CAT
Caterpillar Inc.
CAT has the edge over TNET overall, supported by stronger modeled upside and lower modeled downside.
TNET
TriNet Group, Inc.
TNET 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.
TNET Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Unavailable |
TNET's profitability is currently healthy, and its revenue and cash flow are stable. 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.
TNET PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $51.64 | -21% |
| Forward | 15x | $65.34 | — |
| Fair | 18x | $65.98 | +1% |
| Current | 18x | $65.34 | — |
| Expensive | 21x | $79.94 | +22% |
Historical ranges are pointers, not guarantees.
TNET has the edge over CAT in the historical PE scenario, which offers more potential upside but is not a forecast.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over TNET on the outlook, with more favorable profitability expectations.
TNET Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for TNET, but weaker profitability. However, they disagree widely on these estimates.
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 TNET on earnings, with stronger typical year-over-year growth.
TNET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.41 | +18% |
| Q3 2026 | $3.72 | +36% |
| Q2 2026 | $3.77 | +29% |
| Q1 2026 | $3.39 | +0.9% |
| Q4 2025 | $3.20 | -6.7% |
| Q3 2025 | $2.74 | -48% |
| Q2 2025 | $2.93 | -51% |
| Q1 2025 | $3.36 | -46% |
| Q4 2024 | $3.43 | -48% |
TNET's earnings per share have fallen from their peak: $3.72 over the past year, against $6.56 in late 2023.
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 TNET 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 TNET on profitability, with a higher operating margin.
TNET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | -4.6% |
| Q2 2026 | $1.2B | -4.8% |
| Q1 2026 | $1.2B | -5.1% |
| Q4 2025 | $1.2B | -5.9% |
| Q3 2025 | $1.2B | -0.4% |
| Q2 2025 | $1.2B | +1% |
| Q1 2025 | $1.3B | +2.2% |
| Q4 2024 | $1.3B | +6.5% |
TNET's revenue is shrinking: $1.2B last quarter, down 4.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 3.3% | -0.7 points |
| Q2 2026 | 6.3% | +2.2 points |
| Q1 2026 | 10% | +1.1 points |
| Q4 2025 | 0.1% | +2.9 points |
| Q3 2025 | 4.1% | -0.6 points |
| Q2 2025 | 4.1% | -2.4 points |
| Q1 2025 | 8.9% | -0.8 points |
| Q4 2024 | -2.8% | -9.8 points |
TNET's operating margin was 3.3% last quarter, down 0.7 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.
TNET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $53M | -3.6% |
| Q2 2026 | $67M | +18% |
| Q1 2026 | $123M | +56% |
| Q4 2025 | $43M | -92% |
| Q3 2025 | $55M | +$111M |
| Q2 2025 | $57M | +$197M |
| Q1 2025 | $79M | +$219M |
| Q4 2024 | $537M | -5.3% |
TNET 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 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.
TNET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.2% | +1M shares |
| 1 year | -2.1% | -1M shares |
| 3 years | -19% | -11M shares |
| 5 years | -30% | -20M shares |
| Available history | -34% | -24M shares |
TNET has 47M diluted shares, down 2.1% from a year ago, with $155M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $18M |
| Q2 2026 | $18M |
| Q1 2026 | $58M |
| Q4 2025 | $61M |
| Q3 2025 | $31M |
| Q2 2025 | $1M |
| Q1 2025 | $90M |
| Q4 2024 | $28M |
TNET spent $155M buying back its own shares over the past year, up 3.3% 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 more cash than debt.
TNET Net Leverage
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).
TNET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.0 | Neutral |
| Stochastic | 33.4 | Neutral |
TNET's weekly RSI is 54 (neutral) and its Stochastic is 33 (neutral).
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.
TNET PE vs Industrials Sector
| Metric | TNET | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 24x | 27% below |
| PE % | 47 | 58 | 11 pts below |
TNET 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.
TNET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $67.1 | 2.6% below |
| 20 week MA | $65.7 | 0.6% below |
| 50 week MA | $54.7 | 19% above |
| 100 week MA | $64.4 | 1.5% above |
| 200 week MA | $83.5 | 22% below |
TNET's trend is mixed: it's above two of its five weekly moving averages, and 22% 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.
TNET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.6 | $82.1 | +45% |
| 2021 | $82.1 | $94.6 | +15% |
| 2022 | $94.6 | $65.4 | -31% |
| 2023 | $65.4 | $118.9 | +82% |
| 2024 | $118.9 | $90.3 | -24% |
| 2025 | $90.3 | $58.7 | -35% |
| 2026 YTD | $58.7 | $65.3 | +11% |
TNET has the edge over CAT on returns for 2026, with the stronger performance.