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Caterpillar CAT Price / earnings

Price / earnings at other companies

Cummins logo
CumminsCMI
26.7×+11.8×
Wells Fargo & Company logo
Wells Fargo & CompanyWFC
11.3×-0.4×
Deere & Company logo
Deere & CompanyDE
30.6×+6.2×
Wabtec logo
WabtecWAB
35.2×+7.2×
United Rentals logo
United RentalsURI
18.3×+2.2×
Generac Holdings logo
Generac HoldingsGNRC
32.4×+0.3×

Other financials

Income statement

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Revenue$17.4B+22.2%
Gross profit$6.1B+15.6%
Operating income$3.1B+19.6%
Net income$2.5B+27.2%
EPS (diluted)$5.47+30.2%

Balance sheet

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Cash & equivalents$4.1B+14.3%
Total assets$95.6B+12.5%

Cash flow

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Operating cash flow$1.9B+45.1%
CapEx$728.0M+2.5%
Free cash flow$1.1B+97.2%

Valuation

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Market cap$440.29B+109%
P/S6.2×+2.9×

Profitability

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Gross margin96.6%-4.4pp
Operating margin16.5%-2.7pp
Net margin13.3%-2.4pp

Returns & leverage

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Return on equity43.5%-11.8pp
Debt / equity1.7×+0.1×
Current ratio1.4×0.0×

Where this comes from

Calculated from Caterpillar’s reported figures.

Based on the most recent quarter.

The official record: Caterpillar’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Caterpillar's price / earnings?
Caterpillar (CAT) reported price / earnings of 35× in Q1 2026.
How has Caterpillar's price / earnings changed year-over-year?
Caterpillar's price / earnings increased by 120.4% year-over-year, from 15.9× to 35×.
What is the long-term trend for Caterpillar's price / earnings?
Over 4 years (2021 to 2025), Caterpillar's price / earnings has grown at a -3.1% compound annual growth rate (CAGR), from 100.6× to 88.8×.
What does price / earnings mean?
How many dollars investors pay for each dollar of the company's annual profit.
How do you interpret price / earnings?
Lower can mean cheaper — or that the market expects earnings to fall. High multiples embed growth expectations. Meaningless when earnings are negative, so it is suppressed there.
How does price / earnings compare across companies?
Compare against the company's own history and sector peers, not across sectors with different growth and risk profiles.