CAT
Caterpillar Inc.
CAT has the edge over FORR overall, supported by lower modeled downside and stronger modeled upside.
FORR
Forrester Research, Inc.
FORR 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.
FORR Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Under pressure | |
| Under pressure | |
| Strong |
FORR's balance sheet is currently strong, but its revenue, profitability and cash flow are under pressure.
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.
FORR PE Valuation
FORR has no meaningful PE right now: it lost money over the past year.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over FORR on the outlook, with more favorable earnings and revenue expectations.
FORR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Decline | |
| Decline | |
| Stable | |
| Limited | |
| High |
Analysts expect FORR's earnings and revenue to decline, though with profitability 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 has the edge over FORR on earnings quality, reporting a profit while its opponent remains loss making.
FORR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.76 | — |
| Q3 2026 | -$2.34 | +$2.17 |
| Q2 2026 | -$2.22 | +$2.48 |
| Q1 2026 | -$2.80 | +$1.77 |
| Q4 2025 | -$6.28 | -$5.98 |
| Q3 2025 | -$4.51 | -$4.15 |
| Q2 2025 | -$4.70 | -6814% |
| Q1 2025 | -$4.57 | -22950% |
| Q4 2024 | -$0.30 | -288% |
FORR lost $2.34 per share over the past year, a smaller loss than the year before.
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 FORR 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 FORR on profitability, with a higher operating margin.
FORR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $86.1M | -8.7% |
| Q2 2026 | $100.2M | -10% |
| Q1 2026 | $85.5M | -4.9% |
| Q4 2025 | $101.1M | -6.5% |
| Q3 2025 | $94.3M | -8% |
| Q2 2025 | $111.7M | -8.3% |
| Q1 2025 | $89.9M | -10% |
| Q4 2024 | $108M | -8.5% |
FORR's revenue has slid since its 2022 peak: $86M last quarter, down 8.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.8% | -2 points |
| Q2 2026 | 3.4% | -2.8 points |
| Q1 2026 | -22% | +76 points |
| Q4 2025 | -37% | -36 points |
| Q3 2025 | 4.7% | +5.4 points |
| Q2 2025 | 6.2% | -3.1 points |
| Q1 2025 | -97% | -88 points |
| Q4 2024 | -0.5% | +0.7 points |
FORR's operating margin was 2.8% last quarter, down 2 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 FORR on cash flow, with more consistent year-over-year improvement.
FORR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.9M | +253% |
| Q2 2026 | -$12.6M | -$8.4M |
| Q1 2026 | $19.4M | -26% |
| Q4 2025 | -$4.3M | -$1.8M |
| Q3 2025 | $524K | +$747K |
| Q2 2025 | -$4.2M | -$493K |
| Q1 2025 | $26.1M | +$26.9M |
| Q4 2024 | -$2.5M | -124% |
FORR still generates free cash flow, though less than at its 2021 peak: $4M 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 the edge over FORR 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.
FORR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.8% | -539K shares |
| 1 year | -1% | -197K shares |
| 3 years | -1.9% | -373K shares |
| 5 years | -2.4% | -472K shares |
| Available history | +2.3% | +424K shares |
FORR has 19M diluted shares, down 1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $10.3M |
| Q4 2025 | $133,000 |
| Q3 2025 | $2.4M |
| Q2 2025 | $44,000 |
| Q1 2025 | — |
| Q4 2024 | $2.9M |
| Q3 2024 | $5M |
| Q2 2024 | $3.9M |
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.
FORR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2024 | -1.2x | Net Cash |
| Q3 2024 | -1.5x | Net Cash |
| Q2 2024 | -1.0x | Net Cash |
| Q1 2024 | -1.2x | Net Cash |
| Q4 2023 | -1.4x | Net Cash |
| Q3 2023 | -2.5x | Net Cash |
| Q2 2023 | -2.5x | Net Cash |
| Q1 2023 | -1.6x | Net Cash |
FORR has more cash than debt.
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).
FORR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.9 | Neutral |
| Stochastic | 27.6 | Neutral |
FORR's weekly RSI is 45 (neutral) and its Stochastic is 28 (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.
FORR PE vs Industrials Sector
| Metric | FORR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
FORR 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 FORR on trend strength, trading above more of its moving averages.
FORR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.9 | 16% below |
| 20 week MA | $11.0 | 17% below |
| 50 week MA | $8.46 | 8.2% above |
| 100 week MA | $9.55 | 4.2% below |
| 200 week MA | $17.0 | 46% below |
FORR's trend is mixed: it's above one of its five weekly moving averages, and 46% 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 finished every year since 2020 higher, and it's up 3.8% so far in 2026.
FORR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.9 | $40.4 | -3.6% |
| 2021 | $40.4 | $58.7 | +45% |
| 2022 | $58.7 | $34.4 | -41% |
| 2023 | $34.4 | $26.8 | -22% |
| 2024 | $26.8 | $15.7 | -41% |
| 2025 | $15.7 | $7.25 | -54% |
| 2026 YTD | $7.25 | $9.15 | +26% |
FORR has the edge over CAT on returns for 2026, with the stronger performance.