CATERPILLAR INC (CAT)

Construction Machinery & Equip

Latest Price

$805.00

TTM P/E

35.11

Normalized P/E

43.68

Div Yield

0.76%

Book Value

41.98

P/B Ratio

19.18

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

81% downside

EPS: $18.81

Target P/E: 44×

Formula: EPS × P/E

P/E Fair Value

$827.64

+3% upside

75.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	37.99M	$40.46B	8.26%	+805.6K	2026-06-30
STATE STREET CORP	34.39M	$36.62B	7.48%	-488.3K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	30.08M	$32.03B	6.54%	-156.7K	2026-06-30
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	14.51M	$15.45B	3.16%	-55.4K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	12.03M	$12.81B	2.62%	+320.4K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	11.18M	$11.92B	2.43%	+48.0K	2026-06-30
Fisher Asset Management, LLC	9.94M	$10.59B	2.16%	+166.6K	2026-06-30
MORGAN STANLEY	7.50M	$7.99B	1.63%	+4.8K	2026-06-30
JPMORGAN CHASE & CO	7.33M	$7.57B	1.59%	+4.73M	2026-06-30
GATES FOUNDATION TRUST	6.35M	$6.76B	1.38%	--	2026-06-30