Caterpillar
CAT NYSE· Construction Machinery & Heavy Transportation Equipment
Last close · Oct 27, 2026
$713.31
KIRA · Stoqly’s AI analyst, in plain words
- Caterpillar had $67.6B of revenue in fiscal 2025, up 4.3% on the year before. Over five years, revenue changed +10.1% a year on average.
- Its operating margin was 16.5%, down 3.7 pts: of every 100 in sales, about 17 is left after running the business.
- Caterpillar made $8.9B of net profit in fiscal 2025.
- Free cash flow was $8.9B in fiscal 2025, 13.2% of revenue.
- Caterpillar returned $7.9B to shareholders in fiscal 2025, 89% of free cash flow. The diluted share count fell 3.5%.
- Caterpillar owes $26.2B more than it holds in cash, about 2.0 years of operating profit.
Market cap
$329.9B
P/E
30.7x
Revenue
$67.6B
Net income
$8.9B
Free cash flow
$8.9B
Operating margin
16.5%
Caterpillar in 30 seconds · fiscal 2025
Are sales growing?
+4.3%
Only a little. Sales grew 4.3% last year.
Does it make a profit?
13.1%
Yes. It keeps 13.1% of every sale as profit.
Does profit turn into cash?
13.2%
Yes. 13.2% of sales ends up as free cash.
Is debt under control?
2.0x
Keep an eye on it. Repaying its debt would take 2.0 years of operating profit.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
30.7x
One share costs 30.7 times its yearly profit per share. Typical for its sector: 26.0x.
What Caterpillar does
Caterpillar makes heavy machines for construction and mining, such as excavators, bulldozers, loaders and giant mining trucks, along with diesel and natural gas engines, generator sets, industrial gas turbines and railroad locomotives. It sells mostly through a worldwide network of dealers, most of them independently owned, that serves 190 countries. Its finance arm, Cat Financial, lends to and leases equipment to customers and dealers. Sales and revenues were $67.589 billion in 2025. Power & Energy, which sells engines, turbines, generators and rail products to oil and gas, power, marine and rail customers, had total sales of $32.201 billion. Construction Industries, which serves road building, construction, rental and quarry customers, had $25.060 billion, and Resource Industries, which sells mining equipment, had $12.474 billion. These segment totals include some sales between segments.
Biggest risks, in its own words
- Demand for its machines rises and falls with the economy, construction and mining activity, and commodity prices.
- Higher material costs, supply chain disruptions or shortages of parts and components.
- Dealers and equipment makers that buy its products may cut their inventories or change suppliers.
- Cat Financial, which funds a large share of its sales, may lose access to funding or face more customer defaults.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 13, 2026
- Legal name
- CATERPILLAR INC
- CIK
- 0000018230
Caterpillar · CAT
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $51.0B | $59.4B | $67.1B | $64.8B | $67.6B |
| Revenue growth | 22.1% | 16.6% | 12.8% | −3.4% | 4.3% |
| Gross margin | 30.3% | 30.4% | 36.2% | 38.0% | 33.8% |
| Operating margin | 13.5% | 13.3% | 19.3% | 20.2% | 16.5% |
| Net income | $6.5B | $6.7B | $10.3B | $10.8B | $8.9B |
| Net margin | 12.7% | 11.3% | 15.4% | 16.7% | 13.1% |
| Diluted EPS | $11.83 | $12.64 | $20.12 | $22.05 | $18.81 |
| Cash | |||||
| Cash from operations | $7.2B | $7.8B | $12.9B | $12.0B | $11.7B |
| Capital expenditure | $1.1B | $1.3B | $1.6B | $2.0B | $2.8B |
| Free cash flow | $6.1B | $6.5B | $11.3B | $10.0B | $8.9B |
| FCF margin | 12.0% | 10.9% | 16.8% | 15.5% | 13.2% |
| Dividends paid | $2.3B | $2.4B | $2.6B | $2.6B | $2.7B |
| Share buybacks | $2.7B | $4.2B | $5.0B | $7.7B | $5.2B |
| Share count change | −0.0% | −3.3% | −3.2% | −4.7% | −3.5% |
| Debt and strength | |||||
| Cash and short-term investments | $9.3B | $7.0B | $7.0B | $6.9B | $10.0B |
| Debt incl. finance leases | $31.4B | $31.7B | $29.1B | $31.7B | $36.2B |
| Shareholders' equity | $16.5B | $15.9B | $19.5B | $19.5B | $21.3B |
| Net debt / EBITDA | 2.4x | 2.4x | 1.5x | 1.6x | 2.0x |
| Current ratio | 1.5x | 1.4x | 1.4x | 1.4x | 1.4x |
| Interest coverage | 7.5x | 8.2x | 9.0x | 7.5x | 6.1x |
| Returns and quality | |||||
| Return on capital | 14.9% | 15.2% | 24.8% | 24.4% | 18.5% |
| Return on equity | 40.7% | 41.4% | 58.4% | 55.3% | 43.5% |
| Piotroski F-score | 6 | 7 | 8 | 6 | 6 |
| Altman Z'' | 3.4 | 3.6 | 4.1 | 4.5 | 4.3 |
Insiders bought, 12 months
$0.4M
1 insider
Insiders sold, 12 months
$244M
8 insiders
Of sales under plans
8%
$20.6M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Caterpillar · CAT
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Caterpillar CAT | $329.9B | 4.3% | 16.5% | 13.2% | 18.5% | 30.7x | 6 |
| Cummins CMI | $73.5B | −1.3% | 12.0% | 7.1% | 18.3% | 27.1x | 7 |
| Paccar PCAR | $54.7B | −15.5% | — | 12.9% | — | 21.8x | — |
| Wabtec WAB | $47.1B | 7.5% | 16.1% | 13.4% | 9.1% | 34.6x | 7 |
| Oshkosh OSK | $8.5B | −2.9% | 9.0% | 5.9% | 14.8% | 14.9x | 5 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $713.31 a share, the company is worth $329.9B: 30.7 times its earnings of the last four quarters.
Caterpillar grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 3 of 4.
Source: SEC EDGAR XBRL filings (CIK 0000018230). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.