CAT
Caterpillar Inc.
CAT has a slight edge over MATX overall, supported by stronger modeled upside and stronger fundamentals.
MATX
Matson, Inc.
MATX 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.
MATX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
MATX'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 MATX in the historical PE scenario, which offers more potential upside but is not a forecast.
MATX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.9x | $67.66 | -68% |
| Fair | 11x | $187 | -12% |
| Forward | 11x | $213 | — |
| Current | 12x | $213 | — |
| Expensive | 16x | $279 | +31% |
Historical ranges are pointers, not guarantees.
MATX's PE is in its fair range at 12x. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
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.
MATX Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MATX, 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.
MATX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.39 | +10% |
| Q3 2026 | $17.55 | +35% |
| Q2 2026 | $14.83 | +1% |
| Q1 2026 | $13.48 | -11% |
| Q4 2025 | $13.81 | -0.9% |
| Q3 2025 | $13.03 | +8.9% |
| Q2 2025 | $14.68 | +55% |
| Q1 2025 | $15.07 | +79% |
| Q4 2024 | $13.93 | +67% |
MATX 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 has the edge over MATX 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.
MATX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +27% |
| Q2 2026 | $969.4M | +17% |
| Q1 2026 | $757.8M | -3.1% |
| Q4 2025 | $851.9M | -4.3% |
| Q3 2025 | $880.1M | -8.5% |
| Q2 2025 | $830.5M | -2% |
| Q1 2025 | $782M | +8.3% |
| Q4 2024 | $890.3M | +13% |
MATX's revenue is growing: $1.1B last quarter, up 27% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +4.6 points |
| Q2 2026 | 16% | +2.8 points |
| Q1 2026 | 8.1% | -2.4 points |
| Q4 2025 | 17% | +0.3 points |
| Q3 2025 | 18% | -6.9 points |
| Q2 2025 | 14% | -1.1 points |
| Q1 2025 | 11% | +5.4 points |
| Q4 2024 | 17% | +7 points |
MATX 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 generated $11.3B in free cash flow over the past year, up 26% from the year before.
MATX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $229M | +148% |
| Q2 2026 | $137.6M | +613% |
| Q1 2026 | $45.7M | +$45.9M |
| Q3 2025 | $92.4M | -63% |
| Q2 2025 | $19.3M | -94% |
| Q1 2025 | -$200K | -101% |
| Q3 2024 | $248.6M | +63% |
| Q2 2024 | $307.9M | +106% |
MATX 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 461M diluted shares, down 2.1% from a year ago, with $8.1B in buybacks over the past year.
| 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.
MATX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.7% | -200K shares |
| 1 year | -5.3% | -1.7M shares |
| 3 years | -15% | -5.2M shares |
| 5 years | -31% | -13.3M shares |
| Available history | -30% | -13.2M shares |
MATX has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $60.3M |
| Q2 2026 | $67M |
| Q1 2026 | $52.8M |
| Q4 2025 | $77.5M |
| Q3 2025 | $65.4M |
| Q2 2025 | $93.5M |
| Q1 2025 | $66.9M |
| Q4 2024 | $31.7M |
MATX spent $258M buying back its own shares over the past year, about the same as the year before.
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.
MATX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2021 | 0.7x | Very low |
| Q2 2021 | 1.0x | Healthy |
| Q1 2021 | 1.4x | Healthy |
| Q4 2020 | 2.0x | Moderate |
| Q3 2020 | 2.8x | Moderate |
| Q2 2020 | 3.6x | Elevated |
| Q1 2020 | 4.2x | High |
| Q4 2019 | 4.3x | High |
MATX's net debt is less than a year of its operating earnings (EBITDA), down from 2.8 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).
MATX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.3 | Neutral |
| Stochastic | 38.4 | Neutral |
MATX's weekly RSI is 52 (neutral) and its Stochastic is 38 (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.
MATX PE vs Industrials Sector
| Metric | MATX | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 24x | 50% below |
| PE % | 56 | 58 | 2 pts below |
MATX 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 |
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.
MATX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $224.2 | 5.2% below |
| 20 week MA | $219.9 | 3.3% below |
| 50 week MA | $184.8 | 15% above |
| 100 week MA | $150.0 | 42% above |
| 200 week MA | $126.7 | 68% above |
MATX 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.
MATX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.1 | $57.3 | +39% |
| 2021 | $57.3 | $83.7 | +46% |
| 2022 | $83.7 | $64.5 | -23% |
| 2023 | $64.5 | $109.6 | +70% |
| 2024 | $109.6 | $136.5 | +25% |
| 2025 | $136.5 | $125.0 | -8.4% |
| 2026 YTD | $125.0 | $212.6 | +70% |
MATX has the edge over CAT on returns for 2026, with the stronger performance.