CAT
Caterpillar Inc.
CAT has the edge over OSK overall, supported by stronger fundamentals and stronger modeled upside.
OSK
Oshkosh Corporation
OSK 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.
OSK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Strong |
OSK's cash flow and balance sheet are currently healthy, and its revenue and profitability 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 OSK in the historical PE scenario, which offers more potential upside but is not a forecast.
OSK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 10x | $83.08 | -41% |
| Forward | 12x | $140 | — |
| Fair | 15x | $118 | -16% |
| Current | 18x | $140 | — |
| Expensive | 23x | $182 | +30% |
Historical ranges are pointers, not guarantees.
OSK's PE is in its expensive range at 18x. If earnings grow as analysts expect, today's price would be 12x next year's earnings, in its cheap range.
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.
OSK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for OSK, with profitability improving. However, they disagree widely on these estimates.
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.
OSK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.69 | +48% |
| Q3 2026 | $7.92 | -23% |
| Q2 2026 | $8.74 | -12% |
| Q1 2026 | $8.98 | -4.1% |
| Q4 2025 | $10.02 | -3.2% |
| Q3 2025 | $10.25 | -0.5% |
| Q2 2025 | $9.96 | -3.7% |
| Q1 2025 | $9.36 | -10% |
| Q4 2024 | $10.35 | +14% |
OSK earned $7.92 per share over the past year, down 23% from the year before.
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 OSK on sales, with stronger typical year-over-year growth.
| 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 OSK on profitability, with a higher operating margin.
OSK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.8B | +5.7% |
| Q2 2026 | $2.9B | +6.7% |
| Q1 2026 | $2.3B | +0.2% |
| Q4 2025 | $2.7B | +3.5% |
| Q3 2025 | $2.7B | -1.9% |
| Q2 2025 | $2.7B | -4% |
| Q1 2025 | $2.3B | -9.1% |
| Q4 2024 | $2.6B | +5.3% |
OSK's revenue has grown year over year for four quarters in a row: $2.8B last quarter, up 5.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.9% | -2.7 points |
| Q2 2026 | 8.3% | -2.3 points |
| Q1 2026 | 3.5% | -4 points |
| Q4 2025 | 7.9% | -0.7 points |
| Q3 2025 | 9.7% | 0 points |
| Q2 2025 | 11% | +1.5 points |
| Q1 2025 | 7.6% | -2.6 points |
| Q4 2024 | 8.6% | -0.1 points |
OSK's operating margin was 6.9% last quarter, down 2.7 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.
OSK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $274.7M | -39% |
| Q2 2026 | $347.6M | +896% |
| Q1 2026 | -$189.1M | +$246.1M |
| Q4 2025 | $540.3M | -23% |
| Q3 2025 | $450.1M | +65% |
| Q2 2025 | $34.9M | +$285.4M |
| Q1 2025 | -$435.2M | +$20.7M |
| Q4 2024 | $703.3M | +84% |
OSK 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 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.
OSK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -502K shares |
| 1 year | -3.6% | -2.3M shares |
| 3 years | -5.6% | -3.7M shares |
| 5 years | -10% | -7M shares |
| Available history | -9.7% | -6.7M shares |
OSK has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $82.4M |
| Q2 2026 | $91.6M |
| Q1 2026 | $47.3M |
| Q4 2025 | $118.7M |
| Q3 2025 | $90.6M |
| Q2 2025 | $40M |
| Q1 2025 | $28.7M |
| Q4 2024 | $50.4M |
OSK spent $340M buying back its own shares over the past year, up 62% 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 OSK on leverage, with a lower net debt burden relative to earnings.
OSK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.6x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.8x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 1.1x | Healthy |
| Q1 2025 | 1.1x | Healthy |
| Q4 2024 | 0.6x | Very low |
OSK's net debt is less than a year 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).
OSK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.8 | Neutral |
| Stochastic | 45.5 | Neutral |
OSK's weekly RSI is 50 (neutral) and its Stochastic is 45 (neutral).
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.
OSK PE vs Industrials Sector
| Metric | OSK | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 26% below |
| PE % | 69 | 58 | 11 pts above |
OSK has the edge over CAT on valuation relative to its sector.
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.
OSK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $133.2 | 5.4% above |
| 20 week MA | $143.2 | 2% below |
| 50 week MA | $144.3 | 2.7% below |
| 100 week MA | $128.5 | 9.3% above |
| 200 week MA | $114.3 | 23% above |
OSK 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.
OSK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $94.9 | $85.6 | -9.8% |
| 2021 | $85.6 | $110.2 | +29% |
| 2022 | $110.2 | $87.4 | -21% |
| 2023 | $87.4 | $108.4 | +24% |
| 2024 | $108.4 | $94.4 | -13% |
| 2025 | $94.4 | $130.6 | +38% |
| 2026 YTD | $130.6 | $140.4 | +7.5% |
OSK has the edge over CAT on returns for 2026, with the stronger performance.