How Does Caterpillar Stock Stack Up Against Its Peers?
Caterpillar‘s stock has surged, significantly outperforming peers over the past year, amidst robust demand in the heavy equipment sector driven by infrastructure and data center construction. A closer look reveals strong profitability and positive revenue growth, contrasting with most peers’ declines, yet its premium valuation suggests less immediate upside compared to more moderately priced competitors, even with strong free cash flow generation.
- CAT’s 16.5% operating margin shows strong efficiency, exceeding peers, though DE’s 18.0% suggests distinct product mix or market segment strength.
- CAT’s 4.3% LTM revenue growth, moderate for the cyclical industry, lags TEX but surpasses peers, indicating varied demand or project exposure.
- CAT’s 102.4% gain and 35.7 PE outpace peers, reflecting robust investor optimism for its AI infrastructure and mining demand exposure.
Here’s how Caterpillar stacks up across size, valuation, and profitability versus key peers.
| CAT | DE | PCAR | CMI | TEX | OSK | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 317.4 | 159.4 | 63.3 | 74.5 | 4.1 | 9.8 |
| Revenue ($ Bil) | 67.6 | 45.7 | 28.4 | 33.7 | 5.4 | 10.4 |
| PE Ratio | 35.7 | 33.1 | 26.7 | 26.2 | 18.4 | 15.1 |
| LTM Revenue Growth | 4.3% | -2.5% | -15.5% | -1.3% | 5.7% | -2.9% |
| LTM Operating Margin | 16.5% | 18.0% | 10.4% | 11.5% | 8.8% | 9.1% |
| LTM FCF Margin | 11.0% | 7.8% | 10.6% | 7.1% | 5.9% | 5.5% |
| 12M Market Return | 102.4% | 23.8% | 15.6% | 59.3% | 56.3% | 61.1% |
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 | |
|---|---|---|---|---|
| CAT | 4.3% | 4.3% | -3.4% | 12.8% |
| DE | -2.5% | -11.6% | -16.1% | 17.5% |
| PCAR | -15.5% | -15.5% | -4.2% | 21.9% |
| CMI | -1.3% | -1.3% | 0.1% | 21.3% |
| TEX | 5.7% | 5.7% | -0.5% | 16.6% |
| OSK | -2.9% | -2.9% | 11.1% | 16.6% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| CAT | 16.5% | 16.5% | 20.2% | 19.3% |
| DE | 18.0% | 18.8% | 22.6% | 24.2% |
| PCAR | 10.4% | 10.4% | 14.5% | 16.9% |
| CMI | 11.5% | 11.5% | 9.9% | 3.8% |
| TEX | 8.8% | 8.8% | 10.3% | 12.4% |
| OSK | 9.1% | 9.1% | 9.9% | 8.7% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| CAT | 35.7 | 30.3 | 16.4 | 14.6 |
| DE | 33.1 | 25.1 | 16.5 | 11.5 |
| PCAR | 26.7 | 24.2 | 13.1 | 11.1 |
| CMI | 26.2 | 24.8 | 12.2 | 46.2 |
| TEX | 18.4 | 15.9 | 9.2 | 7.5 |
| OSK | 15.1 | 12.5 | 9.1 | 11.9 |
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