Financials Caterpillar Inc.

Equities

CAT

US1491231015

Heavy Machinery & Vehicles

Market Closed - Nyse Other stock markets 04:00:02 2025-12-05 pm EST			5-day change	1st Jan Change
603.17 ^USD	+0.67%		+4.76%	+66.27%

Dec. 05	BHP, Rio Tinto start trial of electric haul trucks at Jimblebar	RE
Dec. 04	BHP, Rio Tinto to Test Caterpillar Electric Haul Trucks at Australian Iron Ore Mine	MT

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	66,235	71,083	76,342
Change	-	22.09%	16.59%	12.84%	-3.36%	2.2%	7.32%	7.4%
EBITDA ¹	5,951	7,913	10,096	14,800	14,825	13,477	15,040	17,638
Change	-	32.97%	27.59%	46.59%	0.17%	-9.09%	11.6%	17.27%
EBIT ¹	4,553	6,878	7,433	12,966	13,072	11,384	13,414	15,953
Change	-	51.07%	8.07%	74.44%	0.82%	-12.91%	17.83%	18.93%
Interest Paid ¹	-513	-488	-443	-511	-518	-506.2	-508.2	-493
Earnings before Tax (EBT) ¹	3,995	8,204	8,752	13,050	13,373	10,996	12,912	15,357
Change	-	105.36%	6.68%	49.11%	2.48%	-17.77%	17.42%	18.94%
Net income ¹	2,998	6,489	6,705	10,335	10,792	8,751	10,389	12,533
Change	-	116.44%	3.33%	54.14%	4.42%	-18.91%	18.71%	20.64%
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 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	2027 Q2	2027 Q3
Net sales ¹	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	16,569	17,638	17,809	15,720	17,965	18,674	19,043	17,518	19,540	20,462
Change	-	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%	16.28%	6.45%	0.97%	-11.73%	14.28%	3.94%	1.98%	-8.01%	11.55%	4.72%
EBITDA ¹	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	3,470	3,659	3,374	3,378	3,917	4,141	3,854	-	-	-
Change	-	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%	19.74%	5.45%	-7.79%	0.13%	15.94%	5.73%	-6.95%	-	-	-
EBIT ¹	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	2,860	3,052	2,722	2,834	3,360	3,480	3,128	-	-	-
Change	-	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%	10.9%	6.71%	-10.8%	4.1%	18.55%	3.59%	-10.13%	-	-	-
Charge d'intérêts ¹	-130	-142	-120	-114	-112	-109	-108	-109	-117	-129	-127	-129	-126	-143	-137	-127	-111	-119	-130	-136	-132.4	-130	-129.2	-127.8	-127.6	-	-	-
Earnings before Tax (EBT) ¹	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	2,818	3,127	2,692	2,517	3,221	3,599	3,385	-	-	-
Change	-	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%	9.65%	10.97%	-13.91%	-6.52%	28.01%	11.73%	-5.96%	-	-	-
Net income ¹	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	2,179	2,300	2,080	2,012	2,566	2,862	2,686	-	-	-
Change	-	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%	8.79%	5.55%	-9.57%	-3.28%	27.57%	11.52%	-6.14%	-	-	-
Announcement Date	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	8/5/25	10/29/25	-	-	-	-	-	-	-	-

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	33,647	33,935	32,035
Change	-	2.6%	-13.56%	-10.26%	22.54%	24.04%	0.86%	-5.6%
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	2,560	2,464	2,441
Change	-	11.76%	18.57%	23.23%	24.48%	28.77%	-3.73%	-0.96%
Free Cash Flow (FCF) ¹	5,349	6,105	6,487	11,288	10,047	8,408	9,263	11,083
Change	-	14.13%	6.26%	74.01%	-10.99%	-16.32%	10.17%	19.64%
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%	20.35%	21.16%	23.1%
EBIT Margin (%)	10.91%	13.49%	12.51%	19.33%	20.17%	17.19%	18.87%	20.9%
EBT Margin (%)	9.57%	16.1%	14.73%	19.46%	20.63%	16.6%	18.17%	20.12%
Net margin (%)	7.18%	12.73%	11.28%	15.41%	16.65%	13.21%	14.62%	16.42%
FCF margin (%)	12.81%	11.98%	10.92%	16.83%	15.5%	12.69%	13.03%	14.52%
FCF / Net Income (%)	178.42%	94.08%	96.75%	109.22%	93.1%	96.08%	89.16%	88.43%
Profitability
ROA	3.82%	7.36%	8.91%	12.89%	12.23%	14.08%	15.92%	18.33%
ROE	20.04%	37.29%	45.37%	61.59%	55.36%	51.78%	54.13%	61.84%
Financial Health
Leverage (Debt/EBITDA)	4.67x	3.61x	2.44x	1.5x	1.83x	2.5x	2.26x	1.82x
Debt / Free cash flow	5.2x	4.67x	3.8x	1.96x	2.7x	4x	3.66x	2.89x
Capital Intensity
CAPEX / Current Assets (%)	2.34%	2.14%	2.18%	2.38%	3.07%	3.86%	3.47%	3.2%
CAPEX / EBITDA (%)	16.43%	13.81%	12.84%	10.79%	13.41%	18.99%	16.38%	13.84%
CAPEX / FCF (%)	18.28%	17.9%	19.98%	14.15%	19.79%	30.45%	26.6%	22.02%
Items per share
Cash flow per share ¹	11.53	13.12	14.64	25.09	24.59	19.78	26.26	30.58
Change	-	13.76%	11.6%	71.34%	-1.98%	-19.56%	32.77%	16.44%
Dividend per Share ¹	4.12	4.36	4.71	5.1	5.53	5.937	6.33	6.669
Change	-	5.83%	8.03%	8.28%	8.43%	7.36%	6.62%	5.36%
Book Value Per Share ¹	28.11	30.75	30.12	38.18	40.05	42.88	46.99	52.6
Change	-	9.39%	-2.07%	26.76%	4.89%	7.08%	9.57%	11.95%
EPS ¹	5.46	11.83	12.64	20.12	22.05	18.43	22.31	26.77
Change	-	116.67%	6.85%	59.18%	9.59%	-16.44%	21.08%	19.99%
Nbr of stocks (in thousands)	543,258	540,942	520,409	509,085	482,802	467,980	467,980	467,980
Announcement Date	1/29/21	1/28/22	1/31/23	2/5/24	1/30/25	-	-	-