CAT
Caterpillar Inc.
CAT has the edge over SST overall, supported by stronger fundamentals.
SST
System1, Inc.
SST 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.
SST Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Unavailable |
SST's revenue, profitability and cash flow are currently 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.
SST PE Valuation
SST 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 |
CAT has the edge over SST on the outlook, with more favorable revenue expectations.
SST Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong decline | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect SST's losses to shrink, with revenue declining.
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 SST on earnings quality, reporting a profit while its opponent remains loss making.
SST Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$15.12 | -$6.59 |
| Q2 2026 | -$11.35 | -$1.72 |
| Q1 2026 | -$12.04 | -$0.84 |
| Q4 2025 | -$8.32 | +$2.38 |
| Q3 2025 | -$8.53 | +$3.57 |
| Q2 2025 | -$9.63 | +$13.07 |
| Q1 2025 | -$11.20 | +$11.50 |
| Q4 2024 | -$10.70 | +$14.10 |
SST is still losing money, but far less than before: $15.12 per share over the past year, against $37.70 at its worst in late 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 SST 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 SST on profitability, with a higher operating margin.
SST Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $26M | -58% |
| Q2 2026 | $30.2M | -61% |
| Q1 2026 | $37.2M | -50% |
| Q4 2025 | $51.9M | -31% |
| Q3 2025 | $61.6M | -31% |
| Q2 2025 | $78.1M | -17% |
| Q1 2025 | $74.5M | -12% |
| Q4 2024 | $75.6M | -21% |
SST's revenue has slid since its 2022 peak: $26M last quarter, down 58% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -281% | -256 points |
| Q2 2026 | -27% | -7.1 points |
| Q1 2026 | -137% | -119 points |
| Q4 2025 | -34% | -18 points |
| Q3 2025 | -25% | -0.7 points |
| Q2 2025 | -20% | +10 points |
| Q1 2025 | -18% | +13 points |
| Q4 2024 | -16% | +3.5 points |
SST's operating margin was −281% last quarter, down 256 points from the same quarter a year ago, near the bottom of its range since 2022.
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 SST on cash generation, producing positive trailing cash flow while its opponent burns cash.
SST Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2M | +$4.1M |
| Q2 2026 | -$2M | -108% |
| Q1 2026 | -$26.1M | -$10.1M |
| Q4 2025 | -$10.6M | -1478% |
| Q3 2025 | -$2.1M | -$2M |
| Q2 2025 | $24.5M | +146% |
| Q1 2025 | -$16M | -$8K |
| Q4 2024 | $772K | +$19.9M |
SST has burned cash in most quarters: −$37M over the past year, against $7M 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 SST 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.
SST Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +4.9% | +403K shares |
| 1 year | +9.6% | +747K shares |
| 3 years | -7.3% | -679K shares |
| 5 years | +466% | +7.1M shares |
SST has 9M diluted shares, up 9.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2026 | $202,000 |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
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.
SST Net Leverage
SST'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).
SST Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.9 | Neutral |
| Stochastic | 2.5 | Oversold |
SST's weekly RSI is 40 (neutral) and its Stochastic is 3 (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.
SST PE vs Industrials Sector
SST 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 SST on trend strength, trading above more of its moving averages.
SST Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.11 | 21% below |
| 20 week MA | $2.29 | 27% below |
| 50 week MA | $2.99 | 44% below |
| 100 week MA | $4.46 | 63% below |
| 200 week MA | $13.2 | 87% below |
SST is in a downtrend: it's below all five of its weekly moving averages, and 87% 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 the edge over SST on returns for 2026, with the stronger performance.
SST Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $100.2 | $111.0 | +11% |
| 2021 | $111.0 | $99.2 | -11% |
| 2022 | $99.2 | $43.7 | -56% |
| 2023 | $43.7 | $22.2 | -49% |
| 2024 | $22.2 | $8.41 | -62% |
| 2025 | $8.41 | $4.61 | -45% |
| 2026 YTD | $4.61 | $1.67 | -64% |
SST has finished five years in a row lower, and it's down 64% so far in 2026.