CAT
Caterpillar Inc.
CAT has a slight edge over KRMN overall, supported by lower modeled downside and stronger modeled upside.
KRMN
Karman Holdings Inc.
KRMN 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.
KRMN Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Under pressure | |
| Weak |
KRMN's revenue and profitability are currently strong, 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'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.
KRMN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 45x | $40.50 | — |
| Current | 104x | $40.50 | — |
| Cheap | 180x | $70.06 | +73% |
| Fair | 821x | $320 | +691% |
| Expensive | 1,251x | $488 | +1105% |
Historical ranges are pointers, not guarantees.
KRMN has the edge over CAT in the historical PE scenario, which offers more potential upside but is not a forecast.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
KRMN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for KRMN, with profitability improving.
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.
KRMN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.89 | +129% |
| Q3 2026 | $0.39 | +388% |
| Q2 2026 | $0.29 | +383% |
| Q1 2026 | $0.23 | +475% |
KRMN has the edge over CAT in the latest year-over-year earnings comparison.
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 KRMN on profitability, with a higher operating margin.
KRMN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $201.6M | +66% |
| Q2 2026 | $182.1M | +58% |
| Q1 2026 | $151.2M | +51% |
| Q4 2025 | $134.5M | +47% |
| Q3 2025 | $121.8M | +42% |
| Q2 2025 | $115.1M | +35% |
| Q1 2025 | $100.1M | +21% |
| Q4 2024 | $91.2M | +19% |
KRMN has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | -2.2 points |
| Q2 2026 | 19% | +1.7 points |
| Q1 2026 | 14% | +4.2 points |
| Q4 2025 | 16% | -0.1 points |
| Q3 2025 | 18% | -2.3 points |
| Q2 2025 | 17% | -4 points |
| Q1 2025 | 10% | N/A |
| Q4 2024 | 16% | -0.5 points |
KRMN's operating margin was 16% last quarter, down 2.2 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 KRMN on cash generation, producing positive trailing cash flow while its opponent burns cash.
KRMN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $13.4M | +$20.2M |
| Q2 2026 | -$17.7M | +$3.3M |
| Q1 2026 | -$7.2M | +$11.5M |
| Q4 2025 | $4M | +16% |
| Q3 2025 | -$6.8M | -229% |
| Q2 2025 | -$21M | -2088% |
| Q1 2025 | -$18.6M | -1381% |
| Q4 2024 | $3.4M | +$8.4M |
KRMN's free cash flow was −$7M over the past year, against −$43M 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 KRMN 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.
KRMN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +4K shares |
| 1 year | +0.2% | +213K shares |
KRMN has 133M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | $40,561 |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $37,000 |
| Q4 2023 | $145,626 |
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 KRMN on leverage, with a lower net debt burden relative to earnings.
KRMN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.7x | High |
| Q2 2026 | 4.6x | High |
| Q1 2026 | 5.1x | High |
| Q4 2025 | 4.1x | High |
| Q3 2025 | 3.6x | Elevated |
| Q2 2025 | 3.7x | Elevated |
| Q1 2025 | 2.3x | Moderate |
KRMN's net debt is about 4.7 years of its operating earnings (EBITDA), up from 3.6 years 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).
KRMN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.1 | Neutral |
| Stochastic | 36.9 | Neutral |
KRMN's weekly RSI is 43 (neutral) and its Stochastic is 37 (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 KRMN on valuation relative to its sector.
KRMN PE vs Industrials Sector
| Metric | KRMN | Sector median | Relative |
|---|---|---|---|
| PE | 104x | 24x | 331% above |
| PE % | 0 | 30 | 30 pts below |
KRMN is trading at 104x earnings, a 331% 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 stronger trend alignment. CAT is above 2 of 5 weekly averages versus KRMN above 1 of 3.
KRMN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.5 | 8.1% above |
| 20 week MA | $43.9 | 7.8% below |
| 50 week MA | $64.3 | 37% below |
KRMN has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 37% below its 50-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 KRMN on returns for 2026, with the stronger performance.
KRMN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $32.0 | $77.6 | +142% |
| 2026 YTD | $77.6 | $40.5 | -48% |
KRMN has finished every year since 2025 higher, and it's down 48% so far in 2026.