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.
DPRO
Draganfly Inc.
There isn't enough reported data to score DPRO yet.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
DPRO Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Under pressure | |
| Unavailable | |
| Unavailable |
DPRO's profitability is currently under pressure. 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.
DPRO PE Valuation
DPRO 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.
DPRO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| -- | |
| Limited | |
| Low |
Analysts expect DPRO's losses to grow, with revenue growing. 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 stronger earnings trend. Trailing diluted EPS is up 31% for CAT versus DPRO down 195%.
DPRO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2025 | -$4.01 | +$0.23 |
| Q2 2025 | -$3.87 | +$2.62 |
| Q1 2025 | -$5.95 | +$0.84 |
| Q4 2024 | -$6.04 | +$3.80 |
| Q3 2024 | -$4.24 | +$13.18 |
| Q2 2024 | -$6.49 | +$11.46 |
| Q1 2024 | -$6.79 | +$8.17 |
| Q4 2023 | -$9.84 | +$4.83 |
DPRO is still losing money, but far less than before: $4.01 per share over the past year, against $23.88 at its worst in mid-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% |
DPRO has the stronger quarterly revenue trend. Revenue is up 17% for CAT versus up 354% for DPRO.
| 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.
DPRO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.9M | +226% |
| Q4 2025 | $1.3M | +19% |
| Q3 2025 | $1.5M | +14% |
| Q2 2025 | $1.5M | -14% |
| Q1 2025 | $1.1M | +16% |
| Q4 2024 | $1.1M | +76% |
| Q3 2024 | $1.3M | -12% |
| Q2 2024 | $1.7M | +30% |
DPRO's revenue is growing: $5M last quarter, up 354% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | -285% | N/A |
| Q4 2020 | -188% | +328 points |
| Q3 2020 | -173% | -105 points |
| Q2 2020 | -208% | -124 points |
| Q1 2020 | -245% | -72 points |
| Q4 2019 | -516% | -395 points |
| Q3 2019 | -67% | N/A |
| Q2 2019 | -84% | N/A |
DPRO's operating margin was −285% last quarter, down 40 points from the same quarter a year ago, near the bottom of its range since 2018.
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 stronger cash trend. Its trailing FCF is up 39% versus its history, compared with DPRO at down 287%.
DPRO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$26.9M | -$23.4M |
| Q4 2025 | -$7.2M | -$5.6M |
| Q1 2025 | -$2.9M | -$1M |
| Q4 2024 | -$1.6M | +$802.1K |
| Q1 2024 | -$1.9M | +$2.1M |
| Q4 2023 | -$2.4M | +$406.4K |
| Q3 2023 | -$2.8M | +$648.1K |
| Q2 2023 | -$4.3M | -$1.5M |
DPRO has burned cash in almost every quarter: −$41M over the past year, against −$9M 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 DPRO 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.
DPRO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +72% | +14.8M shares |
| 1 year | +954% | +32M shares |
| 3 years | +2549% | +34M shares |
| 5 years | +6191% | +34.8M shares |
| Available history | +11121% | +35M shares |
DPRO has 35M diluted shares, up 954% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | — |
| Q3 2019 | — |
| Q2 2019 | — |
| Q1 2019 | — |
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.
DPRO Net Leverage
DPRO'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).
DPRO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.1 | Neutral |
| Stochastic | 8.3 | Oversold |
DPRO's weekly RSI is 33 (neutral) and its Stochastic is 8 (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.
DPRO PE vs Industrials Sector
| Metric | DPRO | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
DPRO 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 DPRO on trend strength, trading above more of its moving averages.
DPRO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.99 | 28% below |
| 20 week MA | $4.51 | 36% below |
| 50 week MA | $5.82 | 51% below |
| 100 week MA | $5.16 | 44% below |
| 200 week MA | $10.5 | 73% below |
DPRO is in a downtrend: it's below all five of its weekly moving averages, and 73% 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 DPRO on returns for 2026, with the stronger performance.
DPRO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $57.4 | $70.2 | +22% |
| 2021 | $70.2 | $47.3 | -33% |
| 2022 | $47.3 | $21.0 | -56% |
| 2023 | $21.0 | $12.0 | -43% |
| 2024 | $12.0 | $4.74 | -60% |
| 2025 | $4.74 | $7.36 | +55% |
| 2026 YTD | $7.36 | $2.88 | -61% |
DPRO has finished lower in four of the last six years. It's down 61% so far in 2026.