CAT
Caterpillar Inc.
CAT has the edge over MIDD overall, supported by stronger valuation and stronger modeled upside.
MIDD
The Middleby Corporation
MIDD trails on the overall score without a compensating advantage in the available component scores.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
MIDD Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| Stable | |
| Healthy |
MIDD's profitability and balance sheet are currently healthy, and its cash flow is stable, but its revenue is 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 MIDD in the historical PE scenario, which offers more potential upside but is not a forecast.
MIDD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $13.88 | -90% |
| Fair | 18x | $15.65 | -88% |
| Expensive | 26x | $22.14 | -84% |
| Current | 159x | $135 | — |
Historical ranges are pointers, not guarantees.
MIDD's PE is in its expensive range at 159x.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
MIDD Forward outlook
There aren't enough analyst estimates for MIDD to show an outlook.
CAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $29.73 | +17% |
| 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.
MIDD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.85 | +$5.25 |
| Q2 2026 | -$9.26 | -218% |
| Q1 2026 | -$8.48 | -206% |
| Q4 2025 | -$5.73 | -173% |
| Q3 2025 | -$4.40 | -161% |
| Q2 2025 | $7.86 | +9.9% |
| Q1 2025 | $8.00 | +11% |
| Q4 2024 | $7.90 | +6.6% |
MIDD 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 MIDD 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 has the edge over MIDD on profitability, with a higher operating margin.
MIDD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $652.6M | -34% |
| Q2 2026 | $875.5M | -10% |
| Q1 2026 | $839.9M | -7.4% |
| Q4 2025 | $866.4M | -15% |
| Q3 2025 | $982.1M | +4.2% |
| Q2 2025 | $977.9M | -1.4% |
| Q1 2025 | $906.6M | -2.2% |
| Q4 2024 | $1B | +0.5% |
MIDD's revenue has slid since its 2023 peak: $653M last quarter, down 34% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +72 points |
| Q2 2026 | 17% | +1 points |
| Q1 2026 | 16% | +0.4 points |
| Q4 2025 | 96% | +79 points |
| Q3 2025 | -56% | -75 points |
| Q2 2025 | 16% | -1.8 points |
| Q1 2025 | 16% | +0.7 points |
| Q4 2024 | 17% | +5.4 points |
MIDD's operating margin was 15% last quarter, up 72 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 MIDD on cash flow, with more consistent year-over-year improvement.
MIDD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $84.9M | -46% |
| Q2 2026 | $87M | -14% |
| Q1 2026 | $57.7M | -46% |
| Q4 2025 | $194.9M | -14% |
| Q3 2025 | $156.1M | +7.5% |
| Q2 2025 | $101.1M | -27% |
| Q1 2025 | $107.4M | -16% |
| Q4 2024 | $226.6M | -5.6% |
MIDD still generates free cash flow, though less than at its 2023 peak: $425M 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 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.
MIDD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -443K shares |
| 1 year | -11% | -5.6M shares |
| 3 years | -17% | -9.3M shares |
| 5 years | -21% | -12M shares |
| Available history | -19% | -10.8M shares |
MIDD has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $106.5M |
| Q2 2026 | $207.1M |
| Q1 2026 | $374.8M |
| Q4 2025 | $209.3M |
| Q3 2025 | $148.6M |
| Q2 2025 | $322.9M |
| Q1 2025 | $42.8M |
| Q4 2024 | $16.4M |
MIDD spent $898M buying back its own shares over the past year, up 69% from 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 the edge over MIDD on leverage, with a lower net debt burden relative to earnings.
MIDD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.3x | Healthy |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 2.9x | Moderate |
| Q3 2025 | 46.0x | High |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.1x | Moderate |
| Q4 2024 | 2.2x | Moderate |
MIDD's net debt is about 1.3 years of its operating earnings (EBITDA), down from more than 20 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).
MIDD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.4 | Neutral |
| Stochastic | 74.6 | Neutral |
MIDD's weekly RSI is 62 (neutral) and its Stochastic is 75 (neutral).
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.1% below |
| PE % | 69 | 58 | 11 pts above |
CAT has the edge over MIDD on valuation relative to its sector.
MIDD PE vs Industrials Sector
| Metric | MIDD | Sector median | Relative |
|---|---|---|---|
| PE | 159x | 24x | 563% above |
| PE % | 100 | 58 | 42 pts above |
MIDD is trading at 159x earnings, a 563% 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.
MIDD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $116.2 | 17% above |
| 20 week MA | $121.0 | 12% above |
| 50 week MA | $120.9 | 12% above |
| 100 week MA | $117.4 | 15% above |
| 200 week MA | $114.6 | 18% above |
MIDD 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.
MIDD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $88.3 | $104.1 | +18% |
| 2021 | $104.1 | $154.3 | +48% |
| 2022 | $154.3 | $106.4 | -31% |
| 2023 | $106.4 | $118.4 | +11% |
| 2024 | $118.4 | $109.9 | -7.2% |
| 2025 | $109.9 | $121.6 | +11% |
| 2026 YTD | $121.6 | $135.4 | +11% |
MIDD has the edge over CAT on returns for 2026, with the stronger performance.