CAT
Caterpillar Inc.
CAT has the edge over PPIH overall, supported by stronger modeled upside and lower modeled downside.
PPIH
Perma-Pipe International Holdings, Inc.
PPIH 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.
PPIH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
PPIH'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 PPIH in the historical PE scenario, which offers more potential upside but is not a forecast.
PPIH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.3x | $15.87 | -45% |
| Fair | 15x | $28.42 | -1.2% |
| Current | 15x | $28.77 | — |
| Expensive | 19x | $36.96 | +28% |
Historical ranges are pointers, not guarantees.
PPIH's PE is in its fair range at 15x.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
PPIH Forward outlook
There aren't enough analyst estimates for PPIH to show an outlook.
CAT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $29.73 | +17% |
| 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.
PPIH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $1.91 | +53% |
| Q2 2026 | $1.70 | +9.7% |
| Q1 2026 | $2.09 | +87% |
| Q4 2025 | $1.71 | -13% |
| Q3 2025 | $1.25 | -34% |
| Q2 2025 | $1.55 | -4.3% |
| Q1 2025 | $1.12 | -14% |
| Q4 2024 | $1.96 | +211% |
PPIH 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 PPIH on profitability, with a higher operating margin.
PPIH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $59.6M | +24% |
| Q2 2026 | $50.3M | +7.5% |
| Q1 2026 | $55.1M | +23% |
| Q4 2025 | $61.1M | +47% |
| Q3 2025 | $47.9M | +28% |
| Q2 2025 | $46.7M | +36% |
| Q1 2025 | $45M | +12% |
| Q4 2024 | $41.6M | -9% |
PPIH has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.1% | +0.5 points |
| Q2 2026 | 9.2% | -7.6 points |
| Q1 2026 | 13% | +0.6 points |
| Q4 2025 | 19% | +5.2 points |
| Q3 2025 | 6.7% | -9.7 points |
| Q2 2025 | 17% | +7.7 points |
| Q1 2025 | 12% | +0.8 points |
| Q4 2024 | 13% | +0.2 points |
PPIH's operating margin was 7.1% last quarter, about level with 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.
PPIH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $5.3M | +$9.9M |
| Q2 2026 | $4.9M | +$5.1M |
| Q1 2026 | -$8.8M | -288% |
| Q4 2025 | $12.4M | +155% |
| Q3 2025 | -$4.6M | -311% |
| Q2 2025 | -$194K | +$468K |
| Q1 2025 | $4.7M | +12% |
| Q4 2024 | $4.8M | +81% |
PPIH 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 PPIH 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.
PPIH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +18K shares |
| 1 year | +1.6% | +127K shares |
| 3 years | +1.5% | +121K shares |
| 5 years | -0.7% | -61K shares |
| Available history | +2.8% | +223K shares |
PPIH has 8M diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2025 | — |
| Q4 2024 | — |
| Q1 2024 | $1,000 |
| Q4 2023 | $629,000 |
| Q1 2023 | $26,000 |
| Q4 2022 | — |
| Q1 2022 | $1.5M |
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 PPIH on leverage, with a lower net debt burden relative to earnings.
PPIH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.1x | Very low |
| Q2 2026 | 0.0x | Very low |
| Q1 2026 | -0.4x | Net Cash |
| Q4 2025 | 1.0x | Healthy |
| Q3 2025 | -0.5x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | 0.3x | Very low |
| Q4 2024 | -0.2x | Net Cash |
PPIH's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt 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).
PPIH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.7 | Neutral |
| Stochastic | 54.0 | Neutral |
PPIH's weekly RSI is 50 (neutral) and its Stochastic is 54 (neutral).
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.1% below |
| PE % | 69 | 58 | 11 pts above |
CAT is trading at 24x earnings, in line with the Industrials sector's median of 24x.
PPIH PE vs Industrials Sector
| Metric | PPIH | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 24x | 37% below |
| PE % | 52 | 58 | 6 pts below |
PPIH 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.
PPIH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.7 | 3.3% below |
| 20 week MA | $28.0 | 2.6% above |
| 50 week MA | $29.7 | 3.2% below |
| 100 week MA | $24.6 | 17% above |
| 200 week MA | $17.1 | 68% above |
PPIH 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 the edge over PPIH on returns for 2026, with the stronger performance.
PPIH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.25 | $6.10 | -34% |
| 2021 | $6.10 | $8.11 | +33% |
| 2022 | $8.11 | $8.95 | +10% |
| 2023 | $8.95 | $7.94 | -11% |
| 2024 | $7.94 | $15.9 | +100% |
| 2025 | $15.9 | $33.0 | +107% |
| 2026 YTD | $33.0 | $28.8 | -13% |
PPIH has finished higher in four of the last six years, two of them by more than 50%. It's down 13% so far in 2026.