Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

Analysis of Long-term (Investment) Activity Ratios 

Microsoft Excel LibreOffice Calc

Long-term Activity Ratios (Summary)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net fixed asset turnover 3.99 3.15 3.93 3.82 3.01
Net fixed asset turnover (including operating lease, right-of-use asset) 3.79 3.00 3.75 3.82 3.01
Total asset turnover 0.58 0.50 0.65 0.66 0.55
Equity turnover 2.92 2.55 3.48 3.69 3.12

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).

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 deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
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) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Caterpillar Inc. total asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Caterpillar Inc. equity turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Net Fixed Asset Turnover

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation 48,188  39,022  50,755  51,822  42,676 
Property, plant and equipment, net 12,090  12,401  12,904  13,574  14,155 
Long-term Activity Ratio
Net fixed asset turnover1 3.99 3.15 3.93 3.82 3.01
Benchmarks
Net Fixed Asset Turnover, Competitors2
Boeing Co. 5.70 4.92 6.12 8.00 7.37
General Electric Co. 5.47 1.75 2.02 2.24 2.10
Honeywell International Inc. 6.18 5.86 6.89 7.89 6.84
Lockheed Martin Corp. 8.83 9.07 9.07 8.78 8.84
Raytheon Technologies Corp. 4.30 3.78 6.04 5.41 5.87
Net Fixed Asset Turnover, Sector
Capital Goods 5.42 3.47 4.16 4.26 3.91
Net Fixed Asset Turnover, Industry
Industrials 2.08 1.66 2.08 2.21 2.12

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 fixed asset turnover = Sales of Machinery, Energy & Transportation ÷ Property, plant and equipment, net
= 48,188 ÷ 12,090 = 3.99

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 deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

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 LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation 48,188  39,022  50,755  51,822  42,676 
 
Property, plant and equipment, net 12,090  12,401  12,904  13,574  14,155 
Operating lease right-of-use assets (recognized in Other assets) 625  603  624  —  — 
Property, plant and equipment, net (including operating lease, right-of-use asset) 12,715  13,004  13,528  13,574  14,155 
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 3.79 3.00 3.75 3.82 3.01
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2
Boeing Co. 5.04 4.45 5.59 8.00 7.37
General Electric Co. 4.55 1.63 1.89 2.24 2.10
Honeywell International Inc. 5.28 5.15 6.12 7.89 6.84
Lockheed Martin Corp. 7.54 7.96 7.88 8.78 8.84
Raytheon Technologies Corp. 3.80 3.36 5.02 5.41 5.87
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector
Capital Goods 4.76 3.18 3.79 4.26 3.91
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Industrials 1.79 1.46 1.90 2.11 2.12

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 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)
= 48,188 ÷ 12,715 = 3.79

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) deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Total Asset Turnover

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

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation 48,188  39,022  50,755  51,822  42,676 
Total assets 82,793  78,324  78,453  78,509  76,962 
Long-term Activity Ratio
Total asset turnover1 0.58 0.50 0.65 0.66 0.55
Benchmarks
Total Asset Turnover, Competitors2
Boeing Co. 0.45 0.38 0.57 0.86 1.01
General Electric Co. 0.36 0.29 0.33 0.37 0.30
Honeywell International Inc. 0.53 0.51 0.63 0.72 0.68
Lockheed Martin Corp. 1.32 1.29 1.26 1.20 1.10
Raytheon Technologies Corp. 0.40 0.35 0.55 0.50 0.62
Total Asset Turnover, Sector
Capital Goods 0.50 0.43 0.54 0.58 0.53
Total Asset Turnover, Industry
Industrials 0.56 0.47 0.63 0.66 0.63

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
= 48,188 ÷ 82,793 = 0.58

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 deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Equity Turnover

Caterpillar Inc., equity turnover calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Sales of Machinery, Energy & Transportation 48,188  39,022  50,755  51,822  42,676 
Equity attributable to common shareholders 16,484  15,331  14,588  14,039  13,697 
Long-term Activity Ratio
Equity turnover1 2.92 2.55 3.48 3.69 3.12
Benchmarks
Equity Turnover, Competitors2
Boeing Co. 298.31 263.08
General Electric Co. 1.76 2.05 3.09 3.66 1.76
Honeywell International Inc. 1.85 1.86 1.98 2.30 2.35
Lockheed Martin Corp. 6.12 10.87 19.13 38.57
Raytheon Technologies Corp. 0.88 0.78 1.84 1.73 2.02
Equity Turnover, Sector
Capital Goods 2.41 2.53 3.98 4.15 3.22
Equity Turnover, Industry
Industrials 3.05 3.14 4.00 4.01 3.28

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
Equity turnover = Sales of Machinery, Energy & Transportation ÷ Equity attributable to common shareholders
= 48,188 ÷ 16,484 = 2.92

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 deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.