CAT
Caterpillar Inc.
CAT's fundamentals are strong, but it looks expensive: trading at 24x earnings, above its usual 18x. Analysts expect strong earnings growth, though they disagree widely on how much.
NVX
Novonix Limited
There isn't enough reported data to score NVX yet.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
NVX Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Weak | |
| Unavailable | |
| Unavailable |
NVX's profitability is currently weak. There isn't enough data to rate its revenue, cash flow and balance sheet.
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.
NVX PE Valuation
NVX 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 |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
NVX Forward outlook
There aren't enough analyst estimates for NVX to show an outlook.
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.
NVX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2024 | -$1.50 | -$0.60 |
| Q2 2024 | -$0.90 | +$0.30 |
NVX and CAT do not have enough comparable growth data to identify a winner.
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 NVX in the latest year-over-year revenue comparison.
| 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.
NVX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $2.8M | -10% |
| Q2 2025 | $2.8M | +2.8% |
| Q4 2024 | $3.1M | -25% |
| Q2 2024 | $2.7M | -30% |
| Q4 2023 | $4.1M | +53% |
| Q2 2023 | $3.9M | +79% |
| Q2 2022 | $2.2M | +10% |
| Q2 2021 | $2M | +84% |
NVX's revenue has slid since its 2023 peak: $0 last quarter, down 100% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | -921% | -477 points |
| Q2 2025 | -939% | -222 points |
| Q4 2024 | -1478% | -447 points |
| Q2 2024 | -1048% | +185 points |
| Q4 2023 | -444% | N/A |
| Q2 2023 | -717% | -420 points |
| Q4 2022 | -1031% | -715 points |
| Q2 2022 | -1232% | -612 points |
NVX's operating margin was −921% last quarter, down 477 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.
NVX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$32.2M | +$24.1M |
| Q4 2025 | -$46.2M | -$7.6M |
| Q2 2025 | -$56.3M | -$24.7M |
| Q4 2024 | -$38.6M | -$17.6M |
| Q2 2024 | -$31.6M | +$2.7M |
| Q4 2023 | -$21.1M | +$22.3M |
| Q2 2023 | -$34.3M | -$1.9M |
| Q4 2022 | -$43.4M | -$40M |
NVX has burned cash in almost every quarter: −$173M over the past year, against −$130M 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 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.
NVX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +24% | +4.2M shares |
| 1 year | -56% | -27.3M shares |
| 3 years | +86% | +10M shares |
| 5 years | +86% | +10M shares |
NVX has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q4 2025 | — |
| Q2 2025 | — |
| Q2 2022 | — |
| Q4 2021 | — |
| Q2 2021 | — |
| Q4 2020 | — |
| Q2 2020 | — |
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.
NVX Net Leverage
NVX's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
NVX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.3 | Oversold |
| Stochastic | 6.5 | Oversold |
NVX's weekly RSI is 29 (oversold) and its Stochastic is 7 (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.
NVX PE vs Industrials Sector
NVX 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 NVX on trend strength, trading above more of its moving averages.
NVX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.32 | 8.2% below |
| 20 week MA | $3.24 | 34% below |
| 50 week MA | $6.37 | 67% below |
| 100 week MA | $10.0 | 79% below |
| 200 week MA | $16.9 | 87% below |
NVX is in a downtrend: it's below all five of its weekly moving averages, and 87% 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 NVX on returns for 2026, with the stronger performance.
NVX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $191.5 | $43.3 | -77% |
| 2023 | $43.3 | $19.4 | -55% |
| 2024 | $19.4 | $18.2 | -6.2% |
| 2025 | $18.2 | $10.9 | -40% |
| 2026 YTD | $10.9 | $2.13 | -80% |
NVX has finished every year since 2022 lower, and it's down 80% so far in 2026.