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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Historical Valuation Ratios (Summary)
Caterpillar Inc., historical price multiples (quarterly data)
Based on: 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 ratios exhibit varied trends over the observed period, spanning from March 31, 2022, to December 31, 2025. Generally, the ratios demonstrate increased volatility in the later periods of the analysis, particularly from September 30, 2024, onward. A consistent upward trend is apparent in all ratios towards the end of the period, suggesting a potential shift in market perception or underlying fundamentals.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced a decline from 18.28 in March 2022 to a low of 12.95 in September 2022, followed by a recovery to 19.15 by December 2022. The ratio fluctuated between approximately 14 and 21 for much of 2023 and early 2024. A notable increase is observed from March 2024, accelerating significantly to reach 40.55 by December 2025, indicating a substantial increase in investor willingness to pay for each dollar of earnings.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio decreased initially, reaching a low of 10.25 in September 2022. It then showed some recovery, but remained relatively stable between 11 and 18 for the majority of the period until September 2024. The ratio then increased steadily, mirroring the trend in the P/E ratio, culminating in a value of 32.30 by December 2025. This suggests a strengthening relationship between market price and operating profitability.
- Price to Sales (P/S) Ratio
- The P/S ratio demonstrated a more gradual trend. It decreased from 2.38 in March 2022 to 1.86 in September 2022, then increased to 2.52 by December 2022. The ratio fluctuated between approximately 1.8 and 3.3 for most of 2023 and 2024. A clear upward trend emerges from September 2024, reaching 5.63 in December 2025, indicating investors are paying a higher premium for each dollar of revenue.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited a pattern of increase and decrease. It rose from 6.96 in March 2022 to 8.09 in December 2022, then decreased to 5.76 in September 2022. The ratio generally trended upward throughout 2023 and 2024, reaching 10.38 in September 2024. The most significant increase occurred in the final quarters, with the ratio reaching 16.90 by December 2025, suggesting a growing perception of the company’s assets being undervalued relative to its market price.
In summary, the valuation ratios generally increased towards the end of the analyzed period, indicating a potential re-evaluation of the company by the market. The acceleration in these ratios from September 2024 suggests a significant shift in investor sentiment or expectations regarding future performance. The consistent upward movement across all ratios implies a broad-based positive reassessment of the company’s value.
Price to Earnings (P/E)
Caterpillar Inc., historical P/E calculation (quarterly data)
| 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-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 Q4 2025 Calculation
EPS
= (Profit attributable to common stockholdersQ4 2025
+ Profit attributable to common stockholdersQ3 2025
+ Profit attributable to common stockholdersQ2 2025
+ Profit attributable to common stockholdersQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-earnings (P/E) ratio exhibited fluctuations over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicated a decrease from 18.28 to 14.29, followed by a period of relative stability and then an increase towards the end of 2022. Subsequent quarters in 2023 and 2024 showed further variability, culminating in a significant rise in the final quarters of the analyzed timeframe.
- Initial Decline and Stabilization (Q1 2022 - Q4 2022)
- The P/E ratio began the period at 18.28 and decreased to 14.29 by June 30, 2022. It then experienced a modest recovery, reaching 15.15 by September 30, 2022, before increasing to 19.15 by the end of the year. This suggests a period of initial investor caution followed by a partial reassessment of valuation.
- Fluctuations and Moderate Values (Q1 2023 - Q4 2023)
- The first three quarters of 2023 showed a fluctuating P/E ratio, beginning at 15.65, decreasing to 12.95, and then increasing to 17.90. The final quarter of 2023 saw a substantial increase to 20.70, indicating growing investor optimism or a shift in market perception. This period demonstrates a lack of consistent directional movement.
- Increasing Trend and Peak (Q1 2024 - Q4 2025)
- From the beginning of 2024, the P/E ratio generally trended upwards. It started at 22.99 and remained relatively stable through June 30, 2024, at 22.70. A notable increase occurred in the third quarter of 2024, reaching 416.88, followed by a decrease to 353.32 by the end of the year. This upward momentum continued into 2025, culminating in a P/E ratio of 40.55 by December 31, 2025. This represents a significant increase compared to earlier periods, potentially reflecting strong earnings growth and/or increased investor confidence.
The observed pattern suggests a transition from a period of moderate valuation multiples to one characterized by increasing investor enthusiasm. The substantial rise in the P/E ratio in the latter part of the period warrants further investigation to determine the underlying drivers, such as changes in earnings expectations, risk premiums, or broader market conditions.
Price to Operating Profit (P/OP)
Caterpillar Inc., historical P/OP calculation (quarterly data)
| 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-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 Q4 2025 Calculation
Operating profit per share
= (Operating profitQ4 2025
+ Operating profitQ3 2025
+ Operating profitQ2 2025
+ Operating profitQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio for the analyzed period demonstrates considerable fluctuation. Initially, the ratio exhibited a decline from 17.16 to 13.65, followed by a moderate increase to 16.25 by the end of 2022. Subsequently, a notable decrease to 12.67 was observed in the first quarter of 2023, before rising again to a peak of 13.99 mid-year. The latter half of 2023 saw a further decline to 10.25, followed by a recovery to 12.40. A generally increasing trend is then apparent through the first three quarters of 2024, peaking at 15.15, before decreasing to 12.92 by year-end. The most significant increase in the ratio occurred between the first and second quarters of 2025, rising from 17.41 to 23.39, and continuing to 32.30 by the end of the observed period.
- Initial Decline (Q1 2022 - Q2 2022)
- The initial decrease in the P/OP ratio coincided with a decrease in share price, while operating profit per share remained relatively stable. This suggests that market sentiment played a significant role in the initial valuation adjustment.
- Volatility in 2023
- The P/OP ratio experienced substantial volatility throughout 2023. This period was characterized by both increases and decreases in both share price and operating profit per share, indicating a dynamic interplay between earnings and investor expectations. The low point of 10.25 in September 2023 represents the lowest ratio observed throughout the entire period.
- Increasing Trend (Q1 2024 - Q2 2025)
- From the beginning of 2024 through the second quarter of 2025, the P/OP ratio generally increased. This increase was driven by a combination of rising share prices and, initially, stable or increasing operating profit per share. However, the most dramatic increase occurred in the latter half of this period, suggesting a potential shift in market valuation relative to operating performance.
- Final Period Increase (Q1 2025 - Q4 2025)
- The substantial increase in the P/OP ratio during the final period suggests that the market began to assign a significantly higher valuation to each dollar of operating profit. This could be attributable to factors such as increased investor confidence, expectations of future growth, or a broader market rally. While operating profit per share remained relatively stable, the share price experienced a considerable increase, driving the ratio upward.
Overall, the P/OP ratio demonstrates a complex pattern of fluctuations, with periods of decline, stability, and significant growth. The latter portion of the analyzed period is characterized by a pronounced increase, indicating a potentially changing valuation landscape.
Price to Sales (P/S)
Caterpillar Inc., historical P/S calculation (quarterly data)
| 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, 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-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 Q4 2025 Calculation
Sales per share
= (Sales of Machinery, Energy & TransportationQ4 2025
+ Sales of Machinery, Energy & TransportationQ3 2025
+ Sales of Machinery, Energy & TransportationQ2 2025
+ Sales of Machinery, Energy & TransportationQ1 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Caterpillar Inc. Quarterly or Annual Report.
4 Q4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price-to-sales ratio exhibited fluctuations over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicated a decrease from 2.38 to 1.88, followed by a period of relative stability and then an increase towards the end of 2022. This pattern continued into 2023 and 2024, culminating in a significant upward trend in 2025.
- Initial Phase (Mar 31, 2022 – Dec 31, 2022)
- The ratio began at 2.38 and decreased to 1.88 by June 30, 2022. A subsequent recovery was observed, reaching 2.27 by December 31, 2022. This initial period suggests some volatility, potentially reflecting shifts in investor sentiment or sales expectations.
- Stabilization and Moderate Growth (Mar 31, 2023 – Dec 31, 2023)
- From March 31, 2023, to December 31, 2023, the ratio experienced moderate fluctuations, ranging from 1.89 to 2.52. This period indicates a degree of stabilization, although with an overall upward trajectory. Sales per share also increased during this time, contributing to the ratio’s movement.
- Continued Growth (Mar 31, 2024 – Jun 30, 2024)
- The ratio continued to increase, reaching 3.23 by September 30, 2024, before slightly decreasing to 2.51 by June 30, 2024. This suggests sustained positive investor response, potentially linked to company performance or market conditions.
- Accelerated Increase (Sep 30, 2024 – Dec 31, 2025)
- A marked acceleration in the ratio’s growth occurred from September 30, 2024, onward. The ratio climbed to 5.63 by December 31, 2025, representing a substantial increase from earlier values. This rapid increase coincides with a corresponding increase in sales per share, but the magnitude of the ratio’s change suggests a heightened premium placed on each dollar of sales.
Overall, the price-to-sales ratio demonstrated a clear upward trend, particularly pronounced in the latter portion of the analyzed period. While initial fluctuations were observed, the ratio consistently increased, culminating in a significantly higher value by the end of December 2025. This suggests a growing investor willingness to pay a higher price for each dollar of sales generated.
Price to Book Value (P/BV)
Caterpillar Inc., historical P/BV calculation (quarterly data)
| 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-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 Q4 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 Q4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price-to-book value (P/BV) ratio for the observed period demonstrates considerable fluctuation. Initially, the ratio exhibited a decline from 6.96 in March 2022 to 6.14 in June 2022, followed by a moderate increase to 7.16 by September 2022. A peak of 8.09 was reached in December 2022 before decreasing to 6.13 in March 2023.
Subsequent to March 2023, the P/BV ratio experienced a substantial increase, reaching 8.05 in June 2023, then declining to 5.76 in September 2023. Another increase followed, culminating in a high of 8.25 in December 2023. The ratio continued to climb through the first half of 2024, peaking at 9.22 in June 2024.
A significant upward trend is evident from September 2024 through December 2025. The P/BV ratio rose from 8.66 in September 2024 to 10.38 in December 2024, and continued its ascent to 12.93 in September 2025, ultimately reaching 16.90 in December 2025. This represents the highest observed value within the analyzed timeframe.
- Overall Trend
- The P/BV ratio generally trended upwards over the entire period, although with significant short-term volatility. The latter half of the period, particularly from September 2024 onwards, demonstrates a clear and accelerating increase.
- Share Price Influence
- The share price demonstrates a strong correlation with the P/BV ratio. Increases in the share price generally coincide with increases in the P/BV ratio, and vice versa. The most pronounced increases in the P/BV ratio align with periods of substantial share price appreciation, particularly in the latter portion of the observed timeframe.
- Book Value per Share Influence
- Book value per share also influences the P/BV ratio, but to a lesser extent than the share price. While the book value per share generally increased over the period, the P/BV ratio’s fluctuations are more closely tied to the share price movements. The ratio’s increases are not solely attributable to changes in book value.
- Volatility
- The P/BV ratio exhibits considerable volatility, particularly in the earlier periods. This suggests that market sentiment and investor expectations play a significant role in the valuation of the company relative to its book value.