Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$24.99

Net Profit Margin
since 2005

Microsoft Excel

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Calculation

Caterpillar Inc., net profit margin, long-term trends, calculation

Microsoft Excel
Net profit margin = 100 × Profit (loss) attributable to common stockholders1 ÷ Sales of Machinery, Energy & Transportation1
Dec 31, 2024 = 100 × ÷
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Dec 31, 2005 = 100 × ÷

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 financial data reveals several notable trends in profitability, sales, and net profit margin over the span of two decades.

Profit (loss) attributable to common stockholders
There is an overall upward trend in profit attributable to common stockholders from 2005 through 2024, with significant fluctuations in between. Starting at $2,854 million in 2005, profits generally increased, peaking at $5,681 million in 2012. However, a notable decline occurred during 2009 with profits dropping to $895 million, likely reflecting broader economic challenges. The period around 2015 to 2016 shows a sharp contraction, with a loss of $67 million in 2016. Following this, profits recovered strongly, reaching a peak of $10,792 million by 2024, nearly quadrupling the initial 2005 figure, indicating enhanced profitability in recent years.
Sales of Machinery, Energy & Transportation
Sales exhibit significant variability, highlighting cyclical patterns in the industry. Sales increased steadily from $34,006 million in 2005 to a high of $63,068 million in 2012. A marked decrease occurred during 2009 to $29,540 million, consistent with the global economic downturn. Post-2012, sales declined to $35,773 million in 2016 but rebounded thereafter, peaking at $63,869 million in 2019 before experiencing minor fluctuations. By 2024, sales slightly declined to $61,363 million, representing a general recovery to pre-2012 levels, accompanied by some volatility indicating sensitivity to market conditions.
Net profit margin
The net profit margin generally follows the profit trends but shows even more pronounced fluctuation. Starting at 8.39% in 2005, the margin improved slightly, reaching above 9% in the late 2000s, before plunging notably to 3.03% in 2009, aligned with the drop in profits and sales. Recovery ensued with margins hovering near 9% to 12% between 2010 and 2014, with a steep dip to -0.19% in 2016 linked to the loss in that year. Subsequently, margins rose sharply, peaking at 17.59% by 2024, indicating improved operational efficiency or enhanced pricing power during the latter years despite fluctuating sales volumes.

In summary, the data highlights a recovery from cyclical downturns, with substantial growth in profits and margins in the recent periods relative to the mid-2010s. Sales have experienced significant cycles, reflecting sensitivity to economic and industry conditions, while profitability and margin improvements suggest stronger cost management or product mix enhancements over time.

Comparison to Competitors

Caterpillar Inc., net profit margin, 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: 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., net profit margin, long-term trends, comparison to sector (capital goods)

Microsoft Excel
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., net profit margin, long-term trends, comparison to industry (industrials)

Microsoft Excel
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).