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NEW YORK STOCK EXCHANGE, INC. · Machinery · CIK 0000018230
$704.05
-4.89% · live
Updated
$327.59B market value
From CATERPILLAR INC's FY2025 10-K, filed Feb 13, 2026 · read the filing
CATERPILLAR makes industrial machinery and equipment. It took in $67.59B last year, which makes it a very large company. Of every dollar it sells, about 13 cents is left as profit.
The financial picture is led by profitability, debt and accounting, with growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Recent open-market selling by Creed Joseph E, not under a pre-arranged plan.
$26.2M sold in the last 120 days · Read the filing
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
Strong finances across the board.
From CATERPILLAR INC's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Cash
$6.89B → $9.98B
Capital spending
$1.99B → $2.82B
Profit
$10.79B → $8.88B
Operating margin
20.2% → 16.5%
Measured against FY2024, from the 10-K filed Feb 13, 2026
Improved: +44.9%
$6.89B to $9.98BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: +41.9%
$1.99B to $2.82BCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
How the latest move compares (quote live), and what was published around it
CAT fell 4.89% on the latest quote. The average Industrials company tracked here moved +0.44%, and the S&P 500 −1.04%. That is 5.3 points below its sector and 3.8 points below the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 15% a year for the next 10 years. Over the last 10 years it grew by about 5% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 13 cents of every dollar of sales as profit, earning $8.88B last year.
Slowly. Sales grew 4.3% last year.
No. At its current cash flow it could clear its debt in about 2.2 years. For every $1 it owes, it owns $1.28 in assets.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 31 cents of every dollar of profit and keeps the rest, which leaves the payment comfortably covered. It paid out 23% of the cash its operations generated. It has paid in each of the last 12 years.
GoodFigures from the FY2025 annual filing
Last year it earned $8.88B and generated $11.74B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 13, 2026Filing for FY2025 | FY202410-K · Feb 14, 2025Filing for FY2024 | FY202310-K · Feb 14, 2025Filing for FY2023 | FY202210-K · Feb 14, 2025Filing for FY2022 | FY202110-K · Feb 16, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $67.59B | $64.81B | $67.06B | $59.43B | $50.97B | +4.3% |
| Cost of revenue | $49.0M | $33.0M | $160.0M | $413.0M | $35.51B | +48.5% |
| Gross profit | $67.54B† | $64.78B† | $66.90B† | $59.01B† | $15.46B† | +4.3% |
| Gross marginGross profit ÷ revenueWhat is this? | 99.9% | 99.9% | 99.8% | 99.3% | 30.3% | −0.0 pts |
| Selling, general and administrative | $6.99B | $6.67B | $6.37B | $5.65B | $5.37B | +4.8% |
| Operating income | $11.15B | $13.07B | $12.97B | $7.90B | $6.88B | −14.7% |
| Operating marginOperating income ÷ revenueWhat is this? | 16.5% | 20.2% | 19.3% | 13.3% | 13.5% | −3.7 pts |
| Income before tax | $11.54B | $13.37B | $13.05B | $8.75B | $8.20B | −13.7% |
| Net income | $8.88B | $10.79B | $10.33B | $6.70B | $6.49B | −17.7% |
| Net marginNet income ÷ revenueWhat is this? | 13.1% | 16.6% | 15.4% | 11.3% | 12.7% | −3.5 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $19.09 | $22.57 | $20.69 | $12.98 | $12.12 | −15.4% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| CATCATERPILLAR INC · this page | 9.0/10 | 6/9 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 44,403 shares at $219.76 ($9.8M)
Holds 78,958 shares after this filing.
Had shares withheld to cover taxes — 12,002 shares at $812.98 ($9.8M)
Holds 66,956 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join · Reported another event
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingWrite down why you are following CATERPILLAR INC, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
Coverage from the last 30 days
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from CAT's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 13, 2026), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 9.0 | 6/9 | 10-K, filed Feb 13, 2026 |
| FY2024 | 8.0 | 7/9 | 10-K, filed Feb 14, 2025 |
| FY2023 | 9.0 | 8/9 | 10-K, filed Feb 16, 2024 |
| FY2022 | 9.0 | 8/9 | 10-K, filed Feb 15, 2023 |
| FY2021 | 9.0 | 7/9 | 10-K, filed Feb 16, 2022 |
| FY2020 | 7.0 | 6/9 | 10-K, filed Feb 17, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
6 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
4.73
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-2.47
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: -17.7%
$10.79B to $8.88BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −3.7 pts
20.2% to 16.5%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −3.5 pts
16.6% to 13.1%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -15.4%
$22.57 to $19.09Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -14.7%
$13.07B to $11.15BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: -11.2%
$10.05B to $8.92BNotable
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Deteriorated: +12.2%
$27.35B to $30.70BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: -2.6%
477.9M to 465.3MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 5, 2026 — read it.
Improved: +50.2%
$2.86B to $4.29BCritical
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +64.9%
$2.18B to $3.59BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +68.0%
$4.65 to $7.82Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +24.0%
$16.57B to $20.54BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +34.7%
$5.76B to $7.76BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +3.0 pts
34.8% to 37.8%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +3.6 pts
17.3% to 20.9%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +4.3 pts
13.2% to 17.5%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +23.4%
$5.44B to $6.71BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -1.9%
468.5M to 459.7MNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 5, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +41.0%
$2.55B to $3.59BCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +41.3%
$5.53 to $7.82Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +64.9%
$4.07B to $6.71BCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: +18.0%
$17.41B to $20.54BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +27.1%
$6.11B to $7.76BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +39.2%
$3.08B to $4.29BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +3.2 pts
17.7% to 20.9%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +2.7 pts
35.1% to 37.8%Notable
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +2.9 pts
14.6% to 17.5%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
4 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
Loading price history…
Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 12% and 17%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 34 analysts covering this company, as of . Their views, not this site's.
Of 34 analysts publishing on this company, 8 say strong buy, 12 say buy, 13 say hold and 1 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 1.7% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 30.8x — a high multiple relative to the current trailing profit.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
| 4.3% |
| 13.1% |
| 36.88x |
| 3.62x |
| CMICUMMINS INC | 6.0/10 | 6/9 | -1.3% | 8.8% | 24.15x | 1.67x |
|---|
| PCARPACCAR INC | 4.7/10 | 4/7 | -15.5% | 8.4% | 24.21x | 1.30x |
|---|
| Median of peers | 5.3/10 | — | -8.4% | 8.6% | 24.18x | 1.48x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Sold on the open market — 480 shares at $800.19 ($384.1K)
Holds 66,476 shares after this filing.
Sold on the open market — 540 shares at $801.10 ($432.6K)
Holds 65,936 shares after this filing.
Sold on the open market — 280 shares at $802.10 ($224.6K)
Holds 65,656 shares after this filing.
Sold on the open market — 750 shares at $803.39 ($602.5K)
Holds 64,906 shares after this filing.
Sold on the open market — 520 shares at $803.86 ($418.0K)
Holds 64,386 shares after this filing.
Sold on the open market — 1,351 shares at $805.36 ($1.1M)
Holds 63,035 shares after this filing.
Sold on the open market — 3,382 shares at $806.31 ($2.7M)
Holds 59,653 shares after this filing.
Sold on the open market — 6,135 shares at $807.41 ($5.0M)
Holds 53,518 shares after this filing.
Sold on the open market — 2,639 shares at $808.20 ($2.1M)
Holds 50,879 shares after this filing.
Sold on the open market — 2,137 shares at $809.08 ($1.7M)
Holds 48,742 shares after this filing.
Sold on the open market — 3,041 shares at $810.31 ($2.5M)
Holds 45,701 shares after this filing.
Sold on the open market — 5,035 shares at $811.31 ($4.1M)
Holds 40,666 shares after this filing.
Sold on the open market — 1,280 shares at $812.09 ($1.0M)
Holds 39,386 shares after this filing.
Sold on the open market — 4,831 shares at $813.72 ($3.9M)
Holds 34,555 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 32,401 shares ($26.2M) on or after .
Shares originally obtained via Stock Option Exercise.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Quarterly report for Q2 FY2026
Revenue +24.0% · Operating margin +3.6 pts · Operating income +50.2% — against Q2 FY2025
Published results · Made a Regulation FD disclosure
Read the filingHeld a shareholder vote · Made a Regulation FD disclosure
Read the filingQuarterly report for Q1 FY2026
Revenue +22.2% · Gross profit -57.0% · Gross margin −64.7 pts — against Q1 FY2025
Read the filingProxy statement for a shareholder meeting
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingReported another event
Read the filingHad a director or senior officer leave or join
Read the filingReported another event
Read the filingAnnual report for FY2025
Operating margin −3.7 pts · Cash +44.9% · Capital spending +41.9% — against FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join · Amended its charter or changed its financial year
Read the filingQuarterly report for Q3 FY2025
Revenue +9.5% · Operating margin −2.2 pts · Gross margin −3.7 pts — against Q3 FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingReported another event
Read the filingQuarterly report for Q2 FY2025
Operating margin −3.6 pts · Operating income -17.9% · Profit -18.7% — against Q2 FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingPrimary sources and further research