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).
Historical Valuation Ratios (Summary)
Caterpillar Inc., historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Valuation 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. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |
| 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. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |
| 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. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
| P/BV ratio | The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. | Caterpillar Inc. P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Price to Earnings (P/E)
Caterpillar Inc., historical P/E calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 499,377,269 | 509,084,743 | 510,143,097 | 515,920,061 | 516,345,490 | 520,409,355 | 527,909,143 | 533,353,205 | 535,888,051 | 540,941,600 | 547,471,467 | 547,763,530 | 545,303,847 | 543,258,283 | 541,506,575 | 541,951,509 | 550,082,610 | 552,658,387 | 562,589,191 | 571,702,278 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Profit attributable to common stockholders (in millions) | 2,676) | 2,794) | 2,922) | 1,943) | 1,454) | 2,041) | 1,673) | 1,537) | 2,120) | 1,426) | 1,413) | 1,530) | 780) | 668) | 458) | 1,092) | 1,098) | 1,494) | 1,620) | 1,881) | ||||||
| Earnings per share (EPS)2 | 20.70 | 17.90 | 16.39 | 13.78 | 12.99 | 14.16 | 12.80 | 12.18 | 12.11 | 9.52 | 8.02 | 6.27 | 5.50 | 6.10 | 7.65 | 9.79 | 11.08 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 321.91 | 231.83 | 287.57 | 215.64 | 248.70 | 214.54 | 182.87 | 222.59 | 203.64 | 203.55 | 204.52 | 237.88 | 202.30 | 155.23 | 134.97 | 107.67 | 136.86 | 137.80 | 126.79 | 136.76 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/E ratio4 | 15.55 | 12.95 | 17.55 | 15.65 | 19.15 | 15.15 | 14.29 | 18.28 | 16.82 | 21.38 | 25.50 | 37.92 | 36.80 | 25.43 | 17.65 | 11.00 | 12.36 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Cummins Inc. | 49.57 | 11.04 | 13.53 | 12.77 | 16.33 | 17.56 | 14.99 | 14.66 | 14.94 | 15.48 | 15.18 | 19.87 | 20.23 | 20.48 | 16.85 | 11.27 | 10.92 | — | — | — | ||||||
| Eaton Corp. plc | 35.88 | 27.72 | 32.23 | 26.89 | 27.93 | 26.32 | 25.21 | 26.37 | 27.77 | 33.08 | 34.43 | 40.32 | 37.46 | 31.97 | 25.14 | 15.70 | 18.06 | — | — | — | ||||||
| General Electric Co. | 16.18 | 12.72 | 13.82 | 12.78 | — | — | — | — | — | — | — | — | 19.67 | 19.55 | — | — | — | — | — | — | ||||||
| Honeywell International Inc. | 22.73 | 21.44 | 23.92 | 25.30 | 26.97 | 24.58 | 25.26 | 25.10 | 23.14 | 27.35 | 31.83 | 33.71 | 29.63 | 23.23 | 17.93 | 15.27 | 20.97 | — | — | — | ||||||
| Lockheed Martin Corp. | 15.35 | 15.71 | 16.11 | 22.32 | 20.48 | 19.28 | 22.00 | 19.45 | 16.70 | 15.11 | 14.27 | 15.48 | 13.44 | 15.79 | 16.26 | 17.09 | 19.87 | — | — | — | ||||||
| RTX Corp. | 38.31 | 35.32 | 22.79 | 26.67 | 27.59 | 29.12 | 29.83 | 35.16 | 36.79 | 40.28 | 60.91 | — | — | — | — | 12.02 | 24.41 | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
EPS
= (Profit attributable to common stockholdersQ4 2023
+ Profit attributable to common stockholdersQ3 2023
+ Profit attributable to common stockholdersQ2 2023
+ Profit attributable to common stockholdersQ1 2023)
÷ No. shares of common stock outstanding
= (2,676,000,000 + 2,794,000,000 + 2,922,000,000 + 1,943,000,000)
÷ 499,377,269 = 20.70
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 321.91 ÷ 20.70 = 15.55
5 Click competitor name to see calculations.
| Valuation 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. P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |
Price to Operating Profit (P/OP)
Caterpillar Inc., historical P/OP calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 499,377,269 | 509,084,743 | 510,143,097 | 515,920,061 | 516,345,490 | 520,409,355 | 527,909,143 | 533,353,205 | 535,888,051 | 540,941,600 | 547,471,467 | 547,763,530 | 545,303,847 | 543,258,283 | 541,506,575 | 541,951,509 | 550,082,610 | 552,658,387 | 562,589,191 | 571,702,278 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Operating profit (in millions) | 3,134) | 3,449) | 3,652) | 2,731) | 1,680) | 2,425) | 1,944) | 1,855) | 1,611) | 1,664) | 1,789) | 1,814) | 1,380) | 985) | 784) | 1,404) | 1,850) | 2,020) | 2,213) | 2,207) | ||||||
| Operating profit per share2 | 25.96 | 22.61 | 20.56 | 17.02 | 15.31 | 15.06 | 13.40 | 12.97 | 12.83 | 12.29 | 10.90 | 9.06 | 8.35 | 9.25 | 11.19 | 13.81 | 15.07 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 321.91 | 231.83 | 287.57 | 215.64 | 248.70 | 214.54 | 182.87 | 222.59 | 203.64 | 203.55 | 204.52 | 237.88 | 202.30 | 155.23 | 134.97 | 107.67 | 136.86 | 137.80 | 126.79 | 136.76 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/OP ratio4 | 12.40 | 10.25 | 13.99 | 12.67 | 16.25 | 14.25 | 13.65 | 17.16 | 15.87 | 16.57 | 18.76 | 26.25 | 24.23 | 16.79 | 12.06 | 7.79 | 9.08 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Cummins Inc. | 20.69 | 8.18 | 9.96 | 9.62 | 11.99 | 12.82 | 11.53 | 11.41 | 11.76 | 12.20 | 11.77 | 15.28 | 15.95 | 16.31 | 14.24 | 9.37 | 9.14 | — | — | — | ||||||
| Eaton Corp. plc | 29.72 | 22.55 | 25.61 | 21.74 | 22.78 | 21.52 | 18.06 | 18.52 | 19.33 | 22.62 | 27.06 | 30.03 | 25.83 | 21.15 | 17.02 | 11.54 | 13.95 | — | — | — | ||||||
| General Electric Co. | 27.11 | 22.82 | 26.69 | 20.39 | 19.88 | 15.70 | 13.51 | 17.08 | 17.46 | 20.90 | 23.40 | 35.58 | 25.64 | 11.62 | 7.77 | 5.53 | 9.22 | — | — | — | ||||||
| Honeywell International Inc. | 18.15 | 15.87 | 18.29 | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | 20.68 | 23.54 | 25.98 | 28.28 | 24.86 | 20.25 | 17.03 | 13.96 | 18.81 | — | — | — | ||||||
| Lockheed Martin Corp. | 12.49 | 12.87 | 13.18 | 15.02 | 14.06 | 13.30 | 11.97 | 13.61 | 11.56 | 10.22 | 11.57 | 12.37 | 10.63 | 12.14 | 12.39 | 12.72 | 14.49 | — | — | — | ||||||
| RTX Corp. | 34.37 | 35.06 | 20.81 | 24.68 | 26.48 | 24.82 | 26.15 | 29.36 | 28.68 | 35.30 | 46.33 | — | — | — | 48.47 | 6.01 | 15.07 | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Operating profit per share
= (Operating profitQ4 2023
+ Operating profitQ3 2023
+ Operating profitQ2 2023
+ Operating profitQ1 2023)
÷ No. shares of common stock outstanding
= (3,134,000,000 + 3,449,000,000 + 3,652,000,000 + 2,731,000,000)
÷ 499,377,269 = 25.96
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 321.91 ÷ 25.96 = 12.40
5 Click competitor name to see calculations.
| Valuation 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. P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |
Price to Sales (P/S)
Caterpillar Inc., historical P/S calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 499,377,269 | 509,084,743 | 510,143,097 | 515,920,061 | 516,345,490 | 520,409,355 | 527,909,143 | 533,353,205 | 535,888,051 | 540,941,600 | 547,471,467 | 547,763,530 | 545,303,847 | 543,258,283 | 541,506,575 | 541,951,509 | 550,082,610 | 552,658,387 | 562,589,191 | 571,702,278 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Sales of Machinery, Energy & Transportation (in millions) | 16,237) | 15,988) | 16,545) | 15,099) | 15,871) | 14,278) | 13,539) | 12,886) | 13,097) | 11,707) | 12,193) | 11,191) | 10,570) | 9,228) | 9,310) | 9,914) | 12,386) | 11,974) | 13,671) | 12,724) | ||||||
| Sales per share2 | 127.90 | 124.74 | 121.13 | 113.95 | 109.57 | 103.38 | 97.04 | 93.53 | 89.92 | 84.41 | 78.88 | 73.57 | 71.56 | 75.17 | 80.49 | 88.47 | 92.27 | 0.00 | 0.00 | 0.00 | ||||||
| Share price1, 3 | 321.91 | 231.83 | 287.57 | 215.64 | 248.70 | 214.54 | 182.87 | 222.59 | 203.64 | 203.55 | 204.52 | 237.88 | 202.30 | 155.23 | 134.97 | 107.67 | 136.86 | 137.80 | 126.79 | 136.76 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/S ratio4 | 2.52 | 1.86 | 2.37 | 1.89 | 2.27 | 2.08 | 1.88 | 2.38 | 2.26 | 2.41 | 2.59 | 3.23 | 2.83 | 2.06 | 1.68 | 1.22 | 1.48 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||
| Boeing Co. | 1.66 | 1.42 | 1.91 | 1.73 | 1.90 | 1.30 | 1.53 | 1.50 | 1.87 | 1.93 | 2.20 | 2.44 | 1.96 | 1.38 | 1.41 | 1.11 | 2.34 | — | — | — | ||||||
| Cummins Inc. | 1.07 | 0.93 | 1.07 | 1.07 | 1.25 | 1.29 | 1.24 | 1.17 | 1.33 | 1.44 | 1.45 | 1.79 | 1.83 | 1.66 | 1.43 | 1.05 | 1.05 | — | — | — | ||||||
| Eaton Corp. plc | 4.98 | 3.67 | 3.96 | 3.23 | 3.31 | 2.99 | 2.95 | 2.96 | 3.03 | 3.51 | 3.39 | 3.25 | 2.96 | 2.41 | 2.02 | 1.60 | 1.87 | — | — | — | ||||||
| General Electric Co. | 2.30 | 1.84 | 1.85 | 1.51 | 1.20 | 1.11 | 1.10 | 1.25 | 1.50 | 1.64 | 1.60 | 1.68 | 1.41 | 0.84 | 0.71 | 0.67 | 1.18 | — | — | — | ||||||
| Honeywell International Inc. | 3.51 | 3.19 | 3.61 | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | 3.73 | 4.32 | 4.66 | 4.78 | 4.34 | 3.48 | 3.04 | 2.65 | 3.51 | — | — | — | ||||||
| Lockheed Martin Corp. | 1.57 | 1.62 | 1.69 | 1.92 | 1.78 | 1.75 | 1.61 | 1.84 | 1.57 | 1.38 | 1.53 | 1.63 | 1.40 | 1.61 | 1.67 | 1.75 | 2.07 | — | — | — | ||||||
| RTX Corp. | 1.78 | 1.68 | 1.80 | 2.15 | 2.14 | 1.97 | 2.04 | 2.27 | 2.21 | 2.09 | 2.14 | 2.07 | 1.95 | 1.44 | 1.41 | 0.71 | 1.75 | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
Sales per share
= (Sales of Machinery, Energy & TransportationQ4 2023
+ Sales of Machinery, Energy & TransportationQ3 2023
+ Sales of Machinery, Energy & TransportationQ2 2023
+ Sales of Machinery, Energy & TransportationQ1 2023)
÷ No. shares of common stock outstanding
= (16,237,000,000 + 15,988,000,000 + 16,545,000,000 + 15,099,000,000)
÷ 499,377,269 = 127.90
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 321.91 ÷ 127.90 = 2.52
5 Click competitor name to see calculations.
| Valuation 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. P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Price to Book Value (P/BV)
Caterpillar Inc., historical P/BV calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 499,377,269 | 509,084,743 | 510,143,097 | 515,920,061 | 516,345,490 | 520,409,355 | 527,909,143 | 533,353,205 | 535,888,051 | 540,941,600 | 547,471,467 | 547,763,530 | 545,303,847 | 543,258,283 | 541,506,575 | 541,951,509 | 550,082,610 | 552,658,387 | 562,589,191 | 571,702,278 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||
| Shareholders’ equity attributable to common shareholders (in millions) | 19,494) | 20,489) | 18,235) | 18,149) | 15,869) | 15,591) | 15,727) | 17,065) | 16,484) | 16,665) | 16,833) | 16,573) | 15,331) | 14,949) | 13,734) | 14,197) | 14,588) | 14,952) | 14,837) | 15,437) | ||||||
| Book value per share (BVPS)2 | 39.04 | 40.25 | 35.74 | 35.18 | 30.73 | 29.96 | 29.79 | 32.00 | 30.76 | 30.81 | 30.75 | 30.26 | 28.11 | 27.52 | 25.36 | 26.20 | 26.52 | 27.05 | 26.37 | 27.00 | ||||||
| Share price1, 3 | 321.91 | 231.83 | 287.57 | 215.64 | 248.70 | 214.54 | 182.87 | 222.59 | 203.64 | 203.55 | 204.52 | 237.88 | 202.30 | 155.23 | 134.97 | 107.67 | 136.86 | 137.80 | 126.79 | 136.76 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||||
| P/BV ratio4 | 8.25 | 5.76 | 8.05 | 6.13 | 8.09 | 7.16 | 6.14 | 6.96 | 6.62 | 6.61 | 6.65 | 7.86 | 7.20 | 5.64 | 5.32 | 4.11 | 5.16 | 5.09 | 4.81 | 5.06 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 1,689.96 | ||||||
| Cummins Inc. | 4.12 | 2.90 | 3.32 | 3.35 | 3.91 | 4.01 | 3.51 | 3.38 | 3.76 | 4.29 | 4.25 | 4.61 | 4.49 | 4.22 | 4.00 | 3.36 | 3.29 | 3.47 | 3.15 | 3.35 | ||||||
| Eaton Corp. plc | 6.07 | 4.52 | 4.87 | 3.96 | 4.04 | 3.75 | 3.56 | 3.52 | 3.63 | 4.28 | 4.21 | 3.84 | 3.54 | 3.06 | 2.73 | 2.34 | 2.48 | 2.32 | 2.14 | 2.16 | ||||||
| General Electric Co. | 5.43 | 4.31 | 4.09 | 3.39 | 2.43 | 2.53 | 2.26 | 2.27 | 2.64 | 3.15 | 3.43 | 3.53 | 2.89 | 1.95 | 1.71 | 1.63 | 3.66 | 3.16 | 2.55 | 2.52 | ||||||
| Honeywell International Inc. | 8.11 | 6.74 | 7.54 | 7.81 | 8.02 | 7.46 | 7.31 | 7.17 | 6.91 | 8.39 | 8.83 | 8.67 | 8.07 | 6.40 | 5.78 | 5.46 | 6.97 | 6.61 | 7.00 | 6.56 | ||||||
| Lockheed Martin Corp. | 15.54 | 11.80 | 12.31 | 13.16 | 12.67 | 9.46 | 9.05 | 12.08 | 9.62 | 9.50 | 15.63 | 17.05 | 15.27 | 20.84 | 27.96 | 30.96 | 39.60 | 26.86 | 35.45 | 37.84 | ||||||
| RTX Corp. | 2.05 | 1.62 | 1.75 | 2.03 | 1.97 | 1.85 | 1.89 | 2.04 | 1.95 | 1.87 | 1.87 | 1.75 | 1.53 | 1.26 | 1.35 | 1.25 | 3.24 | 3.05 | 2.87 | 3.05 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Data adjusted for splits and stock dividends.
2 Q4 2023 Calculation
BVPS = Shareholders’ equity attributable to common shareholders ÷ No. shares of common stock outstanding
= 19,494,000,000 ÷ 499,377,269 = 39.04
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 321.91 ÷ 39.04 = 8.25
5 Click competitor name to see calculations.
| Valuation 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 required rate of return and its actual rate of return. | Caterpillar Inc. P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |