CAT
Caterpillar Inc.
CAT has a slight edge over TPC overall, supported by lower modeled downside and stronger modeled upside.
TPC
Tutor Perini Corporation
TPC offers stronger fundamentals, 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.
TPC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Strong |
TPC's revenue, profitability and balance sheet are currently healthy, and its cash flow is 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 TPC in the historical PE scenario, which offers more potential upside but is not a forecast.
TPC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.9x | $15.55 | -85% |
| Fair | 8.1x | $21.22 | -79% |
| Forward | 19x | $100 | — |
| Current | 38x | $100 | — |
| Expensive | 48x | $127 | +27% |
Historical ranges are pointers, not guarantees.
TPC's PE is in its expensive range at 38x. If earnings grow as analysts expect, today's price would be 19x next year's earnings.
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.
TPC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for TPC, 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 earned $25.48 per share over the past year, up 31% from the year before.
TPC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.36 | +104% |
| Q3 2026 | $2.63 | +$3.18 |
| Q2 2026 | $2.31 | +$4.85 |
| Q1 2026 | $1.46 | +$4.36 |
| Q4 2025 | $1.51 | +$4.64 |
| Q3 2025 | -$0.55 | +$1.97 |
| Q2 2025 | -$2.54 | -$1.23 |
| Q1 2025 | -$2.90 | -$0.85 |
| Q4 2024 | -$3.13 | +$0.17 |
TPC has the edge over CAT on earnings, with more consistent year-over-year improvement.
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's revenue has grown year over year for five quarters in a row: $20.7B last quarter, up 17% from the same quarter a year ago.
| 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 TPC on profitability, with a higher operating margin.
TPC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +22% |
| Q2 2026 | $1.6B | +19% |
| Q1 2026 | $1.4B | +11% |
| Q4 2025 | $1.5B | +41% |
| Q3 2025 | $1.4B | +31% |
| Q2 2025 | $1.4B | +22% |
| Q1 2025 | $1.2B | +19% |
| Q4 2024 | $1.1B | +4.5% |
TPC has the edge over CAT on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.3% | +4.5 points |
| Q2 2026 | 7.2% | +1.6 points |
| Q1 2026 | 4.3% | -1 points |
| Q4 2025 | 3.3% | +11 points |
| Q3 2025 | 2.8% | +13 points |
| Q2 2025 | 5.6% | +2 points |
| Q1 2025 | 5.2% | +0.6 points |
| Q4 2024 | -8.1% | -5.9 points |
TPC's operating margin was 7.3% last quarter, up 4.5 points from the same quarter a year ago, near the top of its range since 2019.
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.
TPC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $291.3M | +21% |
| Q2 2026 | $153.6M | -35% |
| Q1 2026 | $128.9M | +$136.1M |
| Q4 2025 | $98.7M | -69% |
| Q3 2025 | $240.2M | +1435% |
| Q2 2025 | $235.6M | +458% |
| Q1 2025 | -$7.2M | -108% |
| Q4 2024 | $320.4M | +166% |
TPC 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 TPC 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.
TPC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -21K shares |
| 1 year | -0.4% | -213K shares |
| 3 years | +2.8% | +1.5M shares |
| 5 years | +4.1% | +2.1M shares |
| Available history | +6.4% | +3.2M shares |
TPC has 53M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $10M |
| Q1 2026 | $20M |
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.
TPC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.8x | Net Cash |
| Q2 2026 | -1.7x | Net Cash |
| Q1 2026 | -1.5x | Net Cash |
| Q4 2025 | -1.2x | Net Cash |
| Q3 2025 | -1.9x | Net Cash |
| Q2 2025 | -283.0x | Net Cash |
| Q3 2024 | 27.4x | High |
| Q2 2024 | 3.9x | Elevated |
TPC has the edge over CAT on leverage, with a lower net debt burden relative to earnings.
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).
TPC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.6 | Neutral |
| Stochastic | 55.4 | Neutral |
TPC's weekly RSI is 65 (neutral) and its Stochastic is 55 (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 TPC on valuation relative to its sector.
TPC PE vs Industrials Sector
| Metric | TPC | Sector median | Relative |
|---|---|---|---|
| PE | 38x | 24x | 59% above |
| PE % | 74 | 58 | 16 pts above |
TPC is trading at 38x earnings, a 59% 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.
TPC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $84.8 | 18% above |
| 20 week MA | $85.9 | 17% above |
| 50 week MA | $80.3 | 25% above |
| 100 week MA | $61.1 | 64% above |
| 200 week MA | $37.3 | 169% above |
TPC has the edge over CAT on trend strength, trading above more of its moving averages.
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.
TPC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $12.7 | $13.4 | +6.2% |
| 2021 | $13.4 | $12.4 | -7.5% |
| 2022 | $12.4 | $7.54 | -39% |
| 2023 | $7.54 | $9.10 | +21% |
| 2024 | $9.10 | $23.8 | +162% |
| 2025 | $23.8 | $69.1 | +190% |
| 2026 YTD | $69.1 | $100.3 | +45% |
TPC has the edge over CAT on returns for 2026, with the stronger performance.