenue $74.7B $6.4B
100th		 $2.7B
EBITDA $17.4B $769.5M
100th		 $394.8M
Net income $10.8B $298.2M
100th		 $136.3M
Free cash flow $11.8B $334.8M
100th		 $162.9M
Total assets $102.6B $6.3B
89th		 $3.5B
Shareholders' equity $19.4B $2.8B
89th		 $1.4B
Employees 118,000 13,300
100th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Good Lynn J
Director
 Award / grant 30——30
2026-09-30Maclennan David
Director
 Award / grant 28——505
2026-09-25Kaiser Jason
Group President
 Award / grant 11——5,449
2026-09-25Epley Kyle Joseph
Chief Financial Officer
 Award / grant 11——5,839
2026-09-25Epley Kyle Joseph
Chief Financial Officer
 Award / grant 7——5,846
2026-09-25Creed Joseph E
Chief Executive Officer
 Award / grant 19——11,234
2026-08-28Creed Joseph E
Chief Executive Officer
 Option exercise 44,403$219.76$9.8M78,958
2026-08-28Creed Joseph E
Chief Executive Officer
 Tax withholding 12,002$812.98$9.8M66,956
2026-08-28Creed Joseph E
Chief Executive Officer
 Open-market sale 480$800.19$384,09166,476
2026-08-28Creed Joseph E
Chief Executive Officer
 Open-market sale 540$801.10$432,59465,936
2026-08-28Creed Joseph E
Chief Executive Officer
 Open-market sale 280$802.10$224,58865,656
2026-08-28Creed Joseph E
Chief Executive Officer
 Open-market sale 750$803.39$602,54264,906

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired313,883$1.3M
GiftDisposed1294—
Open-market buyAcquired1250$219,210
Open-market saleDisposed35128,174$113.9M
Option exerciseDisposed11166,499$35.6M
Option exerciseAcquired11166,499$35.6M
Tax withholdingDisposed1039,483$34.9M
—Disposed1147,499$9.2M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 27 notices · 306,768 shares · $229.5M
FiledFilerShares proposedEst. proceeds
2026-08-28Joseph E Creed32,401$26.2M
2026-05-14Denise C Johnson12,605$11.4M
2026-05-13William Schaupp360$326,160
2026-05-13Denise C Johnson6,196$5.6M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 15 trades (4 purchases) · Senate 5 (5 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-28Lisa McClainHousePurchase$1,001 - $15,0002026-10-12
2026-03-31Jared MoskowitzHouseSale$1,001 - $15,0002026-05-01
2026-03-31Jared MoskowitzHouseSale (Partial)$1,001 - $15,0002026-05-01
2026-03-30Jared MoskowitzHouseSale (Partial)$1,001 - $15,0002026-05-01
2026-01-29John BoozmanSenatePurchase$1,001 - $15,0002026-02-15
2026-01-29John BoozmanSenatePurchase$1,001 - $15,0002026-02-14
2026-01-29John BoozmanSenatePurchase$1,001 - $15,0002026-02-14
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-16
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.37,991,505$40.5B8.26%
STATE STREET CORP34,392,316$36.6B7.48%
VANGUARD CAPITAL MANAGEMENT LLC30,077,764$32.0B6.54%
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO14,509,304$15.5B3.16%
VANGUARD PORTFOLIO MANAGEMENT LLC12,026,244$12.8B2.62%
GEODE CAPITAL MANAGEMENT, LLC11,175,493$11.9B2.43%
Fisher Asset Management, LLC9,942,521$10.6B2.16%
JPMORGAN CHASE & CO6,371,326$6.6B1.39%
PRICE T ROWE ASSOCIATES INC /MD/6,171,628$6.6B1.34%
FMR LLC5,781,969$6.2B1.26%
BANK OF AMERICA CORP /DE/5,463,565$5.8B1.19%
MORGAN STANLEY5,255,269$5.6B1.14%
NORTHERN TRUST CORP4,497,180$4.8B0.98%
GOLDMAN SACHS GROUP INC3,570,493$3.8B0.78%
Invesco Ltd.3,284,093$3.5B0.71%

Institutional ownership by quarter

2023-092026-0672.5%
% of shares held by 13F filers
2023-092026-064,077
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-304,07772.5%4551,4431,61399
2026-03-313,77072.0%3941,2911,549117
2025-12-313,54371.7%5541,2271,30888
2025-09-303,15172.4%3001,1481,203120
2025-06-303,02671.7%2831,1541,123122
2025-03-312,90671.9%1541,1831,119202
2024-12-313,00973.9%3861,0931,051159
2024-09-302,83774.7%2471,0531,04895
2024-06-302,71574.8%1851,049995146
2024-03-312,71875.8%2639541,08589
2023-12-312,58676.9%319925958104
2023-09-302,41177.5%19291490375

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%34,776,099
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-03-05SCHEDULE 13G/AThe Vanguard Group10.1%46,835,122
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.51%$11.8B
VTSAX0.51%$11.8B
VTI0.51%$11.8B
VSMPX0.51%$11.8B
VFIAX0.57%$9.8B
VFINX0.57%$9.8B

Share structure

Shares outstanding459,675,000
Float458,609,473
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$51.0B$59.4B$67.1B$64.8B$67.6B
Cost of revenue$36.0B$41.9B$43.8B$41.5B$45.7B
Gross profit$15.0B$17.5B$23.3B$23.3B$21.9B
R&D$1.7B$1.8B$2.1B$2.1B$2.1B
SG&A$5.4B$5.7B$6.4B$6.7B$7.0B
Operating income$6.9B$7.9B$13.0B$13.1B$11.2B
EBITDA$11.0B$11.4B$15.7B$16.0B$14.9B
Pretax income$8.2B$8.8B$13.1B$13.4B$11.6B
Income tax$1.7B$2.1B$2.8B$2.6B$2.8B
Net income$6.5B$6.7B$10.3B$10.8B$8.9B
EPS, diluted$11.83$12.64$20.12$22.05$18.83
Diluted shares548.5M530.4M513.6M489.4M469.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$9.3B$7.0B$7.0B$6.9B$10.0B
Receivables$17.4B$17.9B$18.8B$18.8B$21.6B
Inventory$14.0B$16.3B$16.6B$16.8B$18.1B
Total current assets$43.5B$43.8B$46.9B$45.7B$52.5B
PP&E, net$12.1B$12.0B$12.7B$13.4B$15.1B
Goodwill & intangibles$7.4B$6.0B$5.9B$5.6B$5.6B
Total assets$82.8B$81.9B$87.5B$87.8B$98.6B
Accounts payable$8.2B$8.7B$7.9B$7.7B$9.0B
Total current liabilities$29.8B$31.5B$34.7B$32.3B$36.6B
Long-term debt$26.0B$25.8B$24.5B$27.5B$30.7B
Total liabilities$66.3B$66.1B$68.0B$68.3B$77.3B
Shareholders' equity$16.5B$15.9B$19.5B$19.5B$21.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$6.5B$6.7B$10.3B$10.8B$8.9B
Depreciation & amortization$2.4B$2.2B$2.1B$2.2B$2.3B
Stock-based compensation$0$0$0$0$242.0M
Change in working capital−$647.0M−$1.8B$151.0M−$859.0M−$348.0M
Operating cash flow$7.2B$7.8B$12.9B$12.0B$11.7B
Capital expenditure−$2.5B−$2.6B−$3.1B−$3.2B−$1.5B
Free cash flow$4.7B$5.2B$9.8B$8.8B$10.3B
Investing cash flow−$3.1B−$2.5B−$5.9B−$2.5B−$4.7B
Net debt issued / repaid$681.0M−$652.0M$594.0M$799.0M$4.1B
Buybacks−$2.7B−$4.2B−$5.0B−$7.7B−$5.2B
Dividends paid−$2.3B−$2.4B−$2.6B−$2.6B−$2.7B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin29.4%29.5%34.7%36.0%32.3%
Operating margin13.5%13.3%19.3%20.2%16.6%
Net margin12.7%11.3%15.4%16.7%13.1%
FCF margin9.3%8.7%14.6%13.6%15.2%
ROE40.8%41.4%58.5%55.4%43.5%
ROIC12.0%13.2%20.3%20.6%15.6%
ROA8.1%8.1%12.2%12.3%9.5%
Debt / equity2.292.331.941.972.03
Interest coverage17.9x20.8x29.7x31.9x12.2x
Current ratio1.461.391.351.421.44
Revenue growth+22.1%+16.6%+12.8%−3.4%+4.3%
EPS growth+119.2%+7.6%+58.4%+8.8%−14.7%
P/E at year end16.0x17.7x14.1x16.1x30.3x
EV / EBITDA at year end12.0x13.0x11.2x12.8x20.3x
FCF yield at year end4.54%4.36%6.74%5.07%3.82%
Dividend payout35.9%36.4%24.8%24.5%31.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Reportable Subsegments————$74.0B
Energy and Transportation$20.3B$23.8B$28.0B$28.9B—
Construction Industries$22.1B$25.3B$27.4B$25.5B$24.8B
Power & Energy————$27.1B
Resource Industries$10.0B$12.3B$13.6B$12.4B$12.2B
Financial Products$3.1B$3.3B$3.8B$4.1B$4.2B
Other Segments$511.0M$450.0M$449.0M$425.0M$327.0M
All Other Segment————$46.0M
Intersegment Elimination−$5.0B−$5.6B−$6.2B−$6.4B—
Corporate Items and Eliminations————−$805.0M

Revenue by region · FY2025

North America$36.6B · 54%
EMEA$12.8B · 19%
Asia Pacific$11.2B · 17%
Latin America$7.0B · 10%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $7.04 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$79.9B$79.7B – $80.5B$27.29$25.39 – $28.181926.8x
2027$88.9B$87.3B – $90.2B$32.59$30.37 – $35.601922.4x
2028$98.5B$92.0B – $109.4B$39.27$31.74 – $42.591118.6x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$6.22$8.17+31.4%$19.3B$20.5B+6.2%
2026-04-30$4.65$5.54+19.1%$16.5B$17.4B+5.4%
2026-01-29$4.71$5.16+9.6%$17.9B$19.1B+7.2%
2025-10-29$4.53$4.95+9.3%$16.8B$17.6B+5.2%
2025-08-05$4.89$4.72−3.5%$16.3B$16.6B+1.6%
2025-04-30$4.35$4.25−2.3%$14.7B$14.2B−3.2%
2025-01-30$5.06$5.14+1.6%$16.6B$16.2B−2.4%
2024-10-30$5.34$5.17−3.2%$16.4B$16.1B−1.6%
2024-08-06$5.54$5.99+8.1%$16.9B$16.7B−1.3%
2024-04-25$5.14$5.60+8.9%$16.1B$15.8B−1.6%
2024-02-05$4.75$5.23+10.1%$17.1B$17.1B−0.2%
2023-10-31$4.79$5.52+15.2%$16.5B$16.8B+1.7%
2023-08-01$4.58$5.55+21.2%$16.5B$17.3B+5.1%
2023-04-27$3.79$4.91+29.6%$16.0B$15.9B−1.1%
2023-01-31$3.95$3.86−2.3%$15.8B$16.6B+4.9%
2022-10-27$3.16$3.95+25.0%$14.4B$15.0B+4.4%
2022-08-02$3.01$3.18+5.6%$14.3B$14.2B−0.2%
2022-04-28$2.60$2.88+10.8%$13.3B$13.6B+2.5%
2022-01-28$2.23$2.69+20.6%$13.2B$13.8B+4.5%
2021-10-28$2.20$2.66+20.9%$12.6B$12.4B−1.3%
2021-07-30$2.40$2.60+8.3%$12.6B$12.9B+2.5%
2021-04-29$1.94$2.87+47.9%$11.0B$11.9B+8.2%
2021-01-29$1.46$2.12+45.2%$10.7B$11.2B+5.0%
2020-10-27$1.18$1.34+13.6%$8.7B$9.9B+13.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
2.306-155.406-223.306-293.207-063.107-132.707-204.407-273.808-032.508-102.908-171.708-242.408-31
Week ofNotionalSharesTrades
2026-08-31$2.4B3,010,383115,529
2026-08-24$1.7B2,150,43391,695
2026-08-17$2.9B3,476,579133,744
2026-08-10$2.5B2,933,481106,732
2026-08-03$3.8B4,376,776148,733
2026-07-27$4.4B5,393,864161,492

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1540.7%
DateShort shareShort volumeTotal volume
2026-10-1540.7%684,8541,680,986
2026-10-1455.0%683,5831,241,802
2026-10-1352.9%818,1591,546,514
2026-10-1250.6%280,463553,838
2026-10-0955.2%307,805557,493
2026-10-0865.9%717,1591,088,960
2026-10-0759.9%891,3671,487,912
2026-10-0660.0%497,889830,039
2026-10-0565.5%536,389818,402
2026-10-0248.7%446,180916,757
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.2Jan+0.9Feb+2.6Mar+2.9Apr-1.3May+0.0Jun+4.0Jul-0.5Aug+1.4Sep+3.1Oct+3.7Nov+2.2Dec
MonthAvg returnUp yearsYears
Jan−0.2%70%20
Feb+0.9%60%20
Mar+2.6%48%21
Apr+2.9%65%20
May−1.3%50%20
Jun+0.0%60%20
Jul+4.0%60%20
Aug−0.5%45%20
Sep+1.4%60%20
Oct+3.1%60%20
Nov+3.7%80%20
Dec+2.2%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1430.7
MFI36.1
ADX18.2
Stochastic %K / %D13.0 / 12.0
Williams %R-84.5
CCI-192
TSI / signal-18.5 / -6.8
Chaikin money flow0.03
ATR$27.44
Bollinger width16.9%
Volume vs 20-day avg1.14x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$805.11 (−9.2%)
SMA 50$812.76 (−10.1%)
SMA 200$804.16 (−9.1%)
EMA 21$794.20 (−8.0%)
EMA 50$815.65 (−10.4%)
EMA 200$777.87 (−6.1%)
Bollinger upper$873.32 (−16.3%)
Bollinger lower$736.89 (−0.8%)
Parabolic SAR$835.02 (−12.5%)
Open the live chart, 110+ indicators

About Caterpillar Inc.

Caterpillar Inc., a global enterprise founded in 1925 and headquartered in Deerfield, Illinois (having previously operated as Caterpillar Tractor Co. until its rebranding in 1986), is a premier manufacturer and vendor of heavy construction and mining equipment, diesel and natural gas power units, and industrial gas turbines across the world. The company's extensive offerings are organized into several operational divisions: Construction Industries: This segment delivers a broad spectrum of machinery for construction projects, including asphalt pavers, versatile backhoe and skid steer loaders, various sizes of excavators (from compact to heavy-duty), compactors, road-building equipment like cold planers and motorgraders, pipelayers, site preparation tractors, telehandlers, and utility vehicles, alongside a range of wheel loaders and track-type equipment. Resource Industries: Dedicated to the mining sector, this division supplies powerful equipment such as electric rope and hydraulic shovels, draglines, rotary drills, specialized hard rock vehicles, and a diverse fleet of mining, off-highway, and articulated trucks. It also offers longwall miners, wheel dozers, fleet management systems, autonomous vehicle solutions, crucial machinery components, selected work tools, and comprehensive safety and performance solutions for mining operations. Energy & Transportation: This segment focuses on power generation and propulsion systems. It provides reciprocating engines, generator sets, integrated power solutions, industrial turbines and associated services, remanufactured engines and parts, centrifugal gas compressors, and diesel-electric locomotives with related components and services. These products serve critical sectors including marine, oil and gas, industrial applications, and electric power generation. Financial Products: This segment supports customers with a variety of financial services, such as operating and finance leases, installment sale agreements, working capital loans, and wholesale financing schemes. It also offers insurance and risk management products tailored for vehicles, power generation facilities, and marine vessels. All Other: This encompassing segment is responsible for manufacturing essential consumables and components like filters, fluids, undercarriage parts, and ground engaging tools.

https://www.caterpillar.com

Key executives

NameTitlePayBorn
Joseph E. CreedChairman & CEO$4.4M1976
Kyle J. EpleyChief Financial Officer$2.7M1973
Andrew R. J. BonfieldAdvisor$2.6M1962
Denise C. JohnsonGroup President of Resource Industries$2.5M1966
Bob De LangeGroup President of Services, Distribution & Digital$2.4M1970
Christine PambianchiChief Human Resources Officer$2.1M1968
Jaime MineartSenior Vice President & Chief Technology Officer——
Jamie EngstromSenior Vice President & Chief Information Officer—1978

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
D. JAMES UMPLEBY III Executive Chairman2025$1.4M$13.1M$2.5M$22.2M
JOSEPH E. CREED CEO2025$1.4M$9.5M$2.5M$17.0M
CHRISTY M. PAMBIANCHI CHRO2025$566,667$7.9M$660,500$10.7M
ANDREW R. J. BONFIELD CFO2025$991,575$3.7M$1.3M$7.4M
DENISE C. JOHNSON Group President2025$985,825$2.8M$1.2M$6.2M
BOB DE LANGE Group President2025$925,525$2.8M$1.1M$6.0M

Employees

104k2018102k201997k2020108k2021109k2022113k2023113k2024118k2025

Dividends

Ex-dateAmountPaid
2026-10-26$1.632026-11-19
2026-10-19$1.632026-11-19
2026-07-20$1.632026-08-19
2026-04-20$1.512026-05-19
2026-01-20$1.512026-02-19
2025-10-20$1.512025-11-20
2025-07-21$1.512025-08-20
2025-04-21$1.412025-05-20

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage71
Intangibles75
Switching costs50
Network effect50
Efficient scale95
Our component scores (0-100) and overall 67.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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