CAT
Caterpillar Inc.
CAT's fundamentals are strong, but it looks expensive: trading at 24x earnings, above its usual 18x. Analysts expect strong earnings growth, though they disagree widely on how much.
DFNS
T3 Defense Inc.
There isn't enough reported data to score DFNS yet.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
DFNS Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Weak | |
| Unavailable | |
| Unavailable |
DFNS's profitability is currently weak. There isn't enough data to rate its revenue, cash flow and balance sheet.
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.
DFNS PE Valuation
DFNS has no meaningful PE right now: it lost money over the past year.
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.
DFNS Forward outlook
There aren't enough analyst estimates for DFNS to show an outlook.
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 stronger earnings trend. Trailing diluted EPS is up 31% for CAT versus DFNS down 3,960%.
DFNS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2024 | -$1,180.00 | -$1,022.86 |
| Q1 2024 | -$1,112.86 | -$991.43 |
| Q4 2023 | -$971.43 | -$821.43 |
| Q3 2023 | -$114.29 | +$97.22 |
| Q2 2023 | -$157.14 | -$23.92 |
| Q1 2023 | -$121.43 | +$7.14 |
| Q4 2022 | -$150.00 | -$78.57 |
| Q3 2022 | -$211.51 | -$144.45 |
DFNS lost $4,411.25 per share over the past year, and its loss has widened in each of the last four quarters.
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 DFNS on profitability, with a higher operating margin.
DFNS Quarterly Revenue
DFNS has the edge over CAT in the latest year-over-year revenue comparison.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -85% | N/A |
| Q1 2026 | -104% | N/A |
| Q3 2024 | -601% | N/A |
| Q2 2024 | -794% | N/A |
| Q1 2024 | -932% | N/A |
| Q4 2023 | -171% | N/A |
DFNS's operating margin was −85% last quarter, up 847 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 DFNS on cash generation, producing positive trailing cash flow while its opponent burns cash.
DFNS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$4.9M | -$3.5M |
| Q1 2026 | -$5.1M | -$3.7M |
| Q4 2025 | -$1M | -$670.8K |
| Q3 2025 | -$2.5M | -$1.3M |
| Q2 2025 | -$1.4M | -$616.5K |
| Q1 2025 | -$1.4M | -$211K |
| Q4 2024 | -$340.1K | +$397.7K |
| Q2 2024 | -$740.5K | -$664.4K |
DFNS has burned cash in almost every quarter: −$13M over the past year, against −$4M 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 DFNS 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.
DFNS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +94% | +233K shares |
| 1 year | +967% | +435K shares |
| 3 years | +17490% | +477K shares |
| 5 years | +17426% | +477K shares |
DFNS has 480,024 diluted shares, up 967% from a year ago.
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 more cash than debt.
DFNS Net Leverage
DFNS's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
DFNS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.0 | Neutral |
| Stochastic | 0.3 | Oversold |
DFNS's weekly RSI is 31 (neutral) and its Stochastic is 0 (oversold).
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.1% below |
| PE % | 69 | 58 | 11 pts above |
CAT is trading at 24x earnings, in line with the Industrials sector's median of 24x.
DFNS PE vs Industrials Sector
DFNS 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 the edge over DFNS on trend strength, trading above more of its moving averages.
DFNS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.71 | 58% below |
| 20 week MA | $12.1 | 83% below |
| 50 week MA | $143.1 | 99% below |
| 100 week MA | $888.6 | 100% below |
| 200 week MA | $2,549.8 | 100% below |
DFNS is in a downtrend: it's below all five of its weekly moving averages, and 100% below 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 DFNS on returns for 2026, with the stronger performance.
DFNS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7,007.1 | $7,207.1 | +2.9% |
| 2021 | $7,207.1 | $7,278.6 | +1% |
| 2022 | $7,278.6 | $7,614.3 | +4.6% |
| 2023 | $7,614.3 | $2,870.0 | -62% |
| 2024 | $2,870.0 | $4,712.5 | +64% |
| 2025 | $4,712.5 | $528.8 | -89% |
| 2026 YTD | $528.8 | $2.00 | -100% |
DFNS is down 100% so far in 2026, after finishing higher in four of the previous six years.