CAT
Caterpillar Inc.
CAT has the edge over TFII overall, supported by stronger fundamentals and stronger modeled upside.
TFII
TFI International Inc.
TFII 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.
TFII Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Stable |
TFII's profitability and cash flow are currently healthy, and its revenue and balance sheet are 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 TFII in the historical PE scenario, which offers more potential upside but is not a forecast.
TFII PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $56.59 | -41% |
| Forward | 15x | $96.09 | — |
| Fair | 20x | $88.07 | -8.3% |
| Current | 22x | $96.09 | — |
| Expensive | 31x | $135 | +40% |
Historical ranges are pointers, not guarantees.
TFII's PE is in its fair range at 22x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
TFII Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for TFII, with profitability improving.
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 TFII on earnings, with more consistent year-over-year improvement.
TFII Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.59 | +50% |
| Q2 2026 | $4.40 | +1.6% |
| Q1 2026 | $3.94 | -12% |
| Q4 2025 | $4.07 | -17% |
| Q3 2025 | $3.84 | -30% |
| Q2 2025 | $4.33 | -22% |
| Q1 2025 | $4.50 | -21% |
| Q4 2024 | $4.93 | -16% |
| Q3 2024 | $5.52 | -8.3% |
TFII's earnings per share have fallen from their peak: $4.40 over the past year, against $9.03 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 TFII on sales, with stronger typical year-over-year growth.
| 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 TFII on profitability, with a higher operating margin.
TFII Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $2.3B | +11% |
| Q1 2026 | $1.9B | -0.8% |
| Q4 2025 | $2.7B | +28% |
| Q3 2025 | $1.9B | -11% |
| Q2 2025 | $2.1B | -8.5% |
| Q1 2025 | $2B | +5% |
| Q4 2024 | $2.1B | +2.7% |
| Q3 2024 | $2.2B | +14% |
TFII's revenue has picked up after three years of holding roughly level: $2.3B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 9.3% | +1.1 points |
| Q1 2026 | 4.4% | -1.4 points |
| Q4 2025 | 6.6% | -0.9 points |
| Q3 2025 | 7.6% | -1.7 points |
| Q2 2025 | 8.2% | -0.9 points |
| Q1 2025 | 5.8% | -2.3 points |
| Q4 2024 | 7.5% | -2.8 points |
| Q3 2024 | 9.3% | -1.2 points |
TFII's operating margin was 9.3% last quarter, up 1.1 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 generated $11.3B in free cash flow over the past year, up 26% from the year before.
TFII Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $180M | +8.7% |
| Q1 2026 | $94.3M | -38% |
| Q4 2025 | $277.9M | +51% |
| Q3 2025 | $181.5M | -21% |
| Q2 2025 | $165.6M | +28% |
| Q1 2025 | $152.8M | +25% |
| Q4 2024 | $183.7M | -19% |
| Q3 2024 | $229M | +46% |
TFII 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 TFII 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.
TFII Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +24.9K shares |
| 1 year | -1.5% | -1.2M shares |
| 3 years | -5.4% | -4.7M shares |
| 5 years | -14% | -12.9M shares |
| Available history | -17% | -16.6M shares |
TFII has 82M diluted shares, down 1.5% from a year ago, with $107M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | $4.5M |
| Q1 2026 | $12M |
| Q4 2025 | $24M |
| Q3 2025 | $66.5M |
| Q2 2025 | $86.5M |
| Q1 2025 | $72.9M |
| Q4 2024 | $41M |
| Q3 2024 | $682,511 |
TFII spent $107M buying back its own shares over the past year, down 47% 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 TFII on leverage, with a lower net debt burden relative to earnings.
TFII Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.2x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.7x | Moderate |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 2.4x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.3x | Moderate |
| Q3 2024 | 2.4x | Moderate |
TFII's net debt is about 2.2 years of its operating earnings (EBITDA), down from 2.4 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).
TFII Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 31.3 | Neutral |
| Stochastic | 5.0 | Oversold |
TFII's weekly RSI is 31 (neutral) and its Stochastic is 5 (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.
TFII PE vs Industrials Sector
| Metric | TFII | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 24x | 9.3% below |
| PE % | 53 | 58 | 5 pts below |
TFII 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 the edge over TFII on trend strength, trading above more of its moving averages.
TFII Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $108.1 | 11% below |
| 20 week MA | $127.4 | 25% below |
| 50 week MA | $124.8 | 23% below |
| 100 week MA | $110.5 | 13% below |
| 200 week MA | $120.8 | 20% below |
TFII is in a downtrend: it's below all five of its weekly moving averages, and 20% 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 TFII on returns for 2026, with the stronger performance.
TFII Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $34.0 | $51.6 | +52% |
| 2021 | $51.6 | $108.7 | +111% |
| 2022 | $108.7 | $101.4 | -6.7% |
| 2023 | $101.4 | $136.0 | +34% |
| 2024 | $136.0 | $137.7 | +1.3% |
| 2025 | $137.7 | $106.3 | -23% |
| 2026 YTD | $106.3 | $96.1 | -9.6% |
TFII has finished higher in four of the last six years, two of them by more than 50%. It's down 9.6% so far in 2026.