Caterpillar Inc (CAT)
Cash conversion cycle
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Days of inventory on hand (DOH) | days | 144.75 | 161.94 | 163.70 | 159.73 | 148.05 | 149.99 | 146.39 | 142.46 | 138.05 | 144.86 | 147.93 | 151.19 | 141.68 | 153.01 | 150.19 | 146.39 | 142.46 | 147.69 | 144.08 | 146.03 |
| Days of sales outstanding (DSO) | days | 116.48 | 115.48 | 116.07 | 109.72 | 106.15 | 105.07 | 104.15 | 102.11 | 102.44 | 102.74 | 105.40 | 108.55 | 109.75 | 110.06 | 116.97 | 125.69 | 124.42 | 124.91 | 136.74 | 146.75 |
| Number of days of payables | days | 71.58 | 74.56 | 75.39 | 69.68 | 67.53 | 66.75 | 64.92 | 65.36 | 65.89 | 64.50 | 70.38 | 76.75 | 75.66 | 74.96 | 76.53 | 81.39 | 82.75 | 78.01 | 78.69 | 80.46 |
| Cash conversion cycle | days | 189.65 | 202.86 | 204.39 | 199.77 | 186.67 | 188.30 | 185.62 | 179.20 | 174.60 | 183.10 | 182.95 | 182.99 | 175.77 | 188.11 | 190.63 | 190.68 | 184.13 | 194.59 | 202.13 | 212.31 |
December 31, 2025 calculation
Cash conversion cycle = DOH + DSO – Number of days of payables
= 144.75 + 116.48 – 71.58
= 189.65
Peer comparison
Dec 31, 2025
Company name
Symbol
Cash conversion cycle
Caterpillar Inc
CAT
189.65
Deere & Company
DE
-21.62
Lindsay Corporation
LNN
130.13
Oshkosh Corporation
OSK
130.79
PACCAR Inc
PCAR
-61.95