CA
Caterpillar Inc
CAT—
Caterpillar Inc AI Insights
Informational only. Not investment advice.Snapshot
- ROE TTM of 46.3% vs industry median 7.4% - 6x advantage driven by high leverage (2.0x D/E) amplifying 14.3% net margins[Return on Equity]
- Net debt of 34.0B equals 1.6x equity - financial services arm inflates leverage but interest coverage remains healthy at 24x EBIT/interest[Net Debt]
- FCF TTM of 7.6B (11.7% yield on revenue) with 4.0B capex - generates 1.9x capex in excess cash for buybacks/dividends[Free Cash Flow]
Watch Triggers
- Operating Margin: Falls below 15% for 2 consecutive quarters — Signals pricing power erosion or volume deleverage - margin compression accelerates in downturns
- Inventory: Rises above 20B while revenue declines — Dealer destocking risk - excess inventory forces production cuts and margin pressure
- Free Cash Flow: Drops below 5B TTM — Threatens dividend sustainability and buyback capacity - signals cycle turning
Bull Case
Operating margin of 17.7% TTM is 2.6x industry median - pricing power and operational excellence create durable moat in cyclical industry
Operating MarginROIC
FCF of 7.6B TTM supports aggressive capital return - 11.5B cash flow from ops with manageable 4.0B capex leaves ample room for dividends and buybacks
Free Cash FlowCash Flow from Operations
Bear Case
Total debt of 41.5B (2.0x equity) creates earnings volatility risk if equipment demand cycles down - Cat Financial portfolio adds credit exposure
Total DebtDebt to Equity
Working capital of 13.8B tied up in inventory (19.0B) and receivables (20.5B) - destocking cycle could compress cash flow materially
Working CapitalInventory
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Infrastructure spending cycle to sustain elevated margins through 2026 despite normalization risks
1-3ymed
- US infrastructure bill driving multi-year equipment demand
- Dealer inventory restocking after 2024 destocking
- Services/aftermarket mix shift improving margin durability
Operating margin TTM 17.7% vs industry 6.7% medianR&D spend 2.1B TTM (3.3% of revenue) for autonomyROIC 15.5% exceeds cost of capital
Valuation Context
Caveats
Public Strategies Rankings
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CAT Fundamentals
Manufacturing → Machinery Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$304.56B | — | ||
$338.55B | — | ||
34 | — | ||
$64.67B | -1.5% | — | |
$18.75 | — | ||
17.7% | -2.6% | — | |
14.3% | -1.9% | — | |
$7.56B | -21.4% | — | |
0.46 | -8.7% | — | |
Beta 5Y (Monthly) | unknown | — |
CAT Dividend History
105 dividends
2026
$1.510001/20/26$1.5100
2025
$5.840010/20/25$1.5100
07/21/25$1.5100
04/21/25$1.4100
01/21/25$1.4100
2024
$5.420010/21/24$1.4100
07/22/24$1.4100
04/19/24$1.3000
01/19/24$1.3000
2023
$5.000010/20/23$1.3000
07/19/23$1.3000
04/21/23$1.2000
01/19/23$1.2000
2022
$4.620010/21/22$1.2000
07/19/22$1.2000
04/22/22$1.1100
01/19/22$1.1100
2021
$4.280010/22/21$1.1100
07/19/21$1.1100
04/23/21$1.0300
01/19/21$1.0300
2020
$4.120010/23/20$1.0300
07/17/20$1.0300
04/17/20$1.0300
01/17/20$1.0300
2019
$3.780010/18/19$1.0300
07/19/19$1.0300
04/18/19$0.8600
01/18/19$0.8600
2018
$3.280010/19/18$0.8600
07/19/18$0.8600
04/20/18$0.7800
01/19/18$0.7800
2017
$3.100010/20/17$0.7800
07/18/17$0.7800
04/20/17$0.7700
01/18/17$0.7700
2016
$3.080010/20/16$0.7700
07/18/16$0.7700
04/21/16$0.7700
01/15/16$0.7700
2015
$2.940010/22/15$0.7700
07/16/15$0.7700
04/16/15$0.7000
01/15/15$0.7000
2014
$2.600010/16/14$0.7000
07/17/14$0.7000
04/16/14$0.6000
01/16/14$0.6000
2013
$1.720010/17/13$0.6000
07/18/13$0.6000
04/18/13$0.5200
2012
$2.480012/20/12$0.5200
10/18/12$0.5200
07/18/12$0.5200
04/19/12$0.4600
01/18/12$0.4600
2011
$1.800010/20/11$0.4600
07/18/11$0.4600
04/20/11$0.4400
01/18/11$0.4400
2010
$1.720010/21/10$0.4400
07/16/10$0.4400
04/22/10$0.4200
01/15/10$0.4200
2009
$1.680010/22/09$0.4200
07/16/09$0.4200
04/16/09$0.4200
01/15/09$0.4200
2008
$1.560010/16/08$0.4200
07/17/08$0.4200
04/17/08$0.3600
01/17/08$0.3600
2007
$1.320010/18/07$0.3600
07/18/07$0.3600
04/19/07$0.3000
01/18/07$0.3000
2006
$1.100010/19/06$0.3000
07/18/06$0.3000
04/20/06$0.2500
01/18/06$0.2500
2005
$0.910010/20/05$0.2500
07/20/05$0.2500
04/21/05$0.2050
01/18/05$0.2050
2004
$0.780010/21/04$0.2050
07/16/04$0.2050
04/22/04$0.1850
01/15/04$0.1850
2003
$0.710010/16/03$0.1850
07/17/03$0.1750
04/16/03$0.1750
01/16/03$0.1750
2002
$0.700010/17/02$0.1750
07/18/02$0.1750
04/18/02$0.1750
01/17/02$0.1750
2001
$0.690010/18/01$0.1750
07/18/01$0.1750
04/19/01$0.1700
01/18/01$0.1700
2000
$0.665010/18/00$0.1700
07/18/00$0.1700
04/19/00$0.1625
01/18/00$0.1625
CAT Stock Splits
1 stock split
07/14/051:2 split
CAT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/03/25 | 09/30/25 | 4 | |
08/06/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | Unknown | |
11/03/25 | 09/30/24 | 10-Q | |
11/06/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/01/24 | 03/31/24 | 10-Q | |
02/16/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/02/23 | 06/30/23 | 10-Q | |
05/03/23 | 03/31/23 | 10-Q | |
02/15/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/04/22 | 03/31/22 | 10-Q | |
02/16/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/05/21 | 03/31/21 | 10-Q | |
02/17/21 | 12/31/20 | 10-K | |
11/04/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/19/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
08/01/19 | 06/30/19 | 10-Q | |
05/06/19 | 03/31/19 | 10-Q | |
02/14/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
08/07/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
02/15/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
02/15/17 | 12/31/16 | 10-K | |
11/02/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/02/16 | 03/31/16 | 10-Q | |
02/16/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
07/31/15 | 06/30/15 | 10-Q | |
05/01/15 | 03/31/15 | 10-Q | |
02/17/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
08/01/14 | 06/30/14 | 10-Q | |
05/02/14 | 03/31/14 | 10-Q | |
02/18/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/02/13 | 06/30/13 | 10-Q | |
05/02/13 | 03/31/13 | 10-Q | |
02/19/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/06/12 | 06/30/12 | 10-Q | |
05/07/12 | 03/31/12 | 10-Q | |
02/21/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/04/11 | 06/30/11 | 10-Q | |
05/09/11 | 03/31/11 | 10-Q | |
02/22/11 | 12/31/10 | 10-K | |
11/04/10 | 09/30/10 | 10-Q | |
07/30/10 | 06/30/10 | 10-Q | |
05/03/10 | 03/31/10 | 10-Q | |
02/19/10 | 12/31/09 | 10-K | |
10/30/09 | 09/30/09 | 10-Q | |
07/31/09 | 06/30/09 | 10-Q | |
05/01/09 | 03/31/09 | 10-Q | |
02/20/09 | 12/31/08 | 10-K | |
10/31/08 | 09/30/08 | 10-Q | |
08/01/08 | 06/30/08 | 4 | |
05/02/08 | 03/31/08 | 10-Q | |
02/22/08 | 12/31/07 | 10-K | |
11/01/07 | 09/30/07 | 10-Q | |
08/02/07 | 06/30/07 | 10-Q | |
05/03/07 | 03/31/07 | 10-Q | |
02/23/07 | 12/31/06 | 10-K | |
11/02/06 | 09/30/06 | 10-Q | |
08/02/06 | 06/30/06 | 4 | |
05/03/06 | 03/31/06 | 10-Q | |
02/22/06 | 12/31/05 | 10-K | |
11/04/05 | 09/30/05 | 10-Q | |
08/04/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/31/05 | 4 | |
02/24/05 | 12/31/04 | 10-K | |
11/08/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/31/04 | 4 | |
03/10/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 4 | |
08/14/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/31/03 | 10-Q | |
03/31/03 | 12/31/02 | 8-K | |
11/13/02 | 09/30/02 | 8-K | |
08/14/02 | 06/30/02 | 8-K | |
05/07/02 | 03/31/02 | 10-Q | |
03/22/02 | 12/31/01 | ARS | |
11/01/01 | 09/30/01 | 10-Q | |
08/09/01 | 06/30/01 | 10-Q | |
05/01/01 | 03/31/01 | 4 | |
03/15/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 13F-HR | |
08/11/00 | 06/30/00 | 8-K | |
05/10/00 | 03/31/00 | 8-K |