CAT Industrials

Caterpillar Inc.

$623.94+1.68%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Industrials
Industry: Farm & Heavy Construction Machinery
Country: United States
Market cap: 286.8B USD
Enterprise value: 365.4B USD
Full-time employees: 118,000

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.58 vs a peer median of 0.64) and more debt relative to equity (1.70× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.58 vs peers 0.64) and more debt vs equity (1.70× vs peers 0.40×)

Ranks #1,110 of 2,308 industrials companies (top 49%)

See how it ranks against its peers

Worth knowing

Profits growing faster than sales. Since 2022: revenue +14%, operating profit +41%.
Since 2022, Caterpillar's revenue grew 14% while operating profit grew 41%: each extra dollar of sales is adding more profit.
Share count shrinking. Shares outstanding down 11% from December 2022 to June 2026.
Caterpillar had 11% fewer shares at June 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Profit is backed by cash. Free cash flow is 99% of reported profit.
Caterpillar's free cash flow is 99% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins. Operating margin 18% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 18% vs peers 7.7%.
Caterpillar keeps 18% of revenue as operating profit, more than 84% of peers (median 7.7%).

StockQuotient Score

52/ 100▲ 1 since Oct 27 close

Oct 5 50 → Nov 4 52 (+2)

Valuation

Is the price right?

40/100

Moderate▲ 4 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 36 → 40

Share price -12.5%+4

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Held back by:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.00Sector median: 0.0377 · MAD: 0.0294

EBITDA yield4.9%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.49Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield3.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.01Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield6.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

71/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 5.6%

Why

Stronger than most peers on:

▲ Revenue growth
▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth17.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.40Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth4.9%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.11Sector median: 0.0421 · MAD: 0.0625

Revenue growth18.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.82Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

93/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin17.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.93Sector median: 0.0773 · MAD: 0.0507

Return on assets10.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.10Sector median: 0.0311 · MAD: 0.0241

Return on invested capital21.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.51Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin34.3%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity55.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.58

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -3.41Sector median: 0.6440 · MAD: 0.2745

Current ratio1.37×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.47Sector median: 1.6180 · MAD: 0.5360

Debt / equity1.70×

SEC filings · latest balance sheetReported value33% base weight · Z-score -3.84Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Caterpillar

Is Caterpillar getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 52/100, up 1 since Oct 28, 2026.
How is Caterpillar valued vs its peers?: Priced about in line with its peers. Valuation scores 40/100 against 2,459 industrials peers. EBITDA yield 4.9% vs a peer median of 6.9% (weaker than 65% of peers).EBITDA yield 4.9% vs peers 6.9% (weaker than 65% of peers).
Is Caterpillar growing?: Yes, faster than most of its peers. Growth scores 71/100 against 2,459 industrials peers. Revenue growth 18.4% vs a peer median of 4.4% (stronger than 84% of peers).Revenue growth 18.4% vs peers 4.4% (stronger than 84% of peers).
How profitable is Caterpillar?: More profitable than most of its peers. Profitability scores 93/100 against 2,459 industrials peers. Return on assets 10.6% vs a peer median of 3.1% (stronger than 94% of peers).Return on assets 10.6% vs peers 3.1% (stronger than 94% of peers).
How risky is Caterpillar?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.58 vs a peer median of 0.64 (weaker than 95% of peers).Beta 1.58 vs peers 0.64 (weaker than 95% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	70.8B USD	74.7B USD	+5.6%
Net income (12 months)	9.4B USD	10.8B USD	+15.0%
Operating margin	16.5%	17.5%	+1.0 pts
Free cash flow (12 months)	9.5B USD	10.7B USD	+12.8%
Cash	4.1B USD	6.7B USD	+64.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Farm & Heavy Construction Machinery companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	30.3%	30.4%	36.2%	38.0%	33.8%	▼ 4.2 pts
Operating margin	13.5%	13.3%	19.3%	20.2%	16.5%	▼ 3.7 pts
Net margin	12.7%	11.3%	15.4%	16.6%	13.1%	▼ 3.5 pts
Return on assets (ROA)	7.8%	8.2%	11.8%	12.3%	9.0%	▼ 3.3 pts
Return on equity (ROE)	39.3%	42.2%	53.0%	55.3%	41.7%	▼ 14 pts
Free cash flow margin	12.0%	10.9%	16.8%	15.5%	13.2%	▼ 2.3 pts
Current ratio	1.46×	1.39×	1.35×	1.42×	1.44×	▲ 1.4%
Quick ratio	0.99×	0.87×	0.87×	0.89×	0.94×	▲ 5.1%
Debt to equity	1.90×	1.99×	1.49×	1.63×	1.70×	▲ 4.3%

CAT price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

One and one Green Technologies. IncYDDL95/ 100

Prored Partners CO.,LTD.7034.T94/ 100

Promotora y Operadora de Infraestructura, S. A. B. de C. V.PINFRA.MX93/ 100

Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.58 vs a peer median of 0.64) and more debt relative to equity (1.70× vs a peer median of 0.40×)higher risk: bigger price swings (beta 1.58 vs peers 0.64) and more debt vs equity (1.70× vs peers 0.40×)

Ranks #1,110 of 2,308 industrials companies (top 49%)

See how it ranks against its peers

Worth knowing

Profits growing faster than sales. Since 2022: revenue +14%, operating profit +41%.

Since 2022, Caterpillar's revenue grew 14% while operating profit grew 41%: each extra dollar of sales is adding more profit.

Share count shrinking. Shares outstanding down 11% from December 2022 to June 2026.

Caterpillar had 11% fewer shares at June 2026 than at December 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.

Profit is backed by cash. Free cash flow is 99% of reported profit.

Caterpillar's free cash flow is 99% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Wide margins. Operating margin 18% (12 months to Jun 2026) vs a peer median of 7.7%.Operating margin 18% vs peers 7.7%.

Caterpillar keeps 18% of revenue as operating profit, more than 84% of peers (median 7.7%).

Questions investors ask about Caterpillar

Is Caterpillar getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 52/100, up 1 since Oct 28, 2026.

How is Caterpillar valued vs its peers?

Priced about in line with its peers. Valuation scores 40/100 against 2,459 industrials peers. EBITDA yield 4.9% vs a peer median of 6.9% (weaker than 65% of peers).EBITDA yield 4.9% vs peers 6.9% (weaker than 65% of peers).

Is Caterpillar growing?

Yes, faster than most of its peers. Growth scores 71/100 against 2,459 industrials peers. Revenue growth 18.4% vs a peer median of 4.4% (stronger than 84% of peers).Revenue growth 18.4% vs peers 4.4% (stronger than 84% of peers).

How profitable is Caterpillar?

More profitable than most of its peers. Profitability scores 93/100 against 2,459 industrials peers. Return on assets 10.6% vs a peer median of 3.1% (stronger than 94% of peers).Return on assets 10.6% vs peers 3.1% (stronger than 94% of peers).

How risky is Caterpillar?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.58 vs a peer median of 0.64 (weaker than 95% of peers).Beta 1.58 vs peers 0.64 (weaker than 95% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

70.8B USD

74.7B USD

+5.6%

Net income (12 months)

9.4B USD

10.8B USD

+15.0%

Operating margin

16.5%

17.5%

+1.0 pts

Free cash flow (12 months)

9.5B USD

10.7B USD

+12.8%

Cash

4.1B USD

6.7B USD

+64.9%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

30.3%

30.4%

36.2%

38.0%

33.8%

▼ 4.2 pts

Operating margin

13.5%

13.3%

19.3%

20.2%

16.5%

▼ 3.7 pts

Net margin

12.7%

11.3%

15.4%

16.6%

13.1%

▼ 3.5 pts

Return on assets (ROA)

7.8%

8.2%

11.8%

12.3%

9.0%

▼ 3.3 pts

Return on equity (ROE)

39.3%

42.2%

53.0%

55.3%

41.7%

▼ 14 pts

Free cash flow margin

12.0%

10.9%

16.8%

15.5%

13.2%

▼ 2.3 pts

Current ratio

1.46×

1.39×

1.35×

1.42×

1.44×

▲ 1.4%

Quick ratio

0.99×

0.87×

0.89×

0.94×

▲ 5.1%

Debt to equity

1.90×

1.99×

1.49×

1.63×

1.70×

▲ 4.3%