CAT
Caterpillar Inc.
CAT has the edge over FTAI overall, supported by stronger fundamentals and lower modeled downside.
FTAI
FTAI Aviation Ltd.
FTAI 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.
FTAI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Weak | |
| Under pressure |
FTAI's revenue and profitability are currently healthy, but its cash flow and balance sheet 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 has the edge over FTAI in the historical PE scenario, which offers more potential upside but is not a forecast.
FTAI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.5x | $36.74 | -80% |
| Forward | 17x | $183 | — |
| Current | 37x | $183 | — |
| Fair | 38x | $188 | +2.5% |
| Expensive | 52x | $255 | +39% |
Historical ranges are pointers, not guarantees.
FTAI's PE is in its fair range at 37x. If earnings grow as analysts expect, today's price would be 17x next year's earnings, in its cheap range.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over FTAI on the outlook, with more favorable profitability expectations.
FTAI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for FTAI, 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 earned $25.48 per share over the past year, up 31% from the year before.
FTAI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $10.79 | +120% |
| Q3 2026 | $4.91 | +11% |
| Q2 2026 | $4.58 | +13% |
| Q1 2026 | $5.02 | +1992% |
| Q4 2025 | $4.60 | +$4.92 |
| Q3 2025 | $4.41 | +$4.50 |
| Q2 2025 | $4.07 | +$4.59 |
| Q1 2025 | $0.24 | -89% |
| Q4 2024 | -$0.32 | -115% |
FTAI 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'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's operating margin was 20% last quarter, up 3.1 points from the same quarter a year ago.
FTAI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $977.7M | +47% |
| Q2 2026 | $953.1M | +41% |
| Q1 2026 | $830.7M | +65% |
| Q4 2025 | $662M | +33% |
| Q3 2025 | $667.1M | +43% |
| Q2 2025 | $676.2M | +52% |
| Q1 2025 | $502.1M | +54% |
| Q4 2024 | $498.8M | +60% |
FTAI has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 22% | -7.7 points |
| Q2 2026 | 20% | -11 points |
| Q1 2026 | 21% | -9.6 points |
| Q4 2025 | 27% | -4.7 points |
| Q3 2025 | 30% | -1.9 points |
| Q2 2025 | 31% | +80 points |
| Q1 2025 | 30% | +16 points |
| Q4 2024 | 32% | +18 points |
FTAI has the edge over CAT on profitability, with a higher operating margin.
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 FTAI on cash generation, producing positive trailing cash flow while its opponent burns cash.
FTAI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$110.1M | -$108.3M |
| Q2 2026 | -$122.6M | -$5.4M |
| Q1 2026 | -$166.7M | -$136.6M |
| Q4 2025 | -$189.3M | -$141.2M |
| Q3 2025 | -$1.8M | -104% |
| Q2 2025 | -$117.2M | +$71.2M |
| Q1 2025 | -$30.1M | -$28.5M |
| Q4 2024 | -$48.1M | -582% |
FTAI has burned cash in most quarters: −$589M over the past year, against −$197M 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 FTAI 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.
FTAI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +62.3K shares |
| 1 year | +0.1% | +140K shares |
| 3 years | +3.6% | +3.6M shares |
| 5 years | +21% | +18.1M shares |
| Available history | +21% | +18M shares |
FTAI has 104M diluted shares, about the same as a year ago.
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 FTAI on leverage, with a lower net debt burden relative to earnings.
FTAI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 3.3x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 3.3x | Elevated |
| Q3 2025 | 3.1x | Elevated |
| Q2 2025 | 3.5x | Elevated |
| Q1 2025 | 7.5x | High |
| Q4 2024 | 9.4x | High |
FTAI's net debt is about 3.2 years of its operating earnings (EBITDA), about the same as 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).
FTAI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.6 | Neutral |
| Stochastic | 42.0 | Neutral |
FTAI's weekly RSI is 45 (neutral) and its Stochastic is 42 (neutral).
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.3% below |
| PE % | 69 | 58 | 11 pts above |
CAT has the edge over FTAI on valuation relative to its sector.
FTAI PE vs Industrials Sector
| Metric | FTAI | Sector median | Relative |
|---|---|---|---|
| PE | 37x | 24x | 55% above |
| PE % | 46 | 58 | 12 pts below |
FTAI is trading at 37x earnings, a 55% premium to the Industrials sector's median of 24x.
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.
FTAI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $172.7 | 5.9% above |
| 20 week MA | $194.9 | 6.2% below |
| 50 week MA | $224.9 | 19% below |
| 100 week MA | $178.4 | 2.5% above |
| 200 week MA | $121.9 | 50% above |
FTAI 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.
FTAI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.9 | $19.8 | +17% |
| 2021 | $19.8 | $24.7 | +25% |
| 2022 | $24.7 | $17.4 | -30% |
| 2023 | $17.4 | $46.4 | +167% |
| 2024 | $46.4 | $127.1 | +174% |
| 2025 | $127.1 | $174.2 | +37% |
| 2026 YTD | $174.2 | $182.9 | +5% |
FTAI has the edge over CAT on returns for 2026, with the stronger performance.