CAT
Caterpillar Inc.
CAT has the edge over EVLV overall, supported by stronger modeled upside and lower modeled downside.
EVLV
Evolv Technologies Holdings, Inc.
EVLV 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.
EVLV Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Strong | |
| Unavailable |
EVLV's revenue and cash flow are currently healthy, but its profitability is 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.
EVLV PE Valuation
EVLV 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.
EVLV Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect EVLV'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 EVLV on earnings quality, reporting a profit while its opponent remains loss making.
EVLV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.10 | +$0.27 |
| Q2 2026 | -$0.02 | +$0.53 |
| Q1 2026 | -$0.22 | +$0.06 |
| Q4 2025 | -$0.20 | +$0.15 |
| Q3 2025 | -$0.37 | -$0.03 |
| Q2 2025 | -$0.55 | -$0.43 |
| Q1 2025 | -$0.28 | +$0.31 |
| Q4 2024 | -$0.35 | +$0.36 |
EVLV is still losing money, but far less than before: $0.10 per share over the past year, against $0.98 at its worst in mid-2023.
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 EVLV on profitability, with a higher operating margin.
EVLV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $47.3M | +10% |
| Q2 2026 | $43.8M | +34% |
| Q1 2026 | $46.3M | +45% |
| Q4 2025 | $38.5M | +32% |
| Q3 2025 | $42.9M | +57% |
| Q2 2025 | $32.5M | +27% |
| Q1 2025 | $32M | +48% |
| Q4 2024 | $29.1M | +33% |
EVLV has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -30% | -10 points |
| Q2 2026 | -24% | +30 points |
| Q1 2026 | -18% | +27 points |
| Q4 2025 | -21% | +44 points |
| Q3 2025 | -20% | +50 points |
| Q2 2025 | -54% | +34 points |
| Q1 2025 | -45% | +58 points |
| Q4 2024 | -65% | +36 points |
EVLV's operating margin was −30% last quarter, down 10 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.
EVLV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $18M | +410% |
| Q2 2026 | $11.9M | +463% |
| Q1 2026 | -$3.2M | -$640K |
| Q4 2025 | $15.6M | +386% |
| Q3 2025 | $3.5M | -9.8% |
| Q2 2025 | $2.1M | +$24M |
| Q1 2025 | -$2.5M | +$13.5M |
| Q4 2024 | $3.2M | +$6.3M |
EVLV 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 EVLV 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.
EVLV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +1.1M shares |
| 1 year | +4.8% | +8.4M shares |
| 3 years | +4.1% | +7.2M shares |
| 5 years | +26% | +37M shares |
EVLV has 181M diluted shares, up 4.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
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.
EVLV Net Leverage
EVLV'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).
EVLV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.8 | Neutral |
| Stochastic | 20.9 | Neutral |
EVLV's weekly RSI is 37 (neutral) and its Stochastic is 21 (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.
EVLV PE vs Industrials Sector
EVLV 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 EVLV on trend strength, trading above more of its moving averages.
EVLV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.51 | 7.8% below |
| 20 week MA | $5.11 | 19% below |
| 50 week MA | $5.73 | 27% below |
| 100 week MA | $5.62 | 26% below |
| 200 week MA | $4.86 | 14% below |
EVLV is in a downtrend: it's below all five of its weekly moving averages, and 14% 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 EVLV on returns for 2026, with the stronger performance.
EVLV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.78 | $10.1 | +3.1% |
| 2021 | $10.1 | $5.04 | -50% |
| 2022 | $5.04 | $2.20 | -56% |
| 2023 | $2.20 | $4.72 | +115% |
| 2024 | $4.72 | $3.97 | -16% |
| 2025 | $3.97 | $6.66 | +68% |
| 2026 YTD | $6.66 | $4.16 | -38% |
EVLV's yearly returns have swung widely, from +115% in 2023 to −56% in 2022. It's down 38% so far in 2026.