Financials Caterpillar Inc.

Equities

CAT

US1491231015

Heavy Machinery & Vehicles

Market Closed - Nyse Other stock markets 04:00:02 2024-12-12 pm EST			5-day change	1st Jan Change
380.78 ^USD	-2.08%		-3.60%	+28.79%

Dec. 12	Goldman Sachs Adjusts Caterpillar Price Target to $442 From $408, Maintains Buy Rating	MT
Dec. 09	Citigroup Adjusts Price Target on Caterpillar to $460 From $435, Keeps Buy Rating	MT

Projected Income Statement: Caterpillar Inc.

income-statement-evolution-chart CATERPILLAR-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	53,800	41,748	50,971	59,427	67,060	64,452	65,212	68,739
Change	-	-22.4%	22.09%	16.59%	12.84%	-3.89%	1.18%	5.41%
EBITDA ¹	9,683	5,951	7,913	10,096	14,800	15,435	15,518	16,415
Change	-	-38.54%	32.97%	27.59%	46.59%	4.29%	0.54%	5.78%
EBIT ¹	8,290	4,553	6,878	7,433	12,966	13,641	13,662	14,437
Change	-	-45.08%	51.07%	8.07%	74.44%	5.2%	0.15%	5.68%
Interest Paid ¹	-429	-513	-488	-443	-511	-533.2	-496.2	-493.9
Earnings before Tax (EBT) ¹	7,812	3,995	8,204	8,752	13,050	13,013	13,079	14,129
Change	-	-48.86%	105.36%	6.68%	49.11%	-0.28%	0.51%	8.03%
Net income ¹	6,093	2,998	6,489	6,705	10,335	10,444	10,492	11,107
Change	-	-50.8%	116.44%	3.33%	54.14%	1.06%	0.46%	5.86%
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	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
Net sales ¹	13,144	10,635	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	16,440	15,468	16,462	16,256	16,823	15,750	17,094	16,900
Change	-	-19.09%	-6%	-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%	2.08%	-5.91%	6.42%	-1.25%	3.49%	-6.38%	8.53%	-1.13%
EBITDA ¹	2,179	1,743	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	3,669	3,936	4,036	3,784	3,822	-	-	-
Change	-	-20.01%	-33.91%	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%	-0.58%	7.28%	2.55%	-6.24%	1.02%	-100%	-	-
EBIT ¹	1,850	1,404	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	3,163	3,398	3,643	3,346	3,247	-	-	-
Change	-	-24.11%	-44.16%	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%	0.52%	7.4%	7.22%	-8.16%	-2.96%	-100%	-	-
Charge d'intérêts ¹	-111	-112	-135	-136	-130	-142	-120	-114	-112	-109	-108	-109	-117	-129	-127	-129	-126	-143	-137	-125	-128.5	-128	-127.8	-127.5	-127.5	-	-	-
Earnings before Tax (EBT) ¹	1,365	1,513	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	3,065	3,265	3,498	3,196	3,161	-	-	-
Change	-	10.84%	-55.19%	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%	-1.07%	6.53%	7.13%	-8.63%	-1.1%	-100%	-	-
Net income ¹	1,098	1,092	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	2,420	2,592	2,774	2,559	2,515	2,488	2,748	2,586
Change	-	-0.55%	-58.06%	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%	-1.8%	7.14%	7%	-7.76%	-1.72%	-1.05%	10.44%	-5.91%
Announcement Date	1/31/20	4/28/20	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	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Caterpillar Inc.

balance-sheet-analysis-chart CATERPILLAR-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	29,373	27,811	28,535	24,667	22,137	30,774	28,001	24,925
Change	-	-5.32%	2.6%	-13.56%	-10.26%	39.02%	-9.01%	-10.99%
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Caterpillar Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	1,056	978	1,093	1,296	1,597	2,046	2,040	2,126
Change	-	-7.39%	11.76%	18.57%	23.23%	28.1%	-0.28%	4.2%
Free Cash Flow (FCF) ¹	5,876	5,349	6,105	6,487	11,288	9,780	9,589	9,937
Change	-	-8.97%	14.13%	6.26%	74.01%	-13.36%	-1.95%	3.63%
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Caterpillar Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	18%	14.25%	15.52%	16.99%	22.07%	23.95%	23.8%	23.88%
EBIT Margin (%)	15.41%	10.91%	13.49%	12.51%	19.33%	21.16%	20.95%	21%
EBT Margin (%)	14.52%	9.57%	16.1%	14.73%	19.46%	20.19%	20.06%	20.55%
Net margin (%)	11.33%	7.18%	12.73%	11.28%	15.41%	16.2%	16.09%	16.16%
FCF margin (%)	10.92%	12.81%	11.98%	10.92%	16.83%	15.17%	14.71%	14.46%
FCF / Net Income (%)	96.44%	178.42%	94.08%	96.75%	109.22%	93.64%	91.4%	89.47%
Profitability
ROA	7.76%	3.82%	7.36%	8.91%	12.89%	18.03%	17.3%	19.64%
ROE	42.57%	20.04%	37.29%	45.37%	61.59%	54.69%	46.85%	43.1%
Financial Health
Leverage (Debt/EBITDA)	3.03x	4.67x	3.61x	2.44x	1.5x	1.99x	1.8x	1.52x
Debt / Free cash flow	5x	5.2x	4.67x	3.8x	1.96x	3.15x	2.92x	2.51x
Capital Intensity
CAPEX / Current Assets (%)	1.96%	2.34%	2.14%	2.18%	2.38%	3.17%	3.13%	3.09%
CAPEX / EBITDA (%)	10.91%	16.43%	13.81%	12.84%	10.79%	13.25%	13.15%	12.95%
CAPEX / FCF (%)	17.97%	18.28%	17.9%	19.98%	14.15%	20.92%	21.27%	21.39%
Items per share
Cash flow per share ¹	12.18	11.53	13.12	14.64	25.09	24.27	23.17	27.46
Change	-	-5.31%	13.76%	11.6%	71.34%	-3.25%	-4.55%	18.52%
Dividend per Share ¹	3.95	4.12	4.36	4.71	5.1	5.409	5.784	6.141
Change	-	4.3%	5.83%	8.03%	8.28%	6.06%	6.93%	6.17%
Book Value Per Share ¹	26.52	28.11	30.75	30.12	38.18	39.83	45.75	52.1
Change	-	6.01%	9.39%	-2.07%	26.76%	4.33%	14.87%	13.88%
EPS ¹	10.74	5.46	11.83	12.64	20.12	21.21	21.95	24.23
Change	-	-49.16%	116.67%	6.85%	59.18%	5.4%	3.51%	10.38%
Nbr of stocks (in thousands)	552,658	543,258	540,942	520,409	509,085	482,802	482,802	482,802
Announcement Date	1/31/20	1/29/21	1/28/22	1/31/23	2/5/24	-	-	-