Caterpillar Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Caterpillar Inc (CAT) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Caterpillar Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 74,729M vs 361,340M combined for tracked competitors (17.1% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+10.0% annualized vs trailing 12 months), vs accelerating (+7.3%) for its tracked peer group.
- Growth: Caterpillar Inc generated 24.0% revenue growth year over year in Q2 2026, vs 11.8% for its tracked competitors combined.
- Profitability: Its 17.5% net margin compares with 15.9% for the peer group.
- Scale: Caterpillar Inc ranks #1 of 20 companies by market capitalization in the Construction & Mining Machinery industry, holding 89.2% of industry market cap.
- Peer revenue share: Caterpillar Inc accounted for 17.5% of combined revenue among its tracked peer group, up from 16.1% a year earlier.
- Peer differentiation: Revenue per employee of $0.63M compares with $0.48M for the peer group (1.3x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
CAT Sales vs. its Competitors, Q2 2026
Caterpillar Inc reported revenue growth of 23.98 % year on year in Q2 2026, above its competitors' combined revenue growth of 11.82 %.
With a net margin of 17.49 %, Caterpillar Inc achieved higher profitability than its competitors (15.87 %).
Caterpillar Inc generated 17.49 % of the combined sales of its peer group, up from 16.05 % a year earlier.
Caterpillar Inc vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Caterpillar Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Caterpillar Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (12) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (5) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (8) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Caterpillar Inc's competitor groups requires a Commercial License.
For context: the Construction & Mining Machinery industry grew revenue 6.1% year over year, combined, vs 24.0% for Caterpillar Inc. Caterpillar Inc's share of combined industry revenue moved from 30.56% to 35.71%, a gain of 5.14 percentage points.
Caterpillar Inc's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Caterpillar Inc | Yes | Yes | Yes | No |
| Competitors combined (35) | ||||
| High-Confidence Competitors (13) | ||||
| Similar-Size Competitors (5) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 87.50 % (7 of 8) | 37.50 % (3 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
CAT Stock Performance relative to its Competitors
CAT Stock Performance relative to High-Confidence Competitors
CAT Stock Performance relative to Similar-Size Competitors
CAT Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Forum Energy Technologies Inc | 282.9% | Outperformed |
| 2 | The Manitowoc Company Inc | 282.9% | Outperformed |
| 3 | H and e Equipment Services Inc | 282.9% | Outperformed |
| 4 | Hyliion Holdings Corp | 282.9% | Outperformed |
| 5 | Westinghouse Air Brake Technologies Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Caterpillar Inc's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Caterpillar Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Caterpillar Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Caterpillar Inc | 379,226.88 | 74,729.00 |
| General Electric Company | 333,197.28 | 50,638.00 |
| Wells Fargo and Company | 248,473.80 | 83,940.00 |
| Deere and Co | 186,672.01 | 47,983.00 |
| Emerson Electric Co | 89,433.73 | 18,637.00 |
| Cummins Inc | 71,720.84 | 34,708.00 |
| SUBTOTAL | 1,613,172.94 | 454,693.39 |
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Sources: Caterpillar Inc's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Caterpillar Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Caterpillar Inc's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Hyliion Holdings Corp | Named by the company | 85% |
| Westinghouse Air Brake Technologies Corporation | Named by the company | 85% |
| Titan Machinery Inc | Named by the company | 85% |
| Capstone Green Energy Holdings Inc | Named by the company | 85% |
| CGRN | Named by the company | 85% |
| Sysco Corporation | Named by the company | 85% |
| Kirby Corporation | Named by the company | 85% |
| Woodward Inc | Named by the company | 85% |
| Allison Transmission Holdings Inc | Named by the company | 85% |
| Cnh Industrial N v | Named by the company | 85% |
| Titan International Inc | Named by the company | 85% |
| Pioneer Power Solutions Inc | Named by the company | 85% |
| Astec Industries Inc | Named by the company | 85% |
| Hyundai Heavy Industries Group | Named by the company | 85% |
| Volvo Group | Named by the company | 85% |
| Shantui Construction Machinery Co | Named by the company | 85% |
| Kubota Corporation | Named by the company | 85% |
| Hyundai Construction Equipment Co | Named by the company | 85% |
| Kubota Corporation | Named by the company | 85% |
| XCMG Construction Machinery Co | Named by the company | 85% |
| Doosan Group | Named by the company | 85% |
| J.C. Bamford Excavators Ltd | Named by the company | 85% |
| Guangxi LiuGong Machinery Co | Named by the company | 85% |
| Shandong Heavy Industry Group Co | Named by the company | 85% |
| Hyundai Doosan Infracore Co | Named by the company | 85% |
| Sany Heavy Industry Co | Named by the company | 85% |
| Shandong Lingong Construction Machinery Co | Named by the company | 85% |
| Komatsu Ltd | Named by the company | 85% |
| Hitachi Construction Machinery Co | Named by the company | 85% |
| Komatsu Ltd | Named by the company | 85% |
| Longking Holdings Ltd | Named by the company | 85% |
| Forum Energy Technologies Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Caterpillar Inc's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Caterpillar Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Caterpillar Inc | Construction Industries 41.12 % |
| General Electric Company | Commercial Engines and Services, Reportable 72.90 % |
| Deere and Co | Production and Precision Agriculture Segment 34.50 % |
| Emerson Electric Co | Safety and Productivity 11.33 % |
| Cummins Inc | Distribution 35.17 % |
| United Rentals Inc | General Rentals 67.33 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Caterpillar Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Caterpillar Inc | 379,227 | 633,297 | 91,873 |
| General Electric Company | 333,197 | 888,386 | 157,579 |
| Wells Fargo and Company | 248,474 | 351,213 | 95,100 |
| Deere and Co | 186,672 | 656,402 | 66,498 |
| Emerson Electric Co | 89,434 | 255,301 | 35,329 |
| Cummins Inc | 71,721 | 514,955 | 41,944 |
| PEERS TOTAL | 1,233,946 | 480,468 | 70,631 |
Caterpillar Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Caterpillar Inc | Latin America -0.11 % |
| Deere and Co | US 53.84 % |
| Cummins Inc | United States 56.10 % |
| Dover Corp | United States 55.59 % |
| Borgwarner Inc | Europe 37.96 % |
| Enpro Inc | United States 56.79 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Caterpillar Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 19 companies in Caterpillar Inc's industry classification, broader than the peer set above. Market cap in millions of $.Caterpillar Inc ranks #1 of 19 companies by market capitalization in its industry, holding 89.17 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 7,977, indicating a highly concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Caterpillar Inc | 379,426 | 89.17 % |
| 2 | Cnh Industrial N v | 16,170 | 3.80 % |
| 3 | Applied Industrial Technologies Inc | 12,652 | 2.97 % |
| 4 | Terex Corporation | 6,463 | 1.52 % |
| 5 | Blue Bird Corporation | 1,234 | 5.2% |
| 6 | Distribution Solutions Group Inc | 1,234 | 5.2% |
| 7 | Astec Industries Inc | 1,234 | 5.2% |
| 8 | Douglas Dynamics Inc | 1,234 | 5.2% |
| 9 | Aebi Schmidt Holding Ag | 1,234 | 5.2% |
| 10 | The Manitowoc Company Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Caterpillar Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Caterpillar Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Caterpillar Inc | 379,426 | 76.91 % |
| 2 | Cnh Industrial N v | 16,170 | 20.65 % |
| 3 | Applied Industrial Technologies Inc | 1,234 | 12.3% |
| 4 | Terex Corporation | 1,234 | 12.3% |
| 5 | Blue Bird Corporation | 1,234 | 12.3% |
| 6 | Distribution Solutions Group Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Caterpillar Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Caterpillar Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Construction & Mining Machinery industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (24 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | - | 21.59 % (avg) | - |
| Operating Margin | 17.52 % | industry median | +13.0 pp |
| EBITDA Margin | 21.93 % | 6.52 % (avg) | +15.4 pp |
| Capital Intensity (Capex / Revenue) | 6.12 % | 10.24 % (avg) | -4.1 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Caterpillar Inc's Valuation vs Competitive Position
Valuation multiples vs the Construction & Mining Machinery industry average (24 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 39.4x | 27.8x | +11.6x |
| EV / EBITDA | 26.6x | 15.2x | +11.4x |
| P/B | 21.2x | 2.0x | +19.1x |
| Return on Equity | 54.18 % | industry aggregate | 25.07 % |
| Return on Invested Capital | 16.25 % | -0.10 % (avg) | 16.35 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Caterpillar Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 17.97 % | 20.37 % | -1.68 % | 22.09 % | 16.59 % | 12.84 % | -3.36 % | 4.29 % |
| Operating Margin | 9.69 % | 15.15 % | 15.41 % | 13.49 % | 13.30 % | 19.33 % | 20.17 % | 16.50 % |
| Return on Invested Capital | 6.77 % | 12.56 % | 12.49 % | 9.72 % | 11.69 % | 18.21 % | 18.39 % | 14.56 % |
| P/E | 119.5x | 12.5x | 13.5x | 17.6x | 18.9x | 13.4x | 17.4x | 31.6x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Caterpillar Inc's Strategic Group Map
Every company in Caterpillar Inc's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Caterpillar Inc is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Caterpillar Inc's BCG Growth-Share Matrix
Relative market share (vs Caterpillar Inc's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Caterpillar Inc falls in the Cash Cow quadrant: relative market share of 23.46x vs its largest competitor, in an industry growing revenue 8.9% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Caterpillar Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 7,977 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 6.12 % vs industry average 10.24 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Caterpillar Inc's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Caterpillar Inc's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Caterpillar Inc's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Caterpillar Inc falls in the Medium attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Caterpillar Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Market leader by capitalization in its industry (#1 of 19, 89.17 % share).
- Operating margin 13.0 points above the industry median.
- Return on equity 25.1 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+10.0% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
No rule matched.
Opportunities
- A meaningful share of tracked competitors (38.20 %) show financial-distress signals, a possible opening to gain share.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Caterpillar Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Caterpillar Inc | 0.19 | 1.39 | 0.99 |
| General Electric Company | - | 0.86 | 1.09 |
| Wells Fargo and Company | 0.11 | 0.80 | 1.41 |
| Deere and Co | 0.29 | 1.17 | 1.03 |
| Emerson Electric Co | 0.05 | 0.88 | 0.65 |
| Cummins Inc | 0.19 | 1.76 | 0.64 |
Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Caterpillar Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Caterpillar Inc | Q2 2026 | +24.0 % | +64.9 % |
| General Electric Company | Q2 2026 | +21.1 % | +16.6 % |
| Wells Fargo and Company | Q2 2026 | +14.2 % | +21.6 % |
| Deere and Co | Q2 2026 | +4.9 % | +8.3 % |
| Emerson Electric Co | Q2 2026 | +7.0 % | +22.5 % |
| Cummins Inc | Q2 2026 | +9.4 % | +4.3 % |
| PEERS TOTAL | +13.4 % | +17.8 % |
Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Caterpillar Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Caterpillar Inc | Q2 2026 | +18.3 % | +16.3 % |
| General Electric Company | Q2 2026 | +540.9 % | +2.4 % |
| Wells Fargo and Company | Q2 2026 | -16.2 % | - |
| Deere and Co | Q2 2026 | +214.9 % | -14.2 % |
| Emerson Electric Co | Q2 2026 | +2.7 % | +9.7 % |
| Cummins Inc | Q2 2026 | +9.9 % | +7.8 % |
Caterpillar Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Caterpillar Inc | 11.11% | 17.90% | 54.18% |
| General Electric Company | 6.98% | 11.25% | 48.50% |
| Wells Fargo and Company | 1.05% | 2.94% | 12.48% |
| Deere and Co | 4.56% | 5.80% | 18.12% |
| Emerson Electric Co | 6.13% | 8.71% | 12.69% |
| Cummins Inc | 8.21% | 10.31% | 21.02% |
ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Caterpillar Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Caterpillar Inc | 35.33 | 5.07 |
| General Electric Company | 37.57 | 6.58 |
| Wells Fargo and Company | 11.82 | 2.96 |
| Deere and Co | 38.33 | 3.89 |
| Emerson Electric Co | 34.88 | 4.80 |
| Cummins Inc | 26.45 | 2.07 |
| PEERS AVERAGE | 24.19 | 3.55 |
P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.