Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Difficulty: Beginner

Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).


Historical Valuation Ratios (Summary)

Caterpillar Inc., historical price multiples (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Price to earnings (P/E) 18.84 27.02 38.62 126.80 91.93 630.50 46.66 43.49 36.01 18.07 14.43 13.18 13.58 14.01 15.58 16.31 17.11 16.25
Price to operating profit (P/OP) 9.46 12.07 14.11 21.70 40.89 75.35 142.08 116.61 28.83 25.52 20.44 11.66 9.59 9.27 9.66 9.71 10.74 11.02 11.29 10.94
Price to sales (P/S) 1.42 1.75 1.88 2.24 2.06 1.80 1.66 1.62 1.28 1.23 1.11 0.86 0.90 0.95 1.02 0.99 1.17 1.21 1.24 1.17
Price to book value (P/BV) 4.52 5.69 5.66 6.98 5.19 4.77 4.40 4.42 3.03 3.15 2.90 2.56 2.67 2.77 3.11 3.09 3.26 3.03 3.23 2.96 2.94 3.10 3.03

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-01), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-15), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-03), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-17), 10-Q (filing date: 2014-10-31), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02), 10-K (filing date: 2014-02-18), 10-Q (filing date: 2013-11-01), 10-Q (filing date: 2013-08-02), 10-Q (filing date: 2013-05-02).

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Caterpillar Inc.'s P/E ratio declined from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Caterpillar Inc.'s P/OP ratio declined from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Caterpillar Inc.'s P/S ratio declined from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company's required rate of return and its actual rate of return. Caterpillar Inc.'s P/BV ratio increased from Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 2018.

Price to Earnings (P/E)

Caterpillar Inc., historical P/E calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 590,106,711 594,325,388 597,904,900 597,625,772 594,933,582 590,972,792 589,090,308 586,486,024 585,072,585 584,231,181 583,868,746 582,321,890 582,233,801 602,632,543 603,643,663 606,166,559 605,398,874 627,846,602 624,233,901 637,822,342 636,355,991 647,615,068 657,484,946
Selected Financial Data (USD $)
Profit (loss) attributable to common stockholders (in millions) 1,727  1,707  1,665  (1,299) 1,059  802  192  (1,171) 283  550  271  (87) 368  710  1,111  757  1,017  999  922  1,003  946  960  880 
Earnings per share (EPS)3 6.44 5.27 3.72 1.26 1.48 0.18 -0.25 -0.11 1.74 1.89 2.16 3.61 5.06 5.97 6.43 6.10 6.51 6.16 6.14 5.94 0.00 0.00 0.00
Share price1, 2 121.32 142.38 143.86 159.98 136.29 113.09 101.54 99.02 81.11 82.03 77.84 65.21 72.99 78.63 87.37 85.38 101.41 100.52 105.01 96.56 83.59 84.30 84.26
P/E ratio4 18.84 27.02 38.62 126.80 91.93 630.50 46.66 43.49 36.01 18.07 14.43 13.18 13.58 14.01 15.58 16.31 17.11 16.25

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-01), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-15), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-03), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-17), 10-Q (filing date: 2014-10-31), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02), 10-K (filing date: 2014-02-18), 10-Q (filing date: 2013-11-01), 10-Q (filing date: 2013-08-02), 10-Q (filing date: 2013-05-02).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Caterpillar Inc.'s Quarterly or Annual Report.

Q3 2018 Calculations

3 EPS = (Profit (loss) attributable to common stockholdersQ3 2018 + Profit (loss) attributable to common stockholdersQ2 2018 + Profit (loss) attributable to common stockholdersQ1 2018 + Profit (loss) attributable to common stockholdersQ4 2017) ÷ No. shares of common stock outstanding
= (1,727,000,000 + 1,707,000,000 + 1,665,000,000 + -1,299,000,000) ÷ 590,106,711 = 6.44

4 P/E ratio = Share price ÷ EPS
= 121.32 ÷ 6.44 = 18.84

Ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Caterpillar Inc.'s P/E ratio declined from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.

Price to Operating Profit (P/OP)

Caterpillar Inc., historical P/OP calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 590,106,711 594,325,388 597,904,900 597,625,772 594,933,582 590,972,792 589,090,308 586,486,024 585,072,585 584,231,181 583,868,746 582,321,890 582,233,801 602,632,543 603,643,663 606,166,559 605,398,874 627,846,602 624,233,901 637,822,342 636,355,991 647,615,068 657,484,946
Selected Financial Data (USD $)
Operating profit (in millions) 2,135  2,167  2,108  1,161  1,577  1,251  417  (1,262) 481  785  494  (114) 713  1,130  1,527  1,063  1,392  1,475  1,398  1,452  1,401  1,557  1,218 
Operating profit per share3 12.83 11.80 10.20 7.37 3.33 1.50 0.71 0.85 2.81 3.21 3.81 5.59 7.61 8.48 9.04 8.79 9.44 9.12 9.30 8.82 0.00 0.00 0.00
Share price1, 2 121.32 142.38 143.86 159.98 136.29 113.09 101.54 99.02 81.11 82.03 77.84 65.21 72.99 78.63 87.37 85.38 101.41 100.52 105.01 96.56 83.59 84.30 84.26
P/OP ratio4 9.46 12.07 14.11 21.70 40.89 75.35 142.08 116.61 28.83 25.52 20.44 11.66 9.59 9.27 9.66 9.71 10.74 11.02 11.29 10.94

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-01), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-15), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-03), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-17), 10-Q (filing date: 2014-10-31), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02), 10-K (filing date: 2014-02-18), 10-Q (filing date: 2013-11-01), 10-Q (filing date: 2013-08-02), 10-Q (filing date: 2013-05-02).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Caterpillar Inc.'s Quarterly or Annual Report.

Q3 2018 Calculations

3 Operating profit per share = (Operating profitQ3 2018 + Operating profitQ2 2018 + Operating profitQ1 2018 + Operating profitQ4 2017) ÷ No. shares of common stock outstanding
= (2,135,000,000 + 2,167,000,000 + 2,108,000,000 + 1,161,000,000) ÷ 590,106,711 = 12.83

4 P/OP ratio = Share price ÷ Operating profit per share
= 121.32 ÷ 12.83 = 9.46

Ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Caterpillar Inc.'s P/OP ratio declined from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.

Price to Sales (P/S)

Caterpillar Inc., historical P/S calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 590,106,711 594,325,388 597,904,900 597,625,772 594,933,582 590,972,792 589,090,308 586,486,024 585,072,585 584,231,181 583,868,746 582,321,890 582,233,801 602,632,543 603,643,663 606,166,559 605,398,874 627,846,602 624,233,901 637,822,342 636,355,991 647,615,068 657,484,946
Selected Financial Data (USD $)
Sales of Machinery, Energy & Transportation (in millions) 12,763  13,279  12,150  12,194  10,713  10,639  9,130  8,885  8,463  9,645  8,780  10,318  10,285  11,583  11,961  13,500  12,758  13,391  12,493  13,646  12,678  13,886  12,484 
Sales per share3 85.38 81.33 76.43 71.41 66.17 62.81 61.32 61.00 63.59 66.80 70.16 75.81 81.29 82.64 85.50 86.02 86.37 83.15 84.43 82.62 0.00 0.00 0.00
Share price1, 2 121.32 142.38 143.86 159.98 136.29 113.09 101.54 99.02 81.11 82.03 77.84 65.21 72.99 78.63 87.37 85.38 101.41 100.52 105.01 96.56 83.59 84.30 84.26
P/S ratio4 1.42 1.75 1.88 2.24 2.06 1.80 1.66 1.62 1.28 1.23 1.11 0.86 0.90 0.95 1.02 0.99 1.17 1.21 1.24 1.17

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-01), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-15), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-03), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-17), 10-Q (filing date: 2014-10-31), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02), 10-K (filing date: 2014-02-18), 10-Q (filing date: 2013-11-01), 10-Q (filing date: 2013-08-02), 10-Q (filing date: 2013-05-02).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Caterpillar Inc.'s Quarterly or Annual Report.

Q3 2018 Calculations

3 Sales per share = (Sales of Machinery, Energy & TransportationQ3 2018 + Sales of Machinery, Energy & TransportationQ2 2018 + Sales of Machinery, Energy & TransportationQ1 2018 + Sales of Machinery, Energy & TransportationQ4 2017) ÷ No. shares of common stock outstanding
= (12,763,000,000 + 13,279,000,000 + 12,150,000,000 + 12,194,000,000) ÷ 590,106,711 = 85.38

4 P/S ratio = Share price ÷ Sales per share
= 121.32 ÷ 85.38 = 1.42

Ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Caterpillar Inc.'s P/S ratio declined from Q1 2018 to Q2 2018 and from Q2 2018 to Q3 2018.

Price to Book Value (P/BV)

Caterpillar Inc., historical P/BV calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 590,106,711 594,325,388 597,904,900 597,625,772 594,933,582 590,972,792 589,090,308 586,486,024 585,072,585 584,231,181 583,868,746 582,321,890 582,233,801 602,632,543 603,643,663 606,166,559 605,398,874 627,846,602 624,233,901 637,822,342 636,355,991 647,615,068 657,484,946
Selected Financial Data (USD $)
Shareholders' equity attributable to common shareholders (in millions) 15,850  14,879  15,206  13,697  15,627  14,009  13,588  13,137  15,645  15,232  15,676  14,809  15,896  17,092  16,962  16,746  18,823  20,856  20,305  20,811  18,110  17,621  18,274 
Book value per share (BVPS)3 26.86 25.04 25.43 22.92 26.27 23.70 23.07 22.40 26.74 26.07 26.85 25.43 27.30 28.36 28.10 27.63 31.09 33.22 32.53 32.63 28.46 27.21 27.79
Share price1, 2 121.32 142.38 143.86 159.98 136.29 113.09 101.54 99.02 81.11 82.03 77.84 65.21 72.99 78.63 87.37 85.38 101.41 100.52 105.01 96.56 83.59 84.30 84.26
P/BV ratio4 4.52 5.69 5.66 6.98 5.19 4.77 4.40 4.42 3.03 3.15 2.90 2.56 2.67 2.77 3.11 3.09 3.26 3.03 3.23 2.96 2.94 3.10 3.03

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-07), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-15), 10-Q (filing date: 2017-11-01), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-K (filing date: 2017-02-15), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-03), 10-Q (filing date: 2016-05-02), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-17), 10-Q (filing date: 2014-10-31), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02), 10-K (filing date: 2014-02-18), 10-Q (filing date: 2013-11-01), 10-Q (filing date: 2013-08-02), 10-Q (filing date: 2013-05-02).

1 Data adjusted for splits and stock dividends.

2 Close price on the filing date of Caterpillar Inc.'s Quarterly or Annual Report.

Q3 2018 Calculations

3 BVPS = Shareholders' equity attributable to common shareholders ÷ No. shares of common stock outstanding
= 15,850,000,000 ÷ 590,106,711 = 26.86

4 P/BV ratio = Share price ÷ BVPS
= 121.32 ÷ 26.86 = 4.52

Ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company's required rate of return and its actual rate of return. Caterpillar Inc.'s P/BV ratio increased from Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 2018.