Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$24.99

Debt to Equity
since 2005

Microsoft Excel

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Calculation

Caterpillar Inc., debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total borrowings1 ÷ Equity attributable to common stockholders1
Dec 31, 2025 = ÷
Dec 31, 2024 = ÷
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Dec 31, 2022 = ÷
Dec 31, 2021 = ÷
Dec 31, 2020 = ÷
Dec 31, 2019 = ÷
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Based on: 10-K (reporting date: 2025-12-31), 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 relationship between total borrowings and equity attributable to common stockholders exhibited considerable fluctuation between 2005 and 2025. Initially, the debt-to-equity ratio was relatively high, peaking in 2008 before generally decreasing through 2012, then stabilizing, and finally increasing again in the later years of the period.

Overall Trend
From 2005 to 2025, the debt-to-equity ratio demonstrated a non-linear pattern. It began at 3.05 in 2005, increased significantly to a high of 5.84 in 2008, and then generally declined to a low of 1.81 in 2012. Following 2012, the ratio remained relatively stable, fluctuating between approximately 1.81 and 2.80 until 2019. A slight increase was observed from 2019 through 2025, closing at 2.03.
Period 2005-2008
The period between 2005 and 2008 was characterized by a substantial increase in the debt-to-equity ratio. Total borrowings increased from US$25,745 million to US$35,535 million, while equity attributable to common stockholders decreased from US$8,432 million to US$6,087 million. This combination resulted in the ratio more than doubling, indicating a significant increase in financial leverage.
Period 2008-2012
Following the peak in 2008, the debt-to-equity ratio experienced a consistent decline. While total borrowings initially remained elevated, equity attributable to common stockholders demonstrated substantial growth, increasing from US$6,087 million in 2008 to US$17,532 million in 2012. This growth in equity, coupled with a moderate decrease in total borrowings, drove the ratio downward.
Period 2012-2019
From 2012 to 2019, the debt-to-equity ratio exhibited relative stability, fluctuating within a narrow range. Total borrowings and equity attributable to common stockholders both increased during this period, but at roughly proportional rates, resulting in a consistent ratio. The ratio remained between 1.81 and 2.60.
Period 2019-2025
The final period saw a modest increase in the debt-to-equity ratio. Total borrowings increased from US$37,657 million in 2019 to US$43,330 million in 2025, while equity attributable to common stockholders increased from US$14,588 million to US$21,318 million. The increase in debt outpaced the increase in equity, leading to a rise in the ratio from 2.58 to 2.03.

In summary, the debt-to-equity ratio experienced significant volatility over the twenty-year period, reflecting changes in both borrowing levels and shareholder equity. The period following the 2008 financial crisis saw a notable reduction in leverage, followed by a period of stability, and then a slight increase in the most recent years.

Comparison to Competitors

Caterpillar Inc., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
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: 2025-12-31), 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., debt to equity, long-term trends, comparison to sector (capital goods)

Microsoft Excel
Caterpillar Inc. Capital Goods
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Based on: 10-K (reporting date: 2025-12-31), 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., debt to equity, long-term trends, comparison to industry (industrials)

Microsoft Excel
Caterpillar Inc. Industrials
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Based on: 10-K (reporting date: 2025-12-31), 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).