CAT
Caterpillar Inc.
CAT has the edge over TRC overall, supported by stronger modeled upside and lower modeled downside.
TRC
Tejon Ranch Co.
TRC 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.
TRC Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| Strong | |
| Weak |
TRC's profitability and cash flow are currently healthy, but its balance sheet is weak. There isn't enough data to rate its revenue.
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.
TRC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 34x | $9.60 | -44% |
| Current | 62x | $17.29 | — |
| Fair | 93x | $25.99 | +50% |
| Expensive | 297x | $83.06 | +380% |
Historical ranges are pointers, not guarantees.
TRC 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 | |
| Improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
TRC Forward outlook
There aren't enough analyst estimates for TRC to show an outlook.
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.
TRC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.28 | +155% |
| Q2 2026 | $0.22 | +$0.24 |
| Q1 2026 | $0.06 | -25% |
| Q4 2025 | $0.00 | -100% |
| Q3 2025 | $0.11 | +$0.12 |
| Q2 2025 | -$0.02 | -140% |
| Q1 2025 | $0.08 | +300% |
| Q4 2024 | $0.10 | -17% |
TRC 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 TRC on profitability, with a higher operating margin.
TRC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $22.6M | +89% |
| Q2 2026 | $14.3M | +72% |
| Q1 2026 | $9.5M | +16% |
| Q3 2021 | $15M | +11% |
| Q2 2021 | $16.6M | +248% |
| Q1 2021 | $11.1M | +7.2% |
| Q4 2020 | $9.2M | -54% |
TRC's revenue has grown year over year for four quarters in a row: $23M last quarter, up 89% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | +27 points |
| Q2 2026 | 2.4% | +51 points |
| Q1 2026 | -12% | +39 points |
| Q4 2025 | 11% | N/A |
| Q3 2025 | -17% | N/A |
| Q2 2025 | -49% | N/A |
| Q1 2025 | -51% | N/A |
| Q3 2021 | -8.1% | -2 points |
TRC's operating margin was 10% last quarter, up 27 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.
TRC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.5M | +$16.1M |
| Q2 2026 | -$210K | +$19.8M |
| Q1 2026 | $1.4M | +$20.3M |
| Q4 2025 | $53.1M | +$56.1M |
| Q3 2025 | -$14.6M | +$2.2M |
| Q2 2025 | -$20M | -$4.2M |
| Q1 2025 | -$18.9M | -$11.6M |
| Q4 2024 | -$3M | +$5.9M |
TRC 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 TRC 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.
TRC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +2.4K shares |
| 1 year | +0.5% | +132K shares |
| 3 years | +1% | +274K shares |
| 5 years | +2.1% | +557K shares |
| Available history | +3.5% | +923K shares |
TRC has 27M diluted shares, about the same as a year ago.
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 TRC on leverage, with a lower net debt burden relative to earnings.
TRC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.3x | High |
| Q2 2026 | 14.7x | High |
| Q1 2026 | 58.4x | High |
| Q4 2023 | -28.8x | Net Cash |
| Q3 2023 | 2.0x | Healthy |
| Q2 2023 | 1.6x | Healthy |
| Q1 2023 | 0.7x | Very low |
| Q4 2022 | 0.6x | Very low |
TRC's net debt is about 8.3 years of its operating earnings (EBITDA), up from 2.0 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).
TRC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.8 | Neutral |
| Stochastic | 60.8 | Neutral |
TRC's weekly RSI is 53 (neutral) and its Stochastic is 61 (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 TRC on valuation relative to its sector.
TRC PE vs Industrials Sector
| Metric | TRC | Sector median | Relative |
|---|---|---|---|
| PE | 62x | 24x | 157% above |
| PE % | 41 | 58 | 17 pts below |
TRC is trading at 62x earnings, a 157% 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.
TRC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.6 | 4.2% above |
| 20 week MA | $16.9 | 2.6% above |
| 50 week MA | $17.5 | 1.3% below |
| 100 week MA | $17.0 | 1.8% above |
| 200 week MA | $17.0 | 1.5% above |
TRC 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.
TRC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.2 | $15.2 | -6.4% |
| 2021 | $15.2 | $18.5 | +22% |
| 2022 | $18.5 | $18.8 | +1.4% |
| 2023 | $18.8 | $17.2 | -8.3% |
| 2024 | $17.2 | $15.7 | -8.8% |
| 2025 | $15.7 | $15.9 | +1.2% |
| 2026 YTD | $15.9 | $17.3 | +8.9% |
TRC has the edge over CAT on returns for 2026, with the stronger performance.