CAT
Caterpillar Inc.
CAT has the edge over MTW overall, supported by stronger fundamentals and lower modeled downside.
MTW
The Manitowoc Company, Inc.
MTW 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.
MTW Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Stable | |
| Stable |
MTW's revenue is currently healthy, and its profitability, cash flow and balance sheet are 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 MTW in the historical PE scenario, which offers more potential upside but is not a forecast.
MTW PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.9x | $5.69 | -77% |
| Forward | 18x | $24.38 | — |
| Fair | 22x | $15.81 | -35% |
| Current | 34x | $24.38 | — |
| Expensive | 50x | $36.03 | +48% |
Historical ranges are pointers, not guarantees.
MTW's PE is in its fair range at 34x. If earnings grow as analysts expect, today's price would be 18x 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.
MTW Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MTW, 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.
MTW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.38 | +92% |
| Q3 2026 | $0.72 | -55% |
| Q2 2026 | $0.56 | -56% |
| Q1 2026 | $0.21 | -83% |
| Q4 2025 | $0.20 | -87% |
| Q3 2025 | $1.60 | +$1.87 |
| Q2 2025 | $1.26 | +473% |
| Q1 2025 | $1.26 | +68% |
| Q4 2024 | $1.56 | +43% |
MTW 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'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 MTW on profitability, with a higher operating margin.
MTW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $613.8M | +11% |
| Q2 2026 | $594.9M | +10% |
| Q1 2026 | $494.6M | +5% |
| Q4 2025 | $677.1M | +14% |
| Q3 2025 | $553.4M | +5.4% |
| Q2 2025 | $539.5M | -4% |
| Q1 2025 | $470.9M | -4.9% |
| Q4 2024 | $596M | 0% |
MTW's revenue has grown year over year for five quarters in a row: $614M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.2% | +1.8 points |
| Q2 2026 | 5.2% | +3.4 points |
| Q1 2026 | 0.6% | -0.5 points |
| Q4 2025 | 3% | +0.3 points |
| Q3 2025 | 3.3% | +1.9 points |
| Q2 2025 | 1.8% | -0.5 points |
| Q1 2025 | 1.1% | -1.9 points |
| Q4 2024 | 2.7% | +1.1 points |
MTW's operating margin was 5.2% last quarter, up 1.8 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 generated $11.3B in free cash flow over the past year, up 26% from the year before.
MTW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$42.1M | -$20.1M |
| Q2 2026 | -$6.1M | +$67.6M |
| Q1 2026 | $19.2M | +814% |
| Q4 2025 | $78.3M | -23% |
| Q3 2025 | -$22M | +$30.9M |
| Q2 2025 | -$73.7M | -$71.8M |
| Q1 2025 | $2.1M | +$44.9M |
| Q4 2024 | $101.1M | +353% |
MTW 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 MTW 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.
MTW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +369K shares |
| 1 year | +1.7% | +634K shares |
| 3 years | +3.1% | +1.1M shares |
| 5 years | +5.3% | +1.9M shares |
| Available history | +3.5% | +1.3M shares |
MTW has 37M diluted shares, up 1.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | $5.7M |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
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 MTW on leverage, with a lower net debt burden relative to earnings.
MTW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.8x | Moderate |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 3.3x | Elevated |
| Q4 2025 | 3.4x | Elevated |
| Q3 2025 | 4.2x | High |
| Q2 2025 | 4.4x | High |
| Q1 2025 | 3.4x | Elevated |
| Q4 2024 | 3.0x | Moderate |
MTW's net debt is about 2.8 years of its operating earnings (EBITDA), down from 4.2 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).
MTW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.0 | Overbought |
| Stochastic | 84.3 | Overbought |
MTW's weekly RSI is 71 (overbought) and its Stochastic is 84 (overbought).
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 MTW on valuation relative to its sector.
MTW PE vs Industrials Sector
| Metric | MTW | Sector median | Relative |
|---|---|---|---|
| PE | 34x | 24x | 41% above |
| PE % | 59 | 58 | 1 pt above |
MTW is trading at 34x earnings, a 41% 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.
MTW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $22.6 | 8% above |
| 20 week MA | $19.5 | 25% above |
| 50 week MA | $15.6 | 56% above |
| 100 week MA | $12.9 | 89% above |
| 200 week MA | $13.4 | 82% above |
MTW 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.
MTW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $17.5 | $13.3 | -24% |
| 2021 | $13.3 | $18.6 | +40% |
| 2022 | $18.6 | $9.47 | -49% |
| 2023 | $9.47 | $16.7 | +76% |
| 2024 | $16.7 | $8.77 | -47% |
| 2025 | $8.77 | $12.6 | +44% |
| 2026 YTD | $12.6 | $24.4 | +93% |
MTW has the edge over CAT on returns for 2026, with the stronger performance.