Financials Caterpillar Inc.

Equities

CAT

US1491231015

Heavy Machinery & Vehicles

Market Closed - Nyse Other stock markets 04:00:02 2024-05-24 pm EDT			5-day change	1st Jan Change
348.9 ^USD	-0.51%		-2.07%	+18.00%

May. 21	Caterpillar Agrees to Pay $800,000 to Settle Hiring Discrimination Case, Agency Says	MT
May. 21	Caterpillar to Pay $800,000 to Resolve Allegations of Racial Hiring Discrimination	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	81,617	98,884	111,834	124,669	150,521	170,631	-	-
Enterprise Value (EV) ¹	110,990	126,695	140,369	149,336	172,658	199,430	196,945	194,940
P/E ratio	13.8 x	33.3 x	17.5 x	19 x	14.7 x	16.5 x	15.8 x	14.6 x
Yield	2.67%	2.26%	2.11%	1.97%	1.72%	1.55%	1.67%	1.73%
Capitalization / Revenue	1.52 x	2.37 x	2.19 x	2.1 x	2.24 x	2.57 x	2.48 x	2.36 x
EV / Revenue	2.06 x	3.03 x	2.75 x	2.51 x	2.57 x	3 x	2.86 x	2.7 x
EV / EBITDA	11.5 x	21.3 x	17.7 x	14.8 x	11.7 x	13.1 x	12.5 x	11.7 x
EV / FCF	18.9 x	23.7 x	23 x	23 x	15.3 x	19.9 x	19.1 x	17.7 x
FCF Yield	5.29%	4.22%	4.35%	4.34%	6.54%	5.01%	5.24%	5.65%
Price to Book	5.57 x	6.47 x	6.72 x	7.95 x	7.74 x	8.17 x	6.91 x	5.83 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	348.9	348.9	348.9
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	66,439	68,795	72,243
EBITDA ¹	9,683	5,951	7,913	10,096	14,800	15,175	15,723	16,730
EBIT ¹	8,290	4,553	6,878	7,433	12,966	13,560	14,171	15,317
Operating Margin	15.41%	10.91%	13.49%	12.51%	19.33%	20.41%	20.6%	21.2%
Earnings before Tax (EBT) ¹	7,812	3,995	8,204	8,752	13,050	13,396	13,601	14,759
Net income ¹	6,093	2,998	6,489	6,705	10,335	10,480	10,634	11,073
Net margin	11.33%	7.18%	12.73%	11.28%	15.41%	15.77%	15.46%	15.33%
EPS ²	10.74	5.460	11.83	12.64	20.12	21.09	22.14	23.92
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,999	10,312	11,014
FCF margin	10.92%	12.81%	11.98%	10.92%	16.83%	15.05%	14.99%	15.25%
FCF Conversion (EBITDA)	60.68%	89.88%	77.15%	64.25%	76.27%	65.89%	65.59%	65.83%
FCF Conversion (Net income)	96.44%	178.42%	94.08%	96.75%	109.22%	95.41%	96.97%	99.46%
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	16,758	16,477	17,261	16,053	17,328
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	3,497	3,343	3,238	3,596	3,661
Operating Margin	11.68%	12.72%	13.64%	16.17%	9.82%	17.22%	21.09%	20.52%	18.36%	22.27%	20.87%	20.29%	18.76%	22.4%	21.13%
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%	16.05%	15.52%	14.39%	17.01%	15.99%
EPS ²	3.910	2.860	3.130	3.870	2.790	3.740	5.670	5.450	5.280	5.750	5.433	5.229	5.010	5.633	5.801
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	26,314	24,310
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.033 x	4.673 x	3.606 x	2.443 x	1.496 x	1.898 x	1.674 x	1.453 x
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,999	10,312	11,014
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	65,057	71,410	80,092
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	2,196	2,171	2,154
Capex / Sales	1.96%	2.34%	2.14%	2.18%	2.38%	3.3%	3.16%	2.98%
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

348.9 USD

Average target price

341 USD

Spread / Average Target

-2.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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