Observation
Across 12 eligible industrials companies, the equal-weight median liabilities as a share of assets was 76.42% for the prior selected annual periods.
Data context
The eligible sample covers 12 of 15 selected companies. The prior selected annual periods span 2024-10-27 to 2025-06-30. Companies have different fiscal year ends. This is a cross-sectional research sample, not a calendar-year index or a representation of the full sector.
Company evidence
CAT 77.79% (period 2024-12-31); GE 84.11% (period 2024-12-31); RTX 61.96% (period 2024-12-31); GEV 79.43% (period 2024-12-31); DE 78.64% (period 2024-10-27); UNP 75.06% (period 2024-12-31); BA 102.50% (period 2024-12-31); LMT 88.61% (period 2024-12-31); PH 53.58% (period 2025-06-30); PWR 60.77% (period 2024-12-31); TT 62.84% (period 2024-12-31); CSX 70.75% (period 2024-12-31).
Distribution
The sample range is 53.58% (PH) to 102.50% (BA). The median is computed across company ratios with equal weight; it is not a ratio of aggregate totals. Extreme values can reflect a small denominator or unusual accounting items.
Interpretation
Equipment manufacturers, transport operators and industrial service providers face differing order and asset cycles. The numerator is totalLiabilities; the denominator is total assets. Only positive denominators and disclosed numerators qualify. No missing value is replaced with zero.
What to watch
Backlog conversion, utilization, deliveries, working capital and service revenue.
Research limitations
Order cancellations, supply constraints, execution risk, labor costs and capital-cycle sensitivity. The sample uses a September 18, 2026 source snapshot. It does not establish current market conditions, causal drivers or future returns. Sector labels are editorial and the financial-sector cash-flow measures need particular caution.
| Company | Value | Period end |
|---|---|---|
| CAT | 77.79% | 2024-12-31 |
| GE | 84.11% | 2024-12-31 |
| RTX | 61.96% | 2024-12-31 |
| GEV | 79.43% | 2024-12-31 |
| DE | 78.64% | 2024-10-27 |
| UNP | 75.06% | 2024-12-31 |
| BA | 102.50% | 2024-12-31 |
| LMT | 88.61% | 2024-12-31 |
| PH | 53.58% | 2025-06-30 |
| PWR | 60.77% | 2024-12-31 |
| TT | 62.84% | 2024-12-31 |
| CSX | 70.75% | 2024-12-31 |
Sources & dates
- CAT · period 2024-12-31 ↗Source date 2026-02-13
- GE · period 2024-12-31 ↗Source date 2026-01-29
- RTX · period 2024-12-31 ↗Source date 2026-02-06
- GEV · period 2024-12-31 ↗Source date 2026-01-29
- DE · period 2024-10-27 ↗Source date 2025-12-18
- UNP · period 2024-12-31 ↗Source date 2026-02-06
- BA · period 2024-12-31 ↗Source date 2026-01-30
- LMT · period 2024-12-31 ↗Source date 2026-01-29
- PH · period 2025-06-30 ↗Source date 2026-08-21
- PWR · period 2024-12-31 ↗Source date 2026-02-19
- TT · period 2024-12-31 ↗Source date 2026-02-05
- CSX · period 2024-12-31 ↗Source date 2026-02-12