CAT
Caterpillar Inc.
CAT has the edge over TUSK overall, supported by stronger fundamentals and stronger modeled upside.
TUSK
Mammoth Energy Services, Inc.
TUSK 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.
TUSK Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| Weak | |
| Strong |
TUSK's profitability and balance sheet are currently healthy, but its revenue and cash flow 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 TUSK in the historical PE scenario, which offers more potential upside but is not a forecast.
TUSK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.9x | $2.30 | -30% |
| Current | 11x | $3.26 | — |
| Fair | 14x | $4.08 | +25% |
| Expensive | 28x | $8.11 | +149% |
Historical ranges are pointers, not guarantees.
TUSK's PE is in its cheap range at 11x.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
CAT has the edge over TUSK on the outlook, with more favorable earnings and profitability expectations.
TUSK Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect TUSK's losses to grow, with revenue growing.
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 earned $25.48 per share over the past year, up 31% from the year before.
TUSK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.29 | +$0.69 |
| Q2 2026 | $0.02 | +$0.66 |
| Q1 2026 | $0.21 | +$4.28 |
| Q4 2025 | $0.09 | +$4.40 |
| Q3 2025 | -$0.40 | +$3.73 |
| Q2 2025 | -$0.64 | +$3.01 |
| Q1 2025 | -$4.07 | -$3.58 |
| Q4 2024 | -$4.31 | -$4.24 |
TUSK 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 has the edge over TUSK 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 TUSK on profitability, with a higher operating margin.
TUSK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $21.3M | +44% |
| Q2 2026 | $26.1M | +59% |
| Q1 2026 | $22M | -65% |
| Q3 2025 | $14.8M | -63% |
| Q2 2025 | $16.4M | -68% |
| Q1 2025 | $62.5M | +45% |
| Q4 2024 | $53.2M | +0.8% |
| Q3 2024 | $40M | -38% |
TUSK's revenue is recovering but still below its 2023 peak: $21M last quarter, up 44% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -2% | +59 points |
| Q2 2026 | 10% | +232 points |
| Q1 2026 | -3.9% | -4.8 points |
| Q3 2025 | -61% | -30 points |
| Q2 2025 | -222% | -38 points |
| Q1 2025 | 0.8% | +29 points |
| Q4 2024 | -18% | -4.6 points |
| Q3 2024 | -31% | -18 points |
TUSK's operating margin was −2% last quarter, up 220 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 TUSK on cash generation, producing positive trailing cash flow while its opponent burns cash.
TUSK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$41.8M | -$25.2M |
| Q2 2026 | -$51M | -$18.3M |
| Q1 2026 | -$14.7M | -$10.2M |
| Q4 2025 | -$35.4M | -127% |
| Q3 2025 | -$16.6M | -$13.4M |
| Q2 2025 | -$32.6M | -$20.9M |
| Q1 2025 | -$4.5M | -110% |
| Q4 2024 | $130.5M | +5562% |
TUSK has burned cash in most quarters: −$143M over the past year, against $77M 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 the edge over TUSK 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.
TUSK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -36K shares |
| 1 year | -0.5% | -230K shares |
| 3 years | +0.4% | +186K shares |
| 5 years | +3.1% | +1.4M shares |
| Available history | +6.9% | +3.1M shares |
TUSK has 48M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $130,000 |
| Q1 2026 | $404,000 |
| Q4 2025 | — |
TUSK spent $534,000 buying back its own shares over the past year.
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 TUSK on leverage, with a lower net debt burden relative to earnings.
TUSK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.4x | Net Cash |
| Q2 2026 | -2.1x | Net Cash |
| Q1 2024 | 35.8x | High |
| Q4 2023 | 1.1x | Healthy |
| Q3 2023 | 1.6x | Healthy |
| Q2 2023 | 0.9x | Very low |
| Q1 2023 | 1.2x | Healthy |
| Q4 2022 | 1.6x | Healthy |
TUSK has more cash than debt.
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).
TUSK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.8 | Neutral |
| Stochastic | 63.9 | Neutral |
TUSK's weekly RSI is 58 (neutral) and its Stochastic is 64 (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.
TUSK PE vs Industrials Sector
| Metric | TUSK | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 24x | 53% below |
| PE % | 32 | 58 | 26 pts below |
TUSK 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.
TUSK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $2.94 | 11% above |
| 20 week MA | $2.99 | 9% above |
| 50 week MA | $2.69 | 21% above |
| 100 week MA | $2.59 | 26% above |
| 200 week MA | $3.39 | 3.8% below |
TUSK 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.
TUSK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.20 | $4.61 | +110% |
| 2021 | $4.61 | $1.91 | -59% |
| 2022 | $1.91 | $7.48 | +292% |
| 2023 | $7.48 | $4.46 | -40% |
| 2024 | $4.46 | $2.71 | -39% |
| 2025 | $2.71 | $1.88 | -31% |
| 2026 YTD | $1.88 | $3.26 | +73% |
TUSK has the edge over CAT on returns for 2026, with the stronger performance.