Price to Earnings (P/E)
since 2005
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Calculation
Caterpillar Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Profit (loss) attributable to common stockholders1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 14, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2006 | = | ÷ | = | ÷ |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Caterpillar Inc. Annual Report.
The financial data reveals several significant trends in the company's share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over approximately two decades.
- Share Price
- The share price experienced considerable volatility during the period. Starting around $73 in early 2006, it saw a sharp decline to about $26.66 in early 2009, likely reflecting broader economic challenges. Following this trough, the share price entered a phase of sustained recovery and growth, reaching $102.01 by early 2011 and climbing further to nearly $160 by early 2018. Despite some fluctuations between 2018 and 2020, the share price resumed an upward trajectory, peaking at $353.32 by early 2025. Overall, this indicates strong long-term appreciation in shareholder value with periods of both contraction and expansion.
- Earnings per Share (EPS)
- The EPS showed a less consistent pattern compared to the share price. It increased steadily from $4.25 in 2006 to a peak of $5.91 in 2009, then dropped sharply to $1.43 by 2010. After 2010, the EPS recovered significantly, reaching $8.67 in 2013. However, there was notable volatility afterward, including a negative EPS value of -$0.11 in 2017, which may indicate a loss in that fiscal year. From 2018 onward, the EPS demonstrated a robust upward trend, climbing from $1.26 to $22.58 in 2025. This recovery and growth phase suggest improving profitability and operational performance in recent years.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio reflects considerable fluctuations throughout the timeline. It started relatively moderate at 17.17 in 2006, declining to a low of 4.51 in 2009 during the EPS peak and share price trough period, indicative of undervaluation or strong earnings. The ratio then rose sharply to 40.66 in 2010, reflecting a decrease in earnings relative to price. From 2011 to 2017, the P/E ratio varied widely, with a missing value in 2017, but with a notably high spike at 126.8 in 2018, corresponding with the year of negative EPS, indicating potential market uncertainty or expectation of future earnings growth. The ratio normalized subsequently, fluctuating between 12.36 and 36.8, before settling in the mid-teens (around 15.55 to 15.65) by 2024 and 2025. This trend implies stabilization in valuation metrics relative to earnings in the most recent years.
In summary, the company demonstrated resilience and growth after periods of earnings volatility and share price decline, particularly post-2009. The strong rebound in both EPS and share price in the last decade is a positive signal of improved financial health and market confidence. The P/E ratio variability suggests periods of market uncertainty, but recent values indicate a return to more normalized valuation levels.
Comparison to Competitors
Caterpillar Inc., P/E, long-term trends, comparison to competitors
| Caterpillar Inc. | Boeing Co. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Feb 14, 2025 | |||||||
| Feb 16, 2024 | |||||||
| Feb 15, 2023 | |||||||
| Feb 16, 2022 | |||||||
| Feb 17, 2021 | |||||||
| Feb 19, 2020 | |||||||
| Feb 14, 2019 | |||||||
| Feb 15, 2018 | |||||||
| Feb 15, 2017 | |||||||
| Feb 16, 2016 | |||||||
| Feb 17, 2015 | |||||||
| Feb 18, 2014 | |||||||
| Feb 19, 2013 | |||||||
| Feb 21, 2012 | |||||||
| Feb 22, 2011 | |||||||
| Feb 19, 2010 | |||||||
| Feb 20, 2009 | |||||||
| Feb 22, 2008 | |||||||
| Feb 23, 2007 | |||||||
| Feb 22, 2006 |
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., P/E, long-term trends, comparison to sector (capital goods)
| Caterpillar Inc. | Capital Goods | |
|---|---|---|
| Feb 14, 2025 | ||
| Feb 16, 2024 | ||
| Feb 15, 2023 | ||
| Feb 16, 2022 | ||
| Feb 17, 2021 | ||
| Feb 19, 2020 | ||
| Feb 14, 2019 | ||
| Feb 15, 2018 | ||
| Feb 15, 2017 | ||
| Feb 16, 2016 | ||
| Feb 17, 2015 | ||
| Feb 18, 2014 | ||
| Feb 19, 2013 | ||
| Feb 21, 2012 | ||
| Feb 22, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Feb 22, 2008 | ||
| Feb 23, 2007 | ||
| Feb 22, 2006 |
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., P/E, long-term trends, comparison to industry (industrials)
| Caterpillar Inc. | Industrials | |
|---|---|---|
| Feb 14, 2025 | ||
| Feb 16, 2024 | ||
| Feb 15, 2023 | ||
| Feb 16, 2022 | ||
| Feb 17, 2021 | ||
| Feb 19, 2020 | ||
| Feb 14, 2019 | ||
| Feb 15, 2018 | ||
| Feb 15, 2017 | ||
| Feb 16, 2016 | ||
| Feb 17, 2015 | ||
| Feb 18, 2014 | ||
| Feb 19, 2013 | ||
| Feb 21, 2012 | ||
| Feb 22, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Feb 22, 2008 | ||
| Feb 23, 2007 | ||
| Feb 22, 2006 |
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).