CATERPILLAR INC (CAT)

Construction Machinery & Equip

Latest Price

$814.81

TTM P/E

40.58

Normalized P/E

45.22

Div Yield

0.73%

Book Value

40.27

P/B Ratio

20.23

Valuation metrics

EPS: $18.81

Book value / share: $45.82

Formula: √(22.5 × EPS × BVPS)

Graham Number

$139.25

83% downside

Norm. op. income: $8.3B (median of 7yr)

Tax rate: 22%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$81.97

90% downside

Base FCF: $8.9B (median of recent 5yr)

Growth: -1%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$149.22

82% downside

EPS: $18.81

Target P/E: 45×

Formula: EPS × P/E

P/E Fair Value

$846.45

+4% upside

71.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	37.19M	$26.34B	8.07%	+977.2K	2026-03-31
STATE STREET CORP	34.88M	$24.71B	7.57%	-507.9K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	30.23M	$21.42B	6.56%	--	2026-03-31
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	14.56M	$10.32B	3.16%	-2.87M	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	11.71M	$8.29B	2.54%	--	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	11.13M	$7.89B	2.42%	+517.3K	2026-03-31
Fisher Asset Management, LLC	9.78M	$6.92B	2.12%	+282.7K	2026-03-31
MORGAN STANLEY	7.50M	$5.31B	1.63%	+424.5K	2026-03-31
GATES FOUNDATION TRUST	6.35M	$4.50B	1.38%	--	2026-03-31
NORTHERN TRUST CORP	5.68M	$4.02B	1.23%	-172.5K	2026-03-31