CAT
Caterpillar Inc.
CAT has the edge over DLHC overall, supported by stronger fundamentals.
DLHC
DLH Holdings Corp.
DLHC 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.
DLHC Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Under pressure | |
| Stable | |
| Weak |
DLHC's cash flow is currently stable, but its revenue, profitability and balance sheet 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'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.
DLHC PE Valuation
DLHC 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 |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
DLHC Forward outlook
There aren't enough analyst estimates for DLHC to show an outlook.
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 DLHC on earnings quality, reporting a profit while its opponent remains loss making.
DLHC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$1.48 | -563% |
| Q1 2026 | -$0.30 | -179% |
| Q4 2025 | -$0.07 | -116% |
| Q3 2025 | $0.10 | -80% |
| Q2 2025 | $0.32 | +88% |
| Q1 2025 | $0.38 | +81% |
| Q4 2024 | $0.44 | +214% |
| Q3 2024 | $0.51 | +410% |
DLHC has swung to a loss: it lost $1.48 per share over the past year, after a profit the year before.
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 DLHC 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 DLHC on profitability, with a higher operating margin.
DLHC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $44.2M | -47% |
| Q1 2026 | $59.3M | -34% |
| Q4 2025 | $68.9M | -24% |
| Q3 2025 | $81.2M | -16% |
| Q2 2025 | $83.3M | -17% |
| Q1 2025 | $89.2M | -12% |
| Q4 2024 | $90.8M | -7.2% |
| Q3 2024 | $96.4M | -5% |
DLHC's revenue has slid since its 2021 peak: $44M last quarter, down 47% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -8.9% | -13 points |
| Q1 2026 | -0.1% | -5.8 points |
| Q4 2025 | 2.1% | -4.1 points |
| Q3 2025 | 2.8% | -3.8 points |
| Q2 2025 | 4.5% | -1.2 points |
| Q1 2025 | 5.7% | -0.1 points |
| Q4 2024 | 6.2% | -0.8 points |
| Q3 2024 | 6.6% | +6.5 points |
DLHC's operating margin was −8.9% last quarter, down 13 points from the same quarter a year ago, near the bottom of its range since 2019.
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 DLHC on cash flow, with more consistent year-over-year improvement.
DLHC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $4.2M | -55% |
| Q1 2026 | $3.8M | -75% |
| Q4 2025 | -$4.8M | +$7.3M |
| Q3 2025 | $10.7M | -13% |
| Q2 2025 | $9.4M | +109% |
| Q1 2025 | $15.1M | +205% |
| Q4 2024 | -$12.1M | -347% |
| Q3 2024 | $12.2M | -24% |
DLHC still generates free cash flow, though less than at its 2021 peak: $14M over the past year.
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 DLHC 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.
DLHC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +0.3% | +43K shares |
| 3 years | +4.3% | +593K shares |
| 5 years | +6.1% | +838K shares |
| Available history | +11% | +1.5M shares |
DLHC has 14M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q1 2023 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | $5,000 |
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 DLHC on leverage, with a lower net debt burden relative to earnings.
DLHC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 7.6x | High |
| Q1 2026 | 5.3x | High |
| Q4 2025 | 4.5x | High |
| Q3 2025 | 3.8x | Elevated |
| Q2 2025 | 3.6x | Elevated |
| Q1 2025 | 3.7x | Elevated |
| Q4 2024 | 4.0x | Elevated |
| Q3 2024 | 3.6x | Elevated |
DLHC's net debt is about 7.6 years of its operating earnings (EBITDA), up from 3.6 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).
DLHC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.0 | Neutral |
| Stochastic | 11.3 | Oversold |
DLHC's weekly RSI is 31 (neutral) and its Stochastic is 11 (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.
DLHC PE vs Industrials Sector
| Metric | DLHC | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
DLHC 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 DLHC on trend strength, trading above more of its moving averages.
DLHC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.80 | 7.9% below |
| 20 week MA | $4.32 | 19% below |
| 50 week MA | $5.17 | 32% below |
| 100 week MA | $5.39 | 35% below |
| 200 week MA | $8.53 | 59% below |
DLHC is in a downtrend: it's below all five of its weekly moving averages, and 59% 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 DLHC on returns for 2026, with the stronger performance.
DLHC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $4.12 | $9.15 | +122% |
| 2021 | $9.15 | $18.0 | +97% |
| 2022 | $18.0 | $12.5 | -30% |
| 2023 | $12.5 | $15.8 | +26% |
| 2024 | $15.8 | $7.63 | -52% |
| 2025 | $7.63 | $5.65 | -26% |
| 2026 YTD | $5.65 | $3.50 | -38% |
DLHC's yearly returns have swung widely, from +122% in 2020 to −52% in 2024. It's down 38% so far in 2026.