CAT
Caterpillar Inc.
CAT has the edge over CMRE overall, supported by stronger modeled upside and stronger fundamentals.
CMRE
Costamare Inc.
CMRE 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.
CMRE Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| Weak | |
| Stable |
CMRE's profitability is currently strong, and its balance sheet is stable, but its revenue and cash flow 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 has the edge over CMRE in the historical PE scenario, which offers more potential upside but is not a forecast.
CMRE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.6x | $6.65 | -50% |
| Fair | 4.9x | $12.61 | -4.8% |
| Current | 5.1x | $13.24 | — |
| Forward | 5.4x | $13.24 | — |
| Expensive | 6.5x | $16.77 | +27% |
Historical ranges are pointers, not guarantees.
CMRE's PE is in its fair range at 5.1x. On analysts' estimates for next year's earnings, today's price would be 5.4x.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over CMRE on the outlook, with more favorable valuation and earnings expectations.
CMRE Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect CMRE's revenue to grow, but its profitability to weaken.
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 earned $25.48 per share over the past year, up 31% from the year before.
CMRE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.45 | -5.4% |
| Q3 2026 | $2.59 | +3.6% |
| Q2 2026 | $2.63 | +11% |
| Q1 2026 | $2.68 | +9.8% |
| Q4 2025 | $2.85 | +17% |
| Q3 2025 | $2.50 | -17% |
| Q2 2025 | $2.36 | -16% |
| Q1 2025 | $2.44 | -5.1% |
| Q4 2024 | $2.44 | -17% |
CMRE 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 has the edge over CMRE on sales, with more consistent year-over-year improvement.
| 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.
CMRE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $212.1M | -5.8% |
| Q2 2026 | $200.8M | -4.8% |
| Q1 2026 | $201.6M | -55% |
| Q4 2025 | $212M | -61% |
| Q3 2025 | $225.2M | -59% |
| Q2 2025 | $210.9M | -3.2% |
| Q1 2025 | $446.2M | -6.1% |
| Q4 2024 | $548.4M | +11% |
CMRE's revenue has slid since its 2024 peak: $212M last quarter, down 5.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 43% | -9 points |
| Q2 2026 | 45% | -5 points |
| Q1 2026 | 44% | +20 points |
| Q4 2025 | 48% | +24 points |
| Q3 2025 | 52% | +33 points |
| Q2 2025 | 50% | -4.3 points |
| Q1 2025 | 24% | +2.4 points |
| Q4 2024 | 23% | +1.7 points |
CMRE 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 CMRE on cash generation, producing positive trailing cash flow while its opponent burns cash.
CMRE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$255.9M | -187% |
| Q1 2026 | $25.5M | -81% |
| Q4 2025 | $66.2M | +174% |
| Q3 2025 | $30.9M | -52% |
| Q2 2025 | $295M | +$295.5M |
| Q1 2025 | $137.3M | +47% |
| Q4 2024 | $24.1M | +$90.5M |
| Q3 2024 | $64.9M | +$144.3M |
CMRE's free cash flow was −$133M over the past year, against $521M 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 CMRE 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.
CMRE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +1.7K shares |
| 1 year | +0.4% | +468K shares |
| 3 years | -0.6% | -699K shares |
| 5 years | -2.1% | -2.6M shares |
| Available history | +1.7% | +2M shares |
CMRE has 121M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
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 CMRE on leverage, with a lower net debt burden relative to earnings.
CMRE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.1x | Moderate |
| Q1 2026 | 1.6x | Healthy |
| Q4 2025 | 1.7x | Healthy |
| Q3 2025 | 1.9x | Healthy |
| Q2 2025 | 2.0x | Moderate |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 2.8x | Moderate |
CMRE's net debt is about 2.2 years of its operating earnings (EBITDA), up from 1.9 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).
CMRE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.5 | Neutral |
| Stochastic | 16.2 | Oversold |
CMRE's weekly RSI is 39 (neutral) and its Stochastic is 16 (oversold).
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.
CMRE PE vs Industrials Sector
| Metric | CMRE | Sector median | Relative |
|---|---|---|---|
| PE | 5.1x | 24x | 79% below |
| PE % | 54 | 58 | 4 pts below |
CMRE 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 the edge over CMRE on trend strength, trading above more of its moving averages.
CMRE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $14.2 | 6.4% below |
| 20 week MA | $14.8 | 10% below |
| 50 week MA | $15.7 | 16% below |
| 100 week MA | $13.3 | 0.4% below |
| 200 week MA | $12.4 | 6.9% above |
CMRE has fallen below most of its moving averages, though it's still 6.9% above its 200-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 CMRE on returns for 2026, with the stronger performance.
CMRE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.59 | $7.84 | -18% |
| 2021 | $7.84 | $12.2 | +56% |
| 2022 | $12.2 | $9.06 | -26% |
| 2023 | $9.06 | $10.4 | +15% |
| 2024 | $10.4 | $12.8 | +23% |
| 2025 | $12.8 | $15.7 | +23% |
| 2026 YTD | $15.7 | $13.2 | -16% |
CMRE has finished higher in four of the last six years. It's down 16% so far in 2026.