Financials Caterpillar Inc.

Equities

CAT

US1491231015

Heavy Machinery & Vehicles

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
343.4 ^USD	+1.59%		-3.18%	+16.14%

Apr. 26	Wall St Week Ahead-Lofty US stocks leave investors punishing earnings disappointments	RE
Apr. 26	Deutsche Bank Adjusts Price Target on Caterpillar to $310 From $308	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	81,617	98,884	111,834	124,669	150,521	171,476	-	-
Enterprise Value (EV) ¹	110,990	126,695	140,369	149,336	172,658	199,525	196,874	194,873
P/E ratio	13.8 x	33.3 x	17.5 x	19 x	14.7 x	16.2 x	15.7 x	14.7 x
Yield	2.67%	2.26%	2.11%	1.97%	-	1.6%	1.69%	1.75%
Capitalization / Revenue	1.52 x	2.37 x	2.19 x	2.1 x	2.24 x	2.56 x	2.48 x	2.37 x
EV / Revenue	2.06 x	3.03 x	2.75 x	2.51 x	2.57 x	2.98 x	2.84 x	2.69 x
EV / EBITDA	11.5 x	21.3 x	17.7 x	14.8 x	11.7 x	13.2 x	12.6 x	11.8 x
EV / FCF	18.9 x	23.7 x	23 x	23 x	15.3 x	20.2 x	19.6 x	18.8 x
FCF Yield	5.29%	4.22%	4.35%	4.34%	6.54%	4.94%	5.11%	5.31%
Price to Book	5.57 x	6.47 x	6.72 x	7.95 x	7.74 x	7.8 x	6.3 x	5.41 x
Nbr of stocks (in thousands)	552,658	543,258	540,942	520,409	509,085	499,377	-	-
Reference price ²	147.7	182.0	206.7	239.6	295.7	343.4	343.4	343.4
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	66,855	69,226	72,484
EBITDA ¹	9,683	5,951	7,913	10,096	14,800	15,084	15,639	16,565
EBIT ¹	8,290	4,553	6,878	7,433	12,966	13,450	14,088	15,220
Operating Margin	15.41%	10.91%	13.49%	12.51%	19.33%	20.12%	20.35%	21%
Earnings before Tax (EBT) ¹	7,812	3,995	8,204	8,752	13,050	13,636	13,753	14,148
Net income ¹	6,093	2,998	6,489	6,705	10,335	10,471	10,530	10,851
Net margin	11.33%	7.18%	12.73%	11.28%	15.41%	15.66%	15.21%	14.97%
EPS ²	10.74	5.460	11.83	12.64	20.12	21.23	21.90	23.37
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,856	10,059	10,349
FCF margin	10.92%	12.81%	11.98%	10.92%	16.83%	14.74%	14.53%	14.28%
FCF Conversion (EBITDA)	60.68%	89.88%	77.15%	64.25%	76.27%	65.34%	64.32%	62.48%
FCF Conversion (Net income)	96.44%	178.42%	94.08%	96.75%	109.22%	94.13%	95.53%	95.38%
Dividend per Share ²	3.950	4.120	4.360	4.710	-	5.490	5.807	5.995
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 Q3	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
Net sales ¹	12,397	13,798	13,589	14,247	14,994	16,597	15,862	17,318	16,810	17,070	15,799	16,912	16,513	17,390	16,214
EBITDA ¹	1,961	1,863	2,086	2,189	2,691	3,130	3,567	3,929	3,764	3,540	3,726	3,901	3,658	3,582	3,867
EBIT ¹	1,664	1,611	1,728	1,944	2,425	1,629	2,731	3,652	3,449	3,134	3,519	3,499	3,310	3,198	3,519
Operating Margin	13.42%	11.68%	12.72%	13.64%	16.17%	9.82%	17.22%	21.09%	20.52%	18.36%	22.27%	20.69%	20.04%	18.39%	21.7%
Earnings before Tax (EBT) ¹	1,775	2,562	1,999	2,096	2,558	2,099	2,634	3,652	3,515	3,249	3,532	3,527	3,391	3,346	3,568
Net income ¹	1,426	2,120	1,537	1,673	2,041	1,454	1,943	2,922	2,794	2,676	2,856	2,737	2,537	2,506	2,686
Net margin	11.5%	15.36%	11.31%	11.74%	13.61%	8.76%	12.25%	16.87%	16.62%	15.68%	18.08%	16.19%	15.36%	14.41%	16.57%
EPS ²	2.600	3.910	2.860	3.130	3.870	2.790	3.740	5.670	5.450	5.280	5.750	5.435	5.234	5.015	5.519
Dividend per Share ²	1.110	1.110	1.110	1.200	1.200	1.200	1.200	1.300	-	-	1.300	1.301	1.367	1.370	1.408
Announcement Date	10/28/21	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	28,049	25,398	23,397
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.033 x	4.673 x	3.606 x	2.443 x	1.496 x	1.86 x	1.624 x	1.412 x
Free Cash Flow ¹	5,876	5,349	6,105	6,487	11,288	9,856	10,059	10,349
ROE (net income / shareholders' equity)	42.6%	20%	37.3%	45.4%	61.6%	55%	43.3%	37%
ROA (Net income/ Total Assets)	7.76%	3.82%	7.36%	8.91%	12.9%	16.5%	16.1%	13.1%
Assets ¹	78,481	78,389	88,123	75,253	80,179	63,497	65,365	82,651
Book Value Per Share ²	26.50	28.10	30.80	30.10	38.20	44.00	54.50	63.50
Cash Flow per Share ²	12.20	11.50	13.10	14.60	25.10	24.70	23.20	25.50
Capex ¹	1,056	978	1,093	1,296	1,597	2,255	2,135	2,237
Capex / Sales	1.96%	2.34%	2.14%	2.18%	2.38%	3.37%	3.08%	3.09%
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

343.4 USD

Average target price

326.6 USD

Spread / Average Target

-4.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Construction Machinery

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DOOSAN BOBCAT INC.	+3.17%	3.78B
CHINA RAILWAY CONSTRUCTION HEAVY INDUSTRY CORPORATION LIMITED	-0.76%	2.9B
GUANGXI LIUGONG MACHINERY CO., LTD.	+58.46%	2.88B
ACTION CONSTRUCTION EQUIPMENT LIMITED	+84.29%	2.18B
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Construction Machinery