APG
APi Group Corporation
APG offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
CAT
Caterpillar Inc.
CAT has the edge over APG overall, supported by stronger modeled upside and stronger fundamentals.
APG Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Under pressure |
APG's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
APG PE Valuation
APG 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.
APG Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for APG, with profitability improving.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
APG Earnings Per Share
APG has returned to profit: it earned $0.25 per share over the past year, after losing money the year before.
CAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $30.32 | +19% |
| 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 APG in the latest year-over-year earnings comparison.
APG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +22% |
| Q2 2026 | $2.3B | +13% |
| Q1 2026 | $2B | +15% |
| Q4 2025 | $2.1B | +14% |
| Q3 2025 | $2.1B | +14% |
| Q2 2025 | $2B | +15% |
| Q1 2025 | $1.7B | +7.4% |
| Q4 2024 | $1.9B | +5.8% |
APG has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.9% | +0.1 points |
| Q2 2026 | 7.8% | +0.6 points |
| Q1 2026 | 5.2% | +0.3 points |
| Q4 2025 | 7.8% | +1.5 points |
| Q3 2025 | 7.8% | 0 points |
| Q2 2025 | 7.2% | -0.1 points |
| Q1 2025 | 4.9% | -1.4 points |
| Q4 2024 | 6.2% | +2 points |
APG's operating margin was 7.9% last quarter, about level with the same quarter a year ago, near the top of its range since 2019.
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's revenue has grown year over year for five quarters in a row: $20.7B last quarter, up 17% from the same quarter a year ago.
| 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 APG on profitability, with a higher operating margin.
APG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $198M | -1.5% |
| Q2 2026 | $52M | -7.1% |
| Q1 2026 | $67M | +34% |
| Q4 2025 | $356M | +34% |
| Q3 2025 | $201M | +1.5% |
| Q2 2025 | $56M | -36% |
| Q1 2025 | $50M | +$65M |
| Q4 2024 | $265M | -3.6% |
APG generated $673M in free cash flow over the past year, up 18% from 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.
APG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -5.1M shares |
| 1 year | +0.6% | +2.4M shares |
| 3 years | +6.6% | +26.8M shares |
| 5 years | +37% | +118M shares |
| Available history | +225% | +299M shares |
APG has 432M diluted shares, up 0.6% from a year ago, despite $252M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $186M |
| Q2 2026 | $66M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $75M |
| Q4 2024 | — |
APG spent $252M buying back its own shares over the past year, about three times what it spent the year before.
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 APG 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.
APG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 2.3x | Moderate |
| Q4 2025 | 2.1x | Moderate |
| Q3 2025 | 2.7x | Moderate |
| Q2 2025 | 2.9x | Moderate |
| Q1 2025 | 2.9x | Moderate |
| Q4 2024 | 2.9x | Moderate |
APG's net debt is about 3.2 years of its operating earnings (EBITDA), up from 2.7 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 the edge over APG on leverage, with a lower net debt burden relative to earnings.
APG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.1 | Neutral |
| Stochastic | 68.5 | Neutral |
APG's weekly RSI is 56 (neutral) and its Stochastic is 69 (neutral).
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).
APG PE vs Industrials Sector
| Metric | APG | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
APG 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 | 1.3% below |
| PE % | 69 | 58 | 11 pts above |
CAT is trading at 24x earnings, in line with the Industrials sector's median of 24x.
APG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $40.9 | 6.2% above |
| 20 week MA | $40.6 | 7.1% above |
| 50 week MA | $41.6 | 4.5% above |
| 100 week MA | $36.1 | 21% above |
| 200 week MA | $28.3 | 54% above |
APG has the edge over CAT on trend strength, trading above more of its moving averages.
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.
APG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $6.60 | $12.0 | +81% |
| 2021 | $12.0 | $16.7 | +39% |
| 2022 | $16.7 | $12.4 | -26% |
| 2023 | $12.4 | $23.1 | +86% |
| 2024 | $23.1 | $24.0 | +4% |
| 2025 | $24.0 | $39.6 | +65% |
| 2026 YTD | $39.6 | $43.5 | +9.9% |
APG 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.