Caterpillar (CAT) stock
Industrials · Construction Machinery & Heavy Transportation Equipment
Caterpillar (CAT) is a Construction Machinery & Heavy Transportation Equipment company in the Industrials sector, headquartered in Irving, Texas. As of October 23, 2026, CAT closed at $687.00, a market capitalization of $315.80 billion, the 33rd largest company in the S&P 500. Over the last twelve months it generated $74.73 billion in revenue (+24% year over year) and $8.99 billion in free cash flow. The stock trades at 29.6x trailing earnings and 21.1x forward earnings.
- 1-year total return: +32.8% (dividends reinvested)
- 5-year return: +30.0% a year
- 52-week range: $521.43 – $1,073.46
- Gross margin 29.7%, operating margin 22.2%
- Dividend yield: 0.95%, 32 straight years of increases
- FI Handbook report card: B- across 10 metrics
- Largest of 83 Industrials stocks in the S&P 500
CAT price chart
1Y price change: +32.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| CAT | -15.4% | +20.7% | +32.8% | +42.3% | +30.0% | +25.7% | +11.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1962.
CAT key statistics
- Market cap
- $315.8B
- #33 in S&P 500
- P/E (TTM)
- 29.6x
- Forward P/E
- 21.1x
- EPS (TTM)
- $23.23
- Revenue (TTM)
- $74.7B
- +24%
- Free cash flow
- $9.0B
- Gross margin
- 29.7%
- Operating margin
- 22.2%
- Return on equity
- 57.0%
- Dividend yield
- 0.95%
- 52-week range
- $521.43 – $1,073
- Beta
- 1.58
- Price / sales
- 4.2x
- EV / EBITDA
- 21.8x
- Debt / equity
- 2.33x
- Employees
- 118,000
CAT report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth24.0%A
- Gross margin29.7%C
- Operating margin22.2%B
- FCF margin12.0%C
- Return on equity57.0%A
- Net debt / EBITDA2.4xD
- Forward P/E21.1xC
- PEG ratio1.4xB
- Shareholder yield2.6%C
- Share count change / yr-3.0%A
Caterpillar financials
Revenue went from $38.5B in fiscal 2016 to $67.6B in fiscal 2025, growing 6.4% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.5B | $45.5B | $54.7B | $53.8B | $41.7B | $51.0B | $59.4B | $67.1B | $64.8B | $67.6B |
| Gross profit | $10.5B | $14.2B | $17.7B | $17.2B | $12.7B | $15.5B | $59.0B | $66.9B | $64.8B | $67.5B |
| Operating income | $1.2B | $4.5B | $8.3B | $8.3B | $4.6B | $6.9B | $7.9B | $13.0B | $13.1B | $11.2B |
| Net income | -$59.0M | $759.0M | $6.1B | $6.1B | $3.0B | $6.5B | $6.7B | $10.3B | $10.8B | $8.9B |
| EPS (diluted) | $-0.11 | $1.26 | $10.26 | $10.74 | $5.46 | $11.83 | $12.64 | $20.12 | $22.05 | $18.81 |
| Free cash flow | — | $4.8B | $5.3B | $5.9B | $5.3B | $6.1B | $6.5B | $11.3B | $10.0B | $8.9B |
| Buybacks | $0 | $0 | $3.8B | $4.0B | $1.1B | $2.7B | $4.2B | $5.0B | $7.7B | $5.2B |
| Dividends paid | $1.8B | $1.8B | $2.0B | $2.1B | $2.2B | $2.3B | $2.4B | $2.6B | $2.6B | $2.7B |
| Diluted shares | 584.3M | 599.3M | 599.4M | 567.5M | 548.6M | 548.5M | 530.4M | 513.6M | 489.4M | 472.3M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into CAT?
A reverse DCF asks what growth the current price requires. With an enterprise value of $355.0B and $9.0B of trailing free cash flow, Caterpillar needs to grow free cash flow about 28.1% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 10.8% a year over the last five years.
P/E ratio history
Current 36.5x vs. median 17.9x (10th–90th percentile 10.1x–47.2x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
CAT dividend
- Dividend yield
- 0.95%
- Annual dividend
- $6.52
- Years of increases
- 32
- 5-yr dividend growth
- 7.2%
- per year
- Payout ratio
- 26%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
CAT analyst price targets
26 analysts' average 12-month target is $945.76 (+38% vs. $687.00). Targets range from $575.00 to $1,155. 55% rate it a buy.
CAT earnings
Next report: October 29, 2026. Caterpillar has beaten EPS estimates 4 quarters in a row. Last quarter's revenue was $20.5B (+24% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 4, 2026 | $6.20 | $8.17 | +31.8% |
| Apr 30, 2026 | $4.64 | $5.54 | +19.3% |
| Jan 29, 2026 | $4.71 | $5.16 | +9.5% |
| Oct 29, 2025 | $4.52 | $4.95 | +9.4% |
| Aug 5, 2025 | $4.90 | $4.72 | -3.7% |
| Apr 30, 2025 | $4.34 | $4.25 | -2.2% |
| Jan 30, 2025 | $5.03 | $5.14 | +2.3% |
| Oct 30, 2024 | $5.35 | $5.17 | -3.4% |
Stocks like CAT
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 CMI Cummins | -0.41% | +26% | $71.2B | 26.4x | Compare |
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 WAB Westinghouse Air Brake Technolo | -1.49% | +39% | $46.0B | 33.8x | Compare |
 GE GE Aerospace | -2.69% | -6% | $296.4B | 32.6x | Compare |
 RTX RTX | -1.90% | +8% | $257.8B | 31.1x | Compare |
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 DE Deere & | +0.39% | +39% | $174.2B | 35.9x | Compare |
 UNP Union Pacific | -1.75% | +36% | $174.0B | 22.8x | Compare |
CAT news
- Can Caterpillar’s $72B Backlog Save Its Stock From a 10% Slump? · Oct 25, 2026
- Caterpillar Is Quietly Becoming an AI Stock. Here's the Segment Growing 72% That Proves It. · Oct 24, 2026
- Caterpillar Stock Fell Nearly 5% as Power-Equipment Stocks Slid a Week Before Its Q3 Report. Here’s Where the Stock Could Go · Oct 23, 2026
- Caterpillar (CAT) On Its $1b North Carolina Expansion And The Undervalued Narrative · Oct 23, 2026
- What to Expect From Caterpillar's Next Quarterly Earnings Report · Oct 23, 2026
CAT stock FAQ
What is CAT's market cap?
Caterpillar's market capitalization is $315.80 billion as of October 23, 2026, ranking 33rd in the S&P 500.
What is CAT's P/E ratio?
CAT trades at a trailing price-to-earnings ratio of 29.6x and a forward P/E of 21.1x. Its median P/E over the period we track is 17.9x.
Does CAT pay a dividend?
Yes. Caterpillar pays $6.52 per share a year, a 0.95% yield. It has raised its dividend 32 years in a row. Dividends grew 7.2% a year over the last five years.
How much has CAT stock returned?
Including reinvested dividends, CAT returned +32.8% over one year, +30.0% a year over five years, +25.7% a year over ten years through October 23, 2026.
Is CAT stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Caterpillar must grow free cash flow about 28% a year for the next decade. Its free cash flow grew 11% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the CAT price target?
26 analysts cover CAT with an average 12-month price target of $945.76, +38% from the current price. 55% of them rate it a buy.
When does CAT report earnings?
Caterpillar is expected to report earnings on October 29, 2026. It has beaten EPS estimates 4 quarters in a row.
How many employees does Caterpillar have?
Caterpillar has about 118,000 full-time employees, or $633,297 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology