Caterpillar - Public Comps and Valuation Multiples

Caterpillar Overview

About Caterpillar

Caterpillar is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its reporting segments are: construction industries, resource industries, and energy & transportation. Market share approaches 20% across many products. Caterpillar operates a captive finance subsidiary to facilitate sales. The firm has a global reach that is approximately evenly balanced between the US and the rest of the world. Construction skews more domestic, while the other divisions are more geographically diversified. An independent network of over 150 dealers operates approximately 2,800 facilities, giving Caterpillar reach into about 190 countries for sales and support services.

Founded

1986

HQ

Employees

112.9K+

Website

caterpillar.com

Sectors

Machinery
Industrial Parts

Financials

LTM Revenue $64.8B

LTM EBITDA $13.2B

EV

$282B

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Caterpillar Financials

As of September 2025, Caterpillar reported last 12-month revenue of $64.8B and EBITDA of $13.2B.

In the same period, Caterpillar generated $23.0B in LTM gross profit and $8.9B in net income.

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Caterpillar P&L

In the most recent fiscal year, Caterpillar reported revenue of $64.8B and EBITDA of $16.0B.

Caterpillar expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$64.8B	XXX	$64.8B	XXX	XXX	XXX
Gross Profit	$23.0B	XXX	$23.3B	XXX	XXX	XXX
Gross Margin	35%	XXX	36%	XXX	XXX	XXX
EBITDA	$13.2B	XXX	$16.0B	XXX	XXX	XXX
EBITDA Margin	20%	XXX	25%	XXX	XXX	XXX
EBIT	$11.4B	XXX	$13.1B	XXX	XXX	XXX
EBIT Margin	18%	XXX	20%	XXX	XXX	XXX
Net Profit	$8.9B	XXX	$10.8B	XXX	XXX	XXX
Net Margin	14%	XXX	17%	XXX	XXX	XXX
Net Debt	XXX	XXX	$31.6B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Caterpillar including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $64.8B. EBITDA for the last twelve months was $13.2B. In the most recent fiscal year, Caterpillar achieved $64.8B in revenue and $16.0B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$64.8B	Analyst estimates available to subscribers	$64.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$23.0B	Analyst estimates available to subscribers	$23.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	35.5% gross margin	Analyst estimates available to subscribers	36.0% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$13.2B	Analyst estimates available to subscribers	$16.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	20.4% EBITDA margin	Analyst estimates available to subscribers	24.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$11.4B	Analyst estimates available to subscribers	$13.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.6% EBIT margin	Analyst estimates available to subscribers	20.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$8.9B	Analyst estimates available to subscribers	$10.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	13.7% net profit margin	Analyst estimates available to subscribers	16.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$31.6B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Caterpillar

This financial data table provides comprehensive performance metrics for Caterpillar, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Caterpillar generated $64.8B in revenue over the last twelve months.
The company achieved $13.2B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $23.0B.
Net income over the last twelve months reached $8.9B.

Fiscal Year Performance

In the most recent fiscal year, Caterpillar reported $64.8B in total revenue.
Fiscal year EBITDA was $16.0B.
The company maintained a gross profit margin of 36.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 24.7%.
Net profit margin reached 16.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Caterpillar. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Caterpillar Stock Performance

Caterpillar has current market cap of $247B, and EV of $282B.

Market Cap Evolution

Caterpillar Stock Data

As of October 17, 2025, Caterpillar's stock price is $527.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$282B	$247B	XXX	XXX	XXX	XXX	$18.74

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Caterpillar Valuation Multiples

Caterpillar's trades at 4.4x EV/Revenue multiple, and 17.6x EV/EBITDA.

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Caterpillar Financial Valuation Multiples

As of October 17, 2025, Caterpillar has market cap of $247B and EV of $282B.

Equity research analysts estimate Caterpillar's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Caterpillar has a P/E ratio of 27.8x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$247B	XXX	$247B	XXX	XXX	XXX
EV (current)	$282B	XXX	$282B	XXX	XXX	XXX
EV/Revenue	4.4x	XXX	4.4x	XXX	XXX	XXX
EV/EBITDA	21.4x	XXX	17.6x	XXX	XXX	XXX
EV/EBIT	24.8x	XXX	21.6x	XXX	XXX	XXX
EV/Gross Profit	12.3x	XXX	n/a	XXX	XXX	XXX
P/E	27.8x	XXX	22.9x	XXX	XXX	XXX
EV/FCF	36.0x	XXX	32.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Caterpillar Margins & Growth Rates

Caterpillar's last 12 month revenue growth is 5%

Caterpillar's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.1M for the same period.

Caterpillar's rule of 40 is 28% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Caterpillar's rule of X is 32% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Caterpillar Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	5%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	20%	XXX	25%	XXX	XXX	XXX
EBITDA Growth	7%	XXX	-10%	XXX	XXX	XXX
Rule of 40	28%	XXX	30%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	32%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	16%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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