{"slug":"caterpillar","name":"Caterpillar","name_en":"Caterpillar","ticker":"CAT","updated_at":"2026-07-12T05:01:53.206333+00:00","canonical":"https://valuechain.wiki/caterpillar","same_as":["https://finance.yahoo.com/quote/CAT","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=18230"],"citable":"밸류체인 그래프 기준 Caterpillar의 직접 연결 기업은 3곳(관계 기준 공급 0·매출 3)이고, 사슬을 2차까지 넓히면 23곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Caterpillar is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 23 companies within two hops; the links are backed by 4 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"데이터센터 발전(genset 1위)","kicker_en":"Datacenter power (No.1 gensets)","lead":"건설·발전 기업으로 데이터센터 백업·상시 발전(genset)에서 세계 1위(커민스 2위). 대형 왕복엔진 수주잔고가 2024년 1월 대비 3.5배 이상 늘었고, 2026년 1분기 파워·에너지 매출이 +48%. 상시(prime) 가스 발전으로 전환 중이며 2030 목표를 상향했다. 전력 병목의 발전 축.","lead_en":"A construction and power firm, the world No.1 (Cummins No.2) in datacenter backup and prime gensets. Its large reciprocating-engine backlog is up 3.5x+ since January 2024, and Q1 2026 Power and Energy sales rose 48%. It is shifting to prime gas power and raised its 2030 targets. A generation axis of the power bottleneck.","segments":{"fy":2025,"parts":[{"desc":"성장 축 — 데이터센터 백업·상시 발전 세계 1위(genset·터빈). 왕복엔진 수주잔고 3.5배↑, 파워·에너지 +48%(1Q26).","name":"발전(genset·터빈)"},{"desc":"경기 사이클 축 — 인프라·건설 장비 수요.","name":"건설장비"},{"desc":"광산·자원 장비 — 상품 사이클에 노출된 대형 장비.","name":"자원"}],"total":"676억 달러 (2025, +4%)","concentration":"데이터센터 발전 세계 1위. 수주잔고 3.5x."},"segments_en":{"fy":2025,"parts":[{"desc":"The growth axis — world No.1 in datacenter backup and prime generation (gensets/turbines); reciprocating-engine backlog up 3.5x, Power & Energy +48% (Q1 2026).","name":"Power (gensets/turbines)"},{"desc":"The cyclical axis — infrastructure and construction-equipment demand.","name":"Construction"},{"desc":"Mining and resources equipment — large machinery exposed to the commodity cycle.","name":"Resources"}],"total":"$67.6bn (FY2025, +4%)","concentration":"No.1 in datacenter power; backlog 3.5x."},"returns_yearly":{"2021":16,"2022":18.6,"2023":25.9,"2024":24.7,"2025":60.3,"2026":67},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"nestle","name":"Nestlé","name_en":"Nestlé S.A.","tier":3,"returns_yearly":{"2021":22.1,"2022":-4.2,"2023":-9.3,"2024":-18.8,"2025":-1.8,"2026":17.9}},{"slug":"tempus-ai","name":"Tempus AI","name_en":"Tempus AI","tier":3,"returns_yearly":{"2025":74.9,"2026":-1.4}},{"slug":"emart","name":"이마트","name_en":"E-mart Inc.","tier":3,"returns_yearly":{"2021":-18.4,"2022":-19.5,"2023":-25.3,"2024":-14.6,"2025":44.7,"2026":-7.8}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":2,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":2,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":2,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":2,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":2,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":2,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":2,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":2,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":2,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":2,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":2,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":2,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":2,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":2,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":2,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":2,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":2,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":2,"returns_yearly":null},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":1,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":1,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}}],"benefiting":[],"analysis":"캐터필러의 논점은 'AI 전력 병목의 발전(genset) 1위 수혜'다. 데이터센터 백업·상시 발전에서 세계 1위(커민스 2위)로, 대형 왕복엔진 수주잔고가 2024년 1월 대비 3.5배 넘게 늘고 2026년 1분기 파워·에너지 매출이 +48% 뛰었다 — 전력망 증설이 못 따라가는 사이 데이터센터가 자체 발전을 늘리는 구조적 수요다. 상시(prime) 가스 발전으로 전환하며 2030 목표를 상향했고, 건설·자원 장비의 경기 사이클이 이를 상쇄·보완한다. 관전 포인트는 발전 수주잔고의 매출 전환 속도와 엔진 공급 병목이다.","analysis_en":"Caterpillar's thesis is 'the No.1 generation (genset) beneficiary of the AI power bottleneck.' As the world No.1 (Cummins No.2) in datacenter backup and prime gensets, its large reciprocating-engine backlog is up 3.5x+ since January 2024 and Q1 2026 Power and Energy sales rose 48% — structural demand as data centers add on-site generation while the grid lags. It is shifting toward prime gas power and raised its 2030 targets, with the construction/resources equipment cycle both offsetting and complementing this. What to watch is the pace of converting the power backlog into revenue and engine-supply bottlenecks.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"데이터센터·광산·건설 (발전·장비)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"%","basis":"파워·에너지 매출 증가율(1Q26)","value":48,"period":"2026","basis_en":"Power & Energy sales growth (Q1 2026)","qualifier":"approx"},"note":"데이터센터 발전 + 건설·자원 장비.","note_en":"Datacenter power plus construction and resource equipment.","sources":[{"stance":"confirms","publisher":"캐터필러 공식 실적발표","publisher_en":"Caterpillar official results","kind":"filing","lang":"en","published_at":"2026-01-30","url":"https://investors.caterpillar.com/news/news-details/2026/Caterpillar-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx","title":"캐터필러 공식 실적발표 — caterpillar 실적","title_en":"Caterpillar official results — caterpillar results","excerpt":"2025 매출·수익 $676억(+4%)","excerpt_en":"FY2025 sales and revenues $67.6bn (+4%)"},{"stance":"confirms","publisher":"TIKR","publisher_en":"TIKR","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.tikr.com/blog/caterpillar-power-chief-just-revealed-what-the-data-center-boom-really-means-for-cat-stock","title":"Caterpillar 발전 책임자, 데이터센터 붐 의미 공개","title_en":"Caterpillar power chief on the data-center boom","excerpt":"대형 왕복엔진 수주잔고 3.5배+.","excerpt_en":"Large reciprocating-engine backlog up 3.5x+."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0000018230/000001823025000043/ex991toformcat3q2025earnin.htm","title":"Caterpillar FY2025 3분기 실적(8-K)","title_en":"Caterpillar FY2025 Q3 results (8-K)","excerpt":"대형 왕복엔진 수주잔고 3.5배+.","excerpt_en":"Large reciprocating-engine backlog up 3.5x+."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"하이퍼스케일러 데이터센터에 백업·상시 발전세트 공급.","note_en":"Supplies backup and prime gensets to hyperscaler datacenters.","sources":[{"stance":"confirms","publisher":"Manufacturing Dive","publisher_en":"Manufacturing Dive","kind":"news","lang":"en","published_at":"2026-04-30","url":"https://www.manufacturingdive.com/news/caterpillar-triple-power-generation-capacity-raises-2030-targets-q1-2026-earnings/819078/","title":"Caterpillar, 발전 능력 3배·2030 목표 상향","title_en":"Caterpillar to triple power generation, raises 2030 targets","excerpt":"하이퍼스케일러 데이터센터에 백업·상시 발전세트 공급.","excerpt_en":"Supplies backup and prime gensets to hyperscaler datacenters."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0000018230/000001823025000043/ex991toformcat3q2025earnin.htm","title":"Caterpillar FY2025 3분기 실적(8-K)","title_en":"Caterpillar FY2025 Q3 results (8-K)","excerpt":"하이퍼스케일러 데이터센터에 백업·상시 발전세트 공급.","excerpt_en":"Supplies backup and prime gensets to hyperscaler datacenters."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"AWS 데이터센터에 발전세트 공급.","note_en":"Gensets to AWS datacenters.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0000018230/000001823025000043/ex991toformcat3q2025earnin.htm","title":"Caterpillar FY2025 3분기 실적(8-K)","title_en":"Caterpillar FY2025 Q3 results (8-K)","excerpt":"AWS 데이터센터에 발전세트 공급.","excerpt_en":"Gensets to AWS datacenters."}]},{"direction":"revenue","counterparty":"메타 플랫폼스","counterparty_slug":"meta","confidence":"mid","metric":null,"note":"메타 데이터센터에 발전세트 공급.","note_en":"Gensets to Meta datacenters.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0000018230/000001823025000043/ex991toformcat3q2025earnin.htm","title":"Caterpillar FY2025 3분기 실적(8-K)","title_en":"Caterpillar FY2025 Q3 results (8-K)","excerpt":"메타 데이터센터에 발전세트 공급.","excerpt_en":"Gensets to Meta datacenters."}]},{"direction":"cost","counterparty":"엔진·부품·제조 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"엔진·발전 부품·제조.","note_en":"Engine/genset parts and manufacturing.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-29","url":"https://www.sec.gov/Archives/edgar/data/0000018230/000001823025000043/ex991toformcat3q2025earnin.htm","title":"Caterpillar FY2025 3분기 실적(8-K)","title_en":"Caterpillar FY2025 Q3 results (8-K)","excerpt":"발전세트·터빈 제조.","excerpt_en":"Makes gensets and turbines."}]},{"direction":"cost","counterparty":"철강·물류 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"철강·소재·물류.","note_en":"Steel, materials and logistics.","sources":[{"stance":"confirms","publisher":"TIKR","publisher_en":"TIKR","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.tikr.com/blog/caterpillar-power-chief-just-revealed-what-the-data-center-boom-really-means-for-cat-stock","title":"Caterpillar 발전 책임자, 데이터센터 붐 의미 공개","title_en":"Caterpillar power chief on the data-center boom","excerpt":"중장비 수직통합.","excerpt_en":"Vertically integrated heavy equipment."}]}]}