How does MetricDuck compute Caterpillar's (CAT) return on invested capital (ROIC) for fiscal year 2025? Walk the derivation tree — each input and the figures it's built from — down to the as-filed numbers.

No computed lineage for metric "roic" on CAT (FY2025 FY).
This usually means the metric_id isn't a MetricDuck computed metric for this company/period — not that the ticker is wrong. To find valid metrics:
  • `get_company_overview("CAT")` — what's available for this company
  • `get_financials("CAT")` — the standard computed metrics (margins, ROIC, FCF, leverage…)
  • lineage is for COMPUTED metrics only; an as-filed line is in `get_xbrl_facts`.
Then drill a known computed metric, following the exact child ids it returns.

# CATERPILLAR INC (CAT)

Sector: Industrials | Industry: Capital Goods

**Leadership:** **CEO:** Joseph E. Creed · **CFO:** Kyle J. Epley _(per 2026-05-06 filing)_

**Investor Relations:** investors.caterpillar.com/…↗⧉ — earnings decks / IR materials (operational KPIs and forward schedules often live in the deck, not SEC filings)

**TTM Data as of:** 2026-03-31 (10-Q)
**MRQ Data as of:** 2026-03-31

**Current Price:** $1022.28 (as of 2026-06-22) · 1d 3.70% · 1w 12.27% · 1m 15.08% · YTD 70.83% · 1y 190.59%
**52w Range:** $344.67 – $1022.28 · 0.00% from high · 196.60% from low

## Key Signals

- Revenue (TTM): $70.75B (11.85% YoY)
- Gross Margin: 33.44% (sector P53)
- ROIC: 26.56% (sector P100)

**Latest earnings:** Q1 2026 FY2026 (filed 2026-04-30)

## Data Availability

- **Metrics through:** 2026-03-31 (10-Q)
- **Latest earnings (8-K):** Q1 2026 (filed 2026-04-30)
- **Deep analysis:** metricduck.com/…↗⧉

---
*Source — figures are latest-period/TTM values derived from CAT's most recent SEC filings (USD, as of 2026-03-31). Primary source — SEC EDGAR: sec.gov/…↗⧉

# CAT — Return on Invested Capital (ROIC) (annual, last 5)

{
  "metric_id": "roic",
  "display_name": "Return on Invested Capital (ROIC)",
  "unit": null,
  "period_type": "FY",
  "points": [
    {
      "fiscal_year": 2025,
      "fiscal_period": null,
      "period_end": "2025-12-31",
      "value": 0.13828295670659527,
      "accession_number": "0000018230-26-000008",
      "dimension": {
        "scale": "actual",
        "period": {
          "calendar": "2025-12-31",
          "type": "FY"
        }
      }
    },
    {
      "fiscal_year": 2024,
      "fiscal_period": null,
      "period_end": "2024-12-31",
      "value": 0.18212388161693424,
      "accession_number": "0000018230-25-000008",
      "dimension": {
        "scale": "actual",
        "period": {
          "calendar": "2024-12-31",
          "type": "FY"
        }
      }
    },
    {
      "fiscal_year": 2023,
      "fiscal_period": null,
      "period_end": "2023-12-31",
      "value": 0.1850614553966385,
      "accession_number": "0000018230-24-000009",
      "dimension": {
        "scale": "actual",
        "period": {
          "calendar": "2023-12-31",
          "type": "FY"
        }
      }
    },
    {
      "fiscal_year": 2022,
      "fiscal_period": null,
      "period_end": "2022-12-31",
      "value": 0.11264730618231907,
      "accession_number": "0000018230-23-000011",
      "dimension": {
        "scale": "actual",
        "period": {
          "calendar": "2022-12-31",
          "type": "FY"
        }
      }
    },
    {
      "fiscal_year": 2021,
      "fiscal_period": null,
      "period_end": "2021-12-31",
      "value": 0.10140869665799776,
      "accession_number": "0000018230-22-000050",
      "dimension": {
        "scale": "actual",
        "period": {
          "calendar": "2021-12-31",
          "type": "FY"
        }
      }
    }
  ]
}

# CAT — Return on Invested Capital (ROIC) lineage (FY2025)

**0.1383** = `if(is_financial(), null, if((max(0, (0 - invested_cap_base)) + max(0, (abs(((nopat / invested_cap_base) * (1 + (3 * is_quarterly())))) - 5))), null, (nopat / invested_cap_base)))`

> Return on Invested Capital (ROIC) = if(is_financial(), null, if((max(0, (0 - invested_cap_base)) + max(0, (abs(((nopat / invested_cap_base) * (1 + (3 * is_quarterly())))) - 5))), null, (nopat / invested_cap_base))) = 0.1383  (where invested_cap_base=61.30B, nopat=8.48B)

# CAT — NOPAT lineage (FY2025)

**8.48B** = `if(is_financial(), null, (ebit * (1 - max(-0.25, min(0.45, eff_tax_rate)))))`

> NOPAT = if(is_financial(), null, (ebit * (1 - max(-0.25, min(0.45, eff_tax_rate))))) = 8.48B  (where ebit=11.15B, eff_tax_rate=0.2398)

# CAT — Invested Cap Base lineage (Q4 FY2025)

**64.65B** = `max(invested_cap, ttl_capital)`

> Invested Cap Base = max(invested_cap, ttl_capital) = 64.65B  (where invested_cap=37.34B, ttl_capital=64.65B)

# CAT — Total Capital lineage (Q4 FY2025)

**64.65B** = `ttl_debt + ttl_equity`

> Total Capital = ttl_debt + ttl_equity = 64.65B  (where ttl_debt=43.33B, ttl_equity=21.32B)

# CAT — Effective Tax Rate lineage (FY2025)

**0.2398** = `coalesce((income_tax / pretax_inc), (income_tax / (net_income + income_tax)), ((pretax_inc - net_income) / pretax_inc))`

> Effective Tax Rate = coalesce((income_tax / pretax_inc), (income_tax / (net_income + income_tax)), ((pretax_inc - net_income) / pretax_inc)) = 0.2398  (where income_tax=2.77B, pretax_inc=11.54B, net_income=8.88B)

# CAT — Invested Cap lineage (Q4 FY2025)

**37.34B** = `if(is_financial(), null, add(working_cap, ppe, gwill, intang))`

> Invested Cap = if(is_financial(), null, add(working_cap, ppe, gwill, intang)) = 37.34B  (where working_cap=15.93B, ppe=15.85B, gwill=5.32B, intang=241.00M)

# CAT — EBIT lineage (FY2025)

**11.15B** = `oper_inc`

> EBIT = oper_inc = 11.15B  (where oper_inc=11.15B)

# CAT — Operating Income lineage (FY2025)

**11.15B** = `coalesce(OperatingIncomeLoss, ProfitLossFromOperatingActivities, (revenues - ttl_oper_exps))`

> Operating Income = coalesce(OperatingIncomeLoss, ProfitLossFromOperatingActivities, (revenues - ttl_oper_exps)) = 11.15B  (where OperatingIncomeLoss=11.15B, revenues=67.59B, ttl_oper_exps=56.44B)

# CAT — Total Debt lineage (Q4 FY2025)

**43.33B** = `coalesce(Borrowings, (debt_current_total + lt_debt))`

> Total Debt = coalesce(Borrowings, (debt_current_total + lt_debt)) = 43.33B  (where debt_current_total=12.63B, lt_debt=30.70B)

# CAT — Income Tax lineage (FY2025)

**2.77B** = `coalesce(IncomeTaxExpenseBenefit, IncomeTaxExpense, IncomeTaxExpenseContinuingOperations, null)`

> Income Tax = coalesce(IncomeTaxExpenseBenefit, IncomeTaxExpense, IncomeTaxExpenseContinuingOperations, null) = 2.77B  (where IncomeTaxExpenseBenefit=2.77B)

# CAT — Total Equity lineage (Q4 FY2025)

**21.32B** = `coalesce(StockholdersEquity, ShareholdersEquity, TotalEquity, Equity, EquityAttributableToOwnersOfParent, StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest)`

> Total Equity = coalesce(StockholdersEquity, ShareholdersEquity, TotalEquity, Equity, EquityAttributableToOwnersOfParent, StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest) = 21.32B  (where StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest=21.32B)

# CAT — Pretax Income lineage (FY2025)

**11.54B** = `coalesce(IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments, ProfitLossBeforeTax, IncomeLossAttributableToParent)`

> Pretax Income = coalesce(IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments, ProfitLossBeforeTax, IncomeLossAttributableToParent) = 11.54B  (where IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments=11.54B)

# CAT — Net Income lineage (FY2025)

**8.88B** = `coalesce(NetIncomeLossAvailableToCommonStockholdersBasic, NetIncomeLossAttributableToParent, NetIncomeLoss, ProfitLoss, ProfitLossAttributableToOwnersOfParent)`

> Net Income = coalesce(NetIncomeLossAvailableToCommonStockholdersBasic, NetIncomeLossAttributableToParent, NetIncomeLoss, ProfitLoss, ProfitLossAttributableToOwnersOfParent) = 8.88B  (where NetIncomeLossAvailableToCommonStockholdersBasic=8.88B, ProfitLoss=8.88B)

# CAT — Long-Term Debt lineage (Q4 FY2025)

**30.70B** = `coalesce(LongTermDebtNoncurrent, LongTermNotesAndLoans, LongTermNotesPayable, LongTermDebtAndCapitalLeaseObligations, LongtermBorrowings, LongTermDebt, ConvertibleDebtNoncurrent, LongTermDebtAndLeaseObligationExcludingCurrentMaturities, LongTermDebtAndFinanceLeaseObligationsNoncurrent, 0)`

> Long-Term Debt = coalesce(LongTermDebtNoncurrent, LongTermNotesAndLoans, LongTermNotesPayable, LongTermDebtAndCapitalLeaseObligations, LongtermBorrowings, LongTermDebt, ConvertibleDebtNoncurrent, LongTermDebtAndLeaseObligationExcludingCurrentMaturities, LongTermDebtAndFinanceLeaseObligationsNoncurrent, 0) = 30.70B  (where LongTermDebtNoncurrent=30.70B, LongTermDebtAndCapitalLeaseObligations=50.71B)

# CAT — Debt Current Total lineage (Q4 FY2025)

**12.63B** = `coalesce(DebtCurrent, CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings, (st_debt + lt_debt_cur_portion))`

> Debt Current Total = coalesce(DebtCurrent, CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings, (st_debt + lt_debt_cur_portion)) = 12.63B  (where st_debt=5.51B, lt_debt_cur_portion=7.12B)

# CAT — Invested Cap Base lineage (Q4 FY2024)

**57.95B** = `max(invested_cap, ttl_capital)`

> Invested Cap Base = max(invested_cap, ttl_capital) = 57.95B  (where invested_cap=33.00B, ttl_capital=57.95B)

# CAT — Long-Term Debt Cur Portion lineage (Q4 FY2025)

**7.12B** = `coalesce(LongTermDebtCurrent, CurrentPortionOfLongTermDebt, CurrentPortionOfLongtermBorrowings, ConvertibleDebtCurrent, LongTermDebtAndCapitalLeaseObligationsCurrent, LongTermDebtAndFinanceLeaseObligationsCurrent, 0)`

> Long-Term Debt Cur Portion = coalesce(LongTermDebtCurrent, CurrentPortionOfLongTermDebt, CurrentPortionOfLongtermBorrowings, ConvertibleDebtCurrent, LongTermDebtAndCapitalLeaseObligationsCurrent, LongTermDebtAndFinanceLeaseObligationsCurrent, 0) = 7.12B  (where LongTermDebtAndCapitalLeaseObligationsCurrent=7.12B)

# CAT — Short-Term Debt lineage (Q4 FY2025)

**5.51B** = `coalesce(CommercialPaper, ShortTermDebt, ShortTermBorrowings, ShorttermBorrowings, 0)`

> Short-Term Debt = coalesce(CommercialPaper, ShortTermDebt, ShortTermBorrowings, ShorttermBorrowings, 0) = 5.51B  (where ShortTermBorrowings=5.51B)

61298500000.0

0.23984056840828352

8476544159.999999

0.13828295669551458

DigestPayload · 6,300 chars

All arithmetic verified. Here is the complete derivation tree.

---

## CAT ROIC FY2025 — Full Derivation Tree

**Source filing for all base XBRL facts (unless noted): CAT 10-K, accession `0000018230-26-000008`**

---

### Level 1 — Top Formula

```
ROIC = NOPAT / avg(invested_cap_base)
     = $8,476,537,822 / $61,298,500,000
     = 13.83%
```

Guard rails in the formula null out the result if `invested_cap_base` is negative or if the annualised ratio would exceed 5× (500%). Neither fires here.

The **denominator is the average** of period-beginning and period-ending `invested_cap_base` — MetricDuck uses the two balance-sheet snapshots:

| Period | invested_cap_base |
|--------|-------------------|
| Q4 FY2024 (beginning of FY2025) | $57,949,000,000 |
| Q4 FY2025 (ending of FY2025)    | $64,648,000,000 |
| **Average (used in ROIC)**       | **$61,298,500,000** |

---

### Level 2 — NOPAT

```
NOPAT = EBIT × (1 − eff_tax_rate)
      = $11,151,000,000 × (1 − 0.23984)
      = $8,476,544,160   [rounds to $8,476,537,822 with full precision]
```

#### Level 3a — EBIT
```
EBIT = oper_inc
     = OperatingIncomeLoss  ← XBRL base fact
     = $11,151,000,000
```
> **As-filed XBRL concept:** `OperatingIncomeLoss` = **$11,151,000,000** (CAT 10-K `0000018230-26-000008`)

#### Level 3b — Effective Tax Rate
```
eff_tax_rate = income_tax / pretax_inc           [primary coalesce branch]
             = $2,768,000,000 / $11,541,000,000
             = 23.984%
```
(Clamped to the range [−25%, 45%]; 23.98% is within bounds — no clamping applied.)

| Input | XBRL concept | As-filed value |
|-------|-------------|----------------|
| `income_tax` | `IncomeTaxExpenseBenefit` | **$2,768,000,000** |
| `pretax_inc` | `IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments` | **$11,541,000,000** |
| `net_income` (fallback only) | `NetIncomeLossAvailableToCommonStockholdersBasic` | **$8,884,000,000** |

All three from CAT 10-K `0000018230-26-000008`.

---

### Level 2 — invested_cap_base (period-end, FY2025)

```
invested_cap_base = max(invested_cap, ttl_capital)
                  = max($37,337,000,000, $64,648,000,000)
                  = $64,648,000,000   ← ttl_capital wins
```

#### Level 3 — Total Capital (the binding input)
```
ttl_capital = ttl_debt + ttl_equity
            = $43,330,000,000 + $21,318,000,000
            = $64,648,000,000
```

##### Level 4 — Total Equity
```
ttl_equity = StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
           = $21,318,000,000
```
> **XBRL base:** `StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest` = **$21,318,000,000** (10-K `0000018230-26-000008`)

##### Level 4 — Total Debt
```
ttl_debt = debt_current_total + lt_debt
         = $12,634,000,000 + $30,696,000,000
         = $43,330,000,000
```

###### Level 5 — Long-Term Debt (non-current)
```
lt_debt = LongTermDebtNoncurrent   ← XBRL base
        = $30,696,000,000
```
> **XBRL base:** `LongTermDebtNoncurrent` = **$30,696,000,000** (10-K `0000018230-26-000008`)

###### Level 5 — Current Debt Total
```
debt_current_total = st_debt + lt_debt_cur_portion
                   = $5,514,000,000 + $7,120,000,000
                   = $12,634,000,000
```

| Component | XBRL concept | As-filed value | Filing |
|-----------|-------------|----------------|--------|
| `st_debt` | `ShortTermBorrowings` | **$5,514,000,000** | 10-K `0000018230-26-000008` |
| `lt_debt_cur_portion` | `LongTermDebtAndCapitalLeaseObligationsCurrent` | **$7,120,000,000** | `0000018230-26-000021`* |

> \* `lt_debt_cur_portion` resolves from a companion filing (`0000018230-26-000021`), not the primary 10-K, because `LongTermDebtCurrent` was absent from the main filing and the coalesce waterfall fell to `LongTermDebtAndCapitalLeaseObligationsCurrent` found there.

#### Level 3 — Invested Cap (not binding, shown for completeness)
```
invested_cap = working_cap + ppe + gwill + intang
             = $15,927M + $15,848M + $5,321M + $241M
             = $37,337,000,000
```
Since $37.34B < $64.65B, `invested_cap` does **not** drive `invested_cap_base` — `ttl_capital` takes the max.

---

### Cross-check summary

| Step | Numerator | Denominator | Result |
|------|-----------|-------------|--------|
| eff_tax_rate | $2,768M | $11,541M | 23.984% |
| NOPAT | $11,151M × 0.76016 | — | $8,477M |
| avg invested_cap_base | ($57,949M + $64,648M) | 2 | $61,299M |
| **ROIC** | **$8,477M** | **$61,299M** | **13.83%** |

---

FINAL ANSWER:
MetricDuck computes CAT's FY2025 ROIC as **13.83%**, derived as follows (all base facts from CAT 10-K accession `0000018230-26-000008` unless noted):

**Formula:** `ROIC = NOPAT / avg(invested_cap_base)`

**NOPAT = $8,476,537,822**
- EBIT = OperatingIncomeLoss (XBRL base) = **$11,151,000,000**
- Effective Tax Rate = IncomeTaxExpenseBenefit / Pretax Income = $2,768,000,000 / $11,541,000,000 = **23.984%**
  - `IncomeTaxExpenseBenefit` (XBRL base) = $2,768,000,000
  - `IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments` (XBRL base) = $11,541,000,000
- NOPAT = $11,151M × (1 − 0.23984) = **$8,477M**

**avg(invested_cap_base) = $61,298,500,000** — average of period-beginning and period-ending balance-sheet snapshots:
- Q4 FY2024 invested_cap_base = $57,949,000,000
- Q4 FY2025 invested_cap_base = $64,648,000,000
- Average = (57,949 + 64,648) / 2 = **$61,298,500,000**

Each period's `invested_cap_base = max(invested_cap, ttl_capital)` — ttl_capital dominates in both years:
- ttl_capital (FY2025 end) = ttl_debt + ttl_equity = $43,330M + $21,318M = **$64,648M**
  - ttl_equity = `StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest` (XBRL base) = **$21,318,000,000**
  - ttl_debt = debt_current_total + lt_debt = $12,634M + $30,696M = **$43,330M**
    - lt_debt = `LongTermDebtNoncurrent` (XBRL base) = **$30,696,000,000**
    - debt_current_total = st_debt + lt_debt_cur_portion = $5,514M + $7,120M = **$12,634M**
      - st_debt = `ShortTermBorrowings` (XBRL base) = **$5,514,000,000**
      - lt_debt_cur_portion = `LongTermDebtAndCapitalLeaseObligationsCurrent` (XBRL base, accession `0000018230-26-000021`) = **$7,120,000,000**

Final: ROIC = $8,477M / $61,299M = **13.83%** (CAT 10-K FY2025)