How Does Caterpillar Stock Compare With Peers?
Caterpillar (CAT) stock has significantly outperformed peers over the past year (97% 12M return), but how does it measure up against an industrial sector facing mixed signals? A closer look reveals robust profitability (17.7% LTM operating margin, 11.7% LTM FCF margin) despite recent negative revenue growth (-1.5% LTM). While analysts are raising price targets amidst a record backlog suggesting strong 2026 revenue growth, CAT’s premium 35.5 P/E ratio may limit upside amid ongoing economic headwinds like tariffs and high interest rates.
- CAT’s 17.7% operating margin is strong, higher than most peers but below DE (18.8%), reflecting DE’s ag-sector strength despite CAT’s tariff cost pressures.
- CAT’s -1.5% revenue growth lags TEX but outpaces DE, PCAR, CMI, OSK; CAT faces subdued construction demand, while TEX gains from focused segments.
- CAT’s 97.1% gain and 35.5 PE reflect investor optimism, fueled by robust AI data center demand and a record $51.2B backlog.
Here’s how Caterpillar stacks up across size, valuation, and profitability versus key peers.
| CAT | DE | PCAR | CMI | TEX | OSK | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 329.4 | 147.3 | 67.3 | 83.2 | 4.1 | 10.2 |
| Revenue ($ Bil) | 64.7 | 44.7 | 29.5 | 33.6 | 5.3 | 10.3 |
| PE Ratio | 35.5 | 29.3 | 25.0 | 31.2 | 26.6 | 15.3 |
| LTM Revenue Growth | -1.5% | -11.6% | -15.2% | -1.8% | 4.6% | -2.5% |
| LTM Operating Margin | 17.7% | 18.8% | 11.4% | 11.2% | 7.3% | 9.3% |
| LTM FCF Margin | 11.7% | 7.2% | 10.8% | 6.8% | 5.2% | 7.3% |
| 12M Market Return | 97.1% | 18.3% | 20.3% | 76.5% | 39.5% | 43.7% |
For more details on Caterpillar, read Buy or Sell CAT Stock. Below we compare CAT’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| CAT | -1.5% | – | -3.4% | 12.8% | 16.6% |
| DE | -11.6% | -11.6% | -16.1% | 17.5% | |
| PCAR | -15.2% | – | -4.2% | 21.9% | 22.5% |
| CMI | -1.8% | – | 0.1% | 21.3% | 16.9% |
| TEX | 4.6% | – | -0.5% | 16.6% | 13.7% |
| OSK | -2.5% | – | 11.1% | 16.6% | 7.0% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| CAT | 17.7% | – | 20.2% | 19.3% | 14.9% |
| DE | 18.8% | 18.8% | 22.6% | 24.2% | |
| PCAR | 11.4% | – | 14.5% | 16.9% | 12.8% |
| CMI | 11.2% | – | 9.9% | 9.8% | 9.2% |
| TEX | 7.3% | – | 10.3% | 12.4% | 9.5% |
| OSK | 9.3% | – | 9.9% | 8.7% | 4.6% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| CAT | 35.5 | – | 25.8 | 17.9 | 23.2 |
| DE | 29.3 | 25.1 | 16.5 | 11.5 | |
| PCAR | 25.0 | – | 13.8 | 11.8 | 16.9 |
| CMI | 31.2 | – | 17.9 | 67.2 | 15.8 |
| TEX | 26.6 | – | 10.7 | 6.0 | 13.1 |
| OSK | 15.3 | – | 12.1 | 10.4 | 41.0 |
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