Caterpillar
ConvictionModerate
Cyclical capital-equipment OEM: sells machines, engines, gen-sets and turbines plus a high-margin recurring aftermarket (parts + service); a captive finance arm (Cat Financial) funds dealer/customer purchases. Distribution runs through ~150 independent dealers, not direct.
Revenuefact
$67.6B FY2025$17.4B Q1 FY26 (fact, +22% YoYRev growthfact
+4% FY2025+22% YoY Q1 FY26 — re-acceleration led by Power & EnergyGross margin
~28-30% gross margin rangeestimate; CAT does not break out a clean gross line — derived from segment cost disclosuresOp marginfact
16.5% FY2025 GAAP / 17.2% adjusted17.7% GAAP / 18.0% adjusted Q1 FY26 (fact) — tariffs (~$2.4B FY26 headwind cited) pressuring the GAAP lineCapex intensityfact
~5-7% of revenueestimate); rising as CAT funds ~3x large-engine capacity build-out, bulk spend 2027-2029Market cap
~$453Bfact, June 2026); stock closed a record ~$1,022 on 22-Jun-2026, +~78% YTDPrice · 1-year trend
real · weekly$952+137% 1yUSD
52-week range
$400 – $1065
52w lowas of 2026-07-10 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityModerate
AI datacenter power & cooling
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-13. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$51.0B
FY’22
$59.4B+17%
FY’23
$67.1B+13%
FY’24
$64.8B-3%
FY’25
$67.6B+4%
Margins & balance sheet — FY’25
Operating margin16.5%
Net debt$26.6B
The read
Where our coverage leans
Bull & bear in tension
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Full financial intelligence for Caterpillar
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence