CAT
Caterpillar Inc.
CAT has the edge over MVST overall, supported by stronger fundamentals and lower modeled downside.
MVST
Microvast Holdings, Inc.
MVST 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.
MVST Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Weak |
MVST's revenue, profitability, cash flow and balance sheet are all currently weak.
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.
MVST PE Valuation
MVST has no meaningful PE right now: it lost money over the past year.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over MVST on the outlook, with more favorable earnings and revenue expectations.
MVST Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect MVST's earnings and revenue to decline, with profitability weakening.
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 has the edge over MVST on earnings quality, reporting a profit while its opponent remains loss making.
MVST Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.07 | — |
| Q3 2026 | -$0.22 | +$0.30 |
| Q2 2026 | -$0.02 | +$0.47 |
| Q1 2026 | -$0.32 | +$0.16 |
| Q4 2025 | -$0.23 | +$0.38 |
| Q3 2025 | -$0.52 | -$0.07 |
| Q2 2025 | -$0.49 | +$0.07 |
| Q1 2025 | -$0.48 | -$0.16 |
| Q4 2024 | -$0.61 | -$0.27 |
MVST is still losing money, but far less than before: $0.22 per share over the past year, against $0.61 at its worst in late 2024.
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 MVST 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 MVST on profitability, with a higher operating margin.
MVST Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $45.8M | -63% |
| Q2 2026 | $87.3M | -4.5% |
| Q1 2026 | $60.6M | -48% |
| Q4 2025 | $96.4M | -15% |
| Q3 2025 | $123.3M | +22% |
| Q2 2025 | $91.3M | +9.2% |
| Q1 2025 | $116.5M | +43% |
| Q4 2024 | $113.4M | +8.4% |
MVST's revenue has slid since its 2025 peak: $46M last quarter, down 63% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -146% | -156 points |
| Q2 2026 | -2% | -20 points |
| Q1 2026 | -13% | -29 points |
| Q4 2025 | -43% | -41 points |
| Q3 2025 | 11% | +3.4 points |
| Q2 2025 | 18% | +136 points |
| Q1 2025 | 16% | +45 points |
| Q4 2024 | -1.3% | +20 points |
MVST's operating margin was −146% last quarter, down 156 points from the same quarter a year ago, near the bottom of its range since 2021.
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 MVST on cash generation, producing positive trailing cash flow while its opponent burns cash.
MVST Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$34.5M | -3023% |
| Q2 2026 | -$21.8M | -164% |
| Q1 2026 | -$25.7M | -632% |
| Q4 2025 | $15.8M | +175% |
| Q3 2025 | $1.2M | +$20.8M |
| Q2 2025 | $34.3M | +$37.1M |
| Q1 2025 | $4.8M | +$13M |
| Q4 2024 | $5.7M | +$43.9M |
MVST has burned cash in most quarters: −$66M over the past year, against $46M 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 MVST 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.
MVST Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +10% | +35.6M shares |
| 1 year | +19% | +60.8M shares |
| 3 years | +23% | +71.4M shares |
| 5 years | +1294% | +357M shares |
| Available history | +4751% | +377M shares |
MVST has 385M diluted shares, up 19% from a year ago.
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.
MVST Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2026 | 5.2x | High |
| Q4 2025 | 0.0x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.2x | Very low |
MVST's net debt is about 5.2 years 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).
MVST Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 27.3 | Oversold |
| Stochastic | 17.0 | Oversold |
MVST's weekly RSI is 27 (oversold) and its Stochastic is 17 (oversold).
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.
MVST PE vs Industrials Sector
MVST has no meaningful PE right now: it lost money over the past year.
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 the edge over MVST on trend strength, trading above more of its moving averages.
MVST Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $0.55 | 58% below |
| 20 week MA | $0.71 | 68% below |
| 50 week MA | $1.58 | 85% below |
| 100 week MA | $2.27 | 90% below |
| 200 week MA | $1.67 | 86% below |
MVST is in a downtrend: it's below all five of its weekly moving averages, and 86% below its 200-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 MVST on returns for 2026, with the stronger performance.
MVST Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.93 | $18.2 | +84% |
| 2021 | $18.2 | $6.29 | -66% |
| 2022 | $6.29 | $1.56 | -75% |
| 2023 | $1.56 | $1.40 | -10% |
| 2024 | $1.40 | $2.45 | +75% |
| 2025 | $2.45 | $2.91 | +19% |
| 2026 YTD | $2.91 | $0.23 | -92% |
MVST has finished lower in three of the last six years. It's down 92% so far in 2026.