Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$24.99

Total Asset Turnover
since 2005

Microsoft Excel

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Calculation

Caterpillar Inc., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Sales of Machinery, Energy & Transportation1 ÷ Total assets1
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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$ in millions

Sales of Machinery, Energy & Transportation
Sales exhibited a generally upward trend from 2005 through 2008, increasing from $34,006 million to $48,044 million. However, a sharp decline occurred in 2009, dropping to $29,540 million, likely attributable to global economic challenges at that time. Following the decline, sales rebounded and peaked in 2012 at $63,068 million. After this peak, sales showed volatility with fluctuations downward in subsequent years, notably falling to $35,773 million in 2016. Another growth phase was observed beginning 2017, reaching a high of $63,869 million in 2023 before a slight dip to $61,363 million in 2024. Overall, sales demonstrate cyclicality with periods of recovery and contraction.
Total Assets
Total assets trended upward from 2005 through 2012, growing from $47,069 million to a peak of $89,356 million in 2012. This growth was followed by a gradual decline, reaching a low of $74,704 million in 2016. After 2016, total assets resumed an upward trajectory, stabilizing around the $82,000 to $87,000 million range between 2017 and 2024. This pattern indicates phases of asset expansion and subsequent contraction with partial recovery, suggesting adjustments in asset management or capital investment in response to market conditions.
Total Asset Turnover Ratio
The total asset turnover ratio, which measures efficiency in using assets to generate sales, showed variation over the period, starting at 0.72 in 2005 and peaking slightly at 0.76 in 2006, then generally trending downward to a low of 0.48 in 2016, coinciding with the lowest sales and asset values. From 2017 onward, the ratio improved steadily, reaching 0.73 in 2023 before slightly declining to 0.70 in 2024. This fluctuation suggests that operational efficiency decreased during periods of asset growth or sales decline but improved during the recovery phase, indicating better utilization of assets in later years.
Summary Insights
The data reflects a cyclical business performance marked by periods of robust growth, sharp contraction, and recovery across sales and assets. The notable sales dip in 2009 aligns with a global economic downturn, while the asset base expanded significantly until 2012 before partial retrenchment. Efficiency in asset utilization showed sensitivity to these cycles, declining during trough periods and improving during recovery phases. The more recent years demonstrate strengthened sales and asset management with improved turnover ratios, indicating a recovery in operational effectiveness and possible stabilization of the business environment.

Comparison to Competitors

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

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

Microsoft Excel
Caterpillar Inc. Industrials
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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).