{"schemaVersion":1,"research":true,"symbol":"cat","name":"Caterpillar","topic":"moat","path":"/stock/cat/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:30:16.256Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Caterpillar has a narrow moat supported by its established worldwide dealer and servicing relationships and substantial aftermarket business. This distribution infrastructure is a current advantage, although its superiority over competitors is not quantified. Pricing power is demonstrated but cyclical: favorable realization in 2023–2024 reversed in 2025 and recovered in the first half of 2026. The passages do not establish exceptional durability, strong customer lock-in, superior costs or a separate financing moat.","advantages":[{"mechanism":"intangible_assets","claim":"Established dealer relationships provide broad distribution and servicing access, reinforced by an existing aftermarket and remanufacturing business. The advantage rests on commercial relationships and infrastructure; the passages do not demonstrate a network effect or an exclusive distribution barrier.","durability":"Comparable disclosures show extensive dealer coverage from 2023 through 2025, with Caterpillar sales and servicing generally constituting dealers’ principal business. Reported 2025 services revenue of $24 billion demonstrates substantial ongoing customer engagement. These facts support persistence, but do not establish a particular future duration or superior service economics versus rivals.","risks":"Dealers sell other manufacturers’ products, customers have numerous equipment alternatives, and financing is readily available elsewhere. Unfavorable 2025 price realization demonstrates that distribution strength does not prevent pricing pressure. Tariffs, price-sensitive customers and deferred maintenance can weaken returns. Software expansion offers potential reinforcement, but acquisition benefits remain unproven.","invalidation":"The thesis would be undermined by sustained loss of dealer coverage or Caterpillar’s importance to dealers, declining aftermarket engagement despite a stable relevant equipment population, or persistent end-user share losses and discounting after industry demand normalizes. Competitors matching service access while winning customers on lifetime ownership economics would also invalidate the inferred distribution advantage.","competitors":["CASE","Deere Construction & Forestry","Doosan Bobcat","Hitachi Construction Machinery Co., Ltd.","Komatsu Ltd.","Sany Heavy Industry Co., Ltd.","Volvo Construction Equipment"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e3","e9","e10","e11","e12","e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-5","location":"Business / Dealers and Distributors / 2023 dealer coverage","excerpt":"We distribute our machines principally through a worldwide organization of dealers (dealer network), 43 located in the United States and 113 located outside the United States, serving 191 countries."},{"id":"e2","sourceId":"filing-1","location":"Business / Dealers and Distributors / 2025 dealer coverage","excerpt":"We distribute our machines principally through a worldwide organization of dealers (dealer network), 41 located in the United States and 109 located outside the United States, serving 190 countries."},{"id":"e3","sourceId":"filing-1","location":"Business / Dealers and Distributors / nonexclusive dealers and principal business","excerpt":"Our dealers do not deal exclusively with our products; however, in most cases sales and servicing of our products are the dealers’ principal business."},{"id":"e4","sourceId":"filing-3","location":"Compensation Discussion & Analysis / 2025 services revenues","excerpt":"Services revenues(5) totaled $24 billion in 2025."},{"id":"e5","sourceId":"filing-3","location":"2025 performance discussion / definition of MP&E Services Revenues","excerpt":"(5) MP&E Services Revenues include, but are not limited to, aftermarket parts and other service-related revenues and exclude most Financial Products’ revenues, discontinued products and captive dealer services."},{"id":"e6","sourceId":"filing-1","location":"Revenue recognition / remanufacturing core return deposits","excerpt":"In connection with the sale of our remanufactured product to dealers, we collect a deposit that is repaid if the dealer returns an acceptable core within a specified time period."},{"id":"e7","sourceId":"filing-1","location":"Business / Construction Industries / named global competitors","excerpt":"Examples of global competitors include CASE (part of CNH Industrial N.V.), Deere Construction & Forestry (part of Deere & Company), Doosan Bobcat (Part of Doosan Group), Hitachi Construction Machinery Co., Ltd., Hyundai Construction Equipment Co., Ltd., Hyundai Doosan Infracore Co., Ltd."},{"id":"e8","sourceId":"filing-1","location":"Business / Construction Industries / additional named global competitors","excerpt":"Bamford Excavators Ltd., Kobelco Construction Machinery (part of Kobe Steel, Ltd), Komatsu Ltd., Kubota Farm & Industrial Machinery (part of Kubota Corporation), Sany Heavy Industry Co., Ltd., and Volvo Construction Equipment (part of the Volvo Group)."},{"id":"e9","sourceId":"filing-1","location":"Business / Financial Products / alternative financing sources","excerpt":"Cat Financial operates in a highly competitive environment, with financing for users of Caterpillar equipment and services available through a variety of sources, principally commercial banks and finance and leasing companies."},{"id":"e10","sourceId":"filing-1","location":"Finance receivables / repayment and refinancing without penalty","excerpt":"Cat Financial’s finance receivables generally may be repaid or refinanced without penalty prior to contractual maturity."},{"id":"e11","sourceId":"filing-1","location":"MD&A / 2025 sales bridge / unfavorable price realization","excerpt":"The increase was primarily driven by higher sales volume of $3.389 billion, partially offset by unfavorable price realization of $817 million."},{"id":"e12","sourceId":"filing-1","location":"MD&A / 2025 profit decline / manufacturing costs and pricing","excerpt":"The decrease was mainly due to unfavorable manufacturing costs and unfavorable price realization, partially offset by the profit impact of higher sales volume."},{"id":"e13","sourceId":"filing-1","location":"MD&A / 2025 manufacturing costs / tariffs","excerpt":"Unfavorable manufacturing costs largely reflected the impact of higher tariffs."},{"id":"e14","sourceId":"filing-1","location":"Business / Construction Industries / purchase price and lifetime ownership criteria","excerpt":"Customers in developing economies often prioritize purchase price in making their investment decisions, while customers in developed economies generally weigh productivity and other performance criteria that contribute to lower owning and operating costs over the lifetime of the machine."},{"id":"e15","sourceId":"filing-1","location":"Risk Factors / possible deferral of maintenance and overhauls","excerpt":"Reduction in these capital expenditures may lead to decreased demand for Caterpillar products and services as well as aftermarket parts as customers may choose to extend preventative maintenance and delay overhauls when possible."},{"id":"e16","sourceId":"filing-5","location":"MD&A / 2023 sales growth / favorable pricing and volume","excerpt":"The increase was primarily due to favorable price realization and higher sales volume."},{"id":"e17","sourceId":"filing-4","location":"MD&A / 2024 profit bridge / favorable pricing and divestiture comparison","excerpt":"The profit impact of lower sales volume was more than offset by favorable price realization and the absence of the impact of the divestiture of the company's Longwall business in 2023."},{"id":"e18","sourceId":"filing-2","location":"MD&A / first-half 2026 sales bridge / volume and favorable pricing","excerpt":"The increase was primarily due to higher sales volume of $5.4 billion and favorable price realization of $1.0 billion."},{"id":"e19","sourceId":"filing-2","location":"MD&A / first-half 2026 volume drivers / end users and dealer inventories","excerpt":"The increase in sales volume was mainly driven by higher sales of equipment to end users and the impact from changes in dealer inventories."},{"id":"e20","sourceId":"filing-2","location":"MD&A / price realization definition / geographic mix","excerpt":"Price realization includes geographic mix of sales, which is the impact of changes in the relative weighting of sales prices between geographic regions."},{"id":"e21","sourceId":"filing-2","location":"Consolidated results of operations / six months ended June 30, 2026 and 2025","excerpt":"Consolidated Statement of Results of Operations (Unaudited) (Dollars in millions except per share data) Six Months Ended June 30, 2026 2025 Sales and revenues: Sales of Machinery, Power & Energy $ 36,054 $ 29,052 Revenues of Financial Products 1,904 1,766 Total sales and revenues 37,958 30,818 Operating costs: Cost of goods sold 24,087 19,772 Selling, general and administrative expenses 3,834 3,287 Research and development expenses 1,153 1,031 Interest expense of Financial Products 707 662 Other operating (income) expenses 797 627 Total operating costs 30,578 25,379 Operating profit 7,380 5,439 Interest expense excluding Financial Products 269 242 Other income (expense) 658 191 Consolidated profit before taxes 7,769 5,388 Provision (benefit) for income taxes 1,725 1,220 Profit of consolidated companies 6,044 4,168 Equity in profit (loss) of unconsolidated affiliated companies 97 14 Profit of consolidated and affiliated companies 6,141 4,182 Less: Profit (loss) attributable to noncontrolling interests (1) — Profit 1 $ 6,142 $ 4,182 Profit per common share $ 13.29 $ 8.85 Profit per common share – diluted 2 $ 13.23 $ 8.82 Weighted-average common shares outstanding (millions) – Basic 462.0 472.4 – Diluted 2 464.3 474.5 1 Profit attributable to common shareholders."},{"id":"e22","sourceId":"filing-2","location":"MD&A / backlog at June 30, 2026","excerpt":"At the end of the second quarter of 2026, the dollar amount of backlog believed to be firm was approximately $72.1 billion, about $9.4 billion higher than the first quarter of 2026."},{"id":"e23","sourceId":"filing-1","location":"Revenue recognition / dealer merchandising discounts","excerpt":"We provide discounts to dealers through merchandising programs."},{"id":"e24","sourceId":"filing-1","location":"Risk Factors / announced price increases and customer discounts","excerpt":"Lack of customer acceptance of price increases we announce from time to time, changes in customer requirements for price discounts, changes in our customers’ behavior or a weak pricing environment could have an adverse impact on our business, results of operations and financial condition."},{"id":"e25","sourceId":"filing-3","location":"2025 performance highlights / MP&E free cash flow","excerpt":"MP&E free cash flow(3) was $9.5 billion in 2025."},{"id":"e26","sourceId":"filing-3","location":"2025 performance highlights / actual shareholder distributions","excerpt":"Deployed $7.9 billion to shareholders through share repurchases and dividends."},{"id":"e27","sourceId":"filing-2","location":"MD&A / actual first-half 2026 capital expenditures","excerpt":"Operating & Execution Model used to assess operational commitments and strategic growth initiatives – Capital expenditures were $1.313 billion during the first six months of 2026, compared to $1.287 billion for the same period in 2025."},{"id":"e28","sourceId":"filing-2","location":"MD&A / actual first-half 2026 consolidated operating cash flow","excerpt":"Consolidated operating cash flow for the first six months of 2026 was $6.241 billion, up $1.830 billion compared to the same period a year ago."},{"id":"e29","sourceId":"filing-2","location":"MD&A / first-half 2026 cash deployed for repurchases","excerpt":"In the first six months of 2026, we deployed $6.522 billion of cash for repurchases of Caterpillar common stock."},{"id":"e30","sourceId":"filing-2","location":"MD&A / first-half 2026 dividends paid","excerpt":"Dividends paid totaled $1.399 billion in the first six months of 2026."},{"id":"e31","sourceId":"filing-2","location":"MD&A / June 2026 cash balance and decrease from year-end","excerpt":"On a consolidated basis, we had positive operating cash flow in the first six months of 2026 and ended the second quarter with $6.713 billion of cash, a decrease of $3.267 billion from year-end 2025."},{"id":"e32","sourceId":"filing-2","location":"Acquisitions / RPMGlobal actual purchase price net of acquired cash","excerpt":"The purchase price was approximately $733 million, net of $53 million of acquired cash."},{"id":"e33","sourceId":"filing-2","location":"Acquisitions / RPMGlobal cash financing","excerpt":"We financed the transaction with available cash."},{"id":"e34","sourceId":"filing-2","location":"Acquisitions / expected strategic benefits and cross-selling opportunities","excerpt":"Factors that contributed to a purchase price resulting in the recognition of goodwill included RPMGlobal’s strategic fit into our Resource Industries product portfolio and related cross-selling opportunities, the ability to provide enhanced technological solutions to mining customers and the acquired assembled workforce."},{"id":"e35","sourceId":"filing-3","location":"Compensation Discussion & Analysis / actual 2025 incentive design","excerpt":"NEO compensation is composed of three primary components: BASE SALARY Competitive pay to attract and retain talented executives ANNUAL INCENTIVE PLAN (AIP) An opportunity to earn an annual cash award based on the company’s financial performance and strategic business objectives LONG-TERM INCENTIVE A mix of performance-based restricted stock units (PRSUs), time-based restricted stock units (RSUs) and stock options to align management’s interests with long-term shareholders’ interests Approximately 92 percent of our CEO’s 2025 total targeted compensation was variable and/or at-risk compensation, including 50 percentof long-term incentives delivered in the form of PRSUs with two equally-weighted performance metrics, Return on Invested Capital (ROIC) and relative Total Shareholder Return (rTSR) as compared to the S&P Capital Goods peer group, 25 percent delivered in the form of time-based RSUs, and 25 percent delivered in the form of stock options."},{"id":"e36","sourceId":"filing-1","location":"Stock-based compensation / PRSU performance period and vesting","excerpt":"PRSU awards generally have a three-year performance period and cliff vest at the end of the period based upon achievement of performance targets established at the time of grant."},{"id":"e37","sourceId":"filing-2","location":"Stock-based compensation / awards actually granted in first-half 2026","excerpt":"The following table illustrates the type and fair value of the stock-based compensation awards granted during the six months ended June 30, 2026 and 2025: Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Shares Granted Weighted-Average Fair Value Per Share Shares Granted Weighted-Average Fair Value Per Share Stock options 126,660 $ 270.41 299,523 $ 106.04 RSUs 224,552 $ 758.15 442,800 $ 333.10 PRSUs 86,114 $ 925.49 199,856 $ 345.60 13 Table of Contents The fair value of our stock options was estimated using the Black-Scholes option-pricing model."},{"id":"e38","sourceId":"filing-3","location":"Compensation Discussion & Analysis / historical ROE-based PRSU cycle","excerpt":"The 2023–2025 performance period was the last one with PRSUs that were composed of a single return on equity (ROE) metric."},{"id":"e39","sourceId":"filing-3","location":"Lead Independent Director letter / April 1, 2026 chairman succession","excerpt":"On April 1, 2026, Joe Creed became chairman of the board, succeeding Jim Umpleby after his forty-five years of dedicated service."},{"id":"e40","sourceId":"filing-3","location":"Board leadership / actual lead independent director appointment","excerpt":"Reed-Klages as its lead independent director in 2022."},{"id":"e41","sourceId":"filing-3","location":"Company response to shareholder proposal / special meeting threshold","excerpt":"To that end, the Company allows shareholders of 25 percent or more, in the aggregate, of Caterpillar’s shares to call a special shareholder meeting."},{"id":"e42","sourceId":"filing-3","location":"Shareholder written-consent proposal / board recommendation against proposal","excerpt":"Please vote yes: Shareholder Right to Act by Written Consent - Proposal 4 COMPANY RESPONSE After careful consideration, the board recommends a vote AGAINST this proposal for the reasons provided below: Action by written consent is unnecessary because our shareholders already have the right to act outside of the annual meeting cycle."},{"id":"e43","sourceId":"filing-3","location":"Audit Committee report / actual audit oversight activities","excerpt":"The AC has discussed with the company’s independent auditor the overall scope and execution of the independent audit and has reviewed and discussed the audited financial statements with management."},{"id":"e44","sourceId":"filing-3","location":"Governance highlights / policies and director-nominee table","excerpt":"Our governance framework includes, but is not limited to, the following highlights: Board and Governance Information* Board and Governance Information Size of the Board 10 Code of Conduct for Directors, Officers and Employees Yes Number of Independent Directors 9 Supermajority Voting Threshold for Mergers No Average Age of Directors 65 Proxy Access Yes Average Director Tenure (in years) 5.5 Shareholder Action by Written Consent No Annual Election of Directors Yes Shareholder Ability to Call Special Meetings Yes Mandatory Retirement Age 75 Poison Pill No Women 50% Stock Ownership Guidelines for Directors and Executive Officers Yes Ethnic/Racial Diversity 30% Anti-Hedging and Pledging Policies Yes Majority Voting in Director Elections Yes Clawback Policy Yes Lead Independent Director Yes * The information in this table reflects only the director nominees standing for election."},{"id":"e45","sourceId":"filing-2","location":"MD&A / first-half 2026 MP&E debt movement","excerpt":"Debt related to MP&E decreased $7 million in the first six months of 2026."},{"id":"e46","sourceId":"filing-4","location":"MD&A / 2024 volume decline / lower end-user equipment sales","excerpt":"Lower sales volume was primarily driven by lower sales of equipment to end users."}],"changes":["Retain the previous narrow verdict, with the dealer and servicing infrastructure remaining the principal evidenced advantage.","Qualify the prior favorable-pricing description: 2025 price realization was unfavorable by $817 million, followed by approximately $1.0 billion of favorable realization in first-half 2026. Pricing strength is cyclical rather than uninterrupted.","Add the demonstrated services business as evidence of ongoing engagement, while distinguishing it from measured customer retention or contractual lock-in.","Treat Cat Financial as a supporting offering rather than a separate moat because alternative providers compete and receivables generally permit penalty-free repayment or refinancing.","Use supplied compensation and governance disclosures to assess management; distinguish actual historical awards and policies from proposals and the director-nominee slate."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates: filing-1 February 13, 2026; filing-2 August 5, 2026; filing-3 April 30, 2026; filing-4 February 14, 2025; filing-5 February 16, 2024; filing-6 May 6, 2026. No retrieval date is treated as a publication date.","Dealer coverage, services revenues and operating results are disclosed facts; the inference that their combination creates a replication barrier is an editorial assessment. Comparative dealer productivity, service response times and customer ownership economics are absent.","Named equipment competitors are established for Construction Industries. The supplied passages do not establish comprehensive named competitor coverage for mining, power generation, turbines or rail. Compensation peers are not automatically product competitors.","Price realization includes geographic mix, so favorable realization cannot be interpreted entirely as like-for-like price increases. Equipment contract repricing clauses and detailed customer commitments are absent.","Services revenue and end-user demand provide indirect retention evidence, without customer cohort repurchase rates, renewal rates or quantified switching costs. Backlog is described as believed firm and does not itself establish repeat purchasing or noncancellable commitments.","RPMGlobal was acquired, but expected cross-selling and technology benefits are not demonstrated moat improvements or realized investment returns.","The proxy provides actual compensation design and governance policies, but supplied passages omit detailed executive shareholdings and ownership-guideline compliance. Its director-nominee table does not prove the eventual elected board composition or adoption of shareholder proposals.","All sources are issuer filings, including management assertions and shareholder-proposal material. Generic risks are treated as possibilities; reported pricing weakness and operating outcomes receive greater weight. No exceptional grade is supported."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Worldwide dealer coverage, dealers’ principal reliance on Caterpillar sales and servicing, and $24 billion of reported services revenues demonstrate an established distribution and aftermarket infrastructure. Comparative superiority is unquantified, and dealer nonexclusivity limits the barrier.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Extensive dealer coverage persists across the supplied 2023 and 2025 disclosures, and the services business supports continued relevance. The evidence spans a limited period and shows neither exclusive relationships nor insulation from pricing reversals.","evidenceIds":["e1","e2","e3","e4","e11"]},{"criterion":"customer_dependency","grade":2,"rationale":"Substantial services revenues and the remanufacturing core-return arrangement indicate ongoing equipment-related engagement. They do not establish high switching costs; alternative financing and penalty-free refinancing limit financial lock-in.","evidenceIds":["e4","e5","e6","e9","e10"]},{"criterion":"erosion_resilience","grade":2,"rationale":"First-half 2026 pricing and operating results recovered after realized 2025 pricing and tariff pressure. This supports resilience but also demonstrates vulnerability. Dealer inventory contributed to growth, and backlog strength does not prove competitive share gains.","evidenceIds":["e11","e12","e13","e18","e19","e21","e22"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Favorable realization in 2023 and 2024, unfavorable realization of $817 million in 2025, and favorable realization of approximately $1.0 billion in first-half 2026 establish mixed but meaningful pricing ability. Geographic mix is included, preventing attribution entirely to comparable-product price increases.","evidenceIds":["e16","e17","e11","e18","e20"]},{"criterion":"retention","grade":2,"rationale":"The services business demonstrates ongoing engagement, while higher 2026 end-user sales and backlog support continued demand indirectly. Aggregate demand does not identify repeat buyers, and end-user equipment sales fell in 2024. No retention rate is inferred.","evidenceIds":["e4","e5","e19","e22","e46"]},{"criterion":"margin_resilience","grade":2,"rationale":"Pricing helped offset lower volume in 2024, but unfavorable pricing and manufacturing costs reduced 2025 profit. First-half 2026 operating profit grew faster than revenue, demonstrating recovery with substantial volume support. The combined evidence supports mixed resilience rather than dependable cost pass-through.","evidenceIds":["e17","e12","e13","e18","e21"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Disclosed announced price increases and actual dealer discount programs show discretion to adjust commercial pricing. Customer acceptance constrains that discretion, and fixed-price lease purchase options and penalty-free refinancing limit financing flexibility. Equipment repricing rights and contract duration are not supplied.","evidenceIds":["e23","e24","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Reported 2025 MP&E free cash flow of $9.5 billion covered $7.9 billion of shareholder distributions. First-half 2026 buyback cash deployment of $6.522 billion plus $1.399 billion of dividends exceeded consolidated operating cash flow of $6.241 billion even before capital expenditures and the cash-funded acquisition. Cash declined while MP&E debt was nearly unchanged. Investment returns and repurchase value are not established, yielding a mixed assessment.","evidenceIds":["e25","e26","e27","e28","e29","e30","e31","e32","e33","e45"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 compensation design included substantial variable pay and long-term awards tied to ROIC and relative shareholder returns; PRSUs generally have three-year performance periods. First-half 2026 disclosures confirm awards were granted. Historical reliance on adjusted ROE and missing individual ownership compliance limit confidence in exceptional alignment.","evidenceIds":["e35","e36","e37","e38"]},{"criterion":"execution","grade":2,"rationale":"Strong first-half 2026 sales, operating profit, cash generation and backlog demonstrate delivery and demand conversion indirectly. These results follow a 2025 profit decline from manufacturing costs and pricing weakness, and some current volume growth reflects dealer inventories. Acquisition benefits remain prospective; execution cannot be separated fully from favorable end markets.","evidenceIds":["e12","e18","e19","e21","e22","e28","e34"]},{"criterion":"governance","grade":2,"rationale":"An appointed lead independent director, documented Audit Committee activity and disclosed shareholder protections support oversight. Combining CEO and chairman roles, a 25% special-meeting threshold and opposition to written consent create counterweights. The nominee table is not treated as proof of the subsequently elected board or shareholder-vote outcomes.","evidenceIds":["e39","e40","e41","e42","e43","e44"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"5b12cd1e3d9854f3a4f3218adcf7cd5738986e9cc18badd161f5c3ff9780ae04","updatedAt":"2026-10-18T12:30:16.256Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/18230/000001823026000008/cat-20251231.htm","publishedAt":"2026-02-13","sha256":"5170504c5767bf0a8eb2acab7aac664ee33b47f25b3bb142b18f6506131c7fc6","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/18230/000001823026000046/cat-20260630.htm","publishedAt":"2026-08-05","sha256":"e7c2d8fbafe93868f95e2c831967e1764aa6d9f45f1b8433322f594226a3e0ea","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/18230/000130817926000358/cat014496-def14a.htm","publishedAt":"2026-04-30","sha256":"9fbac9beda7d0ae3642e399618f724a0699150249631589eb07ecc7c592ad8b7","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/18230/000001823025000008/cat-20241231.htm","publishedAt":"2025-02-14","sha256":"09dd2a7d39d8697328b52d0aa3d5271422d8441c809b86c82de31ad583733da5","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/18230/000001823024000009/cat-20231231.htm","publishedAt":"2024-02-16","sha256":"cd0aaf05d9bcf6681941a6dd437710221c35d3a80e881307dc70697dd26e76ca","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/18230/000001823026000021/cat-20260331.htm","publishedAt":"2026-05-06","sha256":"fa8ed16616a1a2b4d11e40f0919dd44b9c8bb287b5c685f4be33e22965378f3e","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:137768e4e44b97c4ae3baf97dfda85ac0d1c84d0353a7117a88c7459b00f4223","usage":{"input_tokens":92186,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":4926,"reasoning_output_tokens":158},"basisSupplement":{"previousHash":"2f2498ebef55863008c162a9ad877e1647f433867b01a6f85caa7d50c3f8cd20","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":30.327048713974612,"operating_margin":13.493947538796572,"roic":null,"fcf_margin":11.977398913107454,"sbc_revenue":null},"issues":{"pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported 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balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":36.225767968983,"operating_margin":19.334923948702652,"roic":null,"fcf_margin":16.832687145839547,"sbc_revenue":null},"issues":{"pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":37.97312101714268,"operating_margin":20.170038111990618,"roic":null,"fcf_margin":15.502476507892423,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roe":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":33.78804243294027,"operating_margin":16.498246756128957,"roic":null,"fcf_margin":13.194454718963144,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pb":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements 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