CAT
CATERPILLAR INC
Industrials • CIK: 0000018230
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Market Cap
$330.83B
P/E (TTM)
35.1x
Rev Growth (TTM)
+11.8%
Net Margin (TTM)
13.3%
FCF Yield (TTM)
2.9%
FCF Margin (TTM)
13.4%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$9.5B
Q1 '26
$1.1B-58%
Q4 '25
$2.7B-13%
FCF Margin
TTM13.4%
Q1 '266.6%-53%
Sector: 4.7%Top 25%
OCF Margin17.4%
OCF/NI1.31x
CapEx Coverage4.3x
FCF Yield2.9%
FCF Growth (2Y)+7%
Cash Conversion Cycle
129 days
DSO: 53+DIO: 144−DPO: 68
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.8%
Div Yield0.8%
+Buyback (TTM)2.0%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)0.8%
FCF Payout Ratio29.3%
Free Cash Flow (TTM)$9.5B
Stock Repurchases (TTM)$6.6B
Capital Return / FCF98.5%
Est. Dividends Paid (TTM)$2.8B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
26.6%
Moderate
-0.1% YoY-12.6%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
12.6%
8Q: 14.0%
Asset Turnover
0.76x
8Q: 0.76x
Leverage (1+D/E)
1.25x
D/E: 0.25x
DuPont: 12.0% ≈ 26.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
4.91x
8Q:4.98x
-31.0%
Invested Cap Turn
2.11x
8Q:2.16x
-16.1%
CapEx Intensity
8.5%
8Q:8.1%
CapEx/Depreciation
1.23x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $70.8B | $17.4B↓9.0% | $19.1B↑8.5% | $17.6B↑6.5% | $16.6B↑16.3% | $14.2B↓12.1% | $16.2B↑0.7% | $16.1B↓3.5% | $16.7B |
Operating Income | $11.7B | $3.1B↑16.0% | $2.7B↓12.8% | $3.1B↑6.7% | $2.9B↑10.9% | $2.6B↓11.8% | $2.9B↓7.1% | $3.1B↓9.6% | $3.5B |
Net Income | $9.4B | $2.5B↑6.1% | $2.4B↑4.4% | $2.3B↑5.6% | $2.2B↑8.8% | $2.0B↓28.2% | $2.8B↑13.3% | $2.5B↓8.1% | $2.7B |
Operating Cash Flow | $12.3B | $1.9B↓47.9% | $3.6B↓3.9% | $3.7B↑19.7% | $3.1B↑142.2% | $1.3B↓62.0% | $3.4B↓4.9% | $3.6B↑18.1% | $3.0B |
Free Cash Flow | $9.5B | $1.1B↓57.6% | $2.7B↓12.5% | $3.1B↑19.9% | $2.6B↑343.4% | $579.0M↓78.5% | $2.7B↓13.9% | $3.1B↑16.6% | $2.7B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
35.1x
Volatile
8Q: 80.9x+6328%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
35.1x
vs – sector
Cash Flow
35.5x
EV/FCF vs –
Growth-Adj
3.0xPEG
Expensive for growth
Quality-Adj
1.3P/E per %ROIC
ROIC: 26.6%
Shareholder Returns
Dividend
0.8%
Buyback
2.0%
Total Yield
2.8%
Market Cap$330.83B
EV$336.46B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
91/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 10%
47.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
26.6%
8Q:–
-12.6%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 12.6%
Asset Turnover: 0.76x
Earnings Quality
Cash Conversion
1.31x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin33.4%
Capital Efficiency
Invested Capital Turnover2.11x
Working Capital
Cash Conversion Cycle129 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
66/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
11.8%
OpInc Growth YoY
19.6%
EPS Growth YoY
-2.2%
FCF 3Y CAGR
7.4%
Margin Quality & Sustainability
High Quality
Profitability Cascade
Gross
33.4%
Operating
16.5%
Top 25% in sector
Net
13.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+0.1 pts
FCF: 13.4% | Net: 13.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $653.00M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.25x
Balance sheet risk & solvency analysis