Caterpillar Inc (CAT) - Net Assets
Based on the latest financial reports, Caterpillar Inc (CAT) has net assets worth $21.32 Billion USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($98.58 Billion) and total liabilities ($77.27 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Caterpillar Inc (CAT) asset resilience to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $21.32 Billion |
| % of Total Assets | 21.62% |
| Annual Growth Rate | 4.97% |
| 5-Year Change | 29.07% |
| 10-Year Change | 61.34% |
| Growth Volatility | 18.69 |
Caterpillar Inc - Net Assets Trend (1985–2025)
This chart illustrates how Caterpillar Inc's net assets have evolved over time, based on quarterly financial data. Also explore Caterpillar Inc (CAT) total assets for the complete picture of this company's asset base.
Annual Net Assets for Caterpillar Inc (1985–2025)
The table below shows the annual net assets of Caterpillar Inc from 1985 to 2025. For live valuation and market cap data, see market value of Caterpillar Inc.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $21.32 Billion | +9.36% |
| 2024-12-31 | $19.49 Billion | -0.05% |
| 2023-12-31 | $19.50 Billion | +22.73% |
| 2022-12-31 | $15.89 Billion | -3.78% |
| 2021-12-31 | $16.52 Billion | +7.40% |
| 2020-12-31 | $15.38 Billion | +5.12% |
| 2019-12-31 | $14.63 Billion | +3.90% |
| 2018-12-31 | $14.08 Billion | +2.28% |
| 2017-12-31 | $13.77 Billion | +4.19% |
| 2016-12-31 | $13.21 Billion | -11.23% |
| 2015-12-31 | $14.88 Billion | -11.54% |
| 2014-12-31 | $16.83 Billion | -19.41% |
| 2013-12-31 | $20.88 Billion | +18.75% |
| 2012-12-31 | $17.58 Billion | +35.99% |
| 2011-12-31 | $12.93 Billion | +19.01% |
| 2010-12-31 | $10.86 Billion | +16.82% |
| 2009-12-31 | $9.30 Billion | +38.52% |
| 2008-12-31 | $6.71 Billion | -25.37% |
| 2007-12-31 | $9.00 Billion | +31.16% |
| 2006-12-31 | $6.86 Billion | -18.66% |
| 2005-12-31 | $8.43 Billion | +12.92% |
| 2004-12-31 | $7.47 Billion | +22.85% |
| 2003-12-31 | $6.08 Billion | +11.07% |
| 2002-12-31 | $5.47 Billion | -2.48% |
| 2001-12-31 | $5.61 Billion | +0.20% |
| 2000-12-31 | $5.60 Billion | +2.47% |
| 1999-12-31 | $5.46 Billion | +6.51% |
| 1998-12-31 | $5.13 Billion | +9.66% |
| 1997-12-31 | $4.68 Billion | +13.68% |
| 1996-12-31 | $4.12 Billion | +21.49% |
| 1995-12-31 | $3.39 Billion | +16.39% |
| 1994-12-31 | $2.91 Billion | +32.38% |
| 1993-12-31 | $2.20 Billion | +39.62% |
| 1992-12-31 | $1.57 Billion | -61.05% |
| 1991-12-31 | $4.04 Billion | -10.93% |
| 1990-12-31 | $4.54 Billion | +1.48% |
| 1989-12-31 | $4.47 Billion | +8.78% |
| 1988-12-31 | $4.11 Billion | +15.37% |
| 1987-12-31 | $3.56 Billion | +13.21% |
| 1986-12-31 | $3.15 Billion | +2.64% |
| 1985-12-31 | $3.07 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Caterpillar Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 2686.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $65.45 Billion | 307.01% |
| Common Stock | $7.18 Billion | 33.69% |
| Other Comprehensive Income | $-1.77 Billion | -8.31% |
| Total Equity | $21.32 Billion | 100.00% |
Caterpillar Inc Competitors by Market Cap
The table below lists competitors of Caterpillar Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Berkshire Hathaway Inc
NYSE:BRK-A
|
$363.55 Billion |
|
AbbVie Inc
NYSE:ABBV
|
$365.30 Billion |
|
Chevron Corp
NYSE:CVX
|
$372.46 Billion |
|
Advanced Micro Devices Inc
NASDAQ:AMD
|
$385.82 Billion |
|
Bank of America Corp
NYSE:BAC
|
$349.79 Billion |
|
Procter & Gamble Company
NYSE:PG
|
$344.11 Billion |
|
Palantir Technologies Inc.
NASDAQ:PLTR
|
$330.13 Billion |
|
Palantir Technologies Inc. Class A Common Stock
NYSE:PLTR
|
$324.25 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Caterpillar Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 19,491,000,000 to 21,318,000,000, a change of 1,827,000,000 (9.4%).
- Net income of 8,873,000,000 contributed positively to equity growth.
- Dividend payments of 2,749,000,000 reduced retained earnings.
- Share repurchases of 5,190,000,000 reduced equity.
- Other comprehensive income increased equity by 699,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $8.87 Billion | +41.62% |
| Dividends Paid | $2.75 Billion | -12.9% |
| Share Repurchases | $5.19 Billion | -24.35% |
| Other Comprehensive Income | $699.00 Million | +3.28% |
| Other Changes | $194.00 Million | +0.91% |
| Total Change | $- | 9.37% |
Book Value vs Market Value Analysis
This analysis compares Caterpillar Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 19.57x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 225.16x to 19.57x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $3.95 | $889.67 | x |
| 1986-12-31 | $4.14 | $889.67 | x |
| 1987-12-31 | $4.47 | $889.67 | x |
| 1988-12-31 | $5.07 | $889.67 | x |
| 1989-12-31 | $5.54 | $889.67 | x |
| 1990-12-31 | $5.62 | $889.67 | x |
| 1991-12-31 | $5.00 | $889.67 | x |
| 1992-12-31 | $1.95 | $889.67 | x |
| 1993-12-31 | $2.56 | $889.67 | x |
| 1994-12-31 | $3.54 | $889.67 | x |
| 1995-12-31 | $4.24 | $889.67 | x |
| 1996-12-31 | $5.29 | $889.67 | x |
| 1997-12-31 | $6.14 | $889.67 | x |
| 1998-12-31 | $6.97 | $889.67 | x |
| 1999-12-31 | $7.60 | $889.67 | x |
| 2000-12-31 | $8.03 | $889.67 | x |
| 2001-12-31 | $8.08 | $889.67 | x |
| 2002-12-31 | $7.89 | $889.67 | x |
| 2003-12-31 | $8.65 | $889.67 | x |
| 2004-12-31 | $14.15 | $889.67 | x |
| 2005-12-31 | $11.95 | $889.67 | x |
| 2006-12-31 | $10.03 | $889.67 | x |
| 2007-12-31 | $13.47 | $889.67 | x |
| 2008-12-31 | $9.69 | $889.67 | x |
| 2009-12-31 | $13.96 | $889.67 | x |
| 2010-12-31 | $16.64 | $889.67 | x |
| 2011-12-31 | $19.34 | $889.67 | x |
| 2012-12-31 | $26.18 | $889.67 | x |
| 2013-12-31 | $31.60 | $889.67 | x |
| 2014-12-31 | $26.63 | $889.67 | x |
| 2015-12-31 | $24.63 | $889.67 | x |
| 2016-12-31 | $22.48 | $889.67 | x |
| 2017-12-31 | $22.85 | $889.67 | x |
| 2018-12-31 | $23.42 | $889.67 | x |
| 2019-12-31 | $25.71 | $889.67 | x |
| 2020-12-31 | $27.95 | $889.67 | x |
| 2021-12-31 | $30.05 | $889.67 | x |
| 2022-12-31 | $29.92 | $889.67 | x |
| 2023-12-31 | $37.96 | $889.67 | x |
| 2024-12-31 | $39.83 | $889.67 | x |
| 2025-12-31 | $45.45 | $889.67 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Caterpillar Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 41.62%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 13.13%
- • Asset Turnover: 0.69x
- • Equity Multiplier: 4.62x
- Recent ROE (41.62%) is above the historical average (21.21%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 6.45% | 2.94% | 1.12x | 1.96x | $-108.80 Million |
| 1986 | 2.41% | 1.04% | 1.16x | 2.00x | $-238.90 Million |
| 1987 | 8.95% | 3.90% | 1.19x | 1.93x | $-37.50 Million |
| 1988 | 14.98% | 5.90% | 1.08x | 2.35x | $204.70 Million |
| 1989 | 11.11% | 4.47% | 1.02x | 2.44x | $49.60 Million |
| 1990 | 4.63% | 1.84% | 0.96x | 2.63x | $-244.00 Million |
| 1991 | -9.99% | -3.97% | 0.85x | 2.98x | $-808.40 Million |
| 1992 | -154.60% | -23.89% | 0.73x | 8.85x | $-2.59 Billion |
| 1993 | 29.65% | 5.61% | 0.78x | 6.73x | $432.10 Million |
| 1994 | 32.81% | 6.67% | 0.88x | 5.58x | $663.90 Million |
| 1995 | 33.53% | 7.07% | 0.95x | 4.97x | $797.20 Million |
| 1996 | 33.07% | 8.24% | 0.88x | 4.55x | $949.40 Million |
| 1997 | 35.58% | 8.80% | 0.91x | 4.44x | $1.20 Billion |
| 1998 | 29.49% | 7.21% | 0.83x | 4.90x | $999.90 Million |
| 1999 | 17.31% | 4.80% | 0.74x | 4.89x | $399.50 Million |
| 2000 | 18.80% | 5.22% | 0.71x | 5.08x | $493.00 Million |
| 2001 | 14.35% | 3.94% | 0.67x | 5.46x | $243.90 Million |
| 2002 | 14.58% | 3.96% | 0.62x | 5.98x | $250.80 Million |
| 2003 | 18.08% | 4.82% | 0.62x | 6.04x | $491.20 Million |
| 2004 | 27.25% | 6.71% | 0.70x | 5.77x | $1.29 Billion |
| 2005 | 33.85% | 7.85% | 0.76x | 5.64x | $2.01 Billion |
| 2006 | 51.57% | 8.52% | 0.81x | 7.50x | $2.85 Billion |
| 2007 | 39.86% | 7.88% | 0.80x | 6.32x | $2.65 Billion |
| 2008 | 58.44% | 6.93% | 0.76x | 11.14x | $2.95 Billion |
| 2009 | 10.24% | 2.76% | 0.54x | 6.87x | $21.00 Million |
| 2010 | 24.94% | 6.34% | 0.67x | 5.91x | $1.62 Billion |
| 2011 | 38.25% | 8.19% | 0.74x | 6.30x | $3.64 Billion |
| 2012 | 32.40% | 8.62% | 0.74x | 5.07x | $3.93 Billion |
| 2013 | 18.21% | 6.81% | 0.66x | 4.08x | $1.71 Billion |
| 2014 | 14.64% | 4.44% | 0.65x | 5.06x | $777.40 Million |
| 2015 | 16.96% | 5.34% | 0.60x | 5.29x | $1.03 Billion |
| 2016 | -0.51% | -0.17% | 0.52x | 5.69x | $-1.38 Billion |
| 2017 | 5.50% | 1.66% | 0.59x | 5.62x | $-615.70 Million |
| 2018 | 43.79% | 11.23% | 0.70x | 5.59x | $4.74 Billion |
| 2019 | 41.77% | 11.33% | 0.69x | 5.38x | $4.63 Billion |
| 2020 | 19.56% | 7.18% | 0.53x | 5.11x | $1.46 Billion |
| 2021 | 39.37% | 12.73% | 0.62x | 5.02x | $4.84 Billion |
| 2022 | 42.25% | 11.28% | 0.73x | 5.16x | $5.12 Billion |
| 2023 | 53.02% | 15.41% | 0.77x | 4.49x | $8.39 Billion |
| 2024 | 55.37% | 16.65% | 0.74x | 4.50x | $8.84 Billion |
| 2025 | 41.62% | 13.13% | 0.69x | 4.62x | $6.74 Billion |
Industry Comparison
This section compares Caterpillar Inc's net assets metrics with peer companies in the Farm & Heavy Construction Machinery industry.
Industry Context
- Industry: Farm & Heavy Construction Machinery
- Average net assets among peers: $296,702,936
- Average return on equity (ROE) among peers: 7.55%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Caterpillar Inc (CAT) | $21.32 Billion | 6.45% | 3.62x | $362.70 Billion |
| Aebi Schmidt Holding AG - Common Stock (AEBI) | $814.95 Million | 1.20% | 1.46x | $833.98 Million |
| AGCO Corporation (AGCO) | $991.60 Million | 17.01% | 1.64x | $8.84 Billion |
| Agrify Corp (AGFY) | $-14.71 Million | 0.00% | 0.00x | $89.44 Million |
| Alamo Group Inc (ALG) | $163.48 Million | 6.91% | 0.51x | $2.08 Billion |
| Arts-Way Manufacturing Co Inc (ARTW) | $6.20 Million | 20.97% | 1.15x | $12.01 Million |
| Astec Industries Inc (ASTE) | $654.80 Million | 2.41% | 0.39x | $1.35 Billion |
| Blue Bird Corp (BLBD) | $40.00 Million | 59.53% | 9.44x | $2.16 Billion |
| CEA Industries Inc. (BNC) | $-883.75K | 0.00% | 0.00x | $114.12 Million |
| CEA Industries Inc (CEAD) | $14.90 Million | -40.10% | 0.41x | $6.66 Million |
About Caterpillar Inc
Caterpillar Inc. manufactures and sells construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in the United States and internationally. Its Construction Industries segment offers asphalt pavers, cold planers, compactors, forestry machines, material handlers, motor graders, pipelayers, road reclaimers, telehandlers, … Read more