CAT
Caterpillar Inc.
CAT has the edge over CVEO overall, supported by stronger modeled upside and lower modeled downside.
CVEO
Civeo Corporation
CVEO 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.
CVEO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Healthy | |
| Stable |
CVEO's revenue and cash flow are currently healthy, and its profitability and balance sheet are stable.
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.
CVEO PE Valuation
CVEO has no meaningful PE right now: it lost money over the past year.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over CVEO on the outlook, with more favorable profitability expectations.
CVEO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect CVEO's losses to shrink, with revenue growing. 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 CVEO on earnings quality, reporting a profit while its opponent remains loss making.
CVEO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.65 | +$1.40 |
| Q2 2026 | -$1.19 | +$1.18 |
| Q1 2026 | -$1.21 | +$0.35 |
| Q4 2025 | -$1.59 | -$0.40 |
| Q3 2025 | -$2.05 | -250% |
| Q2 2025 | -$2.37 | -201% |
| Q1 2025 | -$1.56 | -175% |
| Q4 2024 | -$1.19 | -159% |
CVEO is still losing money, but far less than before: $0.65 per share over the past year, against $13.56 at its worst in early 2020.
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 CVEO 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 has the edge over CVEO on profitability, with a higher operating margin.
CVEO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $193.1M | +13% |
| Q2 2026 | $180M | +11% |
| Q1 2026 | $172.7M | +20% |
| Q4 2025 | $161.6M | +7.1% |
| Q3 2025 | $170.5M | -3.3% |
| Q2 2025 | $162.7M | -14% |
| Q1 2025 | $144M | -13% |
| Q4 2024 | $151M | -12% |
CVEO's revenue has grown year over year for four quarters in a row: $193M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.9% | +2.8 points |
| Q2 2026 | 2.8% | +1.1 points |
| Q1 2026 | 1.8% | +5.6 points |
| Q4 2025 | -0.1% | +6.6 points |
| Q3 2025 | 4.1% | +4.1 points |
| Q2 2025 | 1.7% | -5.2 points |
| Q1 2025 | -3.8% | -2.8 points |
| Q4 2024 | -6.7% | -17 points |
CVEO's operating margin was 6.9% last quarter, up 2.8 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 has the edge over CVEO on cash flow, with more consistent year-over-year improvement.
CVEO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $21M | +156% |
| Q2 2026 | $7.9M | +$14.7M |
| Q1 2026 | -$13.9M | -$161K |
| Q4 2025 | $14.5M | +720% |
| Q3 2025 | $8.2M | -71% |
| Q2 2025 | -$6.8M | -125% |
| Q1 2025 | -$13.7M | -3787% |
| Q4 2024 | $1.8M | -94% |
CVEO's free cash flow has turned positive again: $30M over the past year, against −$11M 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.
CVEO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -5% | -551K shares |
| 1 year | -16% | -2M shares |
| 3 years | -30% | -4.5M shares |
| 5 years | -28% | -4M shares |
| Available history | -25% | -3.5M shares |
CVEO has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $22.3M |
| Q2 2026 | — |
| Q1 2026 | $14.4M |
| Q4 2025 | $4.9M |
| Q3 2025 | $26.2M |
| Q2 2025 | $19.1M |
| Q1 2025 | $3.3M |
| Q4 2024 | $5.6M |
CVEO spent $42M buying back its own shares over the past year, down 23% 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 CVEO on leverage, with a lower net debt burden relative to earnings.
CVEO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 2.3x | Moderate |
| Q4 2025 | 2.2x | Moderate |
| Q3 2025 | 2.7x | Moderate |
| Q2 2025 | 2.8x | Moderate |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 0.6x | Very low |
CVEO's net debt is about 2.1 years of its operating earnings (EBITDA), down from 2.7 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).
CVEO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.6 | Neutral |
| Stochastic | 77.0 | Neutral |
CVEO's weekly RSI is 59 (neutral) and its Stochastic is 77 (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.
CVEO PE vs Industrials Sector
| Metric | CVEO | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
CVEO has no meaningful PE right now: it lost money over the past year.
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.
CVEO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $32.7 | 11% above |
| 20 week MA | $32.9 | 10% above |
| 50 week MA | $30.3 | 20% above |
| 100 week MA | $26.4 | 38% above |
| 200 week MA | $25.0 | 46% above |
CVEO 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.
CVEO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.2 | $15.1 | -6.7% |
| 2021 | $15.1 | $18.8 | +24% |
| 2022 | $18.8 | $31.5 | +67% |
| 2023 | $31.5 | $22.9 | -27% |
| 2024 | $22.9 | $22.2 | -2.8% |
| 2025 | $22.2 | $23.3 | +4.9% |
| 2026 YTD | $23.3 | $36.3 | +56% |
CVEO has the edge over CAT on returns for 2026, with the stronger performance.