# Caterpillar Inc. (CAT)

> Source: Nexqual · https://nexqual.com/CAT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Caterpillar Inc. (CAT), nexqual.com/CAT" · informational, not investment advice.

**Price:** USD 704.05 (-4.89% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 740.21 · day 695.33–722.05 · 52w 513.01–1,073.46 · market cap $324B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $74.7B, net income $10.8B (14.5% margin), free cash flow $10.7B (SEC filings).
- Valuation: P/E 29.9x (avg 20.6x at the last 3 fiscal year-ends).
- 6 of 80 tracked superinvestors hold CAT (13F, Q2 2026): 0 new, 0 added, 3 reduced, 3 unchanged.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $114M; 10 not under a Rule 10b5-1 plan ($114M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $219K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.45 on a 1–5 scale) (29 analysts), mean target USD 945.76 (range 575–1,155).
- Total return with dividends: 1Y +36.1% vs S&P 500 +14.9%; 5Y +280.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 7.03, revenue estimate $20.7B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $51.0B | $59.4B | $67.1B | $64.8B | $67.6B | $74.7B |
| Gross profit | $15.5B | $18.1B | $24.3B | $24.6B | $22.8B | — |
| Operating income | $6.88B | $7.90B | $13.0B | $13.1B | $11.2B | $13.1B |
| Net income | $6.49B | $6.70B | $10.3B | $10.8B | $8.88B | $10.8B |
| EPS (diluted) | $11.83 | $12.64 | $20.12 | $22.05 | $18.81 | — |
| Free cash flow | $6.11B | $6.47B | $11.3B | $10.0B | $8.92B | $10.7B |
| Gross margin | 30.3% | 30.4% | 36.2% | 38.0% | 33.8% | — |
| Operating margin | 13.5% | 13.3% | 19.3% | 20.2% | 16.5% | 17.5% |
| Net margin | 12.7% | 11.3% | 15.4% | 16.6% | 13.1% | 14.5% |
| Revenue growth | +22.1% | +16.6% | +12.8% | -3.4% | +4.3% | — |
| Cash + short-term investments | $9.25B | $7.00B | $6.98B | $6.89B | $9.98B | — |
| Total debt | $31.4B | $31.7B | $29.1B | $31.7B | $36.2B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 29.9x · P/S 4.3x · P/FCF 30.3x · P/B 16.7x · FCF yield 3.31% · Earnings yield 3.35% · Dividend yield (paid, TTM) 0.87% · Buyback yield (TTM) 2.23%
P/E at fiscal year-ends: Dec 2025 30.5x, Dec 2024 16.5x, Dec 2023 14.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold CAT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Gates | Gates Foundation Trust | 19.65% | $6.77B | Unchanged |
| Thomas Gayner | Markel Group | 2.67% | $350M | Unchanged |
| Mairs & Power | Mairs & Power Funds | 0.18% | $19.3M | Reduced -1.9% |
| Dodge & Cox Funds | Dodge & Cox | 0.02% | $42.0M | Reduced -1.5% |
| Thomas Russo | Gardner Russo & Quinn | <0.01% | $282K | Reduced -41.1% |
| Bill Nygren | Oakmark Funds | <0.01% | $2.0M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-28 | Creed Joseph E | Chief Executive Officer | 32,401 | $26.2M | 41.1% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-14 | Johnson Denise C | Group President | 12,605 | $11.4M | 20.2% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-13 | Johnson Denise C | Group President | 6,196 | $5.6M | 11.1% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-05-13 | Schaupp William E | Chief Accounting Officer | 360 | $326K | 40.4% | No | Too little history (no open-market trades in 2023) |
| 2026-05-11 | Fassino Anthony D. | Group President | 16,283 | $14.9M | 25.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | De Lange Bob | Group President | 24,222 | $22.4M | 22% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Fassino Anthony D. | Group President | 9,152 | $8.5M | 16.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Bonfield Andrew R J | CFO Emeritus | 15,674 | $14.4M | 22.8% | No | Too little history (no open-market trades in 2023) |
| 2026-05-05 | Shurman Rodney Michael | Group President | 5,639 | $5.1M | 37.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Kaiser Jason | Group President | 5,642 | $5.0M | 36.2% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $219K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-04 | Maclennan David | Director | 250 | $219K | 876.84 | Opportunistic (traded every year 2023–2025, no repeating month) |

## Analysts
Consensus Buy (mean 2.45 on a 1–5 scale), 29 analysts; mean target USD 945.76 (low 575, high 1,155).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Oppenheimer | Target lowered | Outperform | $1118 → $1009 |
| 2026-10-12 | Citigroup | Target lowered | Buy | $1100 → $950 |
| 2026-10-05 | Truist Securities | Target lowered | Buy | $1225 → $1100 |
| 2026-09-10 | Freedom Broker | Upgrade | Hold → Buy | $980 |
| 2026-08-11 | Evercore ISI Group | Target lowered | Outperform | $1103 → $1045 |
| 2026-08-06 | DA Davidson | Target raised | Neutral | $845 → $882 |
| 2026-08-06 | Barclays | Target raised | Equal-Weight | $800 → $900 |
| 2026-08-05 | UBS | Target raised | Neutral | $900 → $925 |
| 2026-08-05 | Truist Securities | Target raised | Buy | $1218 → $1225 |
| 2026-08-05 | RBC Capital | Target raised | Sector Perform | $877 → $897 |
| 2026-07-29 | Baird | Downgrade | Outperform → Neutral | $1200 → $900 |
| 2026-07-14 | Citigroup | Target raised | Buy | $1020 → $1100 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +36.1% | +280.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +36.2% | +30.5% |
| Volatility (annualized) | 40.3% | 31.4% |
| Max drawdown | -33.8% (Jun 2026→Oct 2026) | -29.3% (Jan 2025→Mar 2025) |

## Peers (Farm & Heavy Construction Machinery)
DE (Deere & Company) USD 643.62 +1.11% · PCAR (PACCAR Inc.) USD 109.59 -0.57% · CNH (CNH Industrial N.V.) USD 11.58 +0.52% · OSK (Oshkosh Corporation (Holding Co) USD 134.29 -0.91% · AGCO (AGCO Corporation) USD 106.17 +0.90% · FSS (Federal Signal Corporation) USD 115.54 -0.99%

## More
Full page: https://nexqual.com/CAT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name CAT in their own reports (relationship from CAT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | DONALDSON Co INC (DCI) | 10-K 2026-09-25 | "The Company has an unconsolidated joint venture, Advanced Filtration Systems Inc. (AFSI), established by the Company and Caterpillar Inc. (Caterpillar) in 1986." |
| partner | Applied Digital Corp. (APLD) | 10-K 2026-07-29 | "Because power distribution, cooling architecture, and data hall layouts are standardized across our campuses, we are able to consolidate purchasing around a common set of trusted, qualified partners—i…" |
| competitor | Capstone Energy Plus, Inc. (CEPL) | 10-K 2026-06-25 | "Key competitors in this category include Caterpillar Inc., Cummins Inc., and Innio Jenbacher and MTU amongst others." |
| supplier | RBC Bearings INC (RBC) | 10-K 2026-05-15 | "largest industrial customers include Caterpillar, Komatsu and Halliburton and various aftermarket distributors including Motion Industries," |
| competitor | Titan Machinery Inc. (TITN) | 10-K 2026-03-31 | "Our competitors range from multi-location, regional operators to single-location dealers and include dealers and distributors of competing equipment brands, including Deere, Caterpillar, Kubota, and t…" |
| competitor | ProFrac Holding Corp. (ACDC) | 10-K 2026-03-13 | "Competitors to our Manufacturing segment include Caterpillar, Inc., Gardner Denver, and EnQuest Energy Solutions, among others." |
| competitor | CNH Industrial N.V. (CNH) | 10-K 2026-02-26 | "Our principal competitors in the construction equipment market are Caterpillar Inc., Komatsu Ltd., J C Bamford Excavators Ltd., Hitachi Construction Machinery Co, Ltd., Volvo Group, Liebherr Group, De…" |
| supplier | TITAN INTERNATIONAL INC (TWI) | 10-K 2026-02-26 | "Customers including AGCO Corporation, Caterpillar Inc., CNH Global N.V., Deere & Company, Hitachi, Ltd., Kubota Corporation, Liebherr, and Volvo have helped sustain Titan's market leading position in …" |
| supplier | TRIMBLE INC. (TRMB) | 10-K 2026-02-25 | "These go-to-market capabilities include: direct sales to end users; independent dealers; joint ventures, including with Caterpillar, AGCO Corporation ("AGCO"), Hilti, and Nikon;" |
| competitor | Hyliion Holdings Corp. (HYLN) | 10-K 2026-02-25 | "Key generator manufacturing competitors include Cummins, Bloom Energy, Generac, Rehlko (formerly Kohler), Caterpillar, Mainspring and Jenbacher, several of which maintain the largest market shares in …" |
| competitor | Allison Transmission Holdings Inc (ALSN) | 10-K 2026-02-24 | "Competition in this end market for 2025 included Caterpillar Inc. ("Caterpillar"), Twin Disc, Inc. ("Twin Disc") and certain alternative hydraulic fracturing technologies." |
| partner | ProPetro Holding Corp. (PUMP) | 10-K 2026-02-19 | "Our Master Loan and Security Agreement and our First Amendment to Master Loan and Security Agreement with Caterpillar Financial Services Corporation (collectively, the "Caterpillar Equipment Loan Agre…" |
| competitor | GENERAC HOLDINGS INC. (GNRC) | 10-K 2026-02-18 | "C&I products – Competitors include Caterpillar, Cummins, Rehlko (formerly known as Kohler Power), IGSA, MTU (Rolls Royce), AKSA, MultiQuip, Wacker, Doosan, Atlas Copco, Himoinsa, Woodward, Planelec, a…" |
| supplier | Otter Tail Corp (OTTR) | 10-K 2026-02-18 | "Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Ka…" |
| customer | USA Compression Partners, LP (USAC) | 10-K 2026-02-17 | "The fleet of compression units that we own and use to provide compression services consists of specially engineered compression units that utilize standardized components, principally engines manufact…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total sales and revenues from reportable segments | $22.38B | 108.9% | +23.3% |
| — Construction Industries (part of Total sales and revenues from reportable segments) | $8.35B | 40.6% | +34.8% |
| — Power & Energy (part of Total sales and revenues from reportable segments) | $8.24B | 40.1% | +17.1% |
| — Resource Industries (part of Total sales and revenues from reportable segments) | $4.65B | 22.6% | +19.6% |
| — Financial Products (part of Total sales and revenues from reportable segments) | $1.15B | 5.6% | +9.9% |
| All Other | $84.0M | 0.4% | -1.2% |
| Total revenue | $20.54B | 100% | — |
The lines above cover 109.3% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sales of Machinery, Power & Energy | $19.58B | 95.3% | +24.9% |
| Financial Products | $962.0M | 4.7% | +7.5% |
| Total revenue | $20.54B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| North&#8232; America | $12.09B | 58.9% | +36.6% |
| EAME | $3.63B | 17.6% | +14.0% |
| Asia/&#8232; Pacific | $3.00B | 14.6% | +4.2% |
| Latin&#8232; America | $1.82B | 8.9% | +10.0% |
| Total revenue | $20.54B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Operating profit in the second quarter of 2026 included $392 million of expected International Emergency Economic Power Act (IEEPA) tariff recoveries."
- "This decrease was due to timing differences, which included the majority of the expected IEEPA tariff recoveries recorded in the second quarter of 2026, and favorable impacts of segment reporting methodology differences."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $7.03 | $6.48 | +8.6% | $20.69B | 22 |
| Next quarter (ends 2026-12-31) | $6.99 | $6.71 | +4.1% | $21.42B | 21 |
| Current fiscal year (ends 2026-12-31) | $27.33 | $24.72 | +10.5% | $79.60B | 27 |
| Next fiscal year (ends 2027-12-31) | $32.59 | $30.45 | +7.0% | $88.67B | 27 |