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.
PONY
Pony AI Inc. American Depositary Shares
There isn't enough reported data to score PONY yet.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
PONY Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Weak | |
| Unavailable |
PONY's revenue is currently strong, but its profitability and cash flow are under pressure. There isn't enough data to rate its 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.
PONY PE Valuation
PONY 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.
PONY Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| -- | |
| Limited | |
| Low |
Analysts expect PONY's losses to grow, with revenue growing. 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 has the edge over PONY on earnings quality, reporting a profit while its opponent remains loss making.
PONY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.36 | +$1.03 |
| Q1 2026 | -$0.37 | +$2.13 |
| Q4 2025 | -$0.37 | +$2.61 |
| Q3 2025 | -$0.95 | +$1.82 |
| Q2 2025 | -$1.39 | +$1.09 |
| Q1 2025 | -$2.50 | -$0.89 |
| Q4 2024 | -$2.98 | -$1.58 |
PONY is still losing money, but far less than before: $0.36 per share over the past year, against $2.98 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 PONY 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 PONY on profitability, with a higher operating margin.
PONY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $36.2M | +69% |
| Q1 2026 | $34.3M | +145% |
| Q4 2025 | $29.3M | +16% |
| Q3 2025 | $25.4M | +1.2% |
| Q2 2025 | $21.5M | -13% |
| Q1 2025 | $14M | +12% |
| Q4 2024 | $25.2M | -16% |
| Q3 2024 | $25.2M | -16% |
PONY's revenue has grown year over year for four quarters in a row: $36M last quarter, up 69% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -182% | +104 points |
| Q1 2026 | -170% | +231 points |
| Q4 2025 | -254% | +171 points |
| Q3 2025 | -274% | +151 points |
| Q2 2025 | -286% | +4.6 points |
| Q1 2025 | -401% | -124 points |
| Q4 2024 | -425% | -315 points |
| Q3 2024 | -425% | -315 points |
PONY's operating margin was −182% last quarter, up 104 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 has the edge over PONY on cash generation, producing positive trailing cash flow while its opponent burns cash.
PONY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$76.2M | -$36.3M |
| Q1 2026 | -$86.7M | -$32.5M |
| Q4 2025 | -$152M | -$109.6M |
| Q3 2025 | $73.9K | +$30.6M |
| Q2 2025 | -$39.9M | +$21.1M |
| Q1 2025 | -$54.2M | -$13.1M |
| Q4 2024 | -$42.4M | +$14.2M |
| Q3 2024 | -$30.6M | -$2.7M |
PONY has burned cash in almost every quarter: −$315M over the past year, against −$167M 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 PONY 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.
PONY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +9.6K shares |
| 1 year | +18% | +66.7M shares |
| 3 years | +392% | +345M shares |
PONY has 434M diluted shares, up 18% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $11.6M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
PONY spent $12M buying back its own shares over the past year, after none 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 more cash than debt.
PONY Net Leverage
PONY'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).
PONY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.0 | Oversold |
| Stochastic | 5.7 | Oversold |
PONY's weekly RSI is 29 (oversold) and its Stochastic is 6 (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.
PONY PE vs Industrials Sector
PONY 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 stronger trend alignment. CAT is above 2 of 5 weekly averages versus PONY above 0 of 4.
PONY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.36 | 17% below |
| 20 week MA | $6.54 | 32% below |
| 50 week MA | $9.79 | 55% below |
| 100 week MA | $12.2 | 64% below |
PONY is in a downtrend: it's below all four of its weekly moving averages, and 64% below its 100-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 PONY on returns for 2026, with the stronger performance.
PONY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $13.0 | $13.7 | +5.4% |
| 2025 | $13.7 | $15.0 | +9% |
| 2026 YTD | $15.0 | $4.43 | -70% |
PONY has finished every year since 2024 higher, and it's down 70% so far in 2026.