Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Long-term Activity Ratios (Summary)

Caterpillar Inc., long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 5.04 4.70 3.99 3.15 3.93
Net fixed asset turnover (including operating lease, right-of-use asset) 4.83 4.49 3.79 3.00 3.75
Total asset turnover 0.73 0.69 0.58 0.50 0.65
Equity turnover 3.28 3.57 2.92 2.55 3.48

Based on: 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).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Caterpillar Inc. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Caterpillar Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Caterpillar Inc. total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Caterpillar Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Net Fixed Asset Turnover

Caterpillar Inc., net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation 63,869 56,574 48,188 39,022 50,755
Property, plant and equipment, net 12,680 12,028 12,090 12,401 12,904
Long-term Activity Ratio
Net fixed asset turnover1 5.04 4.70 3.99 3.15 3.93
Benchmarks
Net Fixed Asset Turnover, Competitors2
Boeing Co. 7.30 6.31 5.70 4.92 6.12
Cummins Inc. 5.45 5.08 5.43 4.66 5.55
General Electric Co. 6.06 5.96 5.47 1.75 2.02
Honeywell International Inc. 6.48 6.48 6.18 5.86 6.89
Lockheed Martin Corp. 8.07 8.27 8.83 9.07 9.07
RTX Corp. 4.38 4.42 4.30 3.78 6.04
Net Fixed Asset Turnover, Sector
Capital Goods 5.90 5.70 5.42 3.52 4.22
Net Fixed Asset Turnover, Industry
Industrials 3.17 3.22 3.04 2.41 2.76

Based on: 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).

1 2023 Calculation
Net fixed asset turnover = Sales of Machinery, Energy & Transportation ÷ Property, plant and equipment, net
= 63,869 ÷ 12,680 = 5.04

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Caterpillar Inc. net fixed asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Caterpillar Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation 63,869 56,574 48,188 39,022 50,755
 
Property, plant and equipment, net 12,680 12,028 12,090 12,401 12,904
Operating lease right-of-use assets (recognized in Other assets) 556 564 625 603 624
Property, plant and equipment, net (including operating lease, right-of-use asset) 13,236 12,592 12,715 13,004 13,528
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 4.83 4.49 3.79 3.00 3.75
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Boeing Co. 6.30 5.55 5.04 4.45 5.59
Cummins Inc. 5.05 4.67 4.94 4.22 4.97
General Electric Co. 5.17 5.08 4.55 1.63 1.89
Honeywell International Inc. 5.50 5.58 5.28 5.15 6.12
Lockheed Martin Corp. 7.14 7.27 7.54 7.96 7.88
RTX Corp. 3.96 3.95 3.80 3.36 5.02
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Capital Goods 5.28 5.08 4.77 3.23 3.85
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Industrials 2.73 2.78 2.62 2.13 2.57

Based on: 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).

1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Sales of Machinery, Energy & Transportation ÷ Property, plant and equipment, net (including operating lease, right-of-use asset)
= 63,869 ÷ 13,236 = 4.83

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Caterpillar Inc. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 and from 2022 to 2023.

Total Asset Turnover

Caterpillar Inc., total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation 63,869 56,574 48,188 39,022 50,755
Total assets 87,476 81,943 82,793 78,324 78,453
Long-term Activity Ratio
Total asset turnover1 0.73 0.69 0.58 0.50 0.65
Benchmarks
Total Asset Turnover, Competitors2
Boeing Co. 0.57 0.49 0.45 0.38 0.57
Cummins Inc. 1.06 0.93 1.01 0.88 1.19
General Electric Co. 0.40 0.39 0.36 0.29 0.33
Honeywell International Inc. 0.60 0.57 0.53 0.51 0.63
Lockheed Martin Corp. 1.29 1.25 1.32 1.29 1.26
RTX Corp. 0.43 0.42 0.40 0.35 0.55
Total Asset Turnover, Sector
Capital Goods 0.59 0.55 0.52 0.44 0.55
Total Asset Turnover, Industry
Industrials 0.68 0.67 0.61 0.52 0.62

Based on: 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).

1 2023 Calculation
Total asset turnover = Sales of Machinery, Energy & Transportation ÷ Total assets
= 63,869 ÷ 87,476 = 0.73

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Caterpillar Inc. total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Equity Turnover

Caterpillar Inc., equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation 63,869 56,574 48,188 39,022 50,755
Equity attributable to common shareholders 19,494 15,869 16,484 15,331 14,588
Long-term Activity Ratio
Equity turnover1 3.28 3.57 2.92 2.55 3.48
Benchmarks
Equity Turnover, Competitors2
Boeing Co.
Cummins Inc. 3.85 3.13 2.83 2.46 3.14
General Electric Co. 2.36 2.02 1.76 2.05 3.09
Honeywell International Inc. 2.31 2.12 1.85 1.86 1.98
Lockheed Martin Corp. 9.89 7.12 6.12 10.87 19.13
RTX Corp. 1.15 0.92 0.88 0.78 1.84
Equity Turnover, Sector
Capital Goods 3.42 2.73 2.43 2.53 3.92
Equity Turnover, Industry
Industrials 3.44 3.09 2.69 2.87 3.73

Based on: 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).

1 2023 Calculation
Equity turnover = Sales of Machinery, Energy & Transportation ÷ Equity attributable to common shareholders
= 63,869 ÷ 19,494 = 3.28

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Caterpillar Inc. equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.