Caterpillar Inc.CAT
NYSE•Industrials•Farm & Heavy Construction Machinery
Caterpillar Inc. provides construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in the United States and internationally. The Construction Industries segment offers asphalt pavers, cold planers, compactors, forestry machines, material handlers, motor graders, pipelayers, road reclaimers, telehandlers, track-type tractors, and track and wheel excavators; backhoe, compact track, skid steer, track-type, and wheel loaders; and related parts and work tools. Its Resource Industries segment provides electric rope and hydraulic shovels, draglines, rotary drills, hard rock vehicles, mining trucks, wheel loaders, off-highway and articulated trucks, wide-body trucks, wheel tractor scrapers and dozers, and landfill and soil compactors; machinery components, and wear and maintenance components; and technology products and services for fleet management, equipment management analytics, autonomous machine capabilities, safety services, and mining performance solutions. The Energy & Transportation segment offers reciprocating engine powered generator sets; reciprocating engines, drivetrain, and integrated systems and solutions; centrifugal gas compressors and related services; and diesel-electric locomotive components, and other rail-related products. Its Financial Products segment provides operating and finance leases, revolving charge accounts, installment sale contracts, repair/rebuild financing, working capital loans, and wholesale financing; and insurance and risk management products and services. The All Other segment offers parts distribution; logistics and distribution services; electronics and control systems; dealer portfolio management; brand management and marketing strategy; and digital investment services. It also provides mining software solutions. The company was formerly known as Caterpillar Tractor Co. Caterpillar Inc. was incorporated in 1925 and is headquartered in Irving, Texas.
Caterpillar, Inc. (CAT) reported trailing twelve months revenue of $70.75B as of March 2026, a 11.8% increase year-over-year. Quarterly revenue reached $17.41B, reflecting continued top-line momentum.
Caterpillar, Inc. generated $9.43B in TTM net income, with quarterly EBITDA of $3.68B. The operating margin contracted from 18.1% to 17.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (17.7%) and net margin (14.6%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 14.1% a year ago, signaling stronger bottom-line efficiency.
CAT trades at a P/E of 32.8x (a premium multiple) and a P/S of 4.4x. The price-to-book ratio of 16.6x indicates a significant premium over book value.
The company generated $1.14B in free cash flow over the trailing twelve months, a 97.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $95.55B in total assets with no in long-term debt against $18.66B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~17.8% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 52.2% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has grown modestly overall (~6.6%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 13.5% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 4.9% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation