Debt to Equity
since 2005
Calculation
Caterpillar Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total borrowings1 | ÷ | Equity attributable to common stockholders1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 1.94 | = | 37,878) | ÷ | 19,494) |
| Dec 31, 2022 | 2.33 | = | 36,993) | ÷ | 15,869) |
| Dec 31, 2021 | 2.29 | = | 37,789) | ÷ | 16,484) |
| Dec 31, 2020 | 2.42 | = | 37,163) | ÷ | 15,331) |
| Dec 31, 2019 | 2.58 | = | 37,657) | ÷ | 14,588) |
| Dec 31, 2018 | 2.60 | = | 36,553) | ÷ | 14,039) |
| Dec 31, 2017 | 2.55 | = | 34,878) | ÷ | 13,697) |
| Dec 31, 2016 | 2.80 | = | 36,783) | ÷ | 13,137) |
| Dec 31, 2015 | 2.57 | = | 38,093) | ÷ | 14,809) |
| Dec 31, 2014 | 2.35 | = | 39,285) | ÷ | 16,746) |
| Dec 31, 2013 | 1.81 | = | 37,750) | ÷ | 20,811) |
| Dec 31, 2012 | 2.29 | = | 40,143) | ÷ | 17,532) |
| Dec 31, 2011 | 2.69 | = | 34,592) | ÷ | 12,883) |
| Dec 31, 2010 | 2.63 | = | 28,418) | ÷ | 10,824) |
| Dec 31, 2009 | 3.62 | = | 31,631) | ÷ | 8,740) |
| Dec 31, 2008 | 5.84 | = | 35,535) | ÷ | 6,087) |
| Dec 31, 2007 | 3.20 | = | 28,429) | ÷ | 8,883) |
| Dec 31, 2006 | 3.98 | = | 27,296) | ÷ | 6,859) |
| Dec 31, 2005 | 3.05 | = | 25,745) | ÷ | 8,432) |
Based on: 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$ in millions
Comparison to Competitors
Caterpillar Inc., debt to equity, long-term trends, comparison to competitors
| Caterpillar Inc. | Boeing Co. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 1.94 | — | 0.49 | 0.77 | 1.29 | 2.55 | 0.73 |
| Dec 31, 2022 | 2.33 | — | 0.51 | 0.89 | 1.17 | 1.68 | 0.44 |
| Dec 31, 2021 | 2.29 | — | 0.52 | 0.87 | 1.06 | 1.07 | 0.43 |
| Dec 31, 2020 | 2.42 | — | 0.54 | 2.11 | 1.28 | 2.02 | 0.44 |
| Dec 31, 2019 | 2.58 | — | 0.52 | 3.21 | 0.87 | 4.05 | 1.04 |
| Dec 31, 2018 | 2.60 | 40.85 | 0.47 | 3.55 | 0.89 | 9.04 | 1.18 |
| Dec 31, 2017 | 2.55 | 31.32 | 0.45 | 2.09 | 1.04 | — | 0.93 |
| Dec 31, 2016 | 2.80 | 12.18 | 0.56 | 1.80 | 0.81 | 9.45 | 0.87 |
| Dec 31, 2015 | 2.57 | 1.57 | 0.56 | 2.02 | 0.66 | 4.62 | 0.75 |
| Dec 31, 2014 | 2.35 | 1.05 | 0.57 | 2.85 | 0.49 | 1.81 | 0.63 |
| Dec 31, 2013 | 1.81 | 0.65 | 0.57 | 2.93 | 0.51 | 1.25 | 0.64 |
| Dec 31, 2012 | 2.29 | 1.77 | 0.72 | 3.37 | 0.58 | 157.90 | 0.90 |
| Dec 31, 2011 | 2.69 | 3.52 | 0.51 | 3.89 | 0.70 | 6.45 | 0.47 |
| Dec 31, 2010 | 2.63 | 4.49 | 0.47 | 4.02 | 0.62 | 1.35 | 0.48 |
| Dec 31, 2009 | 3.62 | 6.07 | 0.51 | 4.35 | 0.86 | 1.22 | 0.49 |
| Dec 31, 2008 | 5.84 | — | 0.68 | 5.00 | 1.17 | 1.24 | 0.72 |
| Dec 31, 2007 | 3.20 | 0.91 | 0.66 | 4.45 | 0.83 | 0.44 | 0.43 |
| Dec 31, 2006 | 3.98 | 2.01 | 0.63 | 3.85 | 0.52 | 0.64 | 0.46 |
| Dec 31, 2005 | 3.05 | 0.97 | 0.65 | 3.39 | 0.45 | 0.61 | 0.48 |
Based on: 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., debt to equity, long-term trends, comparison to sector (capital goods)
| Caterpillar Inc. | Capital Goods | |
|---|---|---|
| Dec 31, 2023 | 1.94 | 1.54 |
| Dec 31, 2022 | 2.33 | 1.33 |
| Dec 31, 2021 | 2.29 | 1.26 |
| Dec 31, 2020 | 2.42 | 1.75 |
| Dec 31, 2019 | 2.58 | 2.08 |
| Dec 31, 2018 | 2.60 | 2.03 |
| Dec 31, 2017 | 2.55 | 1.74 |
| Dec 31, 2016 | 2.80 | 1.60 |
| Dec 31, 2015 | 2.57 | 1.64 |
| Dec 31, 2014 | 2.35 | 2.06 |
| Dec 31, 2013 | 1.81 | 2.00 |
| Dec 31, 2012 | 2.29 | 2.56 |
| Dec 31, 2011 | 2.69 | 3.04 |
| Dec 31, 2010 | 2.63 | 3.10 |
| Dec 31, 2009 | 3.62 | 3.46 |
| Dec 31, 2008 | 5.84 | 4.19 |
| Dec 31, 2007 | 3.20 | 3.21 |
| Dec 31, 2006 | 3.98 | 3.02 |
| Dec 31, 2005 | 3.05 | 2.53 |
Based on: 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., debt to equity, long-term trends, comparison to industry (industrials)
| Caterpillar Inc. | Industrials | |
|---|---|---|
| Dec 31, 2023 | 1.94 | 1.43 |
| Dec 31, 2022 | 2.33 | 1.32 |
| Dec 31, 2021 | 2.29 | 1.25 |
| Dec 31, 2020 | 2.42 | 1.73 |
| Dec 31, 2019 | 2.58 | 1.86 |
| Dec 31, 2018 | 2.60 | 1.87 |
| Dec 31, 2017 | 2.55 | 1.65 |
| Dec 31, 2016 | 2.80 | 1.55 |
| Dec 31, 2015 | 2.57 | 1.52 |
| Dec 31, 2014 | 2.35 | 1.86 |
| Dec 31, 2013 | 1.81 | 1.77 |
| Dec 31, 2012 | 2.29 | 2.24 |
| Dec 31, 2011 | 2.69 | 2.56 |
| Dec 31, 2010 | 2.63 | 2.63 |
| Dec 31, 2009 | 3.62 | 2.92 |
| Dec 31, 2008 | 5.84 | 3.45 |
| Dec 31, 2007 | 3.20 | 2.72 |
| Dec 31, 2006 | 3.98 | 2.46 |
| Dec 31, 2005 | 3.05 | 2.11 |
Based on: 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).