Added to YB: 2026-09-08
Pitch date: 2026-09-05
CAT [neutral]
Caterpillar Inc.
Author Info
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Company Info
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.
Market Cap
$374.1B
Pitch Price
N/A
Price Target
N/A
Dividend
0.80%
EV/EBITDA
24.75
P/E
35.08
EV/Sales
5.53
Sector
Machinery
Category
growth
$CAT Bear Thesis
CAT (update): Caterpillar’s data-center power-generation business remains exceptionally strong, but evidence of overstated end-market demand raises the risk that demand supporting multi-year order books normalizes. Q2 revenue rose 24% to $20.5B amid strong orders and growing backlog, yet U.S. utilities have received 700+ GW of data-center power requests—over 10× estimated current U.S. data-center consumption—and deposit requirements have reduced some projections. Baird downgraded CAT, warning that permitting constraints, regulatory pushback and slower hyperscaler capex could weaken power-generation equipment demand in 2027-28.
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