CAT
Caterpillar Inc.
CAT has the edge over TNC overall, supported by stronger modeled upside and stronger fundamentals.
TNC
Tennant Company
TNC's outlook is improving despite an expensive valuation.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
TNC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Under pressure |
TNC's revenue and profitability are currently stable, but its cash flow and balance sheet are under pressure.
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 TNC in the historical PE scenario, which offers more potential upside but is not a forecast.
TNC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $75.03 | — |
| Cheap | 17x | $22.83 | -70% |
| Fair | 24x | $32.95 | -56% |
| Expensive | 31x | $42.27 | -44% |
| Current | 55x | $75.03 | — |
Historical ranges are pointers, not guarantees.
TNC's PE is in its expensive range at 55x. If earnings grow as analysts expect, today's price would be 14x next year's earnings, in its cheap range.
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.
TNC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for TNC, with profitability improving.
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 TNC on earnings, with more consistent year-over-year improvement.
TNC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.18 | +281% |
| Q3 2026 | $1.36 | -53% |
| Q2 2026 | $1.04 | -68% |
| Q1 2026 | $1.68 | -53% |
| Q4 2025 | $2.36 | -46% |
| Q3 2025 | $2.92 | -49% |
| Q2 2025 | $3.21 | -45% |
| Q1 2025 | $3.58 | -41% |
| Q4 2024 | $4.38 | -25% |
TNC's earnings per share have fallen from their peak: $1.36 over the past year, against $6.02 in early 2024.
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 TNC 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 TNC on profitability, with a higher operating margin.
TNC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $322.3M | +6.3% |
| Q2 2026 | $324M | +1.7% |
| Q1 2026 | $297.9M | +2.7% |
| Q4 2025 | $291.6M | -11% |
| Q3 2025 | $303.3M | -4% |
| Q2 2025 | $318.6M | -3.7% |
| Q1 2025 | $290M | -6.8% |
| Q4 2024 | $328.9M | +5.6% |
TNC's revenue grew through 2023 and has held roughly level since: $322M last quarter, up 6.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.7% | +2.3 points |
| Q2 2026 | 4.9% | -4.7 points |
| Q1 2026 | 1.6% | -5.1 points |
| Q4 2025 | -1.4% | -3.8 points |
| Q3 2025 | 7.3% | -2.3 points |
| Q2 2025 | 9.6% | -2.1 points |
| Q1 2025 | 6.8% | -5.3 points |
| Q4 2024 | 2.3% | -5.6 points |
TNC's operating margin was 9.7% last quarter, up 2.3 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 TNC on cash generation, producing positive trailing cash flow while its opponent burns cash.
TNC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $5.2M | -77% |
| Q2 2026 | -$300K | -102% |
| Q1 2026 | -$34.4M | -$27M |
| Q4 2025 | $9.7M | -65% |
| Q3 2025 | $22.3M | -16% |
| Q2 2025 | $18.7M | +30% |
| Q1 2025 | -$7.4M | -$7.3M |
| Q4 2024 | $28.1M | -50% |
TNC's free cash flow was −$20M over the past year, against $62M 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 461M diluted shares, down 2.1% from a year ago, with $8.1B in buybacks over the past year.
| 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.
TNC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -4.7K shares |
| 1 year | -7.4% | -1.4M shares |
| 3 years | -9.1% | -1.7M shares |
| 5 years | -9% | -1.7M shares |
| Available history | -7% | -1.3M shares |
TNC has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $100,000 |
| Q2 2026 | $500,000 |
| Q1 2026 | $60M |
| Q4 2025 | $32.2M |
| Q3 2025 | $22.7M |
| Q2 2025 | $13.4M |
| Q1 2025 | $20.2M |
| Q4 2024 | $2.5M |
TNC spent $93M buying back its own shares over the past year, up 58% 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 TNC on leverage, with a lower net debt burden relative to earnings.
TNC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.6x | Moderate |
| Q2 2026 | 2.9x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.0x | Healthy |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 0.6x | Very low |
TNC's net debt is about 2.6 years of its operating earnings (EBITDA), up from a year 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).
TNC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.8 | Neutral |
| Stochastic | 38.5 | Neutral |
TNC's weekly RSI is 53 (neutral) and its Stochastic is 38 (neutral).
CAT PE vs Industrials Sector
| Metric | CAT | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.1% below |
| PE % | 69 | 58 | 11 pts above |
CAT has the edge over TNC on valuation relative to its sector.
TNC PE vs Industrials Sector
| Metric | TNC | Sector median | Relative |
|---|---|---|---|
| PE | 55x | 24x | 130% above |
| PE % | 96 | 58 | 38 pts above |
TNC is trading at 55x earnings, a 130% premium to the Industrials sector's median of 24x.
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.
TNC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $68.2 | 10% above |
| 20 week MA | $73.3 | 2.4% above |
| 50 week MA | $76.0 | 1.3% below |
| 100 week MA | $77.7 | 3.5% below |
| 200 week MA | $83.0 | 9.6% below |
TNC has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 9.6% 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 TNC on returns for 2026, with the stronger performance.
TNC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $78.3 | $69.5 | -11% |
| 2021 | $69.5 | $80.4 | +16% |
| 2022 | $80.4 | $60.0 | -25% |
| 2023 | $60.0 | $92.7 | +54% |
| 2024 | $92.7 | $80.8 | -13% |
| 2025 | $80.8 | $75.4 | -6.6% |
| 2026 YTD | $75.4 | $75.0 | -0.5% |
TNC has finished lower in four of the last six years. It's down 0.5% so far in 2026.