Caterpillar Inc. (CAT)


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
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 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
Price to earnings (P/E) 11.37 12.29 12.42 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
Price to operating profit (P/OP) 8.45 9.32 9.20 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
Price to sales (P/S) 1.35 1.49 1.47 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
Price to book value (P/BV) 4.81 5.06 5.44 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

Based on: 10-Q (filing date: 2019-08-01), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-14), 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).

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 Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.
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 increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.
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 increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.
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 declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 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
No. shares of common stock outstanding1 562,589,191 571,702,278 575,542,738 590,106,711 594,325,388 597,904,900 597,625,772 594,933,582 590,972,792 589,090,308 586,486,024 585,072,585 584,231,181 583,868,746 582,321,890 582,233,801 602,632,543 603,643,663 606,166,559 605,398,874 627,846,602 624,233,901
Selected Financial Data (USD $)
Profit (loss) attributable to common stockholders (in millions) 1,620  1,881  1,048  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 
Earnings per share (EPS)2 11.16 11.13 10.68 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 0.00 0.00 0.00
Share price1, 3 126.79 136.76 132.62 121.32 142.38 143.86 159.98 136.29 113.09 101.54 99.02 81.11 82.03 77.84 65.21 72.99 78.63 87.37 85.38 101.41 100.52 105.01
Ratio
P/E ratio4 11.37 12.29 12.42 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
Benchmarks
P/E Ratio, Competitors5
Illinois Tool Works Inc. 19.90 20.45 18.46 22.85 24.87 27.33 33.07 24.01 22.71 22.93 21.80 20.20 21.01 19.61 17.60 17.60 17.04 11.92 12.66

Based on: 10-Q (filing date: 2019-08-01), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-14), 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).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
EPS = (Profit (loss) attributable to common stockholdersQ2 2019 + Profit (loss) attributable to common stockholdersQ1 2019 + Profit (loss) attributable to common stockholdersQ4 2018 + Profit (loss) attributable to common stockholdersQ3 2018) ÷ No. shares of common stock outstanding
= (1,620,000,000 + 1,881,000,000 + 1,048,000,000 + 1,727,000,000) ÷ 562,589,191 = 11.16

3 Close price on the filing date of Caterpillar Inc.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/E ratio = Share price ÷ EPS
= 126.79 ÷ 11.16 = 11.37

5 Click competitor name to see calculations.

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 Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 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
No. shares of common stock outstanding1 562,589,191 571,702,278 575,542,738 590,106,711 594,325,388 597,904,900 597,625,772 594,933,582 590,972,792 589,090,308 586,486,024 585,072,585 584,231,181 583,868,746 582,321,890 582,233,801 602,632,543 603,643,663 606,166,559 605,398,874 627,846,602 624,233,901
Selected Financial Data (USD $)
Operating profit (in millions) 2,213  2,207  1,883  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 
Operating profit per share2 15.00 14.68 14.41 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 0.00 0.00 0.00
Share price1, 3 126.79 136.76 132.62 121.32 142.38 143.86 159.98 136.29 113.09 101.54 99.02 81.11 82.03 77.84 65.21 72.99 78.63 87.37 85.38 101.41 100.52 105.01
Ratio
P/OP ratio4 8.45 9.32 9.20 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
Benchmarks
P/OP Ratio, Competitors5
Illinois Tool Works Inc. 14.18 14.57 13.20 12.02 12.84 13.73 15.97 16.09 15.21 15.30 14.48 13.32 13.90 12.95 11.66 11.63 11.33 11.97 12.91

Based on: 10-Q (filing date: 2019-08-01), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-14), 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).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
Operating profit per share = (Operating profitQ2 2019 + Operating profitQ1 2019 + Operating profitQ4 2018 + Operating profitQ3 2018) ÷ No. shares of common stock outstanding
= (2,213,000,000 + 2,207,000,000 + 1,883,000,000 + 2,135,000,000) ÷ 562,589,191 = 15.00

3 Close price on the filing date of Caterpillar Inc.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 126.79 ÷ 15.00 = 8.45

5 Click competitor name to see calculations.

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 increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 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
No. shares of common stock outstanding1 562,589,191 571,702,278 575,542,738 590,106,711 594,325,388 597,904,900 597,625,772 594,933,582 590,972,792 589,090,308 586,486,024 585,072,585 584,231,181 583,868,746 582,321,890 582,233,801 602,632,543 603,643,663 606,166,559 605,398,874 627,846,602 624,233,901
Selected Financial Data (USD $)
Sales of Machinery, Energy & Transportation (in millions) 13,671  12,724  13,630  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 
Sales per share2 93.83 91.65 90.04 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 0.00 0.00 0.00
Share price1, 3 126.79 136.76 132.62 121.32 142.38 143.86 159.98 136.29 113.09 101.54 99.02 81.11 82.03 77.84 65.21 72.99 78.63 87.37 85.38 101.41 100.52 105.01
Ratio
P/S ratio4 1.35 1.49 1.47 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
Benchmarks
P/S Ratio, Competitors5
Illinois Tool Works Inc. 3.42 3.52 3.20 2.90 3.16 3.38 3.90 3.87 3.52 3.50 3.26 2.97 3.08 2.81 2.49 2.45 2.34 2.45 2.57

Based on: 10-Q (filing date: 2019-08-01), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-14), 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).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
Sales per share = (Sales of Machinery, Energy & TransportationQ2 2019 + Sales of Machinery, Energy & TransportationQ1 2019 + Sales of Machinery, Energy & TransportationQ4 2018 + Sales of Machinery, Energy & TransportationQ3 2018) ÷ No. shares of common stock outstanding
= (13,671,000,000 + 12,724,000,000 + 13,630,000,000 + 12,763,000,000) ÷ 562,589,191 = 93.83

3 Close price on the filing date of Caterpillar Inc.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/S ratio = Share price ÷ Sales per share
= 126.79 ÷ 93.83 = 1.35

5 Click competitor name to see calculations.

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 increased from Q4 2018 to Q1 2019 but then declined significantly from Q1 2019 to Q2 2019.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 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
No. shares of common stock outstanding1 562,589,191 571,702,278 575,542,738 590,106,711 594,325,388 597,904,900 597,625,772 594,933,582 590,972,792 589,090,308 586,486,024 585,072,585 584,231,181 583,868,746 582,321,890 582,233,801 602,632,543 603,643,663 606,166,559 605,398,874 627,846,602 624,233,901
Selected Financial Data (USD $)
Shareholders’ equity attributable to common shareholders (in millions) 14,837  15,437  14,039  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 
Book value per share (BVPS)2 26.37 27.00 24.39 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
Share price1, 3 126.79 136.76 132.62 121.32 142.38 143.86 159.98 136.29 113.09 101.54 99.02 81.11 82.03 77.84 65.21 72.99 78.63 87.37 85.38 101.41 100.52 105.01
Ratio
P/BV ratio4 4.81 5.06 5.44 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
Benchmarks
P/BV Ratio, Competitors5
Illinois Tool Works Inc. 15.87 16.05 14.54 12.13 12.36 11.85 12.17 10.85 10.31 10.73 10.43 8.35 8.30 7.18 6.40 6.57 6.17 7.02 5.47 4.57 3.98 4.11

Based on: 10-Q (filing date: 2019-08-01), 10-Q (filing date: 2019-05-06), 10-K (filing date: 2019-02-14), 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).

1 Data adjusted for splits and stock dividends.

2 Q2 2019 Calculation
BVPS = Shareholders’ equity attributable to common shareholders ÷ No. shares of common stock outstanding
= 14,837,000,000 ÷ 562,589,191 = 26.37

3 Close price on the filing date of Caterpillar Inc.’s Quarterly or Annual Report.

4 Q2 2019 Calculation
P/BV ratio = Share price ÷ BVPS
= 126.79 ÷ 26.37 = 4.81

5 Click competitor name to see calculations.

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 declined from Q4 2018 to Q1 2019 and from Q1 2019 to Q2 2019.