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, Power & Energy1 ÷ Total assets1
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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).

1 US$ in millions

The total asset turnover ratio for the period examined exhibits fluctuations, generally ranging between 0.48 and 0.76. An initial increase is observed from 2005 to 2007, followed by a period of relative stability before a significant decline in 2009. Subsequent years demonstrate a recovery, with further variations influenced by economic conditions and company performance.

Initial Trend (2005-2007)
From 2005 to 2007, the ratio increased from 0.72 to 0.76, peaking at 0.76 in 2006, then slightly decreasing to 0.75 in 2007. This suggests a growing efficiency in utilizing assets to generate sales during this period.
Significant Decline (2008-2009)
A notable decrease occurred between 2007 and 2009, with the ratio falling from 0.75 to 0.49. This decline coincides with the global financial crisis and likely reflects a substantial reduction in sales relative to the asset base.
Recovery and Fluctuations (2010-2015)
The period from 2010 to 2015 shows a recovery followed by stabilization and then a slight decline. The ratio rose to 0.62 in 2010, then fluctuated between 0.55 and 0.70 before decreasing to 0.56 in 2015. This indicates a period of rebuilding efficiency, but with ongoing volatility.
Recent Performance (2016-2025)
From 2016 to 2025, the ratio demonstrates a generally upward trend, with some variation. It increased from 0.48 in 2016 to 0.69 in 2021, then decreased to 0.73 in 2022, 0.70 in 2023, and 0.65 in 2025. This suggests improved asset utilization in recent years, although the latest figures indicate a slight decrease in efficiency.

Overall, the total asset turnover ratio demonstrates sensitivity to broader economic conditions. While the company has shown an ability to recover asset utilization following periods of decline, consistent efficiency improvements have not been sustained throughout the entire period. The ratio’s recent performance suggests a generally positive trend, but the slight decrease in the final two years warrants further investigation.

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: 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., 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: 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., 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: 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).