Enterprise Value (EV)
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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
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Current Enterprise Value (EV)
Caterpillar Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term borrowings (per books) | |
| Add: Long-term debt due within one year (per books) | |
| Add: Long-term debt due after one year (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Caterpillar Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Caterpillar Inc. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. A consistent upward trend is observed across all metrics from 2021 through 2025, though the rate of increase varies.
- Common Equity (Market Value)
- Common equity (market value) increased from US$109,128 million in 2021 to US$360,225 million in 2025. The most substantial increase occurred between 2024 and 2025, with a growth of approximately 113%. Prior to this, growth was more moderate, with increases of roughly 17% and 25% between 2021 and 2022, and 2022 and 2023 respectively.
- Total Equity
- Total equity mirrors the trend of common equity, rising from US$109,160 million in 2021 to US$360,225 million in 2025. The values for total equity and common equity are nearly identical across all periods, suggesting that other equity components are relatively stable and represent a small portion of the total.
- Total Equity and Debt
- Total equity and debt also demonstrates an upward trajectory, increasing from US$146,949 million in 2021 to US$403,555 million in 2025. The rate of increase is generally consistent, though slightly lower than the growth observed in equity values. This indicates that debt financing has contributed to the overall growth, but at a proportionally smaller rate than equity increases.
- Enterprise Value (EV)
- Enterprise value exhibits a similar upward trend, growing from US$137,695 million in 2021 to US$393,575 million in 2025. The growth rate in EV generally aligns with the growth in total equity and debt. The largest percentage increase in EV also occurs between 2024 and 2025, mirroring the substantial increase in common equity market value. The difference between total equity and debt and enterprise value remains relatively consistent across the periods, suggesting a stable relationship between these metrics.
Overall, the financial metrics indicate a period of sustained growth. The significant increase in common equity market value and enterprise value between 2024 and 2025 warrants further investigation to understand the underlying drivers of this accelerated growth.