Caterpillar Inc. (CAT) Margin Analysis

Caterpillar Inc.

CAT (NYSE)

(%)

Models
Caterpillar Inc. Margin Analysis

# --- Years and Quarters
assumptions.set({
    "timeseries": "annual",
    "data": {
        "#years": """
            4
        """,
        "#quarters": """
            8
        """,
    },
    "titles": {
        "#years": "Years",
        "#quarters": "Quarters",
    },
    "properties": {
        "width": "responsive",
        "title": "Years and Quarters",
        "id": "component-1",
        "bindTo": None
    },
    "descriptions": {
        "#years": r"""
The number of historical years used to render the annual chart and tables.
        """,
        "#quarters": r"""
The number of historical quarters used to render the quarterly chart and tables.
        """,
    }
})

# Render description block
model.render_description({
    "data": r"""
## Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.
""",
    "properties": {
        "width": "responsive"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Annual Section

The annual section uses annual data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

# --- Income Statement Margins
data.compute({
    "user:%revenueGrowthRate": """
        ( income:revenue / income:revenue:-1 ) - 1
    """,
    "user:%grossMargin": """
        income:grossProfit / income:revenue
    """,
    "user:%operatingMargin": """
        income:operatingIncome / income:revenue
    """,
    "user:%netMargin": """
        income:netIncome / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

# --- Cash Flow Statement Margins
data.compute({
    "user:%cashFromOperatingActivitiesMargin": """
        flow:netCashProvidedByOperatingActivities / income:revenue
    """,
    "user:%freeCashFlowMargin": """
        flow:freeCashFlow / income:revenue
    """,
    "user:%depreciationAndAmortizationMargin": """
        flow:depreciationAndAmortization / income:revenue
    """,
    "user:%capitalExpenditureMargin": """
        flow:capitalExpenditure / income:revenue
    """,
}, forecast=0, timeseries="annual")

model.render_table({
    "timeseries": "annual",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "include_ltm": True,
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "annual",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#years
    """),
    "end": 0,
    "properties": {
        "title": "Annual Chart",
        "include_ltm": False,
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

# Render description block
model.render_description({
    "data": r"""
## Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.
""",
    "properties": {
        "width": "full"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "user:%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "user:%grossMargin": "Gross Margin",
        "income:operatingIncome": "Operating Income",
        "user:%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "user:%netMargin": "Net Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Income Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_table({
    "timeseries": "quarterly",
    "data": {
        "income:revenue": "Revenue",
        "flow:netCashProvidedByOperatingActivities": "Cash from Operating Activities",
        "user:%cashFromOperatingActivitiesMargin": "Cash from Operating Activities Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
        "flow:depreciationAndAmortization": "Depreciation and Amortization",
        "user:%depreciationAndAmortizationMargin": "Depreciation and Amortization Margin",
        "flow:capitalExpenditure": "Capital Expenditure",
        "user:%capitalExpenditureMargin": "Capital Expenditure Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Cash Flow Statement Margins",
        "order": "descending",
        "number_format": "M",
        "display_averages": False,
        "width": "responsive"
    }
})

model.render_chart({
    "timeseries": "quarterly",
    "data": {
        "user:%grossMargin": "Gross Margin",
        "user:%operatingMargin": "Operating Margin",
        "user:%netMargin": "Net Margin",
        "user:%freeCashFlowMargin": "Free Cash Flow Margin",
    },
    "start": data.get("""
        -assumption:#quarters
    """),
    "end": 0,
    "properties": {
        "title": "Quarterly Chart",
        "set_editable": [],
        "hidden_keys": [],
        "bar_keys": ["user:%grossMargin", "user:%operatingMargin", "user:%netMargin", "user:%freeCashFlowMargin"],
        "width": "full"
    }
})

Years and Quarters

Years Years The number of historical years used to render the annual chart and tables.	#
Quarters Quarters The number of historical quarters used to render the quarterly chart and tables.	#

Margin Analysis Report

Margins refer to the ratio between a financial report item and the revenue (example: Net Income Margin = Net Income / Revenue).

This analysis provides annual and quarterly sections for reporting key financial margins.

Annual Section

The annual section uses annual data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	67,589	67,589	64,809	67,060	59,427
Revenue Growth Rate	0%	4.29%	-3.36%	12.84%	16.59%
Cost of Revenue	45,730	45,730	41,485	43,797	41,915
Gross Profit	21,859	21,859	23,324	23,263	17,512
Gross Margin	32.34%	32.34%	35.99%	34.69%	29.47%
Operating Income	11,210	11,210	13,072	12,966	7,904
Operating Margin	16.59%	16.59%	20.17%	19.33%	13.3%
Net Income	8,873	8,873	10,792	10,335	6,705
Net Margin	13.13%	13.13%	16.65%	15.41%	11.28%

Cash Flow Statement Margins

Monetary values in USD amounts except #	LTM Mar 09	2025 Dec 31	2024 Dec 31	2023 Dec 31	2022 Dec 31
Revenue	67,589	67,589	64,809	67,060	59,427
Cash from Operating Activities	11,739	11,739	12,035	12,885	7,766
Cash from Operating Activities Margin	17.37%	17.37%	18.57%	19.21%	13.07%
Free Cash Flow	10,274	10,274	8,820	9,793	5,167
Free Cash Flow Margin	15.2%	15.2%	13.61%	14.6%	8.7%
Depreciation and Amortization	2,262	2,262	2,153	2,144	2,219
Depreciation and Amortization Margin	3.35%	3.35%	3.32%	3.2%	3.73%
Capital Expenditure	-1,465	-1,465	-3,215	-3,092	-2,599
Capital Expenditure Margin	-2.17%	-2.17%	-4.96%	-4.61%	-4.37%

Annual Chart

Monetary values in USD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Annual Chart", "timeseries": "annual", "series": [{"label": "Gross Margin", "mappingKey": "user:%grossMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 29.47}, {"l": "2023", "x": "2023-12-31", "y": 34.69}, {"l": "2024", "x": "2024-12-31", "y": 35.99}, {"l": "2025", "x": "2025-12-31", "y": 32.34}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Operating Margin", "mappingKey": "user:%operatingMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 13.3}, {"l": "2023", "x": "2023-12-31", "y": 19.33}, {"l": "2024", "x": "2024-12-31", "y": 20.17}, {"l": "2025", "x": "2025-12-31", "y": 16.59}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Net Margin", "mappingKey": "user:%netMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 11.28}, {"l": "2023", "x": "2023-12-31", "y": 15.41}, {"l": "2024", "x": "2024-12-31", "y": 16.65}, {"l": "2025", "x": "2025-12-31", "y": 13.13}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow Margin", "mappingKey": "user:%freeCashFlowMargin", "data": [{"l": "2022", "x": "2022-12-31", "y": 8.69}, {"l": "2023", "x": "2023-12-31", "y": 14.6}, {"l": "2024", "x": "2024-12-31", "y": 13.61}, {"l": "2025", "x": "2025-12-31", "y": 15.2}], "dataType": "%", "displayAs": "bar", "dataTimeseries": "annual", "hidden": false}], "editableDates": {}, "properties": {"display_table": false}, "width": "full"}

Quarterly Section

The quarterly section uses quarterly data to calculate margins and growth rates.

Income Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	19,133	17,638	16,569	14,249	16,215	16,106
Revenue Growth Rate	8.48%	6.45%	16.28%	-12.12%	0.677%
Cost of Revenue	13,658	11,673	11,108	9,291	10,659	10,402
Gross Profit	5,475	5,965	5,461	4,958	5,556	5,704
Gross Margin	28.62%	33.82%	32.96%	34.8%	34.26%	35.42%
Operating Income	2,660	3,052	2,919	2,579	2,924	3,147
Operating Margin	13.9%	17.3%	17.62%	18.1%	18.03%	19.54%
Net Income	2,401	2,290	2,179	2,003	2,791	2,464
Net Margin	12.55%	12.98%	13.15%	14.06%	17.21%	15.3%

Cash Flow Statement Margins

Monetary values in USD amounts except #	2025 (Q4) Dec 31	2025 (Q3) Sep 30	2025 (Q2) Jun 30	2025 (Q1) Mar 31	2024 (Q4) Dec 31	2024 (Q3) Sep 30
Revenue	19,133	17,638	16,569	14,249	16,215	16,106
Cash from Operating Activities	3,591	3,737	3,122	1,289	3,393	3,569
Cash from Operating Activities Margin	18.77%	21.19%	18.84%	9.05%	20.93%	22.16%
Free Cash Flow	3,147	4,589	2,167	371	2,356	2,846
Free Cash Flow Margin	16.45%	26.02%	13.08%	2.6%	14.53%	17.67%
Depreciation and Amortization	598	570	554	540	555	543
Depreciation and Amortization Margin	3.12%	3.23%	3.34%	3.79%	3.42%	3.37%
Capital Expenditure	-444	852	-955	-918	-1,037	-723
Capital Expenditure Margin	-2.32%	4.83%	-5.76%	-6.44%	-6.4%	-4.49%

Quarterly Chart

Monetary values in USD

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