CATERPILLAR INC
CAT · scored from FY2025 filings · Narrow moat
On the watchlist
The four filters
Pricing power27
Median gross margin 32.2% over 10y, variable.
Returns on capital75
Median ROIC 16.0%, above the 9% hurdle in 80% of years.
Balance-sheet safety73
Net debt/EBITDA 2.0x, interest coverage 25x.
Capital discipline100
Owner earnings +18.9%/yr, share count shrinking (buybacks).
Margin of safety
Above valueOn sale
- Owner earnings (normalized)
- $8.9B
- Est. intrinsic value / share
- $343.60
- Recent price
- —
- Discount to value
- No price data
Conservative model: 9% discount rate, 3% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
Moat Score history
Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.