Caterpillar Inc (CAT) valuation
Caterpillar P/E ratio history
Caterpillar trades at 26.8 times its earnings over the last twelve months and 20.1 times the earnings analysts expect over the next twelve. At its last 9 fiscal year ends its P/E ranged from 12.4 (year to Dec 2018) to 125.1 (year to Dec 2017), with a median of 17.5.
| Fiscal year ended | Price | EPS | P/E | Forward P/E |
|---|---|---|---|---|
| Dec 31, 2025 | $572.87 | $18.81 | 30.5 | 26.9 |
| Dec 31, 2024 | $362.76 | $22.05 | 16.5 | 16.5 |
| Dec 31, 2023 | $295.67 | $20.12 | 14.7 | 14.2 |
| Dec 31, 2022 | $239.56 | $12.64 | 19.0 | 16.7 |
| Dec 31, 2021 | $206.74 | $11.83 | 17.5 | 17.4 |
| Dec 31, 2020 | $182.02 | $5.46 | 33.3 | — |
| Dec 31, 2019 | $147.68 | $10.71 | 13.8 | — |
| Dec 31, 2018 | $127.07 | $10.22 | 12.4 | — |
| Dec 31, 2017 | $157.58 | $1.26 | 125.1 | — |
| Dec 31, 2016 | $92.74 | -$0.13 | n/m | — |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Caterpillar valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| CaterpillarCAT | $287B | 26.8 | 20.1 | 3.8 |
| GE VernovaGEV | $228B | 22.6 | 36.8 | 5.2 |
| DeereDE | $182B | 37.6 | 31.2 | 3.8 |
| EatonETN | $144B | 37.7 | 24.8 | 4.8 |
| Parker HannifinPH | $113B | 31.6 | 25.3 | 5.3 |
| Quanta ServicesPWR | $93.3B | 56.2 | 31.2 | 2.5 |
| Emerson ElectricEMR | $92.4B | 36.0 | 22.7 | 5.0 |
| Illinois Tool WorksITW | $79.3B | 24.8 | 23.0 | 4.8 |
| United RentalsURI | $73.3B | 28.1 | 20.9 | 4.4 |
| Peer median | 33.8 | 25.0 | 4.8 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: CAT financials · CAT returns
No forecast, no recommendation. This page describes Caterpillar Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.