Caterpillar Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Profit attributable to common stockholders	10,792)	10,335)	6,705)	6,489)	2,998)
(Profit) loss attributable to noncontrolling interests	(4)	(3)	(1)	4)	5)
Net noncash charges	2,106)	2,402)	2,862)	1,352)	3,741)
Changes in assets and liabilities, net of acquisitions and divestitures	(859)	151)	(1,800)	(647)	(417)
Net cash provided by operating activities	12,035)	12,885)	7,766)	7,198)	6,327)
Capital expenditures, excluding equipment leased to others	(1,988)	(1,597)	(1,296)	(1,093)	(978)
Expenditures for equipment leased to others	(1,227)	(1,495)	(1,303)	(1,379)	(1,137)
Proceeds from disposals of leased assets and property, plant and equipment	722)	781)	830)	1,265)	772)
Proceeds from debt issued, original maturities greater than three months	10,283)	8,257)	6,674)	6,989)	10,431)
Payments on debt, original maturities greater than three months	(9,316)	(6,318)	(7,728)	(9,796)	(8,237)
Short-term borrowings, net, original maturities three months or less	(168)	(1,345)	402)	3,488)	(2,804)
Free cash flow to equity (FCFE)	10,341)	11,168)	5,345)	6,672)	4,374)

Based on: 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), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Caterpillar Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Caterpillar Inc. FCFE increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Caterpillar Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	477,932,024
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	10,341)
FCFE per share	21.64
Current share price (P)	349.15
Valuation Ratio
P/FCFE	16.14
Benchmarks
P/FCFE, Competitors¹
Boeing Co.	—
Eaton Corp. plc	35.57
GE Aerospace	54.47
Honeywell International Inc.	8.70
Lockheed Martin Corp.	12.70
RTX Corp.	82.10
P/FCFE, Sector
Capital Goods	23.47
P/FCFE, Industry
Industrials	27.04

Based on: 10-K (reporting date: 2024-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Caterpillar Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
No. shares of common stock outstanding¹	477,932,024	499,377,269	516,345,490	535,888,051	545,303,847
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	10,341)	11,168)	5,345)	6,672)	4,374)
FCFE per share³	21.64	22.36	10.35	12.45	8.02
Share price^1, 4	353.32	321.91	248.70	203.64	202.30
Valuation Ratio
P/FCFE⁵	16.33	14.39	24.03	16.36	25.22
Benchmarks
P/FCFE, Competitors⁶
Boeing Co.	—	—	120.43	—	6.78
Eaton Corp. plc	—	33.65	28.68	24.43	25.59
GE Aerospace	53.26	225.15	44.45	—	—
Honeywell International Inc.	8.35	26.10	27.59	46.23	12.59
Lockheed Martin Corp.	13.31	13.13	11.63	14.65	15.57
RTX Corp.	85.26	7.05	26.71	35.07	—
P/FCFE, Sector
Capital Goods	—	20.26	25.94	—	74.91
P/FCFE, Industry
Industrials	—	24.32	25.12	—	40.73

Based on: 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), 10-K (reporting date: 2020-12-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 10,341,000,000 ÷ 477,932,024 = 21.64

⁴ Closing price as at the filing date of Caterpillar Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 353.32 ÷ 21.64 = 16.33

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Caterpillar Inc. P/FCFE ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Caterpillar Inc. (NYSE:CAT)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical