Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

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

Microsoft Excel
ROE = 100 × Profit (loss) attributable to common stockholders1 ÷ Equity attributable to common stockholders1
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 × ÷
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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

Return on Equity (ROE) for the analyzed period demonstrates significant fluctuations, exhibiting both substantial peaks and considerable declines. Overall, the period from 2005 to 2025 reveals a cyclical pattern influenced by profitability and shareholder equity levels.

Initial Growth and Peak Performance (2005-2008)
ROE experienced a strong upward trajectory from 33.85% in 2005 to a peak of 58.44% in 2008. This growth was driven by increases in profit attributable to common stockholders, particularly in 2006 and 2007, coupled with relatively stable equity levels. The 2008 value represents the highest ROE observed throughout the analyzed timeframe.
Significant Decline and Recovery (2009-2011)
A dramatic decrease in ROE occurred in 2009, falling to 10.24% due to a substantial reduction in profit attributable to common stockholders. However, the period from 2010 to 2011 showed a recovery, with ROE increasing to 24.94% and then 38.25% respectively, as profitability improved and equity continued to grow.
Moderate Fluctuations (2012-2015)
From 2012 to 2015, ROE exhibited moderate fluctuations, ranging between 18.21% and 32.40%. While profitability remained generally positive, the growth in equity outpaced profit increases, resulting in a more constrained ROE. A notable dip to 14.19% occurred in 2015.
Volatility and Recent Performance (2016-2025)
The period from 2016 onwards demonstrates increased volatility. A significant loss in 2016 resulted in a negative ROE of -0.51%. Subsequent years saw a rebound, with ROE reaching 43.79% in 2018 and 41.77% in 2019. The year 2020 experienced a decline to 19.56% due to lower profits. ROE then increased substantially in 2022 and 2023, reaching 53.02% and 55.37% respectively, driven by significant increases in profit attributable to common stockholders. The most recent value in 2025 shows a decrease to 41.67%.

The observed ROE trends suggest a sensitivity to both profitability and equity management. Periods of high profitability generally correlate with higher ROE, while significant losses or rapid equity growth can dampen the ratio. The cyclical nature of the business appears to heavily influence ROE performance.

Comparison to Competitors

Caterpillar Inc., ROE, 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.
Dec 31, 2025
Dec 31, 2024
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Dec 31, 2005

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., ROE, long-term trends, comparison to sector (capital goods)

Microsoft Excel
Caterpillar Inc. Capital Goods
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Dec 31, 2005

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., ROE, long-term trends, comparison to industry (industrials)

Microsoft Excel
Caterpillar Inc. Industrials
Dec 31, 2025
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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).