CAT
Caterpillar Inc.
CAT has the edge over HAFN overall, supported by stronger modeled upside and lower modeled downside.
HAFN
Hafnia Limited
HAFN offers stronger fundamentals, 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.
HAFN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
HAFN's revenue, profitability, cash flow and balance sheet are all currently healthy.
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 HAFN in the historical PE scenario, which offers more potential upside but is not a forecast.
HAFN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.4x | $4.41 | -54% |
| Forward | 6.7x | $9.62 | — |
| Fair | 7.1x | $9.33 | -3% |
| Current | 7.3x | $9.62 | — |
| Expensive | 10x | $13.28 | +38% |
Historical ranges are pointers, not guarantees.
HAFN's PE is in its fair range at 7.3x. If earnings grow as analysts expect, today's price would be 6.7x next year's earnings.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over HAFN on the outlook, with more favorable profitability expectations.
HAFN Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for HAFN, but weaker profitability. However, they disagree widely on these estimates.
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 HAFN on earnings, with more consistent year-over-year improvement.
HAFN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.44 | +10% |
| Q2 2026 | $1.31 | +54% |
| Q1 2026 | $0.91 | -24% |
| Q4 2025 | $0.68 | -54% |
| Q3 2025 | $0.61 | -64% |
| Q2 2025 | $0.85 | -46% |
| Q1 2025 | $1.20 | -19% |
| Q4 2024 | $1.49 | -4.5% |
| Q3 2024 | $1.71 | -2.3% |
HAFN's earnings per share have fallen from their peak: $1.31 over the past year, against $2.00 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 has the edge over HAFN 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's operating margin was 20% last quarter, up 3.1 points from the same quarter a year ago.
HAFN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $815.8M | +47% |
| Q1 2026 | $671.2M | +23% |
| Q4 2025 | $593.2M | +11% |
| Q3 2025 | $586.9M | -18% |
| Q2 2025 | $554.2M | -33% |
| Q1 2025 | $547.9M | -30% |
| Q4 2024 | $532.9M | -54% |
| Q3 2024 | $719.7M | +11% |
HAFN's revenue is recovering but still below its 2023 peak: $816M last quarter, up 47% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 29% | +15 points |
| Q1 2026 | 22% | +8.7 points |
| Q4 2025 | 16% | -1.4 points |
| Q3 2025 | 17% | -13 points |
| Q2 2025 | 15% | -17 points |
| Q1 2025 | 14% | -16 points |
| Q4 2024 | 17% | +1.7 points |
| Q3 2024 | 30% | +4.7 points |
HAFN 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 HAFN on cash flow, with more consistent year-over-year improvement.
HAFN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $252.1M | +72% |
| Q1 2026 | $106.9M | -2.9% |
| Q4 2025 | $113.1M | -39% |
| Q3 2025 | $74.1M | -73% |
| Q2 2025 | $146.7M | -49% |
| Q1 2025 | $110M | -53% |
| Q4 2024 | $183.9M | +20% |
| Q3 2024 | $276.4M | -5% |
HAFN still generates free cash flow, though less than at its 2023 peak: $546M 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 HAFN 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.
HAFN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +708K shares |
| 1 year | +0.4% | +2M shares |
| 3 years | -0.3% | -1.3M shares |
HAFN has 506M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $434,308 |
| Q3 2025 | $379,789 |
| Q2 2025 | $1M |
| Q1 2025 | $27.7M |
| Q4 2024 | — |
| Q3 2024 | — |
HAFN has spent almost nothing on buybacks in 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 HAFN on leverage, with a lower net debt burden relative to earnings.
HAFN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.6x | Very low |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.6x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.0x | Healthy |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 0.8x | Very low |
| Q3 2024 | 0.7x | Very low |
HAFN's net debt is less than a year of its operating earnings (EBITDA), down from a year 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).
HAFN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.5 | Neutral |
| Stochastic | 69.9 | Neutral |
HAFN's weekly RSI is 56 (neutral) and its Stochastic is 70 (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.
HAFN PE vs Industrials Sector
| Metric | HAFN | Sector median | Relative |
|---|---|---|---|
| PE | 7.3x | 24x | 70% below |
| PE % | 56 | 44 | 12 pts above |
HAFN 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 |
HAFN has stronger trend alignment. CAT is above 2 of 5 weekly averages versus HAFN above 3 of 4.
HAFN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.0 | 4.1% below |
| 20 week MA | $8.89 | 8.2% above |
| 50 week MA | $7.79 | 23% above |
| 100 week MA | $6.58 | 46% above |
HAFN's trend is up, with a small recent dip: it's below only its 8-week average, and 46% above its 100-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.
HAFN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $7.47 | $5.45 | -27% |
| 2025 | $5.45 | $5.37 | -1.5% |
| 2026 YTD | $5.37 | $9.62 | +79% |
HAFN has the edge over CAT on returns for 2026, with the stronger performance.