CATERPILLAR INC
$600.20
−5.08 (−0.84%) · delayed · Nov 13, 2026
Five-year price
52w $537.08 to $1,073.46
- Market cap
- $274.6B
- Enterprise value
- $300.9B
- P/E
- 31.9×
- 29.5× on 3y avg EPS
- EV / EBIT
- 27.0×
- FCF yield
- 3.2%
- ROIC
- 17.8%
- Debt / equity
- 1.70
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 19.0%
- ●ROE > 15% (5y avg)5y avg ROE 46.3%
- ●Stable operating marginsMargin volatility 2.9% (σ, 5y)
- ●Earnings convert to cashFCF / net income 99% (5y avg)
- ●Growing revenueRevenue CAGR 5y 10.1%
- ●Shrinking share countDiluted shares -13.9% over 5y
Value
0
- ○P/E below 15P/E 31.9
- ○EV/EBIT below 12EV/EBIT 27.0
- ○FCF yield above 6%FCF yield 3.2%
- ○Price below Graham NumberGraham Number $140.42
- ○P/B below 3P/B 12.9
Safety
40
- ○Debt / equity below 0.5D/E 1.70
- ●Debt payable in < 4 yrs of earningsNet debt $26.2B
- ○Interest coverage > 8xCoverage 6.1x
- ○Current ratio > 1.5Current ratio 1.44
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $67.6B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.44
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 434%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 29.5
- ○P/E × P/B ≤ 22.5Product 380.4
Valuation lab
What do you have to believe?
At $600.20, the market is pricing in about 12.6% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $26.2B · 458M shares · 5y revenue CAGR 10.1%
Intrinsic value
$484.39
Price
$600.20
Premium paid
24%
What the price implies
The market is paying for 12.6% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
62% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 38,537 | 45,462 | 54,722 | 53,800 | 41,748 | 50,971 | 59,427 | 67,060 | 64,809 | 67,589 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 1,162 | 4,460 | 8,293 | 8,290 | 4,553 | 6,878 | 7,904 | 12,966 | 13,072 | 11,151 |
| Operating margin | 3.0% | 9.8% | 15.2% | 15.4% | 10.9% | 13.5% | 13.3% | 19.3% | 20.2% | 16.5% |
| Pre-tax income | 139 | 4,082 | 7,822 | 7,812 | 3,995 | 8,204 | 8,752 | 13,050 | 13,373 | 11,541 |
| Income tax | 192 | 3,339 | 1,698 | 1,746 | 1,006 | 1,742 | 2,067 | 2,781 | 2,629 | 2,768 |
| Net income | (59) | 759 | 6,148 | 6,094 | 3,003 | 6,493 | 6,704 | 10,332 | 10,788 | 8,882 |
| EPS (diluted) | -0.11 | 1.26 | 10.26 | 10.74 | 5.46 | 11.83 | 12.64 | 20.12 | 22.05 | 18.81 |
| Diluted shares | 584 | 599 | 599 | 568 | 549 | 549 | 530 | 514 | 489 | 472 |
Who owns it