Caterpillar (CAT) Stock Overview
Provides construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in the United States and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 3/6 |
| Future Growth | 2/6 |
| Past Performance | 4/6 |
| Financial Health | 4/6 |
| Dividends | 4/6 |
CAT Community Fair Values
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Analyst Price Targets
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Caterpillar Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$815.39 |
| 52 Week High | US$1,073.46 |
| 52 Week Low | US$410.52 |
| Beta | 1.6 |
| 1 Month Change | -8.38% |
| 3 Month Change | -7.33% |
| 1 Year Change | 95.12% |
| 3 Year Change | 202.78% |
| 5 Year Change | 286.00% |
| Change since IPO | 23,548.77% |
Recent News & Updates
Analysis Article • Aug 08
Caterpillar Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next
A week ago, Caterpillar Inc. ( NYSE:CAT ) came out with a strong set of second-quarter numbers that could potentially...
Narrative Update • Aug 06
CAT: Data Center Regulation And Margin Pressure Will Restrain Future Upside
The fair value estimate for Caterpillar has been revised higher to $691.73 from $670.12 as analysts factor in recent price target increases tied to strong Q2 execution, backlog momentum, and growing AI and data center related power demand. Analyst Commentary Street research on Caterpillar remains mixed, with several firms lifting price targets after recent Q2 results while others are turning more cautious on the stock's risk and reward.Recent updates
Analysis Article • Aug 08
Caterpillar Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next
A week ago, Caterpillar Inc. ( NYSE:CAT ) came out with a strong set of second-quarter numbers that could potentially...Narrative Update • Aug 06
CAT: Data Center Regulation And Margin Pressure Will Restrain Future Upside
The fair value estimate for Caterpillar has been revised higher to $691.73 from $670.12 as analysts factor in recent price target increases tied to strong Q2 execution, backlog momentum, and growing AI and data center related power demand. Analyst Commentary Street research on Caterpillar remains mixed, with several firms lifting price targets after recent Q2 results while others are turning more cautious on the stock's risk and reward.Seeking Alpha • Aug 05
Caterpillar: You Can't Avoid The Cycle, But You Can Price It
Summary Caterpillar is riding AI infrastructure momentum with record backlog and raised guidance, but valuation risk is acute. CAT trades at over 30x forward earnings and a 3.2% FCF yield, both unattractive versus risk-free assets and sector medians. Despite strong fundamentals, CAT's valuation leaves no margin of safety; mean reversion could drive negative medium-term returns. I rate CAT a Hold—structural growth is real, but the current price is unsustainable for value or GARP investors. Read the full article on Seeking Alpha
Narrative Update • Jul 20
CAT: Future Returns Will Balance AI Power Demand And Valuation Risks
Analysts have lifted the Caterpillar analyst price target by about $57, pointing to stronger demand expectations in construction, power generation, rental equipment, and large project backlogs as key supports for the revised outlook. Analyst Commentary Recent research on Caterpillar highlights a cluster of upward price target revisions ahead of upcoming earnings, with analysts weighing solid demand signals in key end markets against questions on how much of that strength is already embedded in the stock price.
Narrative Update • Jul 06
CAT: AI Power Demand And Deep Backlog Will Drive Future Repricing
The analyst price target for Caterpillar has been raised from $1,165 to $1,218, with analysts pointing to strong demand trends across power, data center, aerospace and defense, infrastructure, and prime power generation as key supports for the updated outlook. Analyst Commentary Recent research on Caterpillar centers on robust demand across power generation, data centers, aerospace and defense, and infrastructure, with several bullish analysts revisiting their models and valuation ranges.Narrative Update • Jun 22
CAT: AI Power Demand And Record Backlog Will Drive Future Multiple Repricing
The analyst price target for Caterpillar has been revised from $850.00 to $1,165.00. Analysts point to research that highlights strong demand across power generation, construction, mining, and oil and gas as key support for higher earnings assumptions, along with modestly higher long term revenue growth, margins, and P/E expectations.Analysis Article • Jun 16
Caterpillar (CAT) Stock Could Be 69% Overvalued After AI Power Demand Lifts Backlog
Caterpillar (CAT) is back in focus after rapid growth in its Energy & Transportation business, where demand for power generation equipment tied to AI data centers has coincided with a record company backlog. See our latest analysis for Caterpillar. Caterpillar’s share price has been on a strong run, with a 33.04% 90 day share price return and a 56.07% year to date share price return, while the 1 year total shareholder return of 160.47% points to powerful recent momentum. If AI driven power...Narrative Update • Jun 05
CAT: AI Power Projects And Tariff Relief Will Likely Cap Future Upside
Caterpillar's analyst price target has shifted from $575 to about $670 as analysts factor in Street research highlighting stronger demand expectations across power generation, construction, mining, and oil and gas, along with higher projected revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent Street research on Caterpillar has leaned constructive on the demand outlook in power generation, construction, mining, and oil and gas, with several firms lifting price targets to reflect stronger earnings assumptions and higher P/E multiples.Narrative Update • May 19
CAT: Future Returns Will Reflect Data Center Power And Physical AI Opportunities
Caterpillar's updated analyst price target framework moves from a fair value of about $754 to roughly $913, with analysts generally pointing to firmer profit margin assumptions and a higher future P/E multiple as key drivers of the change, even as they apply a slightly higher discount rate and trim revenue growth expectations. Analyst Commentary Recent Street research on Caterpillar clusters around a consistent theme, with a series of higher price targets and at least one fresh upgrade.Analysis Article • May 04
Results: Caterpillar Inc. Exceeded Expectations And The Consensus Has Updated Its Estimates
Caterpillar Inc. ( NYSE:CAT ) investors will be delighted, with the company turning in some strong numbers with its...Narrative Update • May 02
CAT: Physical AI Mega Projects Will Likely Cap Future Return Potential
The analyst price target for Caterpillar in this narrative has been raised from $521.71 to $575.00. This reflects analysts' use of higher valuation multiples and slightly stronger margin and earnings assumptions following a series of recent target hikes and upgrades tied to construction demand, mega project pipelines, and Caterpillar's positioning in physical AI and data center related equipment.Narrative Update • Apr 16
CAT: Future Returns Will Reflect Data Center Power And Physical AI Execution Risks
Caterpillar's analyst price target has been revised slightly higher to $754.33 from $742.18, with analysts pointing to updated fair value work, modestly adjusted revenue growth and profit margin assumptions, and a somewhat higher future P/E multiple to reflect recent sector research and sentiment. Analyst Commentary Recent Street research on Caterpillar has centered on higher price targets and updated views on long term demand drivers, digital capabilities, and the construction cycle.Narrative Update • Apr 02
CAT: Future Returns Will Reflect Data Center Power And Cycle Normalization Risks
Analysts have lifted the fair value estimate for Caterpillar from about $588 to roughly $742, reflecting higher modeled revenue growth, a richer future P/E assumption of about 28x, and a slightly lower discount rate. This is supported by recent research that highlights strong data center related power demand, a healthy pipeline of mega construction projects, and Caterpillar's positioning in physical AI.Narrative Update • Mar 19
CAT: Data Center Power Dependence Will Likely Restrain Future Return Potential
Caterpillar's updated analyst price target reflects a modest fair value lift of about $1 per share. Analysts point to stronger construction demand signals from ConExpo, lengthening engine lead times tied to data center projects, and growing confidence in the company as a physical AI and infrastructure supplier.Narrative Update • Mar 05
CAT: Data Center Power Dependence Will Likely Cap Future Return Potential
Caterpillar's updated fair value estimate has increased from about $475 to $521, as analysts factor in stronger projected revenue growth, a higher future P/E multiple, and ongoing demand in private non residential construction and data center power projects. Analyst Commentary Recent Street research on Caterpillar has been skewed toward higher price targets and generally constructive views, with several firms lifting their expectations alongside stronger assumptions for private non residential construction and data center related demand.Narrative Update • Feb 19
CAT: Data Center Power Demand Will Drive Future Multiple Repricing
Caterpillar's analyst price target has been raised from $790 to $850. Analysts cited updated assumptions for faster revenue growth, a slightly lower discount rate, and a higher future P/E multiple, partly offset by more moderate profit margin expectations.Narrative Update • Feb 05
CAT: Data Center Engine Reliance Will Likely Erode Future Return Expectations
The analyst price target for Caterpillar has moved higher from about US$393 to roughly US$475, with analysts pointing to updated assumptions for slightly stronger profit margins, a higher future P/E multiple, and ongoing support from data center driven engine demand. Analyst Commentary Across recent research, the tone around Caterpillar has leaned constructive, with a cluster of firms lifting their price targets by wide ranges, from around US$15 to as high as US$125.Narrative Update • Jan 21
CAT: Data Center Power Demand Will Drive Future Earnings Repricing
Our Caterpillar fair value estimate is updated from $780 to $790, reflecting analysts' higher price targets and their focus on data center driven engine demand, stronger Energy & Transportation and Construction trends, and a slightly higher assumed future P/E multiple. Analyst Commentary Recent Street research on Caterpillar has leaned constructive, with several bullish analysts lifting price targets and highlighting specific growth drivers tied to engines, power generation and core construction and energy markets.Narrative Update • Jan 07
CAT: Power Demand And Backlog Strength Will Drive Future Earnings Repricing
The analyst price target for Caterpillar has been raised from US$507 to US$780, with analysts citing stronger profit expectations, a higher assumed future P/E multiple, and recent Street research that highlights solid Q3 results, improving backlogs, and growing confidence around Energy & Transportation and Power Gen demand. Analyst Commentary Recent Street research on Caterpillar points to a wide range of views, but there is a clear pocket of bullish analysts who are leaning into the Q3 print, backlog trends, and perceived strength in Energy & Transportation, Power Gen, and Construction.Narrative Update • Dec 21
CAT: Power Demand Optimism Will Likely Fade And Pressure Future Returns
Analysts have lifted their Caterpillar fair value estimate by about $28 to roughly $393, citing upward revisions to revenue growth and margins, a modestly higher assumed future P E multiple, and a wave of recent price target increases and upgrades following stronger than expected Q3 results and improving Power Gen and construction demand. Analyst Commentary Recent Street research reflects a broadly constructive view on Caterpillar following its Q3 earnings beat, with multiple upgrades and sizable price target increases.Narrative Update • Dec 07
CAT: Future Returns Will Reflect Power Demand Upside And Tariff Headwind Risks
Analysts have nudged our Caterpillar price target higher by approximately $30 per share to reflect a stronger multiple on the Power Gen business, broad-based target hikes across the Street following Q3 outperformance, and growing conviction in secular demand and margin durability. Analyst Commentary Recent research updates reflect a broadly constructive but increasingly bifurcated view on Caterpillar, with most on the Street acknowledging stronger execution in Power Gen and core machinery, while debating how much of this strength is already embedded in the valuation.Narrative Update • Nov 23
CAT: Future Performance Will Balance Demand Momentum And Rising Tariff Headwinds
Caterpillar's analyst price target has increased from $559 to $588. This reflects growing confidence among analysts due to strong recent earnings and an improved demand outlook across key segments.Narrative Update • Nov 05
CAT: Fair Value Will Reflect Mixed Cycle Outlook Amid New Demand and Tariff Risks
Caterpillar's fair value estimate has increased by over $60 to $559, as analysts cite strong Q3 earnings, improved margins, and sustained demand, which are driving a higher price target for the shares. Analyst Commentary Recent analyst reports reflect a wide range of opinions on Caterpillar's outlook, with both bullish and bearish case elements evident following the company's strong quarterly performance and evolving macroeconomic conditions.Narrative Update • Oct 22
Analysts Debate Caterpillar Outlook as Price Targets Rise and Valuation Climbs Amid New Risks
The analyst price target for Caterpillar has increased from approximately $468 to $498. Analysts cite resilient margins, improved inventory management, and expectations for continued earnings growth despite ongoing tariff headwinds as key drivers of this upward revision.Narrative Update • Oct 08
Global Infrastructure Expansion Will Drive Equipment Renewal Cycle
Analysts have modestly increased their fair value estimate for Caterpillar to approximately $468. They cite stronger-than-expected operating margins, resilience against tariff pressures, and continued robust demand as supporting factors.Narrative Update • Sep 23
Global Infrastructure Expansion Will Drive Equipment Renewal Cycle
Caterpillar’s consensus price target was raised to $458.91 as analysts grow more confident in operational momentum, resilient margins, and the potential for earnings recovery in 2025 despite tariff headwinds and some downward EPS revisions from bears. Analyst Commentary Bullish analysts are raising price targets based on strong Q2 results, resilient construction equipment margins, and successful management of dealer inventories, suggesting continued operational momentum despite tariff pressures.Narrative Update • Aug 07
Global Infrastructure Expansion Will Drive Equipment Renewal Cycle
Caterpillar’s fair value estimate remains steady at $426.17, as both its future P/E ratio and consensus revenue growth forecasts show no significant change. What's in the News Caterpillar, Joule Capital Partners, and Wheeler Machinery Co. agreed to power Joule's Utah data center campus with Caterpillar's advanced generator sets, integrated cooling and power solutions, and substantial grid-forming battery energy storage, emphasizing fast deployment and comprehensive support.Shareholder Returns
| CAT | US Machinery | US Market | |
|---|---|---|---|
| 7D | -4.6% | -3.3% | -2.1% |
| 1Y | 95.1% | 33.0% | 18.8% |
Return vs Industry: CAT exceeded the US Machinery industry which returned 33% over the past year.
Return vs Market: CAT exceeded the US Market which returned 18.8% over the past year.
Price Volatility
| CAT volatility | |
|---|---|
| CAT Average Weekly Movement | 6.6% |
| Machinery Industry Average Movement | 6.3% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.3% |
| 10% least volatile stocks in US Market | 3.1% |
Stable Share Price: CAT has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: CAT's weekly volatility (7%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1925 | 118,000 | Joe Creed | www.caterpillar.com |
Caterpillar Inc. provides construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives in the United States and internationally. The Construction Industries segment offers asphalt pavers, cold planers, compactors, forestry machines, material handlers, motor graders, pipelayers, road reclaimers, telehandlers, track-type tractors, and track and wheel excavators; backhoe, compact track, skid steer, track-type, and wheel loaders; and related parts and work tools. Its Resource Industries segment provides electric rope and hydraulic shovels, draglines, rotary drills, hard rock vehicles, mining trucks, wheel loaders, off-highway and articulated trucks, wide-body trucks, wheel tractor scrapers and dozers, and landfill and soil compactors; machinery components, and wear and maintenance components; and technology products and services for fleet management, equipment management analytics, autonomous machine capabilities, safety services, and mining performance solutions.
Caterpillar Inc. Fundamentals Summary
| CAT fundamental statistics | |
|---|---|
| Market cap | US$375.16b |
| Earnings (TTM) | US$10.84b |
| Revenue (TTM) | US$74.73b |
34.6x
P/E Ratio5.0x
P/S RatioIs CAT overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| CAT income statement (TTM) | |
|---|---|
| Revenue | US$74.73b |
| Cost of Revenue | US$49.07b |
| Gross Profit | US$22.20b |
| Other Expenses | US$11.36b |
| Earnings | US$10.84b |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 23.59 |
| Gross Margin | 29.71% |
| Net Profit Margin | 14.51% |
| Debt/Equity Ratio | 232.8% |
How did CAT perform over the long term?
See historical performance and comparisonDividends
0.8%
Current Dividend Yield26%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/20 23:55 |
| End of Day Share Price | 2026/08/20 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Caterpillar Inc. is covered by 57 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| John Eade | Argus Research Company |
| Mircea Dobre | Baird |
| Andrew Kaplowitz | Barclays |