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. cash flow statement
Annual · USD millions except per-share data · 35 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 8,882 | 10,788 | 10,332 | 6,704 | 6,493 | +8.1% | |
| Depreciation & amortization | 2,262 | 2,153 | 2,144 | 2,219 | 2,352 | -1.0% | |
| Deferred income tax | 465 | (621) | (592) | (377) | (383) | — | |
| Stock-based compensation | 242 | 223 | 208 | 193 | 200 | +4.9% | |
| Change in working capital | (348) | (859) | 151 | (1,800) | (647) | — | |
| Accounts receivables | (2,138) | (160) | (437) | (220) | (1,259) | — | |
| Inventory | (1,477) | (414) | (364) | (2,589) | (2,586) | — | |
| Accounts payables | 1,179 | (282) | (754) | 798 | 2,041 | -12.8% | |
| Other working capital | 2,088 | (3) | 1,706 | 211 | 1,157 | +15.9% | |
| Other non-cash items | 236 | 351 | 642 | 827 | (817) | — | |
| Net cash from operating activities | 11,739 | 12,035 | 12,885 | 7,766 | 7,198 | +13.0% | |
| Operating cash flow | 11,739 | 12,035 | 12,885 | 7,766 | 7,198 | +13.0% | |
| Investing activities | |||||||
| Investments in PP&E | (1,465) | (3,215) | (3,092) | (2,599) | (2,472) | — | |
| Capital expenditure | (1,465) | (3,215) | (3,092) | (2,599) | (2,472) | — | |
| Acquisitions, net | (47) | (61) | (4) | 1 | 36 | — | |
| Purchases of investments | (1,930) | (1,529) | (4,480) | (3,165) | (2,256) | — | |
| Sales / maturities of investments | 2,516 | 3,155 | 1,891 | 2,383 | 785 | +33.8% | |
| Other investing activities | (3,781) | (803) | (186) | 839 | 823 | — | |
| Net cash from investing activities | (4,707) | (2,453) | (5,871) | (2,541) | (3,084) | — | |
| Financing activities | |||||||
| Net debt issuance | 4,130 | 799 | 594 | (652) | 681 | +56.9% | |
| Short-term net debt issuance | 1,106 | (168) | (1,345) | 402 | 3,488 | -25.0% | |
| Long-term net debt issuance | 3,024 | 967 | 1,939 | (1,054) | (2,807) | — | |
| Net stock issuance | (5,190) | (7,677) | (4,963) | (4,179) | (2,533) | — | |
| Common stock issuance | (16) | 20 | 12 | 51 | 135 | — | |
| Common stock repurchased | (5,190) | (7,697) | (4,975) | (4,230) | (2,668) | — | |
| Net common stock issuance | (5,190) | (7,677) | (4,963) | (4,179) | (2,533) | — | |
| Common dividends paid | (2,749) | (2,646) | (2,563) | (2,440) | (2,332) | — | |
| Net dividends paid | (2,749) | (2,646) | (2,563) | (2,440) | (2,332) | — | |
| Other financing activities | (90) | (41) | 0 | (10) | (4) | — | |
| Net cash from financing activities | (3,899) | (9,565) | (6,932) | (7,281) | (4,188) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | (43) | (106) | (110) | (194) | (29) | — | |
| Net change in cash | 3,090 | (89) | (28) | (2,250) | (103) | — | |
| Cash at beginning of period | 6,896 | 6,985 | 7,013 | 9,263 | 9,366 | -7.4% | |
| Cash at end of period | 9,986 | 6,896 | 6,985 | 7,013 | 9,263 | +1.9% | |
| Free cash flow | 10,274 | 8,820 | 9,793 | 5,167 | 4,726 | +21.4% | |