Caterpillar Inc. (CAT)

NYSE: CAT · USD

$715

+1.78 (+0.3%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-09-08

Our latest published analysis: CAT rated Sell

Caterpillar Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$297 / share

Potential value

$377 / share

Upside to FV

-63.5%

from $715

Moat

1/10

None

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$374.1B
Revenue (ttm)	74.7B
Net income (ttm)	10.8B
EPS (ttm)	$23.2
Shares out	459.7M
P/E (trailing)	30.8x
P/E (forward)	25.0x
Dividend	$6.52 (0.91%)
Volume	2,627,296
Beta	1.58

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 74.7B
Net income (ttm): 10.8B
EPS (ttm): $23.2
P/E (trailing): 30.8x
P/E (forward): 25.0x
Market cap: $374.1B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$50.97B	$59.43B	$67.06B	$64.81B	$67.59B	+7.3%
Gross profit	$15.00B	$17.51B	$23.26B	$23.32B	$21.86B	+9.9%
Operating income	$6.88B	$7.90B	$12.97B	$13.07B	$11.15B	+12.8%
Net income	$6.49B	$6.71B	$10.34B	$10.79B	$8.87B	+8.1%
EPS (diluted)	$11.83	$12.64	$20.12	$22.05	$18.81	+12.3%
EBITDA	$11.04B	$11.41B	$15.71B	$16.04B	$14.86B	+7.7%
R&D	$1.69B	$1.81B	$2.11B	$2.11B	$2.15B	+6.2%
SG&A	$5.37B	$5.65B	$6.37B	$6.67B	$6.99B	+6.8%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAL	American Airlines Group Inc.	8.3B	—	0.1x	3.0%	+20.0%	-6.9%	持有
ALB	Albemarle Corporation	11.4B	198.9x	1.9x	4.1%	+12.8%	+1.9%	持有
ANET	Arista Networks Inc.	235.7B	59.1x	22.4x	284.8%	+32.0%	+19.7%	卖出
ADP	Automatic Data Processing, Inc.	113B	25.3x	5.1x	62.8%	+7.7%	+4.5%	持有
ALLE	Allegion plc	15.2B	22.5x	3.5x	19.4%	+8.8%	+7.2%	持有
AME	AMETEK Inc.	56.9B	36.3x	7.2x	13.2%	+9.8%	+33.6%	卖出

Base and Bull scenarios

Base50%

Price target

$297.04

-63.5% from spot

Confirmation requires FY2027 revenue within the supplied range and improving margin as spending normalizes. Elevated capex without leverage by FY2028 would disconfirm it.

The house base case uses rapid growth normalization after FY2027 and gradual operating-margin improvement through FY2030.

Bull15%

Price target

$377.21

-53.7% from spot

This path needs evidence by FY2028 that growth and margins are fading more slowly as investment needs normalize. Weak margin delivery would disconfirm it.

Revenue and adjusted earnings reach the upper estimate ranges while capex produces capacity and fixed-cost absorption.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($297.04). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.0%	1.5%	2.0%	2.5%	3.0%
7.4%	$334	$343	$354	$367	$384
8.4%	$308	$315	$322	$331	$342
9.4%	$287	$292	$297	$303	$311
10.4%	$269	$272	$277	$281	$287
11.4%	$253	$256	$259	$263	$267

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E25

P25 n/aP50 n/aP75 n/a

Trailing P/E35.1

P25 n/aP50 n/aP75 n/a

ROE57

P25 n/aP50 n/aP75 n/a

ROIC18.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All CAT indicators

Market & fundamental data

Available fields

287

Groups with data

Currency

USD

Showing 287 of 287 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000018230
Company name	Caterpillar Inc.
Country	United States
Country code	US
CUSIP number	149123101
Earnings date	2026-10-29
Earnings time	bmo
Employees	118,000
Employees change	5,100
Employees growth	4.52%
Enterprise value	$367.9B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1925
In index	SP500, DOW30
Industry	Farm & Heavy Construction Machinery
Is primary listing	Yes
Is SPAC	No
ISIN number	US1491231015
Last 10-K release date	2026-02-13
Last earnings date	2026-08-04
Last refreshed	2026-10-28
Last stock split date	2005-07-14
Last stock split type	Forward
Market cap	$328.7B
Market cap category	Mega-Cap
Next earnings date	2026-10-29
Options	Yes
Price	$715.12
Price currency	USD
Sector	Industrials
SIC code	3531
Stock price date	2026-10-28
Symbol	CAT
U.S. state	Texas
Website	https://www.caterpillar.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	30.02x
Average P/E ratio (10Y)	40.91x
Average P/E ratio (3Y)	22.05x
Average P/E ratio (5Y)	19.84x
Earnings yield	3.24%
EV/Earnings	33.84x
EV/EBIT	26.33x
EV/EBITDA	22.58x
EV/FCF	40.8x
EV/Sales	4.91x
FCF / EV yield	2.45%
FCF yield	2.74%
Forward EV/Sales	4.39x
Forward P/E	24.76x
Forward P/S	3.92x
Graham number	148.42439
Graham upside	-79.18%
Industry forward P/E	23.44x
Industry P/E	30.2x
Lynch fair value	$459.90
Lynch upside	-35.49%
P/B ratio	16.91x
P/E ratio	30.82x
P/FCF ratio	36.44x
P/OCF ratio	24.15x
P/S ratio	4.39x
PEG ratio	1.34x
Price / tangible book value	24.99x
Price/EBITDA ratio	20.17x
Sector forward P/E	26.03x
Sector P/E	40.37x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	18.65%
EBITDA margin	21.75%
Effective tax rate	23.19%
FCF margin	12.04%
Gross margin	29.71%
Operating margin	18.65%
Pretax margin	18.89%
Profit margin	14.51%
Profit per employee	$91,898
Profitable quarters	34
Profitable years	9
Revenue per employee	$633,297
ROA	9.03%
ROA (5Y)	8.29%
ROCE	22.19%
ROE	56.97%
ROE (5Y)	47.87%
ROIC	18.3%
ROIC (5Y)	18.11%
Tax / revenue	4.38%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	18.04%
EPS growth (Q)	68.18%
EPS growth (QoQ)	42.05%
EPS growth 10Y	26.6%
EPS growth 3Y	13.08%
EPS growth 5Y	23.84%
EPS growth quarters	2
EPS growth years	0
FCF growth	16.2%
FCF growth (Q)	50.44%
FCF growth (QoQ)	298.05%
FCF growth 3Y	7.4%
FCF growth 5Y	9.8%
Gross profit growth	13.33%
Gross profit growth (Q)	39.81%
Gross profit growth 3Y	5.25%
Gross profit growth 5Y	13.06%
Net income growth	14.91%
Net income growth (Q)	64.89%
Net income growth (QoQ)	40.96%
Net income growth 3Y	9.06%
Net income growth 5Y	19.82%
Net income growth quarters	2
Net income growth years	0
OCF growth	19.31%
OCF growth (Q)	40.01%
OCF growth (QoQ)	133.74%
OCF growth 10Y	8.29%
OCF growth 3Y	10.55%
OCF growth 5Y	11.56%
Operating income growth	17.44%
Operating income growth (Q)	55.79%
Operating income growth 3Y	3.08%
Operating income growth 5Y	17.28%
Revenue growth	18.36%
Revenue growth (Q)	23.99%
Revenue growth (QoQ)	17.96%
Revenue growth 10Y	5.98%
Revenue growth 3Y	4.88%
Revenue growth 5Y	10.24%
Revenue growth quarters	4
Revenue growth years	1

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-4.6B
Depreciation and amortization	$2.3B
EBIT	$13.9B
EBITDA	$16.3B
EPS	$23.21
FCF per share	$19.57
Financing cash flow	$-5.6B
Free cash flow	$9B
Gross profit	$22.2B
Income taxes	$3.3B
Investing cash flow	$-6.6B
Net borrowing	$4.6B
Net cash flow	$1.3B
Net income	$10.8B
Operating income	$13.9B
Revenue	$74.7B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	4.44
Book value per share	$42.19
Debt / EBITDA	2.73
Debt / equity	2.33
Debt / FCF	5.02
Goodwill	$5.9B
Interest coverage	26.35
Long-term assets	$48.2B
Long-term liabilities	$43.4B
Net cash (debt)	$-39.2B
Net cash / market cap	-11.96%
Net debt / EBITDA	2.41
Net debt / equity	2.02
Net debt / FCF	4.36
Piotroski F-Score	6
Property, plant and equipment	$15.6B
Shareholders' equity	$19.4B
Tangible book value	$13.1B
Tangible book value per share	$28.53
Total assets	$102.6B
Total cash	$5.9B
Total debt	$45.1B
Total liabilities	$83.2B
WACC	11.48%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.77
Current assets	$54.5B
Current liabilities	$39.8B
Current ratio	1.37
Inventory turnover	2.5
Net working capital	$8.8B
Quick ratio	0.78
Working capital	$14.7B
Working capital turnover	5.64

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	2.67%
Dividend growth	7.53%
Dividend growth (10Y)	7.38%
Dividend growth (3Y)	7.89%
Dividend growth (5Y)	7.97%
Dividend growth years	33
Dividend payment date	2026-11-19
Dividend payment years	56
Dividend payout frequency	Quarterly
Dividend per share	$6.52
Dividend yield	0.91%
Ex-dividend date	2026-10-26
FCF payout ratio	33.32%
Last dividend	$1.63
Payout ratio	28.1%
Shareholder yield	3.58%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	762.8%
10Y return CAGR	26.72%
10Y total return	967.58%
150-day SMA	$845.36
15Y price change	643.5%
15Y return CAGR	17.11%
15Y total return	969.55%
1D price change	0.25%
1M price change	-12.83%
1M total return	-12.62%
1W price change	-1.25%
1W total return	-1.01%
1Y price change	35.89%
1Y return CAGR	37.07%
1Y total return	37.04%
20-day SMA	$764.27
200-day SMA	$809.95
20Y price change	1,068.94%
20Y return CAGR	15.92%
20Y total return	1,817.64%
3M price change	-17.99%
3M total return	-17.79%
3Y price change	200.22%
3Y return CAGR	46.15%
3Y total return	212.28%
50-day SMA	$790.59
50-day SMA vs 200-day SMA	50under200
52-week high	$1,073.46
52-week high date	2026-06-30
52-week low	$521.67
52-week low date	2025-10-28
5Y price change	265.17%
5Y return CAGR	31.74%
5Y total return	296.72%
6M price change	-13.58%
6M total return	-13.22%
All-time high	$1,073.46
All-time high date	2026-06-30
All-time low	$2.52
All-time low date	1970-07-14
Average true range (ATR)	$26.32
Average volume	2.7M
Beta (1Y)	0.8
Beta (2Y)	1.08
Beta (5Y)	1.58
Change from 52-week high	-33.38%
Change from 52-week low	37.08%
Change from all-time high	-33.28%
Change from all-time low	28,309.76%
Change from open	-1.9%
Day's gap	2.2%
Dollar volume	$1.9B
High price	$732.73
Low price	$707.99
Monthly RSI	56.35
Open price	$728.98
Position in 52-week range	28.82%
Premarket change	2.27%
Premarket close	$713.31
Premarket price	$729.51
Premarket volume	234.9K
Previous close	$713.31
Price vs 150-day SMA	-15.28%
Price vs 20-day SMA	-6.29%
Price vs 200-day SMA	-11.57%
Price vs 50-day SMA	-9.41%
Relative volume	0.98
RSI	37.31
Sharpe ratio	0.88
Sharpe ratio (3Y)	1.17
Sharpe ratio (5Y)	0.88
Sortino ratio	1.5
Sortino ratio (3Y)	1.96
Sortino ratio (5Y)	1.51
Volume	2.6M
Weekly RSI	40.71
YTD price change	25.02%
YTD total return	26.09%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	458.2M
Float percentage	99.68%
Shares change (QoQ)	-0.71%
Shares change (YoY)	-2.67%
Shares held by insiders	0.21%
Shares held by institutions	73.05%
Shares outstanding	459.7M
Short % of float	1.75%
Short % of shares	1.74%
Short ratio	3.3 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	625

Deeper analysis on CAT

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this CAT report

What is the latest published CAT stock rating?

Caterpillar Inc. is shown with Sell in the latest published report, analyzed 2026-09-08. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full CAT analysis?

The full latest published report, analyzed 2026-09-08, lives at /stocks/CAT/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for CAT?

The latest published report analyzed 2026-09-08 gives CAT a fair value of USD 297 and a potential value of USD 377. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the CAT page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-08). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellCAT · Fair value $297-63.5%

Read full analysis →

Caterpillar Inc. (CAT)

Our latest published analysis: CAT rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · CAT

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All CAT indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on CAT

Frequently asked questions

评级历史

Category	Score	Reading
Valuation	1.5
Management	6.5
Balance Sheet	3.5
Profitability	7.5
Revenue Growth	7.5
Risk Assessment	3.0
Competitive Moat	1.0
Earnings Quality	9.0
Capital Efficiency	6.5