Caterpillar Inc.

CATNYSE

$684.05

Last price · USD

Market cap: $320.8B
P/E: 36.3x
EV / EBITDA: 23.8x
P/S: 4.7x
FCF yield: 3.2%
Div. yield: 0.86%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Caterpillar Inc. balance sheet

Annual · USD millions except per-share data · 42 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	9,980	6,889	6,978	7,004	9,254	+1.9%
Cash & short-term investments	9,980	6,889	6,978	7,004	9,254	+1.9%
Net receivables	21,569	18,847	18,820	17,869	17,375	+5.6%
Accounts receivable	21,569	18,847	18,820	17,869	17,375	+5.6%
Inventory	18,135	16,827	16,565	16,270	14,038	+6.6%
Prepaids	0	0	0	2,642	2,788	—
Other current assets	2,801	3,119	4,586	0	0	—
Total current assets	52,485	45,682	46,949	43,785	43,455	+4.8%
Non-current assets
Property, plant & equipment (net)	15,140	13,361	12,680	12,028	12,090	+5.8%
Goodwill	5,321	5,241	5,308	5,288	6,324	-4.2%
Intangible assets	241	399	564	758	1,042	-30.7%
Goodwill & intangible assets	5,562	5,640	5,872	6,046	7,366	-6.8%
Long-term investments	16,414	18,581	17,773	16,589	15,605	+1.3%
Tax assets	2,882	3,312	2,816	2,213	1,840	+11.9%
Other non-current assets	6,102	1,188	1,386	1,282	2,437	+25.8%
Total non-current assets	46,100	42,082	40,527	38,158	39,338	+4.0%
Total assets	98,585	87,764	87,476	81,943	82,793	+4.5%
Current liabilities
Accounts payable	8,968	7,675	7,906	8,689	8,154	+2.4%
Other payables	0	674	649	620	595	—
Total payables	8,968	8,349	8,555	9,309	8,749	+0.6%
Short-term debt	12,634	11,058	13,406	11,279	11,756	+1.8%
Deferred revenue	3,314	2,322	1,929	1,860	1,087	+32.1%
Other current liabilities	9,088	2,909	3,123	2,690	2,256	+41.7%
Total current liabilities	36,558	32,272	34,728	31,531	29,847	+5.2%
Non-current liabilities
Long-term debt	30,696	27,454	24,533	25,826	25,954	+4.3%
Capital lease obligations (non-current)	0	(103)	(61)	(112)	79	—
Other non-current liabilities	10,013	8,647	8,773	8,807	10,397	-0.9%
Total non-current liabilities	40,709	35,998	33,245	34,521	36,430	+2.8%
Capital lease obligations	0	(103)	(61)	(112)	79	—
Total debt	43,330	38,409	37,878	36,993	37,789	+3.5%
Total liabilities	77,267	68,270	67,973	66,052	66,277	+3.9%
Stockholders' equity
Common stock	7,181	6,941	6,403	6,560	6,398	+2.9%
Retained earnings	65,448	59,352	51,250	43,514	39,282	+13.6%
Treasury stock	(49,539)	(44,331)	(36,339)	(31,748)	(27,643)	—
Accumulated other comprehensive income (loss)	(1,772)	(2,471)	(1,820)	(2,457)	(1,553)	—
Total stockholders' equity	21,318	19,491	19,494	15,869	16,484	+6.6%
Total equity	21,318	19,494	19,503	15,891	16,516	+6.6%
Minority interest	0	3	9	22	32	—
Total liabilities & equity	98,585	87,764	87,476	81,943	82,793	+4.5%
Additional fields
Accrued Expenses	2,554	7,634	7,715	6,393	5,999	-19.2%
Net Debt	33,350	31,520	30,900	29,989	28,535	+4.0%
Total Investments	16,414	18,581	17,773	16,589	15,605	+1.3%

Caterpillar Inc.

CATNYSE

$684.05

Last price · USD

Market cap: $320.8B
P/E: 36.3x
EV / EBITDA: 23.8x
P/S: 4.7x
FCF yield: 3.2%
Div. yield: 0.86%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Caterpillar Inc. balance sheet

Annual · USD millions except per-share data · 42 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	9,980	6,889	6,978	7,004	9,254	+1.9%
Cash & short-term investments	9,980	6,889	6,978	7,004	9,254	+1.9%
Net receivables	21,569	18,847	18,820	17,869	17,375	+5.6%
Accounts receivable	21,569	18,847	18,820	17,869	17,375	+5.6%
Inventory	18,135	16,827	16,565	16,270	14,038	+6.6%
Prepaids	0	0	0	2,642	2,788	—
Other current assets	2,801	3,119	4,586	0	0	—
Total current assets	52,485	45,682	46,949	43,785	43,455	+4.8%
Non-current assets
Property, plant & equipment (net)	15,140	13,361	12,680	12,028	12,090	+5.8%
Goodwill	5,321	5,241	5,308	5,288	6,324	-4.2%
Intangible assets	241	399	564	758	1,042	-30.7%
Goodwill & intangible assets	5,562	5,640	5,872	6,046	7,366	-6.8%
Long-term investments	16,414	18,581	17,773	16,589	15,605	+1.3%
Tax assets	2,882	3,312	2,816	2,213	1,840	+11.9%
Other non-current assets	6,102	1,188	1,386	1,282	2,437	+25.8%
Total non-current assets	46,100	42,082	40,527	38,158	39,338	+4.0%
Total assets	98,585	87,764	87,476	81,943	82,793	+4.5%
Current liabilities
Accounts payable	8,968	7,675	7,906	8,689	8,154	+2.4%
Other payables	0	674	649	620	595	—
Total payables	8,968	8,349	8,555	9,309	8,749	+0.6%
Short-term debt	12,634	11,058	13,406	11,279	11,756	+1.8%
Deferred revenue	3,314	2,322	1,929	1,860	1,087	+32.1%
Other current liabilities	9,088	2,909	3,123	2,690	2,256	+41.7%
Total current liabilities	36,558	32,272	34,728	31,531	29,847	+5.2%
Non-current liabilities
Long-term debt	30,696	27,454	24,533	25,826	25,954	+4.3%
Capital lease obligations (non-current)	0	(103)	(61)	(112)	79	—
Other non-current liabilities	10,013	8,647	8,773	8,807	10,397	-0.9%
Total non-current liabilities	40,709	35,998	33,245	34,521	36,430	+2.8%
Capital lease obligations	0	(103)	(61)	(112)	79	—
Total debt	43,330	38,409	37,878	36,993	37,789	+3.5%
Total liabilities	77,267	68,270	67,973	66,052	66,277	+3.9%
Stockholders' equity
Common stock	7,181	6,941	6,403	6,560	6,398	+2.9%
Retained earnings	65,448	59,352	51,250	43,514	39,282	+13.6%
Treasury stock	(49,539)	(44,331)	(36,339)	(31,748)	(27,643)	—
Accumulated other comprehensive income (loss)	(1,772)	(2,471)	(1,820)	(2,457)	(1,553)	—
Total stockholders' equity	21,318	19,491	19,494	15,869	16,484	+6.6%
Total equity	21,318	19,494	19,503	15,891	16,516	+6.6%
Minority interest	0	3	9	22	32	—
Total liabilities & equity	98,585	87,764	87,476	81,943	82,793	+4.5%
Additional fields
Accrued Expenses	2,554	7,634	7,715	6,393	5,999	-19.2%
Net Debt	33,350	31,520	30,900	29,989	28,535	+4.0%
Total Investments	16,414	18,581	17,773	16,589	15,605	+1.3%