Financials Caterpillar Inc.

Equities

CAT

US1491231015

Heavy Machinery & Vehicles

Market Closed - Nyse Other stock markets 04:00:02 2024-05-31 pm EDT			5-day change	1st Jan Change
338.5 ^USD	-0.22%		-2.98%	+14.49%

May. 28	BHP, RIO Tinto to Test Caterpillar, Komatsu EV Haul Trucks in Western Australia	MT
May. 27	Rio Tinto: electric truck trials in the Pilbara	CF

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	81,617	98,884	111,834	124,669	150,521	165,554	-	-
Enterprise Value (EV) ¹	110,990	126,695	140,369	149,336	172,658	194,354	192,375	190,053
P/E ratio	13.8 x	33.3 x	17.5 x	19 x	14.7 x	16 x	15.2 x	14 x
Yield	2.67%	2.26%	2.11%	1.97%	1.72%	1.6%	1.72%	1.78%
Capitalization / Revenue	1.52 x	2.37 x	2.19 x	2.1 x	2.24 x	2.49 x	2.4 x	2.29 x
EV / Revenue	2.06 x	3.03 x	2.75 x	2.51 x	2.57 x	2.93 x	2.79 x	2.63 x
EV / EBITDA	11.5 x	21.3 x	17.7 x	14.8 x	11.7 x	12.8 x	12.2 x	11.3 x
EV / FCF	18.9 x	23.7 x	23 x	23 x	15.3 x	19.3 x	18.5 x	16.9 x
FCF Yield	5.29%	4.22%	4.35%	4.34%	6.54%	5.18%	5.4%	5.9%
Price to Book	5.57 x	6.47 x	6.72 x	7.95 x	7.74 x	7.93 x	6.7 x	5.66 x
Nbr of stocks (in thousands)	552,658	543,258	540,942	520,409	509,085	489,053	-	-
Reference price ²	147.7	182.0	206.7	239.6	295.7	338.5	338.5	338.5
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	53,800	41,748	50,971	59,427	67,060	66,401	68,862	72,273
EBITDA ¹	9,683	5,951	7,913	10,096	14,800	15,193	15,753	16,765
EBIT ¹	8,290	4,553	6,878	7,433	12,966	13,580	14,193	15,345
Operating Margin	15.41%	10.91%	13.49%	12.51%	19.33%	20.45%	20.61%	21.23%
Earnings before Tax (EBT) ¹	7,812	3,995	8,204	8,752	13,050	13,417	13,660	14,857
Net income ¹	6,093	2,998	6,489	6,705	10,335	10,516	10,663	11,092
Net margin	11.33%	7.18%	12.73%	11.28%	15.41%	15.84%	15.48%	15.35%
EPS ²	10.74	5.460	11.83	12.64	20.12	21.20	22.29	24.20
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	10,075	10,396	11,213
FCF margin	10.92%	12.81%	11.98%	10.92%	16.83%	15.17%	15.1%	15.51%
FCF Conversion (EBITDA)	60.68%	89.88%	77.15%	64.25%	76.27%	66.32%	65.99%	66.88%
FCF Conversion (Net income)	96.44%	178.42%	94.08%	96.75%	109.22%	95.81%	97.49%	101.09%
Dividend per Share ²	3.950	4.120	4.360	4.710	5.100	5.412	5.819	6.027
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	13,798	13,589	14,247	14,994	16,597	15,862	17,318	16,810	17,070	15,799	16,748	16,500	17,261	16,109	17,378
EBITDA ¹	1,863	2,086	2,189	2,691	3,130	3,567	3,929	3,764	3,540	3,726	3,888	3,670	3,585	3,928	3,967
EBIT ¹	1,611	1,728	1,944	2,425	1,629	2,731	3,652	3,449	3,134	3,519	3,498	3,340	3,265	3,579	3,669
Operating Margin	11.68%	12.72%	13.64%	16.17%	9.82%	17.22%	21.09%	20.52%	18.36%	22.27%	20.89%	20.25%	18.92%	22.22%	21.11%
Earnings before Tax (EBT) ¹	2,562	1,999	2,096	2,558	2,099	2,634	3,652	3,515	3,249	3,532	3,432	3,273	3,175	3,471	3,550
Net income ¹	2,120	1,537	1,673	2,041	1,454	1,943	2,922	2,794	2,676	2,856	2,689	2,557	2,485	2,730	2,771
Net margin	15.36%	11.31%	11.74%	13.61%	8.76%	12.25%	16.87%	16.62%	15.68%	18.08%	16.06%	15.5%	14.39%	16.95%	15.95%
EPS ²	3.910	2.860	3.130	3.870	2.790	3.740	5.670	5.450	5.280	5.750	5.443	5.226	5.053	5.628	5.831
Dividend per Share ²	1.110	1.110	1.200	1.200	1.200	1.200	1.300	-	1.300	-	1.304	1.361	1.363	1.408	1.410
Announcement Date	1/28/22	4/28/22	8/2/22	10/27/22	1/31/23	4/27/23	8/1/23	10/31/23	2/5/24	4/25/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,373	27,811	28,535	24,667	22,137	28,800	26,821	24,499
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.033 x	4.673 x	3.606 x	2.443 x	1.496 x	1.896 x	1.703 x	1.461 x
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	10,075	10,396	11,213
ROE (net income / shareholders' equity)	42.6%	20%	37.3%	45.4%	61.6%	53.1%	46.3%	41%
ROA (Net income/ Total Assets)	7.76%	3.82%	7.36%	8.91%	12.9%	16.1%	14.9%	13.8%
Assets ¹	78,481	78,389	88,123	75,253	80,179	65,280	71,606	80,231
Book Value Per Share ²	26.50	28.10	30.80	30.10	38.20	42.70	50.50	59.80
Cash Flow per Share ²	12.20	11.50	13.10	14.60	25.10	26.00	24.60	30.00
Capex ¹	1,056	978	1,093	1,296	1,597	2,203	2,180	2,136
Capex / Sales	1.96%	2.34%	2.14%	2.18%	2.38%	3.32%	3.17%	2.96%
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Caterpillar Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

338.5 USD

Average target price

342.7 USD

Spread / Average Target

+1.23%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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	1st Jan change	Capi.
CATERPILLAR INC.	+14.49%	166B
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CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	-1.01%	2.89B
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ACTION CONSTRUCTION EQUIPMENT LIMITED	+72.73%	2.04B
TAKEUCHI MFG. CO., LTD.	+42.12%	1.85B
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Construction Machinery