Progress Rail
10-K - Feb 23, 2007
The company acquired Progress Rail for $1.0 billion in cash, stock and assumption of debt. Progress Rail is based in Albertville, Alabama, and is a leading provider of remanufactured locomotive and...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Caterpillar Inc.
CATActiveCIK 18230 · Mega-Cap Diversified Acquirers
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, CAT filings, SEC EDGAR
$413,399
Market cap ($MM)
$452,393
Enterprise value ($MM)
$70,755
Revenue · LTM ($MM)
$15,312
EBITDA · LTM ($MM)
22%
EBITDA margin
6.4x
EV / revenue
29.5x
EV / EBITDA
2.1x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01CAT is a scaled public consolidator in Mega-Cap, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is HON, BRK-A, MMM.
Balance sheet & capacity
Indicative capacity read: 2.1x net debt / EBITDA with EBITDA of $15B.
$4,072
Cash & equiv. ($MM)
$36,210
Total debt ($MM)
$32,138
Net debt ($MM)
2.1x
Net debt / EBITDA
Valuation
Where it trades against its peer set
CAT versus the scaled public Mega-Cap Diversified Acquirers comparables.
Indexed share-price performance
CAT versus available Mega-Cap Diversified Acquirers peers and SPY.
+277%
CAT
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Caterpillar Inc. | CAT | $70,755 | $15,312 | 22% | $413,399 | $452,393 | 6.4x | 29.5x | 2.1x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
CAT's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
28
Active years
17
Named deals
5
Avg / active year
1.6
Acq. cash outflow ($MM)
N/A
Banker read
- 01CAT reads as a programmatic acquirer: 28 disclosed acquisitions across 17 active years, or 1.6 per active year. The chart shows activity in 6 of the last 12 visible years.
- 02In the last three years, the file shows 0 acquisitions versus 1 in the prior three; recent activity has cooled versus the prior three-year period.
- 03Spend changes the read: $13B of disclosed spend is concentrated in lumpy years, with FY21 the largest year at $490MM. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
CAT count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
0 / 1
Last three years is down 100% vs prior three.
Peak count year
FY15
2 disclosed acquisitions in the peak visible year.
Recent spend
$156MM
is down 77% vs prior three; peak FY21 at $490MM.
Named evidence
5 rows
18% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Jun 19, 2006 | Progress Rail Services | Mega-cap diversified acquirers | $1,000 | The company acquired Progress Rail for $1.0 billion in cash, stock and assumption of debt. Progress Rail is based in Albertville, Alabama, and is a leading provider of remanufac... | 10-K† |
| Feb 1, 2021 | SPM Oil & Gas | Mega-cap diversified acquirers | $359 | On February 1, 2021, Caterpillar completed the acquisition of varying equity interests and assets of the Weir Group PLC, collectively known as SPM Oil & Gas (SPM). Headquartered... | 10-K† |
| Jan 2, 2018 | ECM S.p.A. | Mega-cap diversified acquirers | $225 | On January 2, 2018, we acquired 100 percent of the equity in privately held ECM S.p.A. (ECM). Headquartered in Pistoia, Italy, ECM designs, manufactures, sells and services adva... | 10-K† |
| Sep 1, 2013 | Johan Walter Berg AB | Mega-cap diversified acquirers | $169 | In September 2013, we acquired 100 percent of the stock of Johan Walter Berg AB (Berg). Berg is a leading manufacturer of mechanically and electrically driven propulsion systems... | 10-K† |
| Oct 1, 2015 | Rail Product Solutions, Inc. | Mega-cap diversified acquirers | $165 | In October 2015, we acquired 100 percent of the stock in privately owned Rail Product Solutions, Inc. (RPS) from Amsted Rail Company, Inc. RPS is a leading North American provid... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 10 SEC-backed facts across 5 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
15
Named deal filings
5
Recent SEC filings
0
Evidence clips
5
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.15 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 13, 2026 | Annual M&A 10-K | warning (1 warn) | N/A | $47.0MM | N/A | SEC filing |
| FY2024 | Feb 14, 2025 | Annual M&A 10-K | warning (1 warn) | N/A | $34.0MM | N/A | SEC filing |
| FY2023 | Feb 16, 2024 | Annual M&A 10-K | warning (1 warn) | N/A | $75.0MM | N/A | SEC filing |
| FY2022 | Feb 15, 2023 | Annual M&A 10-K | accepted | N/A | $88.0MM | $359MM | SEC filing |
| FY2020 | Feb 17, 2021 | Annual M&A 10-K | warning (1 warn) | N/A | $0.1MM | N/A | SEC filing |
| FY2019 | Feb 19, 2020 | Annual M&A 10-K | accepted | 2 | $47.0MM | $322MM | SEC filing |
| FY2018 | Feb 14, 2019 | Annual M&A 10-K | quarantined (1 issue) | 2 | $392MM | $322MM | SEC filing |
| FY2017 | Feb 15, 2018 | Annual M&A 10-K | quarantined (1 issue) | 1 | $59.0MM | $139MM | SEC filing |
| FY2014 | Feb 17, 2015 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2013 | Feb 18, 2014 | Annual M&A 10-K | accepted | 1 | N/A | N/A | SEC filing |
| FY2012 | Feb 19, 2013 | Annual M&A 10-K | quarantined (1 issue) | 2 | N/A | N/A | SEC filing |
| FY2006 | Feb 23, 2007 | Annual M&A 10-K | accepted | 1 | N/A | $1.0B | SEC filing |
| FY2005 | Feb 22, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Feb 24, 2005 | Annual M&A 10-K | accepted | 2 | N/A | N/A | SEC filing |
| FY2003 | Mar 10, 2004 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.5 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 16, 2024 | 10-K | SPM Oil & Gas | Annual M&ANamed deals | SEC filing |
| Feb 19, 2020 | 10-K | ECM S.p.A. | Annual M&ANamed deals | SEC filing |
| Feb 15, 2018 | 10-K | Rail Product Solutions, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 23, 2007 | 10-K | Progress Rail Services | Annual M&ANamed deals | SEC filing |
| Feb 16, 2016 | 10-K | Johan Walter Berg AB | Named deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.5 rows+-
Medium
SPM Oil & Gas
10-K - Feb 16, 2024
On February 1, 2021, Caterpillar completed the acquisition of varying equity interests and assets of the Weir Group PLC, collectively known as SPM Oil & Gas (SPM). Headquartered near Fort Worth, Te...
ECM S.p.A.
10-K - Feb 19, 2020
On January 2, 2018, we acquired 100 percent of the equity in privately held ECM S.p.A. (ECM). Headquartered in Pistoia, Italy, ECM designs, manufactures, sells and services advanced signal systems ...
Johan Walter Berg AB
10-K - Feb 16, 2016
In September 2013, we acquired 100 percent of the stock of Johan Walter Berg AB (Berg). Berg is a leading manufacturer of mechanically and electrically driven propulsion systems and marine controls...
Rail Product Solutions, Inc.
10-K - Feb 15, 2018
In October 2015, we acquired 100 percent of the stock in privately owned Rail Product Solutions, Inc. (RPS) from Amsted Rail Company, Inc. RPS is a leading North American provider of mission critic...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.