CAT
Caterpillar Inc.
CAT has the edge over CDRE overall, supported by stronger fundamentals and stronger modeled upside.
CDRE
Cadre Holdings, Inc.
CDRE 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.
CDRE Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Healthy | |
| Under pressure |
CDRE's revenue and cash flow are currently healthy, and its profitability is stable, but its balance sheet is 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.
CDRE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $33.08 | — |
| Cheap | 32x | $29.19 | -12% |
| Fair | 35x | $31.42 | -5% |
| Current | 37x | $33.08 | — |
| Expensive | 39x | $35.21 | +6.4% |
Historical ranges are pointers, not guarantees.
CDRE 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 | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
CDRE Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for CDRE, with profitability improving. However, they disagree widely on these estimates.
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 CDRE on earnings, with more consistent year-over-year improvement.
CDRE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.43 | +59% |
| Q3 2026 | $0.90 | -20% |
| Q2 2026 | $0.80 | -15% |
| Q1 2026 | $0.84 | -12% |
| Q4 2025 | $1.02 | +13% |
| Q3 2025 | $1.12 | +35% |
| Q2 2025 | $0.94 | -8.7% |
| Q1 2025 | $0.95 | -5.9% |
| Q4 2024 | $0.90 | -12% |
CDRE's earnings per share have fallen from their peak: $0.90 over the past year, against $1.21 in early 2021.
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 CDRE on profitability, with a higher operating margin.
CDRE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $202.9M | +30% |
| Q2 2026 | $207.1M | +32% |
| Q1 2026 | $155.4M | +19% |
| Q4 2025 | $167.2M | -5% |
| Q3 2025 | $155.9M | +42% |
| Q2 2025 | $157.1M | +8.9% |
| Q1 2025 | $130.1M | -5.6% |
| Q4 2024 | $176M | +41% |
CDRE has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +2 points |
| Q2 2026 | 11% | +1.5 points |
| Q1 2026 | 4.8% | -5.6 points |
| Q4 2025 | 12% | -4.5 points |
| Q3 2025 | 12% | +7 points |
| Q2 2025 | 9.3% | -4.5 points |
| Q1 2025 | 10% | +1.7 points |
| Q4 2024 | 17% | +6.5 points |
CDRE's operating margin was 14% last quarter, up 2 points from the same quarter a year ago.
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.
CDRE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $19.9M | -8.2% |
| Q2 2026 | $18.7M | +1505% |
| Q1 2026 | $19.8M | +23% |
| Q4 2025 | $18M | -20% |
| Q3 2025 | $21.6M | +$27.9M |
| Q2 2025 | $1.2M | -87% |
| Q1 2025 | $16.1M | +1925% |
| Q4 2024 | $22.4M | -8.4% |
CDRE generated $76M in free cash flow over the past year, up 25% from 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 CDRE 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.
CDRE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +77.4K shares |
| 1 year | +6.1% | +2.5M shares |
| 3 years | +15% | +5.5M shares |
| 5 years | +58% | +16M shares |
| Available history | +26% | +8.8M shares |
CDRE has 43M diluted shares, up 6.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
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 CDRE on leverage, with a lower net debt burden relative to earnings.
CDRE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Elevated |
| Q2 2026 | 3.5x | Elevated |
| Q1 2026 | 4.0x | Elevated |
| Q4 2025 | 2.1x | Moderate |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 2.2x | Moderate |
| Q1 2025 | 1.0x | Healthy |
| Q4 2024 | 1.2x | Healthy |
CDRE's net debt is about 3.0 years of its operating earnings (EBITDA), up from 1.7 years 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).
CDRE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.7 | Neutral |
| Stochastic | 65.2 | Neutral |
CDRE's weekly RSI is 58 (neutral) and its Stochastic is 65 (neutral).
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.3% below |
| PE % | 69 | 58 | 11 pts above |
CAT has the edge over CDRE on valuation relative to its sector.
CDRE PE vs Industrials Sector
| Metric | CDRE | Sector median | Relative |
|---|---|---|---|
| PE | 37x | 24x | 53% above |
| PE % | 65 | 66 | 1 pt below |
CDRE is trading at 37x earnings, a 53% premium to the Industrials sector's median of 24x.
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.
CDRE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $28.5 | 16% above |
| 20 week MA | $29.7 | 11% above |
| 50 week MA | $33.6 | 1.4% below |
| 100 week MA | $34.0 | 2.7% below |
| 200 week MA | $31.9 | 3.8% above |
CDRE has the edge over CAT on trend strength, trading above more of its moving averages.
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 CDRE on returns for 2026, with the stronger performance.
CDRE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $15.3 | $21.3 | +39% |
| 2022 | $21.3 | $20.1 | -5.4% |
| 2023 | $20.1 | $32.9 | +64% |
| 2024 | $32.9 | $32.1 | -2.6% |
| 2025 | $32.1 | $41.9 | +31% |
| 2026 YTD | $41.9 | $33.1 | -21% |
CDRE has finished higher in three of the last five years. It's down 21% so far in 2026.