Caterpillar Inc (CAT)
Industrials · Construction Machinery & Heavy Transportation Equipment · US stock · S&P 500 component
$704.05
▼ -36.16 (4.89%)
Fair valueFair
$581 −17.5% to fair value
$290fair band $494–$704$871
Day's range
$695.33 – $722.40
52-week range
$510.21 – $1,073.46
About Caterpillar Inc
Construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives are what Caterpillar builds. Customers include contractors, miners, quarry operators, energy companies, rail operators and utilities, and most equipment reaches them through an independent dealer network. The business is organised into construction industries, resource industries, energy and transportation, and a financial products division that provides financing for its machines.
Caterpillar earns revenue from machine and engine sales, from parts and services, and from interest and fees on financing. Revenue over the last twelve months was $74.7 billion, growing at 4.4% a year across the last three years. The operating margin is 17.5%, and the business earns a profit of 79% on the capital invested in it. A dividend is paid, with a yield of 0.7%. On the site's X-Ray Score it receives 43 out of 100.
Price chart
52-wk range $510.21 – $1,073.46Volume 3,044,071Daily, split-adjusted
Vitals
Market cap$325.6B
52-week range$510.21 – $1,073.46
Volume (last day)3,044,071
P/E (TTM)30.4
EBIT / EV yield4.1%
Free-cash-flow yield3.3%
Dividend yield0.7%
Revenue (TTM)$74.7B
Net income (TTM)$10.8B
Operating margin17.5%
Return on capital79.0%
Debt incl. leasesData missing
Cash & securities$6.7B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$581middle half of models $492 – $686
Fair
−17.5% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $704
Undervalued < $494Fair $494 – $704Overvalued > $704
P/E multiple
$659
P/B multiple
$483
P/S multiple
$502
EV/EBITDA multiple
$609
EV/EBIT multiple
$554
EV/revenue multiple
$572
10-year DCF, EBITDA exit
$714
5-year DCF, EBITDA exit
$727
10-year DCF, revenue exit
$716
5-year DCF, revenue exit
$728
10-year DCF, growth exit
$481
5-year DCF, growth exit
$453
Dividend discount, stable
$400
Dividend discount, multi-stage
$614
Earnings power value
$503
Growth the price implies
19.0%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
22/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.1%
Free-cash-flow yield3.3%
Fair value vs price0.8×
Growth
Weak
40/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)4.4%
EPS growth (3y)14.2%
Growth consistency40%
Profitability
Fair
59/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital79.0%
Operating margin17.5%
Gross profitability25.0%
Financial health
Weak
49/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Interest coverNo interest cost
Dividends
Fair
51/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.7%
Dividends vs free cash flow20%
Dividend growth4.1%
Quarterly results: last 6 quarters
-9.8%
Mar '25
-0.7%
Jun '25
+9.5%
Sep '25
+18.0%
Dec '25
+22.2%
Mar '26
+24.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $20.5B, diluted EPS $7.77.
Compare with peers
CMI Cummins Inc54 WAB Westinghouse Air Brake...42 PCAR Paccar Inc41Other Construction Machinery & Heavy Transportation Equipment companies by X-Ray Score.
SWOT analysis: Caterpillar Inc
Strengthsinside the company
- Return on invested capital is 79.0%, against a median of 12.3% for industry peers.
- Operating margin of 17.5% is well above the 11.5% median of industry peers, a sign of pricing power or lower costs.
- Earnings per share have compounded at 14.2% a year over three years.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Earnings in Construction Machinery & Heavy Transportation Equipment follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare CAT with peers and sector
Medians of 3 Construction Machinery & Heavy Transportation Equipment peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): CMI 54, PCAR 41, WAB 42.
| Metric | CAT | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 43 | 42 | 51 |
| Valuation | 22 | 56 | 48 |
| Growth | 40 | 47 | 51 |
| Profitability | 59 | 34 | 50 |
| Financial health | 49 | 32 | 49 |
| Dividends | 51 | 60 | 53 |
Sector leaders: highest X-Ray Score in Industrials
CAT ranks #62 of 81 in Industrials and #2 of 4 in Construction Machinery & Heavy Transportation Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for CAT
Each factor is rated by where CAT stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 4 Good · 12 Average · 6 Bad of 22
Growth: 1 · 2 · 0
Profitability: 2 · 2 · 1
Financial strength: 1 · 1 · 1
Valuation: 0 · 3 · 2
Cash flow: 0 · 3 · 1
Efficiency: 0 · 1 · 1
| Factor | CAT | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +4.4% | Average beats 41% | +5.6% | – | – |
| Revenue growth, last year | +4.3% | Average beats 47% | +4.5% | +12.8% | ▼ Worse |
| EPS growth, 3 years a year | +14.2% | Good beats 71% | +5.7% | – | – |
| Profitability | |||||
| Gross margin | 34.3% | Bad beats 31% | 38.0% | 33.8% | ≈ In line |
| Operating margin | 17.5% | Average beats 51% | 17.5% | 16.5% | ≈ In line |
| Net margin | 14.5% | Average beats 62% | 12.8% | 13.1% | ▲ Better |
| Return on invested capital | 79.0% | Good beats 97% | 14.9% | – | – |
| Return on equity | 55.9% | Good beats 92% | 23.7% | 42.2% | ▲ Better |
| Financial strength | |||||
| Interest cover | 50.0x | Good beats 76% | 21.4x | – | – |
| Current ratio | 1.37 | Average beats 57% | 1.25 | 1.42 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 16% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 30.0x | Average beats 48% | 28.9x | 17.5x | ▼ Worse |
| Price / book | 16.8x | Bad beats 11% | 6.2x | 8.0x | ▼ Worse |
| Price / sales | 4.4x | Average beats 36% | 3.5x | 2.3x | ▼ Worse |
| EV / EBITDA | 20.6x | Average beats 35% | 18.5x | 14.7x | ▼ Worse |
| Free cash flow yield | 3.3% | Bad beats 24% | 3.8% | 5.4% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 14.3% | Average beats 53% | 13.8% | 13.2% | ≈ In line |
| Cash from operations / net income | 1.25 | Average beats 38% | 1.39 | 1.16 | ≈ In line |
| Free cash flow growth, 3 years a year | +11.3% | Bad beats 30% | +14.5% | – | – |
| Accruals (lower is better) | −2.7% | Average beats 43% | −3.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.4x | Bad beats 8% | 4.0x | 2.5x | ≈ In line |
| Days sales outstanding | 64 days | Average beats 35% | 57 days | 54 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 7 Average · ● 5 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyBad
Balance sheet
Current ratioAverage
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 46/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $51.0B | $59.4B | $67.1B | $64.8B | $67.6B |
| Operating income | $6.9B | $7.9B | $13.0B | $13.1B | $11.2B |
| Net income | $6.5B | $6.7B | $10.3B | $10.8B | $8.9B |
| Operating cash flow | $7.2B | $7.8B | $12.9B | $12.0B | $11.7B |
| Operating margin | 13.5% | 13.3% | 19.3% | 20.2% | 16.5% |
| Free cash flow | $6.1B | $6.5B | $11.3B | $10.0B | $8.9B |
| Diluted EPS | $11.83 | $12.64 | $20.12 | $22.05 | $18.81 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
4 bullish · 0 neutral · 12 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 748.3 | Bearish |
| EMA 10 | 746.4 | Bearish |
| SMA 20 | 787.8 | Bearish |
| EMA 20 | 770.1 | Bearish |
| SMA 50 | 803.1 | Bearish |
| EMA 50 | 802.0 | Bearish |
| SMA 100 | 858.5 | Bearish |
| EMA 100 | 816.4 | Bearish |
| SMA 200 | 806.7 | Bearish |
| EMA 200 | 775.7 | Bearish |
Oscillators (daily)
| RSI (14) | 29.24 | Bullish |
| MACD (12, 26) | -26.17 | Bearish |
| Momentum (12) | -18.46 | Bearish |
| Stochastic %K (14) | 4.80 | Bullish |
| Williams %R (14) | -95.20 | Bullish |
| CCI (20) | -128.3 | Bullish |
Pivot points (classic, last session)
S3 665.0 | S2 680.2 | S1 692.1 | Pivot 707.3 | R1 719.2 | R2 734.3 | R3 746.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.65 USD
Yield on today's price
0.66%
Frequency
Quarterly
Next ex-dividend date
26 Oct 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 1.6300 |
| 1.6300 | |
| 1.5100 | |
| 1.5100 | |
| 1.5100 | |
| 1.5100 | |
| 1.4100 | |
| 1.4100 | |
| 1.4100 | |
| 1.4100 | |
| 1.3000 | |
| 1.3000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold CAT
| ETF | Share of the fund |
|---|---|
| XLI Industrial Select Sector SPDR | 8.51% |
| DDM ProShares Ultra Dow30 | 7.59% |
| DIVO Amplify CWP Enhanced Dividend Income | 6.98% |
| VIS Vanguard Industrials | 5.81% |
| UDOW ProShares UltraPro Dow30 | 5.81% |
| FIDU Fidelity MSCI Industrials Index | 5.40% |
| IFRA iShares U.S. Infrastructure | 4.57% |
| IYJ iShares U.S. Industrials | 4.43% |
The eight funds with the largest weight in CAT among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
CAT stock splits
CAT has split its stock 3 times since 1994. The latest was a 2-for-1 split on 14 Jul 2005.
Full CAT stock split history →CAT SEC filings
8-KSEC EDGAR
Director or officer change; Other events
8-KSEC EDGAR
Entered a material agreement
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
DEF 14ASEC EDGAR
Proxy statement
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.