CAT
Caterpillar Inc.
CAT has the edge over SB overall, supported by stronger modeled upside and stronger valuation.
SB
Safe Bulkers, Inc.
SB offers stronger fundamentals, 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.
SB Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Stable |
SB's revenue, profitability and cash flow are currently healthy, and its balance sheet 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 has the edge over SB in the historical PE scenario, which offers more potential upside but is not a forecast.
SB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.6x | $2.04 | -75% |
| Fair | 5.5x | $4.26 | -47% |
| Current | 10x | $8.11 | — |
| Expensive | 12x | $9.05 | +12% |
| Forward | 13x | $8.11 | — |
Historical ranges are pointers, not guarantees.
SB's PE is in its expensive range at 10x. Analysts expect earnings to fall, which would put today's price at 13x next year's earnings.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
CAT has the edge over SB on the outlook, with more favorable valuation and earnings expectations.
SB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect SB's earnings and profitability to decline, with its revenue holding steady. However, they disagree widely on these estimates.
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 has the edge over SB on earnings, with stronger typical year-over-year growth.
SB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.61 | -22% |
| Q2 2026 | $0.78 | +81% |
| Q1 2026 | $0.44 | -34% |
| Q4 2025 | $0.29 | -65% |
| Q3 2025 | $0.36 | -60% |
| Q2 2025 | $0.43 | -46% |
| Q1 2025 | $0.67 | -1.5% |
| Q4 2024 | $0.83 | +54% |
| Q3 2024 | $0.90 | +53% |
SB's earnings per share have fallen from their peak: $0.78 over the past year, against $1.69 in mid-2022.
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 SB on sales, with more consistent year-over-year improvement.
| 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.
SB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $87.5M | +33% |
| Q1 2026 | $74.4M | +16% |
| Q4 2025 | $72.6M | +1.5% |
| Q3 2025 | $73.1M | -3.7% |
| Q2 2025 | $65.7M | -16% |
| Q1 2025 | $64.3M | -21% |
| Q4 2024 | $71.5M | -13% |
| Q3 2024 | $75.9M | +17% |
SB's revenue is growing: $87M last quarter, up 33% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 41% | +25 points |
| Q1 2026 | 36% | +12 points |
| Q4 2025 | 31% | -3.4 points |
| Q3 2025 | 29% | -6.1 points |
| Q2 2025 | 16% | -20 points |
| Q1 2025 | 23% | -17 points |
| Q4 2024 | 34% | -10 points |
| Q3 2024 | 35% | +8.4 points |
SB has the edge over CAT on profitability, with a higher operating margin.
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 SB on cash flow, with more consistent year-over-year improvement.
SB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | -100% |
| Q1 2026 | $35.2M | +18% |
| Q4 2025 | $33.2M | +$33.2M |
| Q3 2025 | $20.1M | -19% |
| Q2 2025 | $19.1M | -52% |
| Q1 2025 | $29.9M | -17% |
| Q4 2024 | $0 | +$171.3M |
| Q3 2024 | $24.8M | -70% |
SB still generates free cash flow, though less than at its 2022 peak: $89M 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 SB 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.
SB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -336K shares |
| 1 year | -0.6% | -654K shares |
| 3 years | -9.8% | -11.1M shares |
| 5 years | -7.2% | -7.9M shares |
| Available history | +0.5% | +550K shares |
SB has 102M diluted shares, down 0.6% from a year ago, with $14M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $2.6M |
| Q1 2026 | — |
| Q4 2025 | $11.4M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $28.5M |
| Q3 2024 | — |
SB spent $14M buying back its own shares over the past year, down 51% 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 SB on leverage, with a lower net debt burden relative to earnings.
SB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.6x | Moderate |
| Q4 2025 | 2.9x | Moderate |
| Q3 2025 | 2.9x | Moderate |
| Q2 2025 | 3.0x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.4x | Moderate |
| Q3 2024 | 2.1x | Moderate |
SB's net debt is about 2.3 years of its operating earnings (EBITDA), down from 3.0 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).
SB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.9 | Neutral |
| Stochastic | 29.6 | Neutral |
SB's weekly RSI is 54 (neutral) and its Stochastic is 30 (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.
SB PE vs Industrials Sector
| Metric | SB | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 24x | 57% below |
| PE % | 77 | 58 | 19 pts above |
SB 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.
SB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.08 | 0.4% above |
| 20 week MA | $7.97 | 1.8% above |
| 50 week MA | $6.80 | 19% above |
| 100 week MA | $5.38 | 51% above |
| 200 week MA | $4.76 | 70% above |
SB 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.
SB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.75 | $1.20 | -31% |
| 2021 | $1.20 | $3.69 | +208% |
| 2022 | $3.69 | $2.95 | -20% |
| 2023 | $2.95 | $3.93 | +33% |
| 2024 | $3.93 | $3.57 | -9.2% |
| 2025 | $3.57 | $4.82 | +35% |
| 2026 YTD | $4.82 | $8.11 | +68% |
SB has the edge over CAT on returns for 2026, with the stronger performance.