CAT
Caterpillar Inc.
CAT has the edge over EAF overall, supported by stronger fundamentals and lower modeled downside.
EAF
GrafTech International Ltd.
EAF 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.
EAF Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Weak | |
| Weak |
EAF's revenue is currently stable, but its profitability, cash flow and balance sheet are weak.
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.
EAF PE Valuation
EAF 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.
EAF Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect EAF's losses to shrink, 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 edge over EAF on earnings quality, reporting a profit while its opponent remains loss making.
EAF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$7.41 | +$0.49 |
| Q2 2026 | -$6.75 | +$1.45 |
| Q1 2026 | -$8.61 | -$3.21 |
| Q4 2025 | -$8.45 | -$3.35 |
| Q3 2025 | -$7.90 | +$3.70 |
| Q2 2025 | -$8.20 | +$2.90 |
| Q1 2025 | -$5.40 | +$5.40 |
| Q4 2024 | -$5.10 | +$4.80 |
EAF is still losing money, but less than at its worst: $7.41 per share over the past year, against $11.60 at its worst in late 2024.
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 EAF 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 EAF on profitability, with a higher operating margin.
EAF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $140.2M | -2.7% |
| Q2 2026 | $127.4M | -3.4% |
| Q1 2026 | $125.1M | +12% |
| Q4 2025 | $116.5M | -13% |
| Q3 2025 | $144M | +10% |
| Q2 2025 | $131.8M | -4% |
| Q1 2025 | $111.8M | -18% |
| Q4 2024 | $134.2M | -2.1% |
EAF's revenue fell from its 2019 peak and has held roughly level since: $140M last quarter, down 2.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -16% | -13 points |
| Q2 2026 | -11% | -0.4 points |
| Q1 2026 | -25% | -8.2 points |
| Q4 2025 | -34% | -15 points |
| Q3 2025 | -3.5% | +17 points |
| Q2 2025 | -11% | -9.1 points |
| Q1 2025 | -16% | -0.6 points |
| Q4 2024 | -19% | +133 points |
EAF's operating margin was −16% last quarter, down 13 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 EAF on cash generation, producing positive trailing cash flow while its opponent burns cash.
EAF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$16.3M | -189% |
| Q2 2026 | -$75.5M | -$18.3M |
| Q1 2026 | -$27.1M | +$15.4M |
| Q4 2025 | -$39.3M | -$56K |
| Q3 2025 | $18.4M | -6.6% |
| Q2 2025 | -$57.1M | -$13.3M |
| Q1 2025 | -$42.5M | -$31.4M |
| Q4 2024 | -$39.2M | -1208% |
EAF has burned cash in seven of the last eight quarters: −$158M over the past year, against −$120M 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 EAF 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.
EAF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +259K shares |
| 1 year | +2.2% | +581K shares |
| 3 years | +3.1% | +805K shares |
| 5 years | -0.8% | -204K shares |
| Available history | -8.3% | -2.4M shares |
EAF has 27M diluted shares, up 2.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | $30M |
| Q1 2022 | $30M |
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.
EAF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2023 | 6.6x | High |
| Q2 2023 | 3.3x | Elevated |
| Q1 2023 | 2.1x | Moderate |
| Q4 2022 | 1.5x | Healthy |
| Q3 2022 | 1.3x | Healthy |
| Q2 2022 | 1.3x | Healthy |
| Q1 2022 | 1.5x | Healthy |
| Q4 2021 | 1.7x | Healthy |
EAF's net debt is about 6.6 years of its operating earnings (EBITDA), up from 1.3 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).
EAF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.4 | Neutral |
| Stochastic | 75.0 | Neutral |
EAF's weekly RSI is 56 (neutral) and its Stochastic is 75 (neutral).
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.
EAF PE vs Industrials Sector
| Metric | EAF | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
EAF 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 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.
EAF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.73 | 14% above |
| 20 week MA | $8.07 | 37% above |
| 50 week MA | $9.44 | 17% above |
| 100 week MA | $10.8 | 2.5% above |
| 200 week MA | $19.4 | 43% below |
EAF 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 the edge over EAF on returns for 2026, with the stronger performance.
EAF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $116.7 | $91.0 | -22% |
| 2021 | $91.0 | $116.5 | +28% |
| 2022 | $116.5 | $47.1 | -60% |
| 2023 | $47.1 | $21.9 | -54% |
| 2024 | $21.9 | $16.7 | -24% |
| 2025 | $16.7 | $16.3 | -2.7% |
| 2026 YTD | $16.3 | $11.1 | -32% |
EAF has finished four years in a row lower, and it's down 32% so far in 2026.