CAT P/B: current value, 10-year range and year-by-year history
Cash & Leverage
CAT's p/b is higher than 95% of the last 10 years.
P/B History
CAT P/B by year
Yearly range of CAT’s p/b from 2016 to 2026. Over the full period it ranged from 3.0 to 26.4, averaging 7.6.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 13.1 | 19.2 | 26.4 | 19.4 |
| 2025 | 7.2 | 10.3 | 14.3 | 12.6 |
| 2024 | 7.2 | 9.4 | 11.2 | 9.1 |
| 2023 | 5.7 | 7.1 | 8.7 | 7.4 |
| 2022 | 5.5 | 6.8 | 8.2 | 8.1 |
| 2021 | 6.2 | 7.1 | 8.3 | 6.8 |
| 2020 | 3.5 | 5.3 | 6.6 | 6.5 |
| 2019 | 4.4 | 5.1 | 5.9 | 5.6 |
| 2018 | 4.2 | 5.8 | 7.4 | 5.3 |
| 2017 | 4.0 | 4.7 | 6.1 | 6.0 |
| 2016 | 3.0 | 3.4 | 3.7 | 3.5 |
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How much the market pays relative to the company's accounting net worth (assets minus liabilities). P/B < 1 means the market values the company below what the books say it owns.
Price / Book Value Per ShareMost useful for asset-heavy businesses: banks, insurers, REITs. A P/B near its historical low suggests the market is paying unusually little for the net assets.
- Goodwill and intangibles from acquisitions can inflate book value significantly — some analysts prefer tangible book value.
- Low P/B in technology or software companies is usually irrelevant: their value is in IP and people, not balance sheet assets.
Is CAT P/B High or Low Right Now?
Caterpillar Inc.'s P/B is currently 19.4, which is near historic high relative to its 10-year historical range. The 10-year median P/B for CAT is approximately 6.5. See all CAT valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.