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

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


Total Borrowings
Total borrowings exhibited a general upward trend from 2005 through 2012, increasing from approximately $25.7 billion to a peak near $40.1 billion. Following this peak, borrowings showed moderate fluctuations but generally remained within the range of $37 billion to $38 billion through 2024. Periods of decline were evident between 2008 and 2010, and again from 2011 to 2013, but borrowings stabilized in subsequent years.
Equity Attributable to Common Stockholders
Equity demonstrated more variability over the period. Initial years up to 2006 saw a decline from $8.4 billion to $6.9 billion, followed by recovery and considerable growth that culminated in a peak above $20.8 billion in 2013. Post-2013, equity declined significantly until 2016, dropping below $13.2 billion, then gradually increased again reaching near $19.5 billion in 2023 and 2024. The trend suggests cyclical movements with phases of both contraction and expansion in shareholder equity.
Debt to Equity Ratio
The debt to equity ratio showed significant volatility, reaching its highest point around 5.84 in 2008, which corresponds to the global financial crisis period. This peak reflects a heavy reliance on debt compared to equity during that year. Following 2008, the ratio trended downward, declining to below 2.0 by 2013, indicating an improvement in the balance between debt and equity financing. Despite some fluctuations thereafter, the ratio stabilized close to 2.0 in the last recorded years, pointing to a more balanced capital structure over time.
Overall Financial Structure Trends
The data reflects a company actively managing its capital structure through various economic cycles. The peak debt level and debt to equity ratio in 2008 suggest a reliance on borrowings during financial strain, while the recovery phases show a rebalancing toward increasing equity and managing leverage. The moderation and stabilization of the debt to equity ratio in the last decade indicate a strategic approach to risk and capital deployment, maintaining a conservative leverage profile relative to earlier years.

Comparison to Competitors

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

Microsoft Excel

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)


Comparison to Industry (Industrials)