Caterpillar Inc., current enterprise value calculation

Current share price (P)	$382.33
No. shares of common stock outstanding	482,802,488
US$ in millions
Common equity (market value)¹	184,590)
Add: Noncontrolling interests (per books)	9)
Total equity	184,599)
Add: Short-term borrowings (per books)	4,643)
Add: Long-term debt due within one year (per books)	8,763)
Add: Long-term debt due after one year (per books)	24,472)
Total equity and debt	222,477)
Less: Cash and cash equivalents	6,978)
Enterprise value (EV)	215,499)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 382.33 × 482,802,488

Caterpillar Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$321.91	$248.70	$203.64	$202.30	$136.86
No. shares of common stock outstanding¹	499,377,269	516,345,490	535,888,051	545,303,847	550,082,610
US$ in millions
Common equity (market value)³	160,755)	128,415)	109,128)	110,315)	75,284)
Add: Noncontrolling interests (book value)	9)	22)	32)	47)	41)
Total equity	160,764)	128,437)	109,160)	110,362)	75,325)
Add: Short-term borrowings (book value)	4,643)	5,957)	5,404)	2,015)	5,166)
Add: Long-term debt due within one year (book value)	8,763)	5,322)	6,352)	9,149)	6,210)
Add: Long-term debt due after one year (book value)	24,472)	25,714)	26,033)	25,999)	26,281)
Total equity and debt	198,642)	165,430)	146,949)	147,525)	112,982)
Less: Cash and cash equivalents	6,978)	7,004)	9,254)	9,352)	8,284)
Enterprise value (EV)	191,664)	158,426)	137,695)	138,173)	104,698)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Caterpillar Inc. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 321.91 × 499,377,269

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Caterpillar Inc. EV increased from 2021 to 2022 and from 2022 to 2023.

Caterpillar Inc. (NYSE:CAT)

Enterprise Value (EV)