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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- Balance Sheet: Assets
- Analysis of Reportable Segments
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Caterpillar Inc., historical price multiples (quarterly data)
Based on: 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), 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).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits a general downward trend from the first quarter of 2021, starting at 37.92, and declining substantially to a low in the third quarter of 2023 at 12.95. Following this trough, the ratio experiences fluctuations with intermittent increases and decreases, rising to 21.23 by the second quarter of 2025. This pattern suggests periods of valuation compression followed by recovery, indicating variability in market expectations regarding future earnings.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio shows a decline from 26.25 in the first quarter of 2021 to a low point of 10.25 in the third quarter of 2023. Post this trough, the ratio fluctuates with a notable increase to 17.41 by the second quarter of 2025. The generally consistent pattern with the P/E ratio implies that investor valuation relative to operating profits aligns closely with earnings-based valuation over the examined period.
- Price to Sales (P/S) Ratio
- The P/S ratio follows a decreasing trend from 3.23 in the first quarter of 2021 to a low near or below 2 in several quarters, notably dropping to 1.86 in the third quarter of 2023. However, from late 2023 onwards, it shows a recovery trajectory, reaching 3.36 by mid-2025. The variation in this ratio reflects changing market perceptions of sales growth potential and pricing relative to revenue.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio demonstrates less consistent trends than the other ratios, beginning at 7.86 in the first quarter of 2021, dipping moderately around mid-2023 to a low of 5.76 in the third quarter, and then undergoing a significant upward trend. It reaches 10.74 by the second quarter of 2025, representing the highest value in the series. This rising trend suggests increasing investor willingness to pay a premium relative to the company’s book value over time, possibly due to enhanced asset quality, growth expectations, or overall market sentiment.
Price to Earnings (P/E)
Caterpillar Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Profit attributable to common stockholdersQ2 2025
+ Profit attributable to common stockholdersQ1 2025
+ Profit attributable to common stockholdersQ4 2024
+ Profit attributable to common stockholdersQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited notable volatility throughout the observed periods. Initially, a decline occurred from $237.88 to a low of $182.87 within mid-2022. Subsequently, the share price rebounded significantly, peaking at $321.91 at the end of 2023 and reaching an all-time high of $427.72 by mid-2025. Despite intermittent fluctuations, the overall trend indicates a robust recovery and growth in market valuation over the analyzed timeframe.
- Earnings Per Share (EPS) Evolution
- The EPS demonstrated a consistent upward trajectory from $6.27 in early 2021 to a peak of $22.99 by the first quarter of 2024. Following this peak, EPS values stabilized around the $20-$22 range through mid-2025. This growth signifies an improvement in profitability per share, with a rapid acceleration occurring in the 2022 to early 2024 period, after which earnings growth plateaued.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio showed a declining trend from 37.92 in early 2021 to a trough of approximately 12.95 in the third quarter of 2023, indicating that share price growth was lagging behind EPS improvements during this period. Post this trough, the P/E ratio increased again, reaching 21.23 by mid-2025. This suggests a change in market sentiment or valuation multiples, potentially reflecting heightened investor optimism or adjusted growth expectations despite a stabilization in earnings growth.
- Interrelations and Insights
- The inverse relationship noted initially between EPS growth and P/E contraction highlights an efficient market adjustment to improved earnings, where price increases were more measured relative to earnings growth. The subsequent rise in P/E ratios alongside share price appreciation in the later years could indicate an anticipation of future growth or an increase in risk premium. The data collectively points to strong underlying earnings fundamentals driving share price increases, with market valuation metrics adjusting accordingly over time.
Price to Operating Profit (P/OP)
Caterpillar Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating profitQ2 2025
+ Operating profitQ1 2025
+ Operating profitQ4 2024
+ Operating profitQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable volatility over the reported periods. Starting at $237.88, it experienced a decline to a low near $182.87 in mid-2022, then recovered with fluctuations, reaching a peak of approximately $427.72 by mid-2025. This trajectory suggests periods of market uncertainty followed by strong growth momentum toward the later quarters.
Operating profit per share showed a consistent upward trend throughout the timeframe. Beginning at $9.06, it steadily increased to its highest observed value of around $28.11 by early 2024, and then experienced a slight decline toward the end of the series, settling near $24.57 by mid-2025. This progression indicates overall improved operational efficiency and profitability despite some recent moderation.
The price-to-operating profit ratio (P/OP) demonstrated fluctuations that correspond inversely to operating profit per share movements and share price changes. Initial values were relatively high, around 26.25, then declined significantly to levels near 10.25 in late 2023, indicating a period when the share price was relatively low compared to operating profit per share. Subsequently, the ratio increased again, reaching approximately 17.41 by mid-2025, driven by share price appreciation and a slight decrease in operating profit per share.
- Share Price Trend
- Fluctuated with an initial decrease in 2021 and 2022, followed by a recovery and new high in 2024–2025, demonstrating market volatility and eventual investor confidence.
- Operating Profit Per Share Trend
- Showed steady growth from 2021 through early 2024, suggesting ongoing operational improvements, with a mild downturn in the latest periods.
- Price-to-Operating Profit Ratio
- Decreased significantly by late 2023, reflecting undervaluation or improved profitability; it later increased, indicating rising share price relative to operating profit despite the slight fall in operational earnings.
Overall, the data suggests a company with improving operational performance, coupled with share price volatility influenced by external market conditions and possibly investor sentiment. The decline in the P/OP ratio to the lowest point in late 2023 might represent a favorable valuation window, whereas the subsequent rise indicates an increased market premium on the company's earnings.
Price to Sales (P/S)
Caterpillar Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Sales of Machinery, Energy & Transportation (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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (Sales of Machinery, Energy & TransportationQ2 2025
+ Sales of Machinery, Energy & TransportationQ1 2025
+ Sales of Machinery, Energy & TransportationQ4 2024
+ Sales of Machinery, Energy & TransportationQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in the company's stock price, sales per share, and the price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price exhibits noticeable volatility across the quarters. It started at a high point of $237.88 in the first quarter of 2021, followed by a decline to approximately $182.87 in mid-2022. Subsequently, the share price recovered significantly, reaching peaks such as $321.91 in the final quarter of 2023 and $427.72 in the second quarter of 2025. Despite periodic declines, the overall trend suggests a strong upward movement from mid-2022 onwards.
- Sales Per Share
- Sales per share show a consistent upward trajectory from the first quarter of 2021 at $73.57, peaking at $130.25 in the first quarter of 2024. After this peak, a minor decline is observed, stabilizing around the $126 to $128 range through early 2025. This pattern indicates steady growth in sales contributing to increasing shareholder value, with a slight deceleration in growth rates toward the end of the period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio illustrates fluctuations that correspond partially with changes in share price and sales per share. Starting at 3.23 in early 2021, the ratio dropped to a low of approximately 1.86 by the third quarter of 2023, likely due to growth in sales outpacing the decrease or stabilization in share price. However, after this trough, the P/S ratio escalated again, reaching a high of 3.36 by the middle of 2025. This increase suggests that the market valuation of the company grew faster than sales in the latter periods, reflecting heightened investor confidence or possibly expectations of future earnings growth.
Overall, the data indicate a company experiencing strong sales growth accompanied by periods of share price volatility. The late-stage rise in the P/S ratio underscores a growing market premium placed on the company's sales, which could be influenced by improved market sentiment or anticipated expansion. The minor downturn in sales per share after early 2024 warrants monitoring to assess if this represents a temporary fluctuation or a shift in the underlying growth trend.
Price to Book Value (P/BV)
Caterpillar Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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: 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), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 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 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated notable volatility over the analyzed periods, starting at $237.88 in the first quarter of 2021 and experiencing a decrease to around $182.87 by mid-2022. Subsequently, the price showed an upward trajectory, reaching peaks such as $321.91 by the end of 2023. The latest recorded value was $427.72 in mid-2025, indicating a strong rebound and overall growth after mid-2022 lows.
- Book Value per Share (BVPS) Trend
- Book value per share showed a relatively stable pattern with moderate growth. Initial values hovered around $30.26 to $30.81 throughout 2021. Fluctuations occurred with a dip close to $29.79 in mid-2022, followed by an incremental rise that peaked near $40.78 at the end of 2024. Towards the latest data points, BVPS slightly declined but remained elevated above $38, indicating an overall positive trend in the company's net asset value per share.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio exhibited substantial fluctuations, reflecting variability in market valuation relative to book value. Starting from a high of 7.86 in early 2021, the ratio notably declined to around 5.76 in late 2023, suggesting a period where the share price was closer to the book value per share. However, from late 2023 onwards, there was a pronounced increase, peaking at 10.74 by mid-2025. This sharp rise indicates growing investor confidence or expectations, potentially pricing the shares at a significant premium compared to their underlying book value.
- Overall Analysis
- The data reflects a company experiencing periods of market uncertainty, notably in 2022 when both share prices and P/BV ratios fell. However, the subsequent strong recovery in share prices, coupled with a stable to rising book value per share, suggests improved fundamentals or positive market sentiment in the later periods. The elevated P/BV ratios in the most recent quarters highlight an increased market valuation that may be driven by growth prospects or investor optimism. Continuous monitoring of these metrics is recommended to assess sustainability of gains and valuation levels.