Financials Caterpillar Inc.

Equities

CAT

US1491231015

Heavy Machinery & Vehicles

Market Closed - Nyse Other stock markets 16:00:02 2025-07-07 EDT			5-day change	1st Jan Change
391.51 ^USD	-1.60%		+1.77%	+7.93%

07-02	Baird Adjusts Price Target on Caterpillar to $445 From $422, Maintains Outperform Rating	MT
07-01	'Lucrative' business deals help sustain Israel's Gaza campaign, UN expert says	RE

Projected Income Statement: Caterpillar Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	41,748	50,971	59,427	67,060	64,809	62,599	65,830	69,647
Change	-	22.09%	16.59%	12.84%	-3.36%	-3.41%	5.16%	5.8%
EBITDA ¹	5,951	7,913	10,096	14,800	14,825	13,254	14,474	15,824
Change	-	32.97%	27.59%	46.59%	0.17%	-10.59%	9.2%	9.32%
EBIT ¹	4,553	6,878	7,433	12,966	13,072	11,560	12,758	14,239
Change	-	51.07%	8.07%	74.44%	0.82%	-11.56%	10.36%	11.6%
Interest Paid ¹	-513	-488	-443	-511	-512	-470.2	-473.6	-447.4
Earnings before Tax (EBT) ¹	3,995	8,204	8,752	13,050	13,373	11,223	12,335	14,893
Change	-	105.36%	6.68%	49.11%	2.48%	-16.08%	9.91%	20.74%
Net income ¹	2,998	6,489	6,705	10,335	10,792	8,979	9,792	11,740
Change	-	116.44%	3.33%	54.14%	4.42%	-16.8%	9.05%	19.89%
Announcement Date	1/29/21	1/28/22	1/31/23	2/5/24	1/30/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	9,997	9,881	11,235	11,887	12,889	12,397	13,798	13,589	14,247	14,994	16,597	15,862	17,318	16,810	17,070	15,799	16,689	16,106	16,215	14,249	16,240	15,875	16,465	15,050	16,612	16,524	16,990	14,662
Change	-	-1.16%	13.7%	5.8%	8.43%	-3.82%	11.3%	-1.51%	4.84%	5.24%	10.69%	-4.43%	9.18%	-2.93%	1.55%	-7.45%	5.63%	-3.49%	0.68%	-12.12%	13.97%	-2.25%	3.72%	-8.6%	10.38%	-0.53%	2.82%	-13.71%
EBITDA ¹	1,152	1,337	1,719	2,047	2,042	1,961	1,863	2,086	2,189	2,691	3,130	3,567	3,929	3,764	3,540	3,726	4,253	3,690	3,330	2,898	3,348	3,282	3,146	3,352	3,589	3,456	3,122	-
Change	-	16.06%	28.57%	19.08%	-0.24%	-3.97%	-5%	11.97%	4.94%	22.93%	16.31%	13.96%	10.15%	-4.2%	-5.95%	5.25%	14.14%	-13.24%	-9.76%	-12.97%	15.51%	-1.95%	-4.17%	6.55%	7.08%	-3.71%	-9.65%	-
EBIT ¹	784	985	1,380	1,814	1,789	1,664	1,611	1,728	1,944	2,425	1,629	2,731	3,652	3,449	3,134	3,519	3,482	3,147	2,924	2,579	3,003	2,898	2,850	2,932	3,252	3,174	2,885	-
Change	-	25.64%	40.1%	31.45%	-1.38%	-6.99%	-3.19%	7.26%	12.5%	24.74%	-32.82%	67.65%	33.72%	-5.56%	-9.13%	12.28%	-1.05%	-9.62%	-7.09%	-11.8%	16.43%	-3.51%	-1.65%	2.89%	10.91%	-2.41%	-9.1%	-
Charge d'intérêts ¹	-135	-136	-130	-142	-120	-114	-112	-109	-108	-109	-117	-129	-127	-129	-126	-143	-137	-125	-107	-116	-116.7	-115.9	-115.2	-122	-122	-121.5	-121	-
Earnings before Tax (EBT) ¹	678	863	941	1,997	1,870	1,775	2,562	1,999	2,096	2,558	2,099	2,634	3,652	3,515	3,249	3,532	3,500	3,098	3,243	2,570	2,922	2,861	2,752	2,658	3,110	2,971	2,624	-
Change	-	27.29%	9.04%	112.22%	-6.36%	-5.08%	44.34%	-21.98%	4.85%	22.04%	-17.94%	25.49%	38.65%	-3.75%	-7.57%	8.71%	-0.91%	-11.49%	4.68%	-20.75%	13.7%	-2.08%	-3.84%	-3.4%	17.01%	-4.47%	-11.68%	-
Net income ¹	458	668	780	1,530	1,413	1,426	2,120	1,537	1,673	2,041	1,454	1,943	2,922	2,794	2,676	2,856	2,681	2,464	2,791	2,003	2,353	2,292	2,190	2,140	2,445	2,374	2,145	2,110
Change	-	45.85%	16.77%	96.15%	-7.65%	0.92%	48.67%	-27.5%	8.85%	22%	-28.76%	33.63%	50.39%	-4.38%	-4.22%	6.73%	-6.13%	-8.09%	13.27%	-28.23%	17.46%	-2.57%	-4.48%	-2.25%	14.22%	-2.89%	-9.66%	-1.6%
Announcement Date	7/31/20	10/27/20	1/29/21	4/29/21	7/30/21	10/28/21	1/28/22	4/28/22	8/2/22	10/27/22	1/31/23	4/27/23	8/1/23	10/31/23	2/5/24	4/25/24	8/6/24	10/30/24	1/30/25	4/30/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Caterpillar Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	27,811	28,535	24,667	22,137	27,127	32,586	32,264	30,234
Change	-	2.6%	-13.56%	-10.26%	22.54%	20.12%	-0.99%	-6.29%
Announcement Date	1/29/21	1/28/22	1/31/23	2/5/24	1/30/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Caterpillar Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	978	1,093	1,296	1,597	1,988	2,502	2,201	2,092
Change	-	11.76%	18.57%	23.23%	24.48%	25.84%	-12.01%	-4.96%
Free Cash Flow (FCF) ¹	5,349	6,105	6,487	11,288	10,047	8,356	9,107	10,667
Change	-	14.13%	6.26%	74.01%	-10.99%	-16.83%	8.98%	17.13%
Announcement Date	1/29/21	1/28/22	1/31/23	2/5/24	1/30/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Caterpillar Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	14.25%	15.52%	16.99%	22.07%	22.87%	21.17%	21.99%	22.72%
EBIT Margin (%)	10.91%	13.49%	12.51%	19.33%	20.17%	18.47%	19.38%	20.44%
EBT Margin (%)	9.57%	16.1%	14.73%	19.46%	20.63%	17.93%	18.74%	21.38%
Net margin (%)	7.18%	12.73%	11.28%	15.41%	16.65%	14.34%	14.87%	16.86%
FCF margin (%)	12.81%	11.98%	10.92%	16.83%	15.5%	13.35%	13.83%	15.32%
FCF / Net Income (%)	178.42%	94.08%	96.75%	109.22%	93.1%	93.06%	93.01%	90.86%
Profitability
ROA	3.82%	7.36%	8.91%	12.89%	12.23%	15.43%	16.6%	19.7%
ROE	20.04%	37.29%	45.37%	61.59%	55.36%	48.94%	49.81%	53.4%
Financial Health
Leverage (Debt/EBITDA)	4.67x	3.61x	2.44x	1.5x	1.83x	2.46x	2.23x	1.91x
Debt / Free cash flow	5.2x	4.67x	3.8x	1.96x	2.7x	3.9x	3.54x	2.83x
Capital Intensity
CAPEX / Current Assets (%)	2.34%	2.14%	2.18%	2.38%	3.07%	4%	3.34%	3%
CAPEX / EBITDA (%)	16.43%	13.81%	12.84%	10.79%	13.41%	18.87%	15.21%	13.22%
CAPEX / FCF (%)	18.28%	17.9%	19.98%	14.15%	19.79%	29.94%	24.17%	19.61%
Items per share
Cash flow per share ¹	11.53	13.12	14.64	25.09	24.59	20.82	24.62	24.46
Change	-	13.76%	11.6%	71.34%	-1.98%	-15.34%	18.26%	-0.64%
Dividend per Share ¹	4.12	4.36	4.71	5.1	5.53	5.895	6.251	6.624
Change	-	5.83%	8.03%	8.28%	8.43%	6.59%	6.05%	5.96%
Book Value Per Share ¹	28.11	30.75	30.12	38.18	40.05	41.99	44.92	52.62
Change	-	9.39%	-2.07%	26.76%	4.89%	4.86%	6.96%	17.15%
EPS ¹	5.46	11.83	12.64	20.12	22.05	18.78	21.3	26.02
Change	-	116.67%	6.85%	59.18%	9.59%	-14.82%	13.4%	22.18%
Nbr of stocks (in thousands)	543,258	540,942	520,409	509,085	482,802	470,315	470,315	470,315
Announcement Date	1/29/21	1/28/22	1/31/23	2/5/24	1/30/25	-	-	-