Caterpillar Inc., current enterprise value calculation

Current share price (P)	$349.15
No. shares of common stock outstanding	477,932,024
US$ in millions
Common equity (market value)¹	166,870)
Add: Noncontrolling interests (per books)	3)
Total equity	166,873)
Add: Short-term borrowings (per books)	4,393)
Add: Long-term debt due within one year (per books)	6,665)
Add: Long-term debt due after one year (per books)	27,351)
Total equity and debt	205,282)
Less: Cash and cash equivalents	6,889)
Enterprise value (EV)	198,393)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 349.15 × 477,932,024

Caterpillar Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$353.32	$321.91	$248.70	$203.64	$202.30
No. shares of common stock outstanding¹	477,932,024	499,377,269	516,345,490	535,888,051	545,303,847
US$ in millions
Common equity (market value)³	168,863)	160,755)	128,415)	109,128)	110,315)
Add: Noncontrolling interests (book value)	3)	9)	22)	32)	47)
Total equity	168,866)	160,764)	128,437)	109,160)	110,362)
Add: Short-term borrowings (book value)	4,393)	4,643)	5,957)	5,404)	2,015)
Add: Long-term debt due within one year (book value)	6,665)	8,763)	5,322)	6,352)	9,149)
Add: Long-term debt due after one year (book value)	27,351)	24,472)	25,714)	26,033)	25,999)
Total equity and debt	207,275)	198,642)	165,430)	146,949)	147,525)
Less: Cash and cash equivalents	6,889)	6,978)	7,004)	9,254)	9,352)
Enterprise value (EV)	200,386)	191,664)	158,426)	137,695)	138,173)

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 353.32 × 477,932,024

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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 2022 to 2023 and from 2023 to 2024.

Caterpillar Inc. (NYSE:CAT)

Enterprise Value (EV)