Price to Book Value (P/BV)
since 2005
Paying user area
Try for free
Caterpillar Inc. pages available for free this week:
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Caterpillar Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Calculation
Caterpillar Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Equity attributable to common stockholders1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 13, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 14, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 15, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 18, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 21, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 20, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Caterpillar Inc. Annual Report.
The price-to-book (P/BV) ratio exhibited considerable fluctuation between 2006 and 2026. Initially, the ratio demonstrated a moderate level, followed by a significant decline during the financial crisis of 2008-2009, and then a period of recovery and subsequent volatility.
- Initial Period (2006-2008)
- The P/BV ratio began at 5.81 in 2006, increased to 6.33 in 2007, and then decreased to 5.00 in 2008. This suggests a relatively stable valuation based on book value during this period, with a slight premium placed on the company’s assets.
- Financial Crisis Impact (2009-2010)
- A substantial drop in the P/BV ratio occurred in 2009, reaching a low of 2.63. This coincided with a significant decline in the share price, indicating a loss of investor confidence and a diminished valuation relative to the company’s net asset value. The ratio partially recovered to 4.16 in 2010, but remained below pre-crisis levels.
- Recovery and Moderate Growth (2011-2015)
- From 2011 to 2015, the P/BV ratio experienced a period of recovery and moderate growth, fluctuating between 6.02 and 3.09. While volatility was present, the ratio generally trended upwards, suggesting improving investor sentiment and a strengthening valuation. The book value per share also increased during this period, contributing to the ratio’s movement.
- Increased Valuation (2016-2019)
- The P/BV ratio increased significantly in 2017, reaching 6.98, and remained elevated through 2019, fluctuating between 5.44 and 6.98. This indicates a period of strong investor confidence and a higher valuation relative to book value. Both share price and book value per share contributed to this increase.
- Recent Trends (2020-2026)
- From 2020 to 2026, the P/BV ratio demonstrated a consistent upward trend, accelerating significantly in the later years. The ratio rose from 5.16 in 2020 to 16.90 in 2026. This substantial increase suggests a significant re-evaluation of the company’s assets by the market, potentially driven by positive future expectations or changes in market conditions. The increase in book value per share also contributed to this trend, but the share price increase was more pronounced.
Overall, the P/BV ratio demonstrates a sensitivity to broader economic conditions and company-specific performance. The dramatic increase in the ratio in the most recent years suggests a substantial shift in market perception of the company’s value.
Comparison to Competitors
Caterpillar Inc., P/BV, long-term trends, comparison to competitors
| Caterpillar Inc. | Boeing Co. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Feb 13, 2026 | |||||||
| Feb 14, 2025 | |||||||
| Feb 16, 2024 | |||||||
| Feb 15, 2023 | |||||||
| Feb 16, 2022 | |||||||
| Feb 17, 2021 | |||||||
| Feb 19, 2020 | |||||||
| Feb 14, 2019 | |||||||
| Feb 15, 2018 | |||||||
| Feb 15, 2017 | |||||||
| Feb 16, 2016 | |||||||
| Feb 17, 2015 | |||||||
| Feb 18, 2014 | |||||||
| Feb 19, 2013 | |||||||
| Feb 21, 2012 | |||||||
| Feb 22, 2011 | |||||||
| Feb 19, 2010 | |||||||
| Feb 20, 2009 | |||||||
| Feb 22, 2008 | |||||||
| Feb 23, 2007 | |||||||
| Feb 22, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
Caterpillar Inc., P/BV, long-term trends, comparison to sector (capital goods)
| Caterpillar Inc. | Capital Goods | |
|---|---|---|
| Feb 13, 2026 | ||
| Feb 14, 2025 | ||
| Feb 16, 2024 | ||
| Feb 15, 2023 | ||
| Feb 16, 2022 | ||
| Feb 17, 2021 | ||
| Feb 19, 2020 | ||
| Feb 14, 2019 | ||
| Feb 15, 2018 | ||
| Feb 15, 2017 | ||
| Feb 16, 2016 | ||
| Feb 17, 2015 | ||
| Feb 18, 2014 | ||
| Feb 19, 2013 | ||
| Feb 21, 2012 | ||
| Feb 22, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Feb 22, 2008 | ||
| Feb 23, 2007 | ||
| Feb 22, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Caterpillar Inc., P/BV, long-term trends, comparison to industry (industrials)
| Caterpillar Inc. | Industrials | |
|---|---|---|
| Feb 13, 2026 | ||
| Feb 14, 2025 | ||
| Feb 16, 2024 | ||
| Feb 15, 2023 | ||
| Feb 16, 2022 | ||
| Feb 17, 2021 | ||
| Feb 19, 2020 | ||
| Feb 14, 2019 | ||
| Feb 15, 2018 | ||
| Feb 15, 2017 | ||
| Feb 16, 2016 | ||
| Feb 17, 2015 | ||
| Feb 18, 2014 | ||
| Feb 19, 2013 | ||
| Feb 21, 2012 | ||
| Feb 22, 2011 | ||
| Feb 19, 2010 | ||
| Feb 20, 2009 | ||
| Feb 22, 2008 | ||
| Feb 23, 2007 | ||
| Feb 22, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).