Caterpillar Inc. (CAT) Stock

Caterpillar Inc. (CAT) is a Industrials stock trading at $864.51 (as of 2026-07-20), with a market capitalization of $398.19B and a trailing P/E of 42.2. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Caterpillar manufactures and sells construction and mining machinery, diesel and natural gas engines, and industrial gas turbine systems, along with related services. It operates through Construction Industries, Resource Industries, and Energy & Transportation segments, serving customers in construction, mining, and power and transportation applications worldwide.

Understand Caterpillar Inc.: how it makes money

Caterpillar makes and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide, and it also earns money through its financing business (Cat Financial) that supports equipment customers.

Caterpillar's profit model ties together equipment performance in its Construction and Resource businesses with credit performance in Cat Financial, so operating results depend on both equipment-market conditions and financing repayment quality.

Business quality (Solid): What we can verify from the provided facts is that Caterpillar has distinct equipment businesses and a financing arm, and that investors may track autonomous-haul activity plus credit metrics like past due and allowance rates. The main limitation is that the provided segment breakdown is not cleanly available as revenue by official segments.

Valuation: At 45× earnings, CAT trades 34% above the Machinery average (34×). Note: one-time items can distort reported P/E.

Bull case

Autonomous fleet footprint is measurable: The company reports “Autonomous Haul Trucks in Operation” at 827.0 (count), giving investors a direct operational indicator tied to its autonomy deployments.
Financing risk is tracked with multiple credit-quality metrics: Cat Financial credit metrics are provided, including “CAP Financial Past Due Rate” (1.47 percent) and “CAP Financial Allowance Rate” (0.89 percent). This creates transparency into how repayment and expected losses are monitored.

Bear case

Revenue momentum can weaken: “Sales and Revenues Decreased” is provided as 0.85 USD_B, which signals a period of lower sales and revenue.
Credit performance remains a key swing factor: Multiple past due and delinquency measures are provided for Financial Products (for example, “Financial Products Past Due Rate” 1.78 percent and “Past Due Rate” 2.0 percent). If credit quality deteriorates, it can pressure the financing economics.

Valuation — source: SEC EDGAR (first-party)
Price	$864.51
Market Cap	$398.19B
P/E Ratio	42.2
EV / EBITDA	28.2
Price / Book	21.34
Price / Sales	5.63
FCF Yield	2.4%
DCF Value (model)	$147.26
DCF Upside vs Price	-83.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$67.59B
Net Margin	13.1%
Revenue Growth (YoY)	22.2%
EPS Growth (YoY)	30.3%
FCF Growth (YoY)	97.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	5.31 (safe)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	42.2
Sector P/E (Industrials)	28.4
Industry P/E (Machinery)	32.7
vs Sector	48.6%
vs Industry	29.3%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Insider Sells (12mo)	35
Top Institutional Holder	VANGUARD GROUP INC ($26.57B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Industrials
Industry	Machinery
CEO	D. James Umpleby
Employees	112,900
Country	US
IPO Date	1929-12-02

Related Companies (Business model: Industrials / Capital Goods (Heavy Machinery + Diversified Industrials); 8 closest by market cap; US-domiciled)

Data as of 2026-07-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.