CAT
Caterpillar Inc.
CAT has the edge over UPWK overall, supported by stronger modeled upside and lower modeled downside.
UPWK
Upwork Inc.
UPWK trails on the overall score without a compensating advantage in the available component scores.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
UPWK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
UPWK's profitability, cash flow and balance sheet are currently healthy, and its revenue 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'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.
UPWK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.7x | $9.86 | — |
| Cheap | 9.3x | $7.56 | -23% |
| Fair | 12x | $9.55 | -3.1% |
| Current | 12x | $9.86 | — |
| Expensive | 30x | $23.95 | +143% |
Historical ranges are pointers, not guarantees.
UPWK 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 UPWK on the outlook, with more favorable earnings and revenue expectations.
UPWK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect UPWK's earnings and revenue to decline, though with profitability holding steady.
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.
UPWK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.13 | +39% |
| Q3 2026 | $0.81 | -53% |
| Q2 2026 | $0.77 | -55% |
| Q1 2026 | $0.81 | -51% |
| Q4 2025 | $0.84 | -45% |
| Q3 2025 | $1.74 | +181% |
| Q2 2025 | $1.73 | +220% |
| Q1 2025 | $1.66 | +388% |
| Q4 2024 | $1.52 | +2433% |
UPWK 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 UPWK on profitability, with a higher operating margin.
UPWK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $185.6M | -8% |
| Q2 2026 | $191.7M | -1.7% |
| Q1 2026 | $195.5M | +1.4% |
| Q4 2025 | $198.4M | +3.6% |
| Q3 2025 | $201.7M | +4.1% |
| Q2 2025 | $194.9M | +0.9% |
| Q1 2025 | $192.7M | +0.9% |
| Q4 2024 | $191.5M | +4.1% |
UPWK's revenue grew through 2024 and has held roughly level since: $186M last quarter, down 8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | +3.9 points |
| Q2 2026 | 15% | -2 points |
| Q1 2026 | 17% | -3.3 points |
| Q4 2025 | 14% | +7.2 points |
| Q3 2025 | 15% | +4 points |
| Q2 2025 | 17% | +7.5 points |
| Q1 2025 | 20% | +13 points |
| Q4 2024 | 7.1% | +2.5 points |
UPWK's operating margin was 19% last quarter, up 3.9 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.
UPWK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $61.8M | -17% |
| Q2 2026 | $45.3M | -35% |
| Q1 2026 | $21.3M | -38% |
| Q4 2025 | $63.2M | +811% |
| Q3 2025 | $74.6M | -26% |
| Q2 2025 | $70.1M | +91% |
| Q1 2025 | $34.5M | +530% |
| Q4 2024 | $6.9M | +$12.4M |
UPWK generated $192M in free cash flow over the past year, up 2.9% from 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 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.
UPWK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -1.7M shares |
| 1 year | -8.2% | -11.4M shares |
| 3 years | -6.6% | -9M shares |
| 5 years | +0.3% | +346K shares |
| Available history | +17% | +18.4M shares |
UPWK has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $1.8M |
| Q1 2026 | $107.9M |
| Q4 2025 | $34M |
| Q3 2025 | $31M |
| Q2 2025 | $37.9M |
| Q1 2025 | $33.1M |
| Q4 2024 | — |
UPWK spent $144M buying back its own shares over the past year, up 41% 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.
UPWK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.4x | Net Cash |
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | 0.2x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.7x | Very low |
| Q2 2025 | 0.6x | Very low |
| Q1 2025 | 0.6x | Very low |
| Q4 2024 | 0.8x | Very low |
UPWK 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).
UPWK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.1 | Neutral |
| Stochastic | 72.4 | Neutral |
UPWK's weekly RSI is 52 (neutral) and its Stochastic is 72 (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.
UPWK PE vs Industrials Sector
| Metric | UPWK | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 24x | 49% below |
| PE % | 52 | 58 | 6 pts below |
UPWK 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.
UPWK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.97 | 9.9% above |
| 20 week MA | $8.92 | 11% above |
| 50 week MA | $11.9 | 17% below |
| 100 week MA | $13.6 | 27% below |
| 200 week MA | $12.8 | 23% below |
UPWK has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 23% 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 the edge over UPWK on returns for 2026, with the stronger performance.
UPWK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.4 | $37.8 | +263% |
| 2021 | $37.8 | $33.6 | -11% |
| 2022 | $33.6 | $10.4 | -69% |
| 2023 | $10.4 | $14.9 | +43% |
| 2024 | $14.9 | $16.9 | +14% |
| 2025 | $16.9 | $20.9 | +23% |
| 2026 YTD | $20.9 | $9.86 | -53% |
UPWK's yearly returns have swung widely, from +263% in 2020 to −69% in 2022. It's down 53% so far in 2026.