• Caterpillar average return on tangible equity for 2023 was 75.65, a 2.29% increase from 2022.
• Caterpillar average return on tangible equity for 2022 was 73.96, a 30.17% increase from 2021.
• Caterpillar average return on tangible equity for 2021 was 56.82, a 1.49% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.