CATCATERPILLAR INC
Construction Machinery & Equip
- Revenue
- $67.6B
- 4.3% YoY
- Operating margin
- 16.5%
- 18% YoY
- EBITDA
- $13.4B
- 12% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 1.8×
- $24.0B net debt
- AI in 10-K
- —
Red flags 0 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear132% of net incomeCash flow under 80% of net income
- Dilutive SBCClear0% of revenueOver 10% of revenue
- Payouts exceed cash flowClear68% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear6% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $51.0B | $59.4B | $67.1B | $64.8B | $67.6B | 4.3% |
| Operating income | $6.9B | $7.9B | $13.0B | $13.1B | $11.2B | 15% |
| Net income | $6.5B | $6.7B | $10.3B | $10.8B | $8.9B | 18% |
| Operating cash flow | $7.2B | $7.8B | $12.9B | $12.0B | $11.7B | 2.5% |
| Capex | $1.1B | $1.3B | $1.6B | $2.0B | $2.8B | 42% |
| Stock-based comp | $200M | $193M | $208M | $223M | $242M | 8.5% |
| Buybacks | $2.7B | $4.2B | $5.0B | $7.7B | $5.2B | 33% |
| Dividends | $2.3B | $2.4B | $2.6B | $2.6B | $2.7B | 3.9% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 346 | 190 |
| FY2024 | — | — | 216 | 159 |
| FY2023 | — | — | 173 | 135 |
| FY2022 | — | — | 138 | 114 |
| FY2021 | — | — | 116 | 121 |