Caterpillar (CAT) vs Deere (DE): Stock Comparison
Data as of November 7, 2026. Refreshed weekly from SEC filings and market data.
Caterpillar is cheaper on earnings, at 21.7 times against 36.7; Caterpillar keeps the higher net margin (15.2% against 10.2%); Caterpillar grew revenue faster over the last year (20.3% against 8.0%); dividend yield is about the same (1.1% and 1.0%). Caterpillar clears 5 of this site's 8 value filters and Deere 4. Figures are as of November 7, 2026; each is on the page below with its source.
How do Caterpillar and Deere compare on the numbers?
| Measure | Caterpillar (CAT) | Deere (DE) | Clearer lead |
|---|---|---|---|
| Share price | $558.63 | $671.65 | |
| Market value | $257 billion | $179 billion | |
| P/E ratio (trailing) | 21.7 | 36.7 | CAT |
| PEG ratio | 1.04 | 2.35 | CAT |
| Free-cash-flow yield | 3.7% | 2.7% | CAT |
| Net profit margin | 15.2% | 10.2% | CAT |
| Revenue growth, last year | 20.3% | 8.0% | CAT |
| Return on equity | 58.5% | 18.1% | CAT |
| Debt to equity | 2.10 | 2.28 | About the same |
| Dividend yield | 1.1% | 1.0% | About the same |
| Margin of safety (DCF) | -56.5% | -117.9% | CAT |
| Value filters passed (of 8) | 5 | 4 | CAT |
| Distance from 52-week high | -47.5% | -5.3% |
How have Caterpillar and Deere shares done against each other?
Caterpillar 261Deere 186
Each share price set to 100 on Nov 2021, to Nov 2026. Price only: dividends are not included.
From Nov 2021 to Nov 2026, Caterpillar shares are up 161% and Deere shares up 86%, so Caterpillar has pulled ahead of Deere by 75 points of the starting price. The deepest fall from a prior high in that window was 47% for Caterpillar and 33% for Deere.
| Period | Caterpillar (CAT) | Deere (DE) |
|---|---|---|
| Last 1 year | -2.0% | +41.3% |
| Last 3 years | +134.4% | +77.6% |
| Last 5 years | +171.3% | +89.1% |
Which has grown faster, Caterpillar or Deere?
Over 5 years, Caterpillar grew revenue 10.1% a year and earnings per share 28.0% a year; Deere grew revenue 5.2% and earnings per share 16.3%. Its net margin averaged 13.8% at Caterpillar and 13.7% at Deere.
| Measure | Caterpillar (CAT) | Deere (DE) |
|---|---|---|
| Latest fiscal year ended | Dec 2025 | Nov 2025 |
| Revenue, first year to latest | $41.7 billion to $67.6 billion | $35.5 billion to $45.7 billion |
| Revenue growth per year | 10.1% | 5.2% |
| Earnings per share, first year to latest | $5.47 to $18.81 | $8.69 to $18.50 |
| Earnings per share growth per year | 28.0% | 16.3% |
| Net margin, latest year | 13.1% | 11.0% |
| Net margin, average of the years | 13.8% | 13.7% |
| Free cash flow margin, latest year | 13.2% | 13.4% |
From each company's 10-K filings (SEC EDGAR), over its latest 5 years. Fiscal years end in different months, so each is shown for its own latest 5 years.
What growth does each share price assume?
| Measure | Caterpillar (CAT) | Deere (DE) |
|---|---|---|
| Free cash flow growth the price implies | 19.4% a year | 28.2% a year |
| Free cash flow per share | $20.90 | $18.05 |
| Margin of safety on this site's DCF | -56.5% | -117.9% |
At $558.63, Caterpillar's price implies free cash flow growth of 19.4% a year, fading to 2.5% over 10 years. That is more growth than the 8% baseline.
At $671.65, Deere's price implies free cash flow growth of 28.2% a year, fading to 2.5% over 10 years. That is more growth than the 8% baseline.
The same model and baseline as every stock page. A price that asks for less growth is not a better company, only a lower bar to clear.
Where is each stronger?
Where Caterpillar leads
- Lower P/E: 21.7 against 36.7
- Lower PEG: 1.04 against 2.35
- Higher free-cash-flow yield: 3.7% against 2.7%
- Higher net margin: 15.2% against 10.2%
- Faster revenue growth last year: 20.3% against 8.0%
- Higher return on equity: 58.5% against 18.1%
- Higher margin of safety on this site's DCF: -56.5% against -117.9%
- More of the 8 value filters: 5 against 4
- Faster revenue growth over its filed record: 10.1% against 5.2%
- Faster earnings-per-share growth over its filed record: 28.0% against 16.3%
- A higher net margin in its latest filed year: 13.1% against 11.0%
Where Deere leads
Nothing clearly: every measure above is either about the same or leads the other way.
About the same on: debt to equity, dividend yield, net margin, average of the years, free cash flow margin, latest year. A lead needs a clear gap (10% apart on a ratio, 1 point on a percentage), so a rounding difference never names a winner. A lead on one measure is not a verdict on the company.
How do the businesses differ?
Caterpillar. Caterpillar makes construction, mining and energy equipment (bulldozers, excavators, haul trucks, engines and turbines) and earns recurring revenue from parts, services and financing through Cat Financial.
Deere. Deere makes agricultural machinery (tractors, combines, sprayers), construction and forestry equipment and lawn equipment, and earns from parts, technology subscriptions and financing through John Deere Financial.
Both are in the Machinery industry on this site. Both make heavy machinery. Caterpillar builds construction, mining and energy equipment, while Deere builds farm equipment, so Caterpillar follows construction and mining and Deere follows crop prices and farm income.
What stands out about Caterpillar
- Misses 1 of the 8 value filters. It fails Price/Book < 8 (11.96); the other 5 pass and 2 were not evaluated.
- Close to its 52-week low. At $558.63, CAT is 6.5% above its low of $524.47 and 47.5% below its high of $1,064.90.
- Strongest against peers: revenue growth. At 20.3% (peer median 5.2%) it ranks 1st of 17 among machinery stocks this site tracks.
What stands out about Deere
- Misses 2 of the 8 value filters. It fails Trailing P/E < 25 (36.70) and PEG Ratio < 1.5 (2.35); the other 4 pass and 2 were not evaluated.
- The margin of safety is rising. It went from -126% on Oct 7 to -118% on Nov 7 across 8 weekly readings.
- Weakest against peers: P/E ratio. At 36.7× (peer median 24.8×) it ranks 17th of 17 among machinery stocks this site tracks.
Frequently asked questions about Caterpillar and Deere
Which is cheaper, Caterpillar or Deere?
On trailing earnings, Caterpillar is cheaper: Caterpillar trades at 21.7 times and Deere at 36.7 times. On free cash flow, the yields are 3.7% and 2.7%. Cheaper is not the same as better value: read the growth each price assumes below.
Which pays the higher dividend, Caterpillar or Deere?
Their yields are about the same: Caterpillar 1.1% and Deere 1.0% over the last year.
Which has grown faster, Caterpillar or Deere?
Over their latest filed five years, Caterpillar grew revenue 10.1% a year and Deere 5.2%; earnings per share grew 28.0% and 16.3% a year.
Which has more debt, Caterpillar or Deere?
They carry about the same debt for their equity: debt to equity is 2.10 for Caterpillar and 2.28 for Deere. A very high figure can also come from buybacks that shrank equity.
Which is more profitable, Caterpillar or Deere?
Caterpillar keeps more of each sales dollar as profit: 15.2% for Caterpillar and 10.2% for Deere, with a return on equity of 58.5% and 18.1%.
Which passes more of the 8 value filters?
Caterpillar clears more: Caterpillar 5 of 8 and Deere 4 of 8. The filters are this site's own value rules, not a prediction.
Where do these numbers come from?
Prices, ratios and yield are from this site's weekly data as of November 7, 2026; growth and margins by year are from each company's 10-K filings (sources on Caterpillar and Deere). The DCF is the same model on every stock page. See Editorial Standards. Educational, not investment advice.