CATCATERPILLAR INC

Construction Machinery & Equip

Revenue: $67.6B; 4.3% YoY
Operating margin: 16.5%; 18% YoY
EBITDA: $13.4B; 12% YoY
Market cap: $286.3B
Employees: —
Net debt / EBITDA: 1.8×; $24.0B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
132% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
68% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$286.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$244M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$51.0B	$59.4B	$67.1B	$64.8B	$67.6B	4.3%
Operating income	$6.9B	$7.9B	$13.0B	$13.1B	$11.2B	15%
Net income	$6.5B	$6.7B	$10.3B	$10.8B	$8.9B	18%
Operating cash flow	$7.2B	$7.8B	$12.9B	$12.0B	$11.7B	2.5%
Capex	$1.1B	$1.3B	$1.6B	$2.0B	$2.8B	42%
Stock-based comp	$200M	$193M	$208M	$223M	$242M	8.5%
Buybacks	$2.7B	$4.2B	$5.0B	$7.7B	$5.2B	33%
Dividends	$2.3B	$2.4B	$2.6B	$2.6B	$2.7B	3.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $390K · 2
Open-market sells, 12 mo: $244M · 91
Net: −$244M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	346	190
FY2024	—	—	216	159
FY2023	—	—	173	135
FY2022	—	—	138	114
FY2021	—	—	116	121