CAT
Caterpillar Inc.
CAT has the edge over DE overall, supported by stronger modeled upside and stronger fundamentals.
DE
Deere & Company
DE's outlook is improving, though it still trails on the overall score.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
DE Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Healthy |
DE's profitability and balance sheet are currently healthy, and its revenue and cash flow 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 has the edge over DE in the historical PE scenario, which offers more potential upside but is not a forecast.
DE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $235 | -65% |
| Fair | 20x | $352 | -48% |
| Expensive | 31x | $554 | -18% |
| Forward | 31x | $679 | — |
| Current | 38x | $679 | — |
Historical ranges are pointers, not guarantees.
DE's PE is in its expensive range at 38x, but its recent earnings include one-off gains. If earnings grow as analysts expect, today's price would be 31x next year's earnings.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
DE Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for DE, with profitability improving. However, they disagree widely on these estimates.
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 has the edge over DE on earnings, with more consistent year-over-year improvement.
DE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $22.21 | +23% |
| Q3 2026 | $17.99 | -6.1% |
| Q2 2026 | $17.64 | -15% |
| Q1 2026 | $17.73 | -21% |
| Q4 2025 | $18.50 | -28% |
| Q3 2025 | $19.15 | -35% |
| Q2 2025 | $20.69 | -38% |
| Q1 2025 | $22.58 | -34% |
| Q4 2024 | $25.62 | -26% |
DE's earnings per share have fallen from their peak: $17.99 over the past year, against $34.63 in late 2023. 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 has the edge over DE 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 DE on profitability, with a higher operating margin.
DE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $12.6B | +4.9% |
| Q2 2026 | $13.4B | +4.7% |
| Q1 2026 | $9.6B | +13% |
| Q4 2025 | $12.4B | +11% |
| Q3 2025 | $12B | -8.6% |
| Q2 2025 | $12.8B | -16% |
| Q1 2025 | $8.5B | -30% |
| Q4 2024 | $11.1B | -28% |
DE's revenue has grown year over year for four quarters in a row: $12.6B last quarter, up 4.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +1.6 points |
| Q2 2026 | 17% | -1.2 points |
| Q1 2026 | 8.7% | -1.8 points |
| Q4 2025 | 12% | -2.1 points |
| Q3 2025 | 13% | -4.6 points |
| Q2 2025 | 18% | -2.2 points |
| Q1 2025 | 11% | -7.7 points |
| Q4 2024 | 14% | -6 points |
DE's operating margin was 15% last quarter, up 1.6 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 DE on cash flow, with more consistent year-over-year improvement.
DE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.9B | -25% |
| Q2 2026 | $1.7B | +16% |
| Q1 2026 | -$1.1B | +$338M |
| Q4 2025 | $3.5B | -22% |
| Q3 2025 | $2.6B | -9.5% |
| Q2 2025 | $1.5B | +0.1% |
| Q1 2025 | -$1.5B | -$214M |
| Q4 2024 | $4.5B | -12% |
DE generated $6B in free cash flow over the past year, down 15% 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 DE 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.
DE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -100K shares |
| 1 year | -0.3% | -700K shares |
| 3 years | -7.3% | -21.4M shares |
| 5 years | -14% | -42.7M shares |
| Available history | -16% | -49.9M shares |
DE has 271M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $197M |
| Q2 2026 | $198M |
| Q1 2026 | $302M |
| Q4 2025 | $2M |
| Q3 2025 | $298M |
| Q2 2025 | $397M |
| Q1 2025 | $441M |
| Q4 2024 | $780M |
DE spent $699M buying back its own shares over the past year, down 64% 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 DE on leverage, with a lower net debt burden relative to earnings.
DE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.6x | Healthy |
| Q2 2026 | 1.6x | Healthy |
| Q1 2026 | 1.6x | Healthy |
| Q4 2025 | 1.4x | Healthy |
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | 1.7x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.3x | Healthy |
DE's net debt is about 1.6 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).
DE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.8 | Neutral |
| Stochastic | 67.7 | Neutral |
DE's weekly RSI is 59 (neutral) and its Stochastic is 68 (neutral).
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.1% below |
| PE % | 69 | 58 | 11 pts above |
CAT has the edge over DE on valuation relative to its sector.
DE PE vs Industrials Sector
| Metric | DE | Sector median | Relative |
|---|---|---|---|
| PE | 38x | 24x | 57% above |
| PE % | 99 | 58 | 41 pts above |
DE is trading at 38x earnings, a 57% premium to the Industrials sector's median of 24x, though its recent earnings include one-off gains.
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.
DE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $664.0 | 2.2% above |
| 20 week MA | $645.0 | 5.2% above |
| 50 week MA | $591.3 | 15% above |
| 100 week MA | $534.9 | 27% above |
| 200 week MA | $464.1 | 46% above |
DE 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.
DE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $175.8 | $269.2 | +53% |
| 2021 | $269.2 | $349.2 | +30% |
| 2022 | $349.2 | $436.9 | +25% |
| 2023 | $436.9 | $399.9 | -8.5% |
| 2024 | $399.9 | $430.1 | +7.5% |
| 2025 | $430.1 | $468.9 | +9% |
| 2026 YTD | $468.9 | $678.8 | +45% |
DE has the edge over CAT on returns for 2026, with the stronger performance.