Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$24.99

Return on Assets (ROA)
since 2005

Microsoft Excel

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Calculation

Caterpillar Inc., ROA, long-term trends, calculation

Microsoft Excel
ROA = 100 × Profit (loss) attributable to common stockholders1 ÷ Total assets1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
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Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

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$ in millions

The Return on Assets (ROA) for the period examined demonstrates considerable fluctuation. Initially, the ROA exhibited an upward trend from 2005 to 2006, peaking at 6.95%, followed by a slight decline in 2007. A more pronounced decrease occurred in 2008 and a substantial drop in 2009, reaching a low of 1.49%. Subsequent years showed recovery, with ROA increasing to 6.05% in 2011 and 6.36% in 2012, before declining again in 2013 and 2014. A significant negative value was recorded in 2015, followed by a return to positive, albeit modest, values in 2016 and 2017. The period from 2017 to 2019 saw a strong increase, peaking at 7.83% in 2017 and 7.77% in 2019. A downturn occurred in 2020, but was followed by a strong rebound in 2021 and 2022, with ROA reaching 11.81% and 12.30% respectively. A slight decrease was observed in 2023, with ROA at 9.01%.

Initial Growth & Subsequent Decline (2005-2009)
From 2005 to 2009, the ROA initially increased, indicating improved profitability relative to asset utilization. However, the financial crisis of 2008 and its aftermath significantly impacted performance, resulting in a substantial decline in ROA by 2009. This suggests a weakening in the company’s ability to generate earnings from its assets during this period.
Recovery & Stabilization (2010-2014)
The period between 2010 and 2014 shows a recovery phase, with ROA gradually increasing before leveling off in the 4-5% range. This indicates a stabilization of profitability following the economic downturn, but not a return to the levels seen prior to 2008.
Volatility & Recent Peak (2015-2022)
A period of volatility is observed from 2015 onwards. The negative ROA in 2015 is a notable outlier, followed by a strong recovery and a period of growth culminating in peaks in 2021 and 2022. This suggests successful strategic adjustments or favorable market conditions contributing to enhanced asset utilization and profitability. The substantial increase in ROA during these years is particularly noteworthy.
Recent Moderation (2023-2025)
The most recent years (2023-2025) show a slight moderation in ROA from the peak levels of 2021 and 2022, though it remains at a relatively high level. This could indicate a normalization of performance after the exceptional gains of the previous years, or the beginning of a new trend.

Comparison to Competitors

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

Microsoft Excel
Caterpillar Inc. Capital Goods
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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., ROA, long-term trends, comparison to industry (industrials)

Microsoft Excel
Caterpillar Inc. Industrials
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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).