Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

$19.99

Adjusted Financial Ratios

Microsoft Excel

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Adjusted Financial Ratios (Summary)

Caterpillar Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Activity Ratio
Total Asset Turnover
Reported
Adjusted
Liquidity Ratio
Current Ratio
Reported
Adjusted
Solvency Ratios
Debt to Equity
Reported
Adjusted
Debt to Capital
Reported
Adjusted
Financial Leverage
Reported
Adjusted
Profitability Ratios
Net Profit Margin
Reported
Adjusted
Return on Equity (ROE)
Reported
Adjusted
Return on Assets (ROA)
Reported
Adjusted

Based on: 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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Caterpillar Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Caterpillar Inc. adjusted current ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Caterpillar Inc. adjusted debt-to-equity ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Caterpillar Inc. adjusted debt-to-capital ratio improved from 2019 to 2020 and from 2020 to 2021.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Caterpillar Inc. adjusted financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Caterpillar Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Caterpillar Inc. adjusted ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Caterpillar Inc. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Caterpillar Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation
Total assets
Activity Ratio
Total asset turnover1
Adjusted
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation
Adjusted total assets2
Activity Ratio
Adjusted total asset turnover3

Based on: 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).

1 2021 Calculation
Total asset turnover = Sales of Machinery, Energy & Transportation ÷ Total assets
= ÷ =

2 Adjusted total assets. See details »

3 2021 Calculation
Adjusted total asset turnover = Sales of Machinery, Energy & Transportation ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Caterpillar Inc. adjusted total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Current assets
Current liabilities
Liquidity Ratio
Current ratio1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2
Current liabilities
Liquidity Ratio
Adjusted current ratio3

Based on: 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).

1 2021 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current assets. See details »

3 2021 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Caterpillar Inc. adjusted current ratio improved from 2019 to 2020 but then deteriorated significantly from 2020 to 2021.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt
Equity attributable to common shareholders
Solvency Ratio
Debt to equity1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2
Adjusted total stockholders’ equity3
Solvency Ratio
Adjusted debt to equity4

Based on: 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).

1 2021 Calculation
Debt to equity = Total debt ÷ Equity attributable to common shareholders
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted total stockholders’ equity. See details »

4 2021 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total stockholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Caterpillar Inc. adjusted debt-to-equity ratio improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt
Total capital
Solvency Ratio
Debt to capital1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2
Adjusted total capital3
Solvency Ratio
Adjusted debt to capital4

Based on: 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).

1 2021 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2021 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= ÷ =

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Caterpillar Inc. adjusted debt-to-capital ratio improved from 2019 to 2020 and from 2020 to 2021.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Total assets
Equity attributable to common shareholders
Solvency Ratio
Financial leverage1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2
Adjusted total stockholders’ equity3
Solvency Ratio
Adjusted financial leverage4

Based on: 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).

1 2021 Calculation
Financial leverage = Total assets ÷ Equity attributable to common shareholders
= ÷ =

2 Adjusted total assets. See details »

3 Adjusted total stockholders’ equity. See details »

4 2021 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total stockholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Caterpillar Inc. adjusted financial leverage ratio decreased from 2019 to 2020 and from 2020 to 2021.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Profit attributable to common stockholders
Sales of Machinery, Energy & Transportation
Profitability Ratio
Net profit margin1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted profit of consolidated and affiliated companies2
Sales of Machinery, Energy & Transportation
Profitability Ratio
Adjusted net profit margin3

Based on: 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).

1 2021 Calculation
Net profit margin = 100 × Profit attributable to common stockholders ÷ Sales of Machinery, Energy & Transportation
= 100 × ÷ =

2 Adjusted profit of consolidated and affiliated companies. See details »

3 2021 Calculation
Adjusted net profit margin = 100 × Adjusted profit of consolidated and affiliated companies ÷ Sales of Machinery, Energy & Transportation
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Caterpillar Inc. adjusted net profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Profit attributable to common stockholders
Equity attributable to common shareholders
Profitability Ratio
ROE1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted profit of consolidated and affiliated companies2
Adjusted total stockholders’ equity3
Profitability Ratio
Adjusted ROE4

Based on: 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).

1 2021 Calculation
ROE = 100 × Profit attributable to common stockholders ÷ Equity attributable to common shareholders
= 100 × ÷ =

2 Adjusted profit of consolidated and affiliated companies. See details »

3 Adjusted total stockholders’ equity. See details »

4 2021 Calculation
Adjusted ROE = 100 × Adjusted profit of consolidated and affiliated companies ÷ Adjusted total stockholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Caterpillar Inc. adjusted ROE deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Reported
Selected Financial Data (US$ in millions)
Profit attributable to common stockholders
Total assets
Profitability Ratio
ROA1
Adjusted
Selected Financial Data (US$ in millions)
Adjusted profit of consolidated and affiliated companies2
Adjusted total assets3
Profitability Ratio
Adjusted ROA4

Based on: 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).

1 2021 Calculation
ROA = 100 × Profit attributable to common stockholders ÷ Total assets
= 100 × ÷ =

2 Adjusted profit of consolidated and affiliated companies. See details »

3 Adjusted total assets. See details »

4 2021 Calculation
Adjusted ROA = 100 × Adjusted profit of consolidated and affiliated companies ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Caterpillar Inc. adjusted ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.