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Held by 3,960 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CAT | $338.2B | 39.1× | 27.2× | 5.0× | 4.3% | 33.8% | 13.1% | 41.7% | 15.4% | 2.0× | 3,960 |
| FTI | $26.8B | 29.7× | 13.9× | 2.7× | 9.4% | — | 9.7% | 28.7% | 25.4% | -0.3× | 779 |
| DOV | $26.1B | 24.4× | 16.8× | 3.2× | 4.5% | 39.8% | 13.5% | 14.8% | 10.2% | 1.9× | 1,130 |
| CNH | $19.2B | 29.1× | — | 1.1× | -8.8% | 31.5% | 2.8% | 6.6% | 6.6% | — | — |
| NOV | $6.6B | 47.8× | 8.6× | 0.8× | -1.4% | 20.2% | 1.7% | 2.3% | 1.8% | 0.2× | 472 |
| TEX | $6.0B | 15.8× | 12.4× | 1.1× | 5.7% | 19.4% | 4.1% | 10.5% | 4.7% | 2.9× | 460 |
| WFRD | $5.4B | 12.7× | 5.7× | 1.1× | -10.8% | — | 8.8% | 25.4% | 13.7% | 0.5× | 412 |
| WHD | $4.3B | — | 13.2× | 4.0× | -4.5% | 37.0% | 15.4% | 13.5% | 13.5% | -0.4× | 329 |
| DNOW | $2.7B | — | — | 1.0× | 18.8% | 17.0% | -3.2% | -4.0% | -3.4% | — | 298 |
| INVX | $1.9B | 22.8× | 9.9× | 2.0× | 48.0% | 31.0% | 8.5% | 7.9% | 7.9% | 0.0× | 213 |
| PLOW | $915M | 20.2× | 12.0× | 1.4× | 15.4% | 26.6% | 7.1% | 16.7% | 10.9% | 1.7× | 234 |
| ASTE | $895M | 23.2× | 11.3× | 0.6× | 8.1% | 26.5% | 2.8% | 5.7% | 3.8% | 2.5× | 222 |
| FET | $885M | — | 15.4× | 1.1× | -3.1% | 27.7% | -1.2% | -3.3% | -2.3% | 1.6× | 156 |
| AEBI | $870M | 66.0× | 11.7× | 0.6× | 40.6% | 19.9% | 0.6% | 1.2% | 0.7% | 4.2× | — |
| MTW | $809M | 112.2× | 10.7× | 0.4× | 2.9% | 18.1% | 0.3% | 1.0% | 0.6% | 3.5× | 164 |
| FLOC | $806M | 14.8× | 3.9× | 1.1× | 41.9% | 54.4% | 5.4% | 18.1% | 10.4% | 0.7× | 149 |
| HY | $540M | — | 47.8× | 0.1× | -12.5% | 16.8% | -1.6% | -12.7% | -5.1% | — | 150 |
| OIS | $479M | — | — | 0.7× | -3.4% | 19.9% | -16.3% | -19.1% | -17.4% | — | 197 |
| CMCO | $433M | — | — | 0.4× | 23.9% | 30.1% | -19.2% | -15.8% | -6.0% | — | 170 |
| GENC | $260M | 16.6× | 14.3× | 2.3× | 2.0% | 27.5% | 13.6% | 7.4% | 7.4% | -1.6× | 93 |
Peers = companies sharing CAT's sector (Construction Machinery & Equip) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 31% of free cash flow, leaving room to grow it and fund buybacks. Last year: $2.75B dividends + $5.19B buybacks = $7.94B returned on $8.92B FCF.
8 consecutive years of dividend increases · 8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 15%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $730.76 today, the market must believe free cash flow compounds 14.1%/yr for a decade (off $10.08B on the 3-yr avg basis).
On the basis ($9.86B) the requirement is 14.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 14.1% is more optimistic than its 8-yr track record.
Default is 9.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.46B shares (market data) · net debt $26.23B
mean 10.6% · volatility σ 28% · implied rate exceeded in 1/8 yrs
Central path = implied 14.1%/yr growth; shaded band = ±1σ (28%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $9.98B covers the $7.12B due within a year 1.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $9.98B fully covers short-term debt of $5.51B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $67.59B 100.0% | $64.81B 100.0% | $67.06B 100.0% | $59.43B 100.0% | $50.97B 100.0% | $41.75B 100.0% | $53.80B 100.0% | $54.72B 100.0% | $45.46B 100.0% | $38.54B 100.0% |
| Cost of Revenue | $44.75B 66.2% | $40.20B 62.0% | $42.77B 63.8% | $41.35B 69.6% | $35.51B 69.7% | $29.08B 69.7% | $36.63B 68.1% | $37.00B 67.6% | $31.26B 68.8% | $28.04B 72.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $31.05B 68.3% | $28.31B 73.5% |
| Research & Development | $2.15B 3.2% | $2.11B 3.3% | $2.11B 3.1% | $1.81B 3.1% | $1.69B 3.3% | $1.42B 3.4% | $1.69B 3.1% | $1.85B 3.4% | $1.84B 4.1% | $1.85B 4.8% |
| Selling, General & Admin | $6.99B 10.3% | $6.67B 10.3% | $6.37B 9.5% | $5.65B 9.5% | $5.37B 10.5% | $4.64B 11.1% | $5.16B 9.6% | $5.48B 10.0% | $5.00B 11.0% | $4.38B 11.4% |
| Total Operating Expenses | $56.44B 83.5% | $51.74B 79.8% | $54.09B 80.7% | $51.52B 86.7% | $44.09B 86.5% | $37.20B 89.1% | $45.51B 84.6% | $46.43B 84.8% | $41.00B 90.2% | $37.38B 97.0% |
| Operating Income | $11.15B 16.5% | $13.07B 20.2% | $12.97B 19.3% | $7.90B 13.3% | $6.88B 13.5% | $4.55B 10.9% | $8.29B 15.4% | $8.29B 15.2% | $4.46B 9.8% | $1.16B 3.0% |
| Other Income (Expense), net | $892.0M 1.3% | $813.0M 1.3% | $595.0M 0.9% | $1.29B 2.2% | $1.81B 3.6% | -$44.0M -0.1% | -$57.0M -0.1% | -$67.0M -0.1% | $153.0M 0.3% | -$518.0M -1.3% |
| Pretax Income | $11.54B 17.1% | $13.37B 20.6% | $13.05B 19.5% | $8.75B 14.7% | $8.20B 16.1% | $4.00B 9.6% | $7.81B 14.5% | $7.82B 14.3% | $4.08B 9.0% | $139.0M 0.4% |
| Income Tax Expense | $2.77B 4.1% | $2.63B 4.1% | $2.78B 4.1% | $2.07B 3.5% | $1.74B 3.4% | $1.01B 2.4% | $1.75B 3.2% | $1.70B 3.1% | $3.34B 7.3% | $192.0M 0.5% |
| Net Income | $8.88B 13.1% | $10.79B 16.7% | $10.34B 15.4% | $6.71B 11.3% | $6.49B 12.7% | $3.00B 7.2% | $6.09B 11.3% | $6.15B 11.2% | $759.0M 1.7% | -$59.0M -0.2% |
| Per Share | ||||||||||
| EPS (Basic) | $18.90 | $22.17 | $20.24 | $12.72 | $11.93 | $5.51 | $10.85 | $10.39 | $1.27 | -$0.11 |
| EPS (Diluted) | $18.81 | $22.05 | $20.12 | $12.64 | $11.83 | $5.46 | $10.74 | $10.26 | $1.26 | -$0.11 |
| Weighted Avg Shares (Basic) | 470.0M | 486.7M | 510.6M | 526.9M | 544.0M | 544.1M | 561.6M | 591.4M | 591.8M | 584.3M |
| Weighted Avg Shares (Diluted) | 472.3M | 489.4M | 513.6M | 530.4M | 548.5M | 548.6M | 567.5M | 599.4M | 599.3M | 584.3M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-16
Where each multiple sits in its own 14-yr range · 98th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 42% against ROIC 15% — 26% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 43.5% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 67.6 | 68.1 | 69.7 | 69.7 | 69.6 | 63.8 | 62.0 | 66.2 |
| R&D | 3.4 | 3.1 | 3.4 | 3.3 | 3.1 | 3.1 | 3.3 | 3.2 |
| SG&A | 10.0 | 9.6 | 11.1 | 10.5 | 9.5 | 9.5 | 10.3 | 10.3 |
| Operating Income | 15.2 | 15.4 | 10.9 | 13.5 | 13.3 | 19.3 | 20.2 | 16.5 |
| Income Tax | 3.1 | 3.2 | 2.4 | 3.4 | 3.5 | 4.1 | 4.1 | 4.1 |
| Net Income | 11.2 | 11.3 | 7.2 | 12.7 | 11.3 | 15.4 | 16.7 | 13.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CAT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Earns 30.89pts above its cost of capital, without much margin of safety.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 16.7% | 9.3% (today's — no rate published for this year) | 7.4pts |
| FY2020 | 10.1% | 9.3% (today's — no rate published for this year) | 0.7pts |
| FY2021 | 13.3% | 9.3% (today's — no rate published for this year) | 4.0pts |
| FY2022 | 14.6% | 9.3% (today's — no rate published for this year) | 5.3pts |
| FY2023 | 23.3% | 9.3% (today's — no rate published for this year) | 14.0pts |
| FY2024 | 22.1% | 9.3% (today's — no rate published for this year) | 12.8pts |
| FY2025 | 17.6% | 9.3% (today's — no rate published for this year) | 8.3pts |
| Now | 15.4% | 9.3% | 6.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 27.2% | 3.0% | -0.2% |
| FY2017 | 31.2% | 9.8% | 1.7% |
| FY2018 | 32.4% | 15.2% | 11.2% |
| FY2019 | 31.9% | 15.4% | 11.3% |
| FY2020 | 30.3% | 10.9% | 7.2% |
| FY2021 | 30.3% | 13.5% | 12.7% |
| FY2022 | 30.4% | 13.3% | 11.3% |
| FY2023 | 36.2% | 19.3% | 15.4% |
| FY2024 | 38.0% | 20.2% | 16.6% |
| FY2025 | 33.8% | 16.5% | 13.1% |
Leverage and buybacks account for 26 points of the 42% return on equity in FY2025. The business earns 15% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$5.9B of goodwill — 27% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 55.05% against 40.21% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 0.99x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +12 days over 3 years to 134 — that many more days of the company's own cash funding the same volume of business.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $735.64, free cash flow must compound 14.25%/yr for 10 years. It has done 7.26%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −8.7% | 14.2% |
| FY2021 | 14.1% | 14.2% |
| FY2022 | 6.0% | 14.2% |
| FY2023 | 74.5% | 14.2% |
| FY2024 | −11.0% | 14.2% |
| FY2025 | −11.2% | 14.2% |
The implied rate has been matched or beaten in 1 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $8.88B | $8.88B |
| Share-based comp | $242M | $9.12B |
| Other non-cash & working capital | $2.62B | $11.74B |
| Operating cash flow | $11.74B | $11.74B |
| Capex | −$2.82B | $8.92B |
| Free cash flow | $8.92B | $8.92B |
| FCF after SBC | $8.68B | $8.68B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -22.4% | -14.6% | 7.8 points |
| FY2021 | 22.1% | 15.8% | -6.2 points |
| FY2022 | 16.6% | 4.5% | -12.1 points |
| FY2023 | 12.8% | 5.1% | -7.7 points |
| FY2024 | -3.4% | -0.3% | 3.1 points |
| FY2025 | 4.3% | 17.6% | 13.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 58.1 days | 112.3 days | 59.4 days | 111 days |
| FY2020 | 64 days | 143.1 days | 76.9 days | 130.2 days |
| FY2021 | 60.7 days | 144.3 days | 83.8 days | 121.2 days |
| FY2022 | 54.4 days | 143.6 days | 76.7 days | 121.3 days |
| FY2023 | 50.7 days | 141.4 days | 67.5 days | 124.6 days |
| FY2024 | 52.3 days | 152.8 days | 69.7 days | 135.4 days |
| FY2025 | 59 days | 147.9 days | 73.1 days | 133.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -1.0 percent |
| FY2020 | -4.2 percent |
| FY2021 | -0.8 percent |
| FY2022 | -1.3 percent |
| FY2023 | -2.9 percent |
| FY2024 | -1.4 percent |
| FY2025 | -2.9 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.