CAT
Caterpillar Inc.
CAT has the edge over SPIR overall, supported by stronger fundamentals and lower modeled downside.
SPIR
Spire Global, Inc.
SPIR 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.
SPIR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Weak | |
| Weak | |
| Unavailable |
SPIR's revenue is currently stable, but its profitability and cash flow are weak. 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.
SPIR PE Valuation
SPIR has no meaningful PE right now: it lost money over the past year.
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.
SPIR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect SPIR's losses to shrink, with revenue growing. 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 SPIR on earnings quality, reporting a profit while its opponent remains loss making.
SPIR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.67 | -721% |
| Q2 2026 | -$2.76 | -611% |
| Q1 2026 | $1.48 | +$5.34 |
| Q4 2025 | $1.49 | +$5.75 |
| Q3 2025 | $0.43 | +$4.02 |
| Q2 2025 | $0.54 | +$4.49 |
| Q1 2025 | -$3.86 | +$0.29 |
| Q4 2024 | -$4.26 | -$0.32 |
SPIR has swung to a loss: it lost $2.67 per share over the past year, after a profit 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 SPIR 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 has the edge over SPIR on profitability, with a higher operating margin.
SPIR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $18M | +42% |
| Q2 2026 | $18M | -5.9% |
| Q1 2026 | $15.8M | -34% |
| Q4 2025 | $15.8M | -27% |
| Q3 2025 | $12.7M | -56% |
| Q2 2025 | $19.2M | -24% |
| Q1 2025 | $23.9M | -31% |
| Q4 2024 | $21.7M | -77% |
SPIR's revenue is recovering but still below its 2023 peak: $18M last quarter, up 42% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -112% | +54 points |
| Q2 2026 | -110% | +12 points |
| Q1 2026 | -155% | -49 points |
| Q4 2025 | -146% | -4.4 points |
| Q3 2025 | -166% | -118 points |
| Q2 2025 | -123% | -74 points |
| Q1 2025 | -107% | -72 points |
| Q4 2024 | -142% | -118 points |
SPIR's operating margin was −112% last quarter, up 54 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 SPIR on cash generation, producing positive trailing cash flow while its opponent burns cash.
SPIR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$13.9M | +$6.5M |
| Q2 2026 | -$28.8M | +$9.9M |
| Q1 2026 | -$34.2M | -$16.9M |
| Q4 2025 | -$16.2M | +$8.1M |
| Q3 2025 | -$20.4M | -502% |
| Q2 2025 | -$38.7M | -$28.8M |
| Q1 2025 | -$17.3M | -$1.4M |
| Q4 2024 | -$24.3M | -$22.1M |
SPIR has burned cash in almost every quarter: −$93M over the past year, against −$101M 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 SPIR 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.
SPIR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.3% | +873K shares |
| 1 year | +21% | +6.7M shares |
| 3 years | +89% | +18.4M shares |
| 5 years | +365% | +30.7M shares |
| Available history | +2936% | +37.9M shares |
SPIR has 39M diluted shares, up 21% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
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.
SPIR Net Leverage
SPIR'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).
SPIR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.6 | Neutral |
| Stochastic | 15.8 | Oversold |
SPIR's weekly RSI is 40 (neutral) and its Stochastic is 16 (oversold).
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.
SPIR PE vs Industrials Sector
| Metric | SPIR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
SPIR 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 the edge over SPIR on trend strength, trading above more of its moving averages.
SPIR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.78 | 5.1% below |
| 20 week MA | $11.8 | 21% below |
| 50 week MA | $13.1 | 29% below |
| 100 week MA | $12.1 | 23% below |
| 200 week MA | $10.2 | 8.8% below |
SPIR is in a downtrend: it's below all five of its weekly moving averages, and 8.8% below its 200-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 finished every year since 2020 higher, and it's up 3.8% so far in 2026.
SPIR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $77.4 | $80.6 | +4.1% |
| 2021 | $80.6 | $30.2 | -63% |
| 2022 | $30.2 | $8.08 | -73% |
| 2023 | $8.08 | $7.82 | -3.2% |
| 2024 | $7.82 | $14.5 | +86% |
| 2025 | $14.5 | $7.74 | -47% |
| 2026 YTD | $7.74 | $9.28 | +20% |
SPIR has the edge over CAT on returns for 2026, with the stronger performance.