CAT
Caterpillar Inc.
CAT has slightly lower modeled downside risk, despite its lower overall score.
DY
Dycom Industries, Inc.
DY has the edge over CAT overall, supported by stronger valuation and stronger modeled upside.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
DY Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Stable |
DY's revenue, profitability and cash flow are currently healthy, and its balance sheet is 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.
DY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $225 | — |
| Cheap | 19x | $212 | -6% |
| Current | 21x | $225 | — |
| Fair | 31x | $345 | +53% |
| Expensive | 63x | $687 | +205% |
Historical ranges are pointers, not guarantees.
DY has the edge over CAT in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
DY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for DY, 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 earned $25.48 per share over the past year, up 31% from the year before.
DY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $18.90 | +73% |
| Q3 2026 | $10.95 | +23% |
| Q2 2026 | $10.47 | +33% |
| Q1 2026 | $9.56 | +21% |
| Q4 2025 | $10.16 | +34% |
| Q3 2025 | $8.90 | +11% |
| Q2 2025 | $7.89 | +1.7% |
| Q1 2025 | $7.92 | +7.5% |
| Q4 2024 | $7.60 | +2.6% |
DY has the edge over CAT on earnings, with more consistent year-over-year improvement.
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 DY on profitability, with a higher operating margin.
DY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2B | +46% |
| Q2 2026 | $2B | +56% |
| Q1 2026 | $1.5B | +34% |
| Q4 2025 | $1.5B | +14% |
| Q3 2025 | $1.4B | +15% |
| Q2 2025 | $1.3B | +10% |
| Q1 2025 | $1.1B | +14% |
| Q4 2024 | $1.3B | +12% |
DY has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.6% | -0.6 points |
| Q2 2026 | 7.3% | +0.5 points |
| Q1 2026 | 3.4% | -1.6 points |
| Q4 2025 | 10% | +2.4 points |
| Q3 2025 | 10% | +1.5 points |
| Q2 2025 | 6.8% | -0.3 points |
| Q1 2025 | 5% | +0.5 points |
| Q4 2024 | 8% | -2.5 points |
DY's operating margin was 9.6% last quarter, down 0.6 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 generated $11.3B in free cash flow over the past year, up 26% from the year before.
DY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $34.2M | +493% |
| Q2 2026 | -$94.9M | +$38.6M |
| Q1 2026 | $364.6M | +40% |
| Q4 2025 | $164.8M | +$173.6M |
| Q3 2025 | $5.8M | +$78.7M |
| Q2 2025 | -$133.5M | -$54.1M |
| Q1 2025 | $259.7M | -3% |
| Q4 2024 | -$8.8M | +$95.7M |
DY has the edge over CAT on cash flow, with more consistent year-over-year improvement.
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 DY 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.
DY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -18.5K shares |
| 1 year | +3.8% | +1.1M shares |
| 3 years | +2.5% | +753K shares |
| 5 years | -1.6% | -509K shares |
| Available history | -4.6% | -1.5M shares |
DY has 30M diluted shares, up 3.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $36M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $30.2M |
| Q1 2025 | $35.9M |
| Q4 2024 | — |
DY spent $36M buying back its own shares over the past year, down 46% 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 DY on leverage, with a lower net debt burden relative to earnings.
DY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.7x | Moderate |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 3.0x | Elevated |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.8x | Healthy |
| Q1 2025 | 1.6x | Healthy |
| Q4 2024 | 2.1x | Moderate |
DY's net debt is about 2.7 years of its operating earnings (EBITDA), up from 1.6 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).
DY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.7 | Neutral |
| Stochastic | 9.9 | Oversold |
DY's weekly RSI is 32 (neutral) and its Stochastic is 10 (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.
DY PE vs Industrials Sector
| Metric | DY | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 24x | 14% below |
| PE % | 23 | 58 | 35 pts below |
DY has the edge over CAT on valuation relative to its sector.
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 DY on trend strength, trading above more of its moving averages.
DY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $244.1 | 7.7% below |
| 20 week MA | $323.4 | 30% below |
| 50 week MA | $367.2 | 39% below |
| 100 week MA | $296.6 | 24% below |
| 200 week MA | $212.9 | 5.8% above |
DY has fallen below most of its moving averages, though it's still 5.8% above 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 DY on returns for 2026, with the stronger performance.
DY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.5 | $73.9 | +59% |
| 2021 | $73.9 | $91.3 | +23% |
| 2022 | $91.3 | $93.8 | +2.7% |
| 2023 | $93.8 | $115.1 | +23% |
| 2024 | $115.1 | $175.2 | +52% |
| 2025 | $175.2 | $347.6 | +98% |
| 2026 YTD | $347.6 | $225.3 | -35% |
DY has finished every year since 2020 higher, and it's down 35% so far in 2026.