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
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
- Aggregate Accruals
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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), 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).
The analyzed financial ratios over the presented periods reveal several trends and fluctuations in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits a generally declining trend from early 2021 through late 2023, decreasing from approximately 37 to below 13 at the end of 2023. This suggests an improving earnings position relative to share price during that timeframe. However, from early 2024 onwards, the P/E ratio experiences increased volatility, rising intermittently and peaking above 21 by mid-2025. This indicates fluctuations in market valuation or earnings expectations in recent quarters.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a broadly similar trend to the P/E ratio, with a decline from above 26 in mid-2021 to approximately 10 by late 2023. This decrease points to a relative strengthening of operating profitability against price. Post-2023, the ratio shows a trend of oscillation, increasing to over 17 by mid-2025, signaling some instability or reassessment of operating profit valuations in the most recent periods.
- Price to Sales (P/S) Ratio
- The P/S ratio had modest variation, initially declining from around 3.23 in mid-2021 to below 1.9 by the end of 2023, which may reflect improving sales relative to price or adjustments in revenue expectations. Following this phase, the ratio increases notably, surpassing 3.3 by mid-2025. This rebound suggests renewed market optimism regarding sales growth or a relative increase in stock price compared to sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displays a steadily increasing pattern over the entire timeline, rising from just above 4 at the start of 2020 to above 10 by late 2024 and maintaining high levels thereafter. This consistent upward trajectory reflects growing investor valuation of the company's net assets, or possibly improved return on equity dynamics. The ratio’s upward trend stands out compared to the more variable patterns observed in earnings and operating profit multiples.
Overall, the data indicate strengthening profitability and asset value into late 2023, followed by periods of valuation uncertainty as reflected by fluctuating P/E and P/OP ratios in 2024-2025. The consistent rise in P/BV over the longer term marks sustained investor confidence in the company's book value. The P/S ratio’s recovery in 2024-2025 further suggests renewed market optimism in sales performance or price appreciation relative to revenues.
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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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), 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).
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.
The financial data reveals several notable trends over the examined periods.
- Share Price
- The share price displayed a general upward trend from March 2020 to March 2025, despite some fluctuations. Initially, it rose sharply from $107.67 in March 2020 to a peak of $237.88 in March 2021, followed by a decline to $182.87 by June 2022. After this dip, the share price experienced significant volatility but generally increased, reaching its highest value of $427.72 in June 2025. This pattern suggests strong long-term growth with intermittent short-term corrections.
- Earnings Per Share (EPS)
- EPS data, available from March 2021 onward, indicates a consistent upward trajectory. Starting at $5.5 in March 2021, EPS steadily increased each quarter, peaking at $22.99 in June 2024 before showing a slight decline towards $20.14 by June 2025. This reflects substantial improvement in profitability over the period, with a minor reduction in the most recent quarters.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio exhibits variability, initially high at 36.8 in March 2021, then generally declining to lower levels around 14 to 16 between September 2021 and June 2024. Thereafter, it fluctuates upward again, reaching 21.23 in June 2025. This suggests that while the market initially valued the company at a high premium relative to earnings, valuation became more moderate as EPS increased. The recent rise in P/E could reflect renewed investor optimism or expectations of future growth.
Overall, the data reflects a company with strengthening earnings accompanied by rising share prices, although market valuation multiples have shown sensitivity to changes in earnings growth and share price momentum. The recent increase in share price and P/E ratio alongside stabilized EPS may imply positive market sentiment or anticipations of continued performance improvements.
Price to Operating Profit (P/OP)
Caterpillar Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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), 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).
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 analysis of the quarterly financial data reveals several notable trends in both share price and operating profit per share, as well as in the price-to-operating-profit (P/OP) ratio over the observed periods.
- Share Price Trends
- The share price demonstrates substantial volatility but exhibits an overall upward trend across the timeline. Beginning at $107.67 in the first quarter of 2020, it reaches a notable peak of $237.88 in the first quarter of 2021. Following this peak, the share price experiences a decline through most of 2022, hitting a low of $182.87 in the second quarter of 2022. Subsequently, there is a recovery and renewed growth, with the share price reaching an all-time high of $427.72 by the second quarter of 2025. This trajectory indicates periods of correction and growth with significant market confidence returning towards the later dates.
- Operating Profit per Share Trends
- Operating profit per share data is available starting from the first quarter of 2020. The metric shows a consistent upward trend from $8.35 in March 2020, progressing steadily to a peak of $28.11 in the third quarter of 2024. After reaching this peak, a slight decline is observed across the final quarters, decreasing to $24.57 by the second quarter of 2025. This pattern indicates increasing operational efficiency and profitability over the majority of the period, followed by a marginal contraction towards the end.
- Price-to-Operating-Profit (P/OP) Ratio Trends
- The P/OP ratio begins at 24.23 in the first quarter of 2020, which reflects a relatively high valuation compared to operating profit. This ratio experiences a general downward trend until the fourth quarter of 2021, where the lowest ratio of 10.25 is recorded, suggesting an improvement in operating profit relative to the share price. Following this, the ratio oscillates moderately between approximately 11.63 and 17.41 through to the second quarter of 2025. The increasing ratio toward the later quarters may indicate that share price appreciation is outpacing growth in operating profit or a higher market valuation relative to earnings.
Overall, the data indicates robust growth in operating profit per share, strong share price appreciation with some cyclical corrections, and varying valuations as reflected by the P/OP ratio. The trends suggest an expanding profitability profile accompanied by fluctuations in investor sentiment and market valuation over time.
Price to Sales (P/S)
Caterpillar Inc., historical P/S calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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), 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).
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 notable trends and patterns over the observed periods.
- Share Price
- The share price exhibits considerable volatility with an overall upward trajectory. Starting at $107.67 in March 2020, the price increased sharply to a peak of around $237.88 in March 2021, followed by a decline and fluctuation throughout 2022. There is a significant rebound beginning in early 2023, culminating in a new peak of $427.72 by June 2025. Despite some intermediate dips, the general trend in share price is positive with pronounced growth in later periods.
- Sales Per Share
- Sales per share data is available from March 2021 onward and displays a steady increase over the entire span. From $71.56 in March 2021, it rises consistently quarter-over-quarter reaching $127.25 by June 2025. The increment is smooth, indicating stable sales growth relative to shares outstanding without evident volatility or decline.
- Price-to-Sales Ratio (P/S)
- The P/S ratio shows a fluctuating pattern without a clear linear trend. After starting at 2.83 in March 2021, it peaks at 3.23 twice (June 2021 and March 2025) and falls to a low of 1.86 in December 2022. This ratio reflects changing market valuations relative to sales, indicating periods where the share price outpaced sales growth or vice versa. The variations suggest mixed investor sentiment and changing market conditions affecting valuation multiples over time.
In summary, the share price has generally trended upward with periodic volatility, particularly strong gains in the recent years. Sales per share has shown steady, incremental growth indicating consistent operational performance. The P/S ratio fluctuates, reflecting dynamic valuation adjustments as the market balances between growth expectations and underlying sales results.
Price to Book Value (P/BV)
Caterpillar Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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), 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).
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
- The share price exhibits a general upward trend from March 31, 2020, through June 30, 2025, although there are notable fluctuations within this period. It increased significantly from $107.67 in March 2020 to a peak of $237.88 in March 2021. Following this peak, the price experienced volatility with declines and recoveries, dropping to $182.87 in June 2022 and subsequently rising to a new high of $427.72 by June 2025. This pattern indicates periods of strong market confidence interspersed with corrections, culminating in substantial appreciation over the five-year span.
- Book Value per Share (BVPS)
- Book value per share shows moderate growth from $26.20 in March 2020 to $39.83 by June 2025. The BVPS fluctuates within this timeframe, with minor declines observed around mid-2022 and mid-2024, but the overall trajectory remains positive. The BVPS increase suggests steady enhancement in the company’s net asset value on a per-share basis, reflecting sustained accumulation of equity or retained earnings.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio displays considerable variability, varying between 4.11 and a high of 10.74. It rises sharply from 4.11 in March 2020 to peaks above 8.0 in multiple quarters, reaching 10.74 in June 2025. This consistent elevation above 5.0 after mid-2020 suggests that the market price has been valuing the shares at a significant premium relative to book value. The fluctuating ratio highlights changing market sentiment and possibly varying expectations of future growth or profitability, with the highest ratios coinciding with periods of particularly strong share price performance.
- Summary of Trends
- Overall, the financial data indicate a robust increase in shareholder value, supported by both rising market prices and improving book value per share. Market valuation relative to book value has generally expanded, signaling strong investor confidence and expectations of future earnings potential. However, the volatility in share price and P/BV ratio points to intermittent market uncertainties or external factors impacting investor perceptions. The data suggests that while fundamental asset value has steadily improved, market pricing dynamics dominate the valuation fluctuations over the observed periods.