Caterpillar Inc. (CAT) intrinsic value & 10-year financials
Caterpillar Inc. (CAT) has a Graham intrinsic value of $624.79 per share. At $730.76 on Oct 17, 2026, the stock trades 17% above that value. Over the last 10 fiscal years revenue grew 6.4% a year to $67.6B, with an average return on invested capital of 14.9%.
- Graham intrinsic value
- $624.79
- Share price (Oct 17, 2026)
- $730.76
- Price vs Graham value
- 17% above
- Market cap
- $345.1B
- Revenue (FY2025)
- $67.6B
- Revenue growth (10-yr CAGR)
- 6.4%
- ROIC (10-yr avg)
- 14.9%
- Free cash flow (FY2025)
- $8.9B
CAT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $67.6B | $8.9B | $18.81 | $8.9B | 16.5% | 18.3% |
| FY2024 | $64.8B | $10.8B | $22.05 | $10.0B | 20.2% | 24.2% |
| FY2023 | $67.1B | $10.3B | $20.12 | $11.3B | 19.3% | 24.6% |
| FY2022 | $59.4B | $6.7B | $12.64 | $6.5B | 13.3% | 15.1% |
| FY2021 | $51.0B | $6.5B | $11.83 | $6.1B | 13.5% | 14.7% |
| FY2020 | $41.7B | $3.0B | $5.46 | $5.3B | 10.9% | 9.4% |
| FY2019 | $53.8B | $6.1B | $10.74 | $5.9B | 15.4% | 17.3% |
| FY2018 | $54.7B | $6.1B | $10.26 | $5.3B | 15.2% | 18.3% |
| FY2017 | $45.5B | $759.0M | $1.26 | $4.8B | 9.7% | 6.3% |
| FY2016 | $38.5B | -$59.0M | -$0.11 | $4.5B | 1.3% | 0.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Caterpillar Inc. has demonstrated mature, steady growth, with revenue compounding at 6.4% annually over the past decade.
Caterpillar Inc. returns on capital have been average, hovering around 14.9% ROIC over the decade.
Over the decade, Caterpillar Inc. shows that management has aggressively returned capital to shareholders by retiring 19.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Caterpillar Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $624.79 per share.