CAE
CAE Inc.
CAE offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
CAT
Caterpillar Inc.
CAT has the edge over CAE overall, supported by stronger modeled upside and stronger fundamentals.
CAE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Strong | |
| Stable |
CAE's cash flow is currently strong, and its revenue, profitability and balance sheet are stable.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
CAE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $17.24 | -39% |
| Fair | 34x | $21.68 | -23% |
| Current | 45x | $28.15 | — |
| Expensive | 54x | $34.18 | +21% |
Historical ranges are pointers, not guarantees.
CAE's PE is 45x, but its earnings don't support one, so it isn't a reliable read right now.
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 has the edge over CAE in the historical PE scenario, which offers more potential upside but is not a forecast.
CAE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect CAE's earnings to grow and its profitability to improve, with its revenue holding steady.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
CAT has the edge over CAE on the outlook, with more favorable revenue expectations.
CAE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.63 | -31% |
| Q1 2026 | $0.68 | -24% |
| Q4 2025 | $0.82 | +$1.33 |
| Q3 2025 | $0.96 | +$1.71 |
| Q2 2025 | $0.91 | +$1.66 |
| Q1 2025 | $0.89 | +$1.73 |
| Q4 2024 | -$0.51 | -206% |
| Q3 2024 | -$0.75 | -242% |
CAE has the edge over CAT on earnings, with more consistent year-over-year improvement.
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 earned $25.48 per share over the past year, up 31% from the year before.
CAE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $824.9M | +6.8% |
| Q1 2026 | $935.1M | +4.3% |
| Q4 2025 | $880.3M | +2.3% |
| Q3 2025 | $869.4M | +8.8% |
| Q2 2025 | $772.4M | +2.4% |
| Q1 2025 | $896.7M | +13% |
| Q4 2024 | $860.1M | +12% |
| Q3 2024 | $799.1M | +8.2% |
CAE's revenue has grown year over year for 23 quarters in a row: $825M last quarter, up 6.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 6.2% | -6 points |
| Q1 2026 | 15% | -3.6 points |
| Q4 2025 | 16% | -5.8 points |
| Q3 2025 | 13% | +2.2 points |
| Q2 2025 | 12% | +2 points |
| Q1 2025 | 19% | +66 points |
| Q4 2024 | 21% | +10 points |
| Q3 2024 | 10% | +1.1 points |
CAE's operating margin was 6.2% last quarter, down 6 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'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 CAE on profitability, with a higher operating margin.
CAE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $86.8M | +$188.4M |
| Q1 2026 | $113.8M | +9% |
| Q4 2025 | $242M | +11% |
| Q3 2025 | $70.8M | +25% |
| Q2 2025 | -$101.7M | -$52.9M |
| Q1 2025 | $104.4M | +54% |
| Q4 2024 | $217.7M | +205% |
| Q3 2024 | $56.7M | -5.9% |
CAE has the edge over CAT on cash flow, with more consistent year-over-year improvement.
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.
CAE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -4.1% | -13.2M shares |
| 1 year | -3.5% | -11.1M shares |
| 3 years | -2.8% | -8.8M shares |
| 5 years | +4.8% | +14.2M shares |
| Available history | +18% | +46.4M shares |
CAE has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $27.4M |
| Q1 2026 | $2.2M |
| Q4 2025 | $1.1M |
| Q3 2025 | $1.2M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $6.7M |
CAE spent $32M buying back its own shares over the past year, about five 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 461M diluted shares, down 2.1% from a year ago, with $8.1B in buybacks over the past year.
| 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.
CAE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 2.7x | Moderate |
| Q4 2025 | 2.6x | Moderate |
| Q3 2025 | 2.7x | Moderate |
| Q2 2025 | 2.8x | Moderate |
| Q1 2025 | 2.8x | Moderate |
| Q4 2024 | 3.6x | Elevated |
| Q3 2024 | 3.9x | Elevated |
CAE's net debt is about 2.8 years of its operating earnings (EBITDA), about the same as 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 CAE on leverage, with a lower net debt burden relative to earnings.
CAE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.0 | Neutral |
| Stochastic | 61.2 | Neutral |
CAE's weekly RSI is 62 (neutral) and its Stochastic is 61 (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).
CAE PE vs Industrials Sector
| Metric | CAE | Sector median | Relative |
|---|---|---|---|
| PE | 45x | 24x | 87% above |
| PE % | 77 | 58 | 19 pts above |
CAE is trading at 45x earnings, a 87% premium to the Industrials sector's median of 24x, though its earnings don't support one.
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.1% below |
| PE % | 69 | 58 | 11 pts above |
CAT has the edge over CAE on valuation relative to its sector.
CAE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $25.3 | 11% above |
| 20 week MA | $25.2 | 12% above |
| 50 week MA | $27.0 | 4.2% above |
| 100 week MA | $26.6 | 5.9% above |
| 200 week MA | $23.7 | 19% above |
CAE 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.
CAE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.6 | $26.9 | +1.4% |
| 2021 | $26.9 | $25.3 | -5.9% |
| 2022 | $25.3 | $19.1 | -25% |
| 2023 | $19.1 | $21.6 | +13% |
| 2024 | $21.6 | $25.3 | +17% |
| 2025 | $25.3 | $31.4 | +24% |
| 2026 YTD | $31.4 | $28.2 | -10% |
CAE has finished higher in four of the last six years. It's down 10% so far in 2026.
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 the edge over CAE on returns for 2026, with the stronger performance.