Stock Analysis on Net
Stock Analysis on Net

Caterpillar Inc. (NYSE:CAT)

Analysis of Investments

Microsoft Excel

Adjustment to Net Income (Loss): Mark to Market Available-for-sale Securities

Caterpillar Inc., adjustment to profit attributable to common stockholders

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Profit attributable to common stockholders (as reported) 10,792 10,335 6,705 6,489 2,998
Add: Available-for-sale securities 2 62 (138) (34) 34
Profit attributable to common stockholders (adjusted) 10,794 10,397 6,567 6,455 3,032

Based on: 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).

Adjusted Profitability Ratios: Mark to Market Available-for-sale Securities (Summary)

Caterpillar Inc., adjusted profitability ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net Profit Margin
Reported net profit margin 17.59% 16.18% 11.85% 13.47% 7.68%
Adjusted net profit margin 17.59% 16.28% 11.61% 13.40% 7.77%
Return on Equity (ROE)
Reported ROE 55.37% 53.02% 42.25% 39.37% 19.56%
Adjusted ROE 55.38% 53.33% 41.38% 39.16% 19.78%
Return on Assets (ROA)
Reported ROA 12.30% 11.81% 8.18% 7.84% 3.83%
Adjusted ROA 12.30% 11.89% 8.01% 7.80% 3.87%

Based on: 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).

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Caterpillar Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Caterpillar Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Caterpillar Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

Caterpillar Inc., Profitability Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Profit attributable to common stockholders 10,792 10,335 6,705 6,489 2,998
Sales of Machinery, Energy & Transportation 61,363 63,869 56,574 48,188 39,022
Profitability Ratio
Net profit margin1 17.59% 16.18% 11.85% 13.47% 7.68%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted profit attributable to common stockholders 10,794 10,397 6,567 6,455 3,032
Sales of Machinery, Energy & Transportation 61,363 63,869 56,574 48,188 39,022
Profitability Ratio
Adjusted net profit margin2 17.59% 16.28% 11.61% 13.40% 7.77%

Based on: 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).

2024 Calculations

1 Net profit margin = 100 × Profit attributable to common stockholders ÷ Sales of Machinery, Energy & Transportation
= 100 × 10,792 ÷ 61,363 = 17.59%

2 Adjusted net profit margin = 100 × Adjusted profit attributable to common stockholders ÷ Sales of Machinery, Energy & Transportation
= 100 × 10,794 ÷ 61,363 = 17.59%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. Caterpillar Inc. adjusted net profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Profit attributable to common stockholders 10,792 10,335 6,705 6,489 2,998
Equity attributable to common shareholders 19,491 19,494 15,869 16,484 15,331
Profitability Ratio
ROE1 55.37% 53.02% 42.25% 39.37% 19.56%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted profit attributable to common stockholders 10,794 10,397 6,567 6,455 3,032
Equity attributable to common shareholders 19,491 19,494 15,869 16,484 15,331
Profitability Ratio
Adjusted ROE2 55.38% 53.33% 41.38% 39.16% 19.78%

Based on: 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).

2024 Calculations

1 ROE = 100 × Profit attributable to common stockholders ÷ Equity attributable to common shareholders
= 100 × 10,792 ÷ 19,491 = 55.37%

2 Adjusted ROE = 100 × Adjusted profit attributable to common stockholders ÷ Equity attributable to common shareholders
= 100 × 10,794 ÷ 19,491 = 55.38%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by shareholders’ equity. Caterpillar Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Profit attributable to common stockholders 10,792 10,335 6,705 6,489 2,998
Total assets 87,764 87,476 81,943 82,793 78,324
Profitability Ratio
ROA1 12.30% 11.81% 8.18% 7.84% 3.83%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted profit attributable to common stockholders 10,794 10,397 6,567 6,455 3,032
Total assets 87,764 87,476 81,943 82,793 78,324
Profitability Ratio
Adjusted ROA2 12.30% 11.89% 8.01% 7.80% 3.87%

Based on: 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).

2024 Calculations

1 ROA = 100 × Profit attributable to common stockholders ÷ Total assets
= 100 × 10,792 ÷ 87,764 = 12.30%

2 Adjusted ROA = 100 × Adjusted profit attributable to common stockholders ÷ Total assets
= 100 × 10,794 ÷ 87,764 = 12.30%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by total assets. Caterpillar Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.