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Caterpillar Inc. pages available for free this week:
- Income Statement
- Cash Flow Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Calculation
Current ratio | = | Current assets1 | ÷ | Current liabilities1 | |
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The analysis of the provided financial data indicates several notable trends in liquidity and short-term financial health over the nearly two-decade period.
- Current Assets
- The current assets have shown an overall upward trend from 22,790 million USD in 2005 to a peak of 46,949 million USD in 2023. There was a significant increase between 2005 and 2008, with current assets rising from approximately 22.8 billion to 31.6 billion USD. After some fluctuations in the subsequent years, the asset base recovered strongly post-2016, maintaining a sustained increase through 2023. A slight decrease was observed in the final year presented (2024), where current assets declined to 45,682 million USD.
- Current Liabilities
- Current liabilities also increased over the period, rising from 19,092 million USD in 2005 to a high of 34,728 million USD in 2023. The liabilities followed an upward trajectory similar to current assets but with more volatility. Notably, liabilities experienced a decline from 26,069 million USD in 2008 to 19,292 million USD in 2009, likely reflecting responses to market conditions. After fluctuating around the mid-20,000 to low-30,000 million USD range, current liabilities peaked sharply in 2023 before decreasing to 32,272 million USD in 2024.
- Current Ratio
- The current ratio, which measures the ability to cover short-term obligations with short-term assets, has remained relatively stable within a range of approximately 1.15 to 1.53 throughout the entire period. Starting at 1.19 in 2005, the ratio improved notably during 2009–2010, reaching its highest point at 1.53 in 2020. This suggests improving liquidity and a stronger buffer against short-term liabilities during this period. Post-2020, the ratio decreased slightly but remained above 1.3, ending at 1.42 in 2024. The stability of this ratio implies consistent management of liquidity and adequate current asset coverage of liabilities over time.
In summary, the data reflects a trend of growth in both current assets and liabilities, with current assets growing proportionally more in several periods, contributing to an overall stable and healthy liquidity position as demonstrated by the current ratio. The fluctuations in liabilities and assets likely correspond to broader economic and industry-specific cycles, yet the company's capacity to meet short-term obligations appears well-managed and resilient throughout the analyzed years.
Comparison to Competitors
Caterpillar Inc. | Boeing Co. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
Caterpillar Inc. | Capital Goods | |
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Caterpillar Inc. | Industrials | |
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).