AP
Ampco-Pittsburgh Corporation
AP offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
CAT
Caterpillar Inc.
CAT has the edge over AP overall, supported by stronger fundamentals and lower modeled downside.
AP Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Stable | |
| Weak |
AP's revenue and cash flow are currently stable, but its profitability and balance sheet are weak.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
AP PE Valuation
AP has no meaningful PE right now: it lost money over the past year.
CAT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 15x | $380 | -37% |
| Fair | 18x | $461 | -24% |
| Forward | 20x | $605 | — |
| Current | 24x | $605 | — |
| Expensive | 33x | $840 | +39% |
Historical ranges are pointers, not guarantees.
CAT's PE is in its expensive range at 24x. If earnings grow as analysts expect, today's price would be 20x next year's earnings, in its fair range.
AP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Decline | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect AP's earnings and profitability to decline, with its revenue holding steady.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
CAT has the edge over AP on the outlook, with more favorable earnings and revenue expectations.
AP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.25 | — |
| Q3 2026 | -$2.82 | -$2.57 |
| Q2 2026 | -$2.95 | -$2.71 |
| Q1 2026 | -$3.38 | -1636% |
| Q4 2025 | -$3.28 | -16500% |
| Q3 2025 | -$0.25 | +$2.02 |
| Q2 2025 | -$0.24 | +$1.89 |
| Q1 2025 | $0.22 | +$2.43 |
| Q4 2024 | $0.02 | +$2.06 |
AP lost $2.82 per share over the past year, a bigger loss than the year before.
CAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $29.73 | +17% |
| Q3 2026 | $25.48 | +31% |
| Q2 2026 | $23.23 | +18% |
| Q1 2026 | $20.08 | -2% |
| Q4 2025 | $18.81 | -15% |
| Q3 2025 | $19.46 | -9.7% |
| Q2 2025 | $19.64 | -10% |
| Q1 2025 | $20.50 | -7.4% |
| Q4 2024 | $22.05 | +9.6% |
CAT has the edge over AP on earnings quality, reporting a profit while its opponent remains loss making.
AP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $111.7M | +3.4% |
| Q2 2026 | $102.9M | -9% |
| Q1 2026 | $108.3M | +3.9% |
| Q4 2025 | $108.8M | +7.8% |
| Q3 2025 | $108M | +12% |
| Q2 2025 | $113.1M | +1.9% |
| Q1 2025 | $104.3M | -5.4% |
| Q4 2024 | $100.9M | -6.6% |
AP's revenue grew through 2023 and has held roughly level since: $112M last quarter, up 3.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 4.1% | +3.1 points |
| Q2 2026 | 4.9% | +7.7 points |
| Q1 2026 | 2.4% | -1.3 points |
| Q4 2025 | -52% | -57 points |
| Q3 2025 | 1% | -0.9 points |
| Q2 2025 | -2.7% | -7.3 points |
| Q1 2025 | 3.7% | +3.6 points |
| Q4 2024 | 5.1% | +44 points |
AP's operating margin was 4.1% last quarter, up 3.1 points from the same quarter a year ago.
CAT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $20.7B | +17% |
| Q2 2026 | $20.5B | +24% |
| Q1 2026 | $17.4B | +22% |
| Q4 2025 | $19.1B | +18% |
| Q3 2025 | $17.6B | +9.5% |
| Q2 2025 | $16.6B | -0.7% |
| Q1 2025 | $14.2B | -9.8% |
| Q4 2024 | $16.2B | -5% |
CAT has the edge over AP on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +3.1 points |
| Q2 2026 | 21% | +3.6 points |
| Q1 2026 | 18% | -0.4 points |
| Q4 2025 | 14% | -4.1 points |
| Q3 2025 | 17% | -2.2 points |
| Q2 2025 | 17% | -3.6 points |
| Q1 2025 | 18% | -4.2 points |
| Q4 2024 | 18% | -0.3 points |
CAT has the edge over AP on profitability, with a higher operating margin.
AP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $19.1M | +483% |
| Q2 2026 | -$5.5M | -$1.7M |
| Q1 2026 | -$1.7M | +$5.7M |
| Q4 2025 | -$64K | -102% |
| Q3 2025 | $3.3M | -61% |
| Q2 2025 | -$3.8M | +$4.2M |
| Q1 2025 | -$7.5M | -541% |
| Q4 2024 | $3.7M | +1032% |
AP's free cash flow has turned positive again: $12M over the past year, against −$4M the year before.
CAT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +19% |
| Q2 2026 | $3.8B | +47% |
| Q1 2026 | $1.1B | +97% |
| Q4 2025 | $2.7B | +0.1% |
| Q3 2025 | $3.1B | -1.5% |
| Q2 2025 | $2.6B | -4.2% |
| Q1 2025 | $579M | -63% |
| Q4 2024 | $2.7B | -22% |
CAT generated $11.3B in free cash flow over the past year, up 26% from the year before.
AP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +197K shares |
| 1 year | +7% | +1.4M shares |
| 3 years | +11% | +2.2M shares |
| 5 years | +50% | +7.2M shares |
AP has 22M diluted shares, up 7% from a year ago.
CAT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -1.6M shares |
| 1 year | -2.1% | -9.9M shares |
| 3 years | -10% | -51.7M shares |
| 5 years | -16% | -86.7M shares |
| Available history | -19% | -107M shares |
CAT has the edge over AP on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.2B |
| Q2 2026 | $1.5B |
| Q1 2026 | $5B |
| Q4 2025 | $340M |
| Q3 2025 | $362M |
| Q2 2025 | $828M |
| Q1 2025 | $3.7B |
| Q4 2024 | $640M |
CAT spent $8.1B buying back its own shares over the past year, up 47% from the year before.
AP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | 4.2x | High |
| Q2 2025 | 4.6x | High |
| Q1 2025 | 3.5x | Elevated |
| Q4 2024 | 3.7x | Elevated |
| Q3 2023 | 4.6x | High |
| Q2 2023 | 4.7x | High |
| Q1 2023 | 5.0x | High |
| Q4 2022 | 4.8x | High |
AP's net debt is about 4.2 years of its operating earnings (EBITDA), down from 4.6 years a year ago.
CAT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.5x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.3x | Net Cash |
| Q4 2025 | 2.0x | Healthy |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.4x | Net Cash |
| Q1 2025 | -0.3x | Net Cash |
| Q4 2024 | 1.6x | Healthy |
CAT has more cash than debt.
AP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.2 | Neutral |
| Stochastic | 18.1 | Oversold |
AP's weekly RSI is 47 (neutral) and its Stochastic is 18 (oversold).
CAT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 32.7 | Neutral |
| Stochastic | 6.7 | Oversold |
CAT's weekly RSI is 33 (neutral) and its Stochastic is 7 (oversold).
AP PE vs Industrials Sector
| Metric | AP | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
AP has no meaningful PE right now: it lost money over the past year.
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.1% below |
| PE % | 69 | 58 | 11 pts above |
CAT is trading at 24x earnings, in line with the Industrials sector's median of 24x.
AP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.12 | 5.5% below |
| 20 week MA | $8.29 | 7.5% below |
| 50 week MA | $8.06 | 4.8% below |
| 100 week MA | $5.29 | 45% above |
| 200 week MA | $3.86 | 99% above |
AP has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 99% above its 200-week average.
CAT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $709.0 | 15% below |
| 20 week MA | $797.0 | 24% below |
| 50 week MA | $771.3 | 22% below |
| 100 week MA | $586.7 | 3.2% above |
| 200 week MA | $443.1 | 37% above |
CAT has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 37% above its 200-week average.
AP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.95 | $5.82 | +97% |
| 2021 | $5.82 | $4.65 | -20% |
| 2022 | $4.65 | $2.68 | -42% |
| 2023 | $2.68 | $2.73 | +1.9% |
| 2024 | $2.73 | $2.06 | -25% |
| 2025 | $2.06 | $4.65 | +126% |
| 2026 YTD | $4.65 | $7.67 | +65% |
AP has the edge over CAT on returns for 2026, with the stronger performance.
CAT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $148.3 | $179.6 | +21% |
| 2021 | $179.6 | $206.2 | +15% |
| 2022 | $206.2 | $239.9 | +16% |
| 2023 | $239.9 | $295.7 | +23% |
| 2024 | $295.7 | $364.9 | +23% |
| 2025 | $364.9 | $583.0 | +60% |
| 2026 YTD | $583.0 | $605.3 | +3.8% |
CAT has finished every year since 2020 higher, and it's up 3.8% so far in 2026.