CATERPILLAR INC (CAT) - Stock Research

Segment	2020	2021	2022	2023	2024	% of Total
Machinery, Energy & Transportation	$39.02B	$48.19B	$56.57B	$63.87B	$61.36B	95%
Financial Products	$2.73B	$2.78B	$2.85B	$3.19B	$3.45B	5%

	1-Yr	4-Yr
Sales	1.4%	14.9%
Cash Flow	-2.0%	20.9%
Earnings	9.6%	41.8%
Dividends	8.4%	7.3%
Book Value	4.9%	9.2%

	1-Yr	4-Yr
ROIC	20.6%	40.9%
Gross Margin	38.0%	33.7%
FCF Yield	5.0%	5.1%
Buyback Yield	4.4%	3.5%

	Q1	Q2	Q3	Q4
2021	2.77	2.56	2.61	3.89
2022	2.86	3.13	3.86	2.79
2023	3.74	5.67	5.44	5.27
2024	5.75	5.48	5.04	5.78
2025	4.20	4.62	4.87	—

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Financial data for CAT from SEC EDGAR
Metric	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Earnings Power
Revenue	52.7B	52.1B	44.1B	35.8B	45.5B	54.7B	53.8B	41.7B	51.0B	59.4B	67.1B	64.8B	64.7B
Net Income	3.8B	3.7B	2.5B	-67M	754M	6.1B	6.1B	3.0B	6.5B	6.7B	10.3B	10.8B	0
Owner Earnings	7.0B	4.7B	3.6B	2.6B	2.8B	3.8B	4.3B	3.9B	4.8B	5.5B	10.7B	9.9B	9.4B
Non-Recurring	0	0	0	595M	0	0	N/A	N/A	0	925M	0	0	0
Gross Margin	22.7%	23.7%	24.0%	20.9%	31.2%	32.4%	31.9%	30.3%	30.3%	30.4%	36.2%	38.0%	0.0%
Op. Margin	10.7%	10.2%	8.6%	1.4%	9.8%	15.2%	15.4%	10.9%	13.5%	13.3%	19.3%	20.2%	17.7%
Net Margin	7.2%	7.1%	5.7%	-0.2%	1.7%	11.2%	11.3%	7.2%	12.7%	11.3%	15.4%	16.7%	0.0%
Returns on Capital
ROE	6.9%	22.0%	16.9%	-0.5%	5.5%	43.7%	41.7%	19.5%	39.3%	42.2%	53.0%	20.2%	0.0%
ROA	4.4%	4.4%	3.2%	-0.1%	1.0%	7.8%	7.8%	3.8%	7.8%	8.2%	11.8%	12.3%	0.0%
ROIC	7.4%	22.4%	18.0%	-1.9%	6.0%	46.1%	32.6%	42.4%	42.8%	40.7%	59.5%	20.6%	0.0%
Cash Flow
Free Cash Flow	5.7B	4.7B	3.4B	2.7B	3.4B	3.6B	4.2B	4.2B	4.7B	5.2B	9.8B	8.8B	8.9B
CapEx	4.4B	3.4B	3.3B	2.9B	2.3B	2.9B	2.7B	2.1B	2.5B	2.6B	3.1B	3.2B	2.6B
Maint. CapEx	3.1B	3.2B	3.0B	3.0B	2.9B	2.8B	2.6B	2.4B	2.4B	2.2B	2.1B	2.2B	2.2B
Growth CapEx	1.4B	216M	215M	0	0	150M	92M	0	120M	380M	948M	1.1B	473M
CapEx/OCF	43.6%	41.9%	48.9%	52.0%	40.9%	44.5%	38.6%	33.4%	34.3%	33.5%	24.0%	26.7%	22.8%
D&A	3.1B	3.2B	3.0B	3.0B	2.9B	2.8B	2.6B	2.4B	2.4B	2.2B	2.1B	2.2B	2.2B
Capital Allocation
Op. Cash Flow	10.2B	8.1B	6.7B	5.6B	5.7B	6.6B	6.9B	6.3B	7.2B	7.8B	12.9B	12.0B	11.5B
Dividends Paid	1.1B	1.6B	1.8B	1.8B	1.8B	2.0B	2.1B	2.2B	2.3B	2.4B	2.6B	2.6B	2.7B
Share Buybacks	2.0B	4.2B	2.0B	0	0	3.8B	4.0B	1.1B	2.7B	4.2B	5.0B	7.7B	7.7B
Buyback Yield	4.6%	9.5%	6.3%	N/A	N/A	5.9%	5.5%	1.3%	2.5%	3.5%	3.4%	4.4%	2.3%
Debt Repayment	69M	1.0B	3.0B	140M	3.1B	762M	138M	2.8B	3.5B	402M	1.3B	168M	168M
Stock-Based Comp	96M	182M	24M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Balance Sheet
Total Assets	84.9B	84.7B	78.3B	74.7B	77.0B	78.5B	78.5B	78.3B	82.8B	81.9B	87.5B	87.8B	93.7B
Intangibles	10.6B	9.8B	9.4B	8.4B	8.3B	8.1B	7.8B	7.7B	7.4B	6.0B	5.9B	5.6B	5.6B
Total Liabilities	64.0B	67.9B	63.5B	61.5B	63.2B	64.4B	63.8B	62.9B	66.3B	66.1B	68.0B	68.3B	73.1B
Equity	20.9B	16.8B	14.9B	13.2B	13.8B	14.1B	14.6B	15.4B	16.5B	15.9B	19.5B	19.5B	93.7B
Net Debt	776M	519M	526M	716M	0	10M	5.2B	-7.3B	-3.9B	-1.0B	-2.3B	-2.5B	-7.5B
Long-Term Debt	760M	510M	517M	507M	0	10M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt/Equity	0.04	0.03	0.04	0.05	0.00	0.00	0.35	0.13	0.33	0.37	0.24	0.23	0.00
Interest Coverage	7.7	8.5	6.4	0.8	6.9	11.5	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Working Capital	11.0B	11.0B	7.3B	5.8B	9.3B	10.4B	12.6B	13.7B	13.6B	12.3B	12.2B	13.4B	13.4B
Current Assets	38.3B	38.9B	33.5B	32.0B	36.2B	38.6B	39.2B	39.5B	43.5B	43.8B	46.9B	45.7B	45.7B
Current Liabilities	27.3B	27.9B	26.2B	26.1B	26.9B	28.2B	26.6B	25.7B	29.8B	31.5B	34.7B	32.3B	32.3B
Retained Earnings	31.9B	33.9B	29.2B	27.4B	26.3B	30.4B	34.4B	35.2B	39.3B	43.5B	51.3B	59.4B	59.4B
Per Share Data
Avg. Price	63.02	74.96	60.67	62.88	93.00	122.68	115.43	124.55	194.01	192.04	238.51	341.80	726.20
EPS	5.75	5.88	4.18	-0.11	1.26	10.26	10.74	5.46	11.83	12.64	20.12	22.05	19.47
Owner EPS	10.63	7.50	6.00	4.27	4.73	6.33	7.64	7.09	8.83	10.46	20.91	20.19	20.06
Book Value	31.68	26.78	24.77	21.69	23.00	23.50	25.79	28.01	30.11	29.96	37.97	39.83	200.27
Cash Flow/Share	15.47	12.82	11.11	9.25	9.54	10.95	12.18	11.52	13.12	14.64	25.08	24.59	4.60
Dividends/Share	2.32	2.70	3.01	3.08	3.06	3.26	3.76	4.08	4.25	4.60	4.99	5.41	5.82
Shares Out.	659.0M	628.4M	601.0M	609.1M	598.4M	599.1M	567.3M	549.1M	548.5M	530.5M	513.7M	489.4M	468.0M
Valuation
P/E Ratio	11.6	12.1	12.8	N/A	105.3	10.5	12.2	29.6	16.2	18.0	14.3	16.3	37.3
Price/Book	2.1	2.6	2.2	3.5	5.8	4.6	5.1	5.8	6.4	7.6	7.6	9.0	3.6
Price/Sales	0.8	0.9	0.8	1.1	1.2	1.3	1.2	1.6	2.1	1.7	1.8	2.6	5.3
EV/EBIT	7.9	8.5	8.6	94.1	17.8	7.8	9.6	17.9	14.7	15.1	11.2	13.2	29.1
FCF Yield	13.1%	10.5%	10.6%	5.9%	4.2%	5.7%	5.7%	4.7%	4.5%	4.3%	6.6%	5.0%	2.6%
Market Cap	43.9B	44.6B	32.2B	46.1B	79.4B	64.4B	74.1B	88.8B	105.0B	120.4B	147.5B	175.5B	339.8B
Year-End Price	66.62	70.93	53.55	75.75	132.70	107.57	130.58	161.81	191.36	226.91	287.17	358.59	726.20

CATERPILLAR INC

Business Description

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