Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Caterpillar Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The capital structure exhibits a consistent reliance on liabilities, which generally fluctuate between 76% and 80% of total liabilities and shareholders’ equity. Total shareholders’ equity remains relatively stable, typically ranging between 19% and 23%, though a slight contraction is observed toward the end of the period, reaching 19.53% by March 31, 2026.
- Current Liabilities Trends
- Current liabilities represent a significant portion of the total balance sheet, moving from 32.92% in March 2021 to 37.57% by March 2026. A notable upward trend is observed in customer advances, which rose from 1.45% to 4.59% over the analyzed period, suggesting an increase in prepaid orders. Accounts payable remained relatively stable, generally oscillating between 8% and 10%. Accrued expenses showed a gradual increase from 4.43% to 5.71%.
- Noncurrent Liabilities and Long-term Debt
- Noncurrent liabilities shifted from 46.49% in early 2021 to 42.90% by March 2026. A primary driver of this shift is the consistent decline in liabilities for postemployment benefits, which dropped from 8.30% to 3.83%. Long-term debt due after one year remained a dominant component of the capital structure, maintaining a range between 26.91% and 33.61% throughout the period.
- Shareholders’ Equity Dynamics
- The composition of equity reveals a strong trend of capital redistribution. Profit employed in the business saw substantial growth, increasing from 45.46% to 71.16%. This growth was mirrored by a significant increase in treasury stock holdings, which moved from -31.03% to -55.79%. This pattern indicates that a substantial portion of retained earnings was utilized for share repurchases. Common stock as a percentage of the total structure decreased from 7.70% to 6.12%.
- Overall Solvency and Leverage
- The total liability ratio remains high and stable, peaking at 80.69% in September 2022. The interplay between the rising percentage of profit employed in the business and the increasing magnitude of treasury stock suggests a strategy of optimizing equity through aggressive buybacks while maintaining a high level of debt-funded operations.