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Caterpillar (CAT) valuation

Run six valuation models on Caterpillar with live data: DCF, Reverse DCF, Graham number, Monte Carlo, scenarios and sum-of-the-parts (NAV).

CAT
CAT

Caterpillar

CAT · Industrials

Current price

865,14 USD

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Valuation

Market cap
$397.68B
PE (TTM | NTM | +1y)
37.31 | 27.03 | 27.03
Price / Sales
5.32
EV / EBITDA
26.27
Price / Book
20.50

Cash flow

FCF yield(10.98 / 865.14)
+1.27%
SBC-adjusted FCF yield
—
SBC impact
—

Margins & growth

Profit margin
+14.51%
Operating margin
+22.18%
Quarterly earnings (YoY)
+64.89%
Quarterly revenue (YoY)
+23.98%

Balance

Cash
$5.94B
Debt
$45.15B
Net position
-$39.2B

Dividend

Dividend yield
+0.77%
Payout ratio
+26.01%
Next payout
8/19/2026

Price (1 year)

+112.15%
$997.47

Revenue

estimate
Q3 20: $9.88BQ3 20Q4 20: $11.24BQ1 21: $11.89BQ2 21: $12.89BQ3 21: $12.4BQ3 21Q4 21: $13.8BQ1 22: $13.59BQ2 22: $14.25BQ3 22: $14.99BQ3 22Q4 22: $16.6BQ1 23: $15.86BQ2 23: $17.32BQ3 23: $16.81BQ3 23Q4 23: $17.07BQ1 24: $15.8BQ2 24: $16.69BQ3 24: $16.11BQ3 24Q2 25: $16.57BQ3 25: $17.64BQ4 25: $19.13BQ1 26: $17.42BQ2 26: $20.54BQ2 26Q3 26 · estimate: $20.26BQ3 26$20.54B

EBITDA

Q2 25: $3.5BQ2 25Q3 25: $3.83BQ3 25Q4 25: $3.75BQ4 25Q1 26: $3.94BQ1 26Q2 26: $5.31BQ2 26$5.31B

Net income

Q2 25: $2.18BQ2 25Q3 25: $2.3BQ3 25Q4 25: $2.4BQ4 25Q1 26: $2.55BQ1 26Q2 26: $3.59BQ2 26$3.59B

Free cash flow

Q1 21: $1.68BQ1 21Q1 22: -$33MQ1 23: $1.15BQ1 23Q1 24: $1.55BQ2 25: $2.17BQ2 25Q3 25: $2.67BQ4 25: $2.25BQ4 25Q1 26: $819MQ2 26: $3.26BQ2 26$3.26B

EPS

estimate
Q3 20: 1.22Q3 20Q4 20: 1.42Q1 21: 2.77Q2 21: 2.56Q3 21: 2.60Q3 21Q4 21: 3.90Q1 22: 2.86Q2 22: 3.13Q3 22: 3.87Q3 22Q4 22: 2.78Q1 23: 3.74Q2 23: 5.67Q3 23: 5.45Q3 23Q4 23: 5.26Q1 24: 5.75Q2 24: 5.48Q3 24: 5.06Q3 24Q2 25: 4.62Q3 25: 4.88Q4 25: 5.12Q1 26: 5.47Q2 26: 7.77Q2 26Q3 26 · estimate: 6.90Q3 267.77

Cash & debt

CashDebt
Q4 20 · Cash: $9.35BQ4 20Q3 21 · Cash: $9.45BQ4 21 · Cash: $9.25BQ1 22 · Cash: $6.53BQ2 22 · Cash: $6.01BQ2 22Q3 22 · Cash: $6.35BQ4 22 · Cash: $7BQ1 23 · Cash: $6.79BQ2 23 · Cash: $7.39BQ2 23Q3 23 · Cash: $6.55BQ4 23 · Cash: $6.98BQ1 24 · Cash: $4.96BQ2 24 · Cash: $4.34BQ2 24Q3 24 · Cash: $5.64BQ2 25 · Cash: $5.44BQ2 25 · Debt: $40.75BQ3 25 · Cash: $7.54BQ3 25 · Debt: $41.53BQ4 25 · Cash: $9.98BQ4 25 · Debt: $43.33BQ1 26 · Cash: $4.07BQ1 26 · Debt: $43.07BQ2 26 · Cash: $6.71BQ2 26 · Debt: $45.15BQ2 26$45.15B

Return of capital

DividendsBuybacks
Q1 21 · Dividends: $562MQ1 21 · Buybacks: $0Q1 21Q1 22 · Dividends: $595MQ1 22 · Buybacks: $820MQ1 23 · Dividends: $620MQ1 23 · Buybacks: $400MQ1 23Q1 24 · Dividends: $648MQ1 24 · Buybacks: $4.46BQ2 25 · Dividends: $662MQ2 25 · Buybacks: $823MQ2 25Q3 25 · Dividends: $707MQ3 25 · Buybacks: $342MQ4 25 · Dividends: $706MQ4 25 · Buybacks: $317MQ4 25Q1 26 · Dividends: $703MQ1 26 · Buybacks: $5.13BQ2 26 · Dividends: $696MQ2 26 · Buybacks: $1.52BQ2 26$5.83B

Shares outstanding

Q3 20: 543.3MQ3 20Q4 20: 545.3MQ1 21: 547.8MQ2 21: 547.5MQ3 21: 540.9MQ3 21Q4 21: 535.9MQ1 22: 533.4MQ2 22: 527.9MQ3 22: 520.4MQ3 22Q4 22: 516.3MQ1 23: 515.9MQ2 23: 510.1MQ3 23: 509.1MQ3 23Q4 23: 499.4MQ1 24: 489.3MQ2 24: 484.9MQ3 24: 482.8MQ3 24Q2 25: 468.48MQ3 25: 467.98MQ4 25: 465.29MQ1 26: 460.64MQ2 26: 459.67MQ2 26547.8M

Stock-based compensation

Q1 24: $44MQ1 24$44M

Operating expenses

R&DSG&A
Q3 20 · R&D: $344MQ3 20 · SG&A: $1.13BQ3 20Q4 20 · R&D: $374MQ4 20 · SG&A: $1.22BQ1 21 · R&D: $374MQ1 21 · SG&A: $1.24BQ2 21 · R&D: $446MQ2 21 · SG&A: $1.36BQ3 21 · R&D: $427MQ3 21 · SG&A: $1.34BQ3 21Q4 21 · R&D: $439MQ4 21 · SG&A: $1.42BQ1 22 · R&D: $457MQ1 22 · SG&A: $1.35BQ2 22 · R&D: $480MQ2 22 · SG&A: $1.43BQ3 22 · R&D: $476MQ3 22 · SG&A: $1.4BQ3 22Q4 22 · R&D: $401MQ4 22 · SG&A: $1.48BQ1 23 · R&D: $472MQ1 23 · SG&A: $1.46BQ2 23 · R&D: $528MQ2 23 · SG&A: $1.53BQ3 23 · R&D: $554MQ3 23 · SG&A: $1.62BQ3 23Q4 23 · R&D: $554MQ4 23 · SG&A: $1.76BQ1 24 · R&D: $520MQ1 24 · SG&A: $1.58BQ2 24 · R&D: $535MQ2 24 · SG&A: $1.65BQ3 24 · R&D: $533MQ3 24 · SG&A: $1.67BQ3 24Q2 25 · R&D: $551MQ2 25 · SG&A: $1.69BQ3 25 · R&D: $555MQ3 25 · SG&A: $1.82BQ4 25 · R&D: $562MQ4 25 · SG&A: $1.88BQ1 26 · R&D: $537MQ1 26 · SG&A: $1.82BQ2 26 · R&D: $616MQ2 26 · SG&A: $2.02BQ2 26$2.63B

Source: Yahoo Finance. Quarterly history grows automatically over time as new quarters are published.

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