CAT vs CNH: Caterpillar and CNH Industrial compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Caterpillar is the larger company, worth $363.0B, about 24.2 times CNH Industrial.
- Caterpillar grew revenue faster over the last year (+24.0% vs +3.0%).
- On earnings, CNH Industrial is the cheaper stock (37.7x vs 39.2x).
- Caterpillar's price assumes faster free cash flow growth: about 14% a year, against -8% for CNH Industrial (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CAT | CNH |
|---|---|---|
| Market cap | $363.0B | $15.0B |
| Share price | $800.47 | $12.46 |
| Revenue (last fiscal year) | $67.6B | $15.3B |
| Free cash flow (last fiscal year) | $8.9B | $2.0B |
| Revenue growth, last year | +24.0% | +3.0% |
| Revenue growth per year, last 5 fiscal years | +7.3% | -3.6% |
| Operating margin | 17.5% | — |
| Net margin | 14.5% | 2.0% |
| Return on equity | 55.9% | 4.0% |
| P/E (trailing) | 39.2x | 37.7x |
| Price / free cash flow | 35.3x | 7.50x |
| EV / EBITDA | 24.9x | 14.7x |
| FCF growth the price implies | 14.3% | -8.1% |
| Dividend yield | 0.74% | 0.81% |
| Debt / equity | 4.29x | 4.40x |
| Fundamental grade | C | D |
| Superinvestors holding it | 12 | 0 |
| Insider purchases, last 12 months | 8 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Caterpillar
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $51.0B | $6.1B | 13.5% |
| 2022 | $59.4B | $6.5B | 13.3% |
| 2023 | $67.1B | $11.3B | 19.3% |
| 2024 | $64.8B | $10.0B | 20.2% |
| 2025 | $67.6B | $8.9B | 16.5% |
CNH Industrial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.8B | $3.7B | — |
| 2022 | $21.5B | $96M | — |
| 2023 | $22.1B | $263M | — |
| 2024 | $17.1B | $1.4B | — |
| 2025 | $15.3B | $2.0B | — |
Where the revenue comes from
Caterpillar · by segments, 2025
Segments Excluding All Other Segments$68.3B81%
Resource Industries$12.2B14%
Financial Products Segment$4.2B5%
CNH Industrial · by segments, 2025
Agriculture$12.4B69%
Construction$3.0B16%
Financial Services$2.7B15%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CAT in InvestinglyQuestions
Which is bigger, Caterpillar or CNH Industrial?
Caterpillar (CAT), at $363.0B against $15.0B.
Is CAT or CNH cheaper?
By trailing P/E, CNH Industrial (37.7x) is cheaper than Caterpillar (39.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, CAT or CNH?
Caterpillar: revenue grew +24.0% over the last year, against +3.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.