CAT
Caterpillar Inc.
CAT's fundamentals are strong, but it looks expensive: trading at 24x earnings, above its usual 18x. Analysts expect strong earnings growth, though they disagree widely on how much.
ULBI
Ultralife Corporation
There isn't enough reported data to score ULBI yet.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
ULBI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Weak |
ULBI'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'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.
ULBI PE Valuation
ULBI has no meaningful PE right now: it lost money over the past year.
CAT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for CAT, with profitability improving. However, they disagree widely on these estimates.
ULBI Forward outlook
There aren't enough analyst estimates for ULBI to show an outlook.
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 ULBI in the latest year-over-year earnings comparison.
ULBI Earnings Per Share
ULBI earned $0.01 per share over the past year, down 97% from the year before.
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 ULBI on sales, with stronger typical year-over-year growth.
| 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 ULBI on profitability, with a higher operating margin.
ULBI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $48.3M | +11% |
| Q2 2026 | $47.9M | -1.3% |
| Q1 2026 | $47.4M | -6.5% |
| Q4 2025 | $48.5M | +11% |
| Q3 2025 | $43.4M | +22% |
| Q2 2025 | $48.6M | +13% |
| Q1 2025 | $50.7M | +21% |
| Q4 2024 | $43.9M | -1.6% |
ULBI's revenue has held roughly level: $48M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.6% | +8.8 points |
| Q2 2026 | 7.2% | +2.5 points |
| Q1 2026 | -0.5% | -7.2 points |
| Q4 2025 | -22% | -25 points |
| Q3 2025 | -2.2% | -3.6 points |
| Q2 2025 | 4.7% | -4.5 points |
| Q1 2025 | 6.7% | -3 points |
| Q4 2024 | 3.4% | -4.8 points |
ULBI's operating margin was 6.6% last quarter, up 8.8 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 ULBI on cash generation, producing positive trailing cash flow while its opponent burns cash.
ULBI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$3.5M | -$2.7M |
| Q2 2026 | $735K | -85% |
| Q1 2026 | $1.5M | -40% |
| Q4 2025 | $607K | -75% |
| Q3 2025 | -$797K | -119% |
| Q2 2025 | $4.8M | -44% |
| Q1 2025 | $2.5M | +$2.9M |
| Q4 2024 | $2.4M | +71% |
ULBI's free cash flow was −$694,000 over the past year, against $9M 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 ULBI 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.
ULBI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -17K shares |
| 1 year | +0.3% | +51K shares |
| 3 years | +2.4% | +394K shares |
| 5 years | +2.7% | +437K shares |
| Available history | +3.2% | +518K shares |
ULBI has 17M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q4 2019 | — |
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 ULBI on leverage, with a lower net debt burden relative to earnings.
ULBI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 38.3x | High |
| Q3 2025 | 3.6x | Elevated |
| Q2 2025 | 3.2x | Elevated |
| Q1 2025 | 3.2x | Elevated |
| Q4 2024 | 3.4x | Elevated |
| Q3 2024 | 0.1x | Very low |
| Q2 2024 | 0.3x | Very low |
| Q1 2024 | 0.9x | Very low |
ULBI's net debt is more than 20 years of its operating earnings (EBITDA), up from 3.4 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).
ULBI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 82.9 | Overbought |
| Stochastic | 99.6 | Overbought |
ULBI's weekly RSI is 83 (overbought) and its Stochastic is 100 (overbought).
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.
ULBI PE vs Industrials Sector
| Metric | ULBI | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 24x | — |
ULBI has no meaningful PE right now: it lost money over the past year.
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.
ULBI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.76 | 62% above |
| 20 week MA | $7.54 | 109% above |
| 50 week MA | $6.82 | 131% above |
| 100 week MA | $6.76 | 133% above |
| 200 week MA | $7.29 | 116% above |
ULBI 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.
ULBI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.29 | $6.36 | -13% |
| 2021 | $6.36 | $5.96 | -6.3% |
| 2022 | $5.96 | $3.89 | -35% |
| 2023 | $3.89 | $6.82 | +75% |
| 2024 | $6.82 | $7.29 | +6.9% |
| 2025 | $7.29 | $5.76 | -21% |
| 2026 YTD | $5.76 | $15.8 | +174% |
ULBI has the edge over CAT on returns for 2026, with the stronger performance.