Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. Caterpillar's average basic shares outstanding for the quarter that ended in Mar. 2026 was 463 Mil.
A company may buy back shares or issue shares in any fiscal period. If a company buys back shares, we should observe that the total number of shares decline. If the company issues new shares, the number of shares outstanding increases.
Be Aware
Usually the presence of treasury shares and a history of buyback are good indicators that company has competitive advantage. But studies have shown that companies usually buy back at wrong time. Buying back shares below its intrinsic value increases value for remaining shareholders. Buying back overvalued shares destroys value for existing shareholders.
Caterpillar Shares Outstanding (Basic Average) Related Terms
Caterpillar Shares Outstanding (Basic Average) Historical Data
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The historical data trend for Caterpillar's Shares Outstanding (Basic Average) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Shares outstanding are shares that have been authorized, issued, and purchased by investors and are held by them. They have voting rights and represent ownership in the corporation by the person that holds the shares. They should be distinguished from treasury shares, which are shares held by the corporation itself, having no exercisable rights.
Shares outstanding can be calculated as either basic or fully diluted. The fully diluted shares outstanding count includes diluting securities, such as options, warrants or convertibles.
Please note: GuruFocus named Shares Outstanding (EOP) is the shares for that exact time point. It is usually used to calculate balance sheet related items, such as Book Value per Share, etc. While Shares Outstanding (Diluted Average) and Shares Outstanding (Basic Average) are the weighted average shares over a period of time (a year, a quarter, or so). They are usually used to calculate income statement or cashflow statement related items, such as Earnings per Share (Diluted), etc.
What does a Shares Outstanding (Basic Average) of 463 Mil mean?
Caterpillar (XSGO:CAT) has a Shares Outstanding (Basic Average) of 463 Mil as of Mar. 2026. The average shares outstanding over two periods not accounting for dilutive securities like convertible bonds. View historical data on Caterpillar and its competitors.
Is Caterpillar's Shares Outstanding (Basic Average) too high?
Caterpillar's current Shares Outstanding (Basic Average) is 463 Mil. Overall, Caterpillar has a GF Score™ of 71/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Caterpillar's Shares Outstanding (Basic Average) compare to DE and PCAR?
Caterpillar's Shares Outstanding (Basic Average) of 463 Mil can be compared against companies in the Farm & Heavy Construction Machinery industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Shares Outstanding (Basic Average) for a Farm & Heavy Construction Machinery company?
A good Shares Outstanding (Basic Average) depends on the Farm & Heavy Construction Machinery industry context. However, Shares Outstanding (Basic Average) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Shares Outstanding (Basic Average) mean?
A high Shares Outstanding (Basic Average) can signal that a stock is expensive relative to its fundamentals. The average shares outstanding over two periods not accounting for dilutive securities like convertible bonds. View historical data on Caterpillar and its competitors. Caterpillar's current Shares Outstanding (Basic Average) is 463 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Caterpillar stock overvalued right now?
Based on GuruFocus' analysis, Caterpillar (XSGO:CAT) is currently considered Significantly Overvalued. The stock's GF Value™ is $460.72, compared to a current price of $874.62 — trading 89.8% above its estimated fair value. The current Shares Outstanding (Basic Average) is 463 Mil. Caterpillar's overall GF Score™ is 71/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Shares Outstanding (Basic Average) calculated?
Shares Outstanding (Basic Average) is calculated from a company's financial statements. For Caterpillar (XSGO:CAT), the current Shares Outstanding (Basic Average) is 463 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Caterpillar (XSGO:CAT) Overvalued in 2026?
Based on GuruFocus' analysis, Caterpillar stock appears to be overvalued.
The current stock price of $874.62 is trading 89.8% above its estimated GF Value™ of $460.72.
GuruFocus considers Caterpillar to be Significantly Overvalued.
Key valuation signals for XSGO:CAT:
Shares Outstanding (Basic Average): 463 Mil
GF Value™: $460.72 vs. price of $874.62 (89.8% above fair value)
No single metric tells the full story. See the XSGO:CAT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Caterpillar is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Its reporting segments are construction, resource, energy, and transportation. Market share approaches 20% across many products. Caterpillar operates a captive finance subsidiary to facilitate sales. The firm has a global reach that is approximately evenly balanced between the US and the rest of the world. Construction skews more domestic, while the other divisions are more geographically diversified. An independent network of over 150 dealers operates approximately 2,800 facilities, giving Caterpillar reach into about 190 countries for sales and support services.
71GF Score
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