Caterpillar Inc. (CAT): ev to ebit, 10 filed years

EV/EBIT at Caterpillar Inc. was 26.68x in FY2025, the newest filed year. Across the 7 computed years from FY2019 it ranged from 12.98x (FY2019) to 26.68x (FY2025), with a median of 19.27x.

Tonight's figure on the company page: 33.58x, at the close of 2026-10-15, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.

Year by year

Caterpillar Inc.: EV/EBIT for each filed fiscal year, with the filing behind each.
Fiscal year	EV/EBIT	Close used	Read from
FY2016 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a	92.74 on 2016-12-30	10-K, filed 2017-02-15
FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a	157.58 on 2017-12-29	10-K, filed 2018-02-15
FY2018 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a	127.07 on 2018-12-31	10-K, filed 2019-02-14
FY2019	12.98x	147.68 on 2019-12-31	10-K, filed 2020-02-19
FY2020	26.17x	182.02 on 2020-12-31	10-K, filed 2021-02-17
FY2021	19.81x	206.74 on 2021-12-31	10-K, filed 2022-02-16
FY2022	19.27x	239.56 on 2022-12-30	10-K, filed 2023-02-15
FY2023	13.46x	295.67 on 2023-12-29	10-K, filed 2024-02-16
FY2024	15.53x	362.76 on 2024-12-31	10-K, filed 2025-02-14
FY2025	26.68x	572.87 on 2025-12-31	10-K, filed 2026-02-13

How each year is computed

(Close at fiscal year end x diluted shares + total debt - cash) / operating income

P/E, free cash flow yield and EV to EBIT set each filed year against the close on or within a week before that fiscal year's end. The price archive here is about five years deep, so older years of those three read n/a. Per-share figures and share counts are put on today's share count after a confirmed split, the basis the price archive is kept on.

Read further

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.