CAT
Caterpillar Inc.
CAT has the edge over CDLR overall, supported by stronger fundamentals.
CDLR
Cadeler A/S
CDLR offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
CDLR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Under pressure | |
| Under pressure |
CDLR's revenue and profitability are currently healthy, but its cash flow and balance sheet are under pressure.
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.
CDLR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 2.9x | $6.93 | — |
| Cheap | 6.2x | $14.63 | +111% |
| Fair | 7.2x | $17.08 | +146% |
| Expensive | 23x | $55.05 | +694% |
Historical ranges are pointers, not guarantees.
CDLR has the edge over CAT in the historical PE scenario, which offers more potential upside but is not a forecast.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
CAT has the edge over CDLR on the outlook, with more favorable profitability expectations.
CDLR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for CDLR, but weaker profitability.
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.
CDLR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $2.36 | -19% |
| Q1 2026 | $3.29 | +194% |
| Q4 2025 | $3.40 | +310% |
| Q3 2025 | $3.31 | +$3.35 |
| Q2 2025 | $2.90 | +$3.28 |
| Q1 2025 | $1.12 | +11100% |
| Q4 2024 | $0.83 | +159% |
| Q3 2024 | -$0.04 | -103% |
CDLR has the edge over CAT on earnings, with more consistent year-over-year improvement.
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's operating margin was 20% last quarter, up 3.1 points from the same quarter a year ago.
CDLR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $319.4M | +23% |
| Q1 2026 | $138.6M | +90% |
| Q4 2025 | $184.4M | +93% |
| Q3 2025 | $171.4M | +91% |
| Q2 2025 | $258.9M | +269% |
| Q1 2025 | $72.7M | +243% |
| Q4 2024 | $95.5M | +393% |
| Q3 2024 | $89.5M | +244% |
CDLR has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 40% | -30 points |
| Q1 2026 | 6.2% | -1.1 points |
| Q4 2025 | 39% | -4.5 points |
| Q3 2025 | 52% | +10 points |
| Q2 2025 | 70% | +40 points |
| Q1 2025 | 7.4% | +113 points |
| Q4 2024 | 44% | +134 points |
| Q3 2024 | 41% | +38 points |
CDLR has the edge over CAT on profitability, with a higher operating margin.
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 has the edge over CDLR on cash generation, producing positive trailing cash flow while its opponent burns cash.
CDLR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$25.6M | +$147M |
| Q1 2026 | -$54.4M | +$441.4M |
| Q4 2025 | -$239.1M | -$218.7M |
| Q3 2025 | -$49M | +$201.6M |
| Q2 2025 | -$172.6M | +$38.6M |
| Q1 2025 | -$495.8M | -$397.3M |
| Q4 2024 | -$20.4M | +$14.3M |
| Q3 2024 | -$250.7M | -1045% |
CDLR has burned cash in almost every quarter: −$368M over the past year, against −$939M 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 CDLR 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.
CDLR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9.5% | +8.4M shares |
| 1 year | +9.7% | +8.5M shares |
| 3 years | +95% | +46.9M shares |
| 5 years | +211% | +65.5M shares |
| Available history | +903% | +86.9M shares |
CDLR has 96M diluted shares, up 9.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $586,030 |
| Q1 2026 | — |
| Q4 2025 | $9,853 |
| Q3 2025 | $75,510 |
| Q2 2025 | $1.9M |
| Q1 2025 | — |
| Q4 2024 | $5,901 |
| Q3 2024 | — |
CDLR spent $671,393 buying back its own shares over the past year, down 65% from the year before.
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 CDLR on leverage, with a lower net debt burden relative to earnings.
CDLR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.6x | Elevated |
| Q1 2026 | 3.0x | Moderate |
| Q4 2025 | 3.4x | Elevated |
| Q3 2025 | 3.2x | Elevated |
| Q2 2025 | 3.6x | Elevated |
| Q1 2025 | 6.0x | High |
| Q4 2024 | 4.1x | High |
| Q3 2024 | 7.1x | High |
CDLR's net debt is about 3.6 years of its operating earnings (EBITDA), about the same as a year ago.
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).
CDLR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 27.7 | Oversold |
| Stochastic | 33.9 | Neutral |
CDLR's weekly RSI is 28 (oversold) and its Stochastic is 34 (neutral).
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.
CDLR PE vs Industrials Sector
| Metric | CDLR | Sector median | Relative |
|---|---|---|---|
| PE | 2.9x | 24x | 88% below |
| PE % | 1 | 49 | 48 pts below |
CDLR has the edge over CAT on valuation relative to its sector.
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 stronger trend alignment. CAT is above 2 of 5 weekly averages versus CDLR above 0 of 4.
CDLR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $19.6 | 65% below |
| 20 week MA | $22.1 | 69% below |
| 50 week MA | $23.0 | 70% below |
| 100 week MA | $21.6 | 68% below |
CDLR is in a downtrend: it's below all four of its weekly moving averages, and 68% below its 100-week average.
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 CDLR on returns for 2026, with the stronger performance.
CDLR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $18.4 | $18.4 | 0% |
| 2024 | $18.4 | $22.5 | +22% |
| 2025 | $22.5 | $19.3 | -14% |
| 2026 YTD | $19.3 | $6.93 | -64% |
CDLR has finished lower in two of the last three years. It's down 64% so far in 2026.