CAT
Caterpillar Inc.
CAT has the edge over CMBT overall, supported by stronger modeled upside and lower modeled downside.
CMBT
Cmb.Tech N.V.
CMBT 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.
CMBT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Under pressure |
CMBT's revenue, profitability and cash flow are currently healthy, 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 has the edge over CMBT in the historical PE scenario, which offers more potential upside but is not a forecast.
CMBT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.9x | $8.29 | -53% |
| Current | 6.1x | $17.61 | — |
| Fair | 7.7x | $22.14 | +26% |
| Forward | 9.8x | $17.61 | — |
| Expensive | 18x | $50.69 | +188% |
Historical ranges are pointers, not guarantees.
CMBT's PE is in its fair range at 6.1x, but its recent earnings include one-off gains. Analysts expect earnings to fall, which would put today's price at 9.8x next year's earnings.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over CMBT on the outlook, with more favorable valuation and earnings expectations.
CMBT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect CMBT's earnings and revenue to decline, with profitability weakening. 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 CMBT on earnings, with stronger typical year-over-year growth.
CMBT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.79 | -38% |
| Q2 2026 | $2.89 | +131% |
| Q1 2026 | $1.70 | -21% |
| Q4 2025 | $0.66 | -85% |
| Q3 2025 | $0.83 | -86% |
| Q2 2025 | $1.25 | -79% |
| Q1 2025 | $2.15 | -63% |
| Q4 2024 | $4.36 | +0.9% |
| Q3 2024 | $5.97 | +73% |
CMBT's earnings per share have fallen from their peak: $2.89 over the past year, against $6.02 in mid-2024. Its recent earnings include one-off gains.
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.
CMBT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $691.4M | +78% |
| Q1 2026 | $519.6M | +121% |
| Q4 2025 | $589M | +161% |
| Q3 2025 | $454.2M | +105% |
| Q2 2025 | $387.8M | +55% |
| Q1 2025 | $235M | -1.6% |
| Q4 2024 | $226M | -19% |
| Q3 2024 | $221.8M | -18% |
CMBT has the edge over CAT on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 41% | +25 points |
| Q1 2026 | 33% | -11 points |
| Q4 2025 | 28% | -33 points |
| Q3 2025 | 28% | -33 points |
| Q2 2025 | 15% | -71 points |
| Q1 2025 | 44% | +4.3 points |
| Q4 2024 | 61% | +23 points |
| Q3 2024 | 62% | +20 points |
CMBT 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 generated $11.3B in free cash flow over the past year, up 26% from the year before.
CMBT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $249.9M | +$542.3M |
| Q1 2026 | $167.4M | +$364.9M |
| Q4 2025 | $11.7M | +$322M |
| Q3 2025 | -$133.8M | +$26.4M |
| Q2 2025 | -$292.4M | -$28.1M |
| Q1 2025 | -$197.6M | -330% |
| Q4 2024 | -$310.3M | -262% |
| Q3 2024 | -$160.2M | -280% |
CMBT's free cash flow has turned positive again: $295M over the past year, against −$960M 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 CMBT 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.
CMBT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +49% | +96M shares |
| 3 years | +44% | +88.3M shares |
| 5 years | +38% | +80M shares |
| Available history | +83% | +132M shares |
CMBT has 290M diluted shares, up 49% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $572,205 |
| Q3 2024 | $716,108 |
CMBT hasn't bought back shares in the past year.
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 CMBT on leverage, with a lower net debt burden relative to earnings.
CMBT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 4.0x | Elevated |
| Q1 2026 | 4.4x | High |
| Q4 2025 | 6.3x | High |
| Q3 2025 | 7.3x | High |
| Q2 2025 | 7.3x | High |
| Q1 2025 | 6.6x | High |
| Q4 2024 | 2.2x | Moderate |
| Q3 2024 | 2.0x | Healthy |
CMBT's net debt is about 4.0 years of its operating earnings (EBITDA), down from 7.3 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).
CMBT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.6 | Neutral |
| Stochastic | 33.0 | Neutral |
CMBT's weekly RSI is 53 (neutral) and its Stochastic is 33 (neutral).
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.
CMBT PE vs Industrials Sector
| Metric | CMBT | Sector median | Relative |
|---|---|---|---|
| PE | 6.1x | 24x | 75% below |
| PE % | 45 | 58 | 13 pts below |
CMBT 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 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.
CMBT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.5 | 4.7% below |
| 20 week MA | $17.7 | 0.5% below |
| 50 week MA | $14.8 | 19% above |
| 100 week MA | $12.2 | 45% above |
| 200 week MA | $14.3 | 23% above |
CMBT 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 finished every year since 2020 higher, and it's up 3.8% so far in 2026.
CMBT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.2 | $8.08 | -34% |
| 2021 | $8.08 | $8.81 | +9% |
| 2022 | $8.81 | $17.2 | +96% |
| 2023 | $17.2 | $17.6 | +2% |
| 2024 | $17.6 | $10.0 | -43% |
| 2025 | $10.0 | $9.70 | -3.3% |
| 2026 YTD | $9.70 | $17.6 | +82% |
CMBT has the edge over CAT on returns for 2026, with the stronger performance.