Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Caterpillar Inc.CAT · manufacturing | |
|---|---|
| Grade |  Cmiddle fifth of 255 graded peers; percentile 51.2, sampling error 3.0 points; lower is stronger |
| Rank | 131 of 255 |
| Profitability | Cpercentile 54.8 |
| Solvency | Cpercentile 55.9 |
| Growth and financing | B/Cpercentile 37.7 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $98.6B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress, fortress balance sheet |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Feb 13, 2026238 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $796.092026-10-08; market equity $365.9B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 13, 2026; the document on sec.gov.
Originally organized as Caterpillar Tractor Co. in 1925 in the State of California, our company was reorganized as Caterpillar Inc. in 1986 in the State of Delaware. As used herein, the term “Caterpillar,” “we,” “us,” “our” or “the company” refers to Caterpillar Inc. and its subsidiaries unless designated or identified otherwise. With 2025 sales and revenues of $67.589 billion, Caterpillar Inc. is shaping the future as the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 54.8 | |||||||
| Gross profitability | 23.2% | [1-3] | 21.9% | 42.0 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (3.1%) | [1,4-6] | (3.6%) | 54.4 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 3.1 pts | [2-3,7-14] | 2.1 pts | 68.0 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 55.9 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | 4.27 | [1,15-20] | 3.66 | 36.2 | 244 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.78x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 5.09x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 1.44x | [15-16] | 2.25x | 75.6 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 37.7 | |||||||
| Revenue growth, three-year compound | 4.4% | [2,7,9,11] | 2.1% | 36.6 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | 11.3% | [5,21-27] | 13.9% | 58.7 | 139 | 2025-12-31 | |
| Reinvestment rate | 36.3% | [15-16,18,21,28-32] | 26.4% | 39.9 | 139 | 2025-12-31 | |
| Asset growth, three years | 6.4% | [1,6,33-34] | 4.4% | 37.1 | 279 | 2025-12-31 | |
| Net share issuance, one year | (2.6%) | [35-36] | 0.01% | 16.5 | 243 | 2025-12-31 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite -0.012; sampling error 3.0 percentile points on 255 peers.
Among 255 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 126 | Hyliion Holdings Corp. (HYLN) Hyliion Holdings Corp. (HYLN) Cmiddle fifth; percentile 49.2 NYSE · Truck & Bus Bodies market equity $673.3M; last close $3.75 Warnings: short runway, fortress balance sheet; 8 of 14 inputs | 49.2 | C | short runway, fortress balance sheet |
| 127 | Gates Industrial Corp. Ltd. (GTES) Gates Industrial Corp. Ltd. (GTES) Cmiddle fifth; percentile 49.6 NYSE · General Industrial Machinery & Equipment market equity $6.8B; last close $26.73 No active warnings; 12 of 14 inputs | 49.6 | C | |
| 128 | Arcosa, Inc. (ACA) Arcosa, Inc. (ACA) Cmiddle fifth; percentile 50.0 NYSE · Fabricated Structural Metal Products market equity $7.2B; last close $146.52 No active warnings; 12 of 14 inputs | 50.0 | C | |
| 129 | CVD Equipment Corp. (CVV) CVD Equipment Corp. (CVV) Cmiddle fifth; percentile 50.4 Nasdaq · Special Industry Machinery, NEC market equity $29.1M; last close $4.22 Warnings: fortress balance sheet; 8 of 14 inputs | 50.4 | C | fortress balance sheet |
| 130 | Woodward, Inc. (WWD) Woodward, Inc. (WWD) Cmiddle fifth; percentile 50.8 Nasdaq · Electrical Industrial Apparatus market equity $19.1B; last close $323.46 No active warnings; 8 of 14 inputs | 50.8 | C | |
| 131 | Caterpillar Inc. (CAT) Caterpillar Inc. (CAT) Cmiddle fifth; percentile 51.2 NYSE · Construction Machinery & Equip market equity $366.0B; last close $796.09 No active warnings; 10 of 14 inputs | 51.2 | C | |
| 132 | Agco Corp. (AGCO) Agco Corp. (AGCO) Cmiddle fifth; percentile 51.6 NYSE · Farm Machinery & Equipment market equity $7.6B; last close $108.14 No active warnings; 10 of 14 inputs | 51.6 | C | |
| 133 | HNI Corp. (HNI) HNI Corp. (HNI) Cmiddle fifth; percentile 52.0 NYSE · Office Furniture (No Wood) market equity $3.4B; last close $47.02 Warnings: dilution; 13 of 14 inputs | 52.0 | C | dilution |
| 134 | Gorman Rupp Co. (GRC) Gorman Rupp Co. (GRC) Cmiddle fifth; percentile 52.4 NYSE · Pumps & Pumping Equipment market equity $1.9B; last close $73.15 No active warnings; 11 of 14 inputs | 52.4 | C | |
| 135 | Ouster, Inc. (OUST) Ouster, Inc. (OUST) Cmiddle fifth; percentile 52.8 Nasdaq · General Industrial Machinery & Equipment, NEC market equity $2.9B; last close $39.50 Warnings: fortress balance sheet; 9 of 14 inputs | 52.8 | C | fortress balance sheet |
| 136 | General Dynamics Corp. (GD) General Dynamics Corp. (GD) Cmiddle fifth; percentile 53.1 NYSE · Ship & Boat Building & Repairing market equity $89.2B; last close $329.93 No active warnings; 9 of 14 inputs | 53.1 | C |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | C | 48.2 | 2204 |
| sector peers, equal sleeves (the grade) | C | 51.2 | 255 |
| same exchange, equal sleeves | C | 45.8 | 984 |
| sector peers, equal inputs | B/C | 40.6 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 68.6% | 13.7% | 85 | hotter than 85 of 100 peers |
| Distance from 52-week high | (25.2%) | (24.3%) | 48 | closer to its high than 48 of 100 peers |
| EBIT to enterprise value | not computable | 4.1% | required accounting or market input is missing | |
| Free cash flow yield | 2.4% | 3.4% | 39 | pricier than 61 of 100 peers |
| Book value to price | 0.05 | 0.34 | 6 | pricier than 94 of 100 peers |
| Sales to price | 0.18 | 0.54 | 14 | pricier than 86 of 100 peers |
| Composite equity issuance, five years | (27.2%) | (9.5%) | 11 | more equity-funded than 11 of 100 peers |
| Relative strength against the sector, log excess return | 0.39 | (0.00) | 85 | ahead of 85 of 100 peers |
Inputs: market equity $366.0B; EBIT $11.2B; free cash flow $8.9B; book equity $19.4B; sales $67.6B; cash $6.7B[37].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: 6 of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 10.1% | ✓ pass[4,6] |
| Operating cash flow above zero | $11.7B | ✓ pass[5] |
| Return on assets improved | (2.2 pts) | ✗ fail[4,6,33,38] |
| Operating cash flow exceeds net income | $2.9B | ✓ pass[4-5] |
| Long-term leverage fell | 1.7 pts | ✗ fail[1,6,33,39-40] |
| Current ratio improved | 2.0 pts | ✓ pass[15-16,31-32] |
| No new shares issued | (2.6%) | ✓ pass[35-36] |
| Gross margin improved | (4.2 pts) | ✗ fail[2-3,7-8] |
| Asset turnover improved | 2.9 pts | ✓ pass[2,6-7,33] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $6.7B[41] |
| Operating cash flow, four quarters | $13.6B[5,41-45] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 65 |
| 10-Q received Aug 5, 2026 | |
| Median daily dollar volume | $2.0B |
| 63 sessions | |
| Days since newest grade input | 238 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $98.6B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $67.6B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 3 | cost of revenue | us-gaap:CostOfRevenue | $44.8B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:ProfitLoss | $8.9B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $11.7B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $87.8B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 7 | revenue | us-gaap:Revenues | $64.8B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 8 | cost of revenue | us-gaap:CostOfRevenue | $40.2B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 9 | revenue | us-gaap:Revenues | $67.1B | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 10 | cost of revenue | us-gaap:CostOfRevenue | $42.8B | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 11 | revenue | us-gaap:Revenues | $59.4B | 2022-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 12 | cost of revenue | us-gaap:CostOfRevenue | $41.4B | 2022-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:Revenues | $51.0B | 2021-12-31 | 2024-02-16 | 10-K | filing · viewer · series |
| 14 | cost of revenue | us-gaap:CostOfRevenue | $35.5B | 2021-12-31 | 2024-02-16 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $52.5B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $36.6B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $65.4B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | $11.2B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $21.3B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $77.3B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 21 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $2.8B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 22 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $12.0B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $2.0B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $12.9B | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 25 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $1.6B | 2023-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $7.8B | 2022-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 27 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $1.3B | 2022-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 28 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $2.3B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 29 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments | $11.5B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 30 | income tax | us-gaap:IncomeTaxExpenseBenefit | $2.8B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 31 | current assets | us-gaap:AssetsCurrent | $45.7B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 32 | current liabilities | us-gaap:LiabilitiesCurrent | $32.3B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $87.5B | 2023-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 34 | assets | us-gaap:Assets | $81.9B | 2022-12-31 | 2024-02-16 | 10-K | filing · viewer · series |
| 35 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 465,287,332 | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 36 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 477,932,024 | 2024-12-31 | 2025-02-14 | 10-K | filing · viewer · series |
| 37 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 459,674,889 | 2026-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
| 38 | net income | us-gaap:ProfitLoss | $10.8B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 39 | long term debt | us-gaap:LongTermDebtNoncurrent | $30.7B | 2025-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 40 | long term debt | us-gaap:LongTermDebtNoncurrent | $27.4B | 2024-12-31 | 2026-02-13 | 10-K | filing · viewer · series |
| 41 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $6.7B | 2026-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $6.2B | 2026-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.9B | 2026-03-31 | 2026-05-06 | 10-Q | filing · viewer · series |
| 44 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $8.1B | 2025-09-30 | 2025-11-03 | 10-Q | filing · viewer · series |
| 45 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $4.4B | 2025-06-30 | 2026-08-05 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 51.2 is 8.8 points from the nearest band edge; sampling error is 3.0 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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