CAT EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
CAT's ev/ebitda is higher than 82% of the last 10 years.
EV/EBITDA History
CAT EV/EBITDA by year
Yearly range of CAT’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 7.4 to 34.1, averaging 15.5.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 21.1 | 26.1 | 34.1 | 23.8 |
| 2025 | 11.0 | 15.6 | 22.4 | 20.3 |
| 2024 | 11.0 | 12.7 | 14.6 | 13.0 |
| 2023 | 10.1 | 12.4 | 14.7 | 12.5 |
| 2022 | 9.8 | 12.4 | 14.3 | 13.2 |
| 2021 | 12.7 | 18.0 | 22.5 | 12.7 |
| 2020 | 7.4 | 12.0 | 18.4 | 18.4 |
| 2019 | 8.5 | 9.6 | 10.4 | 10.3 |
| 2018 | 8.8 | 13.1 | 18.3 | 9.4 |
| 2017 | 22.0 | 25.8 | 28.6 | 25.9 |
| 2016 | 16.4 | 18.3 | 19.6 | 19.1 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is CAT EV/EBITDA High or Low Right Now?
Caterpillar Inc.'s EV/EBITDA is currently 23.8, which is historically pricey relative to its 10-year historical range. The 10-year median EV/EBITDA for CAT is approximately 13.4. See all CAT valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.