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%
Filings your agent reads
Primary-source SEC disclosures, read end-to-end — every figure traceable to its filing.
CALLApr 2026Earnings calltranscript
8-KJun 20263 weeks agosource
10-QQ1 20262026-05-06source
8-KEarnings2026-04-30source
8-KApr 20262026-04-13source
8-KApr 20262026-04-10source
Point your agent at CAT and it navigates these the same way — citing each number back to the filing.
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: 4.8%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
14.5%
Stable
-0.0% YoY-4.9%
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)
3.31x
D/E: 2.31x
DuPont: 31.6% ≈ 14.5% 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
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
38.6x
EV/FCF vs –
Growth-Adj
3.0xPEG
Expensive for growth
Quality-Adj
2.4P/E per %ROIC
ROIC: 14.5%
Shareholder Returns
Dividend
0.8%
Buyback
2.0%
Total Yield
2.8%
Market Cap$330.83B
EV$365.75B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
97/100
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%
14.5%
8Q:–
-4.9%
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
Leveraged
Net Debt / EBITDA
–Net Debt: $38.99B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
2.31x
Balance sheet risk & solvency analysis