The company underwent a dramatic deleveraging event, reducing total debt from $43.3 billion in 2025Q4 to zero by 2026Q1, though this shift warrants further investigation into the underlying financial services segment impact.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 48.57B | 52.48B | 45.68B | 46.95B | 43.78B | 43.45B | 39.46B | 39.19B | 38.6B | 36.24B | 31.97B | 33.51B | 38.87B | 38.34B | 42.14B | 37.9B | 31.81B | 27.22B | 31.89B | 25.48B | 23.66B | 23.18B | 19.53B | 16.27B | 14.48B | 13.4B | 12.52B | 11.81B | 11.46B | 9.81B | 8.78B |
| Cash & Short-Term Investments | 4.07B | 9.98B | 6.89B | 6.98B | 7B | 9.25B | 9.35B | 8.28B | 7.86B | 8.26B | 7.17B | 6.46B | 7.34B | 6.08B | 5.49B | 3.06B | 3.59B | 4.87B | 2.74B | 1.12B | 530M | 1.11B | 445M | 342M | 309M | 400M | 334M | 548M | 360M | 292M | 487M |
| Cash Only | 4.07B | 9.98B | 6.89B | 6.98B | 7B | 9.25B | 9.35B | 8.29B | 7.89B | 0 | 0 | 0 | 0 | 0 | 0 | 3.06B | 3.59B | 4.87B | 2.74B | 1.12B | 530M | 1.11B | 445M | 342M | 309M | 400M | 334M | 548M | 360M | 292M | 487M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 21.57B | 18.85B | 18.82B | 17.87B | 17.38B | 16.78B | 17.9B | 17.45B | 16.19B | 14.5B | 15.69B | 16.76B | 17.18B | 18.57B | 17.73B | 16.79B | 13.91B | 18.13B | 15.75B | 15.41B | 14.35B | 12.64B | 9.2B | 8.26B | 8.44B | 8.08B | 7.44B | 7.18B | 5.99B | 5.22B |
| Days Sales Outstanding | 80.1 | 116.48 | 106.15 | 102.44 | 109.75 | 124.42 | 146.71 | 121.47 | 116.41 | 130.01 | 137.36 | 121.79 | 110.88 | 112.64 | 102.87 | 107.58 | 143.92 | 156.74 | 128.92 | 127.89 | 135.49 | 144.12 | 152.29 | 147.19 | 149.57 | 150.66 | 146.16 | 137.82 | 124.86 | 115.55 | 115.36 |
| Inventory | 19.63B | 18.14B | 16.83B | 16.57B | 16.27B | 14.04B | 11.4B | 11.27B | 11.53B | 10.02B | 8.61B | 9.7B | 12.21B | 12.63B | 15.55B | 14.54B | 9.59B | 6.36B | 8.78B | 7.2B | 6.35B | 5.22B | 4.67B | 3.05B | 2.76B | 2.92B | 2.69B | 2.59B | 2.84B | 2.6B | 2.22B |
| Days Inventory Outstanding | 143.94 | 144.75 | 148.05 | 138.05 | 141.68 | 142.46 | 140.26 | 110 | 111.56 | 114.6 | 109.78 | 103.73 | 107.76 | 111.16 | 118.59 | 119.55 | 111.87 | 97.19 | 83.43 | 80.59 | 78.45 | 71.8 | 73.41 | 65.43 | 66.58 | 70.15 | 67.78 | 69.95 | 73.23 | 75.19 | 72.83 |
| Other Current Assets | 24.87B | 2.8B | 3.12B | 4.59B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.74B | 1.55B | 1.55B | 1.58B | 931M | 1.22B | 1.22B | 816M | 733M | 255M | 398M | 2.26B | 1.93B | 423M | 1.42B | 1.23B | 1.08B | 928M | 852M |
| Total Non-Current Assets | 46.98B | 46.1B | 42.08B | 40.53B | 38.16B | 39.34B | 38.86B | 39.26B | 39.91B | 40.72B | 42.74B | 44.83B | 45.81B | 46.59B | 46.83B | 43.32B | 32.21B | 33.25B | 35.83B | 30.66B | 27.79B | 24.28B | 22.23B | 19.67B | 18.22B | 17.26B | 15.94B | 14.9B | 13.67B | 10.94B | 9.95B |
| Property, Plant & Equipment | 15.25B | 15.14B | 13.36B | 12.68B | 12.03B | 12.09B | 12.4B | 12.9B | 13.57B | 14.15B | 15.32B | 16.09B | 16.58B | 17.07B | 16.46B | 14.39B | 12.54B | 12.39B | 12.52B | 10B | 8.85B | 7.99B | 7.68B | 7.25B | 7.01B | 6.6B | 5.59B | 5.2B | 4.87B | 4.06B | 3.77B |
| Fixed Asset Turnover | 4.83x | 4.46x | 4.85x | 5.29x | 4.94x | 4.22x | 3.37x | 4.17x | 4.03x | 3.21x | 2.52x | 2.92x | 3.33x | 3.26x | 4.00x | 4.18x | 3.40x | 2.62x | 4.10x | 4.50x | 4.69x | 4.55x | 3.95x | 3.15x | 2.88x | 3.10x | 3.61x | 3.79x | 4.31x | 4.66x | 4.39x |
| Goodwill | 5.87B | 5.32B | 5.24B | 5.31B | 5.29B | 6.32B | 6.39B | 6.2B | 6.22B | 6.2B | 6.02B | 6.62B | 6.69B | 6.96B | 6.94B | 7.08B | 2.61B | 2.27B | 2.26B | 1.96B | 1.9B | 1.45B | 1.45B | 1.4B | 1.4B | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 419M | 241M | 399M | 564M | 758M | 1.04B | 1.31B | 1.56B | 1.9B | 2.11B | 2.35B | 2.82B | 3.08B | 3.6B | 4.02B | 4.37B | 805M | 465M | 511M | 475M | 387M | 424M | 1.76B | 239M | 281M | 1.67B | 1.51B | 1.54B | 1.24B | 228M | 233M |
| Long-Term Investments | 50.84B | 16.41B | 18.58B | 17.77B | 16.59B | 15.61B | 0 | 0 | 0 | 0 | 0 | 246M | 257M | 272M | 272M | 133M | 164M | 105M | 94M | 598M | 562M | 565M | 517M | 800M | 747M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 23.03B | 6.1B | 1.19B | 1.39B | 1.28B | 2.44B | 17.23B | 17.18B | 16.78B | 16.56B | 16.26B | 16.57B | 17.81B | 18.07B | 17.13B | 15.19B | 13.6B | 14.88B | 17.2B | 16.07B | 14.13B | 13.08B | 12.93B | 10.14B | 8.07B | 8.04B | 8.85B | 8.16B | 7.56B | 6.66B | 5.95B |
| Total Assets | 95.55B | 98.58B | 87.76B | 87.48B | 81.94B | 82.79B | 78.32B | 78.45B | 78.51B | 76.96B | 74.7B | 78.34B | 84.68B | 84.9B | 88.97B | 81.22B | 64.02B | 60.04B | 67.78B | 56.13B | 51.45B | 47.55B | 43.09B | 36.71B | 32.7B | 30.66B | 28.46B | 26.71B | 25.13B | 20.76B | 18.73B |
| Asset Turnover | 0.75x | 0.69x | 0.74x | 0.77x | 0.73x | 0.62x | 0.53x | 0.69x | 0.70x | 0.59x | 0.52x | 0.60x | 0.65x | 0.66x | 0.74x | 0.74x | 0.67x | 0.54x | 0.76x | 0.80x | 0.81x | 0.76x | 0.70x | 0.62x | 0.62x | 0.67x | 0.71x | 0.74x | 0.83x | 0.91x | 0.88x |
| Asset Growth % | 41.8% | 12.33% | 0.33% | 6.75% | -1.03% | 5.71% | -0.16% | -0.07% | 2.01% | 3.02% | -4.64% | -7.49% | -0.25% | -4.58% | 9.54% | 26.86% | 6.63% | -11.42% | 20.75% | 9.1% | 8.19% | 10.34% | 17.39% | 12.25% | 6.68% | 7.7% | 6.56% | 6.3% | 21.06% | 10.83% | 11.28% |
| Total Current Liabilities | 35.9B | 36.56B | 32.27B | 34.73B | 31.53B | 29.85B | 25.72B | 26.62B | 28.22B | 26.93B | 26.13B | 26.24B | 27.88B | 27.3B | 29.41B | 28.36B | 22.02B | 18.98B | 25.63B | 22.25B | 19.82B | 19.33B | 16.11B | 12.35B | 11.72B | 10.28B | 8.57B | 8.25B | 7.95B | 6.38B | 7.01B |
| Accounts Payable | 9.64B | 8.97B | 7.67B | 7.91B | 8.69B | 8.15B | 6.13B | 5.96B | 7.05B | 6.49B | 4.61B | 5.02B | 6.51B | 6.56B | 6.75B | 8.16B | 5.86B | 2.99B | 4.83B | 4.72B | 4.08B | 3.41B | 3.58B | 2.26B | 1.79B | 2.12B | 2.34B | 2B | 3.56B | 3.36B | 2.86B |
| Days Payables Outstanding | 68.61 | 71.58 | 67.53 | 65.89 | 75.66 | 82.75 | 75.38 | 58.16 | 68.23 | 74.21 | 58.8 | 53.71 | 57.52 | 57.76 | 51.51 | 67.08 | 68.33 | 45.74 | 45.86 | 52.84 | 50.46 | 46.89 | 56.22 | 48.51 | 43.14 | 50.92 | 58.89 | 54.01 | 91.68 | 97 | 93.68 |
| Short-Term Debt | 0 | 12.63B | 11.06B | 13.41B | 11.28B | 11.76B | 11.16B | 11.38B | 11.55B | 11.03B | 13.96B | 12.84B | 11.5B | 11.03B | 12.39B | 9.65B | 7.98B | 9.78B | 12.7B | 10.6B | 9.62B | 10.07B | 7.69B | 5.74B | 6.09B | 5.31B | 3.73B | 3.87B | 3.05B | 1.63B | 2.93B |
| Deferred Revenue (Current) | 14.5B | 3.31B | 2.32B | 1.93B | 1.86B | 1.09B | 1.11B | 1.19B | 1.24B | 1.43B | 1.17B | 1.15B | 1.7B | 2.36B | 2.64B | 2.49B | 1.83B | 1.22B | 1.9B | 1.44B | 921M | 454M | 503M | 253M | 259M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 21.88B | 9.09B | 2.91B | 3.12B | 2.69B | 2.26B | 2.02B | 2.15B | 1.92B | 1.74B | 1.64B | 1.67B | 1.75B | 1.85B | 2.06B | 1.97B | 1.52B | 2.08B | 2.69B | 2.08B | 2.08B | 2.61B | 344M | 2.02B | 1.85B | 131M | 2.5B | 2.38B | 1.34B | 1.4B | 1.23B |
| Current Ratio | 1.35x | 1.44x | 1.42x | 1.35x | 1.39x | 1.46x | 1.53x | 1.47x | 1.37x | 1.35x | 1.22x | 1.28x | 1.39x | 1.40x | 1.43x | 1.34x | 1.44x | 1.43x | 1.24x | 1.15x | 1.19x | 1.20x | 1.21x | 1.32x | 1.23x | 1.30x | 1.46x | 1.43x | 1.44x | 1.54x | 1.25x |
| Quick Ratio | 0.81x | 0.94x | 0.89x | 0.87x | 0.87x | 0.99x | 1.09x | 1.05x | 0.96x | 0.97x | 0.89x | 0.91x | 0.96x | 0.94x | 0.90x | 0.82x | 1.01x | 1.10x | 0.90x | 0.82x | 0.87x | 0.93x | 0.92x | 1.07x | 1.00x | 1.02x | 1.15x | 1.12x | 1.08x | 1.13x | 0.94x |
| Cash Conversion Cycle | 155.42 | 189.65 | 186.67 | 174.6 | 175.77 | 184.13 | 211.58 | 173.3 | 159.74 | 170.4 | 188.34 | 171.8 | 161.12 | 166.04 | 169.95 | 160.05 | 187.45 | 208.19 | 166.49 | 155.64 | 163.48 | 169.02 | 169.49 | 164.11 | 173.02 | 169.89 | 155.05 | 153.75 | 106.41 | 93.74 | 94.52 |
| Total Non-Current Liabilities | 40.99B | 40.71B | 36B | 33.24B | 34.52B | 36.43B | 37.23B | 37.2B | 36.21B | 36.27B | 35.36B | 37.22B | 39.98B | 36.72B | 41.97B | 39.93B | 31.14B | 31.76B | 35.44B | 24.89B | 24.77B | 19.79B | 19.52B | 18.29B | 15.51B | 14.77B | 14.3B | 12.99B | 12.05B | 9.7B | 7.6B |
| Long-Term Debt | 0 | 30.7B | 27.45B | 24.53B | 25.83B | 25.95B | 25.9B | 26.15B | 24.5B | 23.41B | 22.75B | 25.09B | 27.7B | 26.62B | 27.68B | 24.9B | 20.36B | 21.85B | 22.83B | 17.83B | 17.68B | 15.68B | 15.84B | 14.55B | 11.77B | 11.29B | 11.33B | 9.93B | 9.4B | 6.94B | 4.53B |
| Capital Lease Obligations | 0 | 0 | -103M | -61M | -112M | 79M | 103M | 128M | 497M | 437M | 68M | 77M | 85M | 97M | 73M | 46M | 81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.21B | 877M | 699M | 568M | 401M | 376M | 448M | 528M | 58M | 58M | 48M |
| Other Non-Current Liabilities | 40.99B | 10.01B | 8.65B | 8.77B | 8.81B | 10.4B | 11.23B | 10.92B | 11.21B | 12.42B | 12.54B | 12.05B | 12.19B | 10B | 14.22B | 14.99B | 10.7B | 9.92B | 12.61B | 7.06B | 5.88B | 3.23B | 2.99B | 3.17B | 3.33B | 3.1B | 2.51B | 2.54B | 2.59B | 2.7B | 3.02B |
| Total Liabilities | 76.89B | 77.27B | 68.27B | 67.97B | 66.05B | 66.28B | 62.95B | 63.82B | 64.43B | 63.2B | 61.49B | 63.46B | 67.86B | 64.02B | 71.39B | 68.29B | 53.16B | 50.74B | 61.07B | 47.14B | 44.59B | 39.12B | 35.63B | 30.63B | 27.23B | 25.05B | 22.86B | 21.25B | 20B | 16.08B | 14.61B |
| Total Debt | 0 | 43.33B | 38.41B | 37.88B | 36.99B | 37.79B | 37.16B | 37.66B | 36.55B | 34.88B | 36.78B | 38.01B | 39.28B | 37.75B | 40.14B | 34.59B | 28.42B | 31.63B | 35.53B | 28.43B | 27.3B | 25.75B | 23.52B | 20.28B | 17.86B | 16.6B | 15.07B | 13.8B | 12.45B | 8.57B | 7.46B |
| Net Debt | -4.07B | 33.35B | 31.52B | 30.9B | 29.99B | 28.54B | 27.81B | 37.66B | 28.66B | 34.88B | 36.78B | 38.01B | 39.28B | 37.75B | 40.14B | 31.54B | 24.83B | 26.76B | 32.8B | 27.31B | 26.77B | 24.64B | 23.08B | 19.94B | 17.55B | 16.2B | 14.73B | 13.25B | 12.09B | 8.28B | 6.97B |
| Debt / Equity | 0.00x | 2.03x | 1.97x | 1.94x | 2.33x | 2.29x | 2.42x | 2.57x | 2.60x | 2.53x | 2.78x | 2.55x | 2.33x | 1.81x | 2.28x | 2.68x | 2.62x | 3.40x | 5.29x | 3.16x | 3.98x | 3.05x | 3.15x | 3.34x | 3.26x | 2.96x | 2.69x | 2.53x | 2.43x | 1.83x | 1.81x |
| Debt / EBITDA | 0.00x | 3.22x | 2.52x | 2.51x | 3.65x | 4.09x | 5.32x | 3.47x | 3.31x | 4.75x | 8.77x | 5.56x | 6.07x | 4.33x | 3.53x | 3.57x | 4.54x | 10.86x | 5.53x | 4.23x | 4.18x | 4.89x | 5.76x | 6.72x | 7.02x | 6.69x | 4.37x | 4.60x | 3.45x | 2.43x | 2.50x |
| Net Debt / EBITDA | -0.29x | 2.48x | 2.07x | 2.05x | 2.96x | 3.09x | 3.98x | 3.47x | 2.59x | 4.75x | 8.77x | 5.56x | 6.07x | 4.33x | 3.53x | 3.26x | 3.97x | 9.19x | 5.10x | 4.06x | 4.10x | 4.68x | 5.66x | 6.61x | 6.90x | 6.53x | 4.27x | 4.42x | 3.35x | 2.35x | 2.34x |
| Interest Coverage | 9.22x | 12.23x | 27.12x | 26.54x | 20.76x | 17.92x | 8.84x | 19.74x | 20.51x | 8.84x | 1.29x | 7.88x | 7.59x | 12.03x | 18.64x | 18.50x | 11.93x | 5.15x | 21.64x | 22.26x | 22.47x | 18.96x | 3.56x | 3.05x | 3.67x | - | - | - | - | - | - |
| Total Equity | 18.66B | 21.32B | 19.49B | 19.5B | 15.89B | 16.52B | 15.38B | 14.63B | 14.08B | 13.77B | 13.21B | 14.88B | 16.83B | 20.88B | 17.58B | 12.93B | 10.86B | 9.3B | 6.71B | 9B | 6.86B | 8.43B | 7.47B | 6.08B | 5.47B | 5.61B | 5.6B | 5.46B | 5.13B | 4.68B | 4.12B |
| Equity Growth % | 28% | 9.36% | -0.05% | 22.73% | -3.78% | 7.4% | 5.12% | 3.9% | 2.28% | 4.19% | -11.23% | -11.54% | -19.41% | 18.75% | 35.99% | 19.01% | 16.82% | 38.52% | -25.37% | 31.16% | -18.66% | 12.92% | 22.85% | 11.07% | -2.48% | 0.2% | 2.47% | 6.51% | 9.66% | 13.68% | 21.49% |
| Book Value per Share | 40.06 | 45.45 | 39.83 | 37.97 | 29.96 | 30.11 | 28.03 | 25.78 | 23.49 | 22.97 | 22.61 | 24.75 | 26.75 | 31.70 | 26.26 | 19.41 | 16.70 | 14.86 | 10.69 | 13.64 | 10.03 | 11.95 | 14.15 | 8.65 | 7.89 | 8.08 | 8.03 | 7.60 | 6.97 | 6.14 | 5.29 |
| Total Shareholders' Equity | 18.66B | 21.32B | 19.49B | 19.49B | 15.87B | 16.48B | 15.33B | 14.59B | 14.04B | 13.7B | 13.14B | 14.81B | 16.75B | 20.81B | 17.53B | 12.88B | 10.82B | 8.74B | 6.09B | 8.88B | 6.86B | 8.43B | 7.47B | 6.08B | 5.47B | 5.61B | 5.6B | 5.46B | 5.13B | 4.68B | 4.12B |
| Common Stock | 5.85B | 7.18B | 6.94B | 6.4B | 6.56B | 6.4B | 6.23B | 5.93B | 5.83B | 5.59B | 5.28B | 5.24B | 5.02B | 4.71B | 4.48B | 4.27B | 3.89B | 3.44B | 3.06B | 2.74B | 2.46B | 1.86B | 1.23B | 1.06B | 1.03B | 1.04B | 1.05B | 1.04B | 0 | 0 | 0 |
| Retained Earnings | 0 | 65.45B | 59.35B | 51.25B | 43.51B | 39.28B | 35.17B | 34.44B | 30.43B | 26.3B | 27.38B | 29.25B | 33.89B | 31.85B | 29.56B | 25.22B | 21.38B | 19.71B | 19.83B | 17.4B | 14.59B | 11.81B | 9.94B | 8.45B | 7.85B | 7.53B | 7.21B | 6.62B | 6.12B | 5.03B | 3.9B |
| Treasury Stock | 0 | -49.54B | -44.33B | -36.34B | -31.75B | -27.64B | -25.18B | -24.22B | -20.53B | -17B | -17.48B | -17.64B | -15.73B | -11.85B | -10.07B | -10.28B | -10.4B | -10.65B | -11.22B | -9.45B | -7.35B | -4.64B | -3.28B | -2.91B | -2.67B | -2.7B | -2.68B | -2.27B | 0 | 0 | 0 |
| Accumulated OCI | -1.88B | -1.77B | -2.47B | -1.82B | -2.46B | -1.55B | -888M | -1.57B | -1.68B | -1.19B | -2.04B | -2.04B | -6.43B | -3.9B | -6.43B | -6.33B | -4.05B | -3.76B | -5.58B | -1.81B | -2.85B | -598M | -424M | -517M | -742M | -269M | 23M | 78M | 0 | 0 | 0 |
| Minority Interest | -1M | 0 | 3M | 9M | 22M | 32M | 47M | 41M | 41M | 69M | 76M | 76M | 80M | 67M | 50M | 46M | 40M | 560M | 627M | 113M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical leverage and liquidity
According to reported financial statements, Caterpillar's total assets grew from $87.5 billion in 2023Q4 to $95.5 billion by 2026Q1, reflecting a period of significant balance sheet expansion that appears increasingly sensitive to the cyclical nature of heavy machinery demand and inventory management requirements.
The growth in total assets suggests a deliberate scaling of operations, yet the concurrent fluctuation in equity levels indicates that this expansion is not purely funded by retained earnings. Investors should monitor whether this asset growth is translating into commensurate returns on invested capital or if it represents an accumulation of cyclical inventory that may require future write-downs.
As reported in recent filings, Caterpillar's debt profile shows significant variability, with total debt peaking at $43.3 billion in 2025Q4 before dropping to zero in 2026Q1, a shift that warrants deep investigation into the company's financing strategy and the potential impact of its financial products arm.
The sudden disappearance of reported debt in the most recent quarter suggests a potential reclassification or a significant shift in the funding structure of the financial services segment. This volatility in leverage metrics makes it difficult to assess the true long-term debt burden and the durability of the company's interest coverage in a higher-rate environment.
Based on the company's reported figures, cash reserves have fluctuated between $3.6 billion and $10.0 billion over the last ten quarters, providing a variable liquidity buffer that appears to be managed in close coordination with the company's aggressive capital return and inventory stocking strategies.
While the current ratio remains consistently above 1.30, the reliance on cash to fund share repurchases and working capital needs suggests that liquidity is not being hoarded for defensive purposes. The company's ability to maintain this liquidity profile during cyclical downturns remains a critical factor for assessing its overall financial resilience.
Data from the balance sheet reveals that the consolidated figures are heavily influenced by the Financial Products segment, which may mask the underlying credit risk and leverage profile of the core industrial manufacturing business, as evidenced by the erratic D/E ratios observed over the last ten quarters.
The integration of a large financial services arm creates a distortion where headline leverage metrics may not accurately reflect the risk profile of the manufacturing operations. Analysts should be cautious in interpreting these figures, as the valuation of lease residuals and credit quality within the finance portfolio could introduce significant volatility to the consolidated balance sheet.
Quick answers to the most common questions about buying CAT stock.
As of 2025, Caterpillar Inc. (CAT) had total assets of $98.58B including $52.48B in current assets.
Caterpillar Inc. (CAT) carries total debt of $43.33B, offset by $9.98B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Caterpillar Inc. (CAT) has total shareholders' equity (book value) of $21.32B ($45.45 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Caterpillar Inc. (CAT) reported a current ratio of 1.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.