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Caterpillar Inc. CAT

NYSEMachineryFinancials to Sep 30, 2026 · Updated Nov 11, 2026

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CAT financials
Moat score
76
ROIC
18.9%
P/E
23.2
EV/EBIT
21.8
FCF yield
3.5%
Dividend yield
1.0%
Market cap
$274.0B

Moat ranks

Score rankTied #193 of 396
Durabilitydurable
Market structureOligopoly
Pricing powermoderate

Balance sheet

9/30/26
$BDec 31Sep 30
Cash10.07.9
Securities0.00.0
Debt43.345.2
Net cash-33.4-37.3
Equity21.321.5
Leverage
Debt / EBITDA
2.71×
Debt / equity
2.10×
Leases (12/31/25)
$728M
Capital
Diluted shares
461M
Book value / share
$46.61
Price / book
12.8×
Net cash / share
−$80.87
Market cap
$274.0B
Enterprise value
$311.3B

Per-share record

Fiscal years and TTM
Scale
$0$50$100$150$200'16'17'18'19'20'21'22'23'24143.11'25168.74TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q3 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth17.3%+7.7 pts
Operating margin20.4%+3.1 pts
FCF margin15.9%+0.8 pts
Capex / revenue5.1%-0.9 pts
Autonomous tonnes hauled≥13.00B–
Services revenue · 12/31/25~$24.0B0%
Connected assets · 12/31/25≥1.6M+7%
Research and development expense · 12/31/25$2.1B+2%
Dealer inventory change · 6/30/26~$600M+500%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About CAT

Caterpillar makes construction and mining equipment, engines and turbines, and provides equipment finance. Rail now sits in Resource Industries.

Revenue mix
Construction Industries 40.4%Power & Energy 32.9%Resource Industries 21.8%Financial Products 4.9%All Other 0.1%
  • Distribution Control

    The network of 150 dealers serves 190 countries, providing local parts, repairs and customer relationships that a new equipment maker would need to build.

  • Installed Base Consumables

    Long-lived machines, engines and turbines require replacement parts, rebuilds and maintenance.

  • Service Field Network

    Remote mines depend on equipment uptime and timely parts.

  • Capex Knowhow Scale

    Engineering scale and operating experience support complex mining machines and autonomy.

Timeline
  1. Oct 31, 2026

    Latest filing subsequent-event note confirms Fabick closed October 31: $1.24 billion cash at closing plus estimated $165 million holdbacks. This post-quarter acquisition stays outside September cash flows.

  2. Oct 7, 2026

    The FTC and USDA opened a public inquiry into agricultural-equipment manufacturing, distribution and service access. It does not name Caterpillar, but possible policy extension adds risk to equipment dealer and aftermarket models.

  3. Sep 30, 2026

    Caterpillar announced plans to invest approximately $1 billion in North Carolina compact-equipment manufacturing, increasing capacity while adding capital and execution risk.

  4. Sep 29, 2026

    Caterpillar agreed to buy Fabick Cat, a dealer with 37 locations, preserving local customer support while bringing more distribution inside the company. Regulatory approval and customary closing conditions remain.

  5. Sep 14, 2026

    Luck Stone and Caterpillar expanded autonomous hauling to two additional Virginia quarries after a pilot hauled more than 3.5 million tons, extending use beyond large mining fleets.

Ownership

To 10/8/26
CEO
Joe Creed
Since 2025 · 1 yrs
Professional CEOSingle share class
Insider trades96
Planned sales23

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share ($)
Revenue65.9575.8691.2994.8076.1092.93112.04130.57132.43143.11168.74+9.0%/yr
Cash flow9.659.5210.9412.1811.5313.1214.6425.0924.5924.8530.77+11.1%/yr
Earnings-0.111.2610.2610.745.4611.8312.6420.1222.0518.8125.67–
Free cash flow4.645.626.087.487.688.629.7419.0718.0215.7820.86+14.6%/yr
Capex5.013.904.864.703.864.514.906.026.579.079.91+6.8%/yr
Dividends3.083.063.253.764.094.254.604.995.415.826.19+7.3%/yr
Book value22.5122.8523.4225.7127.9530.0529.9237.9639.8345.1446.61+8.0%/yr
Diluted shares (M)584599599568549549530514489472461-2.3%/yr
Totals ($B)
Revenue38.545.554.753.841.751.059.467.164.867.677.8+6.4%/yr
Operating income1.24.58.38.34.66.97.913.013.111.214.3+28.6%/yr
Net income-0.10.86.16.13.06.56.710.310.88.911.8–
Free cash flow2.73.43.64.24.24.75.29.88.87.59.6+11.9%/yr
Buybacks0.00.03.84.01.12.74.25.07.75.28.1–
Dividends1.81.82.02.12.22.32.42.62.62.72.9+4.8%/yr
Net cash-29.6-26.6-28.7-29.4-27.8-28.5-30.0-30.9-31.5-33.4-37.3−$3.7B
Margins & returns (%)
Operating margin3.09.815.215.410.913.513.319.320.216.518.3+13.5 pts
Net margin-0.21.711.211.37.212.711.315.416.713.115.2+13.3 pts
FCF margin7.07.46.77.910.19.38.714.613.611.012.4+4.0 pts
ROIC2.18.615.114.78.211.913.420.020.015.918.9+13.8 pts
Return on equity-0.55.543.841.819.639.442.353.055.441.755.1+42.2 pts
R&D % of revenue4.84.13.43.13.43.33.13.13.33.23.0-1.6 pts
Stock pay % of revenue0.60.50.40.40.50.40.30.30.30.40.3-0.2 pts
Capex % of revenue7.65.15.35.05.14.84.44.65.06.35.9-1.3 pts

Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.

TTM = four quarters to Sep 30, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 22.1% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score76
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
stable
Pricing power
moderate
Segments
  • Construction Industries40.4%
    2 claims
  • Resource Industries21.8%
    2 claims
  • Power & Energy32.9%
    1 claim
  • Financial Products4.9%
    1 claim
  • All Other0.1%
    Not scored: evidence insufficient

Moat claims

Applies to
Construction Industries
Confidence
Durability
durable
Trajectory
stableas of Oct 8, 2026
Why it holds

The network of 150 dealers serves 190 countries, providing local parts, repairs and customer relationships that a new equipment maker would need to build. Dealers can carry competing products and agreements can end on 90 days notice, so this is a service and distribution advantage rather than guaranteed exclusivity.

Why stable

The 150-dealer footprint remains broad, but first-half dealer inventory rose $2.6 billion; higher shipments alone do not show stronger customer loyalty.

Indicators
  • Services revenue~$24.0B0%
  • Dealer inventory change~$600M+500%
Risks
  • Dealer consolidation reduces local intensity
  • Competitors expand owned/independent distribution
  • Direct-to-customer digital channels bypass dealers

Profile change log

  1. Nov 11, 2026 · business change

    Latest filing subsequent-event note confirms Fabick closed October 31: $1.24 billion cash at closing plus estimated $165 million holdbacks. This post-quarter acquisition stays outside September cash flows.

  2. Oct 8, 2026 · analyst revision

    Extended retail finance volume and past-due history to all twelve quarters from September 2023 through June 2026, so financing growth can be judged alongside credit quality. The finance end-market size now shows the source's latest forecast year, $187.5 billion in 2035, rather than $104.1 billion in 2026.

  3. Oct 8, 2026 · analyst revision

    Capital spending now includes company-owned equipment leased to customers, raising 2025 cash investment from $2.821 billion to $4.286 billion and second-quarter 2026 investment from $587 million to $1.111 billion. Removed the industrial cost-of-goods line from consolidated gross-profit calculations because finance revenue and costs use a different scope. Removed end-market leader lists that did not cover the full equipment and service markets, and extended captive-finance KPI history.

  4. Oct 8, 2026 · business change

    The FTC and USDA opened a public inquiry into agricultural-equipment manufacturing, distribution and service access. It does not name Caterpillar, but possible policy extension adds risk to equipment dealer and aftermarket models.

  5. Oct 8, 2026 · business change

    Caterpillar announced plans to invest approximately $1 billion in North Carolina compact-equipment manufacturing, increasing capacity while adding capital and execution risk.

  6. Oct 8, 2026 · business change

    Caterpillar agreed to buy Fabick Cat, a dealer with 37 locations, preserving local customer support while bringing more distribution inside the company. Regulatory approval and customary closing conditions remain.

  7. Oct 8, 2026 · business change

    Luck Stone and Caterpillar expanded autonomous hauling to two additional Virginia quarries after a pilot hauled more than 3.5 million tons, extending use beyond large mining fleets.

  8. Oct 8, 2026 · business change

    Caterpillar and FieldAI began a robotics and industrial AI collaboration using digital twins; customer and factory productivity benefits still need operating evidence.

  9. Oct 8, 2026 · business change

    Caterpillar bought Skycatch, adding near-real-time mine mapping and spatial analysis to RPMGlobal and MineStar. The company did not disclose a purchase price in the announcement.

  10. Oct 8, 2026 · business change

    Caterpillar completed its RPMGlobal acquisition for approximately $733 million net of acquired cash, adding mining planning software to Resource Industries and increasing exposure to software integration and acquired intangible amortization.

  11. Oct 8, 2026 · business change

    The Supreme Court invalidated IEEPA tariffs; Caterpillar recognized $392 million of expected recoveries in the second quarter, temporarily lifting operating profit.

  12. Oct 8, 2026 · business change

    Caterpillar moved rail to Resource Industries, combining locomotive and rail service operations with mining and quarry equipment.

  13. Oct 8, 2026 · analyst revision

    Replaced quarterly weights that included internal sales with first-half 2026 external segment revenue; removed profit weights that did not reconcile corporate costs. Added current moat trajectories, financing and inventory risks, management and shared end markets. All Other has insufficient separate market evidence; its small revenue share is excluded from the moat score.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianCAT
No peer numbers yet

Peers appear on the map as their numbers are collected.

CAT vs DE

Global construction equipment and services

As of Oct 8, 2026
OligopolyHigh cyclicality

Earthmoving, roadbuilding, compact and material-handling machinery sold globally, plus associated replacement parts, repairs and equipment distribution. Excludes construction labour, project contracts and standalone mining or power-generation systems.

StocksMoatGross m.Op. m.
CAT76–18.3%
Industry median207040.9%19.0%
Sector median887637.3%18.0%
All stocks median3987653.1%20.0%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Building and infrastructure spending strongly affects machine demand; fleet use also drives parts and repairs.
  • Interest rates strongly affect financed equipment affordability and private building projects; public infrastructure can soften a housing downturn.
  • Rental fleets and replacement of older machines support purchases, but dealer inventory can amplify shipment cycles.
  • Operator shortages support automation and compact machines; reliable local maintenance is part of the purchase decision.
Risks
  • Steel, energy, freight and tariff costs can rise before equipment prices reset.
  • Chinese manufacturers and regional specialists compete on price; dealers and rental fleets can buy several brands.
  • Weak housing and construction can reduce fleet use and defer replacement.
  • Emission standards and battery technology require investment. Repair and dealer restrictions face policy scrutiny; the October 2026 agricultural-equipment inquiry is an adjacent risk, with no construction-equipment remedy announced.

Bulls & bears

Key question · as of Oct 8, 2026

Can stronger power and mining demand become lasting service revenue and cash flow as dealer inventory normalizes and tariffs remain costly?

Arguments

4 forFaded: weakening or settled5 against

What to watch

  1. 1Services revenue and connected assets
  2. 2End-user retail sales versus dealer inventory changes
  3. 3Segment profit, tariff costs and MP&E cash flow

Next check: Q4 2026 results: assess Fabick after its October31 closing, dealer inventory versus end-user demand, tariff costs and MP&E cash conversion.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 9, 2026. Not investment advice.

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Free to reuse, commercially too, with a credit link. See the data license.

Moat Score 76/100 by <a href="https://www.findmymoat.com/stocks/XNYS:CAT">Find My Moat</a> (as of September 2026)

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