CAT
Caterpillar Inc.
CAT has the edge over ENVX overall, supported by lower modeled downside and stronger modeled upside.
ENVX
Enovix Corporation
ENVX 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.
ENVX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Weak | |
| Unavailable |
ENVX's revenue is currently healthy, but its profitability and cash flow are weak. There isn't enough data to rate its 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.
ENVX PE Valuation
ENVX 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.
ENVX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong growth | |
| -- | |
| Limited | |
| Low |
Analysts expect ENVX's revenue to grow, with its earnings and profitability holding steady. 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 ENVX on earnings quality, reporting a profit while its opponent remains loss making.
ENVX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.79 | +$0.06 |
| Q1 2026 | -$0.81 | +$0.49 |
| Q4 2025 | -$0.75 | +$0.71 |
| Q3 2025 | -$0.82 | +$0.64 |
| Q2 2025 | -$0.85 | +$0.60 |
| Q1 2025 | -$1.30 | -$0.11 |
| Q4 2024 | -$1.46 | -$0.08 |
ENVX is still losing money, but less than at its worst: $0.79 per share over the past year, against $1.50 at its worst in late 2022.
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 ENVX on profitability, with a higher operating margin.
ENVX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $9M | +21% |
| Q1 2026 | $7.6M | +49% |
| Q4 2025 | $11.3M | +16% |
| Q3 2025 | $8M | +85% |
| Q2 2025 | $7.5M | +98% |
| Q1 2025 | $5.1M | -3.3% |
| Q4 2024 | $9.7M | +32% |
| Q3 2024 | $4.3M | +2059% |
ENVX has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -480% | +106 points |
| Q1 2026 | -578% | +257 points |
| Q4 2025 | -390% | -35 points |
| Q3 2025 | -588% | +553 points |
| Q2 2025 | -586% | +1770 points |
| Q1 2025 | -835% | +496 points |
| Q4 2024 | -355% | +522 points |
| Q3 2024 | -1141% | +24050 points |
ENVX's operating margin was −480% last quarter, up 106 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 ENVX on cash generation, producing positive trailing cash flow while its opponent burns cash.
ENVX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$31.4M | +$2.4M |
| Q1 2026 | -$36.3M | -$13.1M |
| Q4 2025 | -$28M | +$4.3M |
| Q3 2025 | -$28.5M | +$21.7M |
| Q2 2025 | -$33.8M | +$18.3M |
| Q1 2025 | -$23.2M | +$27M |
| Q4 2024 | -$32.3M | +$23.7M |
| Q3 2024 | -$50.2M | -$4.7M |
ENVX has burned cash in almost every quarter: −$124M over the past year, against −$140M 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 ENVX 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.
ENVX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +1.1M shares |
| 1 year | +6.7% | +13.7M shares |
| 3 years | +39% | +61.4M shares |
ENVX has 219M diluted shares, up 6.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | $58.4M |
| Q4 2024 | — |
| Q3 2024 | $3,000 |
| Q2 2024 | $1,000 |
| Q1 2024 | — |
| Q4 2023 | $3,000 |
| Q3 2023 | $10,000 |
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 more cash than debt.
ENVX Net Leverage
ENVX'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).
ENVX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.1 | Oversold |
| Stochastic | 18.0 | Oversold |
ENVX's weekly RSI is 29 (oversold) and its Stochastic is 18 (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.
ENVX PE vs Industrials Sector
ENVX 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 ENVX on trend strength, trading above more of its moving averages.
ENVX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.64 | 32% below |
| 20 week MA | $3.48 | 48% below |
| 50 week MA | $5.40 | 67% below |
| 100 week MA | $7.59 | 76% below |
| 200 week MA | $9.58 | 81% below |
ENVX is in a downtrend: it's below all five of its weekly moving averages, and 81% 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 ENVX on returns for 2026, with the stronger performance.
ENVX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $13.7 | $26.7 | +95% |
| 2022 | $26.7 | $11.0 | -59% |
| 2023 | $11.0 | $12.5 | +14% |
| 2024 | $12.5 | $11.3 | -9.9% |
| 2025 | $11.3 | $7.63 | -32% |
| 2026 YTD | $7.63 | $1.80 | -76% |
ENVX has finished lower in three of the last five years. It's down 76% so far in 2026.