CAT
Caterpillar Inc.
CAT has the edge over ENR overall, supported by stronger fundamentals and stronger modeled upside.
ENR
Energizer Holdings, Inc.
ENR 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.
ENR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Weak |
ENR's revenue, profitability and cash flow are currently stable, but its balance sheet is 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 has the edge over ENR in the historical PE scenario, which offers more potential upside but is not a forecast.
ENR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 7.2x | $24.17 | — |
| Cheap | 7.9x | $9.35 | -61% |
| Fair | 20x | $23.35 | -3.4% |
| Current | 20x | $24.17 | — |
| Expensive | 112x | $132 | +448% |
Historical ranges are pointers, not guarantees.
ENR's PE is 20x, but its earnings don't support one, so it isn't a reliable read right now.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over ENR on the outlook, with more favorable revenue expectations.
ENR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect ENR's earnings to grow and its profitability to improve, with its revenue holding steady.
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 earned $25.48 per share over the past year, up 31% from the year before.
ENR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.34 | +183% |
| Q2 2026 | $1.18 | -66% |
| Q1 2026 | $2.73 | +274% |
| Q4 2025 | $2.97 | +276% |
| Q3 2025 | $3.32 | +538% |
| Q2 2025 | $3.47 | +2379% |
| Q1 2025 | $0.73 | -39% |
| Q4 2024 | $0.79 | -39% |
| Q3 2024 | $0.52 | -73% |
ENR 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 has the edge over ENR on sales, with stronger typical year-over-year growth.
| 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 ENR on profitability, with a higher operating margin.
ENR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $734.1M | +1.2% |
| Q1 2026 | $643.3M | -3% |
| Q4 2025 | $778.9M | +6.5% |
| Q3 2025 | $832.8M | +3.4% |
| Q2 2025 | $725.3M | +3.4% |
| Q1 2025 | $662.9M | -0.1% |
| Q4 2024 | $731.7M | +2.1% |
| Q3 2024 | $805.7M | -0.7% |
ENR's revenue grew through 2020 and has held roughly level since: $734M last quarter, up 1.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 6.8% | -16 points |
| Q1 2026 | 3.4% | -2.1 points |
| Q4 2025 | -0.6% | -4.7 points |
| Q3 2025 | 6.4% | -1 points |
| Q2 2025 | 23% | +31 points |
| Q1 2025 | 5.5% | -0.9 points |
| Q4 2024 | 4.1% | +2.8 points |
| Q3 2024 | 7.4% | +4.6 points |
ENR's operating margin was 6.8% last quarter, down 16 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 ENR on cash flow, with more consistent year-over-year improvement.
ENR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$900K | -111% |
| Q1 2026 | -$19.4M | +$14.4M |
| Q4 2025 | $124.2M | +193% |
| Q3 2025 | $46.7M | -67% |
| Q2 2025 | $7.9M | -71% |
| Q1 2025 | -$33.8M | -428% |
| Q4 2024 | $42.4M | -72% |
| Q3 2024 | $141.5M | +83% |
ENR usually generates cash, though not every quarter: the latest was −$900,000, but it generated $151M 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 461M diluted shares, down 2.1% from a year ago, with $8.1B in buybacks over the past year.
| 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.
ENR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +100K shares |
| 1 year | -4% | -2.9M shares |
| 3 years | -4.6% | -3.3M shares |
| 5 years | +0.9% | +600K shares |
| Available history | +2.8% | +1.9M shares |
ENR has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $900,000 |
| Q4 2025 | $4.5M |
| Q3 2025 | $27.1M |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
ENR spent $33M buying back its own shares over the past year.
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 ENR on leverage, with a lower net debt burden relative to earnings.
ENR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 12.8x | High |
| Q1 2026 | 8.7x | High |
| Q4 2025 | 8.3x | High |
| Q3 2025 | 7.7x | High |
| Q2 2025 | 7.4x | High |
| Q1 2025 | 15.7x | High |
| Q4 2024 | 14.9x | High |
| Q3 2024 | 17.1x | High |
ENR's net debt is about 13 years of its operating earnings (EBITDA), up from 7.3 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).
ENR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.4 | Neutral |
| Stochastic | 78.0 | Neutral |
ENR's weekly RSI is 62 (neutral) and its Stochastic is 78 (neutral).
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.
ENR PE vs Industrials Sector
| Metric | ENR | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 24x | 15% below |
| PE % | 50 | 58 | 8 pts below |
ENR 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 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.
ENR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $22.6 | 6.9% above |
| 20 week MA | $21.9 | 10% above |
| 50 week MA | $20.6 | 17% above |
| 100 week MA | $23.8 | 1.8% above |
| 200 week MA | $28.0 | 14% below |
ENR 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 finished every year since 2020 higher, and it's up 3.8% so far in 2026.
ENR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $50.9 | $43.6 | -14% |
| 2021 | $43.6 | $38.5 | -12% |
| 2022 | $38.5 | $33.6 | -13% |
| 2023 | $33.6 | $31.7 | -5.7% |
| 2024 | $31.7 | $35.4 | +12% |
| 2025 | $35.4 | $20.3 | -43% |
| 2026 YTD | $20.3 | $24.2 | +19% |
ENR has the edge over CAT on returns for 2026, with the stronger performance.