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CAT
Caterpillar Inc
NYSE· Industrials· Farm & Heavy Construction Machinery· CUSIP 149123101
$704.05-4.89%Price as of Oct 23, 00:41 UTC · updated once a day, after the close
At a glance
Caterpillar Inc (CAT) is listed on NYSE and classified in Farm & Heavy Construction Machinery, part of the Industrials sector. It is headquartered in Irving, United States and has 118,000 employees. The company is worth $323.63B and trades at 30.3x its earnings of the last twelve months; the median for its sector is 24.3x. Revenue was $67.59B in fiscal 2025, up 4.3% from the year before. Net income was $8.88B. The share price is 34.4% below its 52-week high of $1,073.46. It pays a dividend yielding 0.93%, and has raised its annual dividend for 28 years in a row in our records. 7 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Bill Gates (Gates Foundation Trust), at $6.77B. In that quarter, 2 of them opened or added to the position and 3 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Analysis
Articles on this site that cover Caterpillar Inc.
Key metrics
- Market cap
- $323.63B
- P/E
- 30.3x
- Forward P/E
- 21.6x
- P/B
- 16.7x
- Dividend yield
- 0.93%
- Payout
- 28.07%
- EPS
- $23.23
- ROE
- 56.97%
- Profit margin
- 14.51%
- Revenue growth
- +24.00%
- Beta
- 1.58
- 52-week high
- $1,073.46
- 52-week low
- $513.01
History
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Investors holding this
Major managers that reported this stock in their latest 13F.
Bill GatesHeldGates Foundation Trust · Q2 2026$6.77B6.35M shares · 19.7% of portfolio- Cliff AsnessAddedAQR Capital Management · Q2 2026$533.23M505.02K shares · 0.2% of portfolio
Ken GriffinAddedCitadel Advisors · Q2 2026$378.96M355.86K shares · 0.2% of portfolio- Tom GaynerHeldMarkel Group · Q2 2026$349.98M328.65K shares · 2.7% of portfolio
- Two SigmaReducedTwo Sigma Investments · Q2 2026$182.71M171.57K shares · 0.1% of portfolio
- Israel EnglanderReducedMillennium Management · Q2 2026$8.37M7.86K shares · 0.0% of portfolio
Ray DalioReducedBridgewater Associates · Q2 2026$7.8M7.33K shares · 0.0% of portfolio
Price over time
▲ +277.9% over 5Y.
today you would have $3,882.22▲ +288.2%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
Indicators, year by year
The last 19 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $572.87 | $362.76 | $295.67 | $239.56 | $206.74 | $182.02 | $147.68 | $127.07 | $157.58 | $92.74 | $67.96 | $91.53 | $90.81 | $89.61 | $90.60 | $93.66 | $56.99 | $44.67 | $72.56 | |
| P/E | 16.4x | 30.5x | 16.5x | 14.7x | 19.0x | 17.5x | 33.3x | 13.8x | 12.4x | 125.1x | — | 16.3x | 23.5x | 15.8x | 10.6x | 12.2x | 22.6x | 39.9x | 7.9x | 13.5x |
| P/S | 1.4x | 3.9x | 2.7x | 2.2x | 2.1x | 2.2x | 2.4x | 1.5x | 1.3x | 2.1x | 1.4x | 0.8x | 1.0x | 1.0x | 0.9x | 1.0x | 1.4x | 1.1x | 0.5x | 1.1x |
| P/B | 5.3x | 12.5x | 8.9x | 7.6x | 7.8x | 6.7x | 6.5x | 5.6x | 5.2x | 6.8x | 4.1x | 2.7x | 3.3x | 2.8x | 3.3x | 4.5x | 5.5x | 4.0x | 4.3x | 5.3x |
| EPS | $18.81 | $22.05 | $20.12 | $12.64 | $11.83 | $5.46 | $10.74 | $10.26 | $1.26 | -$0.11 | $4.18 | $3.90 | $5.75 | $8.48 | $7.40 | $4.15 | $1.43 | $5.66 | $5.37 | |
| Dividend yield | 2.07% | 1.02% | 1.49% | 1.69% | 1.93% | 2.07% | 2.26% | 2.56% | 2.58% | 1.97% | 3.32% | 4.33% | 2.84% | 1.89% | 2.77% | 1.99% | 1.84% | 2.95% | 3.49% | 1.82% |
| Payout | 33.58% | 31.05% | 24.58% | 24.85% | 36.55% | 36.18% | 75.46% | 35.20% | 31.97% | 246.03% | — | 70.33% | 66.67% | 29.91% | 29.25% | 24.32% | 41.45% | 117.48% | 27.56% | 24.58% |
| Profit margin | 7.88% | 13.14% | 16.65% | 15.41% | 11.28% | 12.74% | 7.19% | 11.33% | 11.23% | 1.67% | -0.15% | 5.37% | 4.47% | 6.83% | 8.69% | 8.28% | 6.34% | 2.76% | 6.93% | 7.88% |
| ROE | 38.53% | 41.66% | 55.34% | 52.98% | 42.19% | 39.31% | 19.53% | 41.66% | 43.66% | 5.51% | -0.45% | 16.95% | 14.67% | 18.22% | 32.54% | 38.53% | 24.85% | 10.15% | 57.46% | 39.43% |
Median of the years shown; P/E years above 200x are left out.
Fair price, seven ways
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Earnings
$148.50
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings
$602.26
Earnings growing 25.0% a year plus a 0.9% dividend yield. Growth capped at 25%.
Earnings
$564.04
Median P/E of 24.3 among peers in the sector.
Earnings
$379.93
Median P/E of 16.4 across this company’s own years on record.
Cash flow
$598.93
Cash flow growing 15.0% a year for 10 years, discounted at 10%, then 2.5% forever.
Operating
$322.95
Sector median of 13.2x operating profit, less net debt. Banks have no EBITDA.
Dividends
—
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
How the average is calculated
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
Earnings $423.68 (avg. of 4)+Cash flow $598.93+Operating $322.95÷ 3 =$448.52
$448.52
6 methods answered, across 3 families.
$336.39
Room for errors in the reported numbers.
$704.05
-36.3% from the average.
Models, not forecasts, and not investment advice. How each formula works →
Others in the same sector
Companies of similar size in Industrials, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| GEGeneral Electric Co | $293.54 | 34.9x | 17.3x | 0.64% | 50.16% | $304.57B |
| RTXRTX Corp | $194.71 | 31.2x | 3.8x | 1.50% | 12.85% | $262.42B |
| GEVGE Vernova Inc. | $827.42 | 23.7x | 18.4x | 0.24% | 82.58% | $220.37B |
| UNPUnion Pacific Corp | $298.09 | 23.3x | 9.6x | 1.91% | 39.70% | $177.09B |
| DEDeere & Co | $643.62 | 35.8x | 6.2x | 1.01% | 18.24% | $173.54B |
| BABoeing Co | $187.55 | 68.7x | 24.3x | 0.00% | 173.54% | $148.23B |
About the company
- 118,000
- Irving, United States