CAT
SP100NYSECaterpillar Inc.
Industrials · Farm & Heavy Construction Machinery · United States
Caterpillar Inc. provides construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in the United States and internationally. The Construction Industries segment offers asphalt pavers, cold planers, compactors, forestry machines, material handlers, motor graders, pipelayers, road reclaimers, telehandlers, track-type tractors, and track and wheel excavators; backhoe, compact track, skid steer, track-type, and wheel loaders; and related parts and work tools. Its Resource Industries segment provides electric rope and hydraulic shovels, draglines, rotary drills, hard rock vehicles, mining trucks, wheel loaders, off-highway and articulated trucks, wide-body trucks, wheel tractor scrapers and dozers, and landfill and soil compactors; machinery components, and wear and maintenance components; and technology products and services for fleet management, equipment management analytics, autonomous machine capabilities, safety services, and mining performance solutions. The Energy & Transportation segment offers reciprocating engine powered generator sets; reciprocating engines, drivetrain, and integrated systems and solutions; centrifugal gas compressors and related services; and diesel-electric locomotive components, and other rail-related products. Its Financial Products segment provides operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans, and wholesale financing; and insurance and risk management products and services. The All Other segment offers parts distribution; logistics and distribution services; electronics and control systems; dealer portfolio management; brand management and marketing strategy; and digital investment services. It also provides mining software solutions. The company was formerly known as Caterpillar Tractor Co. Caterpillar Inc. was incorporated in 1925 and is headquartered in Irving, Texas.
www.caterpillar.com ↗Shares trade at a premium 48.1× trailing earnings, easing to 31.9× on forward estimates. Profitability shows a net margin of 13.3% and return on equity of 51.3%. Leverage is elevated at 2.7× net debt/EBITDA. Revenue grew 22.2% year-on-year. It yields 0.7% in dividends. The mean analyst target of USD957.76 sits 0.6% below the current price (Buy, 26 analysts).
business model
Caterpillar is the world's largest maker of construction and mining equipment, diesel and natural-gas engines, industrial gas turbines, and locomotives. It sells machinery and power systems globally, largely through an extensive independent dealer network, and earns substantial recurring revenue from aftermarket parts, service, and financing.
revenue segments
Revenue is reported across Construction Industries, Resource Industries (mining), and Energy & Transportation (engines, turbines, and power generation for oil & gas, marine, rail, and industrial uses), plus Financial Products (Cat Financial) that provides customer and dealer financing.
key dependencies
The company depends on global construction and infrastructure spending, commodity prices that drive mining capital expenditure, oil & gas activity for its energy engines, its dealer network for sales and service, and aftermarket parts demand tied to the installed base of equipment.
competitors
Major competitors include Komatsu, Deere, Volvo Construction Equipment, Hitachi Construction Machinery, Liebherr, and CNH in machinery, plus Cummins and others in engines and power systems.
moat
Caterpillar's moat rests on its brand and reputation for durability, an unrivaled global dealer and service network, a large installed base driving high-margin aftermarket parts revenue, and scale advantages in manufacturing and R&D.
risks
Risks include cyclicality tied to construction, mining, and energy capital spending, sensitivity to commodity-price swings and global GDP, foreign-currency and trade/tariff exposure, input-cost inflation, and competition from lower-cost equipment makers.
Financials & metrics
as of 27 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $67.59B | $64.81B | $67.06B | $59.43B | — |
| Cost of revenue | $46.11B | $41.48B | $43.80B | $41.91B | — |
| Gross profit | $21.48B | $23.32B | $23.26B | $17.51B | — |
| Operating expense | $10.33B | $10.25B | $10.30B | $8.68B | — |
| R&D | $2.15B | $2.11B | $2.11B | $1.81B | — |
| Operating income | $11.15B | $13.07B | $12.97B | $8.83B | — |
| Interest expense | $502.00M | $512.00M | $511.00M | $443.00M | — |
| Pretax income | $11.54B | $13.37B | $13.05B | $8.75B | — |
| Tax provision | $2.77B | $2.63B | $2.78B | $2.07B | — |
| Net income | $8.88B | $10.79B | $10.34B | $6.71B | — |
| EBITDA | $14.30B | $16.04B | $15.71B | $11.41B | — |
| Diluted EPS | $18.81 | $22.05 | $20.12 | $12.64 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $98.58B | $87.76B | $87.48B | $81.94B | — |
| Current assets | $52.48B | $45.68B | $46.95B | $43.78B | — |
| Cash & equivalents | $9.98B | $6.89B | $6.98B | $7.00B | — |
| Inventory | $18.14B | $16.83B | $16.57B | $16.27B | — |
| Total liabilities | $77.27B | $68.27B | $67.97B | $66.05B | — |
| Current liabilities | $36.56B | $32.27B | $34.73B | $31.53B | — |
| Total debt | $43.33B | $38.41B | $37.88B | $36.99B | — |
| Long-term debt | $30.69B | $27.45B | $24.53B | $25.83B | — |
| Shareholders' equity | $21.32B | $19.49B | $19.49B | $15.87B | — |
| Retained earnings | $65.45B | $59.35B | $51.25B | $43.51B | — |
| Working capital | $15.93B | $13.41B | $12.22B | $12.25B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $11.74B | $12.04B | $12.88B | $7.77B | — |
| Investing cash flow | -$4.71B | -$2.45B | -$5.87B | -$2.54B | — |
| Financing cash flow | -$3.90B | -$9.56B | -$6.93B | -$7.28B | — |
| Capital expenditure | -$4.29B | -$3.21B | -$3.09B | -$2.60B | — |
| Free cash flow | $7.45B | $8.82B | $9.79B | $5.17B | — |
| Dividends paid | -$2.75B | -$2.65B | -$2.56B | -$2.44B | — |
| Share buybacks | -$5.21B | -$7.70B | -$4.97B | -$4.23B | — |
| End cash position | $9.99B | $6.90B | $6.99B | $7.01B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 27 Aug 2026News
Sector peers
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