Caterpillar Inc., current enterprise value calculation

Current share price (P)	$228.84
No. shares of common stock outstanding	516,345,490
US$ in millions
Common equity (market value)¹	118,161)
Add: Noncontrolling interests (per books)	22)
Total equity	118,183)
Add: Short-term borrowings (per books)	5,957)
Add: Long-term debt due within one year (per books)	5,322)
Add: Long-term debt due after one year (per books)	25,714)
Total equity and debt	155,176)
Less: Cash and cash equivalents	7,004)
Enterprise value (EV)	148,172)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 228.84 × 516,345,490

Caterpillar Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$248.70	$203.64	$202.30	$136.86	$132.62
No. shares of common stock outstanding¹	516,345,490	535,888,051	545,303,847	550,082,610	575,542,738
US$ in millions
Common equity (market value)³	128,415)	109,128)	110,315)	75,284)	76,328)
Add: Noncontrolling interests (book value)	22)	32)	47)	41)	41)
Total equity	128,437)	109,160)	110,362)	75,325)	76,369)
Add: Short-term borrowings (book value)	5,957)	5,404)	2,015)	5,166)	5,723)
Add: Long-term debt due within one year (book value)	5,322)	6,352)	9,149)	6,210)	5,830)
Add: Long-term debt due after one year (book value)	25,714)	26,033)	25,999)	26,281)	25,000)
Total equity and debt	165,430)	146,949)	147,525)	112,982)	112,922)
Less: Cash and cash equivalents	7,004)	9,254)	9,352)	8,284)	7,857)
Enterprise value (EV)	158,426)	137,695)	138,173)	104,698)	105,065)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Caterpillar Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 248.70 × 516,345,490

Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Caterpillar Inc. EV decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

Caterpillar Inc. (NYSE:CAT)

Enterprise Value (EV)