CAT
Caterpillar Inc.
CAT has a slight edge over NPO overall, supported by stronger modeled upside and lower modeled downside.
NPO
EnPro Industries, Inc.
NPO 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.
NPO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
NPO'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 NPO in the historical PE scenario, which offers more potential upside but is not a forecast.
NPO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.6x | $28.27 | -90% |
| Forward | 25x | $279 | — |
| Fair | 48x | $141 | -49% |
| Current | 95x | $279 | — |
| Expensive | 143x | $420 | +51% |
Historical ranges are pointers, not guarantees.
NPO's PE is 95x, but its earnings don't support one, so it isn't a reliable read right now.
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.
NPO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for NPO, 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.
NPO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.15 | +279% |
| Q3 2026 | $2.94 | -28% |
| Q2 2026 | $2.07 | -48% |
| Q1 2026 | $2.05 | -49% |
| Q4 2025 | $1.91 | -45% |
| Q3 2025 | $4.06 | +59% |
| Q2 2025 | $3.99 | +99% |
| Q1 2025 | $4.01 | +$4.16 |
| Q4 2024 | $3.45 | +229% |
NPO 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 NPO on profitability, with a higher operating margin.
NPO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $350.8M | +22% |
| Q2 2026 | $338.8M | +18% |
| Q1 2026 | $303M | +11% |
| Q4 2025 | $295.4M | +14% |
| Q3 2025 | $286.6M | +9.9% |
| Q2 2025 | $288.1M | +6% |
| Q1 2025 | $273.2M | +6.1% |
| Q4 2024 | $258.4M | +3.7% |
NPO's revenue has grown year over year for nine quarters in a row: $351M last quarter, up 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | +3.8 points |
| Q2 2026 | 17% | +1.2 points |
| Q1 2026 | 14% | -0.9 points |
| Q4 2025 | 11% | -1.2 points |
| Q3 2025 | 14% | +1.2 points |
| Q2 2025 | 16% | -1.8 points |
| Q1 2025 | 15% | +4.4 points |
| Q4 2024 | 12% | +4.2 points |
NPO's operating margin was 18% last quarter, up 3.8 points from the same quarter a year ago, near the top of its range since 2019.
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.
NPO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $69.8M | +31% |
| Q2 2026 | $35.7M | -16% |
| Q1 2026 | $27.4M | +111% |
| Q4 2025 | $50.5M | +2.9% |
| Q3 2025 | $53.4M | +11% |
| Q2 2025 | $42.3M | +10% |
| Q1 2025 | $13M | +$14.9M |
| Q4 2024 | $49.1M | +22% |
NPO 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 NPO 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.
NPO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +0.5% | +100K shares |
| 3 years | +1.9% | +400K shares |
| 5 years | +3.4% | +700K shares |
| Available history | +2.9% | +600K shares |
NPO has 21M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | $5.3M |
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 NPO on leverage, with a lower net debt burden relative to earnings.
NPO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 2.0x | Healthy |
| Q4 2025 | 2.0x | Moderate |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.5x | Healthy |
| Q4 2024 | 1.7x | Healthy |
NPO's net debt is about 1.4 years of its operating earnings (EBITDA), up from 1.2 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).
NPO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.5 | Neutral |
| Stochastic | 13.8 | Oversold |
NPO's weekly RSI is 46 (neutral) and its Stochastic is 14 (oversold).
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 NPO on valuation relative to its sector.
NPO PE vs Industrials Sector
| Metric | NPO | Sector median | Relative |
|---|---|---|---|
| PE | 95x | 24x | 294% above |
| PE % | 78 | 58 | 20 pts above |
NPO is trading at 95x earnings, a 294% premium to the Industrials sector's median of 24x, though its earnings don't support one.
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.
NPO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $289.1 | 3.6% below |
| 20 week MA | $306.4 | 9.1% below |
| 50 week MA | $285.3 | 2.4% below |
| 100 week MA | $239.5 | 16% above |
| 200 week MA | $189.2 | 47% above |
NPO has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 47% above 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 finished every year since 2020 higher, and it's up 3.8% so far in 2026.
NPO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $66.4 | $74.9 | +13% |
| 2021 | $74.9 | $110.3 | +47% |
| 2022 | $110.3 | $111.0 | +0.6% |
| 2023 | $111.0 | $156.7 | +41% |
| 2024 | $156.7 | $173.5 | +11% |
| 2025 | $173.5 | $223.9 | +29% |
| 2026 YTD | $223.9 | $278.6 | +24% |
NPO has the edge over CAT on returns for 2026, with the stronger performance.