CAT
Caterpillar Inc.
CAT has the edge over JBTM overall, supported by stronger modeled upside and lower modeled downside.
JBTM
JBT Marel Corporation
JBTM 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.
JBTM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
JBTM's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
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 JBTM in the historical PE scenario, which offers more potential upside but is not a forecast.
JBTM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $41.41 | -67% |
| Forward | 14x | $125 | — |
| Fair | 28x | $104 | -17% |
| Current | 33x | $125 | — |
| Expensive | 41x | $153 | +22% |
Historical ranges are pointers, not guarantees.
JBTM's PE is in its expensive range at 33x. If earnings grow as analysts expect, today's price would be 14x 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 JBTM on the outlook, with more favorable revenue expectations.
JBTM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect JBTM's earnings to grow and its profitability to improve, with its revenue 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.
JBTM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.08 | +140% |
| Q3 2026 | $3.78 | +$6.02 |
| Q2 2026 | $3.70 | +$5.99 |
| Q1 2026 | $3.23 | +$4.64 |
| Q4 2025 | -$0.98 | -137% |
| Q3 2025 | -$2.24 | -142% |
| Q2 2025 | -$2.29 | -112% |
| Q1 2025 | -$1.41 | -108% |
| Q4 2024 | $2.65 | -86% |
JBTM has returned to profit: it earned $3.78 per share over the past year, after losing money 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'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 JBTM on profitability, with a higher operating margin.
JBTM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $994M | -0.7% |
| Q2 2026 | $981M | +4.9% |
| Q1 2026 | $936M | +9.6% |
| Q4 2025 | $1B | +116% |
| Q3 2025 | $1B | +121% |
| Q2 2025 | $934.8M | +132% |
| Q1 2025 | $854.1M | +118% |
| Q4 2024 | $467.6M | +5.2% |
JBTM has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | -0.1 points |
| Q2 2026 | 4.7% | -0.5 points |
| Q1 2026 | 7.3% | +11 points |
| Q4 2025 | 7.2% | +3.8 points |
| Q3 2025 | 10% | -0.1 points |
| Q2 2025 | 5.2% | -1.5 points |
| Q1 2025 | -3.9% | -11 points |
| Q4 2024 | 3.4% | -9.6 points |
JBTM's operating margin was 10% last quarter, about level with 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.
JBTM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $73M | +29% |
| Q2 2026 | $77M | -8% |
| Q1 2026 | $93M | +546% |
| Q4 2025 | $83.5M | -30% |
| Q3 2025 | $56.5M | -13% |
| Q2 2025 | $83.7M | +654% |
| Q1 2025 | $14.4M | +$14.5M |
| Q4 2024 | $118.7M | +$149M |
JBTM 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 JBTM 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.
JBTM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.1% | -600K shares |
| 1 year | -1.3% | -700K shares |
| 3 years | +61% | +19.5M shares |
| 5 years | +61% | +19.5M shares |
| Available history | +61% | +19.5M shares |
JBTM has 52M diluted shares, down 1.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $94M |
| Q4 2023 | $5.1M |
| Q3 2023 | — |
| Q4 2022 | $4.9M |
| Q3 2022 | $500,000 |
| Q4 2019 | — |
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.
JBTM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2024 | 0.2x | Very low |
| Q3 2024 | 0.6x | Very low |
| Q2 2024 | 1.0x | Very low |
| Q1 2024 | 0.9x | Very low |
| Q4 2023 | 0.8x | Very low |
| Q3 2023 | 1.2x | Healthy |
| Q2 2023 | 4.1x | High |
| Q1 2023 | 4.2x | High |
JBTM's net debt is less than a year of its operating earnings (EBITDA).
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).
JBTM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.6 | Neutral |
| Stochastic | 51.7 | Neutral |
JBTM's weekly RSI is 53 (neutral) and its Stochastic is 52 (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 JBTM on valuation relative to its sector.
JBTM PE vs Industrials Sector
| Metric | JBTM | Sector median | Relative |
|---|---|---|---|
| PE | 33x | 24x | 38% above |
| PE % | 73 | 58 | 15 pts above |
JBTM is trading at 33x earnings, a 38% 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.
JBTM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $112.7 | 11% above |
| 20 week MA | $120.7 | 3.7% above |
| 50 week MA | $133.2 | 6% below |
| 100 week MA | $130.0 | 3.7% below |
| 200 week MA | $117.0 | 7% above |
JBTM 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 the edge over JBTM on returns for 2026, with the stronger performance.
JBTM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $114.8 | $117.8 | +2.6% |
| 2021 | $117.8 | $153.0 | +30% |
| 2022 | $153.0 | $89.2 | -42% |
| 2023 | $89.2 | $99.5 | +11% |
| 2024 | $99.5 | $128.4 | +29% |
| 2025 | $128.4 | $155.1 | +21% |
| 2026 YTD | $155.1 | $125.2 | -19% |
JBTM has finished higher in five of the last six years. It's down 19% so far in 2026.