Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Caterpillar Inc., solvency ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Caterpillar Inc. debt to equity ratio deteriorated from Q1 2024 to Q2 2024 but then improved from Q2 2024 to Q3 2024 exceeding Q1 2024 level. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Caterpillar Inc. debt to capital ratio deteriorated from Q1 2024 to Q2 2024 but then improved from Q2 2024 to Q3 2024 exceeding Q1 2024 level. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Caterpillar Inc. debt to assets ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Caterpillar Inc. financial leverage ratio increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Caterpillar Inc. interest coverage ratio deteriorated from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Debt to Equity
Caterpillar Inc., debt to equity calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Short-term borrowings | 3,725) | 5,298) | 3,568) | 4,643) | 4,218) | 5,548) | 5,841) | 5,957) | 4,202) | 5,002) | 4,501) | 5,404) | 3,247) | 3,425) | 3,625) | 2,015) | 2,660) | 4,314) | 4,789) | 5,166) | 4,268) | 5,266) | 5,590) | |||||||
| Long-term debt due within one year | 8,392) | 8,177) | 9,454) | 8,763) | 8,662) | 9,166) | 6,324) | 5,322) | 6,814) | 5,741) | 7,806) | 6,352) | 6,383) | 7,956) | 8,199) | 9,149) | 9,359) | 7,401) | 7,935) | 6,210) | 8,050) | 6,248) | 5,952) | |||||||
| Long-term debt due after one year | 25,784) | 23,836) | 24,831) | 24,472) | 24,259) | 22,985) | 24,873) | 25,714) | 25,509) | 26,219) | 25,277) | 26,033) | 27,154) | 26,204) | 26,356) | 25,999) | 26,107) | 26,907) | 24,369) | 26,281) | 25,588) | 24,764) | 24,240) | |||||||
| Total debt | 37,901) | 37,311) | 37,853) | 37,878) | 37,139) | 37,699) | 37,038) | 36,993) | 36,525) | 36,962) | 37,584) | 37,789) | 36,784) | 37,585) | 38,180) | 37,163) | 38,126) | 38,622) | 37,093) | 37,657) | 37,906) | 36,278) | 35,782) | |||||||
| Shareholders’ equity attributable to common shareholders | 19,397) | 17,130) | 17,639) | 19,494) | 20,489) | 18,235) | 18,149) | 15,869) | 15,591) | 15,727) | 17,065) | 16,484) | 16,665) | 16,833) | 16,573) | 15,331) | 14,949) | 13,734) | 14,197) | 14,588) | 14,952) | 14,837) | 15,437) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity1 | 1.95 | 2.18 | 2.15 | 1.94 | 1.81 | 2.07 | 2.04 | 2.33 | 2.34 | 2.35 | 2.20 | 2.29 | 2.21 | 2.23 | 2.30 | 2.42 | 2.55 | 2.81 | 2.61 | 2.58 | 2.54 | 2.45 | 2.32 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 117.95 | |||||||
| Eaton Corp. plc | 0.49 | 0.51 | 0.48 | 0.49 | 0.50 | 0.52 | 0.50 | 0.51 | 0.56 | 0.59 | 0.58 | 0.52 | 0.57 | 0.79 | 0.68 | 0.54 | 0.57 | 0.58 | 0.59 | 0.52 | 0.51 | 0.50 | 0.47 | |||||||
| GE Aerospace | 1.06 | 1.06 | 0.69 | 0.77 | 0.73 | 0.70 | 0.71 | 0.89 | 0.97 | 0.94 | 0.86 | 0.87 | 1.68 | 1.90 | 2.12 | 2.11 | 2.39 | 2.43 | 2.41 | 3.21 | 3.34 | 2.95 | 3.06 | |||||||
| Honeywell International Inc. | 1.77 | 1.65 | 1.53 | 1.29 | 1.18 | 1.24 | 1.13 | 1.17 | 0.96 | 1.09 | 1.05 | 1.06 | 1.19 | 1.19 | 1.19 | 1.28 | 1.23 | 1.22 | 0.91 | 0.87 | 1.03 | 0.91 | 0.86 | |||||||
| Lockheed Martin Corp. | 2.68 | 3.12 | 2.92 | 2.55 | 1.88 | 1.90 | 1.62 | 1.68 | 0.96 | 1.02 | 1.16 | 1.07 | 1.21 | 1.87 | 1.93 | 2.02 | 2.56 | 3.38 | 3.68 | 4.05 | 3.48 | 4.75 | 5.65 | |||||||
| RTX Corp. | 0.69 | 0.71 | 0.71 | 0.73 | 0.51 | 0.49 | 0.47 | 0.44 | 0.48 | 0.45 | 0.43 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.48 | 0.49 | 1.18 | 1.04 | 1.10 | 1.11 | 1.14 | |||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity attributable to common shareholders
= 37,901 ÷ 19,397 = 1.95
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Caterpillar Inc. debt to equity ratio deteriorated from Q1 2024 to Q2 2024 but then improved from Q2 2024 to Q3 2024 exceeding Q1 2024 level. |
Debt to Capital
Caterpillar Inc., debt to capital calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Short-term borrowings | 3,725) | 5,298) | 3,568) | 4,643) | 4,218) | 5,548) | 5,841) | 5,957) | 4,202) | 5,002) | 4,501) | 5,404) | 3,247) | 3,425) | 3,625) | 2,015) | 2,660) | 4,314) | 4,789) | 5,166) | 4,268) | 5,266) | 5,590) | |||||||
| Long-term debt due within one year | 8,392) | 8,177) | 9,454) | 8,763) | 8,662) | 9,166) | 6,324) | 5,322) | 6,814) | 5,741) | 7,806) | 6,352) | 6,383) | 7,956) | 8,199) | 9,149) | 9,359) | 7,401) | 7,935) | 6,210) | 8,050) | 6,248) | 5,952) | |||||||
| Long-term debt due after one year | 25,784) | 23,836) | 24,831) | 24,472) | 24,259) | 22,985) | 24,873) | 25,714) | 25,509) | 26,219) | 25,277) | 26,033) | 27,154) | 26,204) | 26,356) | 25,999) | 26,107) | 26,907) | 24,369) | 26,281) | 25,588) | 24,764) | 24,240) | |||||||
| Total debt | 37,901) | 37,311) | 37,853) | 37,878) | 37,139) | 37,699) | 37,038) | 36,993) | 36,525) | 36,962) | 37,584) | 37,789) | 36,784) | 37,585) | 38,180) | 37,163) | 38,126) | 38,622) | 37,093) | 37,657) | 37,906) | 36,278) | 35,782) | |||||||
| Shareholders’ equity attributable to common shareholders | 19,397) | 17,130) | 17,639) | 19,494) | 20,489) | 18,235) | 18,149) | 15,869) | 15,591) | 15,727) | 17,065) | 16,484) | 16,665) | 16,833) | 16,573) | 15,331) | 14,949) | 13,734) | 14,197) | 14,588) | 14,952) | 14,837) | 15,437) | |||||||
| Total capital | 57,298) | 54,441) | 55,492) | 57,372) | 57,628) | 55,934) | 55,187) | 52,862) | 52,116) | 52,689) | 54,649) | 54,273) | 53,449) | 54,418) | 54,753) | 52,494) | 53,075) | 52,356) | 51,290) | 52,245) | 52,858) | 51,115) | 51,219) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital1 | 0.66 | 0.69 | 0.68 | 0.66 | 0.64 | 0.67 | 0.67 | 0.70 | 0.70 | 0.70 | 0.69 | 0.70 | 0.69 | 0.69 | 0.70 | 0.71 | 0.72 | 0.74 | 0.72 | 0.72 | 0.72 | 0.71 | 0.70 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | 1.69 | 1.45 | 1.55 | 1.49 | 1.47 | 1.42 | 1.39 | 1.39 | 1.45 | 1.35 | 1.36 | 1.35 | 1.30 | 1.36 | 1.40 | 1.40 | 1.24 | 1.23 | 1.33 | 1.46 | 1.20 | 1.38 | 0.99 | |||||||
| Eaton Corp. plc | 0.33 | 0.34 | 0.32 | 0.33 | 0.33 | 0.34 | 0.34 | 0.34 | 0.36 | 0.37 | 0.37 | 0.34 | 0.36 | 0.44 | 0.40 | 0.35 | 0.36 | 0.37 | 0.37 | 0.34 | 0.34 | 0.33 | 0.32 | |||||||
| GE Aerospace | 0.51 | 0.51 | 0.41 | 0.43 | 0.42 | 0.41 | 0.41 | 0.47 | 0.49 | 0.48 | 0.46 | 0.47 | 0.63 | 0.65 | 0.68 | 0.68 | 0.70 | 0.71 | 0.71 | 0.76 | 0.77 | 0.75 | 0.75 | |||||||
| Honeywell International Inc. | 0.64 | 0.62 | 0.61 | 0.56 | 0.54 | 0.55 | 0.53 | 0.54 | 0.49 | 0.52 | 0.51 | 0.51 | 0.54 | 0.54 | 0.54 | 0.56 | 0.55 | 0.55 | 0.48 | 0.46 | 0.51 | 0.48 | 0.46 | |||||||
| Lockheed Martin Corp. | 0.73 | 0.76 | 0.74 | 0.72 | 0.65 | 0.66 | 0.62 | 0.63 | 0.49 | 0.50 | 0.54 | 0.52 | 0.55 | 0.65 | 0.66 | 0.67 | 0.72 | 0.77 | 0.79 | 0.80 | 0.78 | 0.83 | 0.85 | |||||||
| RTX Corp. | 0.41 | 0.42 | 0.41 | 0.42 | 0.34 | 0.33 | 0.32 | 0.31 | 0.32 | 0.31 | 0.30 | 0.30 | 0.30 | 0.31 | 0.31 | 0.31 | 0.32 | 0.33 | 0.54 | 0.51 | 0.52 | 0.53 | 0.53 | |||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 37,901 ÷ 57,298 = 0.66
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Caterpillar Inc. debt to capital ratio deteriorated from Q1 2024 to Q2 2024 but then improved from Q2 2024 to Q3 2024 exceeding Q1 2024 level. |
Debt to Assets
Caterpillar Inc., debt to assets calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Short-term borrowings | 3,725) | 5,298) | 3,568) | 4,643) | 4,218) | 5,548) | 5,841) | 5,957) | 4,202) | 5,002) | 4,501) | 5,404) | 3,247) | 3,425) | 3,625) | 2,015) | 2,660) | 4,314) | 4,789) | 5,166) | 4,268) | 5,266) | 5,590) | |||||||
| Long-term debt due within one year | 8,392) | 8,177) | 9,454) | 8,763) | 8,662) | 9,166) | 6,324) | 5,322) | 6,814) | 5,741) | 7,806) | 6,352) | 6,383) | 7,956) | 8,199) | 9,149) | 9,359) | 7,401) | 7,935) | 6,210) | 8,050) | 6,248) | 5,952) | |||||||
| Long-term debt due after one year | 25,784) | 23,836) | 24,831) | 24,472) | 24,259) | 22,985) | 24,873) | 25,714) | 25,509) | 26,219) | 25,277) | 26,033) | 27,154) | 26,204) | 26,356) | 25,999) | 26,107) | 26,907) | 24,369) | 26,281) | 25,588) | 24,764) | 24,240) | |||||||
| Total debt | 37,901) | 37,311) | 37,853) | 37,878) | 37,139) | 37,699) | 37,038) | 36,993) | 36,525) | 36,962) | 37,584) | 37,789) | 36,784) | 37,585) | 38,180) | 37,163) | 38,126) | 38,622) | 37,093) | 37,657) | 37,906) | 36,278) | 35,782) | |||||||
| Total assets | 86,273) | 83,336) | 83,741) | 87,476) | 86,791) | 85,427) | 83,649) | 81,943) | 80,907) | 81,107) | 82,276) | 82,793) | 80,784) | 81,697) | 80,729) | 78,324) | 76,741) | 76,566) | 75,894) | 78,453) | 77,993) | 79,187) | 78,726) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets1 | 0.44 | 0.45 | 0.45 | 0.43 | 0.43 | 0.44 | 0.44 | 0.45 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.47 | 0.47 | 0.50 | 0.50 | 0.49 | 0.48 | 0.49 | 0.46 | 0.45 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | 0.42 | 0.41 | 0.36 | 0.38 | 0.39 | 0.39 | 0.41 | 0.42 | 0.42 | 0.42 | 0.43 | 0.42 | 0.43 | 0.43 | 0.42 | 0.42 | 0.38 | 0.38 | 0.27 | 0.20 | 0.19 | 0.15 | 0.12 | |||||||
| Eaton Corp. plc | 0.24 | 0.25 | 0.24 | 0.24 | 0.25 | 0.25 | 0.25 | 0.25 | 0.26 | 0.28 | 0.27 | 0.25 | 0.27 | 0.33 | 0.30 | 0.25 | 0.26 | 0.27 | 0.27 | 0.25 | 0.25 | 0.25 | 0.24 | |||||||
| GE Aerospace | 0.16 | 0.16 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.17 | 0.17 | 0.18 | 0.18 | 0.18 | 0.27 | 0.27 | 0.29 | 0.30 | 0.31 | 0.32 | 0.32 | 0.34 | 0.35 | 0.34 | 0.34 | |||||||
| Honeywell International Inc. | 0.42 | 0.40 | 0.38 | 0.33 | 0.33 | 0.34 | 0.32 | 0.31 | 0.28 | 0.31 | 0.31 | 0.30 | 0.33 | 0.33 | 0.34 | 0.35 | 0.35 | 0.35 | 0.28 | 0.27 | 0.31 | 0.28 | 0.28 | |||||||
| Lockheed Martin Corp. | 0.35 | 0.35 | 0.35 | 0.33 | 0.31 | 0.31 | 0.29 | 0.29 | 0.22 | 0.22 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.25 | 0.26 | 0.26 | 0.27 | 0.28 | 0.28 | 0.29 | |||||||
| RTX Corp. | 0.26 | 0.26 | 0.27 | 0.27 | 0.22 | 0.22 | 0.21 | 0.20 | 0.21 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.20 | 0.33 | 0.31 | 0.32 | 0.33 | 0.33 | |||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 37,901 ÷ 86,273 = 0.44
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Caterpillar Inc. debt to assets ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Financial Leverage
Caterpillar Inc., financial leverage calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Total assets | 86,273) | 83,336) | 83,741) | 87,476) | 86,791) | 85,427) | 83,649) | 81,943) | 80,907) | 81,107) | 82,276) | 82,793) | 80,784) | 81,697) | 80,729) | 78,324) | 76,741) | 76,566) | 75,894) | 78,453) | 77,993) | 79,187) | 78,726) | |||||||
| Shareholders’ equity attributable to common shareholders | 19,397) | 17,130) | 17,639) | 19,494) | 20,489) | 18,235) | 18,149) | 15,869) | 15,591) | 15,727) | 17,065) | 16,484) | 16,665) | 16,833) | 16,573) | 15,331) | 14,949) | 13,734) | 14,197) | 14,588) | 14,952) | 14,837) | 15,437) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Financial leverage1 | 4.45 | 4.86 | 4.75 | 4.49 | 4.24 | 4.68 | 4.61 | 5.16 | 5.19 | 5.16 | 4.82 | 5.02 | 4.85 | 4.85 | 4.87 | 5.11 | 5.13 | 5.57 | 5.35 | 5.38 | 5.22 | 5.34 | 5.10 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 961.67 | |||||||
| Eaton Corp. plc | 2.05 | 2.05 | 2.00 | 2.02 | 2.03 | 2.05 | 2.04 | 2.06 | 2.14 | 2.15 | 2.12 | 2.07 | 2.14 | 2.39 | 2.27 | 2.13 | 2.14 | 2.14 | 2.17 | 2.04 | 2.01 | 1.98 | 1.95 | |||||||
| GE Aerospace | 6.71 | 6.62 | 5.49 | 5.96 | 5.47 | 5.23 | 5.20 | 5.16 | 5.75 | 5.35 | 4.92 | 4.93 | 6.33 | 7.09 | 7.30 | 7.13 | 7.64 | 7.62 | 7.43 | 9.40 | 9.42 | 8.71 | 8.96 | |||||||
| Honeywell International Inc. | 4.22 | 4.09 | 3.99 | 3.88 | 3.56 | 3.60 | 3.54 | 3.73 | 3.40 | 3.55 | 3.45 | 3.47 | 3.60 | 3.56 | 3.53 | 3.68 | 3.51 | 3.50 | 3.25 | 3.17 | 3.32 | 3.23 | 3.12 | |||||||
| Lockheed Martin Corp. | 7.71 | 8.92 | 8.27 | 7.67 | 6.11 | 6.17 | 5.66 | 5.71 | 4.35 | 4.53 | 5.15 | 4.64 | 5.38 | 7.99 | 8.15 | 8.43 | 10.25 | 13.22 | 14.29 | 15.20 | 12.66 | 16.79 | 19.34 | |||||||
| RTX Corp. | 2.70 | 2.73 | 2.65 | 2.71 | 2.33 | 2.24 | 2.22 | 2.19 | 2.25 | 2.26 | 2.20 | 2.21 | 2.23 | 2.23 | 2.24 | 2.25 | 2.37 | 2.40 | 3.54 | 3.34 | 3.44 | 3.41 | 3.46 | |||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity attributable to common shareholders
= 86,273 ÷ 19,397 = 4.45
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Caterpillar Inc. financial leverage ratio increased from Q1 2024 to Q2 2024 but then decreased significantly from Q2 2024 to Q3 2024. |
Interest Coverage
Caterpillar Inc., interest coverage calculation (quarterly data)
| Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Profit attributable to common stockholders | 2,464) | 2,681) | 2,856) | 2,676) | 2,794) | 2,922) | 1,943) | 1,454) | 2,041) | 1,673) | 1,537) | 2,120) | 1,426) | 1,413) | 1,530) | 780) | 668) | 458) | 1,092) | 1,098) | 1,494) | 1,620) | 1,881) | |||||||
| Add: Net income attributable to noncontrolling interest | (1) | —) | (2) | (3) | (1) | 2) | (1) | —) | (1) | —) | —) | —) | 2) | 1) | 1) | —) | 3) | 1) | 1) | (1) | —) | (1) | 3) | |||||||
| Add: Income tax expense | 642) | 836) | 688) | 587) | 734) | 752) | 708) | 644) | 527) | 427) | 469) | 429) | 368) | 470) | 475) | 167) | 187) | 227) | 425) | 276) | 518) | 565) | 387) | |||||||
| Add: Interest expense excluding Financial Products | 125) | 137) | 143) | 126) | 129) | 127) | 129) | 117) | 109) | 108) | 109) | 112) | 114) | 120) | 142) | 130) | 136) | 135) | 113) | 112) | 103) | 103) | 103) | |||||||
| Earnings before interest and tax (EBIT) | 3,230) | 3,654) | 3,685) | 3,386) | 3,656) | 3,803) | 2,779) | 2,215) | 2,676) | 2,208) | 2,115) | 2,661) | 1,910) | 2,004) | 2,148) | 1,077) | 994) | 821) | 1,631) | 1,485) | 2,115) | 2,287) | 2,374) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Interest coverage1 | 26.28 | 26.88 | 27.68 | 26.66 | 24.81 | 23.80 | 21.33 | 20.80 | 22.05 | 20.08 | 19.10 | 17.88 | 14.11 | 11.79 | 9.28 | 8.80 | 9.94 | 13.07 | 17.44 | 19.62 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||||
| Boeing Co. | -2.16 | -0.23 | 0.21 | 0.18 | -0.06 | -0.85 | -0.53 | -0.98 | -2.54 | -1.40 | -1.31 | -0.88 | -2.29 | -2.55 | -4.26 | -5.71 | -3.83 | -3.86 | -6.13 | -2.19 | — | — | — | |||||||
| Eaton Corp. plc | 40.37 | 37.97 | 32.04 | 26.34 | 22.25 | 19.68 | 19.85 | 21.22 | 21.33 | 24.31 | 22.57 | 21.11 | 20.08 | 15.71 | 11.87 | 12.72 | 11.39 | 11.72 | 13.79 | 11.98 | — | — | — | |||||||
| GE Aerospace | 7.72 | 6.07 | 5.94 | 10.12 | 9.41 | 8.49 | 6.73 | 1.88 | -1.66 | -1.16 | -1.49 | -0.96 | 2.15 | 1.11 | 0.65 | 2.59 | 2.16 | 2.11 | 2.64 | 1.27 | — | — | — | |||||||
| Honeywell International Inc. | 8.40 | 9.33 | 9.89 | 10.36 | 10.68 | 12.45 | 14.34 | 16.41 | 20.95 | 20.60 | 21.35 | 22.09 | 20.98 | 18.89 | 16.79 | 17.75 | 18.10 | 20.68 | 23.18 | 22.17 | — | — | — | |||||||
| Lockheed Martin Corp. | 8.65 | 8.83 | 9.19 | 9.84 | 10.42 | 11.74 | 10.58 | 11.72 | 13.31 | 10.88 | 14.12 | 14.27 | 13.67 | 15.97 | 15.44 | 14.93 | 14.16 | 13.35 | 12.63 | 12.09 | — | — | — | |||||||
Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Interest coverage
= (EBITQ3 2024
+ EBITQ2 2024
+ EBITQ1 2024
+ EBITQ4 2023)
÷ (Interest expenseQ3 2024
+ Interest expenseQ2 2024
+ Interest expenseQ1 2024
+ Interest expenseQ4 2023)
= (3,230 + 3,654 + 3,685 + 3,386)
÷ (125 + 137 + 143 + 126)
= 26.28
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Caterpillar Inc. interest coverage ratio deteriorated from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |