Price to Earnings (P/E)
since 2005
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 13, 2026 | 40.55 | = | 774.20 | ÷ | 19.09 | 19.09 | = | 8,884 | ÷ | 465,287,332 | |
| Feb 14, 2025 | 15.65 | = | 353.32 | ÷ | 22.58 | 22.58 | = | 10,792 | ÷ | 477,932,024 | |
| Feb 16, 2024 | 15.55 | = | 321.91 | ÷ | 20.70 | 20.70 | = | 10,335 | ÷ | 499,377,269 | |
| Feb 15, 2023 | 19.15 | = | 248.70 | ÷ | 12.99 | 12.99 | = | 6,705 | ÷ | 516,345,490 | |
| Feb 16, 2022 | 16.82 | = | 203.64 | ÷ | 12.11 | 12.11 | = | 6,489 | ÷ | 535,888,051 | |
| Feb 17, 2021 | 36.80 | = | 202.30 | ÷ | 5.50 | 5.50 | = | 2,998 | ÷ | 545,303,847 | |
| Feb 19, 2020 | 12.36 | = | 136.86 | ÷ | 11.08 | 11.08 | = | 6,093 | ÷ | 550,082,610 | |
| Feb 14, 2019 | 12.42 | = | 132.62 | ÷ | 10.68 | 10.68 | = | 6,147 | ÷ | 575,542,738 | |
| Feb 15, 2018 | 126.80 | = | 159.98 | ÷ | 1.26 | 1.26 | = | 754 | ÷ | 597,625,772 | |
| Feb 15, 2017 | — | = | 99.02 | ÷ | -0.11 | -0.11 | = | -67 | ÷ | 586,486,024 | |
| Feb 16, 2016 | 18.07 | = | 65.21 | ÷ | 3.61 | 3.61 | = | 2,102 | ÷ | 582,321,890 | |
| Feb 17, 2015 | 14.01 | = | 85.38 | ÷ | 6.10 | 6.10 | = | 3,695 | ÷ | 606,166,559 | |
| Feb 18, 2014 | 16.25 | = | 96.56 | ÷ | 5.94 | 5.94 | = | 3,789 | ÷ | 637,822,342 | |
| Feb 19, 2013 | 11.02 | = | 95.60 | ÷ | 8.67 | 8.67 | = | 5,681 | ÷ | 655,048,493 | |
| Feb 21, 2012 | 15.11 | = | 115.00 | ÷ | 7.61 | 7.61 | = | 4,928 | ÷ | 647,533,344 | |
| Feb 22, 2011 | 24.14 | = | 102.01 | ÷ | 4.23 | 4.23 | = | 2,700 | ÷ | 638,822,714 | |
| Feb 19, 2010 | 40.66 | = | 58.25 | ÷ | 1.43 | 1.43 | = | 895 | ÷ | 624,722,719 | |
| Feb 20, 2009 | 4.51 | = | 26.66 | ÷ | 5.91 | 5.91 | = | 3,557 | ÷ | 601,526,641 | |
| Feb 22, 2008 | 12.54 | = | 71.18 | ÷ | 5.67 | 5.67 | = | 3,541 | ÷ | 623,986,134 | |
| Feb 23, 2007 | 12.28 | = | 67.26 | ÷ | 5.48 | 5.48 | = | 3,537 | ÷ | 645,808,176 | |
| Feb 22, 2006 | 17.17 | = | 73.06 | ÷ | 4.25 | 4.25 | = | 2,854 | ÷ | 670,867,219 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Caterpillar Inc. Annual Report.
The price-to-earnings (P/E) ratio exhibited considerable fluctuation between 2006 and 2026. Initial values indicated a moderate P/E ratio, followed by a period of significant volatility, and then a return to more moderate levels before a substantial increase in later years.
- Initial Period (2006-2008)
- From 2006 to 2008, the P/E ratio remained relatively stable, fluctuating between 12.28 and 17.17. This suggests a consistent investor valuation of the company’s earnings during this timeframe. A slight downward trend was observed from 2006 to 2007, followed by a minor increase in 2008.
- Financial Crisis & Recovery (2009-2011)
- The year 2009 saw a dramatic decrease in the P/E ratio to 4.51, coinciding with a significant decline in share price. This likely reflects market uncertainty and diminished earnings expectations during the financial crisis. The subsequent years, 2010 and 2011, demonstrated a substantial recovery, with the P/E ratio increasing to 40.66 and 24.14 respectively, driven by a combination of share price appreciation and lower earnings in 2010, followed by increased earnings in 2011.
- Moderate Fluctuations (2012-2017)
- Between 2012 and 2017, the P/E ratio experienced moderate fluctuations, generally ranging between 11.02 and 18.07. A notable exception was 2017, which saw a peak of 126.80, driven by a significant increase in share price coupled with a relatively low earnings per share. The year 2016 shows a missing P/E value, preventing a complete assessment of that period.
- Recent Trends (2018-2026)
- From 2018 through 2026, the P/E ratio demonstrated a pattern of fluctuation. A decrease to 12.42 was observed in 2018, followed by relatively stable values around 12-19 until 2022. The final years, 2023, 2024, 2025 and 2026, show a substantial increase in the P/E ratio, reaching 40.55 in 2026. This increase is attributable to a significant rise in share price, coupled with a moderate increase in earnings per share.
Overall, the P/E ratio demonstrates sensitivity to both share price and earnings per share. Periods of economic disruption, such as 2009, resulted in lower P/E ratios, while periods of strong share price growth, like 2017 and the latter part of the observed period, led to significantly higher ratios. The observed volatility suggests that investor sentiment and market conditions play a substantial role in the company’s valuation.
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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 13, 2026 | 40.55 | 97.12 | 35.55 | 36.01 | 32.62 | 28.55 | 39.61 |
| Feb 14, 2025 | 15.65 | — | 30.00 | 33.42 | 23.10 | 20.18 | 36.25 |
| Feb 16, 2024 | 15.55 | — | 35.88 | 16.18 | 22.73 | 15.35 | 38.31 |
| Feb 15, 2023 | 19.15 | — | 27.93 | — | 26.97 | 20.48 | 27.59 |
| Feb 16, 2022 | 16.82 | — | 27.77 | — | 23.14 | 16.70 | 36.79 |
| Feb 17, 2021 | 36.80 | — | 37.46 | 19.67 | 29.63 | 13.44 | — |
| Feb 19, 2020 | 12.36 | — | 18.06 | — | 20.97 | 19.87 | 24.41 |
| Feb 14, 2019 | 12.42 | 21.87 | 15.92 | — | 16.02 | 16.88 | 19.74 |
| Feb 15, 2018 | 126.80 | 24.68 | 11.90 | — | 67.20 | 48.70 | 21.97 |
| Feb 15, 2017 | — | 20.50 | 16.96 | 32.22 | 19.29 | 14.14 | 17.55 |
| Feb 16, 2016 | 18.07 | 14.89 | 13.17 | — | 16.70 | 18.36 | 9.31 |
| Feb 17, 2015 | 14.01 | 19.15 | 18.73 | 17.17 | 19.27 | 16.86 | 17.52 |
| Feb 18, 2014 | 16.25 | 21.10 | 19.35 | 19.59 | 18.91 | 17.56 | 17.51 |
| Feb 19, 2013 | 11.02 | 14.71 | 23.99 | 17.57 | 18.78 | 10.34 | 16.07 |
| Feb 21, 2012 | 15.11 | 14.09 | 12.83 | 15.52 | 22.54 | 10.81 | 15.29 |
| Feb 22, 2011 | 24.14 | 16.17 | 19.59 | 19.49 | 22.48 | 9.58 | 17.84 |
| Feb 19, 2010 | 40.66 | 33.40 | 29.60 | 16.09 | 13.44 | 9.56 | 16.33 |
| Feb 20, 2009 | 4.51 | 11.63 | 5.65 | 6.62 | 8.71 | 8.47 | 9.57 |
| Feb 22, 2008 | 12.54 | 15.99 | 11.89 | 15.45 | 17.07 | 14.15 | 16.61 |
| Feb 23, 2007 | 12.28 | 32.40 | 12.47 | 17.11 | 18.37 | 16.95 | 18.16 |
| Feb 22, 2006 | 17.17 | 22.62 | 12.82 | 21.07 | 20.71 | 17.45 | 18.76 |
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., P/E, long-term trends, comparison to sector (capital goods)
| Caterpillar Inc. | Capital Goods | |
|---|---|---|
| Feb 13, 2026 | 40.55 | 39.12 |
| Feb 14, 2025 | 15.65 | 41.71 |
| Feb 16, 2024 | 15.55 | 25.10 |
| Feb 15, 2023 | 19.15 | 40.21 |
| Feb 16, 2022 | 16.82 | 57.31 |
| Feb 17, 2021 | 36.80 | 123.55 |
| Feb 19, 2020 | 12.36 | 39.03 |
| Feb 14, 2019 | 12.42 | 56.00 |
| Feb 15, 2018 | 126.80 | 55.16 |
| Feb 15, 2017 | — | 23.62 |
| Feb 16, 2016 | 18.07 | 33.10 |
| Feb 17, 2015 | 14.01 | 17.47 |
| Feb 18, 2014 | 16.25 | 18.85 |
| Feb 19, 2013 | 11.02 | 15.74 |
| Feb 21, 2012 | 15.11 | 15.20 |
| Feb 22, 2011 | 24.14 | 18.46 |
| Feb 19, 2010 | 40.66 | 17.22 |
| Feb 20, 2009 | 4.51 | 7.48 |
| Feb 22, 2008 | 12.54 | 15.28 |
| Feb 23, 2007 | 12.28 | 17.63 |
| Feb 22, 2006 | 17.17 | 20.11 |
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., P/E, long-term trends, comparison to industry (industrials)
| Caterpillar Inc. | Industrials | |
|---|---|---|
| Feb 13, 2026 | 40.55 | 29.14 |
| Feb 14, 2025 | 15.65 | 28.42 |
| Feb 16, 2024 | 15.55 | 24.85 |
| Feb 15, 2023 | 19.15 | 36.06 |
| Feb 16, 2022 | 16.82 | 35.59 |
| Feb 17, 2021 | 36.80 | — |
| Feb 19, 2020 | 12.36 | 43.95 |
| Feb 14, 2019 | 12.42 | 33.70 |
| Feb 15, 2018 | 126.80 | 29.83 |
| Feb 15, 2017 | — | 22.92 |
| Feb 16, 2016 | 18.07 | 22.89 |
| Feb 17, 2015 | 14.01 | 18.79 |
| Feb 18, 2014 | 16.25 | 19.13 |
| Feb 19, 2013 | 11.02 | 17.77 |
| Feb 21, 2012 | 15.11 | 15.75 |
| Feb 22, 2011 | 24.14 | 18.72 |
| Feb 19, 2010 | 40.66 | 19.17 |
| Feb 20, 2009 | 4.51 | 9.73 |
| Feb 22, 2008 | 12.54 | 16.93 |
| Feb 23, 2007 | 12.28 | 11.65 |
| Feb 22, 2006 | 17.17 | 50.62 |
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).