Caterpillar's Dividend Has Grown for 32 Consecutive Years. Its Dividend Yield Is Now Down to 0.75%.

Caterpillar has maintained 32 consecutive years of dividend growth and recently approved another substantial increase. However, the stock's exceptional performance—surging over 110% in the past 12 months due to AI infrastructure demand—has outpaced dividend growth, resulting in the company's lowest dividend yield on record at 0.75%. While new investors face a premium valuation with a forward P/E in the mid-30s, Caterpillar remains well-positioned to continue raising dividends.