Price to Sales (P/S)
since 2005
Calculation
Caterpillar Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Sales of Machinery, Power & Energy1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 13, 2026 | 5.63 | = | 774.20 | ÷ | 137.51 | 137.51 | = | 63,980 | ÷ | 465,287,332 | |
| Feb 14, 2025 | 2.75 | = | 353.32 | ÷ | 128.39 | 128.39 | = | 61,363 | ÷ | 477,932,024 | |
| Feb 16, 2024 | 2.52 | = | 321.91 | ÷ | 127.90 | 127.90 | = | 63,869 | ÷ | 499,377,269 | |
| Feb 15, 2023 | 2.27 | = | 248.70 | ÷ | 109.57 | 109.57 | = | 56,574 | ÷ | 516,345,490 | |
| Feb 16, 2022 | 2.26 | = | 203.64 | ÷ | 89.92 | 89.92 | = | 48,188 | ÷ | 535,888,051 | |
| Feb 17, 2021 | 2.83 | = | 202.30 | ÷ | 71.56 | 71.56 | = | 39,022 | ÷ | 545,303,847 | |
| Feb 19, 2020 | 1.48 | = | 136.86 | ÷ | 92.27 | 92.27 | = | 50,755 | ÷ | 550,082,610 | |
| Feb 14, 2019 | 1.47 | = | 132.62 | ÷ | 90.04 | 90.04 | = | 51,822 | ÷ | 575,542,738 | |
| Feb 15, 2018 | 2.24 | = | 159.98 | ÷ | 71.41 | 71.41 | = | 42,676 | ÷ | 597,625,772 | |
| Feb 15, 2017 | 1.62 | = | 99.02 | ÷ | 61.00 | 61.00 | = | 35,773 | ÷ | 586,486,024 | |
| Feb 16, 2016 | 0.86 | = | 65.21 | ÷ | 75.81 | 75.81 | = | 44,147 | ÷ | 582,321,890 | |
| Feb 17, 2015 | 0.99 | = | 85.38 | ÷ | 86.02 | 86.02 | = | 52,142 | ÷ | 606,166,559 | |
| Feb 18, 2014 | 1.17 | = | 96.56 | ÷ | 82.62 | 82.62 | = | 52,694 | ÷ | 637,822,342 | |
| Feb 19, 2013 | 0.99 | = | 95.60 | ÷ | 96.28 | 96.28 | = | 63,068 | ÷ | 655,048,493 | |
| Feb 21, 2012 | 1.30 | = | 115.00 | ÷ | 88.63 | 88.63 | = | 57,392 | ÷ | 647,533,344 | |
| Feb 22, 2011 | 1.63 | = | 102.01 | ÷ | 62.41 | 62.41 | = | 39,867 | ÷ | 638,822,714 | |
| Feb 19, 2010 | 1.23 | = | 58.25 | ÷ | 47.28 | 47.28 | = | 29,540 | ÷ | 624,722,719 | |
| Feb 20, 2009 | 0.33 | = | 26.66 | ÷ | 79.87 | 79.87 | = | 48,044 | ÷ | 601,526,641 | |
| Feb 22, 2008 | 1.06 | = | 71.18 | ÷ | 67.25 | 67.25 | = | 41,962 | ÷ | 623,986,134 | |
| Feb 23, 2007 | 1.12 | = | 67.26 | ÷ | 60.19 | 60.19 | = | 38,869 | ÷ | 645,808,176 | |
| Feb 22, 2006 | 1.44 | = | 73.06 | ÷ | 50.69 | 50.69 | = | 34,006 | ÷ | 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-sales (P/S) ratio for the period examined exhibits considerable fluctuation. Initially, the ratio decreased significantly from 2006 to 2009, followed by a period of relative instability and then a substantial increase in recent years.
- Initial Decline (2006-2009)
- From February 2006 to February 2009, the P/S ratio declined from 1.44 to 0.33. This decrease suggests a disproportionate fall in share price relative to sales per share, potentially indicating growing investor concern during that period. The most dramatic drop occurred between 2008 and 2009, coinciding with the global financial crisis.
- Recovery and Fluctuations (2009-2016)
- Following the low in 2009, the P/S ratio experienced a recovery, peaking at 1.63 in 2011. However, this was followed by a period of volatility, with the ratio fluctuating between 0.86 and 1.62 between 2012 and 2016. This suggests a period of uncertainty and varying investor sentiment.
- Recent Increase (2017-2026)
- Beginning in 2017, the P/S ratio began a sustained upward trend, increasing from 1.62 to 5.63 by February 2026. This indicates that the share price has been increasing at a faster rate than sales per share. The ratio more than doubled between 2022 and 2026, suggesting a significant shift in investor expectations or a re-evaluation of the company’s growth prospects. The increase is particularly pronounced in the most recent periods.
Overall, the P/S ratio demonstrates a cyclical pattern, with a significant downturn during the financial crisis, a period of recovery and fluctuation, and a recent, substantial increase. The recent surge warrants further investigation to determine the underlying drivers of this trend.
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Comparison to Competitors
Caterpillar Inc., P/S, 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 | 5.63 | 2.05 | 5.29 | 7.41 | 4.12 | 1.91 | 3.01 |
| Feb 14, 2025 | 2.75 | 1.98 | 4.58 | 6.24 | 3.42 | 1.52 | 2.14 |
| Feb 16, 2024 | 2.52 | 1.66 | 4.98 | 2.30 | 3.51 | 1.57 | 1.78 |
| Feb 15, 2023 | 2.27 | 1.90 | 3.31 | 1.20 | 3.78 | 1.78 | 2.14 |
| Feb 16, 2022 | 2.26 | 1.87 | 3.03 | 1.50 | 3.73 | 1.57 | 2.21 |
| Feb 17, 2021 | 2.83 | 1.96 | 2.96 | 1.41 | 4.34 | 1.40 | 1.95 |
| Feb 19, 2020 | 1.48 | 2.34 | 1.87 | 1.18 | 3.51 | 2.07 | 1.75 |
| Feb 14, 2019 | 1.47 | 2.26 | 1.58 | 0.82 | 2.59 | 1.58 | 1.56 |
| Feb 15, 2018 | 2.24 | 2.17 | 1.74 | 1.11 | 2.74 | 1.91 | 1.67 |
| Feb 15, 2017 | 1.62 | 1.06 | 1.65 | 2.39 | 2.36 | 1.59 | 1.55 |
| Feb 16, 2016 | 0.86 | 0.80 | 1.25 | 2.59 | 2.06 | 1.43 | 1.26 |
| Feb 17, 2015 | 0.99 | 1.15 | 1.49 | 2.45 | 2.03 | 1.34 | 1.67 |
| Feb 18, 2014 | 1.17 | 1.12 | 1.63 | 2.54 | 1.90 | 1.15 | 1.60 |
| Feb 19, 2013 | 0.99 | 0.70 | 1.79 | 2.39 | 1.46 | 0.60 | 1.43 |
| Feb 21, 2012 | 1.30 | 0.82 | 1.08 | 2.15 | 1.28 | 0.62 | 1.31 |
| Feb 22, 2011 | 1.63 | 0.83 | 1.33 | 2.20 | 1.36 | 0.61 | 1.44 |
| Feb 19, 2010 | 1.23 | 0.64 | 0.95 | 1.66 | 0.94 | 0.64 | 1.19 |
| Feb 20, 2009 | 0.33 | 0.51 | 0.39 | 1.02 | 0.66 | 0.64 | 0.77 |
| Feb 22, 2008 | 1.06 | 0.98 | 0.91 | 3.45 | 1.21 | 1.03 | 1.30 |
| Feb 23, 2007 | 1.12 | 1.17 | 0.96 | 3.54 | 1.22 | 1.08 | 1.44 |
| Feb 22, 2006 | 1.44 | 1.06 | 0.93 | 3.72 | 1.24 | 0.86 | 1.36 |
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/S, long-term trends, comparison to sector (capital goods)
| Caterpillar Inc. | Capital Goods | |
|---|---|---|
| Feb 13, 2026 | 5.63 | 3.69 |
| Feb 14, 2025 | 2.75 | 2.77 |
| Feb 16, 2024 | 2.52 | 2.26 |
| Feb 15, 2023 | 2.27 | 2.09 |
| Feb 16, 2022 | 2.26 | 2.09 |
| Feb 17, 2021 | 2.83 | 2.11 |
| Feb 19, 2020 | 1.48 | 1.92 |
| Feb 14, 2019 | 1.47 | 1.62 |
| Feb 15, 2018 | 2.24 | 1.82 |
| Feb 15, 2017 | 1.62 | 1.76 |
| Feb 16, 2016 | 0.86 | 1.55 |
| Feb 17, 2015 | 0.99 | 1.66 |
| Feb 18, 2014 | 1.17 | 1.66 |
| Feb 19, 2013 | 0.99 | 1.37 |
| Feb 21, 2012 | 1.30 | 1.33 |
| Feb 22, 2011 | 1.63 | 1.45 |
| Feb 19, 2010 | 1.23 | 1.12 |
| Feb 20, 2009 | 0.33 | 0.71 |
| Feb 22, 2008 | 1.06 | 1.76 |
| Feb 23, 2007 | 1.12 | 1.91 |
| Feb 22, 2006 | 1.44 | 1.95 |
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/S, long-term trends, comparison to industry (industrials)
| Caterpillar Inc. | Industrials | |
|---|---|---|
| Feb 13, 2026 | 5.63 | 2.78 |
| Feb 14, 2025 | 2.75 | 2.29 |
| Feb 16, 2024 | 2.52 | 2.06 |
| Feb 15, 2023 | 2.27 | 1.80 |
| Feb 16, 2022 | 2.26 | 2.07 |
| Feb 17, 2021 | 2.83 | 2.14 |
| Feb 19, 2020 | 1.48 | 1.77 |
| Feb 14, 2019 | 1.47 | 1.58 |
| Feb 15, 2018 | 2.24 | 1.71 |
| Feb 15, 2017 | 1.62 | 1.68 |
| Feb 16, 2016 | 0.86 | 1.48 |
| Feb 17, 2015 | 0.99 | 1.65 |
| Feb 18, 2014 | 1.17 | 1.57 |
| Feb 19, 2013 | 0.99 | 1.31 |
| Feb 21, 2012 | 1.30 | 1.27 |
| Feb 22, 2011 | 1.63 | 1.39 |
| Feb 19, 2010 | 1.23 | 1.09 |
| Feb 20, 2009 | 0.33 | 0.71 |
| Feb 22, 2008 | 1.06 | 1.62 |
| Feb 23, 2007 | 1.12 | 1.73 |
| Feb 22, 2006 | 1.44 | 1.80 |
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).