Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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Caterpillar Inc. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Current Ratio since 2005
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Caterpillar Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation metrics exhibit two distinct phases: a period of relative stability characterized by moderate fluctuations from March 2022 through March 2025, followed by a period of rapid expansion in all valuation multiples starting in the second quarter of 2025 and continuing through March 2026.
- Earnings and Operating Profit Multiples
- The Price to Earnings (P/E) ratio remained within a range of 12.95 to 19.15 between March 2022 and March 2025. However, a sharp acceleration occurred after June 2025, with the ratio climbing from 21.23 to a peak of 45.28 by March 2026. Similarly, the Price to Operating Profit (P/OP) ratio showed stability below 17.16 during the first three years before trending upward sharply in 2025 and 2026, reaching 36.63 by the end of the analyzed period.
- Revenue Valuation
- The Price to Sales (P/S) ratio hovered between 1.86 and 3.23 from early 2022 until early 2025. Beginning in June 2025, the ratio entered a consistent growth trajectory, rising from 3.36 and culminating at 6.37 in March 2026, indicating a significant increase in the market premium attributed to each unit of revenue.
- Asset-Based Valuation
- The Price to Book Value (P/BV) ratio demonstrated the most pronounced growth. While the ratio fluctuated between 5.76 and 10.38 from March 2022 to March 2025, it experienced an exponential increase starting in June 2025. The ratio rose from 10.74 to 22.88 by March 2026, suggesting a substantial divergence between the market price and the accounting book value of the equity.
Across all four metrics, the data indicates a synchronized and aggressive expansion of valuation multiples in the final year of the period. This trend suggests a significant shift in market sentiment or an anticipation of future growth that far exceeds historical averages observed between 2022 and 2024.
Price to Earnings (P/E)
Caterpillar Inc., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Profit attributable to common stockholders (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
EPS
= (Profit attributable to common stockholdersQ1 2026
+ Profit attributable to common stockholdersQ4 2025
+ Profit attributable to common stockholdersQ3 2025
+ Profit attributable to common stockholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analysis of common stock valuation ratios reveals a significant transition in market pricing from a fundamental-driven valuation to a period of rapid multiple expansion. For the majority of the period between March 2022 and March 2025, the valuation remained relatively stable and compressed, whereas the subsequent quarters are characterized by a parabolic increase in share price that decoupled from earnings performance.
- Share Price Dynamics
- The share price exhibited moderate volatility from March 2022 through December 2024, fluctuating between a low of 182.87 and a high of 416.88. A sharp upward trajectory commenced in June 2025, with the price escalating from 427.72 to 926.93 by March 2026. This represents an aggressive appreciation in market value over the final nine months of the observed period.
- Earnings per Share (EPS) Trends
- EPS demonstrated a consistent upward trend in the early stages, rising from 12.18 in March 2022 to a peak of 22.99 in March 2024. Following this peak, a gradual decline was observed, with earnings dropping to 19.09 by December 2025 before a slight recovery to 20.47 in March 2026. The data indicates that while the share price accelerated, earnings growth stalled and slightly contracted.
- Price to Earnings (P/E) Ratio Interpretation
- The P/E ratio remained within a predictable range of 12.95 to 19.15 from March 2022 until March 2025. Starting in June 2025, the ratio underwent a substantial expansion, climbing from 21.23 to 45.28 by March 2026. This expansion signifies that the market began assigning a significantly higher premium to the company's earnings, shifting the valuation from a historical average to a high-multiple regime that was not supported by commensurate increases in quarterly EPS.
Price to Operating Profit (P/OP)
Caterpillar Inc., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Operating profit (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Operating profit per share
= (Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025
+ Operating profitQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the Price to operating profit (P/OP) reveals a significant divergence between market valuation and fundamental operating performance over the analyzed period. While the share price experienced exponential growth, operating profits per share remained relatively stagnant after an initial growth phase, leading to a sharp expansion in the valuation multiple.
- Share Price Dynamics
- The share price exhibited a general upward trajectory, starting at 222.59 in March 2022 and reaching 926.93 by March 2026. The growth was characterized by moderate volatility through 2023 and 2024, followed by a period of rapid acceleration beginning in mid-2025, where the price climbed from 427.72 to 926.93 within nine months.
- Operating Profit Performance
- Operating profit per share showed strong organic growth in the early stages, rising from 12.97 in March 2022 to a peak of 28.11 in March 2024. However, following this peak, profitability entered a phase of stabilization and slight contraction, fluctuating between 23.97 and 28.01 through March 2026, indicating that profit growth did not keep pace with the share price appreciation.
- P/OP Ratio Evolution
- The P/OP ratio remained relatively compressed and stable between 10.25 and 17.16 from March 2022 through March 2024. A fundamental shift in valuation occurred starting in June 2025, as the ratio ascended from 17.41 to 36.63 by March 2026. This trend indicates a substantial expansion in the multiple the market was willing to pay per unit of operating profit.
The correlation between the metrics suggests that the valuation surge in the final quarters was driven primarily by market sentiment and share price appreciation rather than operational efficiency or increased profitability. The steep increase in the P/OP ratio toward the end of the period reflects a significant premium being applied to the stock despite plateauing operating profits.
Price to Sales (P/S)
Caterpillar Inc., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Sales of Machinery, Power & Energy (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
Sales per share
= (Sales of Machinery, Power & EnergyQ1 2026
+ Sales of Machinery, Power & EnergyQ4 2025
+ Sales of Machinery, Power & EnergyQ3 2025
+ Sales of Machinery, Power & EnergyQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a transition from a period of relative stability to one of aggressive expansion. While sales per share grew consistently over the observed period, the share price accelerated at a disproportionately higher rate, particularly in the final six quarters, leading to a substantial increase in the price-to-sales (P/S) multiple.
- Share Price Dynamics
- The share price experienced moderate volatility between March 2022 and December 2023, oscillating between a low of 182.87 and a high of 321.91. A sharp upward trajectory commenced in 2024, culminating in a peak of 926.93 by March 31, 2026. This acceleration indicates a significant increase in market valuation that outpaced the growth of underlying revenue.
- Sales per Share Growth
- Revenue efficiency, as measured by sales per share, demonstrated a steady and linear upward trend. From a base of 93.53 in March 2022, sales per share increased to 145.61 by March 2026. This growth remained consistent and lacked the volatility seen in the share price, reflecting a stable improvement in top-line performance per share.
- Price-to-Sales (P/S) Ratio Evolution
- The P/S ratio remained largely range-bound between 1.86 and 2.54 from March 2022 through March 2024. A structural shift in valuation occurred starting in September 2024, when the ratio first exceeded 3.0. The multiplier then expanded rapidly, rising from 2.52 in March 2025 to 6.37 by March 2026. This divergence indicates that the market began assigning a significantly higher premium to each dollar of sales, shifting the valuation baseline from approximately 2.0 to over 6.0.
Price to Book Value (P/BV)
Caterpillar Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Shareholders’ equity attributable to common shareholders (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | |||||||||||||||||||||||
| Eaton Corp. plc | |||||||||||||||||||||||
| GE Aerospace | |||||||||||||||||||||||
| Honeywell International Inc. | |||||||||||||||||||||||
| Lockheed Martin Corp. | |||||||||||||||||||||||
| RTX Corp. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2026 Calculation
BVPS = Shareholders’ equity attributable to common shareholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock exhibits a pronounced upward trajectory over the observed period, characterized by a significant divergence between the market price and the underlying book value per share. While the book value remained relatively stable with modest growth, the share price experienced an exponential increase, particularly during the final six quarters, leading to a substantial expansion of the Price to Book Value (P/BV) multiple.
- P/BV Ratio Trend
- The P/BV ratio demonstrated relative stability between March 2022 and December 2023, fluctuating within a range of 5.76 to 8.25. Starting in 2024, a steady upward trend emerged, with the ratio surpassing 10.00 by September 2024. This trend accelerated aggressively from June 2025 onward, culminating in a peak of 22.88 by March 2026, indicating a sharp increase in the premium the market is willing to pay over the accounting value of the assets.
- Share Price Performance
- The share price showed significant volatility and growth, rising from 222.59 in March 2022 to 926.93 in March 2026. The most rapid appreciation occurred between June 2025 and March 2026, where the price increased from 427.72 to 926.93, more than doubling in value within nine months.
- Book Value per Share (BVPS) Stability
- In contrast to the share price, the BVPS exhibited a more conservative and linear progression. The value moved from 32.00 in March 2022 to a peak of 45.82 in September 2025, before settling at 40.51 in March 2026. The lack of proportional growth in BVPS relative to the share price is the primary driver of the escalating P/BV ratio.
- Valuation Divergence
- An analysis of the relationship between price and book value reveals a decoupling effect. In the early stages of the period, the market price was supported by a moderate multiple of the book value. However, the final quarters show a valuation driven by factors beyond tangible net assets, as the P/BV ratio expanded from 8.35 in December 2023 to 22.88 in March 2026, reflecting a significant shift in market sentiment or expectations of future growth.