Caterpillar
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
18.7517.2116.7815.20
Price/Sales ratio
3.283.113.132.92
Earnings per Share (EPS)
$22.20$24.19$24.81$27.38

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
15.2816.07-808.77123.6812.2213.6133.0317.3318.8214.6016.5412.22
Price/Sales ratio
1.020.851.402.051.371.542.372.202.122.252.681.37
Price/Book Value ratio
3.372.724.126.805.355.686.456.827.957.749.105.35
Price/Cash Flow ratio
7.016.059.6616.3511.4511.9915.6515.6216.2511.7113.9711.45
Price/Free Cash Flow ratio
12.0711.8320.2127.7020.6319.5423.5123.7924.4215.4118.3219.54
Price/Earnings Growth ratio
7.47-0.547.88-0.090.013.07-0.670.142.800.24-2.503.07
Dividend Yield
2.86%4.35%3.31%1.96%2.59%2.57%2.26%2.07%1.93%1.69%1.48%2.57%
Profitability Indicator Ratios
Gross Profit Margin
26.80%27.39%24.99%30.28%31.07%30.51%28.92%29.43%29.46%34.68%35.91%31.07%
Operating Profit Margin
9.65%8.05%1.29%9.69%15.14%15.40%10.90%13.49%13.30%19.33%20.61%15.14%
Pretax Profit Margin
9.21%7.31%0.36%8.97%14.29%14.52%9.56%16.09%14.72%19.46%20.37%14.29%
Net Profit Margin
6.69%5.34%-0.17%1.65%11.23%11.32%7.18%12.73%11.28%15.41%16.26%11.23%
Effective Tax Rate
27.14%26.63%138.12%81.79%21.70%22.35%25.18%21.23%23.61%21.31%20.57%22.35%
Return on Assets
4.36%3.20%-0.08%0.97%7.82%7.76%3.82%7.83%8.18%11.81%12.37%7.82%
Return On Equity
22.06%16.96%-0.51%5.50%43.78%41.76%19.55%39.36%42.25%53.01%57.97%43.78%
Return on Capital Employed
9.37%7.26%1.02%8.80%16.48%15.99%8.65%12.99%15.67%24.58%25.03%16.48%
Liquidity Ratios
Current Ratio
1.391.301.221.341.361.471.53N/AN/AN/A1.391.36
Quick Ratio
0.950.900.890.970.951.041.090.980.870.870.851.04
Cash ratio
0.260.240.270.300.270.310.360.310.220.200.170.31
Days of Sales Outstanding
50.92121.78137.36130.00116.40121.46146.70124.42109.75102.43106.28121.46
Days of Inventory outstanding
110.29103.72108.77115.36111.56109.99140.26142.45141.68138.05150.15111.56
Operating Cycle
161.21225.51246.13245.37227.97231.46286.96266.87251.43240.48256.43227.97
Days of Payables Outstanding
58.8753.7158.2674.7068.2358.1675.3882.7475.6665.8866.8258.16
Cash Conversion Cycle
102.34171.80187.87170.67159.73173.30211.58184.13175.76174.59189.60159.73
Debt Ratios
Debt Ratio
0.240.270.490.440.240.470.470.450.450.430.430.24
Debt Equity Ratio
1.241.462.792.511.392.582.422.292.331.941.951.39
Long-term Debt to Capitalization
0.350.370.630.630.360.640.620.610.610.550.570.36
Total Debt to Capitalization
0.550.590.730.710.580.720.700.690.690.660.660.58
Interest Coverage Ratio
11.006.422.168.2920.5219.698.85N/AN/AN/A25.4820.52
Cash Flow to Debt Ratio
0.380.300.150.160.330.180.170.190.200.340.330.33
Company Equity Multiplier
5.055.295.685.615.595.375.105.025.164.484.445.37
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.140.140.140.120.110.120.150.140.130.190.190.11
Free Cash Flow / Operating Cash Flow Ratio
0.580.510.470.590.550.610.660.650.660.760.760.55
Cash Flow Coverage Ratio
0.380.300.150.160.330.180.170.190.200.340.330.33
Short Term Coverage Ratio
0.700.510.400.510.560.600.560.610.680.961.040.56
Dividend Payout Ratio
43.84%69.94%-2685.07%242.83%31.73%34.99%74.81%35.93%36.39%24.79%24.61%34.99%