CAT
Caterpillar Inc.
CAT has the edge over URI overall, supported by stronger modeled upside and lower modeled downside.
URI
United Rentals, Inc.
URI's outlook is improving, though it still trails on the overall score.
CAT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
CAT's revenue, profitability, cash flow and balance sheet are all currently healthy.
URI Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Stable |
URI's revenue, profitability and cash flow are currently healthy, and its balance sheet 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 URI in the historical PE scenario, which offers more potential upside but is not a forecast.
URI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $540 | -53% |
| Fair | 18x | $824 | -28% |
| Forward | 19x | $1,139 | — |
| Expensive | 24x | $1,100 | -3.5% |
| Current | 25x | $1,139 | — |
Historical ranges are pointers, not guarantees.
URI's PE is in its expensive range at 25x. If earnings grow as analysts expect, today's price would be 19x next year's earnings, in its fair range.
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.
URI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for URI, 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.
URI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $59.66 | +31% |
| Q3 2026 | $45.50 | +17% |
| Q2 2026 | $41.64 | +7.7% |
| Q1 2026 | $39.20 | +1.5% |
| Q4 2025 | $38.68 | -0.2% |
| Q3 2025 | $38.88 | +1.5% |
| Q2 2025 | $38.67 | +2.1% |
| Q1 2025 | $38.62 | +4.6% |
| Q4 2024 | $38.75 | +9.6% |
URI 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's operating margin was 20% last quarter, up 3.1 points from the same quarter a year ago.
URI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.9B | +16% |
| Q2 2026 | $4.4B | +12% |
| Q1 2026 | $4B | +7.2% |
| Q4 2025 | $4.2B | +2.8% |
| Q3 2025 | $4.2B | +5.9% |
| Q2 2025 | $3.9B | +4.5% |
| Q1 2025 | $3.7B | +6.7% |
| Q4 2024 | $4.1B | +9.8% |
URI's revenue has grown year over year for 22 quarters in a row: $4.9B last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +2.5 points |
| Q2 2026 | 26% | +0.4 points |
| Q1 2026 | 22% | +0.2 points |
| Q4 2025 | 25% | -1.5 points |
| Q3 2025 | 26% | -1.8 points |
| Q2 2025 | 25% | -1.2 points |
| Q1 2025 | 22% | -2.8 points |
| Q4 2024 | 27% | -2 points |
URI has the edge over CAT on profitability, with a higher operating margin.
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.
URI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +38% |
| Q2 2026 | $1.8B | +35% |
| Q1 2026 | $1.5B | +6.2% |
| Q4 2025 | $1.3B | +167% |
| Q3 2025 | $1.2B | +$1.3B |
| Q2 2025 | $1.3B | +$1.6B |
| Q1 2025 | $1.4B | +279% |
| Q4 2024 | $471M | -47% |
URI 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 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.
URI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -367K shares |
| 1 year | -3.1% | -2M shares |
| 3 years | -8.8% | -6M shares |
| 5 years | -14% | -10.4M shares |
| Available history | -20% | -15.4M shares |
URI has the edge over CAT on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $375M |
| Q2 2026 | $395M |
| Q1 2026 | $421M |
| Q4 2025 | $631M |
| Q3 2025 | $618M |
| Q2 2025 | $431M |
| Q1 2025 | $289M |
| Q4 2024 | $403M |
URI spent $1.8B buying back its own shares over the past year, up 4.7% 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 the edge over URI on leverage, with a lower net debt burden relative to earnings.
URI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Moderate |
| Q2 2026 | 3.1x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 3.1x | Elevated |
| Q3 2025 | 3.1x | Elevated |
| Q2 2025 | 2.9x | Moderate |
| Q1 2025 | 2.8x | Moderate |
| Q4 2024 | 2.9x | Moderate |
URI's net debt is about 3.0 years of its operating earnings (EBITDA), about the same as 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).
URI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.3 | Neutral |
| Stochastic | 65.7 | Neutral |
URI's weekly RSI is 57 (neutral) and its Stochastic is 66 (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 URI on valuation relative to its sector.
URI PE vs Industrials Sector
| Metric | URI | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 24x | 4.2% above |
| PE % | 88 | 58 | 30 pts above |
URI is trading at 25x earnings, in line with 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.
URI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,084.7 | 5% above |
| 20 week MA | $1,079.8 | 5.5% above |
| 50 week MA | $963.3 | 18% above |
| 100 week MA | $869.0 | 31% above |
| 200 week MA | $720.5 | 58% above |
URI 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.
URI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $168.5 | $232.6 | +38% |
| 2021 | $232.6 | $331.7 | +43% |
| 2022 | $331.7 | $355.2 | +7.1% |
| 2023 | $355.2 | $573.4 | +61% |
| 2024 | $573.4 | $716.5 | +25% |
| 2025 | $716.5 | $827.9 | +16% |
| 2026 YTD | $827.9 | $1,139.1 | +38% |
URI has the edge over CAT on returns for 2026, with the stronger performance.