CAT
Caterpillar Inc.
CAT has a slight edge over RJET overall, supported by lower modeled downside and stronger modeled upside.
RJET
Republic Airways Holdings Inc.
RJET 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.
RJET Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Healthy |
RJET's revenue, profitability and balance sheet are currently healthy, and its cash flow is 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'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.
RJET PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.8x | $19.34 | -4.9% |
| Current | 4x | $20.33 | — |
| Forward | 5.3x | $20.33 | — |
| Fair | 6.7x | $34.63 | +70% |
| Expensive | 11x | $56.19 | +176% |
Historical ranges are pointers, not guarantees.
RJET has the edge over CAT in the historical PE scenario, which offers more potential upside but is not a forecast.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over RJET on the outlook, with more favorable valuation and earnings expectations.
RJET Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Stable | |
| -- | |
| Limited | |
| High |
Analysts expect RJET's earnings to decline, with its revenue and profitability holding steady.
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.
RJET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.80 | -26% |
| Q3 2026 | $5.14 | +$64.69 |
| Q2 2026 | -$0.71 | +$62.74 |
| Q1 2026 | $6.11 | +$84.26 |
| Q4 2025 | -$15.77 | +$36.88 |
| Q3 2025 | -$59.55 | -$26.40 |
| Q2 2025 | -$63.45 | -$28.20 |
| Q1 2025 | -$78.15 | -$32.55 |
| Q4 2024 | -$52.65 | +$10.35 |
RJET 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 RJET on profitability, with a higher operating margin.
RJET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $553.5M | +510% |
| Q2 2026 | $571.1M | +516% |
| Q1 2026 | $527.4M | +457% |
| Q4 2025 | $1.1B | +935% |
| Q3 2025 | $90.7M | -21% |
| Q2 2025 | $92.8M | -16% |
| Q1 2025 | $94.7M | -28% |
| Q4 2024 | $103.2M | -13% |
RJET's revenue has grown year over year for four quarters in a row: $554M last quarter, up 510% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +22 points |
| Q2 2026 | 10% | +10 points |
| Q1 2026 | 10% | +71 points |
| Q4 2025 | 22% | +129 points |
| Q3 2025 | -10% | +4.7 points |
| Q2 2025 | -0.2% | +8 points |
| Q1 2025 | -60% | -69 points |
| Q4 2024 | -107% | -67 points |
RJET's operating margin was 11% last quarter, up 22 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 stronger cash trend. Its trailing FCF is up 39% versus its history, compared with RJET at down 23%.
RJET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $28.8M | +$39.3M |
| Q1 2026 | -$35.3M | -$10.7M |
| Q4 2025 | -$35.3M | -$21.6M |
| Q2 2025 | -$10.5M | -240% |
| Q1 2025 | -$24.6M | -348% |
| Q4 2024 | -$13.6M | +$1.1M |
| Q3 2024 | $11.2M | +$26.5M |
| Q2 2024 | $7.5M | +$19.8M |
RJET's free cash flow has turned positive after four years mostly in the red: $9M over the past year.
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 RJET 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.
RJET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +127K shares |
| 1 year | +1559% | +43.5M shares |
| 3 years | +1660% | +43.7M shares |
| 5 years | +1688% | +43.7M shares |
| Available history | +1874% | +44M shares |
RJET has 46M diluted shares, up 1559% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2023 | $29,000 |
| Q4 2022 | $1,000 |
| Q3 2022 | $41,000 |
| Q2 2022 | $339,000 |
| Q1 2022 | $60,000 |
| Q4 2021 | $15,000 |
| Q3 2021 | $101,000 |
| Q2 2021 | $1.2M |
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 RJET on leverage, with a lower net debt burden relative to earnings.
RJET Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.8x | Healthy |
| Q1 2026 | 2.3x | Moderate |
| Q4 2025 | 3.2x | Elevated |
| Q2 2022 | 14.8x | High |
| Q1 2022 | 10.3x | High |
| Q4 2021 | 4.8x | High |
| Q3 2021 | 3.6x | Elevated |
RJET's net debt is about 1.4 years of its operating earnings (EBITDA), down from 15 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).
RJET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.4 | Neutral |
| Stochastic | 65.5 | Neutral |
RJET's weekly RSI is 55 (neutral) and its Stochastic is 66 (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.
RJET PE vs Industrials Sector
| Metric | RJET | Sector median | Relative |
|---|---|---|---|
| PE | 4x | 24x | 84% below |
| PE % | 22 | 58 | 36 pts below |
RJET 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.
RJET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.3 | 11% above |
| 20 week MA | $18.7 | 8.8% above |
| 50 week MA | $18.9 | 7.5% above |
| 100 week MA | $18.2 | 12% above |
| 200 week MA | $20.0 | 1.5% above |
RJET 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 RJET on returns for 2026, with the stronger performance.
RJET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $137.1 | $94.4 | -31% |
| 2021 | $94.4 | $86.4 | -8.4% |
| 2022 | $86.4 | $16.7 | -81% |
| 2023 | $16.7 | $15.2 | -9% |
| 2024 | $15.2 | $19.7 | +30% |
| 2025 | $19.7 | $19.7 | +0.4% |
| 2026 YTD | $19.7 | $20.3 | +3% |
RJET has finished lower in four of the last six years. It's up 3% so far in 2026.