Caterpillar Inc. (CAT) Fundamental Analysis
Caterpillar Inc. is assessed below across growth, profitability, cash generation and balance-sheet strength, sourced directly from its SEC filings. It is solidly profitable, with a latest net margin of 15%. Free cash flow is being reinvested into growth rather than harvested, so a negative print here reflects investment, not distress. The latest filing shows a mixed picture across the four dimensions.
Beat Index assesses Caterpillar Inc. across sixteen analysis tabs, spanning revenue and income, margins, cash flow, returns, liquidity and leverage, working capital, intrinsic value, commitments, insider activity, risk, and its latest 10-Q reads strongest on revenue growth and profit margins while flagging cash generation and balance-sheet strength for closer review. Every figure is taken as-reported from SEC EDGAR filings, with no vendor adjustments.
At a glance
- PositiveGrowth: Revenue up 22% YoY
- WatchCash Generation: FCF margin 7%
- ConcernNo red flags in the latest quarter.
Trend matrix, last 4 quarters
| Dimension | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Growth | Revenue up 22% YoY | Revenue up 18% YoY | Revenue +10% YoY | Revenue down -1% YoY |
| Profitability | Net margin 15% | Net margin 13% | Net margin 13% | Net margin 13% |
| Cash Generation | FCF margin 7% | FCF margin 14% | FCF margin 17% | FCF margin 15% |
| Balance Sheet | Debt/equity 1.9x | Debt/equity 2.6x (high leverage) | Debt/equity 1.6x | Debt/equity 1.7x |
Quarterly financials
| Metric | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 |
|---|---|---|---|---|---|
| Revenue | $17.41B | $19.13B | $17.64B | $16.57B | $14.25B |
| Cash & equivalents | $4.07B | $9.98B | $7.54B | $5.44B | $3.56B |
| Net income | $2.55B | $2.40B | $2.30B | $2.18B | $2.00B |
| Operating cash flow | $1.87B | $3.59B | $3.74B | $3.12B | $1.29B |
| Free cash flow | $1.14B | $2.69B | $3.08B | $2.57B | $579.0M |
Figures in USD, as reported to the SEC. Longer history is available in the full analysis.
What's inside the full dashboard
Sixteen analysis tabs, all sourced from SEC filings, no estimates.
- Cash Flow: Free cash flow generation and operating cash flow trends.
- Intrinsic Value: Discounted cash flow (DCF) valuation and enterprise multiples.
- Liquidity & Leverage: Balance-sheet strength: assets, liabilities, debt and liquidity ratios.
- Margins: Gross, operating, and net profit margin analysis.
- Returns: Return on equity, return on assets, and return on invested capital.
- Revenue & Income: Revenue growth, composition, and year-over-year income trends.
- Working Capital: Working-capital efficiency, cash conversion and asset-turnover metrics.
- Risk: Debt levels, liquidity ratios, and financial risk indicators.
- Insider: Insider stock transactions and executive activity.
- Commitments: Operating leases, purchase commitments, and future obligations.
To see more, create a free account.
Create free accountUnlock the full Caterpillar Inc. dashboard
Live valuation, management commentary, and peer comparison, all sourced directly from SEC filings. Free to access.