CAT vs DE
Caterpillar Inc. and Deere & Co., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | CAT | DE |
|---|---|---|
| Revenue | $67.6B | $45.7B |
| Net income | $8.9B | $5.0B |
| Gross margin | 99.9% | · |
| Net margin | 13.1% | 10.9% |
| Return on equity | 43.5% | 20.6% |
| Diluted EPS | $18.81 | $18.50 |
| Dividend / share | $5.94 | $6.48 |
| Payout ratio | 31.0% | 34.2% |
| Free cash flow | $8.9B | $6.1B |
| Equity | · | $25.9B |
| Net debt / equity | 1.23× | 0.47× |
| Current ratio | 1.44× | · |
| Revenue CAGR 5y | 10.1% | 5.2% |
| Profit CAGR 5y | 24.2% | 12.8% |
CAT bills 1.5× the revenue of DE, and keeps more of each dollar of revenue as profit (13.1% against 10.9%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | CAT | DE |
|---|---|---|
| FY2025 | $67.6B | $45.7B |
| FY2024 | $64.8B | $51.7B |
| FY2023 | $67.1B | $61.3B |
| FY2022 | $59.4B | $52.6B |
| FY2021 | $51.0B | $44.0B |
| FY2020 | $41.7B | $35.5B |
| FY2019 | $53.8B | $39.3B |
| FY2018 | $54.7B | $37.4B |
| FY2017 | $45.5B | $29.7B |
| FY2016 | $38.5B | $26.6B |
Bottom line
| Fiscal year | CAT | DE |
|---|---|---|
| FY2025 | $8.9B | $5.0B |
| FY2024 | $10.8B | $7.1B |
| FY2023 | $10.3B | $10.2B |
| FY2022 | $6.7B | $7.1B |
| FY2021 | $6.5B | $6.0B |
| FY2020 | $3.0B | $2.8B |
| FY2019 | $6.1B | $3.3B |
| FY2018 | $6.1B | $2.4B |
| FY2017 | $759.0M | $2.2B |
| FY2016 | $-59.0M | $1.5B |
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$21,905,000,000 | CAT |
| FY2024 | +$13,093,000,000 | CAT |
| FY2023 | +$5,809,000,000 | CAT |
| FY2022 | +$6,850,000,000 | CAT |
| FY2021 | +$6,947,000,000 | CAT |
| FY2020 | +$6,208,000,000 | CAT |
| FY2019 | +$14,542,000,000 | CAT |
| FY2018 | +$17,364,000,000 | CAT |
| FY2017 | +$15,724,000,000 | CAT |
| FY2016 | +$11,893,000,000 | CAT |
| FY2015 | +$18,148,200,000 | CAT |
| FY2014 | +$19,117,100,000 | CAT |
| FY2013 | +$17,860,600,000 | CAT |
| FY2012 | +$29,717,900,000 | CAT |
| FY2011 | +$28,125,500,000 | CAT |
| FY2010 | +$16,583,400,000 | CAT |
| FY2009 | +$9,283,600,000 | CAT |
| FY2008 | +$22,886,400,000 | CAT |
| FY2007 | +$20,875,800,000 | CAT |
CAT has reported the higher revenue in every one of these 19 fiscal years. The gap has widened since the earliest year compared.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
19 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +2.2 pp | CAT |
| FY2024 | +2.9 pp | CAT |
| FY2023 | −1.2 pp | DE |
| FY2022 | −2.3 pp | DE |
| FY2021 | −0.8 pp | DE |
| FY2020 | −0.6 pp | DE |
| FY2019 | +3.0 pp | CAT |
| FY2018 | +4.9 pp | CAT |
| FY2017 | −5.6 pp | DE |
| FY2016 | −5.9 pp | DE |
| FY2015 | −1.4 pp | DE |
| FY2014 | −4.3 pp | DE |
| FY2013 | −2.5 pp | DE |
| FY2012 | +0.2 pp | CAT |
| FY2011 | −0.5 pp | DE |
| FY2010 | −0.7 pp | DE |
| FY2009 | −1.2 pp | DE |
| FY2008 | −0.2 pp | DE |
| FY2007 | +0.3 pp | CAT |
The higher net margin has changed hands between CAT and DE over this period.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CAT's net margin has been more volatile than DE's over the 19 comparable fiscal years — 4.4 percentage points of standard deviation against 3.2.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between CAT and DE over these 19 fiscal years — CAT led in 6 and DE in 13.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
CAT's return on equity has been more volatile than DE's over the 19 comparable fiscal years — 16.7 percentage points of standard deviation against 8.8.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between CAT and DE over these 19 fiscal years — CAT led in 9 and DE in 10.
19 of 19 comparable fiscal years — a year missing data on either side is not counted.